Asian currencies ended the week down against the dollar, with the yen sinking sharply amid fears for the world’s second-biggest economy following a slew of bad data. The yen tumbled to six-week lows against the dollar as Japanese Finance Minister Shoichi Nakagawa’s resignation added to worries over the nation’s prospects for ...

The global economy as a whole could see zero growth this year as it reels from the effects of the financial crisis, the managing director of the International Monetary Fund (IMF) said yesterday. "The next IMF forecast, in three months time, could well be close to zero," warned Dominique Strauss-Kahn ...

The Asian Development Bank (ADB) hopes to secure a three-fold capital boost in May so it can help emerging nations through the economic crisis and support environmental projects, its head said today. "Given the credit crunch in the international financial market, it is all the more important to ensure developing ...

ADB Deputy Director General for South Asia Frederick Roche said yesterday Bangladesh needs to begin preparation by now to face any worst situation of the global economic recession, which has gone beyond predictions by the world's top economists. “Bangladesh's macro-economy has so far remained immune from the impact of recession. But, ...

Knitwear exporters demand bailout The trade body for the knitwear sector in a meeting with Finance Minister AMA Muhith yesterday demanded that the government come up with some bailout package to face a cut in exports and ...

Asian currencies ended the week mixed against the dollar ahead of a major US economic stimulus plan expected to be unveiled next week. JAPANESE YEN: The yen fell slightly against the dollar over the week as investors lacked direction in the face of mounting worries about the outlook for the global ...

The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has proposed reduction in excise duty for textile machineries from 14% to 8% with a view to encourage the indigenous demand and production substantially. In a proposal ...

The dollar weakened against the euro Friday trade after another horrific set of US employment figures dented its safe-haven allure. The euro was at 1.2943 dollars at 2200 GMT, up from 1.2786 dollars late Thursday. The dollar rose to 91.83 yen from 91.13 yen. The US Labor Department reported the US unemployment rate ...

Bankers fear random import of low-cost yarn from neighbouring India will cost them heavily by making their clients defaulted. Banks have also tightened their grip on new lending to this sector to see the bad time of the industry, which ...

Support plans for the machinery and textile industries have been drafted and will be submitted to the State Council, the Chinese cabinet, for discussion, according to a media report. The Shanghai Securities News reported Tuesday that the machinery part of the plans aims to reduce reliance ...