Monday, August 8

Tag: Economy

UP government appoints Deloitte India as consultant
Economy

UP government appoints Deloitte India as consultant

The Uttar Pradesh cabinet on Tuesday appointed Deloitte Touche Tohmatsu India as consultant to achieve the target of making the state a $1-trillion economy. The consultant quoted a bid price of Rs 120 crore. Others in the fray were Boston Consulting Group and Grand Thorton. Giving details of the decision, agriculture minister Surya Pratap Shahi said the Prime minister wants to turn India’s economy to a $5 trillion. Taking a cue from that, Uttar Pradesh chief minister Yogi Adityanath had a vision of turning UP into a $1 trillion economy. “The consultant will provide us with a mission and departmental reforms will be made accordingly,” he said. UP’s GSDP in 2020-21, in nominal terms, was Rs 17.2 trillion, roughly the same level as in 2019-20. According to the fresh request for proposal (R...
What’s going on with the global economy? A chief economist’s view
Economy

What’s going on with the global economy? A chief economist’s view

Days ahead of the WEF’s Annual Meeting, it’s clear that one of the main topics of discussion will be the global economy. The Forum will publish its regular Chief Economists Outlook there, and one of the chief economists who contributes to that survey is Janet Henry, Global Chief Economist at HSBC. She spoke to the Radio Davos podcast about the headwinds in a global economy battered by COVID-19, and now by Russia’s invasion of Ukraine and the knock on effects of that around the world. We started by asking Janet Henry about inflation. This is an edited transcript. Impact of inflation on the global economy Janet Henry, Global Chief Economist at HSBC: Inflation was already at a multi-decade high in many places when the current commodity price shock struck. A stronger than expec...
The New Champion Dialogues 2022: Navigating Uncertainty
Economy

The New Champion Dialogues 2022: Navigating Uncertainty

Entrepreneurial leaders from business, government and civil society will gather virtually for The New Champion Dialogues. Held on 18-19 July 2022, the meeting will convene targeted discussions under the theme Navigating Uncertainty and include over 1,100 participants from around the word. The virtual exchange is taking place as the world continues to face tremendous international and domestic uncertainty and disruption. Meanwhile, extraordinary levels of entrepreneurship and resilience across sectors has also been witnessed. The summit’s virtual meetings dive into these issues, focusing on a host of relevant topics including economic stability, technological innovation and climate change, among others. What are the New Champion Dialogues? Since 2007, the Annual Meeting of the New Ch...
Global smartphone shipments fall 9% in second qtr amid economic downturn
Economy

Global smartphone shipments fall 9% in second qtr amid economic downturn

Global smartphone shipments fell 9 per cent (year on year) in the second quarter (Q2) this year as Samsung led with a 21 per cent market share, a new report has said. Apple came second with a 17 per cent market share as the iPhone 13 remained in high demand. Xiaomi, OPPO and vivo continued to struggle in China, suffering double-digit declines to take 14 per cent, 10 per cent and 9 per cent market shares, respectively, according to research firm Canalys. Demand has started to wane following economic headwinds and regional uncertainty, the report noted. "Vendors were forced to review their tactics in Q2 as the outlook for the smartphone market became more cautious," said Canalys Research Analyst Runar Bjorhovde. Economic headwinds, sluggish demand and inventory pileup have res...
The State of the Nation: No systemic risk seen despite current economic headwinds
Economy

The State of the Nation: No systemic risk seen despite current economic headwinds

THE recent rout among Asian currencies has brought back memories of the Asian financial crisis (AFC) in 1997. The nightmares had given policymakers then sleepless nights, as the currencies were massively devalued, which led to aggressive rate hikes, a stream of defaults among corporates that were highly leveraged in foreign currency-denominated loans and the meltdown of asset prices. The recent currency rout was made even more unnerving because, in May, Sri Lanka fell into an unprecedented economic collapse that has left the country in turmoil and unrest until today. There is no doubt, then, that many would wonder whether the current economic headwinds seen could be an indication that economies in Asia might be heading that way once more. OCBC Bank chief economist Selena Ling does...
More worries over rising inflation, headwinds as MPC meets today
Economy

More worries over rising inflation, headwinds as MPC meets today

• MPC contemplates lesser evil, appraises intervention framework amid downturn • Monetary committee has no relevance to ordinary Nigerians, says Olusoga • NBS inflation report contradicts Buhari’s claim on economy In the face of economic and financial challenges, members of the rate-fixing arm of the Central Bank of Nigeria (CBN), the Monetary Policy Committee (MPC), will face tough choices in the next two days as the sustained inflationary pressure remains a major challenge for the apex bank. It will be the second interest rate hike in two months if the most likely choice scales the voting hurdle as the Committee begins its 286th meeting. The committee is boxed in between expressing its independence or jumping on the bandwagon of hawks, who are throwing everything into the r...