Business

A Middle East conflict involving the US and Iran is now impacting Asia, potentially pushing 8.8 million into poverty, according to a UN report. Soaring fuel costs and trade disruptions are hitting household budgets and food security across the region, with significant economic losses projected. Remittance flows are also a concern for several nations.

Uttar Pradesh government has approved a significant interim hike of approximately 21% in minimum wages for workers in Gautam Buddh Nagar and Ghaziabad, effective April 1. This decision follows widespread factory worker protests. New monthly wages for unskilled, semi-skilled, and skilled workers in these regions have been revised, with the CM urging employers to ensure

Pakistan is holding talks with Saudi Arabia and China to secure financial assistance as it prepares to repay a loan of roughly $3 billion to the United Arab Emirates, sources told Bloomberg.

India’s state-run oil companies are incurring significant losses, estimated at Rs 18 per litre on petrol and Rs 35 on diesel, due to unchanged retail prices amidst volatile global crude oil prices. Despite a government excise duty cut, these firms continue to face mounting financial strain, with potential price hikes anticipated post-state elections.

Evergrande is one of many developers that defaulted after Chinese authorities moved in 2020 to curb excessive borrowing in the property sector.

China’s export growth significantly decelerated to 2.5% in March, falling short of expectations and marking the weakest performance in six months. This slowdown is attributed to rising global energy costs and supply disruptions stemming from the Middle East conflict. Conversely, imports surged by 27.8%, indicating robust domestic demand despite geopolitical uncertainties.