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IMF chief warns energy shock, growing debt and AI risks threaten global growth

IMF chief warns energy shock, growing debt and AI risks threaten global growth

By Rae Wee SINGAPORE, Oct 7 (Reuters) - The global economy is under threat from persistently high energy prices, record public debt and risks from the AI investment boom, International Monetary Fund Managing Director Kristalina Georgieva warned on Wednesday, urging governments to take protective
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World Bank Reports Pakistan Bears Region's Largest Poverty Burden Amid Economic Crises

World Bank Reports Pakistan Bears Region's Largest Poverty Burden Amid Economic Crises

The World Bank has reported that Pakistan accounts for approximately 48% of the people in the Middle East, North Africa, Afghanistan, and Pakistan (MENAAP) region living below the $3 per day poverty line. This makes Pakistan the country with the largest poverty burden in the region. The report indicates that poverty in Pakistan increased significantly, with the poverty rate rising by 6.4 percentage points at the $3 per day line and 3.2 percentage points at the $4.2 per day line between 2018-19 and 2024-25. This surge is attributed to a series of adverse shocks, including the COVID-19 pandemic, the devastating 2022 floods, a macroeconomic crisis characterized by high inflation and currency depreciation, and a prolonged period of economic adjustment. These factors have collectively weakened real household incomes and employment opportunities. The World Bank projects Pakistan's population-growth adjusted real GDP growth to remain at 2.2% for the current fiscal year, similar to the previous year's level, with ...
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Euro stumbles toward 17-month lows, dollar rises with Fed minutes on tap

Euro stumbles toward 17-month lows, dollar rises with Fed minutes on tap

By Chuck Mikolajczak NEW YORK, Oct 7 (Reuters) - The euro tumbled on Wednesday as French bonds came under renewed pressure on fiscal concerns, while the dollar advanced as investors awaited the minutes from the most recent Federal Reserve meeting for clues on the central bank's policy path.
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Interpol crackdown on illegal mining, logging and wildlife trafficking leads to 233 arrests

Interpol crackdown on illegal mining, logging and wildlife trafficking leads to 233 arrests

Interpol has announced a major crackdown on environmental crime in Latin America and the Caribbean, leading to 233 arrests
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US weekly jobless claims fall as layoffs remain low

US weekly jobless claims fall as layoffs remain low

WASHINGTON, Oct 8 (Reuters) - The number of Americans filing new claims for unemployment benefits fell last week, pointing to continued labor market stability despite job growth slowing sharply in September.
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Cost-of-living crises have lasting impact on inflation expectations, poverty, IMF says

Cost-of-living crises have lasting impact on inflation expectations, poverty, IMF says

By Andrea Shalal WASHINGTON, Oct 6 (Reuters) - Sharp spikes in food and energy prices will likely become more common, the International Monetary Fund said, warning such crises drive inflation expectations higher for longer, worsen poverty and threaten economic stability.
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IMF research shows better tax system design can raise revenue, growth without higher rates

IMF research shows better tax system design can raise revenue, growth without higher rates

By David Lawder WASHINGTON, Oct 5 (Reuters) - Governments can improve revenue growth without raising tax rates by improving the design of their tax systems, the International Monetary Fund said on Monday, arguing that avoidable distortions in tax systems are restraining economic growth.
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IMF says hedge funds' market footprint growing, merits closer scrutiny

IMF says hedge funds' market footprint growing, merits closer scrutiny

WASHINGTON, Oct 6 (Reuters) - Hedge funds have more than tripled in size in the last decade and now play increasingly critical market roles, the International Monetary Fund said Tuesday, while warning that the funds' use of leverage and overall opacity can inject risks into the financial system.
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Brazil markets' Bolsonaro rally sends stock exchange to record high

Brazil markets' Bolsonaro rally sends stock exchange to record high

By Oliver Griffin, Marcela Ayres and Gabriel Araujo SAO PAULO/BRASILIA, Oct 5 (Reuters) - Brazil's main stock exchange surged to a record high on Monday as the country's markets cheered on right-wing Senator Flavio Bolsonaro's better-than-expected finish in the first round of Sunday's presidential
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Fed plans to overhaul bank supervision responsibilities, Bowman says

Fed plans to overhaul bank supervision responsibilities, Bowman says

By Pete Schroeder WASHINGTON, Oct 6 (Reuters) - The Federal Reserve plans to overhaul how it supervises US banks, replacing a model that charged its regional bank presidents with overseeing examinations with a new one that will be more accountable to Washington, the central bank's top regulatory
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US trade balance sinks deeper into the red as imports hit record high despite tariffs

US trade balance sinks deeper into the red as imports hit record high despite tariffs

By Lucia Mutikani WASHINGTON, Oct 6 (Reuters) - The US trade deficit widened more than expected in August as imports jumped to a record high against the backdrop of robust domestic demand, keeping trade on track to again subtract from economic growth in the third quarter.
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Record imports push US trade balance deep into the red in August

Record imports push US trade balance deep into the red in August

By Lucia Mutikani WASHINGTON, Oct 6 (Reuters) - The US trade deficit widened more than expected in August as imports jumped to a record high against the backdrop of robust domestic demand, keeping trade on track to again subtract from economic growth in the third quarter.