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More than 20 primary schools who reported to be in financial difficulty sought emergency funding from the Department of Education last year in the face of rising costs. However, latest records indicate that just one school was successful in securing additional funding, the Irish Times reported. Minister for Education Norma Foley has told schools which are experiencing funding difficulties to engage with the financial support services unit in the department.
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Companies that assembled new supply chain strategies in the wake of the Covid-19 pandemic are having to put those plans into practice far faster than they may have thought possible, the Wall Street Journal reported. Global supply chains are entering 2024 roiled by disruptions at two of the world’s crucial trade corridors—the Panama Canal and the Suez Canal—even as geopolitical tensions appear set to take a more prominent role in sourcing and distribution. That could potentially force countries and companies to redraw trade maps that have been built over decades.
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India’s economy is booming. Stock prices are through the roof, among the best performing in the world. The government’s investment in airports, bridges and roads, and clean-energy infrastructure is visible almost everywhere. India’s total output, or gross domestic product, is expected to increase 6 percent this year — faster than the United States or China. But there’s a hitch: Investment by Indian companies is not keeping pace, the New York Times reported. The money that companies put into the future of their businesses, for things like new machines and factories, is stagnant.
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The Bank of Israel lowered short-term borrowing rates for the first time in nearly four years on Monday, becoming the first developed country to ease policy, while urging lawmakers to rein in spending that has soared during Israel's war with Hamas, Reuters reported. In reducing interest rates for the first time since April 2020, the central bank cited a stabilisation of financial markets since the outbreak of the war on Oct. 7, declining inflation and weaker economic growth.
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Singapore's economy grew 2.8% in the fourth quarter year-on-year, preliminary government data showed on Tuesday, faster than some economists expected and helped by improvements in construction and manufacturing, Reuters reported. The fourth quarter growth in gross domestic product (GDP) was faster than the 1% expansion in the third quarter of 2023. For the full year of 2023, Singapore's economy grew 1.2%, moderating from the 3.6% growth in 2022.
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Bank of Korea Governor Rhee Chang-yong said on Monday recent market concerns over a financially troubled builder are a "warning sign" over the financial risks of prolonged monetary tightening, Reuters reported. While managing inflation remains the top priority, it is important to find the right policy mix as South Korea approaches the end of its long fight to bring consumer prices under control, Rhee said in a New Year message.
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The power grid in the United Kingdom can’t keep up with demand for connections, and local planning authorities can block new construction for years. Overcoming these roadblocks, however, has gained essential support. In the countryside of Cambridgeshire, a British semiconductor start-up was ready to expand beyond its lab and open a manufacturing base. But the company’s ambitions came with unexpected costs to bring enough electricity to the new site. The potential bill? One million pounds, the New York Times reported.
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International Monetary Fund officials are expected in Argentina this week to start negotiating with the new government of President Javier Milei on a $44 billion program that went off track during the previous administration, Bloomberg News reported. The delegation will arrive in Buenos Aires on Thursday, presidential spokesman Manuel Adorni said during his morning news conference Tuesday, without detailing who’s coming nor how long they’re expected to stay. Milei’s cabinet chief Nicolas Posse and Economy Minister Luis Caputo will lead talks with IMF staff, according to Adorni.
Legal experts say that while the government, courts and the Insolvency and Bankruptcy Board of India (IBBI) have been advancing the cause of Insolvency and Bankruptcy Code (IBC), 2016, they need to introduce stringent guidelines and provide better infrastructure in 2024 to ensure cases are disposed on time, MoneyControl.com reported.
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As Go First remains grounded, billionaire Nusli Wadia has blamed faulty engines by P&W for the loss of ₹10,000 incurred by the company, the Hindustan Times reported. The hope for flight operations continues to look bleak for Go First, as all the planes of the airlines are grounded. Amid bankruptcy calls, the Wadia Group chairman has pointed a finger at aerospace company Pratt & Whitney for the fate of Go First.
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