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Analysis-Modi’s Popularity Key to Selling cut in Food Aid Ahead of Indian Elections
Indian Prime Minister Narendra Modi’s move to effectively halve food rations to the poor ahead of state polls next year and a general election in 2024 is fiscally sound, but politically much depends on whether the charismatic leader can sell it to voters. Subsidised food and other items are key to winning elections in India, […]
Japan to Make Raising Wages a Top Priority, Says Senior Govt official
Japan’s government will make raising wages a top priority in its economic policy next year, Deputy Chief Cabinet Secretary Seiji Kihara said on Wednesday. “The biggest challenge for Japan’s economy is a lack of wage growth. Unless wages rise, consumption won’t pick up and companies won’t increase investment,” Kihara said, speaking during a television programme. […]
Toyota’s Nov Global Vehicle Production Rises 1.5% to Record 833,104
Toyota Motor (NYSE:TM) Corp reported on Monday a 1.5% rise in November global vehicle output, reaching a new record of 833,104. domestic production slid 3.3% to 266,174 vehicles, while overseas output rose 3.8% to an all-time high of 566,930 for the month. Global sales and production in November exceeded last year’s levels due to solid […]
Mexico’s Newest Oil Refinery Now Seen Working At Half Capacity in Mid-2023
Mexican state oil company Pemex’s newest refinery will reach half of its crude processing capacity in July, the national president said on Friday, marking the latest shift in timing for the project’s operations. The Olmeca oil refinery, being built next to the Dos Bocas port, is set to be Pemex’s eighth when it comes on […]
Dollar Retreats After Overnight Gains, Ahead of Economic Data Dump
The U.S. dollar slipped lower in early European trade Friday, handing back some of the previous session’s gains as traders attempt to gauge the Federal Reserve’s likely tightening path in the new year. At 02:55 ET (07:55 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, fell 0.2% to […]
Chile Fires hit Port and Coastal City, Two Dead
A major fire broke out at Chile’s Ventanas port near a refinery and smelter belonging to state-run miner Codelco, but the company said on Thursday operations have not been affected. Meanwhile, a separate forest fire south of Ventanas near the coastal tourist city of Viña del Mar raged, killing at least two people while destroying […]
Oil Extends Rally as U.S. Supplies Tighten Ahead of Demand-Heavy Holidays
Oil prices extended gains into a fourth straight session on Thursday after inventory data showed that U.S. supplies remained tight ahead of a demand-heavy holiday season, although caution ahead of key economic readings kept gains limited. Data on Wednesday showed that U.S. crude inventories shrank far more than expected in the previous week, with decreases […]
Asia FX Weakens as Dollar Steadies from BOJ Shock, Yen Slips
Most Asian currencies fell on Wednesday as the dollar steadied from a sharp tumble against the yen, while the Japanese currency retreated slightly from a four-month high as markets digested a surprise policy shift by the Bank of Japan. The yen fell 0.3% to 132.06 against the dollar, after rallying over 3% in the prior […]