The Bank of Japan’s insistence on holding its key interest rate at -0.25 percent has driven the yen down still further, sinking it to ¥146.95 to the dollar on 12 October, the lowest since 1998, and driving it down to ¥148.90 on 17 October, its weakest since 1990.
Earlier this month, leading computer chip makers Samsung Electronics and Advanced Micro Devices (AMD) reported earnings that fell far short of expectations, which many analysts interpreted as a sign that a lasting economic rebound is further away than previously thought, Bloomberg reported.
After barely five weeks on the job, U.K. finance minister Kwasi Kwarteng got the boot from prime minister Liz Truss last Friday and was replaced by Jeremy Hunt, a veteran Conservative party politician and former foreign minister who immediately set about righting his predecessor’s wrongs.
At the World Bank’s annual meeting last week, Germany and the U.S. presented a proposal calling for “a fundamental reform” of the institution.
Forty-six percent of Canadian households report approaching “insolvency,” defined as no more than $200 away from being unable to meet their routine basic financial obligations, according to the quarterly Consumer Debt Index compiled by MNP, a Canadian bankruptcy and insolvency counseling firm.
Gerald Celente talks about the latest CPI data and what the Fed’s future moves may be.
Gerald Celente talks about the latest CPI data and what the Fed’s future moves may be.
Sri Lanka and Zambia have defaulted on their debts, with another dozen countries at, or already tipping over, the edge of insolvency, Reuters reported.
The Organization of Petroleum Exporting Countries, Russia, and its other allies, known collectively as OPEC+, have agreed to cut daily oil production by two million barrels a day in an attempt to lift oil prices back up above $100 a barrel in the face of a weakening global economy.
The European Central Bank’s [ECB’s] governing council is expressing concern that inflation in the Eurozone, which ran recently at 10 percent, will become “self-reinforcing” and last for years as the euro remains weak and governments pump stimulus money into national economies to soften the impact of soaring energy costs, the Financial Times reported.