Finance News: Latest Financial News, Finance News today in Bangladesh

RMG factories to remain closed today

The country's export-oriented ready-made garment factories will remain closed today (Tuesday), the second consecutive day of shutdown amid nationwide unrest. The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) on Monday night again requested all its members to close their respective units on Tuesday for the safety of workers and employees....

China's factory gloom weighs on Asia's manufacturers

TOKYO, Aug 5 (Reuters): A slump in China's manufacturing activity led a generally weak performance for Asia's factories last month as business owners grappled with tepid demand, private surveys showed on Thursday, raising risks of an underpowered economic recovery in the region.Manufacturing activity shrank in Japan and expanded at a...

Hugo Boss sells Russian business to Stockmann

Hugo Boss has sold its Russian business to wholesale partner Stockmann for an undisclosed fee, the German fashion house said on Monday, joining the ranks of Western brands to exit the Russian market over the war in Ukraine, reports Reuters.The German fashion company suspended its retail business in Russia soon...

China plans new carbon emission controls as it aims for 2030 peak

BEIJING, Aug 5 (Reuters): China will accelerate the development of a carbon emissions control system to help it achieve its goal of reaching a peak in the emissions of the climate-warming gases by 2030, the cabinet said on Friday.Beijing's energy policies have so far focused on "energy and carbon intensity"...

AI chip startup Groq valued at $2.8b after latest funding round

WAHINGTON, Aug 05 (Reuters): Semiconductor startup Groq said on Monday it has raised $640 million in a Series D funding round led by Cisco Investments, Samsung Catalyst Fund and BlackRock Private Equity Partners, among others, bringing its valuation to $2.8 billion. The Silicon Valley firm, founded by a former Alphabet...

Bharti Airtel beats Q1 profit estimates

BENGALURU, Aug 05 (Reuters): India's Bharti Airtel reported first-quarter profit above expectations on Monday as more users paid for faster and higher margin 4G and 5G services.Consolidated net profit for the first quarter rose more than two fold to 41.60 billion rupees ($495 million), beating analysts' average estimate of 38.69...

Euro zone investor morale slumps

BERLIN, Aug 5 (Reuters): Investor morale in the euro zone fell for a second consecutive month in August, a survey showed on Monday, dropping to its lowest level since January.The Sentix index for the euro zone fell to -13.9 points for August from -7.3 in July. Analysts polled by Reuters...

US to propose barring Chinese software in autonomous vehicles

WASHINGTON, Aug 05 (Reuters): The US Commerce Department is expected to propose barring Chinese software in autonomous and connected vehicles in the coming weeks, according to sources briefed on the matter.The Biden administration plans to issue a proposed rule that would bar Chinese software in vehicles in the United States...

Vietnamese tycoon jailed for 21 years for $146m fraud

HANOI, Aug 05 (AFP): A former Vietnamese property and aviation tycoon was jailed for 21 years on Monday for fraud and stock market manipulation worth $146 million, state media said.Trinh Van Quyet was among 50 defendants found guilty in what is the latest corruption case targeting the communist country's business...

Reserve Bank of India lays down regulatory principles for credit risk models

MUMBAI, Aug 05 (Reuters): The Reserve Bank of India (RBI) said on Monday that the entities it regulates will have to abide by certain broad principles when employing various credit models, as it attempts to ensure prudence and robustness in the use of these models."Inherently, model outputs are exposed to...

Saudi non-oil business activity steady with July PMI at 54.4

RIYADH, Aug 05 (Arab News) : Saudi Arabia’s non-oil private sector showed robust growth in July, driven by sustained demand amid heightened competitive pressures, according to an economy tracker. The Riyadh Bank Saudi Arabia PMI survey, compiled by S&P Global, revealed that the Kingdom’s Purchasing Managers’ Index slightly softened to...

Google, Amazon, Walmart seek to join Indian digital currency project

MUMBAI, Aug 05 (Reuters): GooglePay, Walmart-backed PhonePe and AmazonPay are among five payment firms seeking to join the Indian central bank's digital currency pilot by offering transactions via the e-rupee, three sources directly involved in the discussions said.Indian fintech firms Cred and Mobikwik are the other two that have applied...

Egypt records 10.3pc drop in trade deficit value

RIYADH: Fruit, clothes and carpet exports helped Egypt reduce its trade balance deficit by 10.3 percent in May as imports also dropped, according to official data.Figures released by the north African country’s Central Agency for Public Mobilization and Statistics showed the value of goods leaving Egypt increased by 0.4 percent...