Economy

India recently unveiled its budget for the fiscal year 2024-25, striking a delicate balance between increasing spending on job creation and rural development while simultaneously narrowing the fiscal deficit. This budget comes on the heels of a recent election setback for Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP), highlighting the pressing need for addressing

China’s recent move to lower key short-term policy rates and benchmark lending rates has taken the financial markets by surprise. This decision comes amidst concerns about weakening economic growth, escalating trade tensions, and the need to address various challenges such as deflation, a property crisis, surging debt, and weak consumer and business sentiment. The unexpected

China made a surprising move by cutting short and long-term rates by 10 basis points, aiming to support growth in its economy. This decision came shortly after the release of a policy document outlining the country’s economic ambitions. The rate cuts were unexpected, especially considering that the People’s Bank of China (PBOC) had been guiding

Barcelona’s decision to raise the tourist tax for cruise passengers visiting the city for less than 12 hours has sparked controversy and debate. Mayor Jaume Collboni announced the proposed increase in an interview, highlighting the need for tourists to contribute to local projects and for tourism to be more respectful of the local community. This

Rachel Reeves, Britain’s new finance minister, is currently exploring the possibility of providing inflation-busting pay increases for nearly 2 million government employees in an effort to prevent potential public sector strikes. This decision comes following recommendations from two pay review bodies for a 5.5% wage rise for 460,000 teachers and 1.4 million staff in the

On Friday, Wall Street’s main indexes experienced a significant decline, primarily driven by tech stocks and mixed earnings reports. The sell-off was exacerbated by a global cyber outage that caused Cybersecurity firm CrowdStrike’s shares to plummet to an over two-month low. Investors were left evaluating the implications of this outage, which disrupted businesses across various

Chinese consumer spending has failed to respond to government measures despite slowing household deposits and slashed interest rates by banks. According to data from the People’s Bank of China, Chinese households added 9.27 trillion yuan ($1.3 trillion) in new deposits in the first half of the year, with a significant decrease of 22% in June

China’s financial support for key industrial sectors has come under scrutiny by the World Trade Organization (WTO) due to a perceived lack of transparency. The WTO raised concerns regarding the lack of clarity surrounding the incentives and financial support provided by China to industries such as electric vehicles, aluminium, and steel production over a specific

The comments of International Monetary Fund (IMF) chief economist Pierre-Olivier Gourinchas suggest that cooling inflation data is giving the Federal Reserve the flexibility to start considering a move towards easing rates. Gourinchas highlighted that the solid state of the U.S. labor market means that there is no urgent need for immediate action, allowing the Fed

France’s financial situation has been brought into the spotlight by the national public audit office, known as the Cour des Comptes. The office raised concerns about the country’s 154 billion euro deficit in a recent report, stating that it leaves France “dangerously exposed” in the event of a new macroeconomic shock. This warning comes at