All articles tagged with #finance minister
Indonesian markets experienced turbulence after President Prabowo Subianto dismissed the finance minister, causing concern among investors and signaling potential political instability.
The Indonesian finance minister's home was looted amid spreading unrest, highlighting escalating tensions and instability in the country.
Mexico’s finance minister is making efforts to calm nervous investors amid economic uncertainties, emphasizing stability and confidence in the country's financial policies.
The Japanese Yen fell to its lowest level against the US Dollar since 1990, prompting Japan to issue its strongest warning yet and consider currency intervention, as the yen slid to 151.97 per dollar in Tokyo, nearing the 151.95 level that triggered intervention in October 2022. Finance Minister Shunichi Suzuki hinted at possible action, causing traders to back away.
Prof. Yaron Zelekha, an economist, attributes Israel's recent credit rating downgrade by Moody's to a lack of economic policy vision and confidence in Finance Minister Bezalel Smotrich's management. Zelekha argues that the deficit was already a concern before the war, and the government's spending levels are unsustainable, leading to a lack of control over the economy's management. He warns that the downgrade could open the door to further credit downgrades, impacting the financial markets, and emphasizes the need for a new economic plan to prevent further deterioration of the state of the economy.
Germany's finance minister has referred to the country as the "tired man" of Europe, highlighting concerns about its economic fatigue. This statement comes as Germany faces pressure to boost its economy and contribute more to the European Union's recovery efforts.
Spain's Finance Minister Nadia Calviño has been appointed as the next head of the European Investment Bank (EIB) after winning the support of EU countries. Calviño, who will start her role on January 1, 2022, defeated Margrethe Vestager, the EU digital and competition chief, in the contest. As the new EIB chief, Calviño will oversee the allocation of billions of euros in loans for infrastructure projects across Europe, as well as play a crucial role in financing the green transition and the rebuilding of Ukraine. Her appointment marks a victory for a socialist candidate from a southern country and is expected to have implications for other top EU positions.
The Indian government has announced a 28% tax on funds collected by online gaming companies, dealing a blow to the $1.5 billion industry that has gained popularity and foreign investment. Finance Minister Nirmala Sitharaman stated that the decision was made after consulting with states and was not intended to harm the industry. However, industry representatives argue that the tax will impact their earnings and may be passed on to customers. The move comes amid concerns over addiction and financial losses associated with gaming apps, which are endorsed by sporting heroes in cricket-loving India.
Pakistan's Prime Minister Shehbaz Sharif met with IMF Managing Director Kristalina Georgieva in Paris to discuss the release of halted funds ahead of the credit line's expiry next week. The IMF's ninth review for the release of $1.2 billion is pending, with just eight days remaining for the programme's June 30 expiry. Meanwhile, Pakistan's Finance Minister Ishaq Dar has been accused of slapping a reporter who asked him questions on the stalled funds.
Pakistan's Prime Minister Shehbaz Sharif met with IMF Managing Director Kristalina Georgieva in Paris to discuss the release of halted funds ahead of the credit line's expiry next week. The IMF's ninth review for the release of $1.2 billion is pending, with just eight days remaining for the programme's June 30 expiry. Meanwhile, Pakistan's Finance Minister Ishaq Dar has been accused of slapping a reporter who asked him questions on the stalled funds.
Turkey's lira has fallen 7% to a record low as the newly elected government appears to be loosening currency stabilizing measures in its switch to more mainstream policies. The appointment of Mehmet Simsek, a former deputy prime minister, as finance minister signals a move away from unorthodox rate cuts despite high inflation. The country is also waiting for the appointment of a new central bank governor to replace Sahap Kavcioglu, who spearheaded interest rate cuts under Erdogan's policies. Turkish authorities hope foreign investors will return, but market watchers caution that Erdogan has changed his mind on conventional policies in the past.
Colombia's finance minister, Alberto Carrasquilla, has been ousted by the country's leftist president, Ivan Duque, following protests over his proposed tax reform. Carrasquilla's resignation comes amid criticism of his handling of the pandemic and economic policy. Duque has yet to name a replacement for the position.
Karin Keller-Sutter, the finance minister of Switzerland, played a key role in the rescue of Credit Suisse, which was facing a crisis due to its exposure to the collapse of Archegos Capital Management. Keller-Sutter's intervention helped to prevent a potential systemic risk to the Swiss banking system.