On Monday (Oct 11), the International Monetary Fund’s executive board expressed its support for Managing Director Kristalina Georgieva after reviewing allegations that she pressurised World Banks staff to change data in China’s favour. U.S. Treasury secretary Janet Yellen put Georgieva on notice stating that she will need to monitor how the IMF follow-up and evaluate …
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From Beijing to Delhi, authorities have been scrambling to fill a vast power supply gap on Tuesday (Oct 12), triggering global stock and bond market unrest, with worries that rising energy costs will stoke inflation and prohibit an economic recovery. Recent weeks have seen record highs in power prices, driven by shortages across Asia and Europe with …
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The world’s largest money manager, BlackRock Inc, voted against a resolution calling for the Commonwealth Bank of Australia (CBA) to stop financing new fossil fuel projects. Reuters mention that “CBA’s largest shareholder said it opposed the resolution, which also asked the bank to publish targets to cut its fossil fuel exposures consistent with net zero greenhouse …
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Consumers are starting to feel the effects from surging costs coursing through the global economy. With coronavirus restrictions being lifted, the rebound impact has exposed supply chain shortages, with many companies scrambling for workers, ships and fuel to power factories, which jeopardise the economic recovery. Britain’s biggest chicken producer, Ranjit Singh Boparan, owner of the …
Continue reading "Surging costs catch global economy in perfect storm"
The European Union and China have both announced new plans this week to dramatically reduce greenhouse gas emissions to slow the pace of climate change. Many scientists say the warming climate is creating more hurricanes, floods, forest fires, and other events that threaten millions of people and the global economy. The EU and China represent two of …
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