Two small solar manufacturers, Heliene in Canada, which operates in Minnesota, and Suniva in Georgia, are working together to create panels that qualify for a new federal incentive for clean energy equipment built in the United States. The Biden administration has praised this alliance as evidence of the Inflation Reduction Act's (IRA) achievement in creating a local solar manufacturing sector that can compete with China. Janet Yellen, the Treasury Secretary, applauded the initiative and brought up the difficulties that American solar entrepreneurs had in the past. Suniva has signed a $400
Sri Lanka's central bank unexpectedly reduced interest rates by 50 basis points to spur growth amid its worst financial crisis in decades. The Standing Deposit Facility Rate now stands at 8.50%, and the Standing Lending Facility Rate at 9.50%. This move surprised markets, with most economists anticipating no change. The total interest rate cuts since last year amount to 700 basis points, aiming to steer the economy out of its crisis. The bank stated that, despite potential near-term inflation risks, the medium-term inflation outlook remains stable due to subdued economic activity. Lowering
On Monday, Britain's International Investment (BII) pledged $100 million in trade finance to the Eastern and Southern African Trade and Development Bank (TDB) to boost agriculture and food security. The funding aims to assist trade, which is crucial given the economic difficulties that African countries face, which are made worse by climate change. Research from the African Development Bank (AFDB) highlights the urgent need for more trade financing since there is a $120 billion yearly shortfall as a result of dwindling support from foreign lenders. By giving local businesses access to e
In February, UK inflation eased to 3.4%, proving a little relief for Prime Minister Rishi Sunak ahead of the election. This development aligns with forecasts, positioning the Bank of England (BoE) to consider rate cuts later in 2024. Despite rising motor fuel prices, food and restaurant prices declined subsequently. As a result, core inflation dropped to 4.5%, with service inflation dropping to 6.1%. Despite this moderation, the UK still maintains the highest inflation rate among the G7 nations. Finance Minister Jeremy Hunt sees scope for abolishing social security taxes as inflation ap
South Korea plans to invest $313 billion in green financing to support carbon offset projects, aiming to slash greenhouse gas emissions by 40% from 2018 levels by 2030. The Financial Services Commission (FSC) announced this decision, involving a future energy fund worth $8 billion initiated by the banking sector. By 2030, state-run financial institutions will invest $313 billion in low-carbon facilities, eco-friendly products, and technology support, marking a 67% increase from the last five years. These measures are expected to reduce 85.97 million metric tonnes of greenhouse gases by
On Monday, Abu Dhabi surged ahead of other Gulf stock markets as investor confidence was strengthened by strong Chinese economic data and an increase in crude prices. China's factory output and retail sales for January–February surpassed expectations, signalling a strong start to 2024. Abu Dhabi's main stock index, .FTFADGI, soared by 6.2%, marking its highest intraday surge in almost four years. First Abu Dhabi BankFAB.AD, led the charge with a 1.4% increase, while E7 E7.AD and National Marine Dredging NMDC.AD rose by 4.6% and 1.5%, respectively. Mazen Salhab, BDSwiss's chief market
On Monday, the European Union (EU) committed to 7.7 billion euros (US$8.39 billion) in humanitarian aid in 2024. This initial investment marks a decrease from the previous year's total. Despite escalating needs in places like Gaza, the initial investment fell short of last year's 8.4 billion euros. The EU's humanitarian aid and crisis management chief, Janez Lenarcic, expressed some satisfaction with the amount but expects betterment. Meanwhile, the reasons for the reduction were not specified. The United Nations reports a record 300 million people requiring humanitarian assistance, pri
The UK Prime Minister, Rishi Sunak, is preparing a strategy to avert a Conservative Party defeat in the upcoming election. His strategy calls for the announcement of an additional tax-cutting budget proposal in September, followed by elections in October or November. However, implementing this strategy could present difficulties. Sunak's political advisors anticipate this difficulty, especially after he definitively ruled out a snap election on May 2, ending weeks of speculation. Although the exact date of the election is still uncertain, the Prime Minister's team is confident that they ca
EU leaders are set to announce a €7.4 billion funding package in Cairo to strengthen ties with Egypt, aiming to address migrant flows across the Mediterranean. This agreement elevates the EU-Egypt relationship to a "strategic partnership," focusing on renewable energy, trade, and security cooperation. There will be €5 billion in macro-financial assistance, €1.8 billion in investments, and €600 million in grants over the next three years. Immediate emergency funding of €1 billion will be provided, with the remaining €4 billion subject to European Parliament approval. The init
India's central bank is now able to import gold without incurring import taxes due to a recent substantial change in the country's policies. The move represents a significant shift in the environment around the nation's gold trade. India is one of the world's largest consumers of gold, and importers of the metal have historically had to pay both the Agriculture Infrastructure and Development Cess (AIDC) and a basic customs charge. But this new ruling eliminates these taxes from the Reserve Bank of India (RBI), simplifying the importation of gold. According to data from September 2023, t