Author: Steven Sahiounie

Despite global headwinds, the Indian economy appears to be settled for greater growth in 2023 also. The economy is expected to come successfully out of the tough times prevailing across the globe. It may put up a strong performance in 2023 on the back of strong consumer demands, better corporate performances and moderation in inflation. However, this year will also be full of challenges and opportunities. The Associated Chambers of Commerce and Industry of India (Assocham) has said this in a just-released statement. Financial year 2023-24 will also be encouraging The industry body has said that despite global challenges including…

Singapore’s economy grew faster that official forecasts in 2022 but slower activity in the fourth quarter points to significant risks ahead for the city-state in the new year as global demand weakens and inflationary pressures weigh. Singapore’s economy grew 3.8% in 2022, preliminary data from the Ministry of Trade and Industry showed on Tuesday, beating government forecast for growth of 3.5% and down from 7.6% in 2021. Gross domestic product (GDP) expanded 2.2% in October-December on a year-on-year basis, the government data showed, almost half the 4.2% growth seen in the third quarter. Eight economists polled by Reuters had expected…

Kristalina Georgieva says a third of the world economy will be hit by recession in 2023. This year is expected to be even “tougher” than 2022 as the US, EU and Chinese economies slow down, according to the head of the International Monetary Fund (IMF). The Ukraine conflict, soaring prices, hiked interest rates and unrelenting Covid in China will continue to exert an impact on the global economy, Kristalina Georgieva told CBS’ Face the Nation program on Sunday. “We expect one-third of the world economy to be in recession. Even countries that are not in recession, it would feel like recession for…

New funding has been made available to expand domestic production, the government says. Britain has made £75 million ($90.5 million) available to support the domestic production of nuclear fuel for power plants, the government announced on Monday. The move is intended to help the UK develop alternatives to Russian fuel supplies, according to a press release published on the website of the British government. Businesses involved in uranium conversion, a key stage in the production of nuclear fuel, can apply for grants from the fund to develop new conversion capacity in the country. “This investment package will strengthen the UK’s…

Data from Swiss customs showed that in November alone gold worth hundreds of millions of dollars came into the country. Trade volumes between Russia and Switzerland have surged since Ukraine-related sanctions meant to isolate Moscow were imposed, newspaper Tages Anzeiger has reported last week, citing Swiss customs data. The outlet has found that Swiss exports, dominated by pharmaceutical products, have surged by 19%, while imports from Russia jumped by 54% since the beginning of the year. Such a sizable growth in Russian exports was reportedly due to an increase in shipments of gold, which is subject to specific sanctions in…

Resource-rich Angola has pledged total support for Russian businesses. Russian businesses should actively invest in Angola’s economy and its diplomatic mission in Moscow will support such initiatives in every possible way, the African country’s ambassador said on Tuesday. Speaking to RIA Novosti news agency, Augusto da Silva Cunha said that Luanda is calling on the entrepreneurs to be more active as, so far, Russia’s business presence in Angola has been modest. He also pointed out that, after the start of the conflict in Ukraine, some Western nations have turned to Africa for resources, as some countries on the continent, including…

The national oil giant Petrobras will remain under government control. Brazil’s newly returned President Luiz Inacio Lula da Silva has scrapped plans to sell off eight state-run corporate giants, including the oil company Petroleo Brasileiro, known as Petrobras, Brazilian news website G1 reported on Monday. Lula, who was at the helm from 2003 through 2010, was sworn in as Brazil’s president on January 1. Imprisoned for graft in 2018, Lula’s convictions were overturned in 2019, allowing him to defeat Jair Bolsonaro in October’s election. The decision to remove state corporations from the list of state asset sales was one of…

The dire prediction comes amid a broad slide in digital coins. There is no value in cryptocurrencies and investors should sell their digital assets before they become worthless, prominent crypto-sceptic Peter Schiff has suggested. As economists sound the alarm over a so-called “crypto winter” amid the massive drop in the value of digital coins after the collapse of the FTX exchange, Schiff insists that this is not an accurate term to describe the situation. “This is not a #crypto winter. That implies spring is coming. This is also not a crypto ice age, as even that came to an end after a couple of…

The EV manufacturer will have to pay around $2.2 million for what has been labeled incorrect advertising. The antitrust regulator of South Korea is fining Tesla $2.2 million (2.8 billion won) for overstating the driving range of its electric vehicles (EVs), which have turned out to be shorter in cold weather. According to a statement released by South Korea’s Fair Trade Commission on Tuesday, the automaker falsely promoted and exaggerated the driving range and charging speed of its EVs, and also its estimates of fuel-cost savings. According to the watchdog, the driving range of the American EV maker’s cars can…

New year equals new outlook. Apply this formula liberally to travel planning in 2023.After nearly three years of travel disruptions and complications, many countries have dropped most of their pandemic restrictions. People are traveling internationally in large numbers, and there’s plenty of pent-up demand to spread around the world.International tourism was expected to reach 65% of pre-pandemic levels by the end of 2022, according to the United Nations World Tourism Organization, with some areas recently reaching levels closer to 80% or 90% of their 2019 arrivals. And experts are cautiously optimistic about a continued travel rebound.Many travelers are charging full steam ahead…