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☆ The IMF just raised its growth forecast for the US economy this year — but expects a slowdown in 2025
▼ + stars: | 2024-10-22 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The International Monetary Fund raised its growth forecast for the US economy to 2.8% this year. AdvertisementThe International Monetary Fund raised its growth forecast for the US, projecting the world's largest economy would expand by 2.8% this year instead of the 2.6% it predicted in July. However, they predicted GDP growth would slow to 2.2% in 2025 as the US government curbs its spending and the labor market cools, sapping consumption. The IMF projected global growth of 3.2% in both 2024 and 2025, virtually unchanged from its previous prediction. They underscored their latest forecast for global growth over the next five years of 3.1% was "mediocre" compared with the pre-pandemic average.

Persons: — Organizations: Monetary Fund, IMF, Service, UN Locations: China, East, Central Asia, Africa, Asia

The Swiss government on Wednesday selected Stefan Walter, a 59-year-old German national who was director-general of the European Central Bank for the last decade, to head the Swiss financial authority known as FINMA. Swiss authorities feared the collapse of such a major lending institution could further roil global financial markets following the failure of two U.S. banks last year. The troubles at Credit Suisse threatened to unhinge Switzerland's position as a leading financial market, and the takeover left the country with only one internationally important bank: UBS. Political Cartoons View All 253 ImagesA parliamentary panel created after the government-orchestrated merger has been looking into the origins of the deal. Walter, who has a master's degree in international banking from Columbia University in New York, will start the job on April 1, the Swiss government said.

Persons: Stefan Walter, Walter, Urban Angehrn, Angehrn, Mark Branson, Marlene Amstad, ” Amstad, SRF, FINMA Organizations: GENEVA, UBS, Credit Suisse, Swiss, European Central Bank, Federal Council, Columbia University Locations: Swiss, U.S, British, New York

☆ The IMF raises its economic outlook for both Russia and Ukraine, even as the war between them rages on
▼ + stars: | 2023-10-11 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The International Monetary Fund upgraded its economic forecasts for Russia and Ukraine Tuesday. It expects both to post similar annual GDP growth to the US in 2023. The IMF also warned that inflation is going nowhere in 2024 – and called for central banks to keep interest rates high. AdvertisementAdvertisementThe Russian and Ukrainian economies are holding up much better than was previously thought even as the war between Moscow and Kyiv rages on, the International Monetary Fund said Tuesday. The IMF upgraded its outlook for Russia's GDP growth from 1.5% to 2.2%, citing "substantial fiscal stimulus, strong investment, and resilient consumption in the context of a tight labor market".

Persons: —, Vladimir Putin's, ramping Organizations: Monetary Fund, IMF, Service, International Monetary Fund, Kremlin Locations: Russia, Ukraine, Moscow

☆ Fitch says banks in Asia are resilient to risks seen in U.S. bank failures
▼ + stars: | 2023-03-17 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

A sign for the financial agency Fitch Ratings on a building at the Canary Wharf business and shopping district in London, U.K., on Thursday, March 1, 2012. Asia-Pacific banks are "resilient to risks" highlighted by failures seen in U.S. banking sector, Fitch Ratings said Thursday, adding the exposure to Silicon Valley Bank and Signature Bank is insignificant for regional banks the agency covers. "The direct exposures among Fitch-rated banks in APAC to SVB and Signature that we are aware of are not material to credit profiles," Fitch said in a note. "Weaknesses that contributed to the failure of the two banks are among the factors already considered in our rating assessments for APAC banks, but these are often offset by structural factors," Fitch said, adding that exposures tend to be the largest in India and Japan. Fitch's assessment on banks in Asia-Pacific comes as U.S. Treasury Secretary Yellen overnight said not all uninsured deposits will be protected in future bank failures.

☆ Ukraine 'weeks away' from full IMF support program, says fund chief
▼ + stars: | 2023-02-18 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

The IMF's Managing Director Kristalina Georgieva has said a fully-fledged support program for Ukraine is "weeks away." Brendan Smialowski | Afp | Getty ImagesThe IMF is weeks away from finalizing a fully-fledged program of support for Ukraine, the fund's Managing Director Kristalina Georgieva told CNBC Saturday. The program comes at a crucial time for Ukraine, which approaches the first anniversary of Russia's invasion on Feb. 24. The IMF estimates that the country could require financial support in excess of $40 billion this year, even as Ukraine's economy is forecast to return to growth after a 30% contraction in 2022. "And two, because the country does need the policy support that the IMF provides.

☆ Coinbase is paying a $50 million fine over allegations it fell behind on a mountain of internal warnings
▼ + stars: | 2023-01-04 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

Coinbase is paying a $50 million fine after a New York agency found fault with its crypto platform. It will also invest $50 million into improving its own vetting of customers and transactions. Coinbase said it has taken "substantial measures" to improve its monitoring tech and protocols. The settlement, which the New York Department of Financial Services disclosed on Wednesday, includes a $50 million fine, and also calls for Coinbase to spend another $50 million on a monitoring plan overseen by the agency. Coinbase, a crypto exchange founded in 2012, has more than 100 million users on its platform.

As a woman in South Asian culture, I was taught that I wasn't supposed to be good with money. In fact, I can recall several conversations with aunties in our community advocating that we younger South Asian girls just "marry a rich Indian boy, from a good family." When it comes to South Asian women's relationship with money and their ability to attain financial agency, it's important to understand cultural context. "It became standard to try and pick up the bill, even when I knew I couldn't afford to, because this was something I'd seen up front and center in South Asian culture. Cultural expectations and narratives play a huge role in our ability as South Asian women to make different decisions, especially when it comes to our money and building wealth.

Find out what your state provides for first-time homebuyers:Programs in the NortheastConnecticutThe Connecticut Housing Finance Authority gives loans for down payment assistance. Programs in the SoutheastAlabamaThe Alabama Housing Finance Association has down payment assistance programs for low-to-moderate income earners, and a tax credit program that can be combined with down payment assistance. If you're buying a home in Louisville, you might qualify for a down payment assistance loan from the local government. WashingtonThe Washington State Housing Finance Commission has several down payment assistance programs that will loan you up to $10,000. The lender is also the one who will approve and process any applications for down payment assistance, closing cost assistance, or tax credits.

Persons: you've, you'll, Massachusetts MassHousing, SONYMA, There's, Kenner, Fannie Mae, Freddie Mac, Louis County, haven't Organizations: Northeast, Connecticut Housing Finance Authority, Housing Development Fund, Housing Authority, Maine MaineHousing, New Hampshire New Hampshire Housing, New, New Hampshire Housing, New Jersey Housing, Mortgage Finance Agency, New York Mortgage Agency, Pennsylvania Housing Finance Authority, Housing Network of, Vermont Housing Finance Agency, Southeast, Alabama Housing Finance Association, Arkansas, Finance Authority, of Columbia, Washington DC, DC Housing Finance Agency, Florida Housing Finance Corporation, Georgia, Georgia Department of Community Affairs, . Kentucky, Kentucky Housing Corporation, Louisiana Housing Corporation, Maryland Department of Housing, Community Development, Baltimore City . Mississippi The Mississippi Home Corporation, North Carolina Housing Finance Agency, South Carolina Housing, South, Tennessee Housing, Agency, Virginia Virginia Housing, Virginia Department of Housing, West, West Virginia The West, West Virginia The West Virginia Housing, Fund, Midwest Illinois, Federal Home Loan Bank of Chicago, Illinois Housing, Authority, Indiana, Indiana Housing, Community Development Authority, Iowa Finance Authority, Kansas Kansas Housing, Housing Development Authority, Minnesota Housing Finance Agency, Missouri Housing Development Commission, Community Action Agency of St, Nebraska Investment Finance Authority, North Dakota Housing Finance Agency, Ohio Housing Finance Agency, South Dakota Housing Development Authority, Wisconsin Housing, Economic Development Authority, Southwest Arizona The, Southwest Arizona The Arizona Industrial Development Authority, New Mexico Mortgage Finance Authority, Oklahoma, Oklahoma Housing Finance Agency, Texas The, Affordable Housing Corporation, Texas Department of Housing, Community Affairs, Alaska Housing Finance Corporation, Financial Agency, Southern, Southern California Home, Colorado Housing, Finance, Aurora, Hawaii Housing Finance, Development Corporation . Idaho, Idaho Housing, Finance Association, Montana Montana Housing, Nevada Housing Division, Oregon, Oregon Oregon Housing, Community Services, Utah Housing Corporation . Washington, Washington State Housing Finance Commission, Wyoming Community Development Authority, FHA Locations: Northeast Connecticut, Connecticut, Delaware, Maine, Massachusetts, New Hampshire New Hampshire, New Hampshire, New Jersey, Trenton, New York The State, Pennsylvania, Centre County, Rhode, Housing Network of Rhode Island, Vermont, Southeast Alabama, Arkansas, Washington, Florida, Georgia, Gwinnett County, Kentucky, Louisville, Louisiana, New Orleans, Maryland, Baltimore, Baltimore City . Mississippi, North Carolina, Carolina, South Carolina, Lexington, Tennessee, Virginia Virginia, West Virginia, West Virginia The West Virginia, Illinois, Indianapolis, Iowa, Kansas Kansas, Kansas, Michigan, Minnesota, Missouri, Louis, Nebraska, North Dakota, Ohio, South Dakota, Wisconsin, Southwest Arizona The Arizona, Mexico, Oklahoma City, Texas, Texas The Texas, West Alaska, Alaska, California, Southern California, Los Angeles County, Orange County . Colorado, Colorado, Aurora, Hawaii, Idaho, Montana Montana, Nevada, Oregon Oregon, Utah, Wyoming

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