Volkswagen to sell Russian assets to local company

German carmaker Volkswagen said Friday it had completed the sale of its Russian assets to local dealership group Avilon, as part of its exit from the country following Moscow’s invasion of Ukraine.
20 May 2023, 18:00 PM

Uzbekistan wants more trade with Bangladesh

Uzbekistan is keen to have more trade with Bangladesh and showed interest in joint ventures as well as more business interaction facilities in both countries, according to Uzbek Deputy Foreign Minister Bakhromjon A’loyev.
20 May 2023, 18:00 PM

Explainer: What India's decision to scrap its 2000-rupee note means for its economy

India will withdraw its highest denomination currency note from circulation, the central bank said on Friday. The 2000-rupee note, introduced into circulation in 2016, will remain legal tender but citizens have been asked to deposit or exchange these notes by Sept. 30, 2023.
20 May 2023, 05:22 AM

US, UK, others seek to target illicit oil shipping transfers at sea

The US, UK, Denmark and other countries have called for more action, including increased surveillance, over the booming practice of unregulated oil transfers at sea, as fears grow over potential pollution, according to a paper submitted to the UN.
18 May 2023, 18:00 PM

Russian economy contracts 1.9% in Q1

Russia’s gross domestic product shrank by 1.9 per cent in the first quarter of 2023, the country’s statistics agency Rosstat said Wednesday.
18 May 2023, 18:00 PM

China risks wasting money on state-led growth: ADB

China needs to level the playing field between private and state-owned firms, the Asian Development Bank’s chief economist said on Thursday, adding that the world’s second-largest economy risks “wasting a tonne of money” with a state-led growth model.
18 May 2023, 18:00 PM

Panasonic plans multiple battery factories in North America

Japan’s Panasonic Holdings Corp aims to ramp up production of battery cells used in electric vehicles by building at least two new factories in North America, it said on Thursday.
18 May 2023, 18:00 PM

Why is the US dollar so strong again?

If investors agree on one thing this year, it's that the dollar is going to fall. That's made the greenback's 2 per cent bounce over the last month particularly confusing.
18 May 2023, 08:00 AM

Oil prices steady

Oil prices were steady on Wednesday after a surprise rise in US crude inventories stoked demand concerns as economic worries competed with a tighter supply outlook for later in the year.
17 May 2023, 18:00 PM

US default could trigger recession

US Treasury Secretary Janet Yellen on Tuesday warned that a default on government debt would likely leave millions of Americans without income payments, potentially triggering a recession that could destroy many American jobs and businesses.
17 May 2023, 18:00 PM

IMF official sees ‘sizeable’ upside inflation risks

The International Monetary Fund’s no. 2 official said on Wednesday she sees sizeable risks that inflation will remain high or accelerate in many emerging markets and urged central banks to keep monetary policies tight.
17 May 2023, 18:00 PM

Global debt on the rise

A measure of debt across the globe rose in the first quarter to almost $305 trillion, and the rising cost to service that debt is triggering concern about the financial system’s leverage, a widely tracked study showed.
17 May 2023, 18:00 PM

Japan’s Q1 growth beats expectations

Japan’s economy grew faster than expected in the first quarter, official data showed Wednesday, helped by a recovery in inbound tourism after pandemic border restrictions were lifted.
17 May 2023, 18:00 PM

Euro zone inflation ticks up in April

Euro zone inflation accelerated last month, Eurostat said on Wednesday, confirming preliminary data pointing to increasingly stubborn price growth among the 20 nations sharing the euro.
17 May 2023, 18:00 PM

China’s economic recovery losing steam

China’s April industrial output and retail sales growth undershot forecasts, suggesting the economy lost momentum at the beginning of the second quarter and intensifying pressure on policymakers to shore up a wobbly post-Covid recovery.
16 May 2023, 18:00 PM

Per capita income rises in taka, falls in dollar

The country’s per capita income dropped in US dollar value, but in Bangladeshi taka the amount rose by Tk 29,367 in 2022-23 thanks to the exchange rate fluctuations.
16 May 2023, 18:00 PM

India cuts windfall tax on crude

India has cut windfall tax on petroleum crude to zero from 4,100 rupees ($50.13) per tonne, effective May 16, according to a government notification.
16 May 2023, 18:00 PM

German investor mood darkens in May

German investor confidence fell sharply in May, a key survey showed Tuesday, adding to fears of a downturn in Europe’s biggest economy.
16 May 2023, 18:00 PM

UK jobless rate rises

Britain’s unemployment rate rose and there were other signs of less inflationary heat in the labour market in data published on Tuesday, prompting investors to scale back some of their bets on further Bank of England interest rate hikes.
16 May 2023, 18:00 PM

Senior StanChart official visits Bangladesh

Nick Huang, managing director and head of client coverage for Asia at Standard Chartered, recently came to Bangladesh in his first official visit to the country.
16 May 2023, 18:00 PM