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☆ Marxist-leaning president takes power in Sri Lanka, a country long led by dynasties
▼ + stars: | 2024-09-23 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +2 min

COLOMBO — Sri Lanka’s leftist leader Anura Kumara Dissanayake took office as president on Monday, promising change in the island nation long led by powerful political families which is emerging from its worst economic crisis in more than seven decades. Supporters of Sri Lanka's newly elected President Anura Kumara Dissanayaka, celebrate in Colombo. Before Monday’s swearing-in, Prime Minister Dinesh Gunawardena resigned to make way for the new prime minister and his cabinet. Sri Lanka’s sovereign dollar bonds shed 2.88 to 3.28 cents on the dollar in early trade on Monday to bid between 49.14 and 49.77 cents. Sri Lanka’s close neighbors India, Pakistan, and the Maldives also congratulated Dissanayake on his win, along with China, the largest bilateral creditor.

Persons: Anura Kumara Dissanayake, Lankans, “, ” Dissanayake, Sri Lanka's, Anura Kumara Dissanayaka, Ishara, Ranil Wickremesinghe, ”, beautician, Dinesh Gunawardena, Gotabaya Rajapaksa, Dissanayake, Sri Lanka’s Organizations: Sri, Kodikara, Getty, International Monetary Fund Locations: COLOMBO, Colombo, AFP, India, Pakistan, Maldives, China

☆ Marxist lawmaker leads the vote count in Sri Lanka's presidential election
▼ + stars: | 2024-09-22 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +4 min

This is Sri Lanka’s first election since the Indian Ocean nation’s economy buckled in 2022 under a severe foreign exchange shortage, leaving it unable to pay for imports of essentials including fuel, medicine and cooking gas. Marxist-leaning Anura Kumara Dissanayake leaves a polling station after casting his vote in Sri Lanka's capital Colombo on Saturday. Grinding poverty for millionsButtressed by the IMF deal, Sri Lanka’s economy has posted a tentative recovery. The younger Premadasa polled 42% of the votes in 2019 to finish second, behind Rajapaksa, in the last presidential election. Support from farming communities in north and central Sri Lanka helped him close the gap on Dissanayake as counting progressed.

Persons: Kumara Dissanayake, Sajith Premadasa, Sri Lanka’s, Ranil Wickremesinghe, Dissanayake, Premadasa, Lanka’s, Gotabaya Rajapaksa, ”, Pradeep Peiris, ” Dissanayake, Eranga, Ranasinghe Premadasa, Rajapaksa Organizations: Sri, Sunday, University of Colombo, Monetary Fund, Marxist, IMF, National People’s Power, JVP Locations: “, Sri Lanka's, Colombo, Sri, Sri Lankans, Premadasa’s, Sri Lanka

☆ Sri Lankans elect Marxist-leaning Dissanayake as president to fix economy
▼ + stars: | 2024-09-22 | by ( ) edition.cnn.com time to read: +5 min

For me this is not a position, it is a responsibility,” Dissanayake told reporters after his victory which was confirmed after a second tally of votes. Dissanayake polled 5.6 million or 42.3% of the votes, a massive boost to the 3% he managed in the last presidential election in 2019. Anura Kumara Dissanayake of the National People's Power party leaves a polling station after casting his vote in Colombo, Sri Lanka, on Sept. 21, 2024. Grinding poverty for millionsButtressed by the IMF deal, Sri Lanka’s economy has managed a tentative recovery. Dissanayake ran as a candidate for the National People’s Power alliance, which includes his Marxist-leaning Janatha Vimukthi Peremuna party.

Persons: Kumara Dissanayake, Ranil Wickremesinghe, Sajith Premadasa, “, ” Dissanayake, “ Mr, ” Wickremesinghe, Dissanayake, Premadasa, Eranga, Gotabaya Rajapaksa, ”, Pradeep Peiris, Dissanayake’s, Janak Dias Organizations: COLOMBO Reuters, Marxist, National People's, Monetary Fund, University of Colombo, IMF, National People’s Power, JVP Locations: Lankans, Sri Lanka, Colombo, “, Sri

☆ Sri Lanka's Marxist-leaning Dissanayake in early lead to become president
▼ + stars: | 2024-09-22 | by ( ) www.cnbc.com time to read: +3 min

A man waves Sri Lanka's national flag after climbing a tower near presidential secretariat in Colombo on July 11, 2022, after it was overrun by anti-government protestors. (Photo by ARUN SANKAR/AFP via Getty Images)Sri Lanka's Marxist-leaning leader, Anura Kumara Dissanayake, grabbed a commanding early lead on Sunday in his bid to become the next president of the debt-ridden country seeking to elect a leader to bolster its fragile economic recovery. Dissanayake won about 53% of a million votes counted so far in the election, Sri Lanka's Election Commission data showed. "Though I heavily campaigned for President Ranil Wickremasinghe, the people of Sri Lanka have made their decision, and I fully respect their mandate for Anura Kumara Dissanayake." This was Sri Lanka's first election since the economy buckled in 2022 under a severe foreign exchange shortage, leaving the country unable to pay for imports of essentials including fuel, medicine and cooking gas.

Persons: ARUN SANKAR, Anura Kumara Dissanayake, Dissanayake, Sajith Premadasa, Ranil Wickremesinghe, Peremuna, Ali Sabry, Ranil Wickremasinghe, Kumara Dissanayake, Lanka's, Gotabaya Rajapaksa Organizations: Getty Images, Marxist, Sri, National, Power, JVP, International Monetary Fund, IMF Locations: Colombo, Sri Lanka's, Saturday's, Sri Lanka

☆ Heavily indebted Sri Lanka votes in election to decide economic future
▼ + stars: | 2024-09-21 | by ( ) www.cnbc.com time to read: +3 min

A man waves Sri Lanka's national flag after climbing a tower near presidential secretariat in Colombo on July 11, 2022, after it was overrun by anti-government protestors. Rathnayake, the head of Sri Lanka's election commission, told Reuters. Buttressed by a $2.9 billion bailout programme from the International Monetary Fund, Sri Lanka's economy has posted a tentative recovery but the high cost of living remains a core issue for many voters. "Use your vote wisely so Sri Lanka can continue its recovery and move forward towards a sustainable and prosperous future." Sri Lanka's ranked voting system allows voters to cast three preferential votes for their chosen candidates.

Persons: ARUN SANKAR, Ranil Wickremesinghe, Sajith Premadasa, Kumara Dissanayake, Sri, Gotabaya Rajapaksa, Ali Sabry, Lanka's Organizations: Getty, Citizens, R.M.L, Reuters, International Monetary Fund, IMF Locations: Colombo, Lanka's, Sri Lanka's, Sri, Sri Lanka

☆ How Fed rate cuts affect the global economy
▼ + stars: | 2024-09-18 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +4 min

The Federal Reserve's interest rate decisions can influence the trajectory of the U.S. economy. Changes to the Fed's interest rate can influence the cost of loan products such as mortgages and the value of cash, bonds and stocks. The Federal Reserve's decision to cut interest rate comes after months of shaky labor market data in the U.S. Fed decisions can also impact foreign exchange markets given their effect on the value of U.S. dollars, the global reserve currency. Economists at the Fed write that China's central bank has managed the value of the yuan to help the country achieve its goals on trade.

Persons: Gregory Daco, Federal Reserve Board they're, Reena Aggarwal, they've, Freya Beamish, Beamish Organizations: Federal, Market Committee, International Monetary Fund, U.S, European Central Bank, IMF, Federal Reserve Board, Georgetown, Psaros, CNBC, People's Bank of, Federal Reserve, TS Lombard Locations: U.S, EY, United States, People's Bank of China, China

☆ 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

☆ Gold rallies to record high on U.S. rate-cut optimism
▼ + stars: | 2024-09-13 | by ( ) www.cnbc.com time to read: +2 min

One kilogram gold bars are displayed for a photograph at the YLG Bullion International headquarters in Thailand on January 13, 2016. Gold prices soared to an all-time high on Friday as the dollar weakened amid prospects of a U.S. interest rate cut next week, while palladium has gained 15% so far this week. Spot gold was up 0.2% at $2,565 per ounce, as of 0258 GMT, after hitting a record high of $2,567.93 earlier in the session. The dollar fell to a one-week low, making gold less expensive for other currency holders. Palladium climbed 0.16% to $1,048.06 and was headed for the best week since Dec. 11, 2023, fueled by export curb concerns.

Persons: Bullion, Tim Waterer, Vladimir Putin Organizations: KCM, Monetary Fund, Fed, West Locations: Thailand, U.S, Moscow

☆ Trump likely wouldn’t need Congress to approve his most controversial trade policy
▼ + stars: | 2024-09-12 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN —It’s easy to dismiss many presidential candidates’ campaign promises as empty, because Congress would need to approve them. Alex Durante, an economist at the Tax Foundation, a right-leaning think tank, told CNN that 100% tariffs would threaten the economy. It’s possible he is floating 100% tariffs as just a threat designed to change the behavior of other countries. ‘No question it’s inflationary’The Trump campaign did not provide an explanation to CNN about how Trump would implement 100% tariffs nor what the trigger would be. He said Trump’s tariff plan, if enacted, would risk setting off a market panic like former UK Prime Minister Liz Truss did in 2022.

Persons: New York CNN —, Donald Trump, Trump, ” Trump, “, you’re, ” Maury Obstfeld, Obstfeld, ” Obstfeld, Christine McDaniel, George W, Bush, ”, McDaniel, George Mason University’s, Alex Durante, ” Durante, Brian Hughes, ” Hughes, ‘, Harris, Kamala Harris, ” Kent Smetters, Smetters, Wharton “, it’s, ” Wharton, Liz, Joe Brusuelas, ” “ I’m, Joe Biden, Biden, Brusuelas, Liz Truss, Matt Priest, Trump’s Organizations: New, New York CNN, Peterson Institute for International Economics, CNN, International Monetary Fund, Trump, United States Trade Representative, Commerce Department, Tax Foundation, University of Pennsylvania’s Wharton School, Penn Wharton Budget, Wharton, ABC, RSM, Democratic, Footwear Distributors, Retailers of America Locations: New York, Wisconsin, United States, China, Russia, “, American

☆ Many 'doubted the vision': Saudi investment minister touts 'green shoring' on path to diversification
▼ + stars: | 2024-09-08 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Saudi Minister of Investment Khalid al-Falih pushed back against skepticism over the country's economic diversification plan, as Riyadh touts "green shoring" investment opportunities to woo foreign financing. The Saudi minister on Saturday said that, eight years into manifesting Vision 2030, the kingdom is now "more committed, more determined" to the program and has already implemented or is about to complete 87% of its targets. The number of foreign investment licenses issued in Saudi Arabia nearly doubled in 2023, the IMF noted, with government data pointing to a 5.6% annual increase in net flows of foreign direct investment in the first quarter. Concerns have nevertheless lingered over the potential uncertainty and unpredictability of the kingdom's legal framework and its dispute resolution system for foreign investment. Al-Falih insisted that Saudi Arabia boasts predictability, as well as domestic political and economic stability.

Persons: Khalid, Falih, CNBC's Steve Sedgwick, Mohammed bin Salman's Organizations: International Monetary Fund, IMF Locations: Saudi, Riyadh, Cernobbio, Italy, U.S, Saudi Arabia

☆ India and Singapore agree to cooperate on chips as countries seek to strengthen partnership
▼ + stars: | 2024-09-05 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +4 min

The announcement comes during Indian Prime Minister Narendra Modi's two-day visit to the Lion City, which began Wednesday following a trip to Brunei. The next phase of the Singapore-India partnership is very promising," Singapore Deputy Prime Minister Heng Swee Keat said at the Singapore-India Forum organized by the Singapore-India Partnership Foundation, Institute of South Asian Studies and the Singapore Business Federation. "Singapore, India and the rest of Asia must continue to strengthen on economic connectivity and integration, to allow for capital, ideas and talent to find their optimal uses," he said. We want to create a bunch of Singapores in India," Modi said in a meeting with Wong. watch nowOn Wednesday, Modi and Singapore's Prime Minister Lawrence Wong visited Singaporean semiconductor and electronics company AEM, signaling their intent to increase cooperation in chips.

Persons: Narendra Modi, Brunei Sultan Hassanal, Dean Kassim, Narendra Modi's, Heng Swee Keat, Modi, Wong, Lawrence Wong, Heng, Ajit Doval, It's, Anit Mukherjee Organizations: India's, Istana Nurul, Afp, Getty, SINGAPORE —, Indian, Lion, Singapore -, India Partnership Foundation, Institute of South Asian Studies, Singapore Business Federation, U.S, International Monetary Fund, Singapore's, National, Imports, CNBC, Modi's, King's College London, Economic, Board Locations: Brunei Sultan, Istana Nurul Iman, Bandar Seri Begawan, SINGAPORE, SINGAPORE — India, Singapore, Brunei, India, Singapore - India, Asia, —, China, Germany, Japan

☆ AI will reshape the global labor force. Employers will need to help their workers keep up.
▼ + stars: | 2024-08-28 | by ( Tim Paradis | ) www.businessinsider.com time to read: +10 min

AdvertisementMissy Scalise has begun using AI to cut down on the amount of work she has to do after hours. In 2023, the World Economic Forum reported that employers expected 44% of workers' skills to be "disrupted" within five years. Another challenge with inserting AI into an organization is that it's often difficult to tell which skills workers possess and where they might need training. Charlotte Relyea, a senior partner at McKinsey & Co., believes that leaders need to plan now so they can better forecast the abilities workers will need. Leaders need to think about this as a transformation — what she described as "painting the picture of the future."

Persons: Missy Scalise, Ascension Saint, Suki, Scalise, Chesley Summar, Ravin, Mercer, Jesuthasan, It's, Jon Lester, Lester, it's, Julia Grace Samoylenko, Samoylenko, Gallup, Johnson, Elise Smith, Smith, They're, haven't, you've, Nathalie Scardino, Scardino, Charlotte Relyea, Relyea, she's Organizations: Ascension, International Monetary Fund, Economic, IBM, Johnson, Praxis Labs, Labs, McKinsey & Co, McKinsey Locations: Nashville, upskilling

☆ The next shoe to drop in FX markets will reshuffle currency values in an unexpected way. Here's how TD Securities is trading it.
▼ + stars: | 2024-08-24 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

Cooling global growth, continued geopolitical risks, and uncertainty around US election outcomes mean it could be a choppy ride for the next few months. But if US economic data stabilizes while global growth slows, as Bharadwaj expects, European currencies could be set for a violent snapback. "I do think that global growth right now is not holding up from our data trackers. "And in fact, we actually track global growth upgrades versus downgrades. And after a very long time, global growth downgrades are outpacing global growth upgrades, which indicates to me that even the global growth is not as rosy as markets are currently pricing it to be."

Persons: Jayati Bharadwaj, it's, Bharadwaj, you've Organizations: Service, TD Securities, Business, International Monetary Fund, Federal Reserve, Securities Locations: China, Europe, India

☆ The United States and Europe need China for clean energy. They will pay a price to break free
▼ + stars: | 2024-08-14 | by ( Hanna Ziady | ) edition.cnn.com time to read: +8 min

London CNN —The United States and Europe are racing to narrow China’s commanding lead in clean energy technologies, throwing subsidies at local manufacturers and hiking tariffs on Chinese imports in a strikingly protectionist turn. Without China’s electric vehicles (EVs), solar panels, wind turbines, and batteries, reducing planet-heating pollution could take longer and ultimately increase costs for businesses and consumers. Beijing’s virtual monopoly on the processing of some critical minerals comes with particular risks for the global green transition. Zhu Haipeng/VCG/APAny delay in switching to clean energy will exact a heavy toll on the planet. Birol at the IEA also advocates for trade policies that diversify supply chains while reducing the risk of delays to the clean energy transition.

Persons: “, Margrethe Vestager, ”, ” Fatih Birol, David G, Victor, Michael R, Davidson, ” Victor, Pierre, Olivier Gourinchas, Zhu Haipeng, Victor of, Birol, don’t Organizations: London CNN, Russia, Getty, ”, International Energy Agency, Global, University of California, CNN, Monetary Fund, McKinsey Global Institute, Victor of University of California, IEA Locations: United States, Europe, China, Lianyungang, Washington, Netherlands, Japan, Beijing, of Taicang, Suzhou, Brookings, University of California San Diego, Fuzhou, Victor of University of California San Diego

☆ Gold and some non-dollar currencies start to shine, but it's not all about de-dollarization
▼ + stars: | 2024-08-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

AdvertisementThe amount of gold holdings in global reserves has doubled in just over five years, according to Bloomberg Intelligence analysis. "As the yellow metal carries no credit or counter-party risk, some deem it as being better insulated from financial sanctions, particularly those from the emerging world," wrote UBS' Czerwonko. Advertisement"The situation in competing jurisdictions is also dire; in the land of the blind, the one-eyed man can remain king," wrote Czerwonko. AdvertisementSimilarly, Bloomberg Intelligence said said a Wednesday report that a potential second Trump term could hasten a global currency regime change. "Any title toward isolationism in a Trump second term, such as altered US attitudes toward its role in NATO and international affairs would spur de-dollarization," wrote Bloomberg Intelligence analysts.

Persons: —, Alejo Czerwonko, Czerwonko, Trump Organizations: Service, UBS, Business, International Monetary Fund, Bloomberg Intelligence, Trump, NATO Locations: Ukraine, Moscow, Swiss, Americas

☆ De-dollarization is a fad that will backfire on countries trying to move away from the greenback, currency expert says
▼ + stars: | 2024-07-28 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

De-dollarization is nothing but a myth — and it could backfire on countries like Russia and China. That's according to Jeffrey Christian, a commodities expert who thinks dollar dominance isn't going away anytime soon. He says countries phasing out the greenback also could face consequences, like liquidity issues and slow growth. AdvertisementDe-dollarization is probably a fad — and countries trying to stage a global shift away from the dollar may soon find that the movement will backfire. Despite the ongoing movement, dollar dominance isn't probably going away, given how pervasive the greenback is in financial markets, he told Business Insider in an interview.

Persons: Jeffrey Christian, —, Christian, It's, it's Organizations: Service, CPM Group, Traders, Reuters, Bank of International, International Monetary Fund, UC, Berkeley Locations: Russia, China, India

☆ Venezuelans vote in crucial election as opposition challenges Maduro
▼ + stars: | 2024-07-28 | by ( Tara John | ) edition.cnn.com time to read: +4 min

CNN —Venezuelans headed to the polls on Sunday to vote in a highly consequential presidential election where the country’s longtime strongman, Nicolas Maduro, will face one of his greatest political challenges yet, say analysts. Of the nine other candidates running for the presidency, his biggest challenger is a unified opposition movement that overcame their divisions to form a coalition known as the Democratic Unitary Platform. The opposition movement has maintained its momentum despite sustained government repression, in which their first-choice candidate, María Corina Machado, was disqualified from running. The government has also created significant impediments for the millions of Venezuelans abroad to vote, including widely unattainable passport and residency requirements. But several international election observers have announced this week that they will no longer travel to Venezuela to monitor the vote.

Persons: Nicolas Maduro, Maduro, Hugo Chavez’s, María Corina Machado, Machado, Edmundo González Urrutia, Matias Delacroix, –, Laboratorio de, Jimmy Carter –, Luiz Inácio Lula da Silva, ” Laura Cristina Dib, CNN’s Stefano Pozzebon, David Shortell, Michael Rios Organizations: CNN, Democratic, International Monetary Fund, European Union, The Carter, Washington Office Locations: Venezuela, Latin America, Caracas, United States, Laboratorio de Paz, Venezuelan, America, WOLA

☆ Trump 2.0 could go 'nuclear' on China trade, while economists say Harris would remain tough
▼ + stars: | 2024-07-24 | by ( Dylan Butts | ) www.cnbc.com time to read: +5 min

According to Prasad and other experts, Harris' approach to China would likely be similar to that of Biden. Trump's biggest diversion from Biden-era trade policy would likely be tariffs levied on China. The Trump administration reached a "phase one trade deal" with China in 2019, but few terms were honored and subsequent phases never materialized. Tech warwatch nowThe Biden administration also announced rules limiting U.S. investment in Chinese firms developing sensitive technologies, citing national security concerns. She said channels for the two countries to discuss policy issues decreased significantly during the Trump administration, whereas the Biden administration emphasized its diplomatic engagement efforts.

Persons: Donald J, Trump, Bill Pugliano, Donald Trump, Joe Biden, Eswar Prasad, Kamala Harris, Biden, Prasad, Harris, Biden —, Stephen Weymouth, Economist Stephen Roach, William Reinsch, Scholl, Reinsch, JD Vance, Arthur Dong, Chris Miller, Miller, Rorry Daniels Organizations: Van, Getty, House, CNBC, U.S, Cornell University, Trump, International Monetary, Georgetown University, Economist, Center for Strategic, International Studies, Beijing, Georgetown, Tech, Asia Society Policy Institute Locations: Grand Rapids , Michigan, China, Beijing, Ohio, Washington, U.S, Japan, Netherlands

☆ India 'clearly has a problem' finding new drivers for economic growth, JPMorgan's Jahangir Aziz says
▼ + stars: | 2024-07-24 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +2 min

Tim Graham | Getty ImagesIndia "clearly has a problem" figuring out new drivers for its economic growth even as its economy expands at a fast pace, JPMorgan's Jahangir Aziz said, following the country's union budget. "If you look at India over the last two years post the pandemic, recorded growth has been strong. But if you look at the drivers of growth, it's essentially these two: Public infrastructure and services export," Aziz, chief emerging markets economist at JPM, told CNBC's "Street Signs Asia" on Tuesday. According to estimates by the Ministry of Commerce and Industry, India's services exports will likely hit $30.3 billion in June, compared with $27.8 billion in the same month last year. According to the International Monetary Fund's latest World Economic Outlook, the country's growth is predicted to decline to 6.5% in 2025.

Persons: Tim Graham, JPMorgan's Jahangir Aziz, Aziz, CNBC's, V Anantha Nageswaran, Raghuram Rajan Organizations: Getty, Ministry of Commerce and Industry, Services, Reserve Bank, India's, International Monetary, University of Chicago Booth School, Reserve Bank of India Locations: Tardeo South Mumbai, India

☆ Ukraine Strikes Preliminary $20 Billion Debt Restructuring Deal
▼ + stars: | 2024-07-22 | by ( Constant Méheut | ) www.nytimes.com time to read: +1 min

Ukraine said Monday that it had struck a preliminary deal with a group of international private creditors to restructure more than $20 billion of the debt it owes them, a step that would save the war-torn country billions and preserve funds to support its battered armed forces. The creditors agreed to write off more than a third of the nominal value of the government bonds they hold, which would allow Ukraine to save $11.4 billion over the next three years, the Ukrainian government said. The deal has been approved by the International Monetary Fund, which has made its financial assistance to Ukraine conditional on the country’s ability to reduce its debt. Denys Shmyhal, Ukraine’s prime minister, said in a statement that the deal “allows us to free up resources for our defense, social spending and reconstruction.”The deal was signed with the largest group of creditors, representing about a quarter of private bondholders. Two-thirds of all bondholders must approve the agreement for it to take effect.

Persons: Denys Shmyhal, Olena Bilan Organizations: International Monetary Fund, Dragon Locations: Ukraine, Kyiv

☆ What to expect in Venezuela’s presidential election as strongman Maduro faces his biggest test yet
▼ + stars: | 2024-07-21 | by ( David Shortell | ) edition.cnn.com time to read: +9 min

Venezuelan opposition presidential candidate Edmundo Gonzalez and opposition leader Maria Corina Machado wave to supporters at the Central University of Venezuela UCV in Caracas on July 14, 2024. Analysts see those as the seeds of a pretext that Maduro could use to postpone or cancel the election at the last minute. Some have speculated that Maduro could use the crisis as an excuse to suspend the election. Supporters at a meeting with Venezuelan opposition presidential candidate Edmundo Gonzalez and opposition leader Maria Corina Machado at the Central University of Venezuela UCV in Caracas on July 14, 2024. Maduro currently faces drug trafficking and corruption charges in the US and is under investigation for crimes against humanity by the International Criminal Court.

Persons: Nicolás Maduro, Maduro, Edmundo Gonzalez Urrutia –, Hugo Chavez’s, Nicolas Maduro, Flores, Teresa Carreño, Jesus Vargas, “, Edmundo Gonzalez, Maria Corina Machado, Pedro Rances Mattey, Gonzalez, Corina Yoris, Oswaldo Ramírez, ORC Consultores, ”, Juan Barreto, Chávez, Ryan Berg, They’re, Machado, Yoris, –, Jimmy Carter –, Berg, ” Machado Organizations: CNN, of American, Teresa, Teresa Carreño Theater, International Monetary Fund, Central University of Venezuela UCV, Getty, Democratic, Venezuelan, Americas, Center for Strategic, International Studies, US, The Carter, European Union, CSIS, International Criminal, Socialist United Party Locations: Canada, United States, Caracas, Venezuela, Anadolu, “, Agua, Maiz, AFP, Guyana

☆ 8 of the biggest stock market crashes in history — and how they changed our financial lives
▼ + stars: | 2024-07-19 | by ( Rebecca Reisner | Richard Richtmyer | ) www.businessinsider.com time to read: +20 min

While the triggers for stock market crashes vary, the ultimate outcome is always the same: the market recovers. Here's a summary of eight of the most notable stock market crashes in history, their causes, and their fallout. Stock market crash FAQWhat happens when a stock market crashes? Numerous things can cause a stock market to crash, including:PanicNatural or man-made disastersEconomic crisesSpeculationCan a stock market crash be prevented? Unlike a bear market, stock market corrections are often short and usually work themselves out.

Persons: It's, Terry Marsh, Here's, Stocks, Carola Frydman, J.P, Morgan, —, Blair Hull, Alan Greenspan, Marc Chandler, Marsh, weren't, Tyler Muir, Thai bhat, Paula Bronstein, Stringer, Chandler, chipmaker, WebVan.com, Muir, The, Lehman Brothers, NICHOLAS ROBERTS, homebuyers, Bear, Lehman, Fannie Mae, Freddie Mac, Dodd, Frank Wall, Europe —, Italy — Organizations: Federal Reserve System, SEC, FDIC, Haas School of Business, University of California, Federal Reserve, United Copper Company, UCC, Kellogg School of Management, Northwestern University, Federal, System, Dow Jones, Gross, Federal Deposit Insurance Corporation, Securities and Exchange Commission, Dow, Nasdaq, Chicago, Black, Bannockburn Global Forex, UCLA Anderson School of Management, Getty, Asia, International Monetary Fund, chipmaker Qualcomm, The Sarbanes, Oxley, Investors, Financial, Bear Stearns, Lehman Brothers, Nikkei, US, Asset, Frank Wall Street Reform, Consumer, Consumer Financial, Dow Jones Industrial, Center, Budget, Stock, Corrections Locations: University of California Berkeley, AFP, Iran, Bannockburn, Japan, Thai, Asia, Thailand, Malaysia, Indonesia, South Korea, COVID, China, Europe, Italy, Chevron

☆ IMF upgrades UK growth forecast in another boost to new Labour government
▼ + stars: | 2024-07-16 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

LONDON — The International Monetary Fund on Tuesday lifted its 2024 growth outlook for the U.K. to 0.7% from 0.5%, providing a further boost to the country's new government. Looking ahead, the Washington, D.C.-based IMF reiterated its forecast for 1.5% U.K. growth in 2025 in the July update of its World Economic Outlook. Investment bank Goldman Sachs earlier this month nudged its 2025 forecast for the U.K. economy 0.1 percentage point higher, to 1.6%. Other economies given a 2024 growth upgrade by the IMF on Tuesday included the euro zone, which it lifted by 0.1 percentage point to 0.9%, Spain, up 0.5 percentage point to 2.4%, and China, up 0.4 percentage point to 5%. It lowered its forecast for the U.S. economy by 0.1 percentage point to 2.6%.

Persons: Taylor, Goldman Sachs, Keir Starmer, Goldman, — CNBC's Sophie Kiderlin, Vicky McKeever Organizations: Nine, Monetary Fund, D.C, Investment, Labour, European Union . Deutsche Bank, Friday, Deutsche Bank, Jefferies, Bank of England, Reuters, IMF Locations: Ruskin Park, London, England, Washington, brightening, Spain, China, U.S, Asia

☆ New inflation warning: Get used to high interest rates, IMF warns
▼ + stars: | 2024-07-16 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —The International Monetary Fund has warned that stubborn inflation could keep interest rates higher for longer than expected, increasing fiscal and financial risks around the world. Persistently high prices for services — which include haircuts, hotels and restaurants — as well as escalating trade tensions are propping up inflation and raising the prospect that interest rates will stay high for a while yet, the IMF cautioned Tuesday in its latest World Economic Outlook. The warning highlights that the global economy is not yet in the clear when it comes to inflation, which explains the caution on the part of central banks in cutting interest rates. However, services inflation came in higher than expected. The agency blamed sticky services price inflation for “holding up progress” on reducing overall inflation.

Persons: Jerome Powell Organizations: London CNN —, Monetary Fund, Bank of England, European Union, IMF Locations: —, United States, China, India, E.T

☆ I.M.F. Sees Signs of Cooling in U.S. Economy
▼ + stars: | 2024-07-16 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

The United States economy is growing more slowly than expected and inflation remains stubbornly high around the world, two developments that pose risks to the global economy, the International Monetary Fund said on Tuesday. The new report said the I.M.F. still expected growth in global output to hold steady at 3.2 percent in 2024. However, the closely watched projections included several caveats and warned that the global economy was in a “sticky spot.”Most notable were signs of weakness in the United States, which has helped power the global recovery from the pandemic. now expects the United States economy to grow more slowly than it did previously as a result of weaker consumer spending and a softening job market.

Organizations: International Monetary Fund Locations: States, United States

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