economic
Pakistan is on the brink of securing a staff-level agreement with the International Monetary Fund (IMF) for a bailout exceeding $6 billion, having fulfilled the lender’s stringent requirements in its latest annual budget. This announcement was made by Ali Pervaiz Malik, the Minister of State for Finance, Revenue, and Power, during an interview with Reuters. Historical context and IMF relationshipThis potential bailout marks a significant moment in Pakistan’s ongoing relationship with the IMF. The South Asian nation has frequently turned to the IMF for financial assistance, reflecting persisten...
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Jerome Powell, the current chairman of the Federal Reserve, expressed satisfaction with the progress made on inflation. He was speaking in Portugal at an event organised by the ECB. The theme of the event was to highlight global perspectives on inflation and central bank policies. Apart from Powell, European Central Bank President Christine Lagarde and Brazil central bank Governor Roberto Campos Neto were also speaking at the event. The US Commerce Department released the PCE numbers yesterday. The inflation figure stands at 2.6%, still well above the Fed’s goal of 2%. Policymakers do not expe...
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Greece has controversially introduced a six-day working week for certain businesses in a bid to boost productivity and employment in the southern European country. The regulation, which came into force on 1 July, contrasts with a global trend of companies exploring shorter working weeks. Extended hours for specific sectorsUnder the new legislation, employees of private businesses that provide round-the-clock services will have the option of working an additional two hours per day or an extra eight-hour shift. This change means a traditional 40-hour workweek could extend to 48 hours for some bu...
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Headline inflation in the euro area eased to 2.5% in June, as reported by the European Union’s statistics agency on Tuesday. This figure matched the expectations set by economists in a Reuters poll. In contrast, May’s inflation had been slightly higher at 2.6%. Core inflation remains steadyWhile headline inflation showed a slight decline, core inflation, which excludes volatile items such as energy, food, alcohol, and tobacco, remained steady at 2.9%, just missing the forecast of 2.8%. The rate of price increases in the services sector also held firm at 4.1%. Implications for interest ratesThe...
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The United States Supreme Court ruled on Monday that former presidents have immunity from prosecution for actions taken within their official capacity, but not for private actions. The latest decision by the top court directly impacts former President Donald Trump’s efforts to shield himself from criminal charges related to his attempts to overturn the 2020 election results. The court’s 6-3 decision, delivered by Chief Justice John Roberts, marked a historic first in recognizing ex-presidential immunity for official acts. The ruling came in response to Trump’s appeal against a lower court deci...
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The Japanese yen continued to weaken against a basket of currencies on Monday, touching its nearly four-decade low against the American dollar after data showed that Japan’s gross domestic product (GDP) contracted by more than expected during the opening quarter. This development has seemingly dampened hopes of a potential rate hike by the Bank of Japan. Dollar, euro, and pound gain significant groundThe dollar gained 0.31% against the Japanese yen, selling at 161.3765 at 8:40 am ET, its strongest level since December 1986. At the same time, the euro climbed 0.58% compared to the Japanese curr...
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Manufacturing activity in Europe saw a notable decline in June, with demand falling at an accelerated rate despite price cuts by factories, according to a recent survey. The Hamburg Commercial Bank’s Purchasing Managers’ Index (PMI), compiled by S&P Global, fell to 45.8 in June from 47.3 in May. This dip from the preliminary estimate of 45.6 highlights a sector that has been contracting for two consecutive years, remaining below the critical 50 mark that separates growth from contraction. The PMI is a critical indicator of economic health in the manufacturing sector, with values above 50 indic...
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Bolivia has lifted its ban on cryptocurrencies. The move comes a decade after Bolivia’s central bank, Banco Central de Bolivia, outlawed virtual currencies in the nation. According to a recent announcement, the central bank will now allow financial institutions in the nation to conduct transactions involving cryptocurrency assets. These transactions were previously prohibited under the Board Resolution N°144/2020. Crypto to counter inflationThe move comes as the nation’s economy has been struggling over the past years. With cryptocurrencies, the central bank aims to modernise the nation’s digi...
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Personal consumption expenditures (PCE) in the United States increased by 0.2% or $47.8 billion (£37.6 billion) in May compared to April, according to the Bureau of Economic Analysis. This data indicates a modest rise in consumer spending, reflecting a cautious but steady economic recovery. Income growth accelerates to 0.5% In contrast to the slower growth in PCE, personal income saw a more significant increase of 0.5% or $114.1 billion (£89.7 billion) in the same period. This rise in personal income highlights a stronger financial foundation for American households, potentially driven by wage...
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The Italian Consumer Price Index (CPI) remained unchanged at 0.8% in June compared to the same month a year earlier, according to the preliminary report from the Italian National Institute of Statistics (Istat) released on Friday. On a monthly basis, the CPI increased by 0.1%. Factors contributing to CPI stabilisation The stabilisation of inflation in Italy was primarily driven by unprocessed food, services related to recreation, including repair and personal care, and durable goods. These categories helped offset the price increases seen in non-regulated energy products, regulated energy prod...
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