IMF Managing Director Kristalina Georgieva has urged Pakistan to collect more taxes from the wealthy and protect the poor people as the country grapples with soaring inflation after securing a bailout from the IMF in July.
The Bank of England has ended its streak of interest rate hikes after new data reveals lower-than-expected inflation, signaling a potential pause in the rate hiking cycle. The Bank's Monetary Policy Committee also voted to cut its stock of U.K. government bond purchases, and investors are now speculating whether this decision marks the peak of the interest rate cycle.
Despite announcing its plans to eliminate secured loans, Tether, the largest stablecoin issuer, has experienced a rise in such loans in 2023, with $5.5 billion of loans in its recent quarterly report, although it aims to reduce this to zero by 2024.
South Korean exporters are repatriating a record amount of overseas earnings in response to new tax breaks, providing much-needed support for the depreciating won.
Japanese Prime Minister Fumio Kishida will address the Economic Club of New York to promote Tokyo as an attractive destination for foreign wealth management firms, highlighting the strength of the Japanese economy and the government's vision for a thriving asset management sector; however, experts are divided on whether this campaign will succeed in making Tokyo Asia's leading financial hub.
The worsening economic situation in Pakistan is causing the poor, honest, and innocent people to struggle to survive, leading to dire consequences.
Norway's central bank has raised its key interest rate for the thirteenth time in two years due to soaring costs and high inflation, with another rate hike likely in December to combat inflation that stands at 4.8%, but it aims to maintain a tight monetary policy to address the issue.
Egypt is in talks with an Abu Dhabi-based bank to secure a loan facility for purchasing wheat from Kazakhstan, which would serve as a cheaper alternative to Russian grain that has faced price floor restrictions.
University professor David Hewitt's paycheck has failed to keep up with the high inflation rate, leading to a significant gap between his pay and rising consumer prices.
US business confidence in China is being drained by geopolitical tensions and an economic slowdown, with only 52% of American firms optimistic about their five-year China business outlook, according to a study by the American Chamber of Commerce in Shanghai.
Asian economies are increasingly investing in their own region, leading to greater trade integration and financial flows within Asia, as well as significant investments in infrastructure and development finance, with implications for the global economic and political landscape.
China's natural gas demand is expected to grow by 8% this year, higher than analysts' forecasts, due to recovering industrial demand and lower global prices, with LNG imports and piped gas imports also projected to increase by 10.9% and 10.7% respectively in 2023.
Hong Kong has dropped to 16th place in attracting and nurturing talent, hindered by high living costs and a brain drain, with Singapore surpassing it in a global study by a Swiss-based business school.
The 10th China-European Union High-Level Economic and Trade Dialogue will take place in Beijing on Sept. 25, with co-chairs Chinese Vice-Premier He Lifeng and European Commissioner for Trade Valdis Dombrovskis.
China's President Xi Jinping faces criticism as China shifts away from its previous economic success and becomes a "pariah state," with some scholars suggesting he is dealing with structural problems inherited from previous leaders that now threaten the Chinese Communist Party.
Zurich has become one of Europe's hottest housing markets, with prices surpassing London and Paris due to local shortages and increased demand from companies like Google, causing apartments in the central district to be listed at near record levels.
JPMorgan was urged by Washington to continue processing agricultural payments for Russia after Moscow quit a deal allowing the safe export of Ukrainian grain, but the US bank made a commercial decision to stop cooperation.
China sees Southeast Asia as geopolitically important and will prioritize investments in the region to counter U.S. influence, despite slowing domestic growth, according to economists. Additionally, Southeast Asia is a crucial source of critical minerals for China's green technology and electric vehicle ambitions.
Chinese city and provincial governments are struggling with a financial crisis caused by a mountain of debt, leading to desperate measures such as fining restaurants and truck drivers, as they grapple with the economic impact of the COVID-19 pandemic and real estate slump.
The Federal Reserve has kept interest rates steady, but economists are skeptical that a soft landing for the economy is guaranteed due to high inflation and continued economic growth.
China's middle class is becoming more conservative and cutting back on luxury spending and investing in order to prioritize saving, supporting parents, and preparing for potential health problems, indicating a shift towards safety and short-term sustainability rather than conspicuous consumption and long-term investment.
The number of British independent stores left empty has increased by almost 2,000 in the first half of this year, reversing the growth of the past two years, as small businesses struggle with rising inflation and the cost of living crisis, resulting in the closure of 1,915 outlets across high streets, shopping centers, and retail parks, according to research by the Local Data Company.
The Federal Reserve's decision not to raise interest rates has provided little relief for Americans struggling with the high costs of borrowing, particularly in the housing market where mortgage rates have reached their highest level in over two decades, leading to challenges for potential and current homeowners.
Federal Reserve Chair Jerome Powell indicates that while policymakers project a "soft landing" for the US economy, he does not confirm it as a baseline expectation due to external factors beyond their control such as the autoworker strike, government shutdown, and higher borrowing costs.
The United Auto Workers' targeted strikes have a limited current impact on the U.S. economy, but the possibility of a full walkout could have significant economic costs for auto giants Ford, General Motors, and Stellantis.
The U.S. Federal Reserve kept interest rates steady but left room for potential rate hikes, as they see progress in fighting inflation and aim to bring it down to the target level of 2 percent; however, officials projected a higher growth rate of 2.1 percent for this year and suggested that core inflation will hit 3.7 percent this year before falling in 2024 and reaching the target range by 2026.
U.S. stocks slumped after the Federal Reserve indicated that it may not cut interest rates next year as much as initially expected, causing concerns among investors on Wall Street.
The housing market is facing challenges due to high mortgage rates and low home sales, leading economists to predict a mild recession in 2024.
The Federal Reserve has decided to pause interest rates while closely monitoring economic data, particularly unemployment and wages, as concerns about a potential recession and inflation remain.
The Federal Reserve's decision to leave interest rates unchanged means that savers and individuals with surplus cash have the opportunity to earn a higher return on their money than in recent years, with online banks offering high-yield savings accounts that can provide a return above inflation.
Fed officials expect faster economic growth and lower inflation as they project an increase in gross domestic product and a decrease in the unemployment rate while forecasting a decline in core inflation for the remainder of the year.
The occupancy rate of workplaces in major cities surpassed 50% for the first time since July, indicating that more workers are returning to the office after Labor Day.
The Federal Reserve is leaving its key interest rate unchanged as it moderates its fight against inflation, but plans to raise rates once more this year, as policymakers remain concerned about inflation not falling fast enough.
The Federal Reserve has decided to keep interest rates unchanged, potentially leaving room for one more rate hike in 2023, according to experts.
The Federal Reserve left interest rates unchanged while revising its forecasts for economic growth, unemployment, and inflation, indicating a "higher for longer" stance on interest rates and potentially only one more rate hike this year. The Fed aims to achieve a soft landing for the economy and believes it can withstand higher rates, but external complications such as rising oil prices and an auto strike could influence future decisions.
Despite a recent slump, research firms including Freddie Mac, Zillow, and the National Association of Realtors predict that home prices will continue to rise in 2024 due to a shortage of housing inventory and strong demand, with NAR forecasting a 2.6% increase. However, Moody's Analytics and Morgan Stanley expect home prices to slightly decrease in 2024 due to declining affordability and increased housing supply.
The Federal Reserve officials signal that they believe they can control inflation without causing a recession, with forecasts of higher economic growth and unchanged inflation outlook.
The UN General Assembly witnessed a shift in global power dynamics as smaller groups and alternative venues, such as the G20 and G7, gain prominence due to geopolitical tensions, the war in Ukraine, and the outdated structure of the UN Security Council.
Opening a CD now can allow savers to earn a higher interest rate before inflation drops and interest rates decrease.
The migration of millionaires and billionaires is expected to increase, with 122,000 High Net Worth Individuals projected to move to a new country by the end of 2023, according to Henley & Partners’ Private Wealth Migration Report. Australia is expected to become the top destination for millionaires, while China is anticipated to lose the most millionaires, followed by India.
The Federal Reserve predicts a "soft landing" for the economy, with low inflation and no recession, as it aims to control inflation without hindering economic growth.
British Prime Minister Rishi Sunak delays the ban on sales of new petrol cars by five years and eases targets on heating and insulation, sparking criticism from businesses and environmental campaigners.
Financial uncertainty has become the new normal for many Canadians as inflation erodes savings, according to a survey by RBC, while the US Federal Reserve maintains interest rates but projects a further rate increase by the end of the year and a tighter monetary policy through 2024, and the family of a North Carolina man sues Google for negligence after he drove off a collapsed bridge while following Google Maps directions.
The panel discusses the upcoming Fed comments, the market's expectation of no further rate hikes in September, and the impact of high interest rates on jobs, wages, and consumer spending.
The UN World Tourism Organization's latest report reveals that there was a combined loss of 2.6 billion international tourist arrivals from 2019 to 2022, primarily due to global lockdowns and travel restrictions caused by the pandemic. This resulted in a decline in tourist demand and a loss of $4.2 trillion in tourism direct GDP over the four years, impacting millions of jobs and small businesses worldwide.
A rare 1934 $10,000 bill, the highest denomination note to ever circulate publicly, sold for a record-breaking $480,000 at an auction.
The tourism industry is slowly recovering from the pandemic, with changes in the top travel destinations worldwide due to varying impacts of the health crisis, travel restrictions, and brand strength.
Indonesia has formed a National Task Force to promote local currency transactions in an effort to decrease the dominance of the US dollar and stabilize the rupiah.
China experienced its largest capital outflow since 2015, with $49 billion leaving the country, as economic concerns prompt investors to withdraw; of this, $29 billion was withdrawn from securities investments, including bonds. The outflow was compounded by a record-high $12 billion in mainland-listed stocks being dumped by foreign investors and a $16.8 billion deficit in direct investment, the largest since 2016. The decline in the capital account was exacerbated by the tourism season, with outbound travel negatively impacting the services sector, while inbound travel remained suppressed, causing a continued deficit in the services trade. Efforts by Beijing, such as reducing the foreign currency reserves held by banks, have aimed to support the yuan but have been unable to prevent a significant decline in the offshore yuan. Weak exports and the allure of US yields have also contributed to the yuan's decline, further complicating China's capital flight situation, as doubts about the country's ability to achieve its 5% GDP target for the year grow.
The liquidity deficit in the Indian banking system has reached ₹1.46 trillion, the highest in over four years, due to advance tax outflows and goods and services tax collection, leading to pressure on overnight rates.