Wednesday, December 7

WORLD NEWS

Japan Foreign Reserves Fall For Third Month After Intervention
WORLD NEWS

Japan Foreign Reserves Fall For Third Month After Intervention

Japan's foreign reserves extended declines in October, following the previous month's record drop, the Ministry of Finance said on Tuesday, reflecting the largest ever amount of yen-buying, dollar-selling interventionThe data comes alongside separate figures that confirmed Japan did not conduct stealth intervention in September and only entered the market to buy yen for U.S. dollars on Sept. 22 as announced, its first foray into the market to prop up the Japanese currency since 1998 Market players are scrutinising Japan's vast pool of foreign assets and intervention records for clues on how much more Japan might be willing to spend in its forays into the currency market, though authorities remain tight-lipped on intervention. I wouldn't be surprised if authorities conduct intervention one ...
Inflation top Worry For G20 Countries -Survey
WORLD NEWS

Inflation top Worry For G20 Countries -Survey

Runaway inflation, an unfolding debt crisis and cost-of-living problems pose the biggest threats to doing business for G20 countries in the next two years, data from the World Economic Forum showed on Monday. Inflation has surged to levels not seen in several decades, prompting a third of G20 countries to identify rising prices as their top concern, the Executive Opinion Survey conducted by the World Economic Forum's Centre for the New Economy and Society showed Although central banks across the globe have embarked on an aggressive policy tightening path their efforts to tame inflation run the risk of tipping the global economy into a recession. The Survey, Which Comes Ahead of The COP27 in Egypt And The G20 Summit in Indonesia Later This Month. also showed that environmental concer...
Global Food Security on The Edge as Russia Exits Grain Deal
WORLD NEWS

Global Food Security on The Edge as Russia Exits Grain Deal

How much of a price jump is harder to predict since the safe-passage deal was already set to expire in mid-November if no agreement is reached to extend it Traders are bracing for a fresh spike in grain prices after Russia’s exit from a deal allowing Ukraine crops to move from the Black Sea to the countries most in need of them roils markets anew. The sudden move by Russia has left leaders scrambling to rescue the UN-and-Turkey-brokered agreement credited with saving vulnerable populations from risk of starvation. The pact reached in July had helped temper wheat futures after they rocketed to a record high in the wake of Russia’s invasion of Ukraine in late February. The latest trade setback threatens to worsen already severe inflation and deepen a global food crisis. The first test will b...
BoJ Holds Ultra-Low Interest Rates, Raises 2022 Inflation Forecast
Asia, ECONOMIC NEWS, Forex, Stock Market, WORLD NEWS

BoJ Holds Ultra-Low Interest Rates, Raises 2022 Inflation Forecast

The Bank of Japan (BoJ) held interest rates at record lows as expected on Friday, and said inflation is likely to rise more in the near-term as the Japanese economy struggles with elevated raw material costs and supply chain issues The central bank held its target for short-term interest rates at negative 0.1%, and said in a statement that it will continue to guide the 10-year bond yield at 0%.The central bank now expects CPI inflation to end the year at 3%, higher than its previous forecast of 2.3%. But it also expects inflation to ease to around 1.5% in 2023 and 2024 Japan’s CPI inflation hit an eight-year high of 3% in September, trending above the BoJ’s target 2% range for a fifth consecutive month amid rising fuel and food prices. Rising raw material prices also saw local businesses p...
Quad leaders agree to invest more than $50 billion in Indo-Pacific infrastructure
WORLD NEWS

Quad leaders agree to invest more than $50 billion in Indo-Pacific infrastructure

Prime Minister Narendra Modi, Japanese Prime Minister Fumio Kishida, US President Joe Biden, and Australian Prime Minister Anthony Albanese issued a joint statement on May 24 stating that the Quad will seek to extend more than $50 billion in infrastructure assistance and investment to the Indo-Pacific region over the next five years. The leaders are "committed to working closely with partners and the region to drive public and private investment to bridge gaps," according to a joint statement released after the second in-person Quad summit, which was attended by Prime Minister Narendra Modi. The $50 billion assistance will help achieve this goal. The four nations also agreed to bring decades of skills and experience together to catalyze infrastructure delivery in the region while...
Peace talks between Russia and Ukraine have been suspended due to an impasse in the process
WORLD NEWS

Peace talks between Russia and Ukraine have been suspended due to an impasse in the process

Negotiations on a solution to the current war have been postponed, according to Russian and Ukrainian authorities, because the process has reached an impasse. He also stated that Ukraine has not responded to Russia's draught pact. "Today the negotiation process was suspended. It was suspended because there are no significant changes or upheavals after the Istanbul communique," A member of the Ukrainian delegation, Mykhailo Podolyak, was cited as stating. Nonetheless, he expressed optimism that the peace talks will restart, adding that "every battle concludes the negotiating table." The latest round of face-to-face peace talks between Ukraine and Russia took place on March 29 in Istanbul, Turkey.
Oil prices have dropped over 1% due to global economic concerns and a strong dollar
WORLD NEWS

Oil prices have dropped over 1% due to global economic concerns and a strong dollar

On Tuesday, oil prices fell more than 1%, continuing the previous day's severe drop, as coronavirus lockdowns in China's main oil importer, a strong dollar, and mounting recession threats fueled concerns about global demand. After falling as low as $103.19, Brent crude slid $1.31, or 1.2 percent, to $104.63 at 0216 GMT. After touching an intraday low of $100.44, US West Texas Intermediate crude sank $1.25, or 1.2 percent, to $101.84 per barrel. Both benchmarks dropped by 5% to 6% on Monday, their greatest daily percentage decrease since March. Oil prices fell in line with global financial market trends, as investors sold riskier assets due to concerns about the impact of increased interest rates on economic growth. Oil became more expensive for holders of other currencie...
Since the start of the crisis, Ukraine has received 4.5 billion euros in international aid
WORLD NEWS

Since the start of the crisis, Ukraine has received 4.5 billion euros in international aid

According to the official press office, Ukrainian Prime Minister Denys Shmyhal has stated that Ukraine has received 4.5 billion euros (about $4.73 billion) in financial international aid since the conflict with Russia began. Ukraine has received $500 million in grant monies from the World Bank in the last week, according to Shmyhal. "We are especially grateful for such support. This helps us to maintain all social benefits in full, as well as to open new assistance programs," he said. He said that the administration had developed a platform to assist in the fundraising for the country's post-conflict recovery.
Imran Khan’s downfall started six months ago. These exclusives predicted his fate
WORLD NEWS

Imran Khan’s downfall started six months ago. These exclusives predicted his fate

Bereft of allies and coalition partners, embattled Pakistan prime minister Imran Khan was ousted from power in the early hours of Saturday following a no-confidence vote. The combined opposition that spans the political spectrum from the left to the radically religious will form the new government in Pakistan, with Nawaz Sharif’s brother Shahbaz Sharif, the head of one of Pakistan Muslim League-Nawaz, taking over as prime minister. Khan’s ouster extends Pakistan’s unenviable record for political instability: no prime minister has completed their full term since independence from Britain in 1947, although Khan is the first to be removed through a no-confidence vote. Though the week-long drama preceding the trust vote plunged Pakistan into a constitutional crisis, Imran Khan’s d...
Ukraine negotiations to resume, Putin gives Europe gas payment ultimatum
WORLD NEWS

Ukraine negotiations to resume, Putin gives Europe gas payment ultimatum

European buyers of Russian gas faced a deadline to start paying in roubles on Friday, while negotiations aimed at ending the five-week war were set to resume even as Ukraine braced for further attacks in the south and east. Moscow's invasion of its neighbor has killed thousands, sent millions fleeing, and galvanized the United States and allies around the world to impose punishing penalties on Russian government entities, businesses, and oligarchs. Russia will respond to European Union sanctions, a senior foreign ministry official on Friday. "The actions of the EU will not remain unanswered ... the irresponsible sanctions by Brussels are already negatively affecting the daily lives of ordinary Europeans," Nikolai Kobrinets told the news agency. Russian President Vladimir Putin...