Global Economy
IMF, World Bank meetings clouded by wars, slow economic growth, US election
The International Monetary Fund and World Bank annual meetings are scheduled to draw more than 10,000 people from finance ministries, central banks and civil society groups to discuss efforts to boost patchy global growth, deal with debt distress and finance the green energy transition
Oil prices steady after 7% weekly drop
Brent crude futures rose 8 cents, or 0.11 percent, to $73.14 a barrel by 0120 GMT
China's central bank cuts two key rates to boost economy
The cuts come just days after the country posted its slowest quarterly growth in a year and a half, underlining the deep economic woes the country faces.
As poor nations' default wave peaks, cash shortage could take its place
The issue, and what to do about it when western countries are increasingly loath to send money overseas, is a key topic at the IMF World Bank autumn meetings taking place in Washington, D.C. this week.
China’s growth reprieve will be short-lived
China may be on track to hit its “around 5 percent” economic GDP target for this year, but repeating the feat will get harder for policymakers. Third quarter growth logged in at 4.6 percent year-on-year, and that pace will need sustaining if the People’s Republic is to achieve medium-level developed economy status by 2035. Unless planners move their own goalposts, they’ll have to contort themselves a lot more.
Analysis / Inflation is not dead, it’s just resting
Inflation in the United States picked up in the late 1960s in the wake of the Vietnam War and spending on President Lyndon Johnson’s “Great Society” set of social programs
New rules drive Japanese trucking sector to the brink
Since April, truck drivers' annual overtime has been capped at 960 hours, or 80 hours per month on average, alongside new rules including on break stops
Analysis / China's growth reprieve will be short-lived
The People's Bank of China, Ministry of Finance and other departments have at least announced enough stimulus measures to convince economists this year's performance will be on-target
Investors see long wait for enlarged BRICS' economic boon
The expansion of the BRICS group of developing countries could provide a lifeline to capital-starved new entrants Iran and Argentina, but investors and analysts say a broader economic boon for the bloc's members is far from certain..Leaders of the BRICS - Brazil, Russia, India, China and S
Fitch downgrades China’s debt-hit Country Garden
Fitch has downgraded to junk the credit rating of a subsidiary of Chinese property giant Country Garden, citing “heightened liquidity pressure” at the troubled firm.
Oil price steadies
Oil prices steadied after earlier declines on Thursday caused by disappointing economic data from key economies, with investors awaiting a speech by US Federal Reserve Chair Jerome Powell on Friday for clues on interest rate moves.
US jobless claims fall
The number of Americans filing new claims for unemployment benefits fell last week, as labour market conditions remained tight despite the Federal Reserve’s aggressive interest rate hikes.
India’s diesel export to Singapore set to jump
India’s diesel exports to Singapore are set to hit a 19-month high in August and exceed 330,000 metric tons, boosted by cheaper freight costs and low inventories in the Asian oil hub, traders and analysts said.
Kuwait’s economic recovery faces risks
Kuwait’s economic recovery is ongoing but risks to the oil producer’s outlook “remain substantial” and gridlock between the government and parliament continues to delay reforms, the International Monetary Fund said on Wednesday.
Sri Lanka orders lending rate cap
Sri Lanka’s central bank on Thursday capped maximum lending rates after accusing commercial banks of failing to pass on benefits of a relaxed monetary policy to borrowers.
Saudi Arabia may cut oil output further
Saudi Arabia will likely roll over a voluntary oil cut of 1 million barrels per day for a third consecutive month into October, five analysts said, amid uncertainty about supplies and as the kingdom targets drawing down global inventories further.