US Commerce Secretary Gina Raimondo announced investments worth more than $1 billion in the Philippines during her official visit to Manila. Her visit is part of a two-day trade and investment mission representing President Joe Biden's administration. Raimondo highlighted that investments from US companies would span various sectors such as solar energy, electric vehicles, and digitisation. Additionally, she emphasised the eagerness of US companies to engage in business ventures within the Southeast Asian nation. She was accompanied by high-ranking officials from prominent companies, inclu
India and the European Free Trade Association (EFTA) have sealed a $100 billion, 15-year deal, marking the end of nearly 16 years of negotiations. Under the agreement, India will slash import tariffs on industrial goods from Switzerland, Norway, Iceland, and Liechtenstein, in exchange for a $100 billion investment from EFTA over 15 years. This follows recent trade pacts with Australia and the UAE, with negotiations with Britain in the final stages. PM Modi aims for $1 trillion in annual exports by 2030. EFTA's investment is targeted at India's massive market of 1.4 billion people. The n
On March 7, Prime Minister Narendra Modi launched 52 tourism projects valued at over Rs 1,400 crore. PM Modi dedicated nine infrastructure projects worth Rs 469 crore and inaugurated 43 others totalling Rs 963 crore under the Swadesh Darshan and PRASHAD schemes through video conferencing from Srinagar. Among these projects were developments in Hazratbal, Jogulamba, and Amarkantak, costing Rs 129.35 crore, enhancing pilgrim facilities and heritage sites. An additional 14 projects across various states amounting to Rs 320.8 crore were also launched. He introduced three initiatives: the 'D
India and a European bloc comprising Norway, Iceland, Liechtenstein, and Switzerland are set to finalise a trade pact on March 10, with India aiming for a $100 billion investment commitment from the group. This pact consists of goods, services, and investment promotion, with a groundbreaking provision for targeted investment from the European Free Trade Association (EFTA) in India, aiming to create employment opportunities. India is considering duty reductions on specific gold imports from Switzerland. The agreement targets a $50 billion investment commitment over the first decade post-
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