Pakistan hikes tax on luxury goods for IMF deal

Pakistan’s parliament has given the go-ahead for the government to raise taxes on a raft of luxury imports and services in a bid to unlock the next tranche of an International Monetary Fund (IMF) loan.
21 February 2023, 18:00 PM

Eurozone recovery accelerates in Feb

Economic growth in the eurozone accelerated in February and hit a nine-month high, according to the closely watched S&P PMI output index.
21 February 2023, 18:00 PM

Russian economy contracts 2.1% in 2022

The Russian economy contracted by 2.1 percent last year, the government’s statistics agency Rosstat said Monday, absorbing Western sanctions over Moscow’s military intervention in Ukraine better than expected.
21 February 2023, 18:00 PM

Vietnam shoe maker for Nike, Adidas to cut 6,000 jobs

One of Vietnam’s largest shoe manufacturers for major brands such as Nike and Adidas will cut thousands of workers at the end of the month due to a slump in orders, according to local authorities.
20 February 2023, 18:00 PM

Pakistan’s current account deficit falls to $0.2b in Jan

Pakistan’s current account deficit (CAD) dropped to $0.2 billion in January 2023, down 90 per cent from last year as the rupee’s depreciation slowed down imports, the central bank said on Monday.
20 February 2023, 18:00 PM

Dollar edges lower from six-week peak

The dollar edged lower on Monday but kept close to Friday’s six-week high, after a flurry of economic data reinforced market expectations of tighter monetary policy from the Federal Reserve.
20 February 2023, 18:00 PM

Luxury sector eyes reopening of China

After a year of record sales and profits despite slowing global growth the luxury sector is looking to the reopening of China to deliver further expansion in 2023.
19 February 2023, 18:00 PM

Reckitt reports 18% earnings drop

Reckitt Benckiser (Bangladesh) PLC made a profit of Tk 65.91 crore in the year that ended on December 31, down 18.44 per cent year-on-year.    
19 February 2023, 18:00 PM

US wholesale price inflation rebounds on goods prices

Wholesale prices in the United States picked up more than expected in January, according to Labor Department data released Thursday, bumped up by goods costs and fueled by higher gasoline prices.
18 February 2023, 18:00 PM

IMF, Ukraine reach deal for full-fledged loan

The IMF said Friday it has reached a staff-level agreement with Ukrainian authorities that opens doors to a full-fledged loan, which would also support the country’s bid to join the European Union.
18 February 2023, 18:00 PM

How sanctions complicated regular banking for Russians

Financial sanctions against Russia have strangled its banks’ profits and wrecked many lenders’ international operations, but one year after Moscow sent its troops into Ukraine how much do they matter for average Russians?
18 February 2023, 18:00 PM

Pakistan hikes petrol price by 22.20 rupees a litre

Pakistan has hiked the price of petrol by 22.20 rupees ($0.0835) a litre to 272 rupees ($1.02) effective on Thursday because of the plummeting value of the country’s currency, the finance ministry said in a statement.
16 February 2023, 18:00 PM

Dollar slips with inflation in focus

The dollar fell on Tuesday ahead of a keenly anticipated US inflation report, while the euro and sterling strengthened after European data underlined the resilience of the labour market across the region.
14 February 2023, 18:00 PM

Japan GDP rebounds less than expected in Q4

Japan’s economy expanded just 0.2 per cent in the last quarter of 2022, a smaller rebound than expected despite the long-awaited reopening of the country to tourists, government data showed Tuesday.
14 February 2023, 18:00 PM

Oil falls on demand worry as ‘make or break moment’ approaches

Oil prices eased around 1 per cent on Monday after rising in the previous session, as investors focused on short-term demand concerns stemming from crucial upcoming US inflation data and refinery maintenance in Asia and the United States.
13 February 2023, 18:00 PM

Moody’s cuts Ukraine debt rating

Moody’s said Friday it has downgraded Ukraine’s debt rating over a protracted war with Russia, but shifted its outlook from negative to stable.
12 February 2023, 18:00 PM

Oil rebound more likely this year

Oil may resume its rally in 2023 as Chinese demand recovers after Covid curbs were scrapped and lack of investment limits growth in supply, Opec country officials told Reuters, with a growing number seeing a possible return to $100 a barrel.
12 February 2023, 18:00 PM

Russian inflation slows in Jan

Annual inflation in Russia slowed further in January, but consumer prices rose in month-on-month terms, data showed on Friday.
11 February 2023, 18:00 PM

Oil price rises 2pc as Russia plans to cut output

Oil prices rose more than 2 per cent on Friday and posted weekly gains of over 8 per cent, as Russia announced plans to reduce oil production next month after the West imposed price caps on the country’s crude and fuel.
11 February 2023, 18:00 PM

Norway’s wealth fund pulls out of Adani

Norway’s $1.2 trillion sovereign wealth fund, the world’s largest, said Thursday it has completely divested its assets in the troubled Indian conglomerate Adani.
9 February 2023, 18:00 PM