Author: Editorial Desk

Rising inflation continues to grip the United Kingdom, making it stand out as the sole major economy where inflation rates are on an upward trajectory, according to the latest data from the Organization for Economic Cooperation and Development (OECD). This development sharply contrasts with the general trend among the Group of Seven (G7) wealthy nations, where year-on-year inflation fell to 4.6% in May, down from 5.4% in April. This figure represents the lowest level since September 2021. Most advanced economies, including the U.S., Canada, France, Germany, Italy, and Japan, exhibited a downward trend in annualized inflation in May. However, the…

The trajectory of service exports from developing economies over the past two decades is on a promising upward trend, outpacing the world average. However, according to a new report by the World Trade Organization (WTO) and the World Bank, much more could be done to harness the full potential of services trade for these economies. The report, titled “Trade in Services for Development,” was unveiled at an online event on July 3, led by WTO Director-General, Dr. Ngozi Okonjo-Iweala, and World Bank President, Ajay Banga. Dr. Okonjo-Iweala, in her opening statement, emphasized the future of trade as services-oriented, digital, green,…

Seeking to strengthen his domestic image and fortify economic ties, New Zealand’s Prime Minister, Chris Hipkins, embarked on his first official visit to China last week. This milestone journey underscored trade and economic cooperation, judiciously steering clear of sensitive geopolitical concerns like the human rights situation in Xinjiang and burgeoning regional security threats.  This approach is particularly significant against the backdrop of an upcoming national election and a technical recession looming over New Zealand. Hipkins is keen to cast himself as a leader capable of charting a steady course, independent of the popular former Prime Minister, Jacinda Ardern. Key to…

Aiming to restore vitality to bilateral trade, China and South Korea convened a conference to endorse the 2023 China International Import Expo (CIIE) within Seoul’s borders. High-ranking officials, diplomats, and business leaders from both countries gathered at this event, searching for fresh opportunities during a worldwide economic downturn. The conference pulsed with eager energy as corporations, hungry for economic recovery, viewed the expo as a catalyst for resurgence. Statistics from the Korea International Trade Association revealed a historic low since 2005, where exports from South Korea to China plummeted below 20% of the total within the year’s first quarter. Even…

Achieving an unprecedented global milestone, Apple Inc. has become the first-ever company to conclude a trading day with a market valuation surpassing the $3 trillion mark. The monumental achievement comes as the company prepares for its upcoming high-profile product releases, including the iPhone 15 and the Vision Pro mixed-reality headset. Apple’s stock soared by over 2%, closing at $193.97 per share last Friday, following record-high closings in the previous two trading sessions. This surge in stock value has amplified the company’s market capitalization by an impressive $1 trillion within this year. Apple’s shares had previously touched the $3 trillion mark…

Bitcoin’s birth ignited a spark, catalyzing a transformative era for cryptocurrencies and capturing worldwide attention. As we delve further into this promising territory, regulatory oversight emerges as the pivotal instrument for success. This exploration takes us through the intricate tapestry of Cryptocurrency Regulations and their ensuing effects on a global scale. Key Observations > From every corner of the globe, distinct strategies towards cryptocurrency regulation have materialized. > Regulatory stances differ remarkably, spanning the extremes from total prohibitions to relatively unrestrictive guidelines. > An understanding of the international regulatory milieu is essential for all, from intrigued individuals to corporate entities…

As opposition against the United States importing refined Russian oil grows, the global energy landscape is being reshaped. Ukrainian officials and international human rights groups are requesting the U.S. to close a loophole that allows oil from Russia, refined in other countries, to be imported into the U.S.  The U.S. and the European Union continue to purchase Russian oil refined in third-party nations, even after banning direct purchases of Russian crude and petroleum products last year in response to Russia’s invasion of Ukraine. Countries such as Turkey, the United Arab Emirates, Singapore, China, and notably India, are purchasing Russian oil…

Global maritime commerce is set to face significant cost challenges as the sector transitions to zero-emission fuels, according to a recent report by experts at the United Nations Conference on Trade and Development (UNCTAD). However, this move also presents opportunities for nations to play a greater role in international trade through the production and distribution of such fuels. The study, ‘Understanding the Impact of Maritime Decarbonization’, penned by Connor Bingham and Ida Tang Mikkelsen, highlights that zero-emission fuels, while crucial for curbing environmental degradation and stabilizing global trade, will likely raise trade costs and impact commodity prices. A balanced transition…

Global Stock Markets felt the sting of uncertainty as British defense stocks reeled in response to turbulence in Russia. A botched uprising by the Wagner Group, a private military contractor, led to significant ripples in the financial world, pushing the FTSE 100 – the UK’s blue-chip benchmark – to a three-month low. This setback cast a grim shadow over the start of the trading week, particularly impacting Britain’s defense industry. BAE Systems, the UK’s top defense corporation, bore the brunt of the fallout, seeing its shares plummet by 3.1% and sink to the bottom of the FTSE 100. “Defense stocks…

Experiencing its harshest economic crisis yet, Sri Lanka’s financial predicament sends ripples across the globe. This week saw the island nation declare a five-day halt to its financial markets as it takes on the herculean task of restructuring its towering domestic debt, a colossal sum exceeding $51 billion. This bold step emerges from the ashes of the country’s default on its foreign debt and ensuing bankruptcy declaration in the past year. Nandalal Weerasinghe, Central Bank governor, described the short-term market shutdown as a strategic move, aimed at mitigating turbulence while parliament discusses debt restructuring plans. “Markets should not function when…