Seoul, May 15 (IANS) Samsung Electronics’ largest labour union said on Friday it will proceed with a major strike planned for next week despite the company’s proposal to resume talks without preconditions.An official proposal was sent to the union earlier in the day, in what is seen as the management’s latest effort to avert a planned 18-day strike beginning next Thursday that could disrupt production at the world’s largest memory chipmaker.The union reaffirmed its position that it has no inte…
Latest Economy News & Updates
Johannesburg, May 14 (IANS) South Africa’s worsening unemployment is driven by weak economic growth and systemic shortcomings in education and skills development, leaving young people the hardest hit, according to Ravi Naidoo, chief executive officer of the Youth Employment Service (YES).The YES program is a business-led initiative launched in 2018 by South African President Cyril Ramaphosa to tackle youth unemployment, Xinhua news agency reported.In a recent interview with Xinhua, Naidoo said t…
New Delhi, May 13 (IANS) Multiple media platforms and opposition voices have described Prime Minister Narendra Modi’s appeal to conserve fuel, revive work-from-home practices, reduce unnecessary imports, and avoid non-essential overseas travel as “austerity measures.” However, using the term “austerity” to describe the Prime Minister’s remarks is both inaccurate and misleading. The word “austerity” carries a specific economic meaning and historically refers to periods of fiscal t…
New Delhi, May 9 (IANS) The mining industry of India has potential to contribute an additional $500 billion to the economy and generate nearly 25 million new jobs by 2047, provided the industry adopts advanced technologies and sustainable mining practices, a report has said.The joint report by Deloitte and the Indian Chamber of Commerce (ICC) said that the nation’s mining ecosystem is entering a major transformation phase as demand for minerals rises due to rapid infrastructure development, clea…
New Delhi, May 8 (IANS) The recently-concluded India-New Zealand Free Trade Agreement (FTA) is not only seen by the global media as a significant step forward for the two democracies in strengthening bilateral economic relations, but also a major move to correct the disruption in global trade caused by the tariff turmoil triggered by the US. According to an article in South Africa’s Independent Online (IOL), the FTA is a “leap forward in right-setting global trade following US President Donald…
Mumbai, May 7 (IANS) India’s economy is growing well and the banking sector remains stable despite global and domestic challenges, M. Nagaraju, Secretary of the Department of Financial Services (DFS), Ministry of Finance, said on Thursday.Speaking at the Indian Banks’ Association’s (IBA) inaugural Summit on Risk Management held here, Nagaraju said risk management in banks must be treated as a strategic responsibility and embedded across all functions of the banking system.”Despite various challe…
New Delhi, May 6 (IANS) Geopolitical tensions, supply chain disruptions and rapid technological changes are reshaping how economies participate in global value chains, the Asian Development Bank (ADB) said on Wednesday.Greater specialisation in the stages of global production has helped Asia and the Pacific achieve economic growth, create jobs, and reduce poverty over the past quarter century, according to the ADB’s ‘Asian Development Policy Report 2026’.The report found that the region ac…
New Delhi, May 5 (IANS) Pakistan’s economy is under mounting pressure as its total debt and liabilities have surged to Rs 85 trillion over the past four years, which highlights a steep rise in fiscal stress amid limited structural reform, a report has said.A report in The News Pakistan highlighted that the country’s debt and liabilities have increased from around Rs 55 trillion four years ago to Rs 85 trillion at present — an overall jump of nearly 55 per cent. This translates into an avera…
Washington, May 5 (IANS) US President Donald Trump said small businesses are the “lifeblood of the American economy”, highlighting tax cuts, deregulation and tariffs as key drivers of growth during remarks at the White House.Speaking at an event marking National Small Business Week, Trump said the sector plays a central role in economic activity. “The people in this room represent the 36 million small businesses who create 40 per cent of all economic activity in the United States,” he sa…
New Delhi, May 4 (IANS) Pakistan’s repeated cycles of episodic external assistance stabilised its economy in crisis many times without delivering structural transformation, and the country moved into a “rent‑seeking equilibrium” behaviour, a new report has said.An opinion piece from The Express Tribune said Pakistan witnessed a recurring cycle of episodic relief and concessional financing since its independence in 1947.The report cited development specialist and supply chain management exper…