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☆ China central bank releases slate of support measures amid a deepening economic slump
▼ + stars: | 2024-09-24 | by ( Evelyn Cheng | Evelyn Cheng Is A Senior Correspondent With Cnbc. | ) www.nbcnews.com time to read: +6 min

Lynn Song, chief economist for greater China ING, called the repo rate cut announcement “the most important” move made during the news conference. “If we see a large fiscal policy push as well, momentum could recover heading into the fourth quarter.”The headquarters of the People’s Bank of China in Beijing. During his first news conference as central bank governor in January, Pan said the PBOC would cut the reserve requirement ratio. Unlike the Fed’s focus on a main interest rate, the PBOC uses a variety of rates to manage monetary policy. Pan has indicated he would like the 7-day rate to become the main policy rate.

Persons: Pan Gongsheng, Pan, Lynn Song, ”, “, Jiang Qiming, ” Edmund Goh, Goldman Sachs, Li Yunze, Li, Nomura Organizations: People’s Bank of China Gov, China ING, “, U.S . Federal Reserve, People’s Bank of China, China News Service, Getty, Pan, National Financial Regulatory Administration Locations: BEIJING, China, Beijing, abrdn

☆ Europe cuts interest rates again as economic recovery falters
▼ + stars: | 2024-09-12 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —The European Central Bank (ECB) cut interest rates Thursday, lowering borrowing costs for the second time in recent months as inflation slows and Europe’s economy stumbles. The ECB cut rates for the first time in five years in June, but kept them unchanged at its last meeting in July. However, it marginally downgraded the outlook for economic growth in the eurozone to 0.8%, from 0.9% projected in June. “Financing conditions remain restrictive, and economic activity is still subdued, reflecting weak private consumption and investment,” the ECB said. Earlier this week, former ECB chief Mario Draghi said in a report that slowing economic growth and productivity present an “existential challenge” to Europe.

Persons: Bert Colijn, Christine Lagarde’s, Mario Draghi, Draghi Organizations: London CNN, European Central Bank, ECB, Olympic, Paralympic Games, P Global, Hamburg Commercial Bank, “, ING Locations: Germany, Paris, Europe, United States, China, EU

☆ Fears of predatory land grabs mount in the ashes of Maui, opening old wounds
▼ + stars: | 2023-08-17 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +7 min

CNN —The threat of predatory outsiders swooping in to buy up property under the ashes of Maui is sparking outrage and opening old wounds for locals. “And every time there’s a crisis, it accelerates.”Homes consumed in recent wildfires are seen in Lahaina, Hawaii, Wednesday, Aug. 16, 2023. Jae C. Hong/APA week after wildfires razed through west Maui, killing more than a hundred people and displacing thousands, locals are grieving and rallying together to take care of those who lost everything. It’s through these community-based efforts, Ing said, that the people of Maui will best find a way to equitably rebuild. An offering of flowers is left on the ground following the Maui fires in Lahaina, West Maui, Hawaii, August 16, 2023.

Persons: ”, Kaniela Ing, Jae C, insurrectionists, Queen Lili’uokalani, Sterling Higa, ” Higa, Justin Sullivan, Josh Green, don’t, he’s, ” Green, we’re, wrongdoers, ” Mana Moriarty, Ing, ” Ing, kanaka, Yuki Iwamura, Green, Higa, ” “, GoFundMe, “, “ That’s, it’s Organizations: CNN, Homes, Housing, “, Hawaii’s Department of Commerce, Consumer Affairs, Consumer, Green New Deal, Getty Locations: Maui, Hawaiian, Lahaina , Hawaii, American, Kingdom of Hawaii, United States, Lahaina, Hawaii, Lahaina , West Maui, AFP

☆ Dollar holds near 7-month high vs yen on policy split; Swedish crown record low
▼ + stars: | 2023-06-29 | by ( Samuel Indyk | Kevin Buckland | ) www.reuters.com time to read: +4 min

Japanese yen and U.S. dollar banknotes are seen in this illustration picture taken June 15, 2022. The ministry of finance and BOJ intervened in the currency market last autumn when the dollar strengthened beyond 145 yen. “They’re expressing confidence that a faster rate of QT is going to deliver a stronger crown and I think that’s a bit unproven,” ING’s Turner said. The dollar added 0.1% to 7.2492 yuan in the offshore market, taking it close to the previous day’s 7-1/2-month low of 7.2694. The Russian rouble weakened past 87 against the dollar to a 15-month low, hampered by domestic political risk concerns after an aborted mutiny over the weekend.

Persons: Florence Lo, Jerome Powell, Kazuo Ueda, Ueda, “, BOJ, ”, Chris Turner, ING’s Turner, hasn’t, Russian rouble Organizations: U.S, REUTERS, Bank of Japan, ING, Reuters, People’s Bank of, Citi Locations: U.S, there’s, Spain, tomorrow’s, North Rhine Westphalia, Germany’s, People’s Bank of China, Russian

☆ The Eurozone Slipped Into a Mild Recession Early in the Year
▼ + stars: | 2023-06-08 | by ( Liz Alderman | ) www.nytimes.com time to read: +3 min

Spending in the eurozone fell 0.3 percent in the first three months of this year after falling 1 percent in the previous quarter. Across Europe, countries swiftly stockpiled energy reserves, and a mild winter, together with mass conservation efforts, helped avoid the worst. The strategy has helped drive down the price of energy, and inflation in the eurozone’s biggest economies climbed down from record highs. In May, the annual rate of inflation was 6.1 percent, the eurozone’s lowest level in more than a year. The International Monetary Fund has warned that European policymakers’ main challenge this year would be to tame inflation without stoking a severe recession.

Persons: ” Claus Vistesen, “, ” Organizations: “, Pantheon, European Central Bank, Monetary Fund, ’, Analysts, ING Bank, Bank’s Locations: Germany, Spain, Italy, Portugal, Netherlands, France, Ukraine, Europe

☆ Asian markets tumble as SVB fears rattle banking sector
▼ + stars: | 2023-03-14 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Investors are now on edge over whether the demise of SVB could spark a broader banking sector meltdown. On Monday, US stocks were mixed, with banking shares taking a hit. In Hong Kong, shares in Bank of China (Hong Kong) and Hang Seng Bank fell 3.7% and 1.3% respectively. Sumitomo Mitsui Financial Group and Mizuho Financial Group both dropped more than 7%. In Seoul, KB Financial Group and Shinhan Financial Group fell 3.6% and 2.5% respectively.

☆ Oil set to close higher in 2022, a turbulent year marked by tight supplies
▼ + stars: | 2022-12-30 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

FILE PHOTO: A view shows Chao Xing tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. U.S. West Intermediate crude was at $78.88 a barrel, up 48 cents, or 0.6%, after closing 0.7% lower on Thursday. Brent is set to close 2022 with a 5.76% gain after rising 50.2% in 2021. Also, China’s zero-COVID restrictions, which were only eased in December, squashed oil demand recovery hopes at the world’s No. Looking ahead on supplies, western sanctions will push Russia to divert more crude and refined products exports from Europe to Asia.

☆ Oil set to end turbulent 2022 modestly higher
▼ + stars: | 2022-12-30 | by ( Florence Tan | Emily Chow | ) www.reuters.com time to read: +3 min

FILE PHOTO: A view shows Chao Xing tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. Brent looked set to end the year with a 7.6% gain, after jumping 50.2% in 2021. So I think oil prices may fall to $60 next year,” he said. Oil prices cooled quickly in the second half this year as central banks across the world hiked interest rates to fight inflation, boosting the U.S. dollar. Also, China’s zero-COVID restrictions, which were only eased in December, squashed oil demand recovery hopes for the world’s No.

☆ The political and spiritual symbolism of Mauna Loa’s historic eruption
▼ + stars: | 2022-12-01 | by ( Kimmy Yam | Kimmy Yam Is A Reporter For Nbc Asian America. | ) www.nbcnews.com time to read: +6 min

For many in the Native Hawaiian community, it carried a larger cultural and political symbolism and a message to respect Indigenous communities and land. Many Native Hawaiians are drawing from their mythology around Pele, the Hawaiian goddess of fire and creator of the islands, to help assign meaning to the historic eruption. “You don’t have authority to shape our sacred lands.”The eruption, Ing said, “is Pelehonuamea saying, ‘They’re right. And Pele’s lava flow, ho’omanawanui said, is associated with a cleansing that the Native Hawaiian community receives with gratitude rather than fear. So now Pele is coming in.”The symbolism around the eruption can also be applied to another lasting colonial force on the island: the tourism industry, Ing said.

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