China's economic growth will likely slow to 6.9 percent this year amid gloomy short-term macroeconomic trends and the threat of deflation, state media quoted an annual report from a top government think tank as saying.
The debt-ridden Island Puerto Rico has opted for value-added tax (VAT) as a measure to enhance revenues for the government. The new VAT structure will come into force starting1 April 2016.
For the third month in a row, economists are lowering their expectations for growth in 2016, adding pressure on federal finances at a time when party leaders are crisscrossing the country promising billions in new spending and tax cuts.
The budget debate is putting the spotlight on an economy cratered by a selloff in oil, which has paralyzed investment and plunged millions into poverty amid the biggest collapse in living standards during Putin’s 15 years in power. With Russia at threat of the longest recession in two decades, the government is struggling to find the right policy mix after responding this year with budget cutbacks and a stimulus program for banks and industry.
Now, many migrant workers struggle to find their footing in a downshifting economy. As factories run out of money and construction projects turn idle across China, there has been a rise in the last thing Beijing wants to see: unrest.
Soured loans from slumping oil prices and a weakened economy are likely to push Canada’s banks next year to set aside the most money since 2009.
Under the proposal, funds would have to maintain a minimum cushion of cash or cash-like investments that can be sold within three days. Funds also could charge investors who pull their money on days of elevated withdrawals.
Public sector net debt stood at a staggering £1.505trillion in August, an increase of £68.9 billion over the past year, data from the Office for National Statistics (ONS) today revealed.
When divided among the state’s taxpayers, the shortfall amounts to $14,300 of debt per person.
Emanuel, a Democrat, on Tuesday will propose raising property taxes by $588 million over the next four years. That would inject cash into the city as it faces a $426 million deficit and a pension-plan debt that’s grown to $20 billion, more than $7,000 for each resident.
Revenue of large manufacturing companies in South Korea posted the largest decline in 12 years during the second quarter due to lower commodity prices and the slump in the shipbuilding industry, central bank data showed Tuesday.
The central bank has said for some time now that it is monitoring the risks associated with the housing market. Some economists are concerned that once demand for housing tapers off there could be a sharp correction in house price, which could cause financial instability.
Brazil's Treasury bought back fixed-rate notes but failed to sell new ones at two extraordinary auctions on Monday as government bond yields soared amid a growing political and economic crisis.
In an update to its flagship Asian Development Outlook released in March, the Bank said growth in the region would hit 5.8 per cent this year and 6.0 per cent in 2016. March’s forecast was for 6.3 per cent for both years.
peculation of extended stimulus from the European Central Bank increased after Executive Board member Peter Praet said on Monday that policy makers would “forcefully react” to defend their inflation objective. Since the ECB started its 1.1 trillion-euro ($1.2 trillion) bond-buying program in March, inflation in the currency bloc has slowed to a near standstill, compared with the ECB’s goal of just below 2 percent.
China’s central bank pumped 50 billion yuan ($7.85 billion) into the money market via reverse re-purchase agreement (repo) on Tuesday, the first cash injection this week. The yield for the seven-day reverse repo stood at 2.35 percent, Xinhua news agency quoted the Bank of China’s (PBOC) statement as saying.
"The most dangerous thing that can occur is if a central bank raises short-term interest rates too soon," said Ewald Nowotny. "That's a horror scenario."
Godwin Emefiele has introduced a range of currency controls in recent months to try to halt the decline of the naira, which has lost about 22 per cent of its value since the oil price collapse began in July 2014.
The bank’s decision also benefits the country’s public finances as government borrowing costs in pesos will remain cheap, at a time when oil prices are constraining revenues and forcing the government to cut spending. For years, oil financed the bulk of Mexico’s budget.
Hungary’s central bank said it will probably keep borrowing costs at a record low longer than policy makers had expected as economic growth is set to slow and inflation pressure remains low.
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