Singapore City State's economy has returned to growth in third quarter while showing fragility of post-pandemic prospects. The gross domestic product (GDP) in three months through September was up 1.5 percent from previous quarter.

World Business Watch: Central bank tightens monetary policy settings in Singapore

The International Monetary Fund (IMF) said that the global economic growth is expected to slow down by almost 0.2 percentage points in comparison to its July forecast. According to the latest data, the global economy will grow by 2.7 percent in 2023 resulting in recession in some countries.

IMF cuts global growth forecast for 2023, warns ‘the worst is yet to come’

A top executive has warned that the US could enter a recession in the next 6 to 9 months. Molly Gambhir tells you how the US economy is flashing warning signs.

Gravitas | Top Executive: US Recession in 6 to 9 months

Former Sri Lankan prime minister Mahinda Rajapaksa addressed his first public gathering since May. This comes almost five months after Mahinda Rajapaksa was forced to resign from the government.

Sri Lanka's Ex-PM Mahinda Rajapaksa addresses first public meeting since May

Ukraine's economy shrank by an estimated 30% in the first three quarters of 2022 compared with the same period in 2021, largely due to Russia's invasion, the economy ministry said on Saturday.

Bad weather in September that slowed the pace of harvesting also played a role, as did interruptions in power supply from the Zaporizhzhia nuclear power plant, the ministry said in a statement. Ukraine and Russia accuse each other of shelling the facility.

Exports in September jumped by 23% from August to their highest level since the war started in February, helped by an internationally brokered deal allowing the shipment of grain from the Black Sea ports.

"The situation at the front improved in September, but the enemy continued shelling Ukrainian territory, which put pressure on business sentiments and logistics," the ministry said.

"Further destruction of production facilities, infrastructure and residential buildings,&nbsp;as well as uncertainty over how long the war would last, were hindering development and postponing the recovery," it said.

In July, Ukraine's central bank said the economy could shrink by a third in 2022 and was expected to grow between 5% and 6% in 2023 and 2024.

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Ukraine's economy shrank by an estimated 30% in the first three quarters of 2022 compared with the same period in 2021, largely due to Russia's invasion, the economy ministry said on Saturday.

Ukraine's economy shrank by an estimated 30% in the first three quarters of 2022 compared with the same period in 2021, largely due to Russia's invasion, the economy ministry said on Saturday. Bad weather in September that slowed the pace of harvesting also played a role, as did interruptions in power supply from the Zaporizhzhia nuclear power plant, the ministry said in a statement. Ukraine and Russia accuse each other of shelling the facility. Exports in September jumped by 23% from August to their highest level since the war started in February, helped by an internationally brokered deal allowing the shipment of grain from the Black Sea ports. "The situation at the front improved in September, but the enemy continued shelling Ukrainian territory, which put pressure on business sentiments and logistics," the ministry said. "Further destruction of production facilities, infrastructure and residential buildings, as well as uncertainty over how long the war would last, were hindering development and postponing the recovery," it said. In July, Ukraine's central bank said the economy could shrink by a third in 2022 and was expected to grow between 5% and 6% in 2023 and 2024. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Ukraine's economy shrank by 30% in the first three quarters of 2022

Sri Lanka's Ex-PM Mahinda Rajapaksa pledges to support Wickremesinghe

To counter high debt, the UK needs to cut 200,000 jobs over the next couple of years. UK's economy is in danger of adding billions to national debt as a result of economic slowdown.

UK's spiralling national debt: Jobs cut to avoid adding billions to national debt

According to American Express Global Business Travel report, hotel prices will keep increasing in 2023 in most of the key cities for business events worldwide as demand for in-person meetings after pandemic disruptions grows, though at a slower pace due to a worsening economic outlook.

World Business Watch | Report: Hotel prices to rise at lower rate in 2023

Malaysia's Finance Minister said that Central Bank of the country will not take any drastic interventions tip to manage value of the currency. Finance Minister said one US dollar was worth 2.122 during Asian financial crisis from 1997 to 1998 but is now trading to 4.6 to the dollar.

Malaysia: Inventories seen rising 8% from prior month

In a humiliating U-turn, the UK government has been forced to abandon its plan to abolish the 45% top rate of income tax, it comes after a growing Conservative party revolt over the policy and turbulent reaction from the markets.

UK Economy: Chancellor Kwasi Kwarteng rolls back decision on tax cuts

Japanese manufacturer' business mood worsened in the three months to September and corporate inflation expectations hit a record high, as stubbornly high material costs clouded the outlook for the fragile economy.

World Business Watch: Japan's business mood worsens in Q3 as costs cloud outlook

Companies that have left Hong Kong may not return soon even if all coronavirus travel curbs are scrapped, one of the city’s biggest business chambers has warned after a survey it conducted revealed 10 per cent of responding firms have permanently relocated.

World Business Watch: Some departed firms from Hong Kong not looking back

It has been barely a month since Liz Truss took over the reins from Boris Johnson as the UK’s Prime Minister and it seems that she is already facing a major crisis. According to the Observer poll, the approval ratings of Liz Truss and the Tories have plunged.

Cost of living crisis worsens in UK; Liz Truss' approval ratings plunge

Credit Suisse Group AG's attempts to reassure investors about its financial stability backfired as the credit risk indicator for the global bank surged to a record high while its shares hit a new low.&nbsp; 
 
There's talk about the bank going under like Lehman Brothers in the US, which was one of the events that precipitated the global financial crisis of 2007-08, but the Swiss bank's CEO put up a brave front.

According to ICE Data Services, the price of five-year default swaps of the bank is currently at an all-time high of roughly 293 basis points, up from about 55 points since the beginning of this year.

On Monday, the bank's shares fell by a record 12 per cent in Zurich, and this year alone, they have lost over 60 per cent, the greatest yearly decline in Suisse's record. Bloomberg reported that Ulrich Koerner, CEO, praised the bank's capital and liquidity levels, but admitted going through a "critical period."

<a href="https://www.wionews.com/world/credit-suisse-says-worlds-average-adult-will-be-worth-100000-by-2024-518721">Also read |Credit Suisse says world's average adult will be worth $100,000 by 2024</a>

Furthermore, he informed that the company will release a new strategic plan on October 27. There is currently a 23 per cent&nbsp;chance that the bank will default on its obligations in the next five years. Some clients had used the increase in the CDS this year to inquire about haggling rates and products.&nbsp;

Bloomberg reported that the institution is currently drafting proposals that could result in the reduction of thousands of jobs for several years. Even after selling some assets, analysts at KBW expect that the company could raise $4 billion in capital to cover any unforeseen restructuring initiatives and other costs.

<a href="https://www.wionews.com/world/number-of-global-ultra-high-net-worth-individuals-hits-record-high-in-2022-518310">Also read |&nbsp;Number of global ultra high net worth individuals hits record high in 2022</a>

Given that Credit Suisse's market value has decreased by approximately 9.5 billion in Swiss francs, any share for this would dilute the existing shareholders. In 2021, the market value was around $30 billion francs.&nbsp;

The firm's 13.5 per cent CET1 capital ratio as of June 30 fell in the centre of the anticipated range of 13 to 14 per cent. There are no current issues at Credit Suisse compared to its $7.2 million at Deutsche Bank, and the Swiss bank's core capital ratio of 13.5 per cent is higher than 10.5 per cent higher than six years ago.&nbsp;

The bank is currently looking for deals to sell its trading division for specialised products and is examining the sale of its wealth in Latin America and Brazil.

(With inputs from agencies)

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Credit Suisse Group AG's attempts to reassure investors about its financial stability backfired as the credit risk indicator for the global bank surged to a record high while its shares hit a new low.

Credit Suisse Group AG's attempts to reassure investors about its financial stability backfired as the credit risk indicator for the global bank surged to a record high while its shares hit a new low. There's talk about the bank going under like Lehman Brothers in the US, which was one of the events that precipitated the global financial crisis of 2007-08, but the Swiss bank's CEO put up a brave front. According to ICE Data Services, the price of five-year default swaps of the bank is currently at an all-time high of roughly 293 basis points, up from about 55 points since the beginning of this year. On Monday, the bank's shares fell by a record 12 per cent in Zurich, and this year alone, they have lost over 60 per cent, the greatest yearly decline in Suisse's record. Bloomberg reported that Ulrich Koerner, CEO, praised the bank's capital and liquidity levels, but admitted going through a "critical period." Also read |Credit Suisse says world's average adult will be worth $100,000 by 2024 Furthermore, he informed that the company will release a new strategic plan on October 27. There is currently a 23 per cent chance that the bank will default on its obligations in the next five years. Some clients had used the increase in the CDS this year to inquire about haggling rates and products. Bloomberg reported that the institution is currently drafting proposals that could result in the reduction of thousands of jobs for several years. Even after selling some assets, analysts at KBW expect that the company could raise $4 billion in capital to cover any unforeseen restructuring initiatives and other costs. Also read | Number of global ultra high net worth individuals hits record high in 2022 Given that Credit Suisse's market value has decreased by approximately 9.5 billion in Swiss francs, any share for this would dilute the existing shareholders. In 2021, the market value was around $30 billion francs. The firm's 13.5 per cent CET1 capital ratio as of June 30 fell in the centre of the anticipated range of 13 to 14 per cent. There are no current issues at Credit Suisse compared to its $7.2 million at Deutsche Bank, and the Swiss bank's core capital ratio of 13.5 per cent is higher than 10.5 per cent higher than six years ago. The bank is currently looking for deals to sell its trading division for specialised products and is examining the sale of its wealth in Latin America and Brazil. (With inputs from agencies) WATCH WION LIVE HERE

Another Lehman Brothers? Credit Suisse shares down by record 12%, CEO puts up brave front

Just 10 days after a debt-driven budget caused market turbulence and drew harsh condemnation during a cost-of-living crisis, Britain on Monday abandoned plans to lower its top income tax rate.

Finance Minister Kwasi Kwarteng tweeted on the second day of the annual conference of the ruling Conservative Party that he was "not advancing" with the elimination of the highest 45 percent income tax rate because it had turned into a "distraction."

The statement also represented British Prime Minister Liz Truss's first significant policy reversal since she assumed office less than a month ago.

"It is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our country. As a result, I'm announcing we are not proceeding with the abolition of the ... rate.

"We get it, and we have listened."

Also read |&nbsp;<a href="https://www.wionews.com/world/britain-has-too-many-low-skilled-migrants-interior-minister-says-521713">Britain has 'too many' low-skilled migrants, it's hurting growth, says interior minister</a>

The announcement also came after Grant Shapps and Michael Gove, two former cabinet ministers, expressed their disapproval of the unfunded tax cuts that Kwarteng presented in his contentious mini-budget on September 23.

The removal of the 45 percent tax for Britons making more above $167,400 annually was Kwarteng's proposal.

The so-called mini budget had caused bond yields to spike on worries about a borrowing binge and sent the pound falling to a record low against the dollar.

Also read |&nbsp;<a href="https://www.wionews.com/world/king-charles-iii-to-host-south-african-president-ramaphosa-in-first-state-visit-to-uk-521910">King Charles III to host South African President Ramaphosa in first state visit to UK</a>

In an effort to mitigate the effects of Russia's invasion of Ukraine, a major producer of gas, the budget included a pricey freeze on energy costs for households and companies.

(With inputs from agencies)

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Just 10 days after a debt-driven budget caused market turbulence and drew harsh condemnation during a cost-of-living crisis, Britain on Monday abandoned plans to lower its top income tax rate.

Just 10 days after a debt-driven budget caused market turbulence and drew harsh condemnation during a cost-of-living crisis, Britain on Monday abandoned plans to lower its top income tax rate. Finance Minister Kwasi Kwarteng tweeted on the second day of the annual conference of the ruling Conservative Party that he was "not advancing" with the elimination of the highest 45 percent income tax rate because it had turned into a "distraction." The statement also represented British Prime Minister Liz Truss's first significant policy reversal since she assumed office less than a month ago. "It is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our country. As a result, I'm announcing we are not proceeding with the abolition of the ... rate. "We get it, and we have listened." Also read | Britain has 'too many' low-skilled migrants, it's hurting growth, says interior minister The announcement also came after Grant Shapps and Michael Gove, two former cabinet ministers, expressed their disapproval of the unfunded tax cuts that Kwarteng presented in his contentious mini-budget on September 23. The removal of the 45 percent tax for Britons making more above $167,400 annually was Kwarteng's proposal. The so-called mini budget had caused bond yields to spike on worries about a borrowing binge and sent the pound falling to a record low against the dollar. Also read | King Charles III to host South African President Ramaphosa in first state visit to UK In an effort to mitigate the effects of Russia's invasion of Ukraine, a major producer of gas, the budget included a pricey freeze on energy costs for households and companies. (With inputs from agencies) WATCH WION LIVE HERE:

UK makes U-turn, eliminates tax cut for high earners following market unrest

British Prime Minister Liz Truss will delay the vote on counting 45-point rate of tax for higher earners. This is being reported by a leading British publication quoting government sources. Last Friday Chancellor Kwasi Boateng announced the tax cuts as part of his mini budget.

UK Economy | Kwarteng: Will now focus on delivering growth package

It has been barely a month since Liz Truss took over the reins from Boris Johnson as the UK’s Prime Minister and it seems that she is already facing a major crisis in gaining faith of the people. According to the Observer poll, the approval ratings of Truss and the Tories have plunged.

Is UK's financial disaster a warning to the world?

UK PM Truss' ratings plummet lower than Johnson's

Pakistan is still dealing with the devastation caused by massive floods that killed thousands. With tanking economy, the agriculture sector has also taken a massive blow and the farmers are struggling.

Pakistan: 25,000 farmers stage protest in Islamabad, ask for fertilisers subsidies

Oman is set to be the latest country in West Asia to start using India's RuPay card and UPI platform, which will benefit the huge Indian diaspora in the country. During the visit of minister of state for external affairs V. Muraleedharan, an agreement will be signed between the National Payments Corporation of India (NPCI) and the Central Bank of Oman (CBO) for cooperation in digital finance and payments for the usage of RuPay and UPI.

Muraleedharan will be on an official visit to Oman on October 3rd and 4th. This will be his second visit to the Sultanate, during which he will meet the foreign minister&nbsp;Sayyid Badr bin Hamad bin Hamood Albusaidi, and attend community receptions, among various key engagements. He last visited Oman in December 2020, in the middle of the COVID-19 pandemic.

<a href="https://www.wionews.com/india-news/indian-rupee-hits-new-low-slips-below-81-mark-against-us-dollar-for-first-time-ever-518948">Also read |&nbsp;Indian rupee hits new low, slips below 81-mark against US dollar for the first time ever</a>

In west Asia, the RuPay card is used or is in the process of being used in the UAE, Bahrain, and Saudi Arabia. UAE was the first country in the gulf where RuPay was launched during PM Modi's August 2019 visit. RuPay is an Indian payment gateway like a Visa or Mastercard and is increasingly being expanded to India's neighbouring countries or nations with a huge Indian diaspora. It was launched in Singapore in May 2018, followed by Bhutan and the Maldives.

Oman hosts 650,000 Indians, who play a key role in the economic development of the country. Recently, Pankaj Khimji, who is an Omani of Indian origin, has been appointed adviser in the Omani ministry of commerce, industry, and investment promotion with the rank of vice minister, reportedly the first such appointment of an Indian-origin expat in a senior government position in the Gulf region.

<a href="https://www.wionews.com/india-news/india-proposes-use-of-rupay-card-to-oman-478161">Also read |&nbsp;India proposes use of RuPay card to Oman</a>

During the visit, MoS will also unveil the statue of Mahatma Gandhi at the premises of the Indian Embassy in Muscat. The life-size bronze statue of Gandhi Ji, commissioned by the Indian Council of Cultural Relations (ICCR), will be the first ever in Oman.

The visit is part of increased engagement between the two sides. Remember, the Omani secretary general for defence, foreign minister, and commerce minister visited India in February, March, and May 2022. India is one of the largest investors in Oman, with total investments of over US$ 7.5 billion. Bilateral trade is on the rise, with total trade in FY 2021-22 touching nearly US$ 10 billion. Oman plays an important role in supporting Indian naval deployments in the western Indian Ocean and the Persian Gulf.

Oman is set to be the latest country in West Asia to start using India's RuPay card and UPI platform, which will benefit the huge Indian diaspora in the country.

Oman is set to be the latest country in West Asia to start using India's RuPay card and UPI platform, which will benefit the huge Indian diaspora in the country. During the visit of minister of state for external affairs V. Muraleedharan, an agreement will be signed between the National Payments Corporation of India (NPCI) and the Central Bank of Oman (CBO) for cooperation in digital finance and payments for the usage of RuPay and UPI. Muraleedharan will be on an official visit to Oman on October 3rd and 4th. This will be his second visit to the Sultanate, during which he will meet the foreign minister Sayyid Badr bin Hamad bin Hamood Albusaidi, and attend community receptions, among various key engagements. He last visited Oman in December 2020, in the middle of the COVID-19 pandemic. Also read | Indian rupee hits new low, slips below 81-mark against US dollar for the first time ever In west Asia, the RuPay card is used or is in the process of being used in the UAE, Bahrain, and Saudi Arabia. UAE was the first country in the gulf where RuPay was launched during PM Modi's August 2019 visit. RuPay is an Indian payment gateway like a Visa or Mastercard and is increasingly being expanded to India's neighbouring countries or nations with a huge Indian diaspora. It was launched in Singapore in May 2018, followed by Bhutan and the Maldives. Oman hosts 650,000 Indians, who play a key role in the economic development of the country. Recently, Pankaj Khimji, who is an Omani of Indian origin, has been appointed adviser in the Omani ministry of commerce, industry, and investment promotion with the rank of vice minister, reportedly the first such appointment of an Indian-origin expat in a senior government position in the Gulf region. Also read | India proposes use of RuPay card to Oman During the visit, MoS will also unveil the statue of Mahatma Gandhi at the premises of the Indian Embassy in Muscat. The life-size bronze statue of Gandhi Ji, commissioned by the Indian Council of Cultural Relations (ICCR), will be the first ever in Oman. The visit is part of increased engagement between the two sides. Remember, the Omani secretary general for defence, foreign minister, and commerce minister visited India in February, March, and May 2022. India is one of the largest investors in Oman, with total investments of over US$ 7.5 billion. Bilateral trade is on the rise, with total trade in FY 2021-22 touching nearly US$ 10 billion. Oman plays an important role in supporting Indian naval deployments in the western Indian Ocean and the Persian Gulf.

Oman to also start usage of India's RuPay card, UPI platform

It has been barely a month since Liz Truss took over the reins from Boris Johnson as the UK’s Prime Minister and it seems that she is already facing a major crisis in gaining faith of the people.

According to the Observer&nbsp;poll, the approval ratings of Truss and the Tories have plunged, and the Labour party has jumped to a 19-point lead. It polled 2,000 people online between September 28 and September 30.

The poll shows that 55 per cent of voters disapprove of PM Truss while only 18 per cent&nbsp;approve of her, which is lower than Boris Johnson when his premiership came to an end.

Her net approval rating fell from -9 to -37 within a week, as a result of the fallout of her government’s&nbsp;mini-budget, and Labour gaining popularity with voters across a range of issues.

Apart from Truss, Chancellor&nbsp;Kwasi Kwarteng’s approval ratings also plummeted massively, with 55 per pent disapproving and only 27 per cent approving of him, reports The Guardian.

Around 75 per cent of the voters surveyed said they believed that the government has lost control over the economic situation, while only 18 per cent said the government is doing well. Even 71 per cent of the Tory voters disapproved of the government’s handling of the economy.

The recent polls are reflective of the latest mini-budget announcement from the Conservative party government that caused massive economic shocks, including the pound falling to an all-time low against the dollar.

The Observer poll revealed that 61 per cent termed it a bad budget, while only 12 per cent approved it. Besides, 56 per cent of the 2019 Conservative voters also regarded it as bad.

“This is the worst poll result we have shown for a Conservative prime minister since the 2010 general election. Liz Truss has managed to hit the depths of the poor personal ratings of both Theresa May and&nbsp;Boris Johnson&nbsp;at the end of their tenure, within weeks of taking office and within days of her government’s first major action. While the PM’s own approval ratings have plummeted, she has also contributed to the Conservative government as a whole losing its political credibility and reputation for economic competence almost overnight. If Liz Truss can turn it around, all of us are waiting with bated breath to see how she can.”

(With inputs from agencies)

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It has been barely a month since Liz Truss took over the reins from Boris Johnson as the UK’s Prime Minister and it seems that she is already facing a major crisis in gaining faith of the people.

It has been barely a month since Liz Truss took over the reins from Boris Johnson as the UK’s Prime Minister and it seems that she is already facing a major crisis in gaining faith of the people. According to the Observer poll, the approval ratings of Truss and the Tories have plunged, and the Labour party has jumped to a 19-point lead. It polled 2,000 people online between September 28 and September 30. The poll shows that 55 per cent of voters disapprove of PM Truss while only 18 per cent approve of her, which is lower than Boris Johnson when his premiership came to an end. Her net approval rating fell from -9 to -37 within a week, as a result of the fallout of her government’s mini-budget, and Labour gaining popularity with voters across a range of issues. Apart from Truss, Chancellor Kwasi Kwarteng’s approval ratings also plummeted massively, with 55 per pent disapproving and only 27 per cent approving of him, reports The Guardian. Around 75 per cent of the voters surveyed said they believed that the government has lost control over the economic situation, while only 18 per cent said the government is doing well. Even 71 per cent of the Tory voters disapproved of the government’s handling of the economy. The recent polls are reflective of the latest mini-budget announcement from the Conservative party government that caused massive economic shocks, including the pound falling to an all-time low against the dollar. The Observer poll revealed that 61 per cent termed it a bad budget, while only 12 per cent approved it. Besides, 56 per cent of the 2019 Conservative voters also regarded it as bad. “This is the worst poll result we have shown for a Conservative prime minister since the 2010 general election. Liz Truss has managed to hit the depths of the poor personal ratings of both Theresa May and Boris Johnson at the end of their tenure, within weeks of taking office and within days of her government’s first major action. While the PM’s own approval ratings have plummeted, she has also contributed to the Conservative government as a whole losing its political credibility and reputation for economic competence almost overnight. If Liz Truss can turn it around, all of us are waiting with bated breath to see how she can.” (With inputs from agencies) WATCH WION LIVE HERE:

Liz Truss’ approval ratings plunge lower than Johnson's just before his ouster

UK PM Liz Truss has admitted that mini-budget caused disruption in the British economy. She said, not everyone will like what we are doing but the British economy will bounce back.

UK PM Liz Truss admits mini-budget caused disruption

South Korea's exports are growing at the slowest pace in two years as low global demand piles pressure on the country's economy. South Korea's overseas shipments grew 2.8 percent in September.

South Korea: 'Strong import, weak export can widen trade deficit further'

The COVID-19 pandemic is somewhat under control in China at the moment, but the country is still feeling the negative impact it had on the economy. According to South China Morning Post, overseas investment has gone down by 20.3 per cent between June and July in Shanghai while the GDP of the entire country has plummeted from 10.6 per cent in 2010 to&nbsp;5.1 per cent in 2020-2021.&nbsp;

The main reason behind the sharp fall in overseas investment was the decisions taken by several multinational companies to shut down their operations in China. Airbnb was the first big name to leave the country with various European and American companies looking to follow their example.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/death-toll-remains-uncertain-as-hurricane-ian-causes-devastation-in-florida-521070" hreflang="en">At least 12 dead as Hurricane Ian causes massive devastation in Florida</a>

With China’s relationship with western countries getting worse in the last few years and the Zero Covid policy restricting the economy even further, even local businesses are not happy with a few policies and it is clear from the fact that the economy expanded by just 0.4 per cent in the second quarter of 2022.&nbsp;

“What is really making people vigilant are the many anomalies in the economic data. It seems that the old economic rules are being broken, making it hard for people to form clear expectations and have strong confidence in the country’s economic outlook,” Xu Gao, a senior economist with Bank of China International, wrote on news portal Sina.com last week, according to SCMP.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/united-states-south-korea-and-japan-conduct-trilateral-anti-submarine-drills-521078" hreflang="en">United States, South Korea and Japan conduct trilateral anti-submarine drills</a>

However, China has taken a few positive steps in the last month with Premier Li Keqiang making it clear recently that they will be opening up the country to boost tourism and the economy.&nbsp;

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The COVID-19 pandemic is somewhat under control in China at the moment, but the country is still feeling the negative impact it had on the economy. According to South China Morning Post, overseas investment has gone down by 20.

The COVID-19 pandemic is somewhat under control in China at the moment, but the country is still feeling the negative impact it had on the economy. According to South China Morning Post, overseas investment has gone down by 20.3 per cent between June and July in Shanghai while the GDP of the entire country has plummeted from 10.6 per cent in 2010 to 5.1 per cent in 2020-2021. The main reason behind the sharp fall in overseas investment was the decisions taken by several multinational companies to shut down their operations in China. Airbnb was the first big name to leave the country with various European and American companies looking to follow their example. Also read | At least 12 dead as Hurricane Ian causes massive devastation in Florida With China’s relationship with western countries getting worse in the last few years and the Zero Covid policy restricting the economy even further, even local businesses are not happy with a few policies and it is clear from the fact that the economy expanded by just 0.4 per cent in the second quarter of 2022. “What is really making people vigilant are the many anomalies in the economic data. It seems that the old economic rules are being broken, making it hard for people to form clear expectations and have strong confidence in the country’s economic outlook,” Xu Gao, a senior economist with Bank of China International, wrote on news portal Sina.com last week, according to SCMP. Also read | United States, South Korea and Japan conduct trilateral anti-submarine drills However, China has taken a few positive steps in the last month with Premier Li Keqiang making it clear recently that they will be opening up the country to boost tourism and the economy.

Chinese economy continues to struggle amid 'erratic' policies and decisions

The Bank of England is in crisis mode. It has decided to buy government bonds to stabilise the UK's financial system. But UK PM Liz Truss has refused to change course. Priyanka Sharma tells you more.

Gravitas: Trussonomics gets a thumbs down

The Covid-19 pandemic left many businesses reeling. Firms across the world faced the brunt equally but for Chinese businesses, the storm just doesn't seem to be passing.

China's erratic policy shifts put under lens, bloodbath in business capital of Shanghai

The leader of the UK’s main opposition party Keir Starmer vowed to reverse a tax cut for top earners announced by the Conservative government as the nation heads for recession.

UK: Labour leader Keir Starmer plans to cancel tax cut for people who earn over $160,000

Sterling tumbled to a record trough as traders scampered for the exits on speculation that UK's new government's economic plan will stretch Britain's finances to the limit.

Sterling crumbles to record low; UK's fiscal plan spurs investor exodus

Amid fears of a global slowdown compounded by investors' risk aversion to equity markets, Rupee tumbled to a new low on Monday. Reportedly, the Indian currency fell 38 paise to hit an all-time low of 81.

Amid fears of a global slowdown compounded by investors' risk aversion to equity markets, Rupee tumbled to a new low on Monday. Reportedly, the Indian currency fell 38 paise to hit an all-time low of 81.47 against the US greenback before closing the day at 81.6225 per dollar. Notably, the rupee had reached a low of 81.22 on Friday, prompting the Reserve Bank of India (RBI) to quickly sell dollars. Consequently, the rupee had a little breather. The Indian rupee taking a beating comes in the backdrop of a hawkish US Fed hiking interest rates by 75 basis points to 3-3.25 per cent last week. This was the third straight time that the Fed had announced a hike, primarily meant to arrest the sky-inflation rates in the country. However, it instantly lead to a mismatch in the global economies. The two major currencies in Asia, the yen and the yuan have tumbled as well due to investors fearing that the Asian market may experience crisis-level stress once again. Read more: Indian rupee hits new low, slips below 81-mark against US dollar for the first time ever It is pertinent to note that most major currencies across the globe have been struggling and depreciating against the US dollar. Speaking on the currency fluctuation, Union Finance Minister Nirmala Sitharaman last week stated that Indian Rupee 'held up very well' against the US dollar when compared to other currencies. "If any one currency which has held its own and did not get into fluctuation or volatility as much as other currencies, it is the Indian rupee. We have held back very well," said Sitharaman. The RBI Monetary Policy Committee (MPC) meeting is scheduled to be held later this week. The investors are keeping a close eye on the developments that come from the meeting. However, the sentiment leading to the meeting is rather downbeat amongst the investors. Experts believe that the rupee will tumble as risk-off sentiment takes the dollar index to 113.70 and sterling to 1.0557 against the dollar. Read more: Pound hits all-time low against dollar as Liz Truss' tax cuts come under pressure (With inputs from agencies) WATCH WION LIVE HERE:

Rupee tumbles to a new record low. Closes at 81.62 per dollar

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