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Search resuls for: "fragmenting"


11 mentions found


☆ IMF's Georgieva says she told China to 'speed up' work on debt restructuring
  + stars: | 2023-04-06 | by ( Andrea Shalal | ) www.reuters.com   time to read: +2 min
WASHINGTON, April 6 (Reuters) - International Monetary Fund chief Kristalina Georgieva said she told China's new top economic official, Li Qiang, that China must accelerate its work to reach debt restructuring agreements for countries like Zambia, Ghana and Ethiopia. "The truth is, and I was ... very straightforward on that, it takes far too long for that (debt) resolution," she told an event hosted by Meridian House and Politico. "Yes, China has multiple institutions that deal with that, that makes it complicated domestically, but they have to speed up their participation." Georgieva said that during her visit Chinese officials underscored their commitment to multilateralism, opening up China's economy for more trade, and debt restructuring. Georgieva said Chinese officials also worried about fragmentation, but their foremost concern was securing jobs at home, with a target of creating 12 million jobs this year.
☆ IMF warns geopolitical fragmentation could raise financial stability risks
  + stars: | 2023-04-05 | by ( David Lawder | ) www.reuters.com   time to read: +3 min
WASHINGTON, April 5 (Reuters) - Rising geopolitical tensions and the resulting fragmentation of the global economy could increase financial stability risks, reducing cross-border investments, asset prices, payment systems and banks' ability to lend, the International Monetary Fund said on Wednesday. Such7 stability risks are driven through financial channels, IMF researchers said in the paper, prepared for next week's IMF and World Bank spring meeting as part of the Global Financial Stability Report. The paper cited research using the U.S.-China divergence in UN Security Council voting since 2016 as a proxy for rising geopolitical tension between an investing and a recipient country. Countries also should strengthen regional safety nets, through currency swap lines or precautionary credit lines from international financial institutions such as the IMF. Economies also reliant on external financing should build stronger buffers of international reserves, capital and liquidity buffers at financial institutions, the paper said.
☆ European banks, asset managers study halving stocks settlement time
  + stars: | 2023-03-02 | by ( Huw Jones | ) www.reuters.com   time to read: +2 min
LONDON, Mar 2 (Reuters) - Banks and asset managers have set up a new task-force to study whether Europe should keep up with Wall Street by halving the time it takes to settle share trades. Halving settlement in Europe would mean banks and asset managers having to reconfigure their IT systems at a cost. Last September, AFME poured cold water on an idea that would require agreement between the European Union, Britain and Switzerland to avoid fragmenting share trading. The task-force will look at whether Europe should adopt T+1 -- and if so, when -- in a bid to shape regulatory thinking. Given heavy transatlantic share trading, firms in Europe will have to make some changes to reflect the U.S. move in any case.
☆ Premarket stocks: What we learned at Davos: The economy is a mess, but there's still hope
  + stars: | 2023-01-20 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +8 min
New York CNN —Friday marks the end of the annual World Economic Forum meeting in Davos, Switzerland, an elite gathering of some of the wealthiest people and world leaders. The meetings between CEOs, politicians, and global figures at Davos can help set the tone for the year ahead. CEOs and political officials are also worried about the United States hitting its borrowing cap on Thursday, forcing the Treasury Department to start taking “extraordinary measures” to keep the government open. If an agreement isn’t reached, markets could plunge (like they did the last time this happened in 2011) and the United States risks having its credit rating downgraded again. China’s removal of strict coronavirus restrictions late last year is also expected to unleash a wave of spending that may offset economic weakness in the United States and Europe.
☆ In Davos, Leaders Fret Over Fragmenting Global Economy
  + stars: | 2023-01-18 | by ( Greg Ip | ) www.wsj.com   time to read: 1 min
Business executives and country officials are meeting at the World Economic Forum in Davos, Switzerland, this week. DAVOS, Switzerland—Geopolitical rivalry, technology decoupling and protectionism have increasingly altered the world’s business and political landscape, adding new risks and threats and, for some, opportunity, say executives and officials meeting this week at the World Economic Forum. “We are very concerned about geoeconomic fragmentation,” said Gita Gopinath , the number two official at the International Monetary Fund, in an interview. In conversations with member countries and in Davos, “This is something that comes up a lot.”
☆ EU to prepare law to help its green industry, back it with cash -Commission
  + stars: | 2023-01-17 | by ( Industry Insight | Reuters Professional | Climate-Smart Farming To Electric Rickshaws | ) www.reuters.com   time to read: +2 min
The EU is concerned that European companies will move to the United States, which has a $369 billion scheme to subsidise green production. The EU will therefore provide money for its industry as well, von der Leyen said. "To keep European industry attractive, there is a need to be competitive with the offers and incentives that are currently available outside the EU," she said. For the medium term, we will prepare a European Sovereignty Fund as part of the mid-term review of our budget later this year," von der Leyen said. She said the Commission was now working on what the needs of the green industry were.
☆ Globalization has been breaking down for a while – here's what could end it
  + stars: | 2022-12-06 | by ( Tom Chitty | ) www.cnbc.com   time to read: +1 min
It raised questions about whether the many benefits of globalization outweigh the geopolitical problems it has helped create. The latest wave of globalization has seen great resistance. Worker exploitation and a rise in inequality have also been at least partly attributed to globalization. "I think there's been a globalization bubble, and we're trying to correct it." Watch the video above to learn more about why economists think globalization is fragmenting – and what lies ahead.
☆ Singapore minister says country won't take sides as there's no win-win scenario in fractured world
  + stars: | 2022-11-17 | by ( Su-Lin Tan | ) www.cnbc.com   time to read: +4 min
"Global businesses have a voice and need to make their voice heard, that you prefer an integrated world, and not a fragmented world," Singapore's Education Minister Chan Chun Sing (pictured here in 2019) said. Bloomberg | Bloomberg | Getty Images"It's important to remember that a more interdependent world is a safer world. He cited Russia's war in Ukraine and the World Trade Organization dispute settlement crisis as some of the cracks in the system. "Global businesses have a voice and need to make their voice heard, that you prefer an integrated world, and not a fragmented world," Chan said. "World trade as a percent of GDP had in the past been going up very fast, which contributed to the very low rate of inflation.
☆ Deglobalization is not an option for any one of us, German Chancellor Olaf Scholz says
  + stars: | 2022-11-15 | by ( Su-Lin Tan | ) www.cnbc.com   time to read: +5 min
Picture Alliance | Picture Alliance | Getty ImagesGerman Chancellor Olaf Scholz and Singapore Deputy Prime Minister Lawrence Wong have taken a united stance on continuing to work with China, but also remain committed to diversification. Scholz said Germany is keen to deepen economic ties with Asia-Pacific, not just China, in line with the pursuit of trade diversification. Olaf Scholz German chancellor"Often these are nothing but protectionism in disguise," Scholz said. Picture Alliance | Picture Alliance | Getty ImagesSingapore's Wong said the U.S. and China both have broad interests across Asia and must find a way to coexist, compete and cooperate peacefully. Picture Alliance | Picture Alliance | Getty Images"And within ASEAN, no country wants to be in a position to have the two sides between China or the U.S.
☆ EU seeks better alignment with global sustainability rules
  + stars: | 2022-11-03 | by ( Huw Jones | Nita Bhalla | ) www.reuters.com   time to read: +2 min
LONDON, Nov 3 (Reuters) - The European Union sought on Thursday to reassure international companies it would seek to align its sustainability disclosure rules with a global initiative, after warnings from regulators over fragmenting capital markets. The International Sustainability Standards Board (ISSB) is writing global baseline standards for corporate disclosures on climate for use in non-EU countries such as Britain, while the United States is working on its own disclosure rules. "We want to see as much alignment as possible with the work of the International Sustainability Standards Board, even though as I have said Europe is likely to go further and faster to meet our more higher ambitions on climate," McGuinness said. She is moving to the next stage of the EU's green plans by assessing how best to encourage sustainable retail lending for small firms and households. "With the support of the European Banking Authority, we are examining what needs to be done to promote the growth of green loans and green mortgages," McGuinness said.
☆ How Italy could tip into a tailspin
  + stars: | 2022-09-19 | by ( Hugo Dixon | ) www.reuters.com   time to read: +7 min
Giorgia Meloni, leader of the far-right Brothers of Italy party, speaks during a rally in Duomo square ahead of the Sept. 25 snap election, in Milan, Italy, September 11, 2022. Italy will probably muddle through under Meloni, the leader of the Brothers of Italy, which opinion polls suggest will be the largest party after this Sunday’s election. Nobody wants Italy to go into a tailspin and drag down countries such as France and Spain, which also have high levels of sovereign debt. She might think the EU would still keep financial support flowing to Italy as it wouldn’t have the guts for a confrontation. But if the ECB then refused to buy Italian debt, and if neither side blinked, there would be a blow-up.
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