By Uditha Jayasinghe COLOMBO (Reuters) -Sri Lanka will announce a reworking of its domestic debt later this week to meet targets set by the International Monetary Fund (IMF) and aim to turn around its economy, which has been hammered by a financial crisis. A severe shortage of dollars tipped the island nation of 22 million…
Karachi, PAKISTAN (Reuters) -Pakistan’s central bank raised its benchmark interest rate by 100 basis points to 22% at an emergency meeting on Monday, a day after the country revised its budget for the fiscal year from July 1 in a bid to rescue an IMF programme that expires in days. Analysts said Monday’s decision was…
MUMBAI (Reuters) – The Reserve Bank of India will likely start cutting the policy repo rate in early 2024 once headline inflation eases toward the 4% target, S&P Global Ratings said. “In India, under the assumption of normal monsoons, we expect headline consumer inflation to soften to 5% in fiscal 2024 from 6.7%,” the rating…
MANILA (Reuters) – The Philippines on Monday said it had signed four loan agreements with the World Bank totalling $1.14 billion, including $750 million of budgetary support for policy reforms to boost environmental protection and climate resilience. The agreements also include $276 million of funding support for two projects aimed at developing the agriculture and…
By Orhan Coskun and Nevzat Devranoglu ANKARA (Reuters) -The Turkish lira slid as much as 3% to a record low against the dollar on Monday, after the central bank took steps to simplify policy, while an official and bankers said the bank had stopped using its reserves to support the lira. The lira weakened as…
A look at the day ahead in U.S. and global markets from Mike Dolan. More perplexed by events than anything else, world markets stayed relatively calm on Monday after a dramatic Russian military mutiny at the weekend was uneasily quelled. Fractious geopolitics have been front of mind for global investors ever since the pandemic and…
BEIJING (Reuters) – Chinese e-commerce giant JD.com plans to open retail grocery stores through the merger of its 7Fresh supermarket unit with other business lines such as its group-buying arm Pinpin, a company spokesperson said on Monday. Beyond opening actual stores, the new division will explore innovative retail models, the spokesperson told Reuters, confirming reports…
By Patturaja Murugaboopathy (Reuters) – Dealmaking by private equity firms hit its lowest in four years, under pressure from high interest rates, recession fears, and a weak outlook for corporate earnings, although some analysts predict stored-up funding will drive a near-term rebound. Private equity deal volumes slumped 63% from the same period last year to…
By Lewis Jackson and Scott Murdoch SYDNEY (Reuters) – PricewaterhouseCoopers (PwC) Australia has moved to contain the fallout from a scandal over the misuse of confidential government tax plans by selling its government consulting unit to Allegro Funds and flying in an executive from Singapore to lead the local firm. Here is what you need…
By Tetsushi Kajimoto TOKYO (Reuters) -Japan is not ruling out any options in responding appropriately to excessive currency moves, its top currency diplomat said on Monday, stepping up warnings against recent yen weakening that was “rapid and one-sided”. Currencies should move in a stable way, reflecting fundamentals, the government said, after the yen weakened beyond…
