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☆ Under strain from war, Russia plans a massive layoff in its public sector: report
▼ + stars: | 2024-11-12 | by ( Hannah Abraham | ) www.businessinsider.com time to read: +3 min

Russia will resume public sector layoffs, affecting up to at least 40,000 workers, per Kommersant. Layoffs were paused due to COVID-19 and Russia's invasion of Ukraine. The cuts would also allow more people to enter Russia's labor market which is experiencing a worker shortage. The cuts would also allow more people to enter Russia's labor market which is experiencing a widespread shortage of workers amid Russia's invasion of Ukraine. Workers have been pulled into the Ukraine war or forced to flee after Putin enacted a major mobilization to increase wartime recruitment.

Persons: —, Vladimir Putin, Putin, Harley Balzer, Russian Central Bank Governor Elvira Nabiullina Organizations: Service, Russian Kommersant, Kommersant, Russian Academy of Science's Institute of Economics, Workers, Georgetown University, Russian Central Bank Governor Locations: Russia, Ukraine, Russian

☆ Malaysia must avoid 'boom-bust' cycles to finally claim Asian Tiger status, central bank governor says
▼ + stars: | 2024-10-25 | by ( Shafi Musaddique | ) www.cnbc.com time to read: +4 min

Abdul Rasheed Ghaffour, governor of Bank Negara Malaysia, during a news conference at Sasana Kijang Center, which houses Bank Negara Malaysia facilities, in Kuala Lumpur. Malaysia is working toward having the "the right ingredients" to finally claim "Asian Tiger" status, but must avoid the traps of widening inequality seen elsewhere. That's according to Abdul Rasheed Ghaffour, the governor of the central bank of Malaysia, who believes the southeast Asian country must avoid a "boom-bust cycle that has happened before." But it may be a case of better late than never, thanks to better-than-expected economic growth this year. Ghaffour said Malaysia is moving into producing logic chips — more advanced chips often know as the brains of electronic devices.

Persons: Abdul Rasheed Ghaffour, Ghaffour, Karen Tso, Donald Trump, Kamala Harris Organizations: Bank Negara Malaysia, Bank Negara, Washington , D.C, CNBC, Asian Tigers, Oxfam, Taiwan's, Budget, Accounting, Statistics, Tech, Intel, Economic, ASEAN, Republican, Democratic Locations: Bank, Bank Negara Malaysia, Kuala Lumpur, Malaysia, Hong Kong, Singapore, Taiwan, South Korea, Washington ,, Hong Kong's, Penang, European, U.S, Malaysian, Thailand, Indonesia .

☆ Watch CNBC’s full interview with the Brazilian central bank governor
▼ + stars: | 2024-10-22 | 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 EmailWatch CNBC’s full interview with the Brazilian central bank governorRoberto Campos Neto, governor of the Central Bank of Brazil, speaks to CNBC’s Karen Tso at the IMF Meetings in Washington, D.C.

Persons: Roberto Campos Neto, Karen Tso Organizations: Central Bank of Locations: Brazilian, Central Bank of Brazil, Washington ,

☆ China cuts benchmark lending rates by 25 basis points
▼ + stars: | 2024-10-21 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

China on Monday lowered its main benchmark lending rates by 25 basis points at the monthly fixing. The one-year loan prime rate (LPR) has been cut to 3.1%, while the five-year LPR has been trimmed to 3.6%, the People's Bank of China (PBOC) said. The one-year LPR influences corporate loans and most household loans in China, while the five-year LPR serves as a benchmark for mortgage rates. China's central bank governor Pan Gongsheng had indicated on Friday during a forum held in Beijing that the loan prime benchmark rates would be lowered by 20 to 25 basis points. The seven-day reverse repurchase rate will be cut by 20 basis points, while the medium-term lending facility rate will be lowered by 30 basis points, Pan also highlighted.

Persons: LPR, Pan Gongsheng, Pan, Shane Oliver, Zhiwei Zhang, — CNBC's Evelyn Cheng Organizations: People's Bank of China, AMP Locations: China, Beijing

☆ CNBC Daily Open: China posts better-than-expected economic data
▼ + stars: | 2024-10-18 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Better-than-expected growth for ChinaChina's third-quarter gross domestic product expanded by 4.6% year on year, according to the National Bureau of Statistics. Chinese and U.S. retail sales going strongChina's retail sales for September grew 3.2% from a year ago, said the National Bureau of Statistics. Across the Pacific Ocean, retail sales in the U.S. rose a seasonally adjusted 0.4% for September.

Persons: Dow Jones, Pat Gelsinger, Altera Organizations: CNBC, China, National Bureau of Statistics, Dow, Dow Jones, Nasdaq, Intel, U.S . Federal Reserve Locations: U.S, Asia, Pacific, Shanghai

☆ China central bank chief flags more interest rate cuts
▼ + stars: | 2024-10-18 | by ( ) www.cnbc.com time to read: +1 min

A pedestrian walks past the People's Bank of China headquarters in Beijing, China, on Monday, Feb. 26, 2018. On Oct. 21, the Loan Prime Rate will decrease by 20 to 25 basis points, the official Xinhua news agency quoted Pan as saying. The benchmark seven-day reverse repurchase rate will also be lowered by 20 basis points and the medium-term lending facility rate reduced by 30 basis points, People's Bank of China Governor Pan Gongsheng told a financial forum in Beijing. At the financial forum on Friday, Pan also warned against any illegal fund flows into the stock market. Pan said the two measures were based entirely on market-oriented principles, and the swap facility was not a form of direct financial support from the central bank.

Persons: Pan, Pan Gongsheng Organizations: People's Bank of China, Xinhua Locations: Beijing, China, China's

☆ China pumps half a trillion dollars into beleaguered property sector. But that’s not enough
▼ + stars: | 2024-10-17 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

Since then, economists have been expecting an additional stimulus package worth up to 10 trillion yuan ($1.4 trillion) to restore bullishness in the world’s second-largest economy. Chinese Housing Minister Ni Hong attends a press conference on the property sector in Beijing, China, on October 17, 2024. Widespread concernThe ailing property sector is widely believed to lie at the root of China’s numerous economic woes. It also cut the reserve requirement ratio for banks by half a percentage point, which would free up about 1 trillion yuan ($142 billion) for new lending. The resulting crisis has resulted in a precipitous fall in real estate prices and loss of confidence among consumers.

Persons: Xi Jinping, Housing Ministry didn’t, Larry Hu, “, ”, Ni, Minister Ni Hong, Florence Lo, Xiao Yuanqi, Pan Gongsheng Organizations: Hong Kong CNN, Housing Ministry, Macquarie, CNN, ” Investors, Ministry of Housing, Ni Hong, Minister, Administration Locations: China, Hong Kong, Shanghai, Beijing

☆ IMF chief warns 'not yet time to celebrate' as low growth and high debt weigh on global economy
▼ + stars: | 2024-10-17 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

The head of the International Monetary Fund cautioned on Thursday that high debt and low growth remained major impediments to the global economy. "When we look into the challenges ahead of us, the biggest one is low growth, high debt. "It is successful major economies that have done really well … and there are pockets in the world where inflation is still a problem," she said. Georgieva warned that international trade would no longer be the "engine of growth" it once was, highlighting the proliferation of restrictive policies among many economies. Earlier on Thursday, Georgieva also pointed to wider geopolitical tensions as one of the key risks to global financial stability.

Persons: Kristalina Georgieva, Karen Tso, Georgieva, Ukraine — Organizations: International Monetary Fund, IMF, CNBC, Washington DC, World Bank Group, European Union, Ukraine Locations: Washington, U.S, China, United States

☆ Dollar hits one-month peak to yen as Fed seen taking time with rate cuts
▼ + stars: | 2024-10-03 | by ( ) www.cnbc.com time to read: +3 min

The euro languished not far from a three-week trough reached in the previous session, after normally hawkish European Central Bank policymaker Isabel Schnabel took a dovish tone on inflation, cementing bets for a rate cut this month. Currently, traders lay 34.6% odds of another 50 basis-point U.S. rate cut on Nov. 7, after the Fed kicked off its easing cycle with a super-sized reduction last month. "I do think that if the payrolls report overall is not too shabby tomorrow night, then we will see that pricing (for a 50 basis-point cut) coming in quite significantly." The dollar added 0.09% to 146.575 yen after earlier reaching 146.885 for the first time since Sept. 3. The euro was little changed at $1.10455, sitting not far from Wednesday's low of $1.10325, a level last seen on Sept. 12.

Persons: European Central Bank policymaker Isabel Schnabel, Ray Attrill, Attrill, Asahi Noguchi, Sterling Organizations: Federal Reserve, European Central Bank, Private U.S, ADP, Fed, National Australia Bank, Dovish Bank of Japan Locations: U.S, Iran, Israel

☆ China's stimulus isn't enough for its economic woes. But its stock rally could help.
▼ + stars: | 2024-09-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China's aggressive stimulus measures have sparked a significant stock market rally. Still, traders, investors, and speculators have sent China's stock market to its best month in nearly a decade, signaling that the market players think that Beijing's moves are a "bazooka." The People's Bank of China's stock market stimulus was unusual. An active stock market and improved investor confidence will improve expectations for economic development," the media outlet wrote. Mainland China's stock markets will also be closed from Tuesday to Monday.

Persons: —, Vishnu, Pan Gongsheng, Pan, Criss Wang, Data.TS, Varathan Organizations: Service, CSI, People's Bank, China Securities Journal, Chinese Communist Party, Hong Kong Stock Exchange Locations: China, Asia, Japan

☆ U.S. crude oil falls nearly 3%, trades below $68 on report Saudi committed to production increase
▼ + stars: | 2024-09-26 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

U.S. crude oil prices fell nearly 3% on Thursday on a report that Saudi Arabia is committed to pressing ahead with production increases later this year. Saudi is prepared to ditch its unofficial oil price target of $100 per barrel, people familiar with the kingdom's thinking told The Financial Times. Saudi officials are ready to increase oil production in December even if the move results in a prolonged period of low oil prices, the people said. Here are Thursday's energy prices:Prices are also under pressure on the expectation that oil production will rise in Libya. Oil prices rallied earlier in the week after Beijing announced a new stimulus package.

Organizations: Financial Times, Beijing Locations: Saudi Arabia, Saudi, Libya, China

☆ Why oil prices have plunged 3% today
▼ + stars: | 2024-09-26 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Saudi Arabia is committed to boosting oil output in December, the FT reported. The kingdom is resigning itself to a period a lower prices, sources told the FT.Oil markets spiraled on the news, falling as much as 4% on Thursday. AdvertisementA report that Saudi Arabia would ditch its unofficial crude price target sent crude oil prices sharply lower on Thursday. In essence, the kingdom is giving in to lower prices, FT sources said. The eastern-based faction has committed to reopening the country's oil fields in response, a move that could bring more crude output back online.

Persons: —, Brent Organizations: FT ., Service, Financial Times, West Texas Intermediate, Saudi, Bloomberg Locations: Saudi Arabia, Riyadh, Iraq, Kazakhstan, China, Libya

☆ 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

☆ China's central bank chief set to hold press conference days after Fed rate cut
▼ + stars: | 2024-09-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

The relatively rare high-level press conference was scheduled after the U.S. Federal Reserve cut interest rates last week. That kicked off an easing cycle that theoretically gives China's central bank further room to cut its rates and boost growth in the face of deflationary pressure. Pan became PBOC governor in July 2023. He then told reporters in March, alongside China's annual parliamentary meeting, there was room to cut the RRR further. China's government system also means that policy is set at a far higher level than that of the financial regulators speaking Tuesday.

Persons: Pan Gongsheng, Gongsheng, Pan Organizations: People's Bank of China, BEIJING — People's Bank of China Gov, U.S . Federal Reserve Locations: Shanghai, China, BEIJING

☆ Stock market today: Dow surges 462 points as stocks rally after jumbo Fed rate cut
▼ + stars: | 2024-09-19 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

Indexes rallied Thursday as investors continue to digest Wednesday's jumbo rate cut from the Fed. The Fed cut rates by 50 basis points in its first rate cut in over four years. AdvertisementUS stocks soared on Thursday in a late reaction to the Federal Reserve's jumbo interest rate cut. On Wednesday, the Fed issued its first interest rate cut since 2020, cutting its benchmark rate by 50 basis points. Bank of America analysts said after the meeting that they see 75 basis points of cuts in the fourth quarter and 125 basis points next year.

Persons: —, Jerome Powell's, Dow, today's 50bp, Goldman Sachs, Powell, Gen Z's Organizations: Fed, Service, Federal, Nasdaq, Bank of America, Labor Department, SEC

☆ A lone dissenting vote on the Fed's rate cut marks the first split by a central bank governor in 2 decades
▼ + stars: | 2024-09-18 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +1 min

The Fed's decision to cut rates by 50 basis points garnered support from 11 of 12 voting members. Fed governor Michelle Bowman dissented, marking the first split by a central bank governor since 2005. Bowman advocated for a smaller, 25 basis point cut. Federal Reserve Governor Michelle Bowman dissented, advocating for a smaller, 25 basis point cut as the committee opted for a large, 50 basis point cut. Bowman's dissent marks the first time a central bank governor has strayed from consensus on an interest rate decision since 2005.

Persons: Michelle Bowman, Bowman, — Organizations: Service, Federal, Business

☆ India can achieve sustainable growth of up to 8% in the coming years, central bank chief says
▼ + stars: | 2024-09-16 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +3 min

Punit Paranjpe | Afp | Getty ImagesIndia can achieve sustainable economic growth of up to 8% over the medium term, according to the country's central bank governor. The figures have ratcheted up pressure on the central bank to launch its own rate-cutting cycle sooner rather than later. Shaktikanta Das, governor of the Reserve Bank of India (RBI), speaks during the Global Fintech Fest 2024 in Mumbai, India, on August 28, 2024. Nurphoto | Nurphoto | Getty ImagesIt comes as major central banks have started to ease monetary policy in recent months, including the European Central Bank, the Bank of England and the Swiss National Bank. Women (silhouetted) walk past Reserve Bank of India (RBI) logo displayed at Global Fintech Fest exhibition in Mumbai.

Persons: Punit Paranjpe, CNBC's Tanvir Gill, Shaktikanta Das, Das, Goldman Sachs Organizations: Afp, Getty, Reserve Bank of India, International Monetary Fund, Nurphoto, European Central Bank, Bank of England, Swiss National Bank, The U.S . Federal Reserve, ECB, Bank of India, Global Locations: Mumbai, India, Japan, Germany, U.S, China

☆ Japan nominates ex-currency diplomat Kanda to head Asian Development Bank
▼ + stars: | 2024-09-10 | by ( ) www.cnbc.com time to read: 1 min

Masato Kanda, vice-minister of finance for international affairs at Japan's Ministry of Finance, during a press conference after the Group of 20 (G-20) finance ministers and central bank governors meeting. Japan will nominate Masato Kanda, the country's former top currency diplomat, as its candidate to become next head of the Asian Development Bank, Finance Minister Shunichi Suzuki said on Tuesday. Since the ADB was founded in 1966, its top post has always been filled by someone from Japan which, along with the United States, is the bank's biggest shareholder. That makes Kanda a strong candidate to take up the post. "(Kanda) is most appropriate to lead the ADB as he is well-versed in Asia-Pacific affairs and has built deep networks with executives from various countries and international institutions," Suzuki said at a regular press conference.

Persons: Masato Kanda, Shunichi Suzuki, Suzuki Organizations: Japan's Ministry of Finance, Asian Development Bank, Finance, ADB Locations: Japan, United States, Asia, Pacific

☆ China should focus on fighting deflationary pressure, former central bank governor says
▼ + stars: | 2024-09-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Yi Gang was governor of the People's Bank of China from 2018 to 2023. He is pictured here speaking at the Peterson Institute for International Economics in Washington, DC, US, on Saturday, April 15, 2023. SHANGHAI — China's policymakers need to focus on boosting domestic demand, Yi Gang, former head of the People's Bank of China, said Friday at the Bund Summit in Shanghai. "At this point, proactive fiscal policy and accommodative monetary policy are important," he said. In contrast to high inflation in the U.S. and Europe, China's consumer prices fell in 2023 and have only picked up marginally so far this year as domestic demand remains lackluster.

Persons: Yi Gang, Yi Organizations: People's Bank of, Peterson Institute for International Economics, Bund, Reuters Locations: People's Bank of China, Washington , DC, SHANGHAI, Shanghai, U.S, Europe

☆ Sanctions-hit Russia is rushing to set up payment systems, including crypto, to make trading easier
▼ + stars: | 2024-07-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

Read previewRussia is stepping up sanctions-evading measures to keep its international trade flowing. Russian central bank governor Elvira Nabiullina said the first transactions are expected by the end of this year, per Reuters. An existing ban on crypto payments in Russia remains, but Moscow's greenlighting crypto for international trade marks a significant shift. Russia could be eying a digital-currency-based settlement systemIt isn't clear how Russia's crypto and digital currency regimes will shape up. Even China, which has one of the world's most advanced digital currencies, relies on a "two-tier" system involving banks as wallet-holding agents.

Persons: —, Elvira Nabiullina, Nabiullina, Vladimir Putin, Moscow hasn't, Christopher Granville, Granville Organizations: Service, Russia's, Duma —, Reuters, Business, Bloomberg, US Treasury, GlobalData, Lombard, Russia Locations: Russian, Russia, Ukraine, cryptocurrencies, Hong Kong, Moscow, China, UAE, Turkey, Austria, India

☆ Some Russians are spending like no tomorrow with 'considerable' overheating in the economy
▼ + stars: | 2024-07-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

On Friday, the Russian central bank warned — yet again — of an overheating economy when it hiked rates from 16% to 18% in an attempt to rein in price gains. This suggests that overheating in the economy has remained considerable," said Elvira Nabiullina, Russia's central bank governor, on Friday during her rate hike announcement. Russians are traveling and spending on culture and hotelsThe rate hike from Russia's central bank comes amid a spending boom in the country where many appear to be spending very freely, even amid the war and Western sanctions, as the Financial Times reported on Friday. Russia's central bank may hike rates again if necessaryNabiullina said on Friday that Russia's GDP will grow 3.5% to 4% this year from a year ago. The central bank next meets on September 13.

Persons: —, Elvira Nabiullina, they're, Sergei Ishkov, Sawicki, Nabiullina, it's Organizations: Service, Business, Financial Times, Labour Locations: Russia, Russian, Russia's, Ukraine, Moscow, stoke

☆ Wealth of global top 1% grew by $42 trillion over past decade: Oxfam
▼ + stars: | 2024-07-25 | by ( Tami Luhby | ) edition.cnn.com time to read: +2 min

CNN —The last decade has been very lucrative for the world’s super-rich residents, fueling the drive by some advocates to tax them more. The top 1% has seen its wealth soar by $42 trillion over the past decade, according to a new analysis by Oxfam International, which is being released ahead of the G20 finance ministers and central bank governors’ meeting in Brazil. “The richest one percent of humanity continues to fill their pockets while the rest are left to scrap for crumbs.”Oxfam regularly issues reports highlighting global inequality and pushes for changes to start evening the playing field. “Momentum to increase taxes on the super-rich is undeniable, and this week is the first real litmus test for G20 governments. Finance officials from the world’s biggest countries began talks earlier this year on introducing a global minimum tax on billionaires.

Persons: That’s, ”, Max Lawson, Gabriel Zucman, ” Lawson Organizations: CNN, Oxfam International, Oxfam International’s, Oxfam, EU, Observatory, Zucman, Finance Locations: Brazil

☆ Former India central bank governor discusses problems with budget
▼ + stars: | 2024-07-24 | 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 EmailIndia budget highlights main issues but doesn't devote resources to them: Ex-central bank governorRaghuram Rajan, former Reserve Bank of India governor and professor of finance at the University of Chicago Booth School of Business, discusses the problems in India's budget.

Persons: Raghuram Rajan Organizations: Reserve Bank of India, University of Chicago Booth School of Business

☆ Chinese government bonds are on fire. That’s ringing alarms bells in Beijing
▼ + stars: | 2024-07-03 | by ( Laura He | ) edition.cnn.com time to read: +7 min

“What worries policymakers is the interest rate risk, which will rise once the dominant narrative shifts from deflation to reflation,” Hu from Macquarie said. If that happens, bond yields will rise as investors switch back into riskier stocks. The country’s “4,000 or so small and medium-sized banks” will be particularly vulnerable to the interest rate risk, he added. “The bubble formed by the rush of funds into the bond market is accumulating interest rate risks,” the Securities Times said in an editorial. Economic risksThe rapid decline in Chinese bond yields also poses significant risks to the economy.

Persons: “, ”, Pan Gongsheng, SVB, Larry Hu, ” Hu, Macquarie, Hu, Zhang Jiqiang, Ken Cheung Organizations: Hong Kong CNN, Silicon Valley Bank, People’s Bank of China, prudential, “, Federal Reserve, Macquarie Group, Zheshang Securities, Securities Times, Japan’s Norinchukin Bank, Huatai Securities, Mizuho Securities Locations: Hong Kong, Silicon, United States, Shanghai, China, Beijing, SVB, outflows

☆ Sweden central bank governor: Two to three more rate cuts this year is our best forecast
▼ + stars: | 2024-06-27 | 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 EmailSweden central bank governor: Two to three more rate cuts this year is our best forecastErik Thedéen, governor of Sweden's Riksbank, discusses the central bank's decision to hold rates in June and the factors behind its inflation outlook.

Persons: Erik Thedéen, Sweden's Riksbank Locations: Sweden

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