Markets & Industries
World Bank launches new Business Ready project to replace Doing Business - 05/02/2023
The World Bank said that it has begun work on a new project called Business Ready that would replace the previous Doing Business rating that evaluates the business and investment climate. "The World Bank Group has begun work on an assessment of the business and investment climate to 180 economies within the flagship project Business Ready," the agency announced. It is noted that the new project...
Bloomberg: Hollywood is getting ready for massive writers' strike - 05/01/2023
Hollywood film studios are on the cusp of the largest writers' strike in the last 15 years as a contract between writers and studios expires, writes Bloomberg. "The first significant strike in 15 years is about to occur in Hollywood. The agreement between the Writers Guild of America and Hollywood studios ends on May 1st, according to the newspaper. The two parties have been in and out of...
World Bank: Commodities fall in price as global demand slows - 04/28/2023
The World Bank estimates that commodities prices may decline by 21% this year after growing by 45% last year, mostly because of weaker demand caused by a recession in the global economy. Energy commodity prices have already undergone this correction; in the first quarter, prices lost 20%, with oil prices falling by 8%. The US GDP statistics for the first quarter also showed a slowdown in the...
IEA expects sharp increase in electric cars sales in 2023 - 04/27/2023
According to a survey from the International Energy Agency (IEA), there is a growing demand for electric cars all over the world. Sales of these vehicles are expected to grow by 35% this year to 14 million cars, increasing their market share from 14% in 2022 to 18% in 2023. "Global sales of electric vehicles will hit another record this year, increasing their share of the overall automotive...
Turkey imposes 130% duty on imports of wheat, barley and corn - 04/26/2023
The tariff on imported wheat, barley, and corn amounted to 130% in Turkey. According to Reuters, Turkey has slapped a 130% levy on imports of wheat, barley, and corn from all nations other than Bosnia and Herzegovina. The decision made by President Recep Tayyip Erdogan was made public in the national newspaper. The law will take effect on May 1, 2023. The earlier judgment stated that imports of...
Zimbabwe ponders introducing gold-backed digital currency - 04/24/2023
A digital currency backed by gold will be introduced by the Reserve Bank of Zimbabwe (RBZ). John Mangudya, the chairman of RBZ, revealed it to the Sunday Mail, a local newspaper. As mentioned, the introduction of digital currency is one of the initiatives the nation's central bank is making to stabilize the national currency. Small bank depositors who will be able to move their funds into them...
US inflation in March becomes the lowest in almost two years - 04/14/2023
Inflation in the US was 5% yearly in March, reported the US Department of Labor. The previous low in was May 2021. Analysts polled by Reuters forecasted that March's inflation rate would be 5.2%. Consumer prices increased 0.1% from February. Inflation was up 0.4% from January to 6% annually in February. The rate of inflation in the USA decreased for the ninth month in a row, after reaching a high...
Global sugar prices hit 12-year high - 04/14/2023
White sugar futures on the London Stock Exchange are now worth more than they have been since 2011. Sugar per tonne traded at $705.5 Wednesday, April 11. According to Bloomberg, market participants' forecasts of a decline in sugar export from India as well as a decline in supplies from other nations, such as Pakistan and Thailand, may be the cause of the unusual rise in prices. Additionally,...
Bloomberg: Global oil shipments by sea hit maximum since 2020 - 04/13/2023
The amount of oil shipped by sea globally increased to its highest level since 2020. According to Bloomberg, who cited data from Vortexa Ltd., the amount of crude oil delivered by tankers by sea increased to its highest level since 2020. The rise in naval shipments shows that Russian oil is being transported over longer distances to new clients. The amount of crude oil transported in tankers or...
IMF: Financial markets instability adds uncertainty for global economy - 04/12/2023
According to a research by the International Monetary Fund (IMF), financial market instability and a number of contradictory indications have exacerbated uncertainty regarding the future of the global economy. "Given the recent increase in financial market volatility and multiple divergent indicators, the fog around the prospects for the global economy has thickened," the organization stated in a...
