Sanctions imposed on Russia are creating serious risks to the global economy, Russian Finance Minister Anton Siluanov said via video link at a meeting of G20 finance ministers and central bank governors in Washington, DC on Wednesday. “Excessively loose budgetary and monetary policy pursued in recent years in developed countries …
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The White House announced on Monday that the US, Germany, Belize, Indonesia and Senegal will host the second global Covid-19 summit in May. While the pandemic has been pushed from the headlines in recent months, the Biden administration said a summit is necessary to “bring solutions to vaccinate the world, …
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A new report by British asset manager Janus Henderson said that global sovereign debt is expected to surge by 9.5% this year to a record $71.6 trillion. The increase in debt will primarily be driven by the United States, Japan and China. According to the research published on Wednesday, governments …
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Claims in Chinese yuan amounted to $336.1 billion in the fourth quarter of 2021, accounting for 2.79% of the total allocated foreign exchange reserves, the International Monetary Fund’s (IMF) survey showed on Thursday. According to its Currency Composition of Official Foreign Exchange Reserves (COFER) data, the Chinese currency’s share has …
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The World Trade Organization (WTO) has cut its global trade growth forecast for 2022 due to Russia’s military operation in Ukraine and its immediate consequences – sanctions on Russia. While previously set at 4.7%, the global growth forecast was nearly halved this week to 2.5% due to “the impact of …
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Chinese leaders have brushed back pressure from the EU to take an anti-Russia stance in the Ukraine conflict, warning that cooperation between Beijing and Brussels is needed to prevent long-term damage to the global economy. Speaking by videoconference on Friday in a summit meeting with EU leaders, Chinese President Xi …
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The events in Ukraine could soon lead to a global energy crisis, the head of the Paris-based International Energy Agency, Fatih Birol, said at a meeting of energy and climate ministers on Wednesday. “Given Russia’s role in the global energy system, this humanitarian crisis could be followed by an energy …
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G7 leaders have called for an extraordinary session of the Council of the Food and Agriculture Organization in a bid to prevent the Ukrainian conflict from turning into a global food crisis, while French President Emmanuel Macron presented his own “initiative for food security.” According to a communique adopted on …
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The latest sanctions imposed on Russia and Belarus have sent global prices for fertilizer soaring to an all-time high. The two countries are major exporters of potash, critical for the global agriculture industry, which is already reeling from pandemic-related disruptions. Last week, fertilizer prices surged nearly 10% versus the previous …
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Auto market data provider S&P Global Mobility said on Wednesday that the shortages hampering global vehicle production are expected to persist into 2022 before supply catches up with demand in early 2023. The agency has downgraded its outlook for world light-vehicle output by 2.6 million units for both years, to …
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