Having secured his re-election on 28 May as Turkey’s president, Recep Tayyip Erdogan has appointed a new finance minister who promises “rational” fiscal policies.
Tag: Economy
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BANK OF CANADA SETS INTEREST RATE AT 22-YEAR HIGH
After a five-month pause in rate increases, the Bank of Canada (BoC) lifted its key rate on 7 June from 4.50 percent to 4.75 percent, its highest since 2001.
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SPOTLIGHT: BIGS GETTING BIGGER
As we had long forecast, the higher central banks raise interest rates, the lower the Merger and Acquisition trend... which hit record highs during the COVID war when interest rates sank and governments pumped in countless trillions to artificially prop up sinking economies.
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SPOTLIGHT ON CHINA
China’s manufacturing and services sector both slowed in May, offering more evidence that the growth spurt early this year after the government lifted anti-COVID restrictions has not lasted.
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FU ENVIRONMENT, IT’S THE BOTTOM LINE: PORTUGAL APPROVES LITHIUM MINING
Portugal’s environmental regulators have given a positive recommendation on Savannah Resources’ proposed Barroso lithium mine that will produce enough of the metal to supply 500,000 electric vehicles (EVs) annually, the company says.
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BANK REGULATORS MUST “SIGNIFICANTLY” BOOST THEIR BUDGETS, BIS SAYS
Nations’ bank overseers must increase their budgets dramatically to step up supervision in the wake of March’s twin collapse of Signature and Silicon Valley banks in the U.S. and Credit Suisse’s failure in Switzerland, the Bank for International Settlements (BIS) said in a statement last week.
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SAUDI ARABIA CUTS OIL OUTPUT, BUT OIL PRICES KEEP SINKING
After a tense weekend meeting of the Organization of Petroleum Exporting Countries and their allies (OPEC+), Saudi Arabia announced it would pare back its oil production by one million barrels per day in an attempt to push crude prices higher.
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LULA WANTS SOUTH AMERICAN CURRENCY
Brazilian President Luiz Inácio Lula on Tuesday threw his support behind a common South American currency—something like the euro—that he said would provide a strengthened monetary policy and “better compensation mechanisms” for trading.
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SAUDIS IN TALKS TO JOIN “BRICS” BANK
Saudi Arabia is in discussions about joining the New Development Bank (NDB), an increasingly important lender to developing nations.
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REASONS WHY EUROPE’S FOOD PRICES REMAIN SO HIGH
In April, the price of a loaf of plain white bread in the U.K. was 28 percent higher than a year before. In Germany, cheese costs 40 percent more and potatoes 14 percent.