Mideast Countries Set To Suffer More As U.S. Fed Continues To Hike Rates

CAIRO, Sept 23 (NNN-MENA) – As the U.S. Federal Reserve raised its benchmark rates by 0.75 percentage points on Wednesday, the third such rate hike in a row, and the fifth increase in a year, Middle Eastern countries look set to suffer more from their already dramatic depreciation in the…

Indonesia Took Steps To End Dependence On Soybean Imports

JAKARTA, Sept 22 (NNN-ANTARA) – Indonesia is stepping up efforts to end the country’s reliance on soybean imports, as President Joko Widodo instructed the National Food Agency (BPN) to set a reference selling price, for soybeans grown by local farmers. The planned reference price is to encourage farmers to grow…

IMF Urged Lebanon To Restore Confidence In Banking, Financial Sectors

BEIRUT, Sept 22 (NNN-NNA) – The IMF mission chief for Lebanon, yesterday, urged the country to take measures to restore its financial confidence, Lebanon’s Presidency said, in a statement. Ernesto Ramirez Rigo, who led an IMF delegation visiting the country for three days, made the remarks in a meeting with…

ADB Lowers Laos’ Economic Growth Forecast To 2.5 Percent In 2022

VIENTIANE, Sept 22 (NNN-KPL) – The Asian Development Bank (ADB) has lowered its 2022 economic growth outlook for Laos to 2.5 percent from 3.4 percent projected in Apr, and to 3.5 percent from 3.7 percent for 2023. The slower growth projection is linked to supply disruptions and rising commodity prices,…

Cambodia Raises Minimum Wage For Garment Factory Workers For 2023

PHNOM PENH, Sept 22 (NNN-AKP) – Cambodia set a new monthly minimum wage for workers in the country’s garment, footwear and travel goods sector, at some 200 U.S. dollars from 2023, up 3.09 percent from the current level of 194 U.S. dollars, Labour Minister, Ith Samheng, said. The announcement came…

ADB Retains Cambodia’s Growth Forecast At 5.3 Percent In 2022

PHNOM PENH, Sept 21 (NNN-AKP) – The Asian Development Bank (ADB), maintained its economic growth forecast for Cambodia at 5.3 percent in 2022, but lowered the 2023 forecast to 6.2 percent, from the earlier prediction of 6.5 percent, due to weaker global growth, according to its updated outlook report released…

China, Kazakhstan Signed Memorandum On RMB Clearing In Kazakhstan

BEIJING, Sept 21 (NNN-XINHUA) – China’s central bank, signed a memorandum of cooperation with the central bank of Kazakhstan, to establish renminbi (RMB) clearing arrangements in Kazakhstan. These arrangements will help enterprises and financial institutions of the two countries, conduct cross-border transactions using RMB, said a statement on the People’s…

ADB Sees 6.5 Percent Growth For Philippines In 2022

MANILA, Sept 21 (NNN-PNA) – A strong rebound in domestic demand, with the easing of COVID-19 pandemic mobility restrictions in the Philippines, will support 6.5 percent growth for the country’s economy in 2022, despite higher inflation, due to global and local price pressures, according to an updated Asian Development Bank…

Malaysia’s Top Glove Slipped Into Red In 4Q

KUALA LUMPUR, Sept 21 (NNN-BERNAMA) – Top Glove, the world’s largest rubber glove maker, based in Malaysia, announced yesterday that, the firm slipped into the red in the fourth quarter ending Aug 31, 2022 (4QFY22), dragged by lower glove average selling prices (ASPs) and escalating costs. The group posted a…

Australia’s Treasurer Announced Budget Improvement, But Deficit Remained High

CANBERRA, Sept 21 (NNN-XINHUA) – Australia’s budget deficit has improved by tens of billions of dollars, according to Treasurer, Jim Chalmers, yesterday. Chalmers said, the budget deficit for the financial year 2021-22 has come in 50 billion Australian dollars (33.5 billion U.S. dollars) lower than projected by the government in…
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