Latest news with #S&PGlobal
Mint
4 hours ago
- Business
- Mint
India's core sector output grows 0.7% in May
New Delhi: The output of eight core infrastructure sectors, which account for two-fifths of India's industrial output, expanded by 0.7% in May, the ministry of commerce & industry said on Friday. The expansion was led by positive growth in the production of cement, steel, coal and refinery products The index had expanded by a revised 1% in April. The Index of Eight Core Industries measures the combined and individual output of key industries – coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity. The eight core industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production. India's manufacturing sector activity had dropped to a three-month low in May as growth in new orders and output softened, a private survey showed on 2 June. The HSBC India Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, fell to 57.6 in May from 58.2 in April and 58.1 in March. India's manufacturing PMI was 56.3 in February and 57.7 in January. A reading above 50 indicates expansion.
South China Morning Post
12 hours ago
- Business
- South China Morning Post
Anwar flip-flops on petrol subsidy cuts, leaving Malaysians spinning wheels
Malaysian Prime Minister Anwar Ibrahim sparked confusion as he rowed back on long-threatened plans to slash petrol subsidies just days before the cuts were expected to take effect. Anwar has faced growing public pushback on concerns over rising living costs as his cash-strapped administration pursues plans to drop blanket subsidies on petrol and impose fresh taxes on imported goods like apples and cod. But on Thursday, the prime minister said that the government would no longer raise the price of the subsidised RON95 grade petrol after all – even if there was a sharp increase in global crude oil prices caused by the air war between Israel and Iran. 'We are not increasing fuel prices,' he was quoted as saying by national newswire Bernama. (From left) Petronas Chief Executive Officer Tengku Muhammad Taufik, Malaysia's Prime Minister Anwar Ibrahim and S&P Global Vice Chairman Daniel Yergin launch the Energy Asia conference in Kuala Lumpur on Monday. Photo: AFP Malaysians were not convinced by Anwar's assurance, with many taking to social media to question the leader's shifting positions on the planned subsidy cuts. 'Why do [you] not do as you say and have it looming over our heads?' read a comment on X to a post on Anwar's latest statement, highlighting the uncertainty felt by the public over their finances.
Reuters
a day ago
- Business
- Reuters
Turkish central bank holds all rates steady, maintains tight policy
ISTANBUL, June 19 (Reuters) - Turkey's central bank held its key interest rate steady, opens new tab at 46% on Thursday, as expected and also kept the upper band of its rate corridor at 49% despite predictions it would be lowered. The central bank's somewhat hawkish rates move effectively prolongs a policy pause ahead of an expected resumption of rate cuts that could come this summer. The bank said inflation should continue to decline and growth should slow. "The tight monetary stance will be maintained until price stability is achieved via a sustained decline in inflation," the bank's policy committee said, repeating its past position. "The underlying trend of inflation declined in May. Leading indicators suggest that this decline continues in June," it added. "Data for the second quarter point to a slowdown in domestic demand." In April, the central bank raised its policy rate to 46% from 42.5%, reversing an easing cycle that had begun in December following market volatility over the arrest of Istanbul's mayor in March. The overnight funding rate has been increased by 700 basis points since the mayor's arrest, but in the last week it has dipped to near the policy rate in what analysts said was a signal the bank was preparing the ground for eventual rate cuts. "The bank has shifted its tone to prepare markets for the beginning of a rate-cutting cycle," said Andrew Birch, Economics Associate Director at S&P Global Market Intelligence. "If the central bank intends to meet its 24% end-year inflation target, it will need to be cautious in lowering interest rates, due to ongoing market uncertainty." In a Reuters poll, economists had expected the central bank to keep the one-week repo policy rate steady but cut the overnight lending rate - the upper band - by 150 basis points to 47.5%. Instead, it was held at 49%. A rate cut is seen as a possibility at the next meeting, on July 24. Reuters polls show that the easing cycle, once restarted, will continue until at least mid-2026. In May, the central bank held its year-end inflation forecast steady at 24% and vowed to tighten policy if inflation worsens. Annual inflation declined to 35.4% last month. The central bank said it will adjust policy rate prudently and on a meeting-by-meeting basis and will use all monetary policy tools effectively in case of deterioration in the inflation path.
Zawya
a day ago
- Business
- Zawya
UAE's economic growth forecast to remain resilient at 4% until 2028
The UAE's economic growth is expected to remain resilient at around 4% from 2025 to 2028, supported by buoyant non-oil sector activity and rising oil output, according to S&P Global. 'Despite lower oil prices and headwinds from a global economic slowdown, we expect continued fiscal surpluses at the consolidated federal government and individual emirates level,' said Zahabia S Gupta, Director in Sovereign team at S&P Global Ratings. Investment income on liquid assets will support an increase in the net asset position to an estimated 177% of GDP through 2028, she said. S&P assigned 'AA/A-1+' long- and short-term sovereign credit ratings to the UAE. The stable outlook reflects the rating agency's expectation that the UAE's consolidated fiscal and external positions will remain strong over the next two years amid continued prudent policymaking and resilient economic growth. However, downside risks remain. A significant drop in per capita GDP due to slower-than-expected growth or higher population inflows could weigh on the outlook. Additionally, a notable increase in government interest costs from higher borrowing or external funding needs could add pressure, Gupta said. S&P expects the general government (the federal government and its seven emirates) will run fiscal surpluses averaging 3.2% of GDP until 2028, assuming Brent oil prices of $60 per barrel in 2025 and $65 per barrel through 2028. Government debt is expected to remain stable at about 28% of GDP over the next four years as the federal government and emirates, such as Abu Dhabi, plan to issue local currency debt to develop domestic capital markets, Gupta said. The rating agency forecasts that rising oil production and robust prospects in the non-oil sector will underpin relatively strong economic growth in 2025-2026. 'The UAE continues to implement structural policies to improve the business environment, encourage foreign investment, and attract skilled foreign labour,' she said. Gupta stated that S&P expects regional geopolitical tensions to have a limited effect on the UAE, given its strong asset base and record of domestic stability.
Yahoo
2 days ago
- Business
- Yahoo
New Fortress Energy (NFE) Falls Hard Amid Bond-Price Slump
The share price of New Fortress Energy Inc. (NASDAQ:NFE) fell by 28.06% between June 10 and June 17, 2025, putting it among the Energy Stocks that Lost the Most This Week. A cutaway view of a modern energy infrastructure and its power generation facilities. New Fortress Energy Inc. (NASDAQ:NFE) owns and operates natural gas and LNG infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. New Fortress Energy Inc. (NASDAQ:NFE) plunged to an all-time low this week after a Bloomberg report that various creditor groups have formed amid a mounting debt crisis at the LNG company. Currently, NFE is grappling with nearly $9 billion in debt, coupled with delays in pivotal projects that have hampered its cash flow. New Fortress Energy Inc. (NASDAQ:NFE) was also late in filing its Q1 report with the SEC, citing in part a delay in the $1 billion sale of Jamaican operations that was completed last month. Moreover, in the wake of downgrades by S&P Global and Fitch, some of the company's bonds have plunged to record lows below 50 cents on the dollar recently. To make matters worse, New Fortress Energy Inc. (NASDAQ:NFE)'s financial difficulties may also delay its $1.1 billion LNG export project in northeastern Mexico, which is seen as crucial to the long-term future of the company. While we acknowledge the potential of NFE as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Best Nuclear Energy Stocks to Buy Right Now and Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
