Browsing: Business

The International Monetary Fund (IMF) has provided over $24 billion in interest-free loans to more than 50 low-income countries since the COVID-19 pandemic. The resource adequacy of the Poverty Reduction and Growth Trust (PRGT), Resilience and Sustainability Trust (RST), and Debt Relief Trusts, including the Catastrophe Containment and Relief Trust (CCRT), was reviewed by the IMF’s Executive Board on Friday. The PRGT is the Fund’s main vehicle for providing concessional loans to low-income countries, while the RST delivers affordable long-term financing to low-income and vulnerable middle-income countries, small states, and others to reduce risks to balance of payments stability from…

Abu Dhabi-based company, Masdar, has announced that it has achieved financial close on three solar photovoltaic (PV) projects in Uzbekistan, with a combined capacity of around 900 megawatts. The program is considered the largest solar development in the region. The construction of the plants is set to begin soon, following the financing agreement signed with the Asian Development Bank, Asian Infrastructure Investment Bank, European Bank for Reconstruction and Development, European Investment Bank, FMO, and ILX, which are providing the required funding. The Uzbekistan projects are part of the Energy Transition Accelerator Financing (ETAF) platform, which targets the deployment of 5…

Gold prices have surged past $2,000 an ounce, scaling one-year highs, as the US dollar and yields weakened. This follows weaker-than-expected US economic data, which reinforces bets for a slowdown in the pace of interest rate hikes despite growing concerns over inflationary pressure caused by rising oil prices. The price of gold rose by 1.7% to $2,017.92 per ounce and silver by 3.8% to $24.91 per ounce, while palladium was up 0.3% at $1,456.05. Meanwhile, platinum rose 3.3% to $1,017.91. David Meger, director of metals trading at High Ridge Futures, explained that “we’re in this very positive backdrop for gold…

Switzerland’s Federal Prosecutor is investigating potential breaches of criminal law by officials involved in the state-backed takeover of Credit Suisse by UBS Group, which was announced last month. The prosecutor’s office is examining the deal for any evidence of wrongdoing by government officials, regulators, and executives at both banks. The acquisition of Credit Suisse by UBS for $3.3 billion was seen as an emergency move to prevent a meltdown in the country’s financial system. The merger was also designed to help secure global financial stability during a period of turmoil. Critics of the deal are concerned about the merged bank’s…

Parshottam Rupala, the Indian Minister of Fisheries, Animal Husbandry and Dairy Industry of the Central Government, said that India ranks third among the world’s fish producing nations with an eight percent contribution to the total global fish production. In a written reply to a question in Rajya Sabha yesterday, Mr Rupala said this. Since the launch of the Pradhan Mantri Matsya Sampada Yojana, the overall fish production in the country has increased. In 2021-22, the country produced over 162 lakh tonnes of fish, up from 141 lakh tonnes in 2019-20.

Investors were watching for testimony from Federal Reserve Chair Jerome Powell on Monday as well as the February jobs report at the end of the week, which will likely influence how hawkish the central bank will be going forward. Dollar index, which measures the value of the U.S. currency against six major currencies, was down 0.182% at 104.420. Reuters reports that the index fell for the first time since January last week. Since delivering jumbo hikes last year, the Fed has raised interest rates by 25 basis points in its latest two meetings, but a slew of resilient economic data…

The northern plains of the USA are largely shutting down ahead of a major winter storm that could dump up to 2 feet of snow in some areas. This storm will be accompanied by strong winds and dangerously cold temperatures. There were many school closures for Wednesday, ahead of the storm, across the Dakotas, Minnesota, and Wisconsin. In addition to offices closing, the Minnesota Legislature will not reconvene until Monday, according to AP. The snow and fierce winds have caused emergency management officials to warn people that they might experience a “whiteout.” Later this week, the storm will make its…

After talks with industry representatives, Economics Minister Robert Habeck said in Berlin that Germany should increase state support for wind turbines and solar plants. “We have to strengthen the production capacities for renewable energies and electricity grids in Germany and Europe,” said Habeck, who is a member of the country’s main environmental party, the Greens, dpa reported. In order to achieve climate goals and become less dependent on fossil fuels, the government plans to increase renewable energies in the coming years. Nevertheless, solar plant production has increasingly shifted to China, while the German solar industry has declined. The strategy also…

Pakistani businessmen are warning the government that if the import levy is not lifted, millions will lose their jobs. They are urging the administration to allow materials stuck at the Karachi port into the country. Steel, textile, and pharmaceutical industries have largely shut down, causing thousands of factories to close, which has deepened the unemployment problem and worsened the Pakistan economic crisis. Lack of cash causes Pakistani food shortages, unemploymentOnly essential items such as food and medicines are exempt from Pakistan’s ban on imports due to critically low dollar reserves. The ban is expected to remain until Pakistan convinces the…

By 2023, Adidas could lose 1.2 billion euros ($1.3 billion) in revenue if it cannot sell its existing Yeezy stock. Adidas shares fell 11% around 9 a.m. London time following the news. “The numbers speak for themselves. We are currently not performing the way we should,” Adidas CEO Bjorn Gulden said in a press release. Yeezy’s German sportswear partner sacked Ye, formerly Kanye West, after he made a series of antisemitic comments in October. It has already accounted for the “significant adverse impact” of not selling the inventory, the company said late Thursday. Without shifting products, Adidas expects operating profit…