TOKYO, Sept 22, 2023 (AFP) – The Bank of Japan stuck to its ultra-loose monetary policy Friday, though officials face increasing pressure to turn more hawkish as the yen weakens and after fresh data showed inflation remained stubbornly high. While most other major central banks have pressed ahead with a campaign of interest rate hikes in a bid to tame prices, the BoJ has refused to shift from its long-term programme of sub-zero borrowing costs […]
Tag: economy
Russia curbs fuel exports to avoid shortages
MOSCOW, Sept 21, 2023 (AFP) – Russia’s government announced Thursday it was temporarily limiting exports of petrol and diesel fuel to avoid shortages on the domestic market. The exchange price of domestic petrol soared to a record high this week, in part due to a weaker ruble, rising global oil prices and repair work at refineries curbing supplies. The announcement comes weeks after Moscow decided to extend a voluntary cut of oil exports until the […]
US GDP growth in second quarter revised down to 2.1%
WASHINGTON, Aug 30, 2023 (AFP) – Economic growth in the United States was weaker than first estimated for the April to June period, the Commerce Department said Wednesday, noting downward revisions in business investment. GDP growth in the world’s biggest economy came in at 2.1 percent for the second quarter, down from the initial estimate of 2.4 percent released in July. The updated growth figure is still slightly above the pace in the first three […]
Russian central bank to meet on Tuesday as ruble tanks
MOSCOW, Aug 14, 2023 (AFP) – The Russian central bank said it would meet on Tuesday to discuss its key rate, after the ruble slid past 100 against the dollar Monday, its lowest level in over sixteen months. The ruble has shed around 30 percent of its value against the dollar since the beginning of the year, as the country grapples with a drop in export revenues, rising imports and higher military spending. The central […]
Japanese economy expands 1.5%, beating expectations
TOKYO, Aug 15, 2023 (AFP) – Japan’s economy grew 1.5 percent in the three months to June, official data showed Tuesday, beating expectations on the back of strong exports. The average forecast for quarter-on-quarter growth in the world’s third-largest economy had been 0.8 percent, according to Bloomberg News. The data, released by the Cabinet Office, means the economy grew an annualised 6.0 percent, compared with the market expectation of 2.9 percent, giving Japan three straight […]
FTX founder Sam Bankman-Fried jailed after bail revoked
NEW YORK, Aug 11, 2023 (AFP) – A US federal judge on Friday ordered FTX founder Sam Bankman-Fried back to prison less than two months before his trial on fraud charges, revoking the disgraced cryptocurrency tycoon’s bail over alleged attempts to tamper with witnesses. Bankman-Fried, 31, has pleaded not guilty to charges of wire fraud and conspiracy to commit money laundering, as well as election finance violations, in connection with the spectacular collapse of his […]
Key US inflation gauge cools further as rate hikes bite
WASHINGTON, July 28, 2023 (AFP) – WASHINGTON, July 28, 2023 (AFP) – A key indicator of US inflation cooled in June to the lowest annual rate in over two years, although this remains above the central bank’s target, according to government data released Friday. The Federal Reserve’s preferred gauge of inflation, the personal consumption expenditures (PCE) price index, rose 3.0 percent last month from June 2022, down from a 3.8 percent jump in May, said […]
Stagnant German growth clouds eurozone economy
BERLIN, July 28, 2023 (AFP) – While France and Spain grew in the second quarter, the German economy flatlined, adding to worries the traditional manufacturing powerhouse could become a drag on the eurozone economy. Germany’s gross domestic product (GDP) stagnated between April and June, while inflation remained high, according to data published by the federal statistics agency Destatis Friday. The growth figure was worse than expected by many observers, and left Germany facing the threat […]
Pres. Marcos calls for public’s participation in circular economy to combat climate crisis
In his second State of the Nation Address (SONA) on Monday, President Ferdinand R. Marcos Jr. called upon the public to actively embrace the concept of a circular economy as a critical measure to combat the adverse impacts of climate change in the country. Highlighting the significance of collective efforts, President Marcos emphasized that the successful implementation of this new system relies on the participation of all sectors of society, down to every individual citizen. […]
Putin launches major Arctic liquified natural gas project
MOSCOW, Russia (AFP) — Russian President Vladimir Putin on Thursday launched the first part of Arctic LNG 2, a massive liquified natural gas (LNG) project at Murmansk, in the Arctic. Arctic LNG 2 is one of Russia’s key projects in its drive to open a northern maritime route linking Asia and Europe, something made possible by global warming and the consequent melting of the glaciers. “I request authorisation to begin transport operations at sea,” an […]
Rich-poor split could tighten ‘grip of poverty’: World Bank chief
By Bhuvan BAGGA Agence France-Presse GANDHINAGAR, India (AFP) — The new head of the World Bank said Tuesday that growing divides between rich and poor nations risked deepening poverty in the developing world, at a meeting of G20 finance ministers in India. Many countries are still recovering from the double blow of the coronavirus pandemic and fallout from Russia’s war in Ukraine — which hit global fuel and commodity prices. Climate change, meanwhile, is most […]
Sri Lankan leader seeks to disarm India’s China fears
COLOMBO, Sri Lanka (AFP) — Sri Lanka’s president arrives in India on Thursday for his first visit to the regional powerhouse, with concerns mounting in New Delhi over China’s increasing influence in the strategically placed but financially bankrupt island. New Sri Lankan leaders usually travel to India within a few weeks of taking office, but Ranil Wickremesinghe’s trip comes exactly a year after he became president following the toppling of his predecessor at the height […]
