Home / World Economy / World Economy News

World Economy News

PBOC’s Zhou Signals China 6.5% GDP Growth Target ‘Within Reach’

People’s Bank of China Governor Zhou Xiaochuan said the nation’s expected 6.5 percent growth target for this year is “within reach” and financial risks are well under control. China is fully confident of preventing and eliminating systemic risks, and will keep pursuing a prudent and neutral monetary policy, the central banker said in a statement dated April 22 on the International Monetary Fund’s website during his Washington D.C. meeting with the IMF committee. The country will keep applying a “full range” of monetary policy tools to keep liquidity broadly stable ...

Read More »

U.S., global financial leaders skirt trade frictions, tout collaboration

Global economic leaders on Friday continued downplaying possible friction with the Trump administration over currencies, trade and other potentially contentious issues, even while acknowledging that much about the U.S. president’s plans remains unclear. On a day when Donald Trump himself seemed focused on domestic matters – promising a new U.S. tax plan next week and announcing reviews of financial regulations – world officials gathered just blocks from the White House said there was “broad consensus” with the new president’s advisers over the need to keep economic borders open and coordinate ...

Read More »

Japan’s Aso: Do not expect G20 to lean toward protectionism

Japanese Finance Minister Taro Aso said on Friday he does not think the Group of 20 debate will lean toward favoring protectionism over free trade ahead of the group’s summit in July, even as the new U.S. administration threatened to impose measures to restrict imports. Aso also said Japan would not rule out the option of negotiating a Trans-Pacific Partnership (TPP) agreement without the United States, partly on the hope of convincing President Donald Trump to reconsider his decision to abandon the TPP. Friction over trade has been among the ...

Read More »

ECB can provide emergency cash to French banks if needed – Nowotny

The European Central Bank could provide emergency cash to French banks if needed after the first round of France’s presidential election on Sunday, but it doesn’t expect such a move will be necessary, ECB policymaker Ewald Nowotny said on Saturday. Investors fear that a potential run-off between eurosceptic candidates Marine Le Pen and Jean-Luc Mélenchon would raise questions about France’s future in the European Union, roiling financial markets and driving out deposits. Nowotny said the ECB was ready to provide French lenders with Emergency Liquidity Assistance, a lifeline used to ...

Read More »

Global Demand, Not Higher Prices Drove Indian Exports In March: Nomura

The recovery of Indian exports is being driven by improvement in global demand, and not just by higher prices of commodities, which was the case till early 2017, according to Nomura Global Research. The price of exports excluding oil grew at 4.4 percent in March, slower than the 5.4 percent growth seen in February, the report showed. Volume growth of exports excluding oil, however, accelerated to 18 percent in March from 10.5 percent in February. India’s exports by value grew 27.6 percent in March, a surge not seen since September ...

Read More »

Europe to set new course after EU summit, French vote

Europe’s political fog may finally start to lift in the coming week, with the French presidential election and the European Union’s summit on Brexit strategy putting the bloc on a new path after months of uncertainty. With growth on its best run in years and sentiment indicators pointing to buoyant consumption, clarity in an election-heavy year could help Europe move past a decade of economic pain. Indeed, cautious optimism from normally reserved central bankers suggests Europe could be nearing a turn towards normalisation after years of economic firefighting and improvisation. ...

Read More »

World economy enters upside cycle, gives chance to S. Korea: think tank

A local think tank said Sunday the world economy is in a clear upside mode led by recovering advanced economies, giving an opportunity to export-dependent South Korea. The Hyundai Research Institute (HRI) in Seoul revised up its 2017 growth forecast for the world economy to 3.5 percent from 3.4 percent. The HRI said in a report the United States has entered the “Goldilocks economy” of sustained growth and low inflation as the world’s largest economy pulls off moderate growth on the back of a low jobless rate and rising private ...

Read More »

Germany not worried by U.S. corporate tax reform plans: Schaeuble

German Finance Minister Wolfgang Schaeuble is not worried by the prospect of cuts to corporate tax rates in the United States he told German magazine Wirtschaftswoche on the sidelines of the IMF and World Bank spring meetings in Washington. U.S. President Donald Trump on Friday promised a big announcement about tax reform shortly and ordered a review of Obama-era tax rules written to discourage U.S. companies from relocating overseas to cut their tax bills. “U.S. corporate tax rates are among the highest in the world,” the magazine quoted Schaeuble as ...

Read More »

‘Almost everybody’ at G20 agrees on open markets – Weidmann

Financial leaders from the world’s top 20 economies meeting in Washington agreed on the importance of open markets, the head of Germany’s central bank said on Friday, in a sign that tensions with the Trump administration may be subsiding. “Almost everybody underscored the importance of open markets and free market access,” Bundesbank President Jens Weidmann said during a news conference. “That was the consensus in the meeting.” German Finance Minister Wolfgang Schaeuble added that he was “optimistic” about how talks were going. Source: Reuters (Reporting by Francesco Canepa; Editing by ...

Read More »

French Exit From Eurozone Is Unlikely, Finance Minister Says

A French exit from the eurozone would be unpopular among French voters and near-impossible for any future president to pull off, France’s finance minister, Michel Sapin, said in an interview. French citizens will to head to the polls Sunday for the most tense presidential election in decades. Two of the favorites — National Front candidate Marine Le Pen and far-left contender Jean-Luc Mélenchon — have cast doubt on France’s place in the European Union and the single currency. Both could potentially make the runoff round in two weeks’ time, where ...

Read More »

The World’s Advanced Economies Should Think Twice About Curbing Migration

It may have fallen out of political favor, but a world without migration looks bleak for advanced economies. Analysis of United Nations data by Fitch Ratings shows halting immigration would drastically reduce the potential working population of Group-of-Seven nations, leaving aging societies more dependent on a smaller labor force and resulting in greater financial stress on pension systems and potentially slower growth. Under the UN’s base case scenario – current immigration levels being maintained until 2050, followed by a gradual reduction of half by 2100 – Canada would see its ...

Read More »

Brexit makes campsites cool again as Britons tighten belts

Before last year’s Brexit vote, Scott McCready was struggling to fill his holiday cabins on the coast of southwest England. Now the site is fully booked with British tourists avoiding more expensive foreign trips following a plunge in the pound. This turnaround in the 10 months since Britons decided to leave the European Union reflects a jump in demand for “staycations”, with British consumers seeking ways to make their money go further as rising inflation squeezes their incomes. McCready, who gave up a job in IT to build his site ...

Read More »

China remains top destination for venture capital in Asia: report

China remains the top destination for venture capital (VC) investment in Asia, with $3.6 billion invested in Q1, accounting firm KPMG said in a report. The volume increased by $100 million from the previous quarter, according to the report on VC investment trends. KPMG pointed out that investors in Asia were cautious, with a noticeable decline in the total number of deals, down from 403 in Q4 to 258. Among a number of unicorns, China’s bike-sharing platform ofo raised $450 million, the largest bike-sharing investment on record. Other fundraisings in ...

Read More »

Is the worst over for China’s economy and currency?

A year ago when the Chinese delegation was attending the spring meeting of the International Monetary Fund in Washington, China was still largely seen as a risk factor for the world economy with a gloomy outlook and mounting concerns over capital flight. The tide has turned a year later, especially after China reported a better-than-expected 6.9 per cent growth rate for the first quarter and managed to stop a depletion in its foreign exchange reserves. At least on the surface, the country has avoided a hard landing in economic growth, ...

Read More »

Germany’s Schaeuble warns against financial regulation rollback

German Finance Minister Wolfgang Schaeuble on Saturday warned against a hasty and uncoordinated rollback of financial regulation, saying such a move could jeopardize stability. “Only a well-monitored and responsibly regulated financial sector will be resilient enough to provide a sound basis for sustainable growth,” Schaeuble said in a speech to the International Monetary and Financial Committee. “Therefore, we should remain committed to support the timely, full and consistent implementation of the agreed financial sector reforms,” he told the International Monetary Fund’s steering committee. Schaeuble, who is among the financial officials ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping