Kenya’s central bank hikes interest rate to contain inflation on June 28, 2023The Central Bank of Kenya (CBK) on Monday tightened the country’s monetary policy by raising the interest rate by 1 percent citing sustained increased inflation. Kamau Thugge, the CBK governor and the chairman of the Monetary Policy Committee (MPC), said the bank had increased the rate from 9.5 percent to 10.5 percent to “anchor inflation […]
Brazilian analysts upgrade GDP’s growth forecasts on June 28, 2023Brazilian financial analysts raised their projected GDP expansion in 2023 from 2.14 to 2.18 percent, the seventh consecutive weekly upgrade, and upped the 2024 forecast from 1.20 to 1.22 percent, the Central Bank of Brazil said Monday. Analysts lowered the forecast inflation for the year from 5.12 to 5.06 percent, and for next year, from […]
Intercity subway links economic powerhouses in east China on June 25, 2023On Saturday, Line 11 of the Suzhou metro went into operation, linking the city of Suzhou, a major GDP contributor in east China’s Jiangsu Province, with Shanghai, another economic heavyweight in the region. This is the first time that the core cities in the Yangtze River Delta region have linked their separate urban subway systems […]
China to facilitate over 3,000 firms to build 5G factories on June 24, 2023China’s Ministry of Industry and Information Technology has released a work plan on the development of industrial internet, listing 11 key actions and 54 specific measures in the sector. The work plan proposes to formulate and implement an upgraded version of the “5G+Industrial Internet” 512 project, which is to promote the integration, innovation and development […]
China Construction Bank issues 295.5 bln yuan of loans to bolster transportation on June 24, 2023China Construction Bank, one of the country’s largest state-owned commercial banks, said it had issued 295.5 billion yuan (about 41.2 billion U.S. dollars) of loans to support the country’s transportation sector during the first five months of this year. The value represented an 11.43 percent increase from the same period last year, the bank said. […]
China’s Tianjin port sees 8.4% growth in foreign trade in Jan-May on June 24, 2023North China’s Tianjin port saw its foreign trade surge by 8.4 percent year on year to 812.1 billion yuan (about 113.1 billion U.S. dollars) in the first five months of the year, according to Tianjin Customs. From January to May, trade volume with the Association of Southeast Asian Nations totaled 127.08 billion yuan, up 26.4 […]
Turkish lira plunges to new lows following rate hike on June 24, 2023Turkish currency on Friday sank to fresh lows against the U.S. dollar a day after the central bank hiked its key interest rate well below market expectations. The lira hit 25.0 against the greenback at around 11 a.m. local time (0800 GMT). The currency’s depreciation has exceeded 20 percent since the beginning of the year. […]
Australia’s investment in transition to renewable energy not fast enough on June 21, 2023Australia must significantly accelerate its transition to renewable fuels to keep the lights on, the head of the energy market operator has warned. In a speech to the Australian Energy Week conference on Tuesday, Australian Energy Market Operator (AEMO) chief Daniel Westerman said renewable energy developments are not being built quickly enough to compensate for […]
Malaysia ranks 27th in 2023 IMD World Competitiveness Ranking on June 21, 2023Malaysia has climbed five spots to 27th place in the world’s most competitive economies, according to the International Institute for Management Development (IMD) World Competitiveness Ranking 2023 report revealed on Tuesday. IMD partnered with the Malaysia Productivity Corporation to assess the country’s performance. According to the report, Malaysia’s improvement in the rankings were mainly backed […]
S.Korea logs current account deficit in April on June 16, 2023South Korea logged current account deficit in April due to a dividend payment to foreign investors and a travel account deficit, central bank data showed on Thursday. Current account balance, the broadest measure of cross-border trade, posted a deficit of 790 million U.S. dollars in April, after recording a surplus of 160 million dollars in […]