Business & Economy

May 2, 2024 5:47 PM

OECD upgrades global growth outlook as U.S. outperforms

The global economy is growing faster than expected only a few months ago thanks to resilient U.S. activity while inflation is converging more quickly than expected with central banks' targets, the OECD said on Thursday, upgrading its outlook. The global economy would maintain the 3.1% growth rate s...

May 2, 2024 5:47 PM

Sharjah Trade Mission Heads to India to Boost Economic Ties

The Sharjah Chamber of Commerce and Industry (SCCI) is leading a high-profile trade delegation to India as India and the UAE mark two years of the Comprehensive Economic Partnership Agreement. The delegation will visit India from May 5-10 to explore new investment opportunities and strengthen econom...

May 2, 2024 5:50 PM

India’s manufacturing growth momentum continues, future looks bright: HSBC

India's manufacturing sector witnessed its second-fastest pace of improvement in three-and-a-half years in April, as per the latest HSBC PMI (Purchasing Manager's Index) data. The data indicates a surge in market demand driving this growth, with firms experiencing a surge in new intakes and scaling ...

May 2, 2024 10:17 AM

Asia stocks wobble on rate cut delays; yen leaps

Asian stocks got off to a shaky start on Thursday (May 2) after the Federal Reserve flagged delays to interest rate cuts, while the dollar fell heavily on the yen in what traders reckoned was Japanese intervention. Japan's benchmark Nikkei average opened down 0.71% at 38,004.01 on Thursday while Ho...

May 2, 2024 10:12 AM

Fed leaves rates unchanged, flags ‘lack of further progress’ on inflation

The U.S. Federal Reserve held interest rates steady on Wednesday and signaled it is still leaning towards eventual reductions in borrowing costs, but put a red flag on recent disappointing inflation readings that could make those rate cuts a while in coming. Indeed, Fed Chair Jerome Powell said tha...

May 1, 2024 6:17 PM

Godrej family splits 127-year-old business empire

The founding family of the 127-year-old Godrej Group, known for its diverse portfolio ranging from locks to soaps to aerospace and real estate, has reached an agreement to split the conglomerate, the group said in a statement. The realignment within the conglomerate, established in 1987, has been c...

May 1, 2024 4:34 PM

GST collection for April 2024 highest ever at Rs 2.1 lakh crore

Gross Goods and Services Tax (GST) collections surged to a record high of Rs 2.10 lakh crore in the month of April, registering a 12.4 per cent year-on-year growth. The Ministry of Finance attributed the rise in GST collection to a robust uptick in both domestic transactions, up by 13.4 per cent, a...