World

Manufacturing PMI fell marginally in August.
23Aug By TheGreenZoneNo Comments
Asia, World

Manufacturing PMI fell marginally in August.

Factory business conditions fell to a three-month low in August while the services firms saw a slightly quicker business activity, according to a flash survey by HSBC Holdings Plc. The manufacturing purchasing managers’ index dropped to 57.9 in August from 58.1 in July, while the services purchasing managers’ index rose to 60.4 from 60.3 in the previous month. As a result, the composite index fell to 60.5 from 60.7 in July, the lowest reading since May. The latest manufacturing PMI reading was nevertheless above the historical average of 54 and signalled a strong improvement in the health of the sector. “Manufacturing firms reported the first decline in outstanding business volumes for the first time in eleven months, while service providers indicated another monthly ri...
Read More
Gaza war has a toll on Israel’s economy.
23Aug By TheGreenZoneNo Comments
Asia, World

Gaza war has a toll on Israel’s economy.

Last week, Fitch Ratings downgraded Israel’s credit score from A+ to A. Fitch cited the continued war in Gaza and heightened geopolitical risks as key drivers. The agency also kept Israel’s outlook as “negative”, meaning a further downgrade is possible. After Hamas’s deadly attack on October 7, Israel’s stock market and currency nosedived. Both have since bounced back. But concerns about the country’s economy persist. Earlier this year, Moody’s and S&P also cut their credit ratings for Israel. So far, Israel’s war on Gaza has killed more than 40,000 Palestinians and decimated the economy in the besieged Palestinian enclave. There are signs of a blowback in Israel, too, where consumption, trade and investment have all been curtailed. Separately, Fitch wa...
Read More
Promoting Economic Momentum
23Aug By TheGreenZoneNo Comments
Market, World

Promoting Economic Momentum

Admittedly, today Indian economy is dispelling the doubts of future low growth, whooping fiscal deficit, momentous spiraling inflation, and abysmal poverty. The present economic indicators hint that the ensuing GDP growth would be pegging at not less than 8 percent, while the fiscal deficit would hover around 5.2 percent. Similarly, retail inflation is expected to stay well under limits and may not slip beyond 4.2 percent. The multi-dimensional poverty level is sure to shrink at a record low level (4.96). Understandably, this all is presumed with buoyant growth of GST revenue coupled with other direct and indirect tax collections ( Rs 48.2 lakh crores) along with the infusion of relevant economic policies. Nevertheless, the existing economic challenges including staggering growth of...
Read More
The Indian economy is on an upward trend, according to the Finance Ministry.
23Aug By TheGreenZoneNo Comments
Asia, World

The Indian economy is on an upward trend, according to the Finance Ministry.

New Delhi, Aug 22: The Indian economy experienced a notable upswing across various economic indicators in July 2024, signalling strong and resilient business activities with both the manufacturing and services sectors posting a robust performance, according to the Finance Ministry’s monthly review released on Thursday. “The month saw impressive milestones being reached, substantial growth in GST collections, and a significant rise in e-way bill generation, which points to an overall increase in economic activity. The stock market indices also reached record highs in July,” the review states. On balance, India’s economic momentum remains intact. Despite a somewhat erratic monsoon, reservoirs have been replenished. Manufacturing and services sectors are expanding, going by the Pu...
Read More
WazirX cancels open orders as part of its post-hack recovery efforts. Continue
22Aug By TheGreenZoneNo Comments
Asia, World

WazirX cancels open orders as part of its post-hack recovery efforts. Continue

On Wednesday, the Indian cryptocurrency exchange WazirX announced the cancellation of all open orders within its platform. The company emphasized that this is another step in its ongoing efforts to address the fallout from a massive $230 million hack that took place in July. The move comes as WazirX attempts to resolve issues associated with its Indian Rupee (INR) and cryptocurrency balances on the platform. WazirX issued a brief statement about this action on the social media platform X (formerly Twitter) to inform users. The exchange assured its customers that any INR and crypto assets blocked in these open orders would be added back to their respective balances. The move aims to protect the integrity of the platform and facilitate an equitable outcome for users follo...
Read More
WazirX Hack Update: Exchange Freezes Open Orders; Users Concerned
22Aug By TheGreenZoneNo Comments
Asia, World

WazirX Hack Update: Exchange Freezes Open Orders; Users Concerned

WazirX, one of the biggest cryptocurrency exchanges in India has made some serious moves after the $230 million hack that transpired on the platform recently. As part of its continual operational recovery, the exchange declared that all open orders on the platform had been deactivated. The decision made will be applicable to address the problems that relate to INR and crypto balances that were impacted by the breach.WazirX has informed users that any INR or crypto assets tied up in these deactivated orders will be returned to their accounts. This action is crucial for rebuilding trust and stabilizing the platform. Investor Sentiment Shifts Reactions from investors have been mixed. Some are hopeful that these steps will lead to a quick fix, while others are frustrated and worried abo...
Read More
Autocrat Hasina ruined Bangladesh’s economy.
22Aug By TheGreenZoneNo Comments
Asia, World

Autocrat Hasina ruined Bangladesh’s economy.

In the last 15 and a half years, the deposed dictator Sheikh Hasina government has blown the lantern of development with false economic data and statistics. The country has become Singapore, an emerging tiger of South Asia, role model of development in the world etc. Under the cover of these, millions of monies have been smuggled out of the country through looting and corruption. The entire economy has been pushed to the brink. Now the real facts are coming out and it has exposed the skeleton of the economy that silenced the development lanterns of the autocracy. Dictator Sheikh Hasina herself and her family members have stolen Tk 60 thousand crores Taka ($5 billion) from a Rooppur nuclear power plant, according to newspaper reports. More such corruption information may gradually come to ...
Read More
The number of employment added in the United States fell substantially in the year ended March.
22Aug By TheGreenZoneNo Comments
USA, World

The number of employment added in the United States fell substantially in the year ended March.

The United States economy added 818,000 fewer jobs from April 2023 through March this year than were originally reported, the government says. The revised total adds to evidence that the job market has been steadily slowing and likely reinforces the US Federal Reserve’s plan to start cutting interest rates soon. The Department of Labor estimated that job growth averaged 174,000 a month in the year that ended in March — a drop of 68,000 a month from the 242,000 that were initially reported. The revisions released Wednesday were preliminary with final numbers to be issued in February. The downgraded estimate follows a jobs report for July that was much worse than expected, leading many economists to suggest that the Federal Reserve had waited too long to begin cutting interest rates t...
Read More
22Aug By TheGreenZoneNo Comments
USA, World

Unprecedented Canadian rail strikes might have a severe impact on the United States economy.

Something happening more than a thousand miles away could have some interesting impacts on North Texas. In the early hours of Thursday, freight traffic on Canada's two largest railways came to a stop for the first time ever. The U.S. and Canadian chambers of commerce have warned that the rail stoppage could have a "significant impact" on their economies, and experts in the states believe it could also significantly affect the U.S. supply chain. “The U.S. Chamber of Commerce and Canadian Chamber of Commerce are calling on the Government of Canada to immediately intervene to avert a disruption in the Canadian rail network. A stoppage of rail service will be devastating to Canadian businesses and families and impose significant impacts on the U.S. economy,” the groups said in a st...
Read More
PwC, a ‘Big 4’ auditing company, is apparently prepared for a six-month suspension in China.
22Aug By TheGreenZoneNo Comments
China, World

PwC, a ‘Big 4’ auditing company, is apparently prepared for a six-month suspension in China.

Beijing is reportedly considering a huge fine on PwC in addition to the business ban. The fine could go as high as 1 billion yuan ($140 million), Bloomberg reported in May, which would be the largest fine imposed on an auditing firm in China.  Regulators are scrutinizing PwC for its role in auditing China Evergrande Group, the embattled property developer that has become the poster child of China’s property crisis. In March, authorities accused Evergrande of inflating its revenue by almost $80 billion in 2019 and 2020.  Evergrande defaulted on its debts in 2021, helping to trigger China’s still-ongoing real estate crisis, which is continuing to drag down the economy. A Hong Kong court ordered Evergrande’s liquidation earlier this yea...
Read More