Page 2 - Global Economic Crisis

Global debt challenges ahead

With higher interest rates increasing the debt-servicing burden of nations, the scope of productive expenditure will shrink further

Udaan said to be laying off 120 employees as it seeks profitability

The development comes at a time, when Udaan recently raised $340 million in Series E financing

Germany's woes worsen as economy likely to shrink again in current quarter

Germany's economy is likely to shrink again slightly in the current fourth quarter, the country's central bank said Monday, while a survey showed business confidence retreating unexpectedly. Europe's biggest economy contracted by 0.1% in the third quarter after growing by the same amount in the previous three-month period, according to official figures. The Bundesbank said in its monthly report that real gross domestic product in Germany is likely to decline again slightly in the fourth quarter of 2023 as a result of weak performances in industry and construction Two consecutive quarters of contraction is a common definition of recession, though the economists on a panel that declares recessions in the eurozone use a broader set of data, including employment figures. Germany is the only major economy expected to shrink this year, according to the International Monetary Fund, which foresees a decline of 0.5%. The German government has forecast a decline of 0.4%. The economy has bee

European Central Bank holds rates as inflation cools but hastens bond exit

The deposit rate was left at a record 4% with the ECB reiterating that this level will make a "substantial contribution" to returning consumer-price growth to its 2% goal

Global economy at stake as US, China seek to cool tensions at APEC summit

The United States and China are the two global economic heavyweights. Combined, they produce more than 40 per cent of the world's goods and services. So when Washington and Beijing do economic battle, as they have for five years running, the rest of the world suffers, too. And when they hold a rare high-level summit, as Presidents Joe Biden and Xi Jinping will this week, it can have global consequences. The world's economy could surely benefit from a US-China detente. Since 2020, it has suffered one crisis after another the COVID-19 pandemic, soaring inflation, surging interest rates, violent conflicts in Ukraine and now Gaza. The global economy is expected to grow a lackluster 3 per cent this year and 2.9 per cent in 2024, according to the International Monetary Fund. Having the world's two largest economies at loggerheads at such a fraught moment," said Eswar Prasad, senior professor of trade policy at Cornell University, exacerbates the negative impact of various geopolitical ..

Stock markets edge higher in volatile trade amid weak global cues

Benchmark equity indices Sensex and Nifty edged higher on Wednesday after a volatile trade amid weak cues from Asian and European markets along with unabated foreign fund outflows. The 30-share BSE Sensex advanced by 33.21 points or 0.05 per cent to settle at 64,975.61. During the day, it hit a high of 65,124 and a low of 64,851.06. The broader Nifty went up by 36.80 points or 0.19 per cent to close at 19,443.50 with 29 of its components closing in green and the rest 21 in red. Among the Sensex firms, Asian Paints, Titan, Larsen & Toubro, JSW Steel, ITC, Hindustan Unilever, Maruti and Reliance Industries were the major gainers. ICICI Bank, NTPC, Infosys, Tech Mahindra, Tata Steel and Bajaj Finance were among the laggards. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower. European markets were trading in the negative territory. The US markets ended in positive territory on Tuesday. Global oil benchmark Brent crude climbed 0.15 per cent to USD 81.73 a ...

Pakistan: PIA cancels flights over non-payment of dues to fuel supplier

The Pakistan International Airlines cancelled 14 domestic flights while four others were delayed by several hours

E-recruitment declines 5% in Aug as cos cautious due to global crisis

E-recruitment activities in India fell by 5 per cent in August compared to the same month last year as companies are cautious following challenges posed by inflation and the slow growth of other major economies such as the US, a report said on Friday. Sequentially also, the e-recruitment activities witnessed a 3 per cent decline in August, foundit's (formerly Monster APAC and ME) 'foundit Insights Tracker (fit)' revealed. "While hiring has slowed down overall in several sectors in the country, our nation's economy maintains its resilience amidst global uncertainties. A large contributing factor to this stability is the government's emphasis on nurturing sectors such as shipping, finance, and travel," foundit, a Quess company, CEO Sekhar Garisa said. Simultaneously, states are actively bolstering their digital infrastructure to empower tier II and III cities, he stated. "In conjunction with an increase in festive recruitment, the collective effort is expected to improve the job ...

Global slowdown, protectionism start affecting services exports from India

The services trade surplus widened to $36.39 billion in the first three months of the current financial year against $31.07 billion in the first quarter of the previous year

Indian travel association to help in boosting tourist flow to Sri Lanka

A leading travel-related association of India has resolved to help Sri Lanka in reviving its tourism sector by promoting the flow of tourists to the island nation that is making comprehensive efforts to recover from the devastating economic crisis last year. The three-day Indian Travel Congress, which was held in Colombo as part of the 67th convention of the Travel Agents Association of India (TAAI), concluded on Saturday with a dazzling display of fireworks, gala dinner and music and dance performances with many famous Bollywood numbers sang in Sinhala language by performers. "We are both alike, India and Sri Lanka, our food, language, culture and dresses, and tourism builds bridges between two communities and two countries, and we at TAAI support Sri Lanka in its efforts to revive tourism, above and beyond this convention," Jyoti Mayal, the President of the 72-year-old TAAI, said in her address. After her address on Saturday night, she asked TAAI delegates to take a pledge that ea

Amid economic uncertainties, South Korea's employment rate hits record high

South Korea's employment rate has reached a record high but job additions slowed for a second consecutive month in May following a brief rebound in March amid lingering economic uncertainties

With economic uncertainty around, Indians willing to spend to upskill

Indians consider education a necessary and worthwhile investment and in a situation that has turned increasingly uncertain, they are willing to spend more towards it

Cause and effect: Are corporate profits fueling inflation globally

As the Federal Reserve continues with hikes, the linkage between corporate profit margins and inflation is blamed for consumer burden

Risk of prolonged low growth economy looms large globally: UN report

According to the report, the world economy is now projected to grow by 2.3% in 2023 (+0.4 percentage points from the Jan forecast) and 2.5% in 2024 (-0.2 percentage points), a slight uptick

Italy's public debt crosses $3 trillion for first time: Bank of Italy

The Bank of Italy said that the country's public debt climbed above $3 trillion in the latest reporting period

Microsoft freezes salaries of full-time workers due to economic uncertainty

The company will, however, consider raising rates for hourly workers while maintaining a bonus and stock award program without "overfunding" it, Nadella said without elaborating

India is back with a bang on FIIs mind: Sumit Jain, ASK Investment Managers

Nifty 12-month forward PE is around 23 per cent below peak. Indian equities should find support from robust earnings outlook owing to strength in the domestic economy.

Demand for commercial property in India robust, US, Europe struggle

The unabated interest hikes by the Federal Reserve of the United States have resulted in a situation where cheap money is no more available

Amid global slowdown, India is the fastest-growing market for LinkedIn

A recent survey conducted by LinkedIn revealed that professionals increasingly prefer skills over degrees

BRICS surpass G7 GDP, India, China major economies with fast growth

The inflationary pressures, coupled with relentless rate hikes by central banks around the world, have hit Europe hard