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Thursday, August 13, 2020

Global Dominant Currencies and the Limits of Exchange Rate Flexibility

By Gustavo Adler, Gita Gopinath and Carolina Osorio Buitron Faced with an unprecedented shock of collapsing global demand and commodity prices, capital outflows, major supply chain disruptions and a generalized drop in global trade, many emerging markets and developing economies’ (EMDEs) currencies have weakened sharply....

EU leaders strike ‘historic’ $2 trillion deal to rebuild Europe’s economy

London/Hong Kong - After almost five days of fraught discussions, European leaders have agreed to create a €750 billion ($858 billion) recovery fund to rebuild EU economies ravaged by the coronavirus crisis. The European Commission will borrow the money on financial markets and distribute just...

Bank of America shares drop as the firm sets aside another $4 billion for coronavirus-related loan losses

The bank said it generated earnings of $3.5 billion, or 37 cents a share, exceeding the 27 cents a share expected by analysts surveyed by Refinitiv. However, revenue of $22.5 billion barely edged out analysts’ estimate of $22 billion. Bank of America’s trading division helped offset...

Putin delays $360bn spending plan as Covid-19 batters economy

Vladimir Putin has delayed his flagship $360bn national investment plan by six years as the coronavirus pandemic pitches Russia into recession and leaves a hole in the federal budget. Mr Putin unveiled the so-called National Projects two years ago as a much-needed Rbs25.7tn ($362bn) injection...

UK-China relations: from ‘golden era’ to the deep freeze

n the autumn of 2015, on a mission to Beijing that would pave the way for President Xi Jinping’s triumphal state visit to the UK that October, George Osborne employed a phrase that has come to haunt Sino-British relations. Looking to the future, the...

Global Population May Shrink Dramatically, Prompting ‘Economic Power Shift’, Claims Report

Moscow, July 15, 2020 (Sputnik/Naija247news) A group of scientists says the number of people will peak in 2064 and drop to about 8.8 billion by 2100, which is two billion less than under the UN’s estimate. The group of international scientists has made a world...

This Norwegian building surrounded by trees, 1,200 solar panels, could change future factories

As concerns about sustainability and the environment mount, some firms are attempting to reduce the impact of their operations with factories focused on sustainability. In Norway, plans are in place for a development which uses solar power and is surrounded by trees. From cars to...

Companies pause frantic fundraising to assess pandemic damage

Companies are pausing for breath after a frantic four-month race to secure cash, drawing down bank credit lines, agreeing government rescue financings and issuing new debt and equity to outlast the coronavirus crisis. The frenetic pace of fundraising, which set records in debt and equity...

Oil crash piles pressure on bloated refining sector

Oil refineries are struggling as the worst demand-crash in decades cascades through the industry, leaving plants around the world at risk of closure. Demand for fuel remains depressed and stockpiles are bulging, while the crude refiners’ process has become more expensive following deep Opec-led supply...

South Africa’s fiscal woes Worsen as Borrowing Costs Edge over Nigeria’s

It’s a sign of South Africa’s fiscal woes: for the first time ever, the country is paying more to borrow in its local currency than Nigeria, rated four steps lower at Moody’s Investors Service. Yields on South African rand bonds have climbed more than a...
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