WION’s Business Desk brings you this daily round up of global stories from the world of business and economy.
US Federal Reserve keeps interest rates unchanged at 22-year high, says economy is ‘strong’
The United States Federal Reserve voted to keep the interest rate, which currently stands at a 22-year high, unchanged for a second straight meeting. The American central bank also acknowledged the US economy’s surprising strength but has indicated that it may increase borrowing costs.
Japan announces $113-bln package to counter inflation woes
Japanese Prime Minister Fumio Kishida unveiled a comprehensive $113 billion economic package, aimed at controlling the effects of surging inflation. The proposed package encompasses various strategies, including temporary cuts to income and residential taxes, along with subsidies intended to alleviate the burdens of escalating gasoline and utility bills.
UK removes guarantees on £1 bn Covid loans. Here’s why it matters
The United Kingdom has taken a significant step by removing the guarantees on £979 million ($1.2 billion) worth of loans extended to businesses during the Covid-19 pandemic. Though the government’s decision only impacts a small percentage of all loans, it could result in losses for lenders in the event that the loans are not repaid.
China’s Evergrande presents new debt restructuring plan with equity swap for bondholders
China Evergrande has unveiled a fresh debt restructuring proposal for its offshore bondholders, suggesting a debt-to-equity swap that would grant bondholders an approximate 30 per cent equity stake in each of its two Hong Kong-listed subsidiaries.
LinkedIn surpasses 1 billion members, expands AI capabilities for job seekers
LinkedIn, the business-oriented social network under the ownership of Microsoft, announced that it has exceeded 1 billion members on Wednesday. In conjunction with this achievement, the platform is introducing additional artificial intelligence (AI) features designed to enhance the experience of paying subscribers.
Toyota achieves impressive Q2 profit amid weak yen and growing hybrid demand
Toyota Motor has reported a remarkable surge in its second-quarter profit, more than doubling its earnings while significantly revising its full-year outlook. The substantial boost in profits is attributed to a weaker yen currency, which has amplified the impact of robust global sales.
India aims to digitise 20 per cent of GDP by 2025-26: Rajeev Chandrasekhar
India’s Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, has announced the country’s ambitious plans for digital transformation. Speaking at the recently-concluded global AI summit in London, Chandrasekhar highlighted India’s significant progress in digitising its economy over the past eight years, from 4.5 per cent to about 20 per cent of total GDP by 2025-26.
