The Thailand Board of Investment (BOI) announced a 35% rise in investment proposals for the first half of 2024, amounting to 458.4 billion baht ($12.8 billion). Electronics and electrical appliances, automobiles, chemicals, and data centres are among the key growing areas. Foreign direct investment (FDI) increased by 16%, with a significant increase in regional headquarters. Applications increased by 64% to 1,412 projects from 863 in the same period last year, indicating trust in Thailand as a solid production base. Mr. Narit Therdsteerasukdi, Secretary General of the BOI, highlighted 1
Saudi Arabia has imported oil from Kuwait for the first time in more than two years, in a strategic effort to satisfy rising summer energy demands. This change occurs as discounted supplies from Russia have decreased. According to maritime analytics firms Kpler and Vortexa, Saudi Arabia's imports of Kuwaiti high sulphur fuel oil (HSFO) surpassed 180,000 metric tonnes (approximately 37,000 barrels per day) this month. Saudi Arabia's reliance on Kuwaiti fuel represents its first purchase since 2022. The decision keeps more Kuwaiti supply in the Middle East, supporting benchmark prices in Sin
India's business activity increased at the fastest pace in three months in July, owing to strong demand, particularly in the services sector. A poll by HSBC's Flash India composite purchasing managers' index, produced by S&P Global, found that the index increased to 61.4 in July from 60.9 in June, representing three years of continuous improvement. The indicator measures growth of more than 50, suggesting a robust private sector. The spike was led by the services industry, which saw its PMI rise to 61.1, a four-month high, while manufacturing experienced significant growth, with a PMI
Japan will resume funding for Sri Lanka's stalled infrastructure projects, including the development of the main international airport. This decision comes after Sri Lanka successfully restructured its foreign debt following a financial crisis. Sri Lanka defaulted on $46 billion in international borrowings two years ago, during the economic crisis, prompting bilateral lenders like Japan to cease project funding. Hideaki Mizukoshi, Japan's ambassador to Sri Lanka, declared that Japan is the first country to restore finance for stalled projects. According to a Sri Lankan finance ministry
According to a government draft, Japanese ministries plan to submit a budget that exceeds 110 trillion yen ($698 billion) for the fourth year in a row. The main cause of this increase is the projected increase in interest rates, which will drive up the cost of debt servicing. Japan has doubled the amount of its economy in public debt, making it the most debt-ridden country among developed nations. The Bank of Japan (BOJ) may raise interest rates from their current near-zero levels, which would result in higher debt management expenses. The record 114.38 trillion yen sought for the curre
India's federal government has announced it will maintain its record infrastructure spending at ₹11.11 trillion ($132.85 billion) for the fiscal year ending March 2025. According to Finance Minister Nirmala Sitharaman, this decision, which is in line with the interim budget that was provided before the national elections, equals 3.4% of the nation's GDP. Over the last three years, the government has increased its commitment to infrastructure spending by twofold, with long-term capital expenditure growing from 1.7% of GDP in 2019-20 to 3.4% this year. ₹1.5 trillion has been set up for l
According to the Boston Consulting Group's global wealth report, India is ready to create tremendous wealth growth. In 2023, India generated roughly $590 billion in new financial wealth, its highest growth yet. By 2028, India is estimated to contribute over $730 billion to the region's growth. China and India generated $588 billion in financial wealth in 2023. Despite China's slowdown, financial wealth in the Asia-Pacific area increased by 5.1%. The analysis predicts that by 2028, the region will account for approximately 30% of new financial wealth. Global net wealth increased by 4.3% in
The UAE and Ethiopia have inked a currency swap arrangement worth up to $817 million. Both central banks also agreed to develop rules for cross-border transactions involving local currencies and integrate their payment and messaging systems. The Central Bank of the UAE (CBUAE) and the National Bank of Ethiopia (NBE) can exchange local currencies for up to AED 3 billion and ETB 46 billion, respectively. This move aims to strengthen the two countries' financial and commercial ties by providing liquidity in local currencies and facilitating the efficient settlement of cross-border transaction
Thailand's cabinet approved a soft loan package worth 100 billion baht ($2.8 billion) to assist small firms in obtaining loans. Deputy Finance Minister Paopoom Rojanasakul stated that the Government Savings Bank will lend to commercial banks at 0.01% interest, allowing them to give loans to small enterprises at no more than 3.5% per year. Retail loan rates in Thailand are currently above 7%. The two-year programme allows small businesses to apply for loans until 2025. Paopoom explained that the cash comes from the state bank's resources, not the budget, and is intended to inject capital in
On Tuesday, the International Monetary Fund (IMF) increased its predictions for India's economic development, forecasting a 7% growth rate in 2024–25, up from 6.8% in April. Stronger-than-anticipated growth in 2023 and better private consumption prospects, particularly in rural areas, serve as the foundation for this upward revision. According to the IMF's most recent World Economic Prognosis Update, India's growth reflects the carryover of positive revisions made for 2023, as well as a favourable prognosis for rural consumption.However, the global economic situation remains tough. The I