Author: Steven Sahiounie

FedDev Ontario invests $3 million in Niagara Pallet and Recyclers Ltd. to support clean-tech adoption and create 30 jobs in Smithville December 6, 2022 – Smithville, Ontario The Government of Canada is committed to investing in local businesses as they adapt, become more sustainable and create jobs for the future. Today, the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced an investment of $3 million for Niagara Pallet and Recyclers Ltd. (Niagara Pallet) to adopt new technologies that will allow the company to respond to wood pallet shortages across Canada and support the…

At its meeting today, the Board decided to increase the cash rate target by 25 basis points to 3.10 per cent. It also increased the interest rate on Exchange Settlement balances by 25 basis points to 3.00 per cent. Inflation in Australia is too high, at 6.9 per cent over the year to October. Global factors explain much of this high inflation, but strong domestic demand relative to the ability of the economy to meet that demand is also playing a role. Returning inflation to target requires a more sustainable balance between demand and supply. A further increase in inflation is expected over the months ahead, with inflation…

Economic loss caused by this year’s catastrophic floods has amounted to 10 percent of the country’s GDP, a Pakistani minister said. ISLAMABAD, Dec. 6 (Xinhua) — Pakistan has suffered over 30 billion U.S. dollar loss to the economy due to this year’s catastrophic floods, which amounts to 10 percent of its gross domestic product, Pakistani Minister for Planning, Development and Special Initiatives Ahsan Iqbal said on Monday. “Pakistan is the most vulnerable country facing climate change. The damages and losses caused by the floods are another burden on Pakistan’s economy, which is already struggling to survive,” the minister said while…

ECONOMIC REPORT DUE: At 8:30 a.m. ET, the Commerce Department is out with the U.S. trade balance for October. The monthly deficit in goods and services is expected to widen for the second month in a row and the second time in seven months to $80.0 billion, the largest since May. For context, the deficit hit a record $106.9 billion in March on huge demand for imported goods and rising prices tied to inflation (that record trade gap was largely to blame for the 1.6% contraction in 1Q GDP). DAILY STOCK REPORT: Stocks tied closely to the health of the U.S. economy dropped sharply Monday…

Fitch Ratings on Tuesday retained India’s economic growth forecast at 7 per cent for the current fiscal, but cut projections for the next two financial years saying the country is not impervious to global developments. In its December edition of the Global Economic Outlook, Fitch projected India’s GDP to grow at 7 per cent in the current fiscal, at a slower rate of 6.2 per cent in 2023-24 and at 6.9 per cent in 2024-25. In September, Fitch projected 7 per cent growth for the current fiscal, followed by 6.7 per cent in 2023-24 and 7.1 per cent growth in 2024-25. Given the…

The country aims to sign 26 Cepa deals in 7-8 years, says minister of economy The UAE economy is projected to grow over 6.5 per cent this year and the next, driven by the new economy sectors as well as new socio-economic initiatives taken by the government, said a senior official on Tuesday. Abdullah bin Touq, Minister of Economy, said 2022 has been a great year for the UAE economy with trade crossing Dh1 trillion and re-exports crossing Dh300 billion for the first time ever. “We expect GDP growth of 6.5 per cent this year. I hope it’ll be more…

There’s a growing sense that, if Chinese government sticks to the reopening path, China’s economy will have the greatest potential to deliver a strong rebound throughout the 2023, given that it has been so damaged by the pandemic. Will Chinese economy recover in 2023? China just went through a dramatic week when things changed so rapidly and unexpectedly. Unprecedented protests that kicked off last week unveiled the deepened disappointment and frustration that have accumulated following the nation’s three-year long zero-Covid policy. As a result, Chinese authorities seemed to have little choice but to ease the policy quickly to ease its…

The world economy is facing one of its worst years in three decades as the energy shocks unleashed by the war in Ukraine continue to reverberate, according to Bloomberg Economics.In a new analysis, economist Scott Johnson forecasts growth of just 2.4% in 2023. That’s down from an estimated 3.2% this year and the lowest — excluding the crisis years of 2009 and 2020 — since 1993.However, the headline figure is likely to mask diverging fortunes, with the euro area starting in 2023 in recession and the US ending the year in one. By contrast, China is projected to expand more…

2022Stats SA has published the latest gross domestic product numbers for the third quarter of 2022, showing surprising growth of 1.6% in the quarter.The growth beat out market expectations by some margin – consensus among economists and analysts was that the economy would grow 0.4% for the quarter, given the heightened levels of load shedding taking place. At best, optimistic views were for 0.7%.According to Stats SA, however, the output from the country’s various economic sectors was higher than anticipated, and the reported number is four times higher than the predictions.Notably, Stats SA’s data shows that South Africa’s economy in the third…

RWE reportedly wants more than $400 million in compensation for missing gas supplies German energy company RWE has launched arbitration proceedings against Russia’s state-owned oil and gas giant Gazprom over allegedly undelivered volumes of gas, the firm’s spokesman told the Handelsblatt newspaper on Monday. Although RWE’s reliance on supplies from Gazprom was relatively low and was due to cover 15 terawatt hours (TWh) by next year, experts say the company may seek hundreds of millions of dollars in compensation for missing deliveries, which were reportedly reduced by 4 TWh.In June, an analyst from Stifel Research, Martin Tessier, wrote that “in the…