Eight years after the global financial crisis and years after the U.S. and UK central banks stopped their “quantitative easing” bond-buying programmes, the amount of QE stimulus being pumped into the world financial system has never been higher.
The company, which is owned by the U.K. government, makes billions of coins for 40 countries. It posted the highest revenues in its 1,100-year history on Tuesday, as revenues from gold and silver trading soared 64%.
Overall classified loan exposure, which includes debts that are unrecoverable as well as those unlikely to be repaid, rose to a seven-year high of 0.92 percent by March, according to Monetary Authority of Singapore data.
Spain’s 10-year yield has fallen from a peak of 7.165 per cent in early August to 1.11 per cent today. In Italy – which still lumbers under a government debt pile equal to 133 per cent of GDP – yields have dropped from 6.3 per cebt to 1.2 per cent in the same time.
As Venezuela’s crisis swells, its gold reserves are shrinking. The holdings fell again in May, sliding to 6.24 million ounces from 6.63 million ounces in April to post a fourth consecutive drop, according to data from the International Monetary Fund website. Over the past year, the country’s hoard has shrunk 36 percent, and since February 2015 it’s nearly halved.
Almost half of homeowners aged over 45 – that’s more than six million people – say they will rely on their property to top up their pension income during retirement. But the big question is, will there be enough houses to go around to meet the ever-rising pressure on retirement funds?
The value of listed Japanese companies’ future obligations to retiring workers reached a record 91.21 trillion yen ($860 billion) at the end of fiscal 2015, with the unfunded chunk growing to nearly 26 trillion yen amid depressed interest rates.
Long-term returns for U.S. public pensions are expected to drop to the lowest levels ever recorded, portending deeper pain for states and cities as a $1 trillion funding gap widens.
The combined deficits of all U.K. defined-benefit pension schemes, normally employer-sponsored and promising a specified monthly payment or benefit upon retirement, rose £80 billion overnight ($105 billion) following the referendum to £900 billion, according to pensions consultancy Hymans Robertson. Since then the deficit has grown further, to a record £935 billion as of July 1.
Prominent labour activist Zhang Ziru, who has been involved in much of the labour unrest in China’s south, had a dire warning for the Government. “If China’s system doesn’t improve and the Government fails to make political reforms, the grievances and grudges will grow until society explodes,” he said.
China’s Politburo, a top decision-making body of the ruling Communist Party, said on Tuesday that the economy still faces relatively big downward pressure, state radio reported.
Hong Kong’s total exports in June fell for the 14th straight month, dampened by a slowdown in China, with the city’s factories bracing for more pain in coming months from the impact of Brexit.
The European Commission is likely to propose on Wednesday to fine Spain and Portugal for not effectively cutting their budget deficits and to give them new, longer deadlines to reduce their shortfalls to EU limits.
Chicago is not on the brink of default, according to Richman. The total of Chicago’s pensions and debt is more than nine times the city’s operating revenue, she said. That means that more than 35 cents of every dollar of the budget goes to pay debt and pensions. Chicago’s pension debt has ballooned to about $33 billion, according to its latest annual financial report, which factors in new accounting rules.
European Central Bank purchases of government bonds are set to significantly outstrip new debt sales until the end of the year, helping pin yields near record lows in a trend strategists say will persist for months.
The results have been the subject of discussion at a meeting of G20 Finance bosses in China over the weekend. Investors and political leaders fear that nearly $560 billion worth of bad debts held by Italian banks could trigger a new financial crisis in the eurozone already struggling with a Greek bailout and the unknown implications of the second biggest economy leaving after Brexit.
Brazil’s harshest recession
in eight decades is prompting some of the nation’s top banks to
reclassify some 90 billion reais ($27 billion) in problematic
corporate loans, eroding profits as banks struggle with a
doubling in bankruptcy protection filings.
A downturn in dining could be implying a U.S. recession as soon as early 2017, he said, since “restaurants have historically led the market lower during the three to six-month periods prior to the start of the prior three U.S. recessions,” Westra adds.
Spain is about to find out if it’s going to be penalized for missing European Union deficit targets, and the future doesn’t bode well: While the nation’s government is projecting a narrower shortfall of 3.6 percent of gross domestic product this year — down from 5.1 percent in 2015 — no one is buying it.
Over a quarter of Japan’s population is 65 or older — that’s a bigger slice than in any other country — and they’re finding it difficult to make ends meet as the government gradually raises the age at which people become eligible for pensions. This is exacerbating the tendency of older consumers to forgo discretionary spending and limit purchases to necessities like food and medical services.
While the measure provided $1 billion for higher education, college presidents say they’re using that to pay bills left over from the last school year, when they had to manage for months without any state funds at all. As a result, the stop-gap deal effectively leaves them with little left when students return.
“The court is not an expert in economics; however, it is very clear, even to someone with limited knowledge in the area, the Bitcoin has a long way to go before it the equivalent of money,” Pooler wrote in an eight-page order.
Japan will not meet its goal of reaching nominal gross domestic product of 600 trillion yen ($5.7 trillion) in fiscal 2020, and may not achieve it even by fiscal 2024 if growth stays sluggish, the government’s projections showed on Tuesday, adding pressure on policymakers struggling to revive the economy.
Bank of England policymaker Martin Weale said he favours stimulus measures to shore up the UK economy after a post-referendum report pointed to a major growth slowdown.
The Bank of England is expected to cut interest rates to a record low next week, prompting RBS to write to about 1.3 million business customers this month with the warning that they may have to pay the bank to look after their money if the base rate slips below zero.
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