IMF says U.S. ‘soft landing’ amid Ukraine war pressures entails downside risks
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2y ago
March 31, 2022 WASHINGTON (Reuters) – Achieving a “soft landing” for the U.S. economy amid new inflationary pressures prompted by Russia’s invasion of Ukraine will be a challenging task for the Federal Reserve and will entail “significant downside risks,” IMF spokesperson Gerry Rice said on Thursday. Rice also told a regular news briefing that amid the food and energy supply crunches prompted by the conflict, countries should avoid policy moves that would worsen the situation. They should avoid hoarding commodities, imposing export restrictions or price controls and avoid launching new trade ..read more
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London court blocks planned forex class action against big banks
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2y ago
March 31, 2022 By Kirstin Ridley LONDON (Reuters) – A proposed multi-billion pound claim brought by thousands of asset managers, pension funds and financial institutions against major banks over alleged foreign exchange (forex) rigging has been blocked by a London court. London’s Competition Appeal Tribunal (CAT), which had been considering the case against JPMorgan, Citigroup, Barclays, UBS and NatWest since last July, ruled on Thursday the case was not suitable to proceed as a U.S.-style, opt-out class action. The European Commission paved the way for the proposed lawsuit by fining banks mo ..read more
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Brazil central bank quadruples exposure to Chinese yuan
One America News Network » Economy
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2y ago
March 31, 2022 By Marcela Ayres BRASILIA (Reuters) – Brazil’s central bank more than quadrupled its foreign reserves in Chinese yuan last year, policymakers reported on Thursday, as it trimmed holdings of U.S. dollars and euros and built Brazilian reserves of currency from its biggest trade partner. The Chinese currency, which until 2018 was absent from the forex reserves of Latin America’s largest economy, rose to 4.99% of Brazilian central bank holdings at the end of last year, from 1.21% at the end of 2020. That gave it the third largest share of the central bank’s reserves, slightly behin ..read more
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USTR Tai says working to counter China’s targeting of strategic industries
One America News Network » Economy
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2y ago
March 31, 2022 WASHINGTON (Reuters) – U.S. Trade Representative Katherine Tai said on Wednesday that the Biden administration’s trade policy on China is not aimed at a new ‘Phase 2’ agreement with Beijing but on countering Beijing’s plans to dominate strategic industries. Tai told a Senate Finance Committee hearing that USTR would expand its focus on China’s “industrial targeting practices, where we have seen China again and again corner the market in critical industries.” (Reporting by David Lawder ..read more
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Factbox-Gold bars held by the top 10 gold ETFs
One America News Network » Economy
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2y ago
March 31, 2022 LONDON (Reuters) – Exchange-traded funds (ETFs) are one of the most popular ways to invest in gold. Shares represent gold bars held in vaults and are easy to buy and sell, freeing investors from the hassle of buying and storing bullion themselves. ETFs and similar products together held 3,570 tonnes of gold worth $210 billion at the end of 2021, according to the World Gold Council, which tracks the sector. As part of a report on ethical gold investments, Reuters asked the ten largest ETF operators – all based in Europe or North America – what gold they own. All the funds only h ..read more
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Column-China’s manufacturers enter downturn – but for how long? Kemp
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2y ago
March 31, 2022 By John Kemp LONDON (Reuters) – China’s manufacturing sector contracted this month as coronavirus outbreaks, city-level lockdowns, rising input prices and the severe disruption of global supply chains take their toll on output and new orders. The official purchasing managers’ index for the manufacturing sector slipped to 49.5 in March from 50.2 in February, the National Bureau of Statistics said on Thursday. The manufacturing index fell into just the 9th percentile for all months since 2011 down from the 36th percentile last month and the 91st percentile a year ago. The output ..read more
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Chile’s February copper production down 7%, manufacturing output dips
One America News Network » Economy
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2y ago
March 31, 2022 SANTIAGO (Reuters) – Copper output in Chile, the world’s largest producer of the metal, fell 7% year on year to 399,817 tonnes in February, the country’s statistics agency said on Thursday. This follows a drop of 7.5% year-over-year in January and a 1.9% decline in copper production in 2021. The agency also reported that the Andean country’s manufacturing output dropped 2.2% in February, lagging the market forecast of a 0.5% rise. The agency said a 9% year-on-year dip in chemical products and substances manufacturing because of lower fertilizer production was largely responsibl ..read more
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Britain’s finance ministry flags reforms, defends regulators
One America News Network » Economy
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2y ago
March 31, 2022 By Huw Jones and Carolyn Cohn LONDON (Reuters) – Britain’s finance ministry flagged several reforms on Thursday and defended regulators from criticism they are too slow to license firms, saying flawed applicants must not get through. The ministry and regulators face pressure to make financial rules more flexible to keep London globally competitive after Britain’s departure from the European Union. The Financial Conduct Authority has been criticised for being slow in authorising crypto firms as it grapples with an internal revamp and pay structure that has disillusioned some sta ..read more
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Canada’s economy seen up 0.8% in February, 0.2% in January
One America News Network » Economy
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2y ago
March 31, 2022 By Julie Gordon OTTAWA (Reuters) – The Canadian economy gathered considerable momentum in February, growing for a ninth consecutive month and following a January gain that met expectations, data from Statistics Canada showed on Thursday. Real gross domestic product likely grew 0.8% in February, led by increases in manufacturing and resources, Statscan said in a flash estimate. The economy expanded 0.2% in January, matching analyst expectations, on strength in the goods sector. With February’s gain, Canada’s economy is now 1.2% above pre-pandemic levels, Statscan said. That stre ..read more
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OPEC+ says prolonged Ukraine conflict would be major blow to global economy
One America News Network » Economy
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2y ago
March 31, 2022 LONDON (Reuters) – OPEC+ has warned the global economy would see a major blow from a prolonged conflict in Ukraine, the oil producing group said in an internal report, seen by Reuters. “Consumer and business sentiment is expected to decline not only in Europe, but also in the rest of the world, when only accounting for the inflationary impact the conflict has already caused,” it said. (Reporting by OPEC Newsroom; editing by Jason Neely ..read more
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