Iceland’s central bank raised borrowing costs to a six-year high and hinted at further tightening as it tries to curb an overheating housing market that has driven inflation to its highest level in more than a decade. The seven-day term deposit rate rose 75 basis points to 5.5% on Wednesday, in line with market expectations. […]
Tag: International financial news
South Africa: Inflation hits 13-year high in July
Inflation in South Africa strengthened to a 13-year high of 7.8% in July from 7.4% in June, remaining above the upper end of the target range of between 3%-6%, Statistics South Africa said . The figures are the highest since 8% recorded in May 2009, when Africa’s most developed economy had to deal with currency […]
Rehn: Research on digital euro ends in October 2023
The research stage for the digital euro is expected to be completed by October 2023, the board member said. of the European Central Bank, Olli Rehn on Tuesday, as reported by Reuters. After the investigation, the ECB will decide whether to start the project to create a digital euro, said Rehn, who is the governor […]
Kashkari: Fed should continue tightening until it sees convincing evidence that inflation is easing
The Federal Reserve should continue to tighten monetary policy until it is clear that inflation is coming down from today’s very high levels, said Federal Reserve Bank of Minneapolis President Neel Kashkari. “When inflation is at 8% or 9%, we run the risk of destabilizing inflation expectations,” Kashkari said on Tuesday. If that happens, the […]
At the heart of this year’s Jackson Hole meeting is tackling inflation
This time last year, the world’s major central banks were united in getting the inflation hypothesis wrong. Now, as top policymakers gather for the Kansas Federal Reserve’s annual monetary policy conference in Jackson Hole, Wyoming, the U.S. central bank looks like it can manage a “soft landing” for its own economy, but the outlook for […]
The blow from the war would affect the German economy for years
The economic impact on Germany from the Russian invasion of Ukraine will last for years, influential economist Marcel Fratzscher of the German Institute for Economic Research told Reuters, adding that it could cost it as much as 3 percentage points from growth this year. Fratzscher, whose institute is among those advising the German government on […]
Canada: Historic agreement with Germany on renewable hydrogen
The governments of Canada and Germany signed a cooperation agreement on the production and transport of renewable (or green) hydrogen yesterday on the second day of German Chancellor Olaf Scholz’s visit to Canada. German Economy Minister Robert Habeck and Canadian Energy Minister Jonathan Wilkinson signed the agreement at a ceremony in Stephensville, Newfoundland, in the […]
Ukrainian: One month since the grain deal
Grain exports from Ukraine are slowly accelerating. But a month after the relevant agreement between Russia, Ukraine and the UN, the market does not seem to have been restored. About 30 ships have departed from Ukraine’s largest ports on the Black Sea since July 22. On that day, an agreement was signed in Istanbul, brokered […]
Norway: Natural gas production to remain elevated until 2030
Norway plans to maintain existing high production levels in natural gas until the end of the decade as Europe gradually ends Russian imports following the invasion of Ukraine, Norway’s energy minister said. “I expect we will be able to maintain current levels until 2030,” Terje Aasland told Reuters. “We see that there are projects and […]
Nervousness in European bonds
Volatility remains in European bond markets as fears of a slowdown in growth intensify, while the biggest bond buyer, the ECB, has now begun to withdraw. The latest development actually has the effect of noticeably limiting the liquidity of the market. Even German bonds, which are considered the safest in the eurozone, have not been […]
