Singapore’s central bank kept its monetary policy setting unchanged for the third consecutive month. Despite estimates that inflation will decline later this year, officials claim that a relaxation may occur later this year. In a statement issued on Monday, the Monetary Authority of Singapore (MAS) maintained the currency band's slope, width, and centre. It aims to keep the local dollar on an appreciating path, which will help prevent imported inflation. The statement read, “Core inflation is likely to remain elevated in the earlier part of the year. However, it should decline gradu
On Monday, the International Monetary Fund (IMF) projected Brunundi’s economy to expand by 4.3% in 2024 from the previous year’s 2.7%. According to the statement, agricultural production, productive investment, and ongoing reforms will primarily support growth's acceleration. Burundi’s agricultural sector heavily relies on agricultural revenues, particularly tea and coffee, which improved the growth rate. The IMF report claimed that fuel shortages were the main reason for 2023's slower growth rate. Before this, years of political unrest and conflict severely damaged key sectors. F
On Monday, Saudi Arabia’s Justice Ministry declared the establishment of its first administrative enforcement court with jurisdiction over government entities and officials, marking a significant step towards enhancing investors' confidence. Crown Prince Mohammed Bin Salman implemented it as part of a broader judicial reform. It will aim at modernising the nation's economic condition and reducing its dependency on oil exports. Furthermore, the recent enactment of civil law will be a key component of these reforms. Saudi's first civil code replaced the unwritten system that allowed judges
On Monday, Brazil President Luiz Inacio Lula da Silva launched an industrial development plan of investing 300 billion reais into Brazil's ageing industries for the next decade. He referred to the plan as a "re-industrialization" initiative designed to change policies that prioritised agricultural production and exports over national industry. At the launch event, he said, “For once and for all, we need to overcome the problem of Brazil always being on the verge but never quite becoming a developed country." Lula aims to boost the sluggish growth with state credits and subsidies with a p
According to the recent data released on Sunday, Dubai’s GDP grew by 3.3 per cent between January and September 2023. The information was made public by the state's new agency, WAM. During this period, accommodation and food service saw a hike of 11.1%, transportation and storage by 10.9%and information and communication by 4.4%. D33, a ten-year economic strategy that aimed to double Dubai's economy and position it among the top four global financial centres, was unveiled in January of last year. The initiative also encompassed one hundred transformation projects, such as expanding Du
India's Minister of Information Technology, Ashwini Vaishnaw, made a significant announcement about India’s aim to attract $100 billion in annual Foreign Direct Investment (FDI) in the next few years. In an interview at the ongoing World Economic Forum in Davos, Switzerland, he presented a comprehensive growth strategy with a vision of a consistent growth rate of 6–8% for the next ten years. This strategy will primarily focus on increasing manufacturing, uplifting the bottom of pyramids, investing in digital and physical infrastructure, and enhancing trouble-free business processes.
On Wednesday, PM Narendra Modi inaugurated three major infrastructure projects worth more than Rs 4,000 crore in Kochi, Kerala. These projects include Cochin Shipyard Limited (CSL), the New Dry Dock (NDD), the International Ship Repair Facility (ISRF), and the LPG Import Terminal of Indian Oil Corporation Limited. The NDD facility was built at the nation's largest dry dock, the Cochin Shipyard. The total cost of constructing the dock facility was Rs 1799 crore, and it can accommodate large ships, oil rigs, and LNG. The 600-tonne gantry crane-equipped dual-purpose dry dock can be used for b
On Tuesday, the United Kingdom will establish a ‘Critical Imports and Supply Chains Strategy’ to strengthen the security of supply chains for essential items like medicines and minerals. Amidst the ongoing hindrance in the logistic supply by Houthi on ships in the Red Sea, the British government will establish a group to assess risks on critical imports. The Houthi organisation in Yemen is backed by Iran and has been targeting international maritime channels for a while. Furthermore, the ongoing tensions in the Middle East, the COVID-19 pandemic, and the Russia-Ukraine conflict have gr
On Monday, India’s state-owned firm, Khanij Bidesh India Ltd. (KABIL), signed a joint venture of $24 million with Argentina’s government-owned mining corporation, Catamarca Minera y Energética Sociedad del Estado (CAMYEN), for a lithium exploration pact for five blocks in Argentina. The Federation of Mines confirmed that under the agreement, KABIL is granted exploration and development rights for commercial production of five lithium mines with a state-run firm in Argentina. The Indian firm KABIL will begin the exploration and development of five lithium brine blocks: 1. Cortadera-
According to PwC's most recent poll, India was ranked fifth as a preferred destination for investments. Following the US, China, Germany, and the UK, India has climbed four spots from the previous year. As of 2020, the nation was the fourth-most popular investment destination. However, in 2021, it suffered a drop to the sixth rank, eighth in 2022, and ninth in 2023. As per PwC’s 27th Annual Global CEO Serve, the business leader supports India’s appeal as a favourable investment destination. The nation’s commercial landscape seems promising for 2024. Global CEOs are taking notice