China’s urban employment fell for the first time in six decades last year and per capita spending also marked a rare decline, as harsh COVID-19 curbs ravaged the world’s second-biggest economy. The new data from the National Bureau of Statistics also showed the smallest income growth in more than...
World Economy News
Yellen says she will talk deficit-reduction with Republicans, not debt limit
U.S. Treasury Secretary Janet Yellen said on Saturday she was willing to negotiate with Republicans in Congress over the Biden administration’s budget proposal to be unveiled next month – but not as a condition of raising the debt ceiling. Yellen told Reuters in an interview that the Biden budget...
External backers pour billions into Ukraine to counter war damage
Pictures of devastation in Ukraine following Russia’s invasion have sparked urgent questions over how its reconstruction can be paid for. But before they can even begin to be answered, Kyiv is seeking billions just to ride out this year. After a 30% contraction in its economy in 2022, Ukraine will...
World Bank promises ‘concessionality’ in debt restructuring
The World Bank will “provide as much concessionality to the debt treatment” for distressed economies as possible, its president told a meeting with the International Monetary Fund, India, China, and other creditor nations on Saturday. The remarks come amid calls by China, the world’s largest...
https://www.hellenicshippingnews.com/world-bank-promises-concessionality-in-debt-restructuring/
US: Fed inflation fears keeps the pressure on for rate hikes
Inflation shows little sign of slowing The acceleration in the Federal Reserve’s favoured measure of inflation, the core personal consumer expenditure deflator, is a big story. It rose 0.6% month-on-month versus expectations of a 0.4% print and is also above the 0.4% increase reported by the core...
https://www.hellenicshippingnews.com/us-fed-inflation-fears-keeps-the-pressure-on-for-rate-hikes/
Elon Musk’s challenge: Stay ahead of the competition
Elon Musk will confront a critical challenge during Tesla (NASDAQ:TSLA)’s Investor Day on March 1: Convincing investors that even though rivals are catching up, the electric-vehicle pioneer can make another leap forward to widen its lead. Tesla Inc was the No. 1 EV maker worldwide in 2022, but...
https://www.hellenicshippingnews.com/elon-musks-challenge-stay-ahead-of-the-competition/
G20 tussles over Ukraine war as West steps up sanctions
Finance leaders of the world’s top economies sought on Friday to bridge differences over how to deal with Russia following its year-old invasion of Ukraine as the West stepped up sanctions against Moscow. U.S. Treasury Secretary Janet Yellen accused Russian officials at the two-day Group of Twenty...
https://www.hellenicshippingnews.com/g20-tussles-over-ukraine-war-as-west-steps-up-sanctions/
Piraeus Bank posts higher fourth-quarter profit on net interest income boost
Piraeus Bank, Greece’s fourth-largest lender by market value, reported higher quarterly net earnings on Friday, helped by lower costs and an increase in net interest income and fees. The bank, which is 27% owned by the country’s HFSF bank rescue fund, reported net earnings of 170 million euros...
German GDP contracted by 0.4% in the fourth quarter
The German economy contracted at the end of the year, as inflation and the energy crisis took their toll on household consumption and capital investment. The German economy shrank by 0.4% in the fourth quarter of 2022 compared with the previous three months, the statistics office said on Friday....
https://www.hellenicshippingnews.com/german-gdp-contracted-by-0-4-in-the-fourth-quarter/
U.S. will resume economic talks with China ‘at an appropriate time,’ Yellen says
U.S. Treasury Secretary Janet Yellen said Thursday the United States would resume economic talks with China “at an appropriate time” as Beijing continues to sell its vast stock of Treasurys and as Washington warns against possible sanctions violation in relation to Russia. “I don’t have a specific...