World Bank cuts India growth forecast
In the wake of the IMF’s decision to cut its growth forecast for India, the World Bank has slashed the country’s growth forecast for the current financial year to 4.7 percent from an earlier projection of 6.1 percent.
U.S. avoids devastating default, Asian shares up
Asian shares mostly rose on Thursday after U.S. legislators passed a last-minute bill to end a 16-day government shutdown and raise the country’s borrowing limit.
Japan hit by powerful typhoon
More than a dozen people have been killed after a powerful typhoon – Typhoon Wipha – caused landslides and flooding on Izu Oshima Island, south of Japanese capital Tokyo.
Rio Tinto told to reinstate unfairly dismissed Mongolian worker
The supreme Court in Mongolia has ordered Rio Tinto to reinstate an unfairly dismissed employee, and pay compensation.
High hopes for U.S. debt deal
There is increasing optimism of deal being struck to end the current U.S. government shutdown and raise the federal debt ceiling. According to U.S. media, the deal currently under discussion would fund the government until 15 January while raising the debt ceiling until early to mid-February. Senate leaders have expressed optimism that a deal could be struck but any deal would also need to pass the House of Representatives. Senate Democratic Majority Leader Harry Reid told the chamber on Monday: “We’ve made tremendous progress… perhaps tomorrow will be a bright day.” Tokyo stocks closed up 0.26 percent on the news. The U.S. must raise its $16.7 trillion borrowing limit by Thursday. Image: © Getty Copyright is owned by Asia Outlook and/or Outlook Publishing. All rights reserved.
Indonesian businessman to buy Inter Milan
Indonesian businessman Erick Thohir is to buy a controlling interest in Italian football giants Inter Milan, president Massimo Moratti (pictured) has confirmed.
Vettel wins Japanese GP
Red Bull’s Sebastian Vettel has won the Japanese Grand Prix (GP), edging closer to another world championship.
Chinese inflation rises to 3.1%
Consumer prices in China rose by 3.1 percent in September, a seven-month high, fuelled mainly by a surge in food prices.
Toyota to launch self-drive cars
Toyota has unveiled the next generation of cars featuring an autopilot system that will swerve to avoid collisions and also keep to the middle of the road, all without drivers touching the wheel.
KFC parent Yum! Brands profits hurt by China food scares
Yum! Brands, the owner of fast food chains KFC and Pizza Hut, says its profit fell 68 percent in the third quarter, as its China sales slumped following controversy over its chicken supply and bird flu scare.
