March 23, 2023
Banks news Blog Economy International news
Banking International

Australian banks face heightened scrutiny over dealings with startups and crypto assets

The Australian Prudential Regulation Authority (APRA) has reportedly requested risk reports from banks regarding their dealings with startups and cryptocurrencies. The regulator is said to be concerned about the potential risks associated with these emerging industries, including money laundering, cybersecurity threats, and reputational risks. The regulator is specifically interested in the risk management practices of […]

Read More
Banking Finance International

International Finance Organization Announces $2 Billion Funding for Climate Change Projects

In a major move to combat climate change, the International Finance Organization (IFO) has announced a $2 billion funding initiative for climate change projects around the world. The funding will be used to support renewable energy, sustainable agriculture, and other projects aimed at reducing greenhouse gas emissions and mitigating the impact of climate change. According […]

Read More
Economy International

IMF to Approve $2.9 Billion Bailout Package for Sri Lanka to End “Dollar Crisis”

Sri Lanka’s central bank governor Nandalal Weerasinghe announced on Sunday that the country’s “dollar crisis” will soon be over, as the International Monetary Fund (IMF) is expected to approve a $2.9 billion bailout package for the country on Monday. According to Weerasinghe, Sri Lanka will now have sufficient foreign reserves to support essential imports, thanks […]

Read More
Economy International

Singapore’s Non-Oil Exports Plunge by 25% in January, Worst Drop in a Decade

Singapore’s non-oil domestic exports recorded their biggest decline in a decade, plummeting by 25% YoY in January. The downturn was mainly led by the nation’s top markets, including China, the US, and Hong Kong. Non-oil retained exports also fell by 10.4% in the same month, marking the fourth consecutive contraction, and the worst drop since […]

Read More
Economy International Pakistan

US Counselor Derek Chollet Visits Islamabad to Strengthen Economic Ties

US State Department Counsellor Derek Chollet, accompanied by a senior US government delegation, including Counsellor of the US Agency for International Development Clinton White and Principal Deputy Assistant Secretary for Pakistan Elizabeth Horst, visited Islamabad on February 16-17 to emphasise the significance of the bilateral relationship between the US and Pakistan and to reaffirm the […]

Read More
India willing to help Sri Lanka amidst economic crisis
Economy International

India Pledges Support to Ease Sri Lanka’s Debt Crisis

India has pledged to help ease the debt burden of its neighbor Sri Lanka as part of a possible International Monetary Fund (IMF) program. The island nation of 22 million people has been facing a number of economic challenges in the past year including a shortage of foreign currency, runaway inflation and a steep recession. […]

Read More
Shanghai Prioritizes Pioneer Policies, Bailout Measures, and Business Optimization to Stabilize Economic Growth
Economy International

Shanghai Prioritizes Pioneer Policies, Bailout Measures, and Business Optimization to Stabilize Economic Growth

Shanghai will prioritize launching pioneer and integrated policies, issuing new bailout measures, and optimizing the business environment to stabilize economic growth this year, the city’s mayor Gong Zheng said at the first session of the 16th Shanghai People’s Congress. He stated that Shanghai’s economy saw a V-shaped rebound in 2022, showing that its economic resilience, […]

Read More
German Economy Show Resilience in 2022 Despite Challenges, GDP Growth of 1.9%
Economy International

German Economy Shows Resilience in 2022 Despite Challenges, GDP Growth of 1.9%

According to preliminary figures from the Federal Statistical Office (Destatis), the price-adjusted gross domestic product (GDP) in Germany for 2022 was 1.9% higher than the previous year. Despite challenging conditions such as the ongoing Russia-Ukraine war, rising energy prices, supply shortages and the ongoing COVID-19 pandemic, the German economy still managed to perform well, according […]

Read More
Sri Lanka Announces Military Cutbacks to Address Financial Crisis
Economy International

Sri Lanka Announces Military Cutbacks to Address Financial Crisis

Sri Lanka has announced plans to reduce its army strength by nearly a third by next year as the island nation faces its worst financial crisis in recent memory. Expenditure on the military is said to be the largest chunk of the annual budget, and with the country owing more than $50 billion to lenders, […]

Read More
China's Trade Growth Defies Expectations: Exports and Imports Show Milder Slump in December
Economy International

China’s Trade Growth Defies Expectations: Exports and Imports Show Milder Slump in December

China’s customs administration reported on Friday that the country’s exports and imports in December fell less than expected. This milder slump meant that trade still grew for all of 2022. Exports fell by 9.9% YoY in December, slightly better than the 10% decline forecasted by a Reuters poll. Imports fell by 7.5% YoY in December, […]

Read More