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India-Brics trade booms to $416 billion, but deficit keeps rising
India's trade with BRICS countries surged over five years, with imports growing significantly faster than exports. This has led to a near doubling of India's trade deficit with the bloc, now reaching $224 billion, primarily driven by increased purchases from Russia and China.
Record numbers of UK renters crowdfunding to cover bills
Rent donations on GoFundMe up 60% since 2022, with 100,000 donors helping people keep a roof over their headsA record number of people in the UK are turning to crowdfunding to cover rent and household bills, with GoFundMe reporting more rent-related fundraisers were created in April than in any month on record.The platform said donations towards rent support had risen by 60% since 2022, with more than 100,000 people a month contributing to help others meet their housing costs. Continue reading.....
UK Rich List 2026: David Beckham becomes first British billionaire sportsman
London: Former David Beckham and England star has become Britain’s first billionaire sportsman, according to the 2026 Sunday Times Rich List. Beckham and his wife Victoria Beckham’s collective wealth reached an estimated GBP1.185 billion ($1.583 billion) this year, the Rich List compilers said. The couple moved into second place among the UK’s wealthiest sports figures, behind the family of former Bernie Ecclestone chief executive, whose wealth was valued at GBP2 billion. Get updated faster and...
Popular airline slashes Aussie routes to Bali as price of jet fuel skyrockets
Popular airline slashes Aussie routes to Bali as price of jet fuel skyrocketsREAD MORE: Air Asia flight is forced to make emergency landing By MATT JONES, SENIOR NEWS REPORTER, AUSTRALIA Published: 06:27, 16 May 2026 | Updated: 06:27, 16 May 2026 e-mail View comments
Octopus Energy to offer free electricity when power surges on the grid
Octopus Energy is expanding its free electricity scheme for customers during periods when renewable power generation exceeds demand on the national grid.The supplier said the initiative is designed to reduce wasted renewable energy while helping households lower their electricity costs at certain times of the day.The move comes after Britain spent close to £1.5billion last year compensating wind farms to switch off turbines when the grid could not absorb excess electricity generation.Periods of...
UK restaurant chain crashes into administration - 101 jobs lost
UK restaurant chain crashes into administration - 101 jobs lostA popular UK Italian restaurant chain has entered administration, revealing in a statement that all of its restaurants are now closed. Share Article Share Article Facebook X LinkedIn Reddit Bluesky Email Copy Link Link copied Bookmark Add us as preferred source Comments By Alycia McNamara, News Reporter, Brian Dillon, Audience Writer 05:00, Sat, May 16, 2026 The restaurant chain was based in London (Image: Getty)A popular Italian res...
Audemars Piguet x Swatch Royal Pop Dubai release called off in Dubai Mall and Mall Of The Emirates over public safety concerns
Dubai: The highly anticipated Royal Pop launch — a collaboration between luxury watchmaker Audemars Piguet and Swatch — scheduled for May 19 in Dubai, has been cancelled due to public safety concerns."In view of public safety considerations, we have decided not to proceed with the sale of the product at Dubai Mall and Mall Of The Emirates, and the event has been cancelled," said a post on Swatch's regional Instagram account.No new date of the launch has been revealed. Meanwhile, social media act...
Trump, Boeing say China agreed to buy 200 aircraft, reopening a key market for the US planemaker
Aircraft manufacturer Boeing will make its first major sale to China in nearly a decade with an order for 200 planes, President Donald Trump told reporters Friday as he flew back from his summit with Chinese President Xi Jinping.Speaking to reporters aboard Air Force One, Trump said China reserved the right to buy as many as 750 Boeing aircraft as part of a deal reached during the summit. The White House did not specify the types of planes or provide any other details.Neither the Chinese governm...
VinFast Seeks to Shed Most Debt With Vietnam Factory Spinoffs
VinFast Auto Ltd. said its planned sale of two Vietnamese factories will enable the electric vehicle maker to shed about 182 trillion dong ($6.9 billion) in debt and obligations while potentially speed its path toward profitability.
A new fiscal compact
PAKISTAN’S forthcoming budget confronts a difficult reality. The formal economy is overtaxed, investment remains weak, exports struggle to compete regionally, and salaried individuals face rising tax burdens even as inflation erodes purchasing power. Yet meaningful tax relief appears fiscally difficult at a time when economic growth is slowing, debt servicing costs remain elevated and IMF discipline continues to constrain policy choices. This dilemma has triggered an important national debate. I...
The oil shock
THE oil shock is real, with the whole of the Middle East affected, oil and financial markets shaken, consumer prices shooting up, and several economies struggling to deal with the wider repercussions of the war between US-Israel and Iran. The intersection of oil is a defining factor in the ongoing conflict that will reshape global geopolitics and economic partnerships. It is crucial to understand that the ‘oil factor’ remains a primary strategic lever in determining the duration, intensity, imp...
Punjab relaxes market timing curbs till June 1
• Decision comes in response to traders’ protests, appeals by shopping malls association and general public• Lahore Chamber of Commerce welcomes move, describes it as ‘important business-friendly’ step• Khyber Pakhtunkhwa governor, CM resolve to ease restrictions in their province as well LAHORE: Responding to traders’ protests and appeals by the shopping malls association and general public to revise 8pm business closure timings, the Punjab government has granted partial relief and lifted the r...
IMF sets Rs17.1tr federal revenue target for 2026-27
• Proposes Rs430bn new budgetary measures• Suggests 18pc hike in petroleum levy target• Asks provinces to mobilise extra Rs430bn• Links power tariff relief to BISP• Sees economic growth at 3.5pc• Estimates average inflation at 8.4pc• Seeks hike in BISP payment to Rs18,000 with 40pc population vulnerable ISLAMABAD: With Rs430 billion in new budgetary measures and an 18 per cent higher petroleum levy, the International Monetary Fund (IMF) has targeted Pakistan’s federal revenues at Rs17.145 trilli...
UK whisky firm entered liquidation with £500k debts as new owners step in
UK whisky firm entered liquidation with £500k debts as new owners step inScottish whisky firm entered into liquidation amid financial difficulties, leaving thousands of global customers uncertain over their cask ownership Share Article Share Article Facebook X LinkedIn Reddit Bluesky Email Copy Link Link copied Bookmark Add us as preferred source Comments By Olivia Beeson 02:44, Sat, May 16, 2026 Updated: 08:14, Sat, May 16, 2026 UK whisky firm plunges into liquidation (Image: Getty)A British wh...
Oil jumps more than 4%, posting strong weekly gains
Oil futures and refined fuel benchmarks climbed on Friday and into Saturday as traders tracked tightening supply signals and widening spreads across global crude grades.Both West Texas Intermediate and Brent posted strong gains.As of 10:24 am in Tokyo on May 16, US benchmark WTI crude was up $4.25 to $105.42, a 4.2% gain. Brent crude, the international benchmark, rose $3.54 to $109.26, up 3.35%.Over the week, Brent crude climbed by 7.84%, while WTI jumped by 10.48%.Gulf marker Murban crude trade...
Jerome Powell's legacy as he finishes Fed Chair term
Friday marked Jerome Powell's last day as Chairman of the Federal Reserve. CBS News producer Emily Pandise takes a look at his legacy.
Brace for price rise after fuel hike; inflation may increase 10-25 bps
NEW DELHI: The increase in retail prices of petrol and diesel is expected to drive headline inflation print by 10-25 basis points (bps) in the coming months, with analysts cautioning that cascading impact of higher fuel costs could force RBI to reassess its inflation projections for the year.Several companies, which were holding on to price hikes, are now expected to raise rates, citing higher transport and input costs.
US plan for Colorado River could cut up to 40% supply for Arizona, California and Nevada
Proposal comes after seven states drawing water from drought-stricken river failed to come to an agreementThe US government has proposed a plan for the drought stricken Colorado River that could cut up to 40% of current supplies to Arizona, California and Nevada, as the waterway’s reservoirs continue to plunge to critically low levels.A top Arizona water official shared details of the Trump administration’s plan at a state meeting on Wednesday. Continue reading...
This mould-ridden rental was on the market for $900 a week. Then Jim Chalmers got up to deliver his 'housing' Budget - and the rent shot up by a staggering $450 OVERNIGHT
This mould-ridden rental was on the market for $900 a week. Then Jim Chalmers got up to deliver his 'housing' Budget - and the rent shot up by a staggering $450 OVERNIGHTLandlord raised the rent by $450 a week after BudgetThe house was full of mould and damp issuesTreasury predicted rent rises of just $2 per weekREAD MORE: The furious groupchat message of landlords plotting revengeBy CHARLOTTE KARP, SENIOR NEWS REPORTER Published: 01:14, 16 May 2026 | Updated: 01:14, 16 May 2026 e-mail View comm...
POV: you’re Jim Chalmers using social media to sell the most ambitious budget of your life
Politicians still care about traditional media, but winning over people spending more of their lives online is the challenge for modern MPsGet our breaking news email, free app or daily news podcastHe’s up before sunrise, pounding the pavement in a cap and running shorts. He’s still up late into the night, having slipped into a comfortable sweater while he checks figures in a darkened office by lamplight, fuelled by sugar-free Red Bull.It’s “decision week”, Jim Chalmers declares of the annual fe...