Tomorrow's US inflation data may influence rates more than today's CPI figure
While an expected fall in CPI will likely be welcomed by investors, Friday’s University of Michigan 5-10 year inflation expectations will resonate with Federal Reserve officials fearful of price rises becoming entrenched
Bibek Debroy of PM's Economic Advisory Council bats for new income-tax regime
Although Budget 2020 introduced a new income-tax regime, there have been few takers for it. Since its introduction, the government hasn’t tinkered with it. Yet, experts like Bibek Debroy feel that the future of direct taxes lies in removing all deductions and exemptions.
Bibek Debroy bats for single GST rate, removal of tax exemptions
Debroy argued that it is the direct tax system that must be progressive, and not the indirect tax regime. As such, the GST rate should not depend on what the product is
Live: FM's Address At Invest Karnataka Summit | Global Investors Meet
Finance Minister Nirmala Sitharaman addressed the inaugural function of Invest Karnataka Summit to increase global investment in the state.
Inflation in UK shops rises to highest level on record
Consumers are trying various methods to save money on their weekly shop, visiting rival retailers and choosing own-label brands as well as buying more wonky vegetables, frozen food and canned goods
Sunak faces dose of reality as economic and political woes mount
The new premier’s economic policy is set to face scrutiny as the Bank of England delivers what could be its biggest interest-rate hike in more than 30 years, and the government looks to fill the multi-billion hole in the nation’s finances
Global food security on the edge as Russia exits grain deal
How much of a price jump is harder to predict since the safe-passage deal was already set to expire in mid-November if no agreement is reached to extend it
The US, EU consumer economy is starting to crack under inflation
Europe is the epicenter of worry for many of the big consumer goods companies, from Unilever to Heineken and L’Oreal.
US dollar drops to three-week low as traders weigh a Fed pivot
A slew of US data on manufacturing, home prices and consumer confidence have all fallen short of economist estimates, underscoring the toll of Fed tightening
British PM Rishi Sunak gathers cabinet to begin 'hard work' of fixing economy
As Britain's third prime minister this year, Sunak faces a daunting list of problems beyond the economic crisis, including how to unite and rebuild a fractured party whose reputation has been shredded by months of scandals and rows
Global economy approaching a recession, central banks unchained: Reuters poll
One bright spot is that most major economies already in a recession or heading into one are starting with relatively low unemployment compared with previous downturns
Australia inflation accelerates to 32-year high of 7.3%; yields gain
The Federal Reserve is expected to raise rates by 75 basis points again next month as it looks to cool inflation pressure. Central banks from the UK to New Zealand are also tightening sharply to rein in prices
Xi says China economy is ‘resilient,’ will deepen global links
At the party congress, Xi has pushed for the “dual circulation” policy - an attempt to insulate China from economic shocks and US sanctions -- while maintaining strategic trade and investment links with the rest of the world
In China’s likely overhaul of economic team, there are 4 names to watch out for
The new list of Central Committee members suggests that China’s top economic team could see its biggest shake-up in more than a decade
State of the global economy: Of price rise, rate hikes, and wait for a new leader
Rising inflation, spiralling borrowing costs and a seemingly impending recession are in store as the UK awaits a successor to Liz Truss
ECB to cross 2008 Rubicon with hike defying slump risk: Eco Week
Memories of what’s now perceived as a policy mistake in 2008 might yet come to haunt the ECB, especially as rates go even higher and begin to constrict growth in due course. Such a prospect is likely to make future hiking decisions in 2023 more contentious, even if this one won’t be
Drone technology adoption can boost India's crop output, create 500,000 jobs: WEF report
Land mapping and pesticide spraying are the two most common uses for drones in Indian agriculture
Prime Minister Narendra Modi releases 12th tranche of farmer income support
More than 8 crore farmers received over Rs 16,000 crore in their bank accounts under the 12th tranche of the PM Kisan Samman Nidi scheme
Many countries worried over spillover effect of developed world decisions: FM
Finance Minister Nirmala Sitharaman's remarks came in the wake of the push by the US-led western countries to reduce their oil purchase from Russia and warning to other nations that they would face sanctions if they continued to do so
Biden brushes off risks of strong dollar on global economy
But with the Fed on track to continue lifting borrowing costs through the end of the year, Biden sought to deflect blame for the slowing global economy. On Saturday, he criticized UK Prime Minister Liz Truss’s tax-cutting plans for causing turmoil in markets, calling it a “mistake”
Exclusive | Seven sectors may get Rs 35,000 crore in next PLI round
Bicycles, leather, toys, and containers may be included. The government is studying representations from other industries, and more may be brought under the PLI scheme subsequently
As the causes of US inflation grow, so do the dangers
High inflation has now spread well beyond physical goods to the nation’s vast service sector, which includes everything from dental care and apartment rents to auto repairs and hotel rates. The broadening of inflation makes it harder to tame
Global finance leaders single out China as barrier to faster debt relief
US Treasury Secretary Janet Yellen said on Friday that high inflation, tightening monetary policies, currency pressures and capital outflows were increasing debt burdens in many developing countries, and more progress was urgently needed
Yen hits lowest level against dollar since 1990
One dollar was worth 147.67 yen following the stronger-than-expected inflation number, which comes as Japan's central bank holds off from hiking interest rates to try and cool sky-high prices.
