Connect with us

Economy

IMF chief sees $345 billion financing gap for African states By Reuters

Published

on


© Reuters. FILE PHOTO: IMF and World Bank hold Annual Meetings in Washington

WASHINGTON (Reuters) – African states need $1.2 trillion in financing through 2023 to grapple with the COVID-19 pandemic and its economic impact, International Monetary Fund Managing Director Kristalina Georgieva said on Friday.

The IMF chief said the region faced a financing gap of around $345 billion through 2023, with commitments from official bilateral lenders and international institutions covering less than a quarter of the projected needs and private capital still subdued.

Warning that the pandemic would not end anywhere unless it was addressed in regions like Africa, which has reported more than 1 million cases, Georgieva said it was imperative that all countries and institutions do more to help Africa cope with the crisis.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

Chinese U.S. homebuying sinks By Reuters

Published

on

By


© Reuters.

By Ankit Ajmera and Sanjana Shivdas

(Reuters) – U.S. home sales to Chinese buyers may plunge as much as 60% this year, according to a U.S. real estate industry body, as the travel curbs imposed to thwart the coronavirus counter the impact of a surge in the yuan against the dollar.

Rich Chinese buyers seeking to put away years of export-earned dollars have become the biggest foreign contributor to the U.S. housing market over the past decade.

Deal numbers, however, dropped sank a total of 62% over the last two years to $11.5 billion in the year to last March, as President Trump’s trade war and nerves over whether buyers and their families would be guaranteed visas in future weighed.

The National Association of Realtors now estimates that number could fall further, to between $5 billion and $7 billion in the current year, depending on whether existing travel restrictions on arrivals from China are lifted earlier.

“Chinese investment in U.S. homes is likely to continue to decline,” says Gay Cororaton, NAR director of housing and commercial research.

“There is still a U.S. travel ban on foreign nationals entering the U.S. from China, and Chinese nationals may also be hesitant to travel to the United States with coronavirus cases still on the rise.”

While agents say the Trump administration’s tussles with Beijing has cooled appetite over the past four years, U.S. mortgage rates are at rock bottom and, crucially, the dollar has sunk over 7% against the yuan since May.

Enquiries about U.S. properties with Chinese international property firm Juwai IQI are up 12% this year.

“There is still a great deal of pent-up demand,” Executive Chairman Georg Chmiel says. “Chinese buyers have money and they still value American real estate and the American lifestyle.”

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Continue Reading

Economy

BoE’s Haldane says UK spending ‘remarkably resilient’ By Reuters

Published

on

By


© Reuters. FILE PHOTO: The Chief Economist of the Bank of England, Andy Haldane, listens from the audience at an event at the Bank of England in the City of London

By David Milliken

LONDON (Reuters) – British household spending has been “remarkably resilient” through the coronavirus pandemic, Bank of England Chief Economist Andy Haldane said on Thursday.

Haldane noted that U.S. household spending had suffered relatively little from a second wave of cases there over the summer, which might also prove the case in Britain.

Haldane, who has taken a more upbeat view of Britain’s recovery than many of his colleagues at the BoE, was speaking at a conference on economics hosted by the National Institute of Economic and Social Research.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Continue Reading

Economy

Digitalization Could Double Japan’s Growth, Reform Panelist Says By Bloomberg

Published

on

By


© Reuters. Digitalization Could Double Japan’s Growth, Reform Panelist Says

(Bloomberg) — Quickly improving Japan’s digital infrastructure could more than double the country’s potential growth rate and is the most important item on Prime Minister Yoshihide Suga’s reform agenda, according to a senior member of a government advisory panel.

The coronavirus pandemic has shown just how far the world’s third largest economy lags behind other countries in adopting digital technology, said economist Susumu Takahashi, who serves as vice chair of the reform panel. He says he would like to see rapid digitalization increase the country’s potential growth rate from just under 1% to at least 2%, through enhanced innovation and productivity.

“Suddenly boosting the rate to 3% or 4% would be difficult,” said Takahashi in an interview Wednesday. “But unless we use the corona crisis as an opportunity to push forward digitalization, we’ll never catch up.”

Delays in delivering cash handouts to the population during the height of the virus crisis highlighted how out of date Japan’s administrative systems have become, with attempts to facilitate online applications running into trouble and in some cases being scrapped in favor of paperwork.

A lack of digitalization and continued use of name seals for some documents are also among factors hampering Japan’s efforts to attract foreign banks and brokerages and better establish itself as an international finance hub.

Suga has made reform the central rallying cry of his administration as he seeks to quickly leave a mark before a leadership contest and general election to take place by autumn next year.

Japan’s Creaking Computer Systems Hamper Economic Recovery

“There’s no doubt things are going much faster now,” said Takahashi, adding that the panel has moved to an approach of concluding discussions one issue at a time, instead of reporting findings on a range of items, in June. “Not only is the prime minister himself pushing for speed, but he’s also clearly stressing speed to all the relevant ministers.”

The government currently calculates Japan’s potential annual growth rate at just 0.7% while the Bank of Japan sees it even lower. Neither estimate has reached 2% in more than two and a half decades.

If Japan digitalized to the extent of Estonia, a nation seen at the forefront of digital usage in Europe, innovation and growth would be even higher, said Takahashi. But for now the country needs to catch up with its peers in Europe or the U.S. and China, he said.

“If Japan really doesn’t move now, it really will become the boiled frog,” he added.

©2020 Bloomberg L.P.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Continue Reading

Trending

Copyright © 2017 Zox News Theme.