Bank of England issued a warning that the economic outlook for the UK “materially deteriorated”. “Costs of energy and gasoline are rising quickly globally, which causes prices to increase overall. The Bank asserted that UK banks are prepared to withstand even a severe economic slump. The Bank of England has issued a warning that the … Read more
European stock markets jumped 0.7%, with London’s FTSE 100 adding 1.0% and Germany’s Xetra Dax gaining 0.2%. The Stoxx has seen weekly losses for four of the past five weeks. US stock and bond markets were closed for the Fourth of July holiday. European stock markets started the week on an upbeat note as traders … Read more
The era of low interest rates and moderate inflation has come to an end. The pandemic and Ukraine conflict are undoing the effects of more than a decade of ultra-low inflation in the majority of industrialised economies. They warned that the fragmentation of the global economy posed a threat to supply chains, productivity, costs, and … Read more
Euro falls against the dollar as economic data points to heightened chances of recession. UK’s private sector business activity languishing at its lowest level for more than a year. US PMI data also showed a slowdown in growth similar to that in Europe, but Wall Street stocks rose. The euro fell against the dollar on … Read more
As China’s COVID-19 limits disrupted supply chains, Japan’s factory activity growth dropped to a four-month low in June. Many other Asian countries were also struggling with rising dangers to the outlook from a potential U.S. recession. Data released on Thursday revealed that Australia’s manufacturing activity remained stable this month. As China’s COVID-19 limits disrupted supply … Read more
Ivorian President Alassane Ouattara says he is concerned about the slowdown in world growth. Experts have frequently warned that the Ukraine war has exacerbated food insecurity in Africa. Violence, climate change, and impact of Covid-19 outbreak. On Monday, Ivorian President Alassane Ouattara warned the world trading system was being pummelling by an inflationary wave and … Read more
KARACHI: Since the start of the current fiscal year 2022-23, the Pakistani rupee has fallen by nearly 27 percent, or over Rs40, against the US dollar over the last ten months, as the currency just exceeded the important threshold of 200 against the greenback. There are concerns that it will continue to lose value; nevertheless, … Read more
PARIS: Global steel giant ArcelorMittal reported on Thursday a record annual profit for 2021, buoyed by the soaring prices of raw materials after a loss the previous year. Despite a drop in production, the company reported a net profit of $14.9 billion (13 billion euros) following a $733 million loss in 2020. The group lost its … Read more
Unity Foods Limited was incorporated in Pakistan in 1991 as a private limited company under the Companies Ordinance, 1984 (now the Companies Act, 2017) and subsequently converted into a public limited company on June 16, 1991. The principal business activity of the company has been changed from yarn manufacturing to edible oil extraction, refining and … Read more
ISTANBUL: Turkey’s troubled lira nosedived on Monday after President Recep Tayyip Erdogan justify not to raise the interest rates to stabilise the currency. Erdogan has pushed the central bank to sharply lower borrowing costs, despite the annual rate of inflation soaring to more than 20 per cent. Economists believe the policy could see consumer price increases … Read more
RIYADH: Stagnation is more of a risk to the global economy in 2022 than stagflation, Arab News quoted a report from Japanese company Nomura Holdings, as showing. In a 2022 outlook report released on Friday, December 10, economists at the firm warned that many countries will see a “dominance of cost-push inflation, the bad type of inflation … Read more
WASHINGTON: China has an important part to play in the global economy, as it recovers from the Covid-19, but its growth is slowing, IMF managing director Kristalina Georgieva said on Monday. The head of the Washington-based crisis lender held a virtual meeting with Chinese Premier Li Keqiang and discussed topics ranging from inflation to the recovery … Read more
PARIS: Whether it is the heating bill, pump prices or making the weekly run to the supermarket, consumers are having to dig deeper and deeper into family budgets. Inflation is complicating the recovery of individual consumers from the pandemic and putting the recovery of the global economy at risk. What does the data say? Inflation figures … Read more
ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin on Monday highlighted the importance of taking full advantage of new opportunities emerging out of the global economic recovery after it was hit hard by the Covid-19 during the last two years. Addressing the launching ceremony of Pakistan Single Window (PSW), one of … Read more
WASHINGTON: Global economic decoupling from China is simply not happening, considering the momentum of foreign direct investment (FDI) inflowing into the country, the Financial Times has reported. In some critical dimensions, China‘s integration into the global economy continues to deepen, wrote John Plender, in an opinion piece published Sunday, referring to earlier findings from Nicholas … Read more
LAHORE: The country’s textile sector is in a macro sweet spot, amid rampant demand in the domestic market and internationally, as global economies experience “return to normal” phenomenon, pushing up orders for apparels, BOL News has learnt. Pakistan’s textile exports reached its highest level in history in FY21, being recorded at $15.4 billion (+23 per cent … Read more
The global tourism industry has experienced a downfall due to coronavirus pandemic. The United Nations chief Antonio Guterres said that a loss of $320bn in exports has been witnessed in the first five months of the year and more than 120 million jobs at risk. In a video address, the Secretary-General said that the global … Read more
The Chief Executive of International Monetary Fund (IMF) has warned again that the global economy will not be able to recover till 2021 amid the coronavirus outbreak. In her latest statement, Chief Executive IMF Kristalina Georgieva warns full global economic recovery unlikely in 2021. She said world economy will take much longer to heal completely … Read more
To recover from the economic shock due to coronavirus pandemic, the world will take many years, said secretary general of Organisation for Economic Co-operation and Development. Angel Gurría OECD secretary general said the economic shock was already bigger than the financial crisis. He told the BBC it was “wishful thinking” to believe that countries would … Read more
UN economists have warned that the deadly coronavirus epidemic could cost the global economy $1.0 trillion this year and called on governments to ramp up spending to mitigate its impact. Richard Kozul-Wright, Director, Division on Globalization and Development Strategies at UNCTAD said, “We envisage a slowdown in the global economy to under two per cent for this … Read more
Saudi Crown Prince Mohammed bin Salman called for global action against Iran and warned that the conflict might turn out to be a threat to regional peace. According to Arab media, in an interview with American Tv Show ’60 Minutes’, Crown Prince said that war with Iran will affect the global economy. “If the world … Read more
