DIRS.INFO The most relevant business & tech news

The Fund will strongly urge Beijing to shift its growth model away from debt-fueled infrastructure investment and real estate, she said. "Our advice to China is use your policy space in a way that helps you shift your growth model towards more domestic consumption," Georgieva said. "We actually project that without structural reforms, medium term growth in China can fall below 4%," Georgieva said. ANEMIC GLOBAL GROWTHThe IMF is preparing to issue a new set of global growth forecasts ahead of IMF and World Bank annual meetings Oct. 9-15. With China generating about a third of global growth this year, its growth rate "matters to Asia, and it matters to the rest of the world," Georgieva said.

Persons: Yuri Gripas, Kristalina Georgieva, Georgieva, Gina Raimondo's, Andrea Shalal, David Lawder, Chris Reese, Tom Hogue Organizations: Monetary Fund, REUTERS, Rights, Reuters, IMF, World Bank, U.S . Commerce, Thomson Locations: Washington , U.S, China, Beijing, United States, Europe, Morocco, Asia

☆ IMF says global debt fell as share of GDP in 2022, may resume rising trend
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +2 min

The IMF said in an update to its Global Debt Database that the world's total debt to-GDP ratio fell last year to 238% from 248% in 2021 and 258% in 2020. But the decline for the past two years, driven by strong growth and stronger-than-expected inflation, has recouped only about two thirds of the COVID-induced spike in global debt. China has played a central role in increasing global debt in recent decades as borrowing outpaced economic growth, and its debt burden has defied the moderating trend, growing to 272% of GDP in 2022 from 265% in 2021. The world has been on a debt "rollercoaster" for three years, but debt is likely to rise again over the medium-term, and the IMF urged governments to adopt strategies to help reduce debt vulnerabilities -- both in public debt, household debt and non-financial corporate debt. "If global debt resumes its rising rend going forward, the debt rollercoaster since the pandemic will look nothing more than a temporary deviation around its long-term rising trend."

Persons: Yuri Gripas, David Lawder, Chizu Organizations: Monetary Fund, REUTERS, Rights, IMF, Thomson Locations: Washington , U.S, China, United States

REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsCompanies Intuit Inc FollowWASHINGTON, Sept 8 (Reuters) - The Federal Trade Commission's (FTC) administrative law judge ruled on Friday that Intuit Inc., the maker of the popular TurboTax tax filing software, engaged in deceptive advertising and deceived consumers when it ran ads for “free” tax products and services, the FTC said in a statement. Intuit had revealed the ruling last week and the FTC statement confirmed the findings on Friday. The company must also disclose whether any good or service is not free to a majority of U.S. taxpayers, it said. Intuit on Friday called the ruling "groundless" and said it will appeal. "Intuit has always been clear, fair, and transparent with our customers and we remain committed to providing free tax preparation," it said in a statement.

Persons: Yuri Gripas, Michael Chappell, Doina, Jasper Ward, Aurora Ellis Organizations: Federal Trade Commission, REUTERS, Intuit, WASHINGTON, Federal Trade Commission's, Intuit Inc, FTC, Internal Revenue Service, Thomson Locations: Washington , U.S, U.S

☆ US Treasury official pushes IMF quota increase to bolster lending resources
▼ + stars: | 2023-09-07 | by ( David Lawder | ) www.reuters.com time to read: +4 min

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. "We are making a commitment to reinvest in the IMF," Shambaugh said at a Center for Global Development event. A quota increase would require member countries, particularly its larger, wealthier shareholders, to contribute more funds at a time of slowing growth and tighter fiscal budgets following years of pandemic spending. The comment was partly a swipe at China's rampant lending to developing countries and reluctance to engage on debt restructurings. The IMF is aiming to complete a review of its quota resources -- which form the biggest part of its $1 trillion in total lending firepower -- by Dec. 15, and is seeking "considerable progress" by IMF annual meetings in Morocco in October.

Persons: Yuri Gripas, Jay Shambaugh, Shambaugh, Joe Biden, Janet Yellen, David Lawder, Andrea Ricci, Diane Craft Organizations: Monetary Fund, REUTERS, Rights, U.S, Treasury, Growth Trust, IMF, Global, World Bank, Thomson Locations: Washington , U.S, India, China, U.S, Brazil, Morocco

☆ IMF-FSB recommends cooperation, info sharing for crypto asset regulation-report
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: 1 min

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsNEW DELHI, Sept 7 (Reuters) - The International Monetary Fund and Financial Stability Board has recommended cross border co-operation and information sharing for consistent regulation of crypto assets, the two said in a joint report to the Group of 20 nations released to the media on Thursday. A blanket ban that makes crypto activities illegal can be costly and demanding to enforce, the report added. Reporting by Sarita Chaganti Singh and Shivangi Acharya Writing by Swati BhatOur Standards: The Thomson Reuters Trust Principles.

Persons: Yuri Gripas, Sarita Chaganti Singh, Swati Bhat Organizations: Monetary Fund, REUTERS, Thomson Locations: Washington , U.S, DELHI

☆ South Korea should maintain current monetary, fiscal policies, IMF says
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsSEOUL, Sept 6 (Reuters) - South Korea should maintain current, restrictive monetary and fiscal policies as it needs to take steps to return to sustainable finances and address inflation, the International Monetary Fund (IMF) said on Wednesday. Instead of undermining economic growth, the prudent fiscal policy is judged to be instrumental in keeping South Korea's economic fundamentals strong in the medium term, Finger said at a press conference. Finger told reporters the IMF decided not to evaluate South Korea's foreign exchange reserve adequacy based on its Assessing Reserve Adequacy (ARA) metrics from July. The measure is mostly for emerging economies, and given its economic characteristics, it is more appropriate to assess South Korea's on a scenario basis, Finger said.

Persons: Yuri Gripas, Harald Finger, Finger, China's, Cynthia Kim, Jihoon Lee, Jacqueline Wong, Christopher Cushing Organizations: Monetary Fund, REUTERS, Rights, International Monetary Fund, South Korean, Bank of Korea, IMF, Thomson Locations: Washington , U.S, Rights SEOUL, South Korea, Korea

☆ Last Trump co-defendant surrenders at Georgia jail in election case
▼ + stars: | 2023-08-25 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

Former President Donald Trump speaks with reporters before departure from Hartsfield-Jackson Atlanta International Airport, Thursday, Aug. 24, 2023, in Atlanta. Alex Brandon | APThe last of 18 co-defendants of Donald Trump surrendered at an Atlanta jail on Friday morning, a day after the former president himself was booked there in the Georgia election interference criminal case. Stephen Lee, an Illinois police chaplain, surrendered at the Fulton County Jail by 11 a.m. Trump turned himself in Thursday evening at the same jail and was quickly released on $200,000 bond after being processed for 13 felony counts. Trump separately is charged in a federal criminal case with attempting to reverse his defeat in the national election.

Persons: Donald Trump, Alex Brandon, Stephen Lee, Trump, you've, Jeffrey Clark, Emily Hayes, Michael Roman, Shawn Still, Robert Cheeley, Trevian Kutti, Lee, Kutti, Ruby Freeman, Trump's, Joe Biden, Clark, Yuri Gripas Organizations: Hartsfield, Jackson Atlanta International Airport, Jail, Republican, Kanye, of Justice, DOJ, Biden, AFP, Getty Locations: Atlanta, Georgia, Illinois, Fulton, New Jersey, Newsmax, Fulton County

☆ Exclusive: Argentina to use IMF money to pay back part of a currency swap with China -sources
▼ + stars: | 2023-08-23 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +3 min

[1/2] The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. The cash-strapped economy has used money from the Chinese swap line to pay for imports as well as repay IMF debt. The swap line that the PBOC signed in 2009 with Buenos Aires was the first agreed with a Latin American country. Neither China nor Argentina have released much detail of the swap arrangement or any borrowing under it, so little is known about the currency line signed more than a decade ago. "The funds that will be disbursed today go in part to Qatar, to CAF and will lower the level of how much has been used from the swap line.

Persons: Yuri Gripas, PBOC, Jorgelina, Jorge Otaola, Karin Strohecker, Sandra Maler Organizations: Monetary Fund, REUTERS, International Monetary Fund, People's Bank of China, Fund, Buenos Aires, Development Bank of Latin, CAF, Qatar, Thomson Locations: Washington , U.S, Argentina, China, Buenos Aires, Buenos, American, Development Bank of Latin America, Qatar, SDRs, U.S, Rosario

☆ US antitrust regulator names Henry Liu to head competition unit
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

Federal Trade Commission seal is seen at a news conference in Washington, U.S., July 24, 2019. REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsAug 22 (Reuters) - The U.S. Federal Trade Commission (FTC) said on Tuesday that Henry Liu, a partner at law firm Covington Burling, would be the new director of the commission's Bureau of Competition. "I'm excited to have Henry at the helm of the Bureau of Competition," Chair Lina Khan said in a statement. At Covington & Burling, where he worked for 14 years, Liu rose to be a partner in litigation and antitrust practices, according to the statement. Liu went to Yale Law School, graduating in 2007, according to his LinkedIn page.

Persons: Yuri Gripas, Henry Liu, Covington, Liu, Henry, Lina Khan, R, Guy Cole Jr, Bill Clinton, Diane Bartz, Ismail Shakil, Rami Ayyub, Cynthia Osterman Organizations: Federal Trade Commission, REUTERS, U.S . Federal Trade Commission, Competition, Meta's Facebook, Amazon.com, FTC, Big Tech, Justice Department, Albertsons, Covington &, Yale Law School, U.S ., Appeals, Sixth Circuit, Thomson Locations: Washington , U.S, commission's, Covington, Covington & Burling, Washington, Ottawa

☆ Argentina agrees $775 million loan with Qatar to make IMF repayment
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File PhotoAug 4 (Reuters) - Argentina's government on Friday agreed with Qatar a $775 million loan to use to make an International Monetary Fund (IMF) repayment due this Friday. Argentina is grappling with a severe economic crisis with sky-high inflation and falling central bank reserves and is facing IMF repayments. The country's Economy Minister Sergio Massa said on Monday Argentina would not use "a single dollar of its own reserves" to make the IMF repayment. The Qatar loan will have the IMF's variable interest rate applicable to SDRs (IMF currency), which is currently 4.033% per annum, a presidential decree said.

Persons: Yuri Gripas, Sergio Massa, Massa, Nicolas Misculin, Natalia Siniawski, Jason Neely, Jane Merriman Organizations: Monetary Fund, REUTERS, Qatar, Argentina, IMF, CAF, Thomson Locations: Washington , U.S, Argentina, Qatar, China

☆ What's in the debt ceiling deal struck by Biden and McCarthy?
▼ + stars: | 2023-05-29 | by ( ) www.cnbc.com time to read: +4 min

U.S. President Joe Biden delivers remarks on the bipartisan budget agreement in the Roosevelt Room of the White House on May 28, 2023. A cap on discretionary spendingThe deal would suspend the $31.4 trillion debt ceiling until Jan. 1, 2025, allowing the U.S. government to pay its bills. Increased defense spendingThe deal would boost total defense spending to $886 billion, in line with Biden's 2024 budget spending proposal. Covid ClawbackBiden and McCarthy agreed to claw back much of the unused Covid relief funds as part of the budget deal. White House officials said some funds would be retained, including items related to vaccine funding, housing assistance and support for Native Americans.

☆ Biden set to address White House Correspondents Dinner
▼ + stars: | 2023-04-29 | by ( Maegan Vazquez | ) edition.cnn.com time to read: +9 min

But undoubtedly, a White House official told CNN, his speech will address the issue of wrongfully detained Americans abroad. US President George W. Bush, left, waves with impressionist Steve Bridges at the White House Correspondents' Dinner in 2006. Roger L. Wollenberg/Pool/Getty Images The White House Correspondents' Dinner is held in 1923. It was started two years earlier by the White House Correspondents' Association, the organization of journalists who cover the president. Roosevelt was congratulating Brandt for winning the first Raymond Clapper Memorial Award, which was given by the White House Correspondents' Association for distinguished reporting.

Reuters GraphicsNOTHING 'BROKEN' YETInternational economic officials gathering in Washington this week for the IMF and World Bank spring meetings can take some comfort that pandemic-era risks are continuing to diminish. An aggressive year of central bank rate hikes hasn't yet "broken" any of the economies involved, with the U.S. unemployment rate at 3.5%, near its lowest level since the late 1960s. Still, that terminal rate remains unclear, and the end of synchronized tightening by the Fed, BoE and European Central Bank doesn't mean tight monetary policy is going away. Wages, services and food are driving price growth to the point that the ECB's attention has shifted almost entirely to underlying inflation on fears that rapid price growth is at risk of getting stuck above target. The U.S. central bank is expected to increase its benchmark overnight interest rate by another quarter of a percentage point next month, and signal whether more hikes may be warranted.

The latter could slam global growth back to about 1% this year, effectively a recession on a per-capita GDP basis. 'PERILOUS' RISKSThe IMF's Global Financial Stability Report warned of a "perilous combination of vulnerabilities" in financial markets, saying that some participants had failed to adequately prepare for the impact of interest rate increases. Despite the warnings, the IMF's chief economist, Pierre-Olivier Gourinchas, said inflation is still the bigger problem and that price stability should take precedence over financial stability risks for central banks' monetary policy. Only in the event of a very severe financial crisis should those priorities be reversed, he said in a news conference. She added that the global financial system was also resilient due to reforms enacted after the 2008 financial crisis.

Argentina - a serial defaulter which has long battled high inflation, currency weakness and indebtedness - struck a $57 billion deal with the IMF in 2018 to try and fix its economic woes. Those reviews of how Argentina is doing against its economic targets are linked to scheduled disbursements of funds. Failure to meet the targets could stall the program or force the IMF to adjust the targets further. The IMF net reserve targets are the amount Argentina needs to accumulate over time above a baseline of $2.277 billion at the end of 2021. "That will make it hard to meet the IMF's (downwardly revised) FX reserve target and increases the risk of a disorderly devaluation."

☆ Some of Wall Street's top commentators fear a recession is at hand as rates set to go higher for longer
▼ + stars: | 2023-03-09 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Yesterday on Capitol Hill, Jerome Powell reiterated his warning that the Fed's more than ready to keep jacking up rates if necessary. Inflation hasn't gone away as easily as policymakers want, and Powell thinks that may just warrant a steeper policy path. That's not the most reassuring assessment of the situation as some of the biggest commentators in markets are saying a recession is right around the corner. The exec also broke down how to use the strategy in today's stock market to make extremely cheap bets that garner "through the roof" returns. Fannie Mae's Home Purchasing Sentiment Index dropped this week while mortgage rates moved higher.

The two-day meeting ended on Feb. 1 with the central bank raising its target interest rate by a quarter of a percentage point, a return to a more standard rate hike size after a year of sequential three-quarter point and half-point increases. The Fed uses the Personal Consumption Expenditures price index in setting its 2% inflation target. Since the meeting, some Fed officials have acknowledged they had pushed to continue with larger half-point rate increases at the last meeting, while investors have boosted their own outlook for where the Fed may end up. Most do not see the Fed returning to larger half-point increases now that they have slowed. While the minutes released today are particularly dated, given the jobs and inflation numbers released since then, policymakers will update their views next month with new economic and interest rate projections issued after the Fed's March 21-22 meeting.

☆ There's a massive disconnect between markets and the Fed - and Jerome Powell's messaging could fall upon deaf ears
▼ + stars: | 2023-02-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

Let's break down what to know ahead of the Federal Reserve's widely expected interest rate hike today. Today's rate hike decision probably won't surprise anyone, as markets have long priced in a 25-basis-point move for the February and March meetings. Goldman said he'll be watching for three things in Powell's speech:Powell will talk tough: "He's going to push back on financial markets. In any case, according to Reinking, unless Powell musters up some serious aggression, any messaging will ultimately fall upon deaf ears. What will your investment strategy look like following another interest rate hike from the Fed?

STRONG DEMANDIn its 2023 GDP forecasts, the IMF said it now expected U.S. GDP growth of 1.4%, up from 1.0% predicted in October and following 2.0% growth in 2022. It said the euro zone had made similar gains, with 2023 growth for the bloc now forecast at 0.7%, versus 0.5% in the October outlook, following 3.5% growth in 2022. The IMF said Europe had adapted to higher energy costs more quickly than expected, and an easing of energy prices had helped the region. Gourinchas said together, the two Asian powerhouse economies will supply over 50% of global growth in 2023. Even with China's reopening, the IMF is predicting that oil prices will fall in both 2023 and 2024 due to lower global growth compared to 2022.

☆ IMF says corruption has inflated costs of high-profile projects in Zambia
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +1 min

[1/2] The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File PhotoJOHANNESBURG, Jan 10 (Reuters) - The International Monetary Fund said on Tuesday that corruption had inflated the cost of numerous high-profile tenders and construction projects in Zambia. It added that corruption increased from 2009 to 2021 and "became particularly entrenched and institutionalized during 2016-2021." The current President, Hakainde Hichilema, was elected in August 2021, after defeating then-incumbent President Edgar Lungu. Reporting by Anait Miridzhanian and Rachel Savage; Editing by Estelle ShirbonOur Standards: The Thomson Reuters Trust Principles.

☆ Trump tax returns to be released by U.S. House panel on Friday
▼ + stars: | 2022-12-27 | by ( Moira Warburton | ) www.reuters.com time to read: +2 min

REUTERS/Yuri GripasDec 27 (Reuters) - Former Republican President Donald Trump's redacted tax returns will be made public on Friday, a spokesperson for the U.S. House of Representatives Ways and Means Committee said on Tuesday. The committee released a report into its findings last week, which said the Internal Revenue Service (IRS) broke its own rules by not auditing Trump for three of the four years of his presidency. The documents to be released on Friday are expected to include Trump's tax returns filed between 2015 and 2021, the years he ran for and served as president. Trump's tax returns were not released alongside last week's report because they contained sensitive information that had to be redacted before publication, committee members said. Trump was the first presidential candidate in decades not to release his tax returns during either of his campaigns for president.

☆ IMF strategy chief heads to China, to focus on speeding up debt treatments
▼ + stars: | 2022-11-30 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

[1/2] The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. Pazarbasioglu welcomed China's participation in a debt treatment package for Chad, the first country to complete the process under the Common Framework set up in late 2020 by the Group of 20 major economies. All eyes are on Zambia now, whose creditors are still hammering out a debt treatment solution, said Pazarbasioglu, who described Zambia's larger and more complicated debt restructuring as the real test case for the Common Framework. Pazarbasioglu said China was hosting a meeting of the "Premiere Plus," including international financial institutions and officials from China Development Bank and the Export-Import Bank of China. "The problem we have is that we don't have that time right now because these countries are very fragile and dealing with debt vulnerabilities," she said.

☆ Bidens host largest White House Diwali celebration ever
▼ + stars: | 2022-10-25 | by ( Sakshi Venkatraman | Sakshi Venkatraman Is A Reporter For Nbc Asian America. | ) www.nbcnews.com time to read: +2 min

The Bidens hosted Monday the largest Diwali celebration ever held in the White House, with some 200 guests in attendance as the president lit a diya, a ceremonial lamp, and addressed the holiday’s significance. Before he addressed the room full of South Asians, Biden invited two young kids to join him on stage. The president was joined at the ceremony by first lady Jill Biden and Vice President Kamala Harris, who was greeted with loud cheers as she took the stage to talk about her own relationship with Diwali. Dancers from the Sa Dance Company perform during a reception to celebrate Diwali at the White House, on Oct. 24, 2022. Yuri Gripas/ABACA / Sipa USA via AP“I have such fond memories of celebrating Diwali as a child,” Harris said.

☆ Here's how midterm elections could make or break the stock market
▼ + stars: | 2022-10-25 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

All that, plus there's the fast-approaching midterm elections that hold plenty more implications for investors. Historically, stocks shoot higher after midterm elections. Basically, the market usually reacts to midterms well because they are predictable in the sense that politicians can't make radical legislative changes. Attention stock market investors: The Fed could keep rates elevated for up to a year. Goldman Sachs detailed how to invest in each stock-market sector to best protect your portfolio from inflation and higher interest rates.

☆ Egypt nears staff-level agreement with IMF on terms of its programme
▼ + stars: | 2022-10-16 | by ( ) www.reuters.com time to read: +2 min

The International Monetary Fund (IMF) headquarters building is seen in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas/File PhotoOct 16 (Reuters) - Egypt has finalised a staff-level agreement with the international monetary fund (IMF) on the components of its programme, and will issue an announcement "very soon," the country's finance minister said on Sunday. In its own parallel statement on Saturday, the IMF said it had agreed with Egyptian authorities to finalise work to reach a staff-level agreement "very soon." The policies discussed, according to the IMF statement, included monetary and exchange rate policies that "would enable Egypt to gradually and sustainably rebuild foreign reserves," public debt reduction, social safety net expansion, and increasing competitiveness in the economy. Register now for FREE unlimited access to Reuters.com RegisterReporting by Moataz Mohamed; writing by Nafisa Eltahir; Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Yuri Gripas"

25 mentions found