Sawt Falasteen - Economy

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Featured

FCNR(B) deposit drive puts sharper margin pressure on private banks

The aggressive mobilisation of Foreign Currency Non-Resident Bank [FCNR(B)] deposits increasingly weighed on bank margins during the September quarter, with private lenders bearing a disproportionate impact owing to their larger participation in the RBI’s FCNR(B) drive.

Gold ETF flows turn negative after 13 weeks as bullion loses 4%

Investments in physically backed gold exchange-traded funds (ETFs) turned net negative after 13 weeks last week, with the yellow metal losing nearly four%, data from the World Gold Council (WGC) showed.

Last news

Europe throws billions at energy crisis

Almost every week now, European governments are announcing emergency measures to protect households and businesses from the energy crisis stemming from Russia's war in Ukraine.

'Very high chance' Hong Kong will end year in recession

Hong Kong is set to end the year in the midst of a full-blown recession, the city's finance chief warned Thursday, as spiralling interest rates join strict Covid-19 controls in hammering the economy.

Cheap mealboxes a taste of Hong Kong's economic woes

Hong Konger Kitty Chan pivoted to takeout to help her restaurant survive the pandemic, but she has since opened a second shop as demand for cheap mealboxes surges in a city enduring economic woes.

US jury orders Meta to pay $174.5 mn for violating patents

A US jury on Wednesday ordered Meta to pay $174.5 million for violating live-streaming patents developed by a US Army veteran seeking to fix shortcomings in battlefield communications.

IAEA, Western powers air growing worries on Ukraine nuclear plant

The UN nuclear watchdog and Western powers voiced alarm Wednesday over the safety of Ukraine's Zaporizhzhia atomic power plant as Kyiv accused Russia of new shelling.

US stocks fall, dollar gains as Fed unveils latest big rate hike

Wall Street stocks tumbled and the dollar rallied Wednesday after the Federal Reserve announced another large interest rate increase and signaled it expects more monetary tightening ahead to fight inflation.

New 007 to 'serve King and country' as producers vow to keep Bond 'fresh'

The next James Bond will serve King and country -- but discussions with new 007 studio owner Amazon over the spy film franchise's future direction haven't really started, long-standing producer Barbara Broccoli said Wednesday.

Fed hikes rates again, says inflation fight can't be 'painless'

The Federal Reserve raised the key US interest rate again Wednesday and said more hikes are coming as it battles soaring prices -- an aggressive stance that has raised fears of a recession.

US Fed raises key interest rate as recession fears mount

The Federal Reserve raised the key US interest rate again Wednesday and said more hikes are coming as it battles soaring prices -- an aggressive stance that has raised fears of a recession.

Who wants to go to the moon? Europe names astronaut candidates

The European Space Agency announced a team of seven astronauts on Wednesday to train for NASA's Artemis mission to the moon -- but only one will have the chance to become the first European to walk on the lunar surface.

Biden vows solidarity with Iran women as protests spread

US President Joe Biden vowed solidarity with Iranian women Wednesday as eight people were reported killed in growing protests over the death of a young woman arrested by morality police.

War fears at another Ukraine nuclear site

A vast crater several metres deep in empty land strewn with wild grass bears witness to the shelling this week at the Pivdennoukrainskpower plant site in southern Ukraine, the latest sign of nuclear risk in the war-scarred nation.

US home sales fall for seventh straight month in August

Existing home sales slipped in August to the lowest in two years, marking a seventh straight monthly declines, according to industry data released Wednesday showing the continued slowing in the US housing as mortgage rates surge.

Walmart hiring fewer US holiday staff this year

Walmart announced Wednesday it will hire 40,000 workers for the upcoming holiday season, far fewer than last year, as inflation weighs on US households and curtails consumption.

American, Russians blast off for ISS as war rages in Ukraine

A US astronaut and two Russian cosmonauts blasted off to the International Space Station (ISS) Wednesday on a Russian-operated flight, in a rare instance of cooperation between Moscow and Washington.

Markets drop as Fed hike looms, Putin move lifts dollar and oil

Stocks fell Wednesday ahead of what many expect to be a third successive jumbo interest rate hike by the Federal Reserve, while the dollar hit fresh multi-decade highs against the pound and euro after Moscow stepped up its war in Ukraine.

Germany reaches deal to nationalise troubled gas giant Uniper

Germany has reached a deal to nationalise troubled gas giant Uniper, the government said Wednesday, as the energy sector reels from the fallout of Russia's war in Ukraine.

US Fed set to raise interest rates as recession fears mount

The Federal Reserve is poised to roll out another big increase in interest rates Wednesday as it tries to cool the economy to tamp down the highest inflation in 40 years, but recession fears are rising.

American, Russians to blast off for ISS as war rages in Ukraine

A US astronaut and two Russian cosmonauts are set to blast off to the International Space Station Wednesday on a Russian-operated flight despite soaring tensions between Moscow and Washington over Russia's invasion of Ukraine.

Salvini: Italian nationalist leader eclipsed by rival

Matteo Salvini turned his once regional League party into a national force in government, but the far-right leader has seen his star eclipsed by the more polished Giorgia Meloni.

Asian traders resume selling as another jumbo Fed hike looms

Asian markets resumed their downward spiral Wednesday after a brief respite the previous day, as traders prepared for what many expect to be a third successive jumbo interest rate hike by the Federal Reserve.

Ad discrimination suit against McDonald's allowed to proceed

A federal judge has allowed a discrimination lawsuit to proceed that argues that McDonald's refuses to advertise on Black-owned media networks.

World leaders call for urgent action on food security

World leaders called Tuesday for urgent efforts to address global food insecurity, with fears mounting of a disastrous harvest next year due largely to the war in Ukraine.

ECB determined to stop inflation becoming 'embedded'

The European Central Bank is determined to stop soaring inflation becoming the norm, its president said Tuesday, as the coronavirus pandemic and the Russian invasion of Ukraine put lasting pressure on prices.

UN tackles food prices as Ukraine crisis spells disaster

World powers met Tuesday at the United Nations on how to address rising food insecurity, with dire warnings of a devastating harvest next year due to the war in Ukraine.

Hertz to buy some 175,000 GM EVs through 2027

US rental car giant Hertz will buy up to 175,000 electric vehicles from General Motors by the end of 2027, the companies announced Tuesday, as the auto industry grapples with concerns over climate change and petroleum dependency.

US Fed opens policy meeting with steep rate hike on the table

US central bankers opened their two-day policy meeting on Tuesday with another steep interest rate hike seen as a near certainty amid stubbornly high inflation.

Dutch unveil 17-bn-euro package for hard-hit households

The Dutch government announced an "unprecedented" 17.2 billion euro package on Tuesday to help citizens facing soaring energy prices and double-figure inflation driven by the ongoing war in Ukraine.

Alarm grows over deadly Iran crackdown on protests

International alarm mounted on Tuesday over a deadly crackdown in Iran against protests sparked by death of young Iranian woman Mahsa Amini after her arrest by Tehran's notorious morality police.

China should do more to help avoid debt crisis: US official

The "enormous scale" of Chinese lending to developing nations makes it critical Beijing do more to participate in restructurings to avoid a new international debt crisis, a senior US Treasury official said Tuesday.

Twitter to depose Elon Musk ahead of buyout deal trial

Twitter's lawyers will question Elon Musk next week as they gather evidence in a legal battle to hold him to his $44 billion buyout deal, a Tuesday court filing said.

Germany in 'final discussions' over Uniper nationalisation

German gas company Uniper said Tuesday it was on the brink of being nationalised as Berlin stepped in to prop up the energy sector amid a crisis triggered by the Russian invasion of Ukraine.

Sawt Falasteen - Economy (English)