Economy

Monday, March 20th 2023 - 16:08 UTC
It’s the Banking Regulations, Stupid

By Antonio Floglia (*), LONDON – Rather than developing a robust understanding of the errors that led to the 2008 global financial crisis, politicians and the public demanded that supervisory authorities simply double down on regulation. So, that is what they did, and we are now seeing the results with the sudden collapse of Silicon Valley Bank.
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Monday, March 20th 2023 - 16:05 UTC
Network of leading Western central banks ready to inject the necessary dollars liquidity

Leading central banks of the West announced on Sunday a coordinated action to provide liquidity to the financial system through the US swap liquidity line arrangements. The statement was signed by Secretary of the Treasury Janet L. Yellen and Federal Reserve Board Chair Jerome H. Powell and becomes effective Monday 20 March.
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Monday, March 20th 2023 - 16:04 UTC
Extreme surgery: Swiss government and UBS take over Credt Suisse

The Swiss National Bank said at a press conference in Bern on Sunday evening that UBS would be taking over embattled lender Credit Suisse. The deal will see UBS acquire Credit Suisse for 3 billion Swiss francs (US$ 3.23 billion).
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Monday, March 20th 2023 - 15:59 UTC
Moscow extends 60 days Black Sea Grains exports; Putin insists West sanctions on Russian exports must also be lifted

The United Nations announced on Saturday that a deal allowing for the safe export of grain from Ukrainian reports had been extended. The UN did not specify the length of the renewal, while Russia and Ukraine issued conflicting statements on the matter.
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Monday, March 20th 2023 - 15:50 UTC
IDB forecasts gloomy 2023 for Latin America, Caribbean

The Interamerican Development Bank (IDB) has issued a report forecasting growth for the region in 2023 will barely stand at 1%, much lower than similar studies from the Economic Commission for Latin America and the Caribbean (ECLAC) and the International Monetary Fund (IMF).
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Saturday, March 18th 2023 - 10:01 UTC
Alckmin discusses Brazil's ties with European envoy beyond Mercosur

Brazilian Vice President Geraldo Alckmin met Friday with the European Commission's Executive Vice-President Margrethe Vestager to discuss the South American country's relations beyond the Mercosur deal, Agencia Brasil reported.
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Friday, March 17th 2023 - 10:18 UTC
Lula and Abdo discuss Itaipú, Unasur, and UE deal

Brazilian President Luiz Inácio Lula Da Silva Thursday told his Paraguayan colleague Mario Abdo Benítez about his intentions to reorganize Unasur and reinforce Mercosur's unity. Lula and Abdo met at the Itaipu hydroelectric power plant in Foz do Iguazú.
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Friday, March 17th 2023 - 08:48 UTC
BCRA adjusts benchmark interest rate: 78% annually

Argentina's Central Bank (BCRA) Thursday decided to raise the benchmark interest rate by 300 basis points to 78% annually, it was announced in Buenos Aires the day after the INDEC said the Consumer Price Index for the month of February ad grew 6.6% for a year-on-year inflation of 102.5 %, the highest in the last 32 years.
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Friday, March 17th 2023 - 07:53 UTC
“Euro area banking sector is resilient, with strong capital and liquidity positions”, ECB President Lagarde

Anticipating the Euro area banking sector is resilient, with strong capital and liquidity positions, and that inflation is projected to remain too high for too long, the European Central Bank announced on Thursday that the ECB Governing Council decided to increase the three key ECB interest rates by 50 basis points, in line with its determination to ensure the timely return of inflation to the 2% medium-term target.
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Thursday, March 16th 2023 - 07:35 UTC
Chancellor Hunt, “British ale may be warm, but the duty on a pint is frozen”

The price of a packet of cigarettes rose hours after the UK Budget was delivered in Parliament, while drinkers will see tax on alcohol go up by 10.1% in August, in line with inflation. According to London media, the only alcohol not to see a rise was draught beer where duty will be frozen. Chancellor Jeremy Hunt said this was to help “the great British pub”.
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