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India is set to release data on Wednesday that is expected to show the economy grew by 5% in the January-March quarter from a year earlier, accelerating from 4.4% in the previous quarter due to steady urban demand and government spending. The median forecast from a Reuters pollINGDPQ=ECI of economists hinged on the robust performance of services like travel and retail, and the boost given to demand by falling food prices and the drop in oil prices globally. Moving forward, India could be at the mercy of a potential global ...

A global employment divide between high-income and low-income countries is worsening as rising debt levels hit developing countries disproportionately, the International Labour Organisation (ILO) said on Wednesday. It urged nations to offer global financial support on job creation and social protection to help narrow the gap. While global unemployment is expected to fall below pre-pandemic levels to 191 million this year, a rate of 5.3%, low-income countries lag in the recovery process, said the ILO’s 11th edition of the Monitor on the World Of Work. Low-income countries in Africa and ...

UBS, the leading truly global wealth manager, today announced the launch of the UBS Global Family Office Report 2023, which surveys 230 single family offices around the world, with an average total net worth of USD 2.2 billion. Family offices plan biggest shift in strategic asset allocation for several years In light of potential inflection points across interest rates, inflation and economic growth, this year’s report shows that family offices are planning the biggest shift in strategic asset allocation for several years. Following the end of close-to-zero interest rates, balanced ...

Central banks risk being late in arresting inflation if they rely too much on forward guidance – a tool used to communicate the future path of monetary policy, a widely respected economist told policymakers at a Bank of Japan-hosted event on Wednesday. Forward guidance is an effective tool when central banks, faced with zero short-term interest rates, want to push down long-term borrowing costs by promising to keep rates low for a long period, said Athanasios Orphanides, a Massachusetts Institute of Technology professor and a former policymaker. But by incentivising ...

Oman’s daily average production of crude oil continued to remain above one million barrels per day (bpd) during the first four months of 2023, up by 2.4 per cent in comparison to daily average output recorded in the same period of last year. Daily average oil output during the January-April period of 2023 increased to 1.065mn bpd compared with 1.04mn bpd in the same period of 2022, the data released by National Centre for Statistics and Information (NCSI) showed. The sultanate’s total oil production in the first four months of ...

Trade remedy measures on imports of hot rolled flat and coil steel from Ukraine have been suspended since August 2022. The suspension was due to end on 30 May 2023. The UK Trade Remedies Authority proposed that the suspension on tariffs for Ukrainian imports should be extended for a further 12 months. This has now been agreed and the current suspension will extend for another 12 months from 30 May. Steel that makes up a third of global production This product covers hot-rolled flat products of iron, non-alloy and other ...

The U.S. dollar rose strongly on Wednesday to a more than two-month high after data showed European inflation is cooling quicker than expected and China’s recovery is sputtering. The euro fell to $1.066 earlier in the session, the lowest since March 20. It was last down 0.64% to $1.06665. That helped the dollar index , which measures the greenback against six major peers, climb to 104.63, its highest since March 16. It was last up 0.509% at 104.570. Data on Wednesday showed inflation in France and some of Germany’s biggest ...

Sentiment among British businesses fell for the first time in three months in May as firms were less optimistic about the economy and their trading prospects despite some signs of resilience in the economy, a survey showed on Wednesday. The Lloyds Bank Business Barometer fell to 28% in May from 33% in April, its first decline since February, but in line with the survey’s long-term average. “The UK has avoided an outright contraction in GDP – indicating a certain amount of underlying resilience in the economy,” Hann-Ju Ho, senior economist ...

Italy’s economy rose 0.6% in the first quarter, boosted by strong domestic demand, national statistics bureau ISTAT said on Wednesday, lifting a preliminary estimate of a 0.5% rise in gross domestic product. On a year-on-year basis, GDP in the January-March period was revised up to 1.9% compared with the 1.8% printout in ISTAT’s flash estimate on April 28. ISTAT confirmed growth in the fourth quarter to show a quarter-on-quarter fall of 0.1%, but revised up the year-on-year rate to 1.5% from a previous 1.4%. The breakdown of first quarter components ...

German unemployment rose less than expected in May, showing resilience in the labour market despite difficult economic conditions, labour office figures showed on Wednesday. The Federal Labour Office said the number of people out of work increased by 9,000 in seasonally adjusted terms to 2.573 million. Analysts polled by Reuters had expected that figure to rise by 15,000. “The increase in claims in May marks the fourth straight rise, but it was also the slowest in three months, suggesting the rising trend in these figures has slowed,” said Melanie Debono, ...

TEN, Ltd (TEN) reported results (unaudited) for the quarter ended March 31, 2023. Q1 2023 SUMMARY RESULTS As TEN celebrates 30 years as a public entity, this quarter’s performance highlights the Company’s ability to achieve record profits by adapting its employment and investment policy to take advantage of market circumstances. As a result, in the first quarter of 2023, the positive industry fundamentals together with the trade imbalances the war in the Ukraine has created, continues to support a healthy tanker market and allowed TEN – despite operating fewer vessels ...

Calls for marine insurance and legal professionals to recognise the indispensable value of independent average adjusters – notwithstanding the giant strides by artificial intelligence – were made at the 2023 annual dinner of the Association of Average Adjusters in London. It was stressed that average adjusters’ skills would remain unmatched by the latest technological innovations. AI applications would be confounded in handling marine casualties efficiently and reliably because they lacked human qualities such as emotional intelligence and intuition. No-one should be dazzled by the theoretical possibility that AI ‘bots’ might ...

Wallem Group, a leading global maritime partner, is marking its 120th-anniversary year with a programme of events in Europe and Asia, during which the company will celebrate its rich history and look ahead to the future of shipping. Established by Haakon J. Wallem in 1903 in Shanghai, China as shipbroking and chartering firm Wallem & Co., the company became the world’s first third-party ship manager in 1908 when it was appointed to manage sisterships SS Chingtufu and SS Tsinanfu, both employed in the coal trade on the Chinese coast. Today, ...

Reflecting the growing use of controlled atmosphere (CA) technologies to maintain quality of fruits and vegetables over extended shipping times, Pacific International Lines (PIL) has successfully transported its first shipments of avocados from Kenya to Brunei using Carrier Transicold’s innovative EverFRESH® CA system. Carrier Transicold is a part of Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions. “The EverFRESH Active CA technology has worked well for us in transporting avocados over a number of our key refrigerated trade lanes,” said Lim Chee Wei, General Manager ...