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☆ Oil prices drop as reports say Israel and Hamas could soon head for cease-fire talks
▼ + stars: | 2024-04-29 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Oil prices fell as reports on Monday indicated that Israel and Hamas could engage in cease-fire talks this week. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementOil prices dropped Monday with energy markets eyeing fading geopolitical risks as Israel and Hamas reportedly move toward cease-fire talks. Cease-fire discussions could begin as soon as Tuesday if both parties agree to meet Cairo, the report said. Analysts say they see as much as a 20% surge for stocks in the sector as conflict and supply disruptions keep prices elevated.

Persons: Antony Blinken, —, Brent, Israel, David Rosenberg Organizations: Service, Hamas, West Texas Intermediate, The New York Times, United, Reuters, Bank Locations: Israel, Cairo, United States, Saudi Arabia, Rafah, Russia, Ukraine, OPEC

Has South Africa Truly Defeated Apartheid? U.S.A., 2020 – 63% U.K., 2019 – 62% 60% 49% 40% 20% 1994 2004 2014 2019 Sources: Collette Schulz-Herzenberg, "The South African non-voter: An analysis"; Konrad Adenaur Stiftung, 2020 (South Africa); Pew Research (United States and U.K.)On a continent where coups, autocrats and flawed elections have become common, South Africa is a widely admired exception. −4% −6% Sources: Harvard Growth Lab analysis of World Economic Outlook (South Africa and sub-Saharan Africa) and World Development Indicators (upper-middle-income countries). 50% unemployment rate 40% Black unemployment rate 30% The unemployment gap between Black and white South Africans remains wide. In 2022, about 6 percent of South Africans aged 18 to 29 were enrolled in higher education, according to Statistics South Africa.

Persons: Nelson Mandela, they’ve, Collette Schulz, Konrad Adenaur Stiftung, —, Walter Sisulu, Joao Silva, New York Times Jack Martins, ”, Mandela’s, Wandile Sihlobo, Johann Kirsten, Sihlobo, Kirsten, haven’t, Zinhle Nene, Peter Mokoena, “, Mokoena, Nokuthula Mabe, Mabe, Jacob Zuma, Chrispin Phiri, Cyril Ramaphosa, Israel, Sibusiso Zikode, Zikode, Mr Organizations: African National Congress, Pew Research, Human Sciences Research, World Bank, Black South, Charter, New York Times, University of Cape Town’s Liberty Institute of Strategic Marketing, Johannesburg Stock Exchange, Economic Empowerment, South, Harvard, Economic, Government, Black, Mr, Stellenbosch University . White, Statistics, Security, JOHANNESBURG Jobs, JOHANNESBURG Sandton Downtown, West University, Education, Statistics South, General Household Survey, of, Stellenbosch University, Ministry of Justice and Correctional Services, Institute for Security Studies, International Court of Justice Locations: Africa, South Africa, Black, States, Soweto, Kliptown, Johannesburg, South, Saharan Africa, Carletonville, JOHANNESBURG, Downtown Soweto, JOHANNESBURG Sandton, JOHANNESBURG Sandton Downtown Soweto, North, Mahikeng, Botswana, Statistics South Africa, Brazil, Mexico, Philippines, African, Germany, Russia, India, China, Ethiopia, Burundi, Zimbabwe, Ukraine, New York Times South Africa, Gaza, Durban, South Africa’s

☆ We have more insights as to where the economy is headed — and it's not good
▼ + stars: | 2024-04-26 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In today's big story, we're looking at how the latest GDP data has shifted the expectations of where the economy is headed. Now, the economy will need some type of event (see: bubble popping) for rate cuts to become an option anytime soon, Miskin said. Energy price shocks could bring the world economy to a "vulnerable moment," chief economist Indermit Gill warned.

Persons: —, TikTok, they're, you'd, Jia Feng, It'll, Insider's Madison Hoff, It's, Jerome Powell, Anna Moneymaker, BI's Filip De Mott, Jamie Dimon, Matt Miskin, Miskin, Mark Zuckerberg, C, Cox, Jenny Chang, Rodriguez, Goldman Sachs, Guess what's, Indermit Gill, Alphabet's, Redmond, Tyler Le, Doug McMillon, execs, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Reserve, stagflation, JPMorgan, Wall Street, John Hancock Investment Management, Galatioto Sports Partners, Bank, Google, Big Tech, Microsoft, Health, Linkedin, YouTube, ExxonMobil Locations: Chevron, New York, London

☆ Columbia president Minouche Shafik faces criticism in all directions
▼ + stars: | 2024-04-25 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +7 min

New York CNN —When Minouche Shafik was announced as Columbia University’s president last year, she was called the “perfect candidate” by the chair of Columbia’s Board of Trustees. University of Pennsylvania president Liz Magill and Harvard University president Claudine Gay both stepped down in the wake of pressure over their response to antisemitism on campus. They say the crackdown on student protests, which resulted in more than 100 arrests, violated academic freedom. “I am here today, joining my colleagues and calling on President Shafik to resign if she cannot immediately bring order to this chaos,” Johnson said. Last week, Shafik authorized the New York Police Department to sweep the “Gaza Solidarity Encampment” on Columbia’s campus.

Persons: Minouche Shafik, Shafik —, Liz Magill, Claudine Gay, Shafik, Alexandra Ocasio, Cortez, Mike Johnson, “, ” Johnson, ”, James Finkelstein, “ She’s, ” Finkelstein, Grayson Kirk, Kirk, Columbia’s Hillel, Robert Kraft Organizations: New, New York CNN, Columbia, Trustees, Representatives, World Bank, International Monetary Fund, Bank of England, London School of Economics, Hamas, College, University of Pennsylvania, Harvard University, New York Police Department, Democratic, Republican, George Mason University, ” Columbia’s, Police, NYPD, of Education, Harvard, Department, Education, ” New England Patriots Locations: New York, Israel, Vietnam, Harlem, Gaza, Columbia’s, Columbia, ”

☆ High inflation could be here to stay as commodity prices spike again after a 2-year decline, World Bank says
▼ + stars: | 2024-04-25 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

High inflation will stay for longer as commodity prices rallied again after falling for two years, World Bank Group says. The bank expects global inflation to jump by a solid percentage point by 2024 due to the flip-flop oil prices driven by geopolitical risks. But this sluggish decline will buoy commodity prices around 38% higher than pre-COVID averages, offering little relief for inflation-weary economies. The World Bank warned that a significant disruption could propel oil prices beyond $100 per barrel, hiking global inflation by almost a full percentage point in 2024. That fear of lower growth and high inflation was on display in the US on Thursday, as first-quarter GDP came in much lower than expected even as consumer prices remained high in the quarter.

Persons: —, wanes, Indermit Gill, Ayhan Kose Organizations: World Bank, Service, World Bank Group, Bank Locations: Israel, Iran, Ukraine, Russia

☆ Europe’s Policymakers Get Ready to Lower Rates, Regardless of the Fed
▼ + stars: | 2024-04-25 | by ( Eshe Nelson | ) www.nytimes.com time to read: +1 min

Europe’s central bankers are trying to get out of the shadow of the United States. Now, European Central Bank policymakers are emphasizing how much the inflation problem has eased in the eurozone. All week, Europe’s policymakers reiterated their growing confidence that high inflation was dissipating in the eurozone and that their 2 percent inflation target was in sight. The E.C.B., which sets interest rates for all 20 countries that use the euro, has signaled it could cut rates at its next policy meeting in early June. “We’re clearly in a disinflation process,” said Gabriel Makhlouf, governor of Ireland’s central bank and one of the 26 members of the E.C.B.’s governing council.

Persons: “ We’re, ”, Gabriel Makhlouf Organizations: European Central Bank, International Monetary Fund, World Bank Locations: United States, Washington, Ireland’s, U.S

☆ Middle East escalation could trigger energy shock that fuels inflation, World Bank warns
▼ + stars: | 2024-04-25 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The outbreak of a major conflict in the Middle East could trigger an energy shock that pushes oil prices above $100 a barrel, fuels inflation and results in higher interest rates for longer, the World Bank warned Thursday. The governments in Jerusalem and Tehran appear to have decided against escalation after exchanging direct strikes on each other's territory for the first time. Oil prices have pulled back nearly 4% from recent highs as investors have discounted the probability of a wider war in the Middle East. The World Bank, however, cautioned that the situation in the region remains uncertain. "The world is at a vulnerable moment: a major energy shock could undermine much of the progress in reducing inflation over the past two years," said World Bank Chief Economist Indermit Gill.

Persons: Israel, Indermit Gill Organizations: World Bank, Bank Locations: Isfahan Refinery, Iran, Isfahan, Jerusalem, Tehran

☆ Currencies calm but cautious after a weary week
▼ + stars: | 2024-04-22 | by ( ) www.cnbc.com time to read: +3 min

U.S. one hundred dollar bills are being shown in this picture illustration taken in Buenos Aires, Argentina, on Dec. 15, 2023. Eyes are on the yen this week, with the Bank of Japan's, or BOJ, Friday policy review the notable item on the economic calendar. The yen has been one of the biggest losers against the dollar this year, with losses mounting to 9%. The ECB's Robert Holzmann, however, said the ECB probably will not cut rates this year as much as planned if the Fed does not move. BoE Governor Andrew Bailey and Deputy Governor Dave Ramsden alluded last week to Britain's inflation slowing as expected.

Persons: Chris Weston, Weston, Kazuo Ueda, BoE, ECB policymaker Madis Muller, Christine Lagarde, Robert Holzmann, BoE Governor Andrew Bailey, Dave Ramsden, Sterling, Bitcoin Organizations: U.S ., Bank of Japan's, Federal Reserve, Monetary Fund, Bank, Washington , Bank of Japan, European Central Bank, Bank of England, ECB policymaker, ECB, Treasury Locations: Buenos Aires, Argentina, East, Tehran, Iran, Washington, United States, Japan, South Korea, Washington ,, U.S

☆ How a climate tech founder is growing his advisory board, including Larry Summers
▼ + stars: | 2024-04-20 | by ( Ian Thomas | ) www.cnbc.com time to read: +4 min

But meeting that lofty challenge is increasingly not just a function of Kemper's gained expertise in renewables and clean technology from stints at the UN and financing clean energy projects in developing countries before founding Palmetto, he told us recently. Building the proper sounding board is critical for any leader, especially as challenges and opportunities for business are emerging quicker than ever. For Kemper, his approach has been to build a network around him where "the world is kind of one degree away." Kemper said Summers' expertise will be crucial as the company looks to navigate the continually murky waters of economic policy moving forward. Decarbonization is not only vital for environmental sustainability but also for stabilizing global long-term economic growth," Summers said in a statement.

Persons: Chris Kemper, Kemper, Kemper's, You've, Neil Chatterjee, Nirav Tolia, Monica Williams, Larry Summers, Bill Clinton's, President Obama, Summers, Larry, there's Organizations: Palmetto, UN, U.S . Federal Energy Regulatory, Equity, National Economic Council, President, World Bank

☆ German cars are the best in the world, its finance minister insists: 'They do not have to fear Chinese competition'
▼ + stars: | 2024-04-19 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Christian Lindner (FDP), Federal Minister of Finance, is on his way to a bilateral meeting with US Treasury Secretary Yellen at the headquarters of the World Bank. Bernd von Jutrczenka | Picture Alliance | Getty ImagesGerman carmakers do not have to fear competition from China and are still considered the best in the world, German Finance Minister Christian Lindner told CNBC. "German car manufacturers are world leading, they do not have to fear Chinese competition," Lindner said. Competition in the electric vehicle, or EV, market in China and Europe, as well as the U.S., has been heating up in recent months. This came ahead of Scholz's visit to China earlier this month, during which he warned against unfair competitive and trade practices.

Persons: Christian Lindner, Yellen, Bernd von Jutrczenka, CNBC's Karen Tso, Lindner, China's BYD, Tesla, Janet Yellen, Ursula von der, Wang Wentao, Olaf Scholz Organizations: Federal, of Finance, US, World Bank, Getty, German, CNBC, Washington , D.C, European Union . U.S, Treasury, European Commission, European Union, Commerce, EV, Reuters Locations: China, Washington ,, Europe, U.S, EVs, EU

☆ Critical mineral mining is key to the green transition, but experts warn reputational risks remain
▼ + stars: | 2024-04-19 | by ( Dylan Butts | ) www.cnbc.com time to read: +5 min

Sopa Images | Lightrocket | Getty ImagesMining of critical minerals plays a crucial role in the global green transition, but the broader industry's bad reputation and other challenges present investment barriers, industry experts warn. Critical minerals include metals such as copper, lithium, nickel, cobalt and rare earth elements, and are important components in emerging green technologies such as wind turbines and electric vehicles. Speaking on a panel at Singapore's annual Ecosperity Week, which ended Wednesday, mining industry experts and investors said the growing demand from green tech makes it necessary to increase government support and capital flows into the critical mining sector. Many of the same companies that mine critical minerals also mine environmentally damaging fossil fuels like coal. One area that has seen recent strides and investments has been in the recycling of critical minerals, which cuts down the need of extraction.

Persons: Adam Matthews, Dominic Barton, Barton, Scott Clements Organizations: PT Vale, Getty Images, Global Investor Commission, Mining, Royal Bank of Canada, Rio Tinto, LeapFrog Investments, International Renewable Energy Agency, EV, World Bank, Tribeca Capital Locations: PT Vale Indonesia, China, Paris, Rio, Indonesia's Sulawesi, Rio Tinto, Western Australia

☆ The Missing $1 Trillion
▼ + stars: | 2024-04-18 | by ( David Gelles | Manuela Andreoni | ) www.nytimes.com time to read: +1 min

Discussions about how to reform lumbering multilateral bureaucracies can get tedious quickly. How to make more money available for developing nations that are being battered by extreme weather? And how to make sure poor countries don’t spend too much money servicing their debt? Experts estimate that at least $1 trillion a year is needed to help developing countries adapt to hotter temperatures and rising seas, build out clean energy projects and cope with climate disasters. “For many countries, they will only be able to implement strong new climate plans if we see a quantum leap in climate finance this year,” Simon Stiell, the United Nations climate chief, said in a speech last week.

Persons: ” Simon Stiell Organizations: World Bank, International Monetary Fund, United Nations Locations: United

☆ What Can ‘Green Islam’ Achieve in the World’s Largest Muslim Country?
▼ + stars: | 2024-04-17 | by ( Sui-Lee Wee | Ulet Ifansasti | ) www.nytimes.com time to read: +1 min

The faithful gathered in an imposing modernist building, thousands of men in skullcaps and women in veils sitting shoulder to shoulder. “Our fatal shortcomings as human beings have been that we treat the earth as just an object,” Grand Imam Nasaruddin Umar said. Like fasting during Ramadan, it is every Muslim’s Fard al-Ayn, or obligation, to be a guardian of the earth. Like giving alms, his congregants should give waqf, a kind of religious donation, to renewable energy. Dismayed by the trash sullying the river that the mosque sits on, he ordered a cleanup.

Persons: Nasaruddin Umar, Nasaruddin Organizations: World Bank Locations: skullcaps, Istiqlal, Jakarta, Indonesia

☆ Opinion: The next pandemic threat demands action now
▼ + stars: | 2024-04-17 | by ( Opinion Jaime M. Yassif | ) edition.cnn.com time to read: +9 min

Well, so far US officials are saying they believe there is minimal risk to the public from the latest iteration of bird flu. According to the Global Health Security Index, there are significant gaps in countries’ pandemic preparedness capabilities. Given the impact of Covid, it is deeply disappointing that national governments are not investing the necessary resources to build life-saving pandemic preparedness capacity. Making matters worse, Congress has made major cuts to pandemic preparedness funding, as part of the ongoing appropriations process. Playing the long game also means supporting the World Bank Pandemic Fund, which is designed to invest in long-term pandemic preparedness capacity of low- and middle-income countries.

Persons: Jaime M, Yassif, ”, —, we’ve, US Department of Agriculture —, It’s, Biden, Covid Organizations: Global Biological Policy, Nuclear Threat Initiative, CNN, Yassif Nuclear, US Centers for Disease Control, Prevention, US Department of Health, Human Services, CDC, US Department of Agriculture, Global Health, Brown, Pandemic Center, Gates Foundation, NTI, Johns Hopkins Center for Health Security, Global Health Security, Bank, Fund, pandemics Locations: Texas , Kansas, Texas, Colorado, Covid, United States

☆ Bangladesh’s soaring prices get thousands playing ‘hunger games’ for food
▼ + stars: | 2024-04-17 | by ( Akanksha Sharma | ) edition.cnn.com time to read: +5 min

They’re playing to win every day staples like rice, oil, sugar, lentils and other items that soaring inflation has put beyond their reach. Courtesy Omar Sunny Somrat/SS Food ChallengeThe combination of colorful games and the feel-good factor of nobody going home empty-handed has given Somrat a genuine hit. Courtesy Omar Sunny Somrat/SS Food ChallengeBy 2021, he began organizing contests for village kids competing in games and winning prizes like home appliances. A year later, though, he stumbled onto the winning formula when food prices soared and the Bangladeshi currency, the taka, depreciated in value against the US dollar. Between 2022 and 2023, food prices in Bangladesh jumped by 9%, the highest average rate in 12 years, according to the country’s Bureau of Statistics.

Persons: Mohammad Abdur Rouf, can’t, I’d, Omar Sunny Somrat Abdur —, —, Omar Sunny Somrat, They’re, “ It’s, ” Somrat, Somrat, ”, taka, Munir Uz Zaman, Ruchir Desai, Desai, Asma Khatun Organizations: CNN, SS, SS Food, Bank, YouTube, Facebook, greenback, country’s, Statistics, Getty, Asia Frontier Investments, International Monetary Fund Locations: Chapra, Bangladesh, Ukraine, Banwarinagar, Pabna, Purandarpur, Pabna District, Dhaka, AFP

☆ High company valuations a 'worry,' IMF's capital markets chief says
▼ + stars: | 2024-04-17 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

High corporate valuations could pose a significant risk to financial stability as market optimism becomes untethered from fundamentals, the IMF's director of the Monetary and Capital Markets Department said Tuesday. Financial markets have been on a tear for much of this year, buoyed by falling inflation and hopes of forthcoming interest rate cuts. But that "optimism" has stretched company valuations to a point where that could become vulnerable to an economic shock, Tobias Adrian said. "We do worry in some segments where valuations have become quite stretched," Adrian told CNBC's Karen Tso Tuesday. Adrian, who was speaking on the side lines of the IMF's Spring Meeting in Washington, said that credit markets were a particular area of concern.

Persons: Tobias Adrian, Adrian, Karen Tso Organizations: Monetary, Capital Markets, International Monetary Fund, World Bank Group, Washington DC, Capital Markets Department, Financial Locations: Washington, United States

☆ Treasury Department plans to impose Iran sanctions correction
▼ + stars: | 2024-04-16 | by ( ) www.cnbc.com time to read: 1 min

This article has been updated to correct that Yellen's comments were from remarks ahead of the International Monetary Fund and World Bank's Spring Meetings this week.

Organizations: International Monetary Fund

☆ I.M.F. Sees Steady Growth but Warns of Rising Protectionism
▼ + stars: | 2024-04-16 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

The global economy is approaching a soft landing after several years of geopolitical and economic turmoil, the International Monetary Fund said on Tuesday. But it warned that risks remain, including stubborn inflation, the threat of escalating global conflicts and rising protectionism. In its latest World Economic Outlook report, the I.M.F. projected global output to hold steady at 3.2 percent in 2024, unchanged from 2023. The forecasts came as policymakers from around the world began arriving in Washington for the spring meetings of the International Monetary Fund and the World Bank.

Organizations: International Monetary Fund, World Bank Locations: Ukraine, Washington

☆ India’s economy and elections: Is the hype around Narendra Modi’s vision justified?
▼ + stars: | 2024-04-16 | by ( Diksha Madhok | Rachel Wilson | ) edition.cnn.com time to read: +9 min

New Delhi/London CNN —In just a few days, India will commence the world’s largest democratic election. So, is the hype around Modi’s India, which remains a largely impoverished country, justified? The world’s largest biometric database has also helped the government save millions by reducing corruption in welfare initiatives. Domestic investors, both retail and institutional, have been driving India’s stock market to unprecedented peaks. Still, India’s economy, much like its democracy, is far from perfect.

Persons: Narendra Modi, Indranil Mukherjee, Modi, Himanshu Sharma, Guido Cozzi, Arun Sankar, Billionaire Elon Musk Organizations: London CNN —, Getty, CNN, World, University of St, Unified, Bank, ”, National Stock Exchange of India, bourse, Bombay Stock Exchange, NSE, Shenzhen Stock Exchange, Hong Kong Exchange, World Federation of Exchanges, Macquarie Capital, Apple, Foxconn, Billionaire, International Labour Organization Locations: New Delhi, London, India, China, Beijing, Ajmer, Rajasthan, University of St Gallen, Switzerland, Asia’s, Washington, Sriperumbudur, Chennai, Mumbai's Churchgate, AFP

☆ Treasury Department plans to impose new sanctions on Iran after Israel attack
▼ + stars: | 2024-04-16 | by ( Ryan Anastasio | ) www.cnbc.com time to read: +1 min

US Treasury Secretary Janet Yellen attends a press conference at US Ambassador's residence in Beijing on April 8, 2024. U.S. Treasury Secretary Janet Yellen is preparing new sanctions on Iran after the country launched hundreds of drones and missiles at Israel over the weekend. "The attack by Iran and its proxies underscores the importance of Treasury's work to use our economic tools to counter Iran's malign activity." Israel said it intercepted 99% of the more than 300 projectiles from Iran. The U.S. has imposed hundreds of sanctions on Iran and its proxies in recent years for their connections to terrorism and for the country's missile program.

Persons: Janet Yellen, Yellen Organizations: US, Treasury, International Monetary Fund, country's Locations: Beijing, Iran, Israel, Iranian, Syria, The U.S, Red

☆ Geopolitical strife is roiling Wall Street. Here’s what investors are watching
▼ + stars: | 2024-04-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Those what-ifs could further roil gas and oil prices. But if there’s further conflict, he said, “you’d see a much higher premium for oil prices. If there’s a de-escalation of tensions between Israel and Iran, they said, oil prices should come down over the next few weeks. But if there’s an escalation in conflict, they expect that oil prices could jump to more than $100 per barrel, they wrote in a note Monday. Retail sales rose 0.7% in March from the prior month, a slower pace than February’s upwardly revised 0.9% gain, the Commerce Department reported Monday.

Persons: New York CNN —, JPMorgan Chase, Jamie Dimon, ” Dimon, Jerome Powell, We’ll, Christine Lagarde, Andrew Bailey, Dave Sekera, Israel doesn’t, ”, “, Moody’s, there’s, Chris Isidore, Pete Muntean, Sam Salehpour, Read, Bryan Mena, Claire Tassin Organizations: CNN Business, Bell, New York CNN, Dow, JPMorgan, International Monetary Fund, IMF, Bank, Bank of Canada, Seven, European Central Bank, Bank of England, Morningstar, Nvidia, AMD, Wall Street Journal, Federal Reserve Bank of New, Boeing, Federal Aviation Administration, Alaska Airlines, Commerce Department, Morning, Amazon Locations: New York, Russia, Ukraine, China, United States, Washington ,, Iran, Israel, Federal Reserve Bank of New York

☆ Middle class wiped out: Half of Myanmar’s people forced into poverty by civil war, UN report finds
▼ + stars: | 2024-04-12 | by ( Helen Regan | ) edition.cnn.com time to read: +5 min

CNN —Once considered among the most promising economies in Southeast Asia with a growing middle class, Myanmar is now suffering from soaring levels of poverty as a devastating civil war drives tens of millions further into destitution, according to a new United Nations report. Poverty has not only doubled but people are also more deeply poor, the report found. Wignaraja said Myanmar’s middle class is “literally disappearing.”“A 50% collapse of the middle class over two and a half years is quite astounding for this country, but for any country,” she said. The value of Myanmar’s local currency, the kyat, has plummeted, along with rising costs for food and other basic necessities. “We call on all stakeholders — inside and outside Myanmar — to take action and preserve vulnerable households from slipping into irreversible poverty and despair.”

Persons: Aung, Suu Kyi, ”, Kanni Wignaraja, Wignaraja, Achim Steiner Organizations: CNN, United Nations, UN Development Program, UNDP, Asian Development Bank, Bank, Asia Locations: Southeast Asia, Myanmar, destitution, Suu, Yangon, Mandalay

☆ World Bank: We want to support developing countries while focus is on global crises
▼ + stars: | 2024-04-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWorld Bank: We want to support developing countries while focus is on global crisesAxel van Trotsenburg, managing director of the World Bank, discusses the need to get more private sector capital into emerging markets.

Persons: Axel van Trotsenburg Organizations: World Bank

☆ China will remain the world's No. 1 growth driver, says the Asian Development Bank
▼ + stars: | 2024-04-11 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Flag of China on dark blue background Da-kuk | E+ | Getty ImagesChina will remain the largest growth engine for the world economy in spite of its slowdown, the Asian Development Bank said. ADB forecasts China to post annual GDP growth of 4.8% in 2024, lower than the government's target of "around 5%." watch nowEven with slower growth, ADB data estimated China will account for 46% of growth in developing Asia in 2024-2025. China currently accounts for 18% and 48% of global and Asian GDP, respectively, based on purchasing power parities exchange rates, a metric used by the ADB, World Bank and International Monetary Fund. ADB expects the country's growth to be the highest in the region, at 7% in 2024 and 7.2% in 2025.

Persons: Albert Park, … it's Organizations: Getty, Asian Development Bank, ADB, World Bank, International Monetary Fund, CNBC Locations: China, Asia, India

☆ Fed can start cutting interest rates by end of 2024, IMF managing director says
▼ + stars: | 2024-04-11 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

The Federal Reserve should be able to start cutting interest rates by the end of 2024, according to Kristalina Georgieva, managing director of the International Monetary Fund. "We remain on our projection that we would see, by the end of the year, the Fed being in a position to take some action in a direction of bringing interest rates down," Georgieva said on CNBC's "Squawk on the Street." Fed funds futures pricing data suggests that the first rate cut could come in September, according to the CME FedWatch Tool. Georgieva said the Fed should continue following economic data, which will signal when it's appropriate to begin reducing the cost of borrowing money. Still, Georgieva warned that keeping interest rates elevated for longer than expected can create risks to financial stability for the rest of the world.

Persons: Kristalina Georgieva, Georgieva, Dow Jones Organizations: International Monetary Fund, World Bank, U.S Locations: U.S, United States

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