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☆ Russia's economic woes have brought a flood of cash and sparked a real estate boom in the UAE
▼ + stars: | 2023-08-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Traders in the Gulf state have ramped up business in Russian oil and gold markets, the WSJ reported. Conversely, Russians are flocking to the UAE, bringing their wealth to its economy and sparking a real estate boom. That's as sanctions and trade restrictions have weighed heavily on Russia's economy, cutting it off from billions of its foreign reserves and crimping its energy trade. Russians were the third-largest group of real estate buyers in Dubai over the last quarter, the real estate firm Betterhomes told the Journal, up from the ninth-largest group in 2021. Russia's economy meanwhile is in a state of turmoil.

Persons: Betterhomes, Putin Organizations: Traders, Service, United Arab Emirates, UAE, Wall, Yale Locations: UAE, Gulf, Wall, Silicon, Russia, Ukraine, Dubai, Poland

☆ A sushi crunch is capturing Russia's worsening economic woes
▼ + stars: | 2023-08-20 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Russia's currency and inflation woes are well captured by something economists don't usually focus on: sushi. Local prices of the Japanese delicacy are surging due to the ruble's plunge and Russia's rift with the West, a report said. The Russian currency hit a 16-month low last week, as the country's current account reels from the impact of Western sanctions. Russia's exchange-rate turmoil and spiraling inflation are now being captured in something that rarely crosses economists' radar: the price of sushi. Restaurateurs in the Eurasian nation are already grappling with surging prices of sushi ingredients, according to the report.

Persons: Steve Hanke, Maxim Tagin, Ilya Zakharov, cy, Vladimir Putin, Putin Organizations: West, Service, Russia, Metro, Financial Times Locations: Wall, Silicon, Ukraine, Restaurateurs, Odintsovo, Sochi, Russian, Russia

☆ The Kremlin's top brass are trying to pass the buck over the ruble's collapse. This rare public infighting shows just how precarious Russia's wartime economy is.
▼ + stars: | 2023-08-18 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The Kremlin's top brass are trying to pass the buck over the ruble's collapse. Russia's central bank governor, Elvira Nabiullina, said the weak ruble is due to changing trade flows. "A weak ruble complicates the economy's structural transformation and negatively influences real household earnings. "Blaming the central bank is like a drunkard's search — looking for the guilty where the light is," she said, the Financial Times reported earlier this week. The Kremlin, Russia's central bank, and Capital Economics did not immediately respond to requests for comment from Insider.

Persons: Putin's, Elvira Nabiullina, Maxim Oreshkin, Vladimir Putin's, Oreshkin, Nabiullina —, —, Liam Peach, Putin, Max Seddon, you've Organizations: Service, TASS, Financial Times, Capital Economics Locations: Wall, Silicon, Russian, Russia, Ukraine, Moscow, Surgut

An aerial view shows trees as the sun rises at the Amazon rainforest in Manaus, Amazonas State, Brazil October 26, 2022. REUTERS/Bruno Kelly/File Photo Acquire Licensing RightsBRASILIA, Aug 17 (Reuters) - Brazil's government is looking to create a regulated carbon market with emissions caps for major companies and protections for indigenous communities involved in carbon-offset activities, a senior official said. After passing Congress, the regulations would require two years of emissions monitoring before the cap takes effect. For example, some developers have approached indigenous communities with unfair contracts offering meager payments, he said. The proposed legislation would establish criteria for such deals, guaranteeing broad consensus and equitable terms for indigenous communities involved.

Persons: Bruno Kelly, Rafael Dubeux, Luiz Inacio Lula da Silva's, Lula, Dubeux, Marcela Ayres, Bernardo Caram, Brad Haynes, Devika Organizations: REUTERS, Rights, Finance, Climate, Thomson Locations: Manaus, Amazonas State, Brazil, Rights BRASILIA

The need to reintroduce stringent capital controls comes as Russian authorities grapple with a sharply weakening rouble, which tumbled past 100 to the dollar on Monday. One source at an exporting firm said the discussions concerned the forced conversion of up to 90% of exporters' revenues. Exporters who fail to return revenues to Russia could lose government support measures, too. One Russian banking source told Reuters that about $39 billion is stuck in Indian banks, which oil companies are unable to return to Russia. The high-level source said a minimal level of revenues was held in rupees, with even less in roubles.

Persons: Dado Ruvic, Central Bank Governor Elvira Nabiullina, Elena Fabrichnayaand Anastasia Lyrchikova, Gleb Stolyarov, Alexander Marrow, Gareth Jones, Nick Macfie Organizations: REUTERS, Reuters, RBC, FX, Central Bank Governor, Thomson Locations: Russia, Ukraine MOSCOW, Ukraine, Russia's, Moscow, India, Tbilisi

☆ Russia's ruble spikes as Putin and officials mull ways to prop up the currency after it dropped below a penny this week
▼ + stars: | 2023-08-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Russia's ruble jumped 5% against the dollar on Wednesday as the Kremlin mulls capital controls. President Vladimir Putin reportedly held talks with officials on ways to prop up the ruble. The ruble crashed Monday, and on Tuesday Russia's central bank raised its benchmark rate to 12% from 8.5%. Sources told the Financial Times that Putin was set to hear proposals Wednesday from the finance ministry that include forcing exporters to sell up to 80% of their foreign currency revenue, capping currency swaps, and limiting how much foreign currency exporters can move out of Russia. The Kremlin then turned to a host of emergency capital controls as well as sharp rate hikes to stabilize the ruble.

Persons: Vladimir Putin, Putin Organizations: Kremlin, Service, Financial Times, Bloomberg Locations: Wall, Silicon, Russia, Ukraine, Moscow

☆ Latin Americans fall prey to more online scams as cybersecurity lags
▼ + stars: | 2023-08-15 | by ( Carolina Pulice | ) www.reuters.com time to read: +4 min

Online scams in Brazil jumped 65% last year to over 200,000, according to data from the Brazilian Public Security Yearbook published last month. And across Latin America, online frauds and cyberattacks are at an "all-time high," says cybersecurity company Tenable, posing an urgent problem for a well-connected region. "Latin America is a priority target because it has a very connected population, which means that they are always exposed," said Claudio Martinelli, managing director for Latin America for Kaspersky. In a ranking of 93 countries on cyberthreat risks compiled by fraud prevention software SEON, nine of the 10 Latin American countries were ranked in the bottom half. Three Latin American countries - Honduras, Nicaragua and Venezuela - were seen among the 10 countries with the highest risks for cyberthreats.

Persons: Dado Ruvic, Gabriella Batalha didn't, Batalha, Kerry, Ann Barrett, Barrett, Claudio Martinelli, SEON, Tenable, Ransomware, Marcos Simplicio, Carolina Pulice, Brendan O'Boyle, Nick Macfie Organizations: REUTERS, MEXICO CITY, YouTube, Brazilian Public Security, International Telecommunication Union, Organization of American States, America, Kaspersky, Costa, University of Sao, Thomson Locations: MEXICO, Instagram, Rio de Janeiro, Brazil, America, Latin America, Caribbean, Peru, Mexico, Honduras, Nicaragua, Venezuela, University of Sao Paulo

☆ Tumbling rouble claws back ground as central bank to meet
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +6 min

Putin's economic adviser Maxim Oreshkin earlier said the central bank could ensure that the pace of lending drops to sustainable levels with higher rates. "The central bank has all the tools to normalise the situation in the near future." Asked earlier whether it might make an emergency hike from the current 8.5%, the central bank declined to comment. "The central bank is not fully in control," independent Moscow-based economist Ian Melkumov told Reuters. "The central bank doesn't want to kill the economy and businesses in the same way it had to last year," he said.

Persons: Rouble, Vladimir Putin's, rouble, Putin, Maxim Oreshkin, Oreshkin, Denis Popov, Popov, Matt Vogel, REUTERS Central Bank Governor Elvira Nabiullina, Vladimir Solovyev, Ivan, Timothy Ash, Ian Melkumov, Alexander Marrow, Marc Jones, Gareth Jones, Philippa Fletcher, Christina Fincher Organizations: TASS, of Russia's, FIM, Moscow News Agency, Handout, REUTERS Central Bank Governor, Popular, Kremlin, Reuters, BlueBay Asset Management, Thomson Locations: MOSCOW, Ukraine, Moscow, Russia, London

☆ Russian rouble sinks, Kremlin blames loose monetary policy
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +4 min

"The main source of rouble weakening and accelerating inflation is soft monetary policy," Oreshkin wrote. "The central bank has all the tools to normalise the situation in the near future and ensure that lending rates are reduced to sustainable levels. Last week, Russia effectively abandoned its budget rule, with the central bank halting the finance ministry's FX purchases to try and reduce volatility. "The central bank is not fully in control," independent Moscow-based economist Ian Melkumov told Reuters, although it has aggressive tools that it is currently reluctant to use. "(But) the central bank doesn't want to kill the economy and businesses in the same way it had to last year."

Persons: Kremlin, Rouble, Vladimir Putin's, Putin, Maxim Oreshkin, Oreshkin, Timothy Ash, Ian Melkumov, Alexander Marrow, Gareth Jones Organizations: TASS, Kremlin, of Russia, Moscow News Agency, Handout, REUTERS, Reuters, BlueBay Asset Management, Thomson Locations: MOSCOW, Ukraine, Russia, Moscow, London

☆ Kremlin blames loose monetary policy as rouble slides past 100 vs dollar
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +3 min

"The main source of rouble weakening and accelerating inflation is soft monetary policy," Oreshkin wrote. "The central bank has all the tools to normalise the situation in the near future and ensure that lending rates are reduced to sustainable levels. "It is in the interests of the Russian economy to have a strong rouble." The central bank hiked rates by 100 basis points in July to 8.5%, having held them steady since September. Last week, Russia effectively abandoned its budget rule, with the central bank halting the finance ministry's FX purchases to try and reduce volatility.

Persons: Kremlin, Rouble, Vladimir Putin's, Putin, Maxim Oreshkin, Oreshkin, Timothy Ash, Alexander Marrow, Felix Light, Guy Faulconbridge, Gareth Jones Organizations: Moscow News Agency, Handout, TASS, Kremlin, Bank of, BlueBay Asset Management, Reuters, Thomson Locations: Moscow, Russia, MOSCOW, Ukraine, Bank of Russia, London

Nissan late last month upgraded its full-year operating profit forecast, raising it by 30 billion yen ($208 million) to 550 billion yen. About 20 billion yen of that came from the currency, CFO Stephen Ma told a briefing. At smaller Subaru (7270.T), a move of one yen against the dollar has a 20 billion yen impact on operating profit, CFO Katsuyuki Mizuma said earlier this month. On Wednesday, a Honda official said its April-June operating profit came in tens of billions of yen higher than expected, with the weak yen accounting for about half of that. It is unclear how long the weak yen will last.

Persons: Aly, Satoru Aoyama, Stephen Ma, Katsuyuki Mizuma, Eisuke Sakakibara, Mizuma, Daniel Leussink, David Dolan, Toby Chopra Organizations: Auto, REUTERS, Toyota, Honda, Nissan, Fitch, Japan, U.S . Federal Reserve, Subaru, Lexus, Reuters, Thomson Locations: Auto Shanghai, Shanghai, China, Asia, Europe, CHINA

☆ Dollar gains, crosses key 145 yen level
▼ + stars: | 2023-08-11 | by ( Herbert Lash | ) www.reuters.com time to read: +4 min

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. In the 12 months through July, the PPI rose 0.8% after a 0.2% gain the prior month. Prior to the inflation data, that chance was already above 85%. The stronger dollar led the yen to briefly touch 145.03 in late afternoon trade, its highest since June 30. Japan intervened in currency markets last September when the dollar rose past 145 yen, which prompted the Finance Ministry to buy the yen and push the pair back to around 140 yen.

Persons: Florence Lo, Thierry Wizman, Wizman, Everyone's, Marvin Loh, Loh, Moh Siong Sim, Herbert Lash, Alun John, Ankur Banerjee, Kirsten Donovan, William Maclean, Jonathan Oatis Organizations: U.S, REUTERS, Federal, PPI, Labor Department, Treasury, Singapore, Finance Ministry, Swiss, Thomson Locations: Macquarie, New York, Boston, Japan, London, Singapore

☆ Startup nation no more? Investments plunge as Israel pushes on with judicial overhaul
▼ + stars: | 2023-08-11 | by ( Elliott Gotkine | ) edition.cnn.com time to read: +4 min

The judicial overhaul and the uncertainty, disruption and risks that come with it, are forcing him to shift Tipalti’s money and talent overseas, he says. The company keeps all its funds outside Israel, apart from three months’ payroll as required by its bank, he says. At the same time, money going into Israel’s 7,000 startups is plunging, says Ari Strasberg, SNC’s Vice President of Strategy. According to SNC, tech startups raised $15.5 billion in 2022, the equivalent to just under 3% of the country’s GDP. Protesters still hope the government will reverse course, or that its judicial overhaul bills will be struck down by the Supreme Court.

Persons: Chen Amit, ” Amit, Amit, Robert Israch, –, He’s, Ari Strasberg, ”, Morgan Stanley, Benjamin Netanyahu, Bezalel Smotrich Organizations: Israel CNN, Kaplan, CNN, Nation Central ”, “ Investments, SNC, Finance Ministry, Technology, Supreme Locations: Tel Aviv, Israel, Foster City , California, Israeli

☆ South Korea think-tank raises inflation forecast on higher energy prices
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Aug 10 (Reuters) - A South Korean government think-tank revised its annual inflation projection upwards on Thursday, citing the recent rise in energy prices, although it said the need for interest rate hikes has lessened. The forecast compares with the government and the central bank's inflation estimates of 3.3% and 3.5%, respectively. "While the economic sluggishness eased and the labour market continued a solid trend, a slowdown in inflation reduced the need for interest rate hikes," the KDI said in a statement. On growth, KDI kept its forecast unchanged at 1.5% for this year, higher than the government and the central bank's 1.4%. Risk factors to its growth forecast include sluggish growth in China, continued monetary tightening in major economies on higher inflation, and weaker domestic demand on smaller fiscal spending due to limited tax revenues, the KDI added.

Persons: KDI, Jihoon Lee, Muralikumar Organizations: Korea Development Institute, The Bank of Korea, Thomson Locations: SEOUL, China

Under its budget rule, Russia sells foreign currency from its National Wealth Fund (NWF) to make up for any shortfall in revenue from oil and gas exports, or makes purchases in the event of a surplus. The central bank restarted its own separate interventions this month, selling 2.3 billion roubles' worth of foreign currency a day, something it said it would continue to do. The bank's decision means that from Thursday, daily FX sales will total 2.3 billion roubles, as opposed to net sales of 0.5 billion roubles envisaged previously. The bank said it may defer purchases within the budget rule framework to 2024. "We may see new measures to stabilise the situation on the FX market," the analysts said.

Persons: Elena Fabrichnaya, Alexander Marrow, Darya Korsunskaya, Kevin Liffey, Kirsten Donovan Organizations: of Russia, National Wealth Fund, Bank of, FX, Thomson Locations: Russia, Ukraine MOSCOW, Moscow, London

☆ Dollar eases as China deflation lures investors into risk assets
▼ + stars: | 2023-08-09 | by ( Amanda Cooper | ) www.reuters.com time to read: +3 min

LONDON, Aug 9 (Reuters) - The dollar eased on Wednesday after data showed the Chinese economy slipped into deflation last month, which upped the chances for the government to roll out extra stimulus measures and nudged investors into risk assets. Dollar selling by state-owned Chinese banks helped the yuan rally from a one-month low, dealers said. The Chinese central bank's stronger-than-expected exchange-rate fixing at 7.1588 per dollar before the open signalled its discomfort with the yuan's recent declines. The dollar index - which measures the performance of the U.S. currency against six others - eased 0.1%, paring some of Tuesday's 0.47% rise. "Chinese inflation data showed that consumer prices have barely moved in July, confirming that the world’s second-largest economy is stalling and may be moving into deflation," he said.

Persons: There's, Ray Attrill, Ricardo Evangelista, Chris Scicluna, Patrick Harker, Raphael Bostic, Michelle Bowman, Kevin Buckland, Brigid Riley, Simon Cameron, Moore, Kirsten Donovan Organizations: National Australia Bank, Federal Reserve, Daiwa Capital, ECB, Bank of England, Philadelphia Fed, Atlanta Fed, Fed, Thomson Locations: China, Tokyo

☆ China's July new yuan loans seen dipping after record H1 - Reuters poll
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +3 min

Chinese banks are estimated to have issued 800 billion yuan ($110.98 billion) in net new yuan loans last month, down sharply from 3.05 trillion yuan in June, according to the median estimate in the survey of 29 economists. But the expected new loans would be higher than the 679 billion yuan issued in the same month a year earlier. Chinese banks doled out 15.73 trillion yuan in new loans in the first six months of this year, the highest first-half number on record, central bank data showed. Outstanding yuan loans were expected to grow by 11.3% in July from a year earlier, the same as in June, the poll showed. In July, TSF is expected to fall sharply to 1.10 trillion yuan from 4.22 trillion yuan in June.

Persons: Kim Kyung, TSF, Judy Hua, Kevin Yao, Conor Humphries Organizations: REUTERS, Thomson Locations: Beijing, China, BEIJING

A view shows Russian rouble coins in this illustration picture taken March 25, 2021. REUTERS/Maxim Shemetov/IllustrationAug 9 (Reuters) - The rouble hit a more than 16-month low on Wednesday, hampered by strong foreign currency demand and limited supply, with Russia's shrinking trade surplus and widening budget deficit also hurting sentiment. By 1023 GMT, the rouble was 0.2% weaker against the dollar at 97.32 , earlier hitting 97.48, its weakest point since March 25, 2022. It has been under pressure all year from Russia's shrinking balance of trade, as export revenues fall and imports rebound, dropping around 28% year-to-date from levels near 70 to the dollar. Brent crude oil , a global benchmark for Russia's main export, was 0.7% higher at $86.80 a barrel.

Persons: Maxim Shemetov, Egor Zhilnikov, Alexey Antonov, Antonov, Alexander Marrow, Andrew Heavens, Sharon Singleton Organizations: REUTERS, Alor Broker, Brent, Thomson Locations: Alor

☆ Italian bank stocks rebound as government waters down windfall tax
▼ + stars: | 2023-08-09 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Italian bank shares rebounded on Wednesday after the government watered down a surprise windfall tax on excess profits announced earlier this week. City analysts estimated that the Monday announcement of a 40% tax on excess income derived from higher interest rates in 2023 would deal a 19% blow to Italian lenders' net profits for the year. Shares of BPER Banca, Banco BPM, Intesa Sanpaolo, Finecobank and UniCredit all fell sharply during Tuesday trading wiping out more than 9 billion euros from the market capitalization of the Italian banking sector. Finecobank shares recovered 6% by mid-morning on Wednesday, while Unicredit and BPER Banca were both up by more than 4%. "Initially, right after the announcement of the windfall tax on Monday evening, the government reiterated that they were expecting to raise around 3 billion euros in tax, but then the market realized that the numbers didn't add up," Rania explained.

Persons: Gianmarco Rania, Rania Organizations: Banca, Banco, Citi, BPER Banca, Banor, CNBC

☆ Italy windfall tax: European bank stocks bounce after tax blow is watered down
▼ + stars: | 2023-08-09 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Banking stocks in Italy and elsewhere in Europe rebounded Wednesday after the country watered down a plan to whack its banks with a surprise one-off 40% tax on their windfall profits. The government’s climbdown eased investors’ fears over European banks more broadly. The Stoxx Europe 600 Banks index, which tracks 42 big banks in the European Union and the United Kingdom, gained 1.7% after shedding 3.5% the previous day. Late Monday, the government said it would impose a one-off windfall tax of 40% and would use the proceeds to support first-time home buyers and cut taxes for families and businesses. Several European countries, including Spain and the Czech Republic, have announced taxes on banks’ windfall profits in the past year as interest rate hikes by central banks have beefed up many lenders’ earnings.

Persons: ’, Giancarlo Giorgetti, Remo Casilli, Jeremy Hunt, Moody’s Organizations: London CNN — Banking, Banco, European Union, Reuters, Deutsche Bank, DB, Bank Locations: Italy, Europe, United Kingdom, Rome, Spain, Czech Republic

☆ European markets climb with inflation, Italian banks in focus
▼ + stars: | 2023-08-09 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

LONDON — European markets advanced on Wednesday, as traders digested China's disinflation and Italy's weakening of a surprise windfall tax on banks. The European blue chip index closed the Tuesday session 0.2% lower, with banks shedding 2.7% after the Italian government announced a surprise windfall tax on excess profits. Shares of Italian banks took a tumble on Tuesday as a result of a tax on net interest income announced on Monday. Citi analysts estimated that the levy represent around 19% of Italian lenders' net profits for the year. A Reuters poll of economists produced a consensus forecast for the July print of 3.3% year-on-year, up from 3% in June.

Persons: Hong Kong, Moody's Organizations: Novo Nordisk, Monday, Citi, Global, U.S, CPI, Federal, ABN Amro, TUI Locations: Stocks, China, Hong, Europe

NEW DELHI/BENGALURU, Aug 8 (Reuters) - Indian gaming app Mobile Premier League will lay off 350 employees as it takes steps to "survive" a tax imposed by the Indian government on online gaming companies, according to an internal memo seen by Reuters on Tuesday. The move comes on the back of the government's decision last month to impose a 28% tax on funds that online gaming companies collect from customers. The new rule will increase the company's tax burden by 350%-400%, MPL CEO Sai Srinivas said in the memo, adding that the company is revisiting expenses related to their server and office infrastructure. The source could not be named as they are not authorised to speak to the media. Reporting by Aditya Kalra; Additional reporting by Biplob Kumar Das and Ashish Chandra; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Sai Srinivas, Srinivas, MPL, Aditya Kalra, Biplob Kumar Das, Ashish Chandra, Sonia Cheema Organizations: NEW, Mobile Premier League, Reuters, Thomson Locations: NEW DELHI, BENGALURU

☆ Factbox: European countries imposing windfall taxes on banks
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +4 min

But he and Finance Minister Bruno Le Maire have ruled out the possibility of a windfall tax. HUNGARYHungary's government has tweaked windfall taxes imposed on key sectors of the economy in a decree published in June, saying banks can reduce their 2024 windfall tax payments by up to 50% if they increase their Hungarian government bond purchases. ITALYItaly approved on Aug. 8 a one-off 40% tax on profits banks reap from higher interest rates and it plans to use the proceeds to help mortgage holders. LITHUANIALithuania's parliament approved in May a windfall tax on the banking industry's net interest income for 2023 and 2024 following a sharp rise in European Central Bank interest rates. It is expected to raise 6 billion Swedish crowns a year.

Persons: Ralph Orlowski, Emmanuel Macron, Bruno Le Maire, Christian Lindner, Alessandro Parodi, Matteo Allievi, Olivier Sorgho, Silvia Aloisi, Tom Sims, Holger Hansen, Marta Frąckowiak, Alexander Smith Organizations: Germany's Deutsche Bank, REUTERS, Finance, HUNGARY Hungary's, European Central Bank, Swedish Government, Thomson Locations: Frankfurt, Germany, Italy, CZECH REPUBLIC, Czech, France, GERMANY, HUNGARY, ITALY Italy, LITHUANIA, SPAIN Spain, SWEDEN, Britain

A Pakistan International Airlines (PIA) passenger plane prepares to take off from the Benazir International airport in Islamabad, Pakistan, February 9, 2016. REUTERS/Faisal Mahmood/File PhotoISLAMABAD, Aug 7 (Reuters) - Pakistan plans to privatise its loss-making national carrier Pakistan International Airlines (PIAa.PSX), the government said on Monday, as the country also seeks to outsource its airport operations in line with an IMF deal. The privatisation decision was taken at a meeting of the Cabinet Committee of Privatisation chaired by Finance Minister Ishaq Dar. The committee "after deliberation decided to include Pakistan International Airlines Co. Ltd in the list of active privatisation projects of the ongoing privatisation programme, following an amendment in the law by the Parliament," a finance ministry statement said. Pakistan hopes to resume PIA flights to Britain in the next three months after services were suspended following a fake pilot scandal.

Persons: Faisal Mahmood, Ishaq Dar, Asif Shahzad, Baranjot Kaur, David Goodman, Mark Potter, Alistair Bell Organizations: Pakistan International Airlines, PIA, Benazir, REUTERS, Finance, Pakistan International Airlines Co . Ltd, PIAInvestment, European Union's Aviation Safety Agency, International Monetary Fund, Pakistan, Baranjot, Thomson Locations: Islamabad, Pakistan, ISLAMABAD, , New York, Britain, Europe, Bengaluru

Coins and banknotes of China's yuan are seen in this illustration picture taken February 24, 2022. BEIJING'S DILEMMALocal government debt reached 92 trillion yuan ($12.8 trillion), or 76% of economic output in 2022, up from 62.2% in 2019. To avoid that risk, the adviser suggested all stakeholders bear some of the burden: financial institutions, local governments, Beijing and society at large. From 2015 to 2018, local governments issued some 12 trillion yuan of bonds to swap for off-balance sheet debt. For the local debt problem to stop re-occuring policymakers need to implement profound changes to how the economy works.

Persons: Florence Lo, China's, Guo Tianyong, Logan Wright, ”, Tao Wang, Guo, Rhodium's Wright, Marius Zaharia Organizations: REUTERS, Beijing, Communist Party, Central University of Finance, Economics, Monetary Fund, Reuters, Local, UBS, BBVA, Thomson Locations: Beijing, BEIJING, “, China, Lincoln

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