The UK Conservative government announced a £10 billion ($13 billion) labour tax cut, drawing from emergency reserves, possibly the last budget before an anticipated election defeat. To combat rising living expenses, the £13.9 billion package also includes frozen gasoline levies and expanded access to child benefits. The election is anticipated later this year, with PM Rishi Sunak trailing Labour by 20%. Experts warn against rash expenditure plans even as forecasters predict £9 billion in fiscal space. Financial markets remained stable, unlike the 2022 bond market turmoil from Liz Tru
On Wednesday, Egypt finalised an expanded $8 billion agreement with the International Monetary Fund (IMF) after implementing significant economic measures. The central bank devalued the Egyptian pound and raised interest rates by 600 basis points to stabilise the economy. In addition to the IMF deal, Egypt secured a $1.2 billion loan for environmental sustainability, totalling its IMF loans to over $9 billion, which was slightly lower than anticipated. The Egyptian pound plummeted to over 50 pounds per dollar, surpassing previous records and prompting the country to adopt a more flexibl
On Tuesday, a business survey showed a rise in Japan's service sector in February, driven by robust tourism and new product launches. The final au Jibun Bank Service Purchasing Managers' Index (PMI) reached 52.9, slightly down from January's 53.1, marking continuous expansion since September 2022. While service conditions improved, manufacturing output softened due to sluggish demand, affecting overall private sector activity. The number of tourists visiting Japan for the eighth straight month in January may signal a record year for tourism. 2023 marked the first time that inbound tourism
According to the European Commission, the European Union (EU) has allotted Tunisia €150 million. This financial support involves a direct transfer of funds to the Tunisian Treasury to enhance the country's economic stability. The disbursement is part of the Programme to Support Tunisia's Macroeconomic Reforms (PARME), agreed upon by the EU and Tunisia in December 2023. Support from the EU depends on Tunisia's progress in implementing structural reforms, which aim to improve public financial management and the business environment and stabilise the macroeconomic landscape. This funding
On Monday, the Indian rupee remained stable despite a surge in crude oil prices being counteracted by the weakening U.S. Dollar Index. Closing unchanged at Rs 82.89 against the dollar, it began the day at Rs 82.85, maintaining Friday's closing rate of Rs 82.91. Kunal Sodhani, vice president of Shinhan Bank, highlighted 82.77 as support and 83.05 as resistance for USD INR, discussing the impacts of economic data and the ECB's March meeting stance. Moody’s upwardly revised India’s 2024 growth forecast to 6.8% from 6.1%, citing robust 2023 economic data and reduced global economic
On Monday, Prime Minister Narendra Modi inaugurated numerous developmental projects in Adilabad, Telangana. These projects were collectively valued at more than ₹56,000 crore. These initiatives span the power, rail, and road sectors. PM Modi emphasised Adilabad's emergence as a hub for national development, with over 30 projects contributing to this transformation. He highlighted the collaborative efforts between the Centre and Telangana, both celebrating nearly a decade of progress. Notable projects include the 800 MW NTPC (Unit 2), set to augment Telangana's electricity generation capa
The US and India aim to enhance information sharing on opioids like fentanyl to address its misuse in the US. Kristie Canegallo, acting deputy secretary at the US Department of Homeland Security, discussed this during the Senior Officials’ Homeland Security Dialogue in New Delhi. The dialogue is part of the 2010 India-US counter-terrorism initiative. Canegallo emphasised augmenting information sharing, especially regarding fentanyl, amid existing counter-narcotics efforts. Synthetic opioids, mainly fentanyl, caused abouttwo-thirds of the 2021 drug overdose deaths in the US. India lega
India’s manufacturing sector surged in February, marking its most robust growth in five months amidst subdued cost pressures. The HSBC final India Manufacturing Purchasing Manager’s Index (PMI), compiled by S&P Global, exceeded expectations by rising to 56.8 from January’s 56.5, surpassing the preliminary estimate of 56.7. For 32 consecutive months, manufacturing PMI in India has been above 50 points, indicating steady growth. The nation's economy, which is the fastest-growing major economy in the world and the third-largest in Asia, grew by 8.4% during the October–December qua
On Friday, Japanese and Australian stocks surged to new highs, propelled by reassuring US inflation figures that eased fears of an imminent rate cut. European markets were poised for gains, with futures indicating upward trends. The Nikkei index soared 1.9%, hitting a fresh peak, while Australia’s resource-heavy shares climbed 0.6% to a record high. Despite a 0.2% increase in MSCI’s Asia-Pacific shares outside Japan, weekly losses persisted at 0.4%. Blue-chip stocks and the Shanghai Composite Index rose on mainland Chinese markets. Hong Kong's Hang Seng index also rebounded, rising by
Venezuela's government is ramping up efforts to curb inflation before this year's presidential election. Despite facing economic crises marked by shortages and hyperinflation, the government aims to stabilise the bolivar-dollar exchange rate and manage spending without fueling consumer prices. In 2023, consumer prices soared by nearly 190%, with basic goods becoming increasingly expensive as the local currency depreciated sharply against the dollar. However, monthly price increases have since been reduced to 107% year-on-year through January, with the government employing orthodox anti-inf