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☆ World Bank's Banga says geopolitics pose biggest, but not the only, risk to world economy
▼ + stars: | 2023-10-24 | by ( Jorgelina Do Rosario | Thomson Reuters | Jorgelina Do Rosario Is Emerging Markets Correspondent At Reuters Based In London | ) www.reuters.com time to read: +1 min

LONDON, Oct 24 (Reuters) - Geopolitical tensions heightened by the Middle East conflict pose the biggest threat to the world economy right now but other risks are also at play, World Bank President Ajay Banga said on Tuesday. So yes, that is right there lurking in the shadows," Banga said, referring to a rise in the benchmark for borrowing costs around the world which further threaten an economic slowdown. Banga said that while everything in the developed world looks better than had been expected some time ago, "I think that we're at a very dangerous juncture." He said private sector investment is needed in developing economies but political risks in some of these countries remain a barrier. There is not enough money in government coffers or even in the multilateral development banks, we need to involve the private sector with their capital," he said.

Persons: Ajay Banga, Banga, Jorgelina, Karin Strohecker, Mike Harrison, Susan Fenton Organizations: World, Treasury, Future Investment Initiative, Thomson Locations: Riyadh, Israel, Gaza, Rosario

☆ Argentina's Peronists soar in election to seal run-off with radical Milei
▼ + stars: | 2023-10-23 | by ( ) www.cnbc.com time to read: +4 min

Javier Milei, presidential candidate of the Liberty Advances coalition, speaks at his campaign headquarters after polls closed for general elections in Buenos Aires, Argentina, Oct. 22, 2023. Argentina's ruling Peronist coalition smashed expectations to lead the country's general election on Sunday, setting the stage for a polarized run-off vote next month between Economy Minister Sergio Massa and far-right libertarian radical Javier Milei. "We have never had so much polarization," said 72-year-old pensioner Silvia Monto as she voted in Buenos Aires on Sunday. "He is the only one who understands the situation in the country and understands how to save it," said Buenos Aires student Nicolas Mercado, 22. Silvana Dezilio, 37, a housewife in Buenos Aires province, said it was hard to see a positive outcome whoever won.

Persons: Javier Milei, Argentina's, Sergio Massa, Massa, Patricia Bullrich, Milei, Carlos Gutierrez, Bullrich, Silvia Monto, Nicolas Mercado, Silvana Dezilio Organizations: Liberty Advances, Peronist, International Monetary Fund Locations: Buenos Aires, Argentina, Milei, China, Brazil

☆ Javier Milei wants Argentina to swap the peso for the US dollar. Here's what that would mean
▼ + stars: | 2023-10-23 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

For years, Argentinians have preferred to pay for many goods and services in greenbacks, rather than with their own collapsing currency, as part of an informal “blue dollar” currency market. To dollarize its economy, Argentina would need to exchange all pesos held by its people and businesses for US dollars, and assign a dollar value to all of its assets and contracts. The Fed would continue to set the cost of borrowing based on the needs of the US economy, not Argentina’s. Practical headacheThere’s another significant snag in Milei’s plan: Argentina doesn’t have enough dollars to ditch the peso. “People would need to take wheelbarrows of cash to convert to dollars,” Sabatini said.

Persons: Javier Milei, Sergio Massa, Argentina’s, JP Morgan, Argentinians, Milei, Natacha, Matias Baglietto, Reuters “ That’s, ” Christopher Sabatini, Kimberley Sperrfechter, ” Sperrfechter, It’s, ” Sabatini, Luis Robayo, Sabatini, ” Organizations: London CNN, National Institute of Statistics, Argentina’s, US Federal Reserve, Economic, Reuters, America, Chatham House, CNN, Capital Economics, International Monetary Fund, Getty, IMF Locations: Argentina, greenbacks, Washington, El Salvador, Panama, Ecuador, United States, Buenos Aires, AFP

☆ Almost half of Russians say salary does not cover basic spending - survey
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Evgenia Novozhenina/File Photo Acquire Licensing RightsMOSCOW, Oct 23 (Reuters) - The number of Russians who say their salary does not cover basic spending has jumped by 20 percentage points in two years to almost half, a survey by recruiter Headhunter showed, as Moscow diverts record fiscal resources to funding its war in Ukraine. Asked whether their salary was enough to cover basic spending, without taking into account income from second jobs or investments, just one in five Russians surveyed said yes. That is up from 25% in 2021 and 39% in 2022, Headhunter's survey showed. Of the 45% lacking the money for basic spending, more than half said they were at least 20,000 roubles ($212) short per month. The average monthly nominal wage earned by Russians was 71,419 roubles ($756) in July, Rosstat's statistics show.

Persons: Evgenia, Headhunter, Vladimir Putin, Alexander Marrow, Gareth Jones Organizations: U.S ., Russian, REUTERS, Rights, Bank of Russia's, International Monetary Fund, Thomson Locations: Moscow, Russia, Ukraine

[1/2] Argentina's presidential candidate Sergio Massa gestures during a press conference a day after the first round of Argentina's presidential election, in Buenos Aires, Argentina October 23, 2023. Local media reported similar though more informal campaigns in some hospitals, and the energy secretary warned the price of subsidized gas could double. 'CHAINSAWING' THE WELFARE STATE? "At the other end of the chainsaw he totes at rallies are the pocketbooks of millions of Argentines," he added. Additional reporting by Candelaria Grimberg and Lucinda Elliott; Editing by Adam Jourdan and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Massa, Cristina Sille, Sergio Massa's, Javier Milei, Massa, Milei, Amparo Anzaldi, Benjamin Gedan, Wilson, Cristina Fernandez de Kirchner, Ana Monclus, meanwhile, Anna, Catherine Brigida, Candelaria Grimberg, Lucinda Elliott, Adam Jourdan, Aurora Ellis Organizations: REUTERS, Argentine Economy, Peronist, Massa, Local, International Monetary Fund, Reuters, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Argentine

☆ India is a ‘slow trundling elephant’ but a viable alternative to China, says veteran investor David Roche
▼ + stars: | 2023-10-23 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

Veteran investor David Roche said India "is a slow trundling elephant" that still has many hurdles, but is now a viable alternative to China. "I think India stands to benefit from the decline in terms of the attractiveness of foreign direct investment and portfolio flows of China," Roche told CNBC's "Street Signs Asia" on Friday. After overtaking China to become the world's most populous nation, India could also leapfrog its neighbor to also become the world's second-largest economy by 2075. "So I think we're looking at a transfer of not only fixed investment by corporations, but portfolio investments out of China and into India," Roche said. "I think one has to look to sound the current levels and a note of caution about that," Roche warned.

Persons: David Roche, " Roche, CNBC's, Roche, Alicia Garcia, Herrero Organizations: China, Investors, Economic, CNBC Locations: India, China, Asia, Natixis

☆ Analysis: Time for central bank digital currencies to prove their worth
▼ + stars: | 2023-10-22 | by ( Marc Jones | ) www.reuters.com time to read: +5 min

REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsLONDON, Oct 22 (Reuters) - A milestone move by the European Central Bank toward launching a digital euro within a few years means the time has come for the newest incarnation of money to prove its worth. A few countries have introduced central bank digital currencies (CBDCs), China is trialling a prototype yuan with 200 million users, India is gearing up for a pilot and some 130 countries representing 98% of the global economy are exploring digital cash. Commercial bankers fret about the costs and possible deposit bleeds as customers could move money into central bank accounts, while developing countries worry that an easily accessible digital dollar, euro or yuan could cause havoc in their systems. DEFINING A GLOBAL STANDARDA key unknown is whether the U.S. Federal Reserve or Bank of Japan will launch retail CBDCs. "The current adoption level of eNaira has been reflective of the early stage of CBDC awareness," the country's central bank said in a written response to questions, adding it had been "consistent" with expectations.

Persons: Dado Ruvic, Josh Lipsky, Fabio Panetta, couldn't, Lee Braine, Bo Li, Atlantic Council's Lipsky, Lipsky, Marc Jones, MacDonald Dzirutwe, William Mallard Organizations: REUTERS, European Central Bank, Reuters, Atlantic Council, Facebook, ECB, Barclays, Bank of, U.S . Federal Reserve, Bank of Japan, International Monetary Fund, Atlantic, Thomson Locations: China, India, Western, Nigeria, U.S, Canada, Bahamas, London, Lagos

☆ Argentina heads to the polls in grip of fierce economic crisis
▼ + stars: | 2023-10-22 | by ( Nicolás Misculin | ) www.reuters.com time to read: +3 min

Workers load ballot boxes and voting material into a truck, ahead of the presidential election, in Buenos Aires, Argentina October 21, 2023. Milei, pledging to "chainsaw" the economic and political status quo, is the candidate to beat, with angry voters flocking to his tear-it-all-down message, fed up with inflation at 138% and poverty affecting over two-fifths of the population. Massa, current economy chief, remains in the running despite overseeing inflation hitting triple digits for the first time since 1991. He is pledging to cut the fiscal deficit, stick with the peso and defend the Peronist social welfare safety net. Pollsters see her as the most likely of the top three runners to miss out on a second round.

Persons: Mariana Nedelcu, Argentina's, Javier Milei, Sergio Massa, Patricia Bullrich, Milei, Federico Aurelio, Donald Trump, Jair Bolsonaro, Massa, Bullrich, Nicolas Mercado, Flavia Vázquez, Pollsters, Nicolas Misculin, Adam Jourdan, Chizu Organizations: REUTERS, American, Peronist Economy, International Monetary Fund, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, China, Brazil

☆ Argentina Heads to the Polls in Grip of Fierce Economic Crisis
▼ + stars: | 2023-10-22 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +3 min

Milei, pledging to "chainsaw" the economic and political status quo, is the candidate to beat, with angry voters flocking to his tear-it-all-down message, fed up with inflation at 138% and poverty affecting over two-fifths of the population. Amid this crisis Milei has risen abruptly, pledging shock therapy to fix the economy including dollarizing, shutting the central bank, slashing the size of government drastically and privatizing state entities. Massa, current economy chief, remains in the running despite overseeing inflation hitting triple digits for the first time since 1991. He is pledging to cut the fiscal deficit, stick with the peso and defend the Peronist social welfare safety net. Pollsters see her as the most likely of the top three runners to miss out on a second round.

Persons: Argentina's, Javier Milei, Sergio Massa, Patricia Bullrich, Milei, Federico Aurelio, Donald Trump, Jair Bolsonaro, Massa, Bullrich, Nicolas Mercado, Flavia Vázquez, Pollsters, Nicolas Misculin, Adam Jourdan, Chizu Organizations: Reuters, American, Peronist Economy, International Monetary Fund Locations: Misculin BUENOS AIRES, China, Brazil, Buenos Aires

☆ Argentina voters on a knife-edge as presidential election nears
▼ + stars: | 2023-10-21 | by ( Horacio Soria | ) www.reuters.com time to read: +3 min

[1/4] Workers unload ballot boxes and voting material from a truck, ahead of the presidential election, at a school on the outskirts of Buenos Aires, Argentina October 21, 2023. The vote is a tight three-way race between frontrunner radical outsider Javier Milei, ruling Peronist Economy Minister Sergio Massa and center-right former security minister Patricia Bullrich, all offering starkly different visions for Argentina. Libertarian economist Milei is in pole position to win, though would likely face a second round. "It seems to me that it is time for change, to see how we can alter the reality of the country." Reporting by Horacio Soria and Juan Bustamante; Writing by Adam Jourdan; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Mariana Nedelcu, Javier Milei, Sergio Massa, Patricia Bullrich, Soledad Sanchez, Bullrich, Milei, Massa, pollsters, Hernan Etchaleco, Agustin Geist, Horacio Soria, Juan Bustamante, Adam Jourdan, Daniel Wallis Organizations: Workers, REUTERS, Argentine, Peronist Economy, International Monetary Fund, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Peronist, Bullrich

This remote town is also where an alleged graft and money-laundering scheme related to the El Calafate hotels owned by the Kirchner family took place. In El Calafate, architect Walter Pieroni said some properties on the edge of the main commercial center could go days without water because of poor planning. In Santa Cruz, a province of some 333,000 people, fixing things was once the role of the Kirchners. Under the Kirchners, an airport was built in El Calafate, roads were paved to the glaciers, and plots of land were distributed to locals. "But they created a model that does not work and now our children have no future in this country," said Feldman, who has lived in El Calafate since 1987.

Persons: RIO, Alicia Kirchner, Kirchner, Javier Milei, Milei, " Kirchner, Nestor Kirchner, Cristina Fernandez de Kirchner, Fernandez de Kirchner, Alberto Fernandez, Patricia Bullrich, Sergio Massa, Santa Cruz, Brian Franco, Moreno, Franco, Eugenio Quiroga, El, Walter Pieroni, Weeks, Pieroni, Guillermo Carnevale, Peronist Fernandez, Mauricio Macri, Kirchnerism, Ana, Guerrero, hadn't, We've, Danny Feldman, Feldman, Lucinda Elliott, Adam Jourdan, Daniel Wallis Organizations: Peronist, Reuters, International Monetary Fund, El, Suppliers, Thomson Locations: Argentina, Rio Gallegos, Santa Cruz, Santa, China, Brazil, El Calafate, Spain, Germany, Buenos Aires

☆ France will struggle to meet deficit target, says IMF chief economist
▼ + stars: | 2023-10-21 | by ( ) www.reuters.com time to read: +1 min

PARIS, Oct 21 (Reuters) - France will struggle to bring down its budget deficit to 2.7% by 2027 without "a little more effort," the chief economist at the International Monetary Fund said on Saturday. Reforms that the government has put in place such as on pensions and unemployment "will bear fruit and help (...) with the budgetary situation in France, but it needs a bit more unfortunately," Pierre-Olivier Gourinchas told France Inter. In its 2024 budget, the French government is aiming to reduce debt and to make 16 billion euros in savings. On Wednesday, the government pushed revenue legislation in the 2024 budget bill through the lower house of parliament using special constitutional powers to bypass a lawmakers' vote, after failing to gain enough support. The spending side of the budget bill, which is to be examined by lawmakers starting next week, includes plans for 16 billion euros in savings, with 10 billion coming from the end of gas and power price caps.

Persons: Pierre, Olivier Gourinchas, Bruno Le Maire, Layli Organizations: International Monetary Fund, France Inter, Moody's Investment, Thomson Locations: France

ISLAMABAD, Oct 21 (Reuters) - Pakistan's three-time Prime Minister Nawaz Sharif is scheduled to arrive back home on Saturday after four years of self-imposed exile in London to kick-start his party campaign three months ahead of a general election. Sharif has not set foot in Pakistan since he left for London in 2019 to receive medical treatment while serving a 14-year prison sentence for corruption. When he was removed as premier in 2017, Pakistan's GDP growth rate was 5.8% and inflation was hovering around just 4%. In September, inflation registered at over 31% year-on-year, and growth is projected to be less than 2% this financial year. "Over his long political career, Sharif's relationship with the military brass has blown hot and cold.

Persons: Nawaz Sharif, Sharif, Imran Khan, Khan, Sharif's, Shehbaz Sharif, Michael Kugelman, Asif Shahzad, Stephen Coates Organizations: London, International Monetary Fund, South Asia, The Wilson, Thomson Locations: ISLAMABAD, London, Lahore, Dubai, Pakistan

☆ China’s leaders speed towards Japanisation
▼ + stars: | 2023-10-20 | by ( Edward Chancellor | ) www.reuters.com time to read: +8 min

LONDON, Oct 20 (Reuters Breakingviews) - China’s real estate market is in decline. The trouble is that China’s economic imbalances are far worse than Japan’s in 1990. Yet China’s GDP per capita has reached only half of Japan’s level in 1990. China’s economic misdirection is catalogued in Yasheng Huang’s “The Rise and Fall of the East”. After 1978 the authorities gave provincial governments substantial freedom to promote economic growth and rewarded them for meeting a growth target.

Persons: Xi, Xi Jinping, Huang, –, Xi’s, Beijing’s, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: Reuters, Monetary Fund, South, Asian, IMF, Reuters Graphics Reuters, Bank for International, MIT Sloan School of Management, HK, Communist, Huawei, Washington, Thomson Locations: Marrakech, People’s Republic, China, South Korea, Japan, deflate, Tokyo, California, Beijing, Taiwan, Communist

☆ Argentine voters, fired up by anger, ready to leap into the political void
▼ + stars: | 2023-10-20 | by ( Nicolás Misculin | ) www.reuters.com time to read: +5 min

REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsBUENOS AIRES, Oct 20 (Reuters) - Argentina may be about to leap into the political unknown. Many blame the political elite and have latched on to Milei's burn-it-all-down rhetoric. That will impact the make-up of Congress, which is being partially renewed and will likely end up fragmented. Many voters, however, appeared resigned to a Milei win - a reflection of how the former television pundit has managed to take hold of the political narrative, leveraging memes and videos online that have resonated with younger voters. "I'm going to vote for Massa, but Milei is going to win," said Stella Buk, 65, who has a book stall at the Parque Centenario fair.

Persons: Javier Milei, Agustin Marcarian, Sergio Massa, Patricia Bullrich, I'm, Sebastián Pizzo, Milei, Mariel Fornoni, Massa, Carlos Fara, Milei's, Mariel Segovia, Adriana Schedfin, Mabel Baez, Baez, Stella Buk, Nicolas Misculin, Adam Jourdan, Daniel Wallis Organizations: Argentine, La Libertad, REUTERS, International Monetary Fund, Management, Massa, Parque Centenario, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Brazil, Asia, Europe, China, Tapiales, Argentine

☆ Argentine Voters, Fired up by Anger, Ready to Leap Into the Political Void
▼ + stars: | 2023-10-20 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +5 min

By Nicolás MisculinBUENOS AIRES (Reuters) - Argentina may be about to leap into the political unknown. Many blame the political elite and have latched on to Milei's burn-it-all-down rhetoric. That will impact the make-up of Congress, which is being partially renewed and will likely end up fragmented. Many voters, however, appeared resigned to a Milei win - a reflection of how the former television pundit has managed to take hold of the political narrative, leveraging memes and videos online that have resonated with younger voters. "I'm going to vote for Massa, but Milei is going to win," said Stella Buk, 65, who has a book stall at the Parque Centenario fair.

Persons: Javier Milei, Sergio Massa, Patricia Bullrich, I'm, Sebastián Pizzo, Milei, Mariel Fornoni, Massa, Carlos Fara, Milei's, Mariel Segovia, Adriana Schedfin, Mabel Baez, Baez, Stella Buk, Nicolas Misculin, Adam Jourdan, Daniel Wallis Organizations: Reuters, Argentine, International Monetary Fund, Management, Massa, Parque Centenario Locations: Misculin BUENOS AIRES, Argentina, Brazil, Buenos Aires, Asia, Europe, China, Tapiales, Argentine

Investors arrive to the election looking at an economy in recession as a crippling drought hit the key agricultural sector. The gap to the official rate is above 150%. On the line is the survival of the country's $43 billion program with the International Monetary Fund and the possibility that Argentina defaults on its debt for a 10th time. "Dollarization would not cure the main issue in Argentina, which is a really large fiscal problem." "Debt does not need to be an immediate priority," said Khan, who doesn't expect dollarization to top the near-term list either.

Persons: Patricia Bullrich, Martin Cossarini, Javier Milei, Sergio Massa, Alejandro di Bernardo, Bernardo, Milei, Massa, Gabriel Rubinstein, Elijah Oliveros, Rosen, Zulfi Ali, Shamaila Khan, Khan, Hans Humes, Humes, Rodrigo Campos, Karin Strohecker, Susan Fenton Organizations: el Cambio, REUTERS, NEW, International Monetary Fund, Jupiter Asset, Bullrich, WE, JPMorgan, China, Institute of International Finance, IMF, America, PGIM, Oxford Economics, Reuters, Emerging Markets, Asia Pacific, UBS Asset Management, Massa, Greylock Capital Management, Thomson Locations: Buenos Aires, Argentina, Washington

☆ IMF seeks strong budget, narrower deficit from Sri Lanka
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Oct 20 (Reuters) - The International Monetary Fund (IMF) is looking for a strong budget and narrower deficit from Sri Lanka as it seeks funding to bridge the gap between government revenue and expenditure, the IMF mission chief for the country said on Friday. But the country has struggled to increase public revenue, with the IMF projecting a 15% shortfall this year. An improved performance for next year is necessary for Sri Lanka to get past the first review of its programme with the global lender. Sri Lanka reached a staff level agreement with the IMF late on Thursday to release the second tranche of about $330 million but still needs approval from the IMF management and Executive Board. Sri Lanka typically uses borrowings from state banks, taxes and government securities to fund its budget.

Persons: Sri Lanka Peter Breuer, Breuer, Uditha Jayasinghe, Sakshi Dayal, Jacqueline Wong Organizations: Monetary Fund, IMF, Thomson Locations: DELHI, Sri Lanka, Sri, Washington . Sri Lanka

☆ Country Garden and China's housing market struggle will weigh on global growth
▼ + stars: | 2023-10-19 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China’s real estate market remains a drag and will put pressure on global growth. The data comes at a time when Country Garden, once the country’s biggest homebuilder, is fighting for its life. The property slowdown will impact not just China, but also global growth, the International Monetary Fund (IMF) said on Wednesday. Global impactThe IMF said China’s property downturn will weigh on global growth prospects. Country Garden issued a statement on Thursday, threatening to pursue legal action against anyone spreading “malicious rumors” about its founder fleeing the country.

Persons: Hong Kong CNN —, ”, Krishna Srinivasan, Srinivasan, Yang Huiyan, Yang Guoqiang Organizations: Hong Kong CNN, National Bureau of Statistics, International Monetary Fund, NBS, IMF, Pacific Department Locations: China, Hong Kong, Beijing, Ukraine, Asia

☆ From Russia to the Middle East: Why China can’t afford another big conflict
▼ + stars: | 2023-10-19 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Now, as Israel’s war against Palestinian militant group Hamas threatens to spiral into a broader conflict that could shatter stability in the Middle East, China has called for a ceasefire while criticizing Israel’s actions. It also highlights China’s deep economic interests in both Russia and the Middle East, which it wants to safeguard at all cost. The world’s second largest economy depends on Russia and the Middle East for much of its energy needs. The Middle East is also a cornerstone in the Belt and Road Initiative. “Regional conflagration means long instability and long instability means no business for China in the Middle East,” he added.

Persons: ”, Eswar Prasad, refiners, Vladimir Putin, Xi, Sergei Guneyev, Russia’s, Putin, Russia —, Wang Yi, Jean, Loup Samaan, Joe Biden, QatarEnergy, Ahmed Aboudouh, Antony Blinken, Blinken, “ Organizations: Hong Kong CNN —, Moscow, Palestinian, Cornell University, Getty, Initiative, Shanghai’s Fudan University, United, China’s, Middle East Institute of, National University of Singapore, Wednesday, Jihad, Energy, China Petroleum & Chemical Co, Sinopec, Fudan University, Chatham House, US Department of State Locations: China, Hong Kong, Hong Kong CNN — Beijing, Ukraine, East, Palestine, Israel, United States, Russia, Beijing, Moscow, Saudi Arabia, Russian, AFP, Pakistan, Iran, Hamas, Tehran, Gaza, Qatar, China’s, Qatari, London, “, Persian, ”

☆ Argentina braces for election with economy in 'intensive care'
▼ + stars: | 2023-10-19 | by ( Eliana Raszewski | ) www.reuters.com time to read: +5 min

"It is an economy that is in intensive care," Miguel Kiguel, a former undersecretary of finance at the Economy Ministry in the 1990s, told Reuters. "The main challenge is to get Argentina out of stagnation, but to do that you have to lower inflation." J.P. Morgan has estimated inflation will end 2023 at 210%, while a central bank poll of analysts forecast 180%. In a bid to tamp down inflation Argentina's central bank has hiked the benchmark interest rate to 133%, which encourages saving in pesos, but hurts access to credit and economic growth. Milei wants to ditch the peso completely and dollarize the economy, while Bullrich says she favors a dual peso-dollar system.

Persons: Javier Milei, Sergio Massa, Patricia Bullrich, Miguel Kiguel, J.P, Morgan, Fernando Morra, Bullrich, Eliana Raszewski, Adam Jourdan, Daniel Wallis Organizations: Argentine, Buenos Aires, Argentina, Economy Ministry, Reuters, Reuters Graphics Reuters, Coldplay, Reuters Graphics, CENTRAL, International Monetary Fund, Thomson Locations: Buenos Aires, BUENOS AIRES, Argentina, China, Brazil

SINGAPORE, Oct 18 (Reuters) - The International Monetary Fund (IMF) downgraded its 2023 and 2024 growth forecasts for China, saying its recovery was "losing steam" and citing weakness in its property sector. The report projected that a prolonged housing market correction in China would in the near-term "trigger greater financial stress among property developers and larger asset quality deterioration". The IMF's 2023 outlook for Asia and the Pacific was brighter, with IMF calling it "the most dynamic region this year". Growth in Asia and the Pacific, however, is expected to slow to 4.2% next year. Central banks in the region, however, should guard against easing monetary policy prematurely, the IMF added.

Persons: Kanupriya Kapoor Organizations: Monetary Fund, IMF, Thomson Locations: SINGAPORE, China, Asia, Disinflation, Japan, Central

Based on International Monetary Fund data on comparative international investment positions through the early part of this year, U.S. portfolio investment overseas - equity, fund shares and debt securities - stood at more than $14.5 trillion. US funds shy of overseas equityUS economic growth roaring at more than 5%US expensive for a reason? The upshot could be an ever wider U.S. deficit on its net international investment position - potentially lifting the dollar as that inflates, but leaving it vulnerable to the yawning gap and foreign investor sentiment down the road. IMF chart on US net international investment deficitUS stocks lead the packThe opinions expressed here are those of the author, a columnist for ReutersEditing by Josie KaoOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, that's, it's, Julius Baer's, Yves Bonzon, Josie Kao Organizations: New York Stock Exchange, REUTERS, Atlanta Federal, Monetary, ICI, Thomson, Reuters Locations: New York City, U.S, China, Gaza, Russia, Ukraine, Moscow, Washington, Taiwan, United States, Swiss, Switzerland, Germany

☆ Sergio Massa: can Argentine political wheeler-dealer save Peronism?
▼ + stars: | 2023-10-18 | by ( Nicolás Misculin | ) www.reuters.com time to read: +5 min

Argentina's Economic Minister Sergio Massa and Brazil's Finance Minister Fernando Haddad (not pictured) hold a news conference, at the Casa Rosada presidential palace in Buenos Aires, Argentina, January 23, 2023. Massa has his own political structures," a spokesman for the ruling party told Reuters. He studied at a Catholic school in the suburbs of Buenos Aires, joined a conservative political party and then shifted to Peronism. He rose to chief of staff under Fernandez de Kirchner(2007-15), though later left her government under a cloud and set up his own political party. He finished third in the first round of voting when he ran for president in 2015, before he returned to the Peronist coalition as a congressman in 2019.

Persons: Sergio Massa, Fernando Haddad, Agustin Marcarian, Javier Milei, Massa, Julio Burdman, Agustin Rossi, Patricia Bullrich, Alberto Fernandez, grandee Cristina Fernandez de Kirchner, Kirchner, Fernandez de Kirchner, Nicolás Misculin, Adam Jourdan, Marguerita Choy Organizations: Argentina's Economic, Brazil's Finance, Casa, REUTERS, Peronist, Observatory, Reuters, International Monetary Fund, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, U.S, Peronism, Tigre

☆ Canada targets Airbnb, others to ease rental shortage
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Susana Vera/File photo Acquire Licensing RightsOTTAWA, Oct 17 (Reuters) - Canada will take steps in the coming weeks to ease a rental-unit shortage exacerbated by Airbnb (ABNB.O) and other short-term rental platforms, Finance Minister Chrystia Freeland said on Tuesday. Freeland said the government is examining options to ensure more short-term rentals become available as long-term rentals. Cities around the United States are more closely regulating short-term rentals, including by requiring hosts to obtain licenses and pay registration fees. In that province, there are 28,000 daily active short-term rental listings, up 20% from a year ago. Freeland's comments come a day after the banking regulator Office of the Superintendent of Financial Institutions shelved some planned mortgage rules related to tighter regulatory limits on debt-service coverage.

Persons: Finance Chrystia Freeland, Susana Vera, Chrystia Freeland, Freeland, Airbnb, David Ljunggren, Nivedita Balu, Alistair Bell, Rod Nickel Organizations: Finance, IMF, World Bank, REUTERS, Rights OTTAWA, British Columbia, Thomson Locations: Marrakech, Morocco, Canada, United States, Florence, Italy, Byron, British, Freeland, Toronto, Vancouver, Montreal, Ottawa

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