On Tuesday, Canadian Finance Minister Chrystia Freeland faces pressure to balance spending and fiscal targets as she unveils the budget. Several recent proposals raise concerns about fiscal sustainability, including heavy spending on housing, defense, and healthcare. With the deficit already on track to exceed targets, economists urge clarity on funding sources. Freeland emphasizes the need for government investment to address housing affordability and other pressing issues. However, critics, including the Conservative Party, question the effectiveness of the government's approach, which c
The EU has passed a landmark law aimed at cutting methane emissions from fossil fuel imports, set to commence in 2030. Methane is a powerful greenhouse gas that poses an imminent threat to climate change, ranking second only to carbon dioxide in its contribution to global warming. Major suppliers including the US, Algeria, and Russia will be impacted by the legislation, which is supported by Green Party MP Jutta Paulus and places methane intensity limitations on fossil fuel exporters shipping to the EU. Surprisingly, because of its comparatively low methane emissions, Norway has become the
ZiG, Zimbabwe's new gold-backed currency, started trading on Monday, reflecting the nation's recent economic shift. Justin Bgoni, CEO of the Zimbabwe Stock Exchange (ZSE), announced this move. Additionally, Zimswitch, a national payment platform, confirmed the implementation of ZiG. The decision to introduce a new currency stemmed from the significant depreciation of the former Zimbabwe dollar, prompting the Reserve Bank Governor, John Mushayavanhu, to devise a structured currency supported by a combination of foreign exchange reserves and gold, initially totalling $285 million. Zimbabw
On Monday, the Biden administration announced a big agreement to support developing facilities in the United States of America with Taiwan Semiconductor Manufacturing Company (TSMC), a major semiconductor manufacturer. The deal, made possible by the CHIPS and Science Act, would give TSMC financing of up to $6.6 billion, supporting an investment of more than $65 million at three facilities located in Phoenix, Arizona. According to President Biden, the investment will boost semiconductor production in the United States and allow TSMC to open a third chip plant in Phoenix. In addition, the CH
According to a report, foreign investors withdrew over a trillion yen from Japanese stocks last week. This was due to several factors, including stocks going ex-dividend and speculation about currency market intervention by the Bank of Japan. Data showed they offloaded a net 1.18 trillion yen worth of stocks, the largest weekly disposal since September 2023. Overseas investors also engaged in substantial selling of derivative contracts, totalling 967.32 billion yen, the highest in nine weeks, and withdrew approximately 213 million yen from cash equities. The Nikkei index fell 1.3%, followi
The Indian rupee is projected to experience modest strengthening against the US dollar in the next three months. The Reserve Bank of India (RBI) is expected to utilise its foreign exchange reserves to manage volatility and maintain the rupee's relative strength. While most emerging market currencies have weakened against the dollar this year, the rupee has remained relatively stable. The RBI's intervention in foreign exchange markets has contributed to this stability, with its reserves reaching record levels. Analysts anticipate the rupee to appreciate slightly to 83.11/$ in a month and
India has allocated $1.02 billion in incentives to boost local manufacturing. This comes after private firms invested over $13 billion under a scheme introduced in 2020. Known as the Production-Linked Incentive Scheme (PLI), it covers 14 industries, including electronics and drones. It has a total value of 1.97 trillion rupees ($24 billion). It's a linchpin of Prime Minister Narendra Modi's strategy to position India as a global manufacturing powerhouse, attracting participation from major global and Indian players like Apple, Foxconn, Samsung Electronics, Hindustan Unilever Ltd., and Reli
The World Bank's approval of a $750 million loan to Colombia underscores a significant commitment to supporting the country's efforts to combat climate change and transition to a more sustainable economy. This loan is aimed at enhancing Colombia's resilience to climate change impacts while promoting renewable energy initiatives and reducing carbon emissions. Key highlights of the loan include a focus on boosting the development of solar and offshore wind energy, as well as green hydrogen technologies. Additionally, the loan aims to strengthen Colombia's electric urban transport infrastruct
According to the RBI data released on Friday, India's forex reserves surged to a record high of $642.63 billion as of March 22. It marks a fifth consecutive weekly increase. The increase amounted to $139 million during the reporting period. Fluctuations in foreign currency assets, reflecting currency valuation changes, contributed to this rise. The Reserve Bank of India (RBI) actively intervenes in the forex market to stabilise the rupee against excess volatility, with the currency closing at 83.40 against the dollar on Thursday. Notably, India's financial markets were closed on Friday due
On Tuesday, Chile's government announced the opening of over two dozen lithium salt flats to private investment while retaining control over the significant Atacama and Maricunga deposits for state extraction. President Gabriel Boric's administration aims to increase state influence in Chile's lithium industry. Finance Minister Mario Marcel anticipates a potential doubling of Chile's lithium production within a decade with these new projects. The tender process for 26 salt flats will start in April and end in July, although not all may attract interest. Five salt flats are already in dev