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All articles tagged with #global finance

Ultra-rich own three times the wealth of the bottom half, study finds
world21 days ago

Ultra-rich own three times the wealth of the bottom half, study finds

A World Inequality Report led by Thomas Piketty shows extreme global disparities: the top 0.001% hold three times the wealth of the bottom half; the richest 10% own about 75% of wealth while the poorest half has ~2%. Income is similarly skewed, with the top 10% earning more than the rest of humanity combined and the poorest half capturing under 10% of global income. The gender pay gap persists (women ~25% of global labor income), and poorer countries are squeezed by a financial system biased toward rich states, reflecting enduring institutional and historical factors.

via thelamp.com.au|
#gender-pay-gap#global-finance#income
Powell Probe Fuels Dollar Doubts as Yuan Expands Global Reach
world1 month ago

Powell Probe Fuels Dollar Doubts as Yuan Expands Global Reach

Economists warn that politicizing the Fed could dent confidence in the U.S. monetary system just as Beijing accelerates the yuan’s globalization, with Powell’s investigation seen as undermining central‑bank independence; the developing dynamic could bolster yuan use in cross‑border payments and lending even as the dollar remains dominant in Swift and trade finance, signaling a shifting global currency landscape.

via The Wall Street Journal|
#china#dollar#global-finance
US Bitcoin Reserve Proposal Sparks Financial and Political Debate
finance1 year ago

US Bitcoin Reserve Proposal Sparks Financial and Political Debate

A strategic Bitcoin reserve by the US could lead to global economic shifts, with nations and corporations potentially adopting Bitcoin reserves, impacting its price and use. This could drive corporate and individual adoption, positioning Bitcoin as a hedge against inflation and a medium for transactions. The move might also enable sanction evasion and influence corporate valuations, aligning with predictions of increased demand and price appreciation.

via Benzinga|
#bitcoin#cryptocurrency-adoption#finance
"Assessing Biden's Bold Budget: Tax Cuts, Wealth Tax, and Woke Items"
politicseconomics1 year ago

"Assessing Biden's Bold Budget: Tax Cuts, Wealth Tax, and Woke Items"

President Joe Biden has proposed a "billionaire tax" targeting the super-rich, aiming to impose a 25% tax on Americans with wealth over $100 million. The debate over wealth taxes has reignited, with global finance ministers exploring a global minimum tax on billionaires. While some argue that wealth taxes could help combat wealth inequality, others question their effectiveness and potential for a mass exodus of the super-rich. Proponents believe the revenues generated could address wealth inequality, but critics raise concerns about the costs and redistribution of wealth.

via CNBC|
#global-finance#joe-biden#politicseconomics
"Governor Waller Addresses Dollar's Global Position in Speech"
financeeconomics2 years ago

"Governor Waller Addresses Dollar's Global Position in Speech"

Federal Reserve Governor Waller discusses the U.S. dollar's role in global finance, addressing concerns about its potential decline. He outlines the various dimensions of the dollar's international role, emphasizing its dominance as a store of value, medium of exchange, and unit of account. Despite potential challenges from digital currencies, the euro, and the Chinese renminbi, the dollar's status remains strong, supported by its stability, liquidity, and widespread use in trade and finance. Waller concludes that recent developments have, if anything, strengthened the dollar's international position, and he does not foresee a significant decline in its primacy in the near future.

via Federal Reserve|
#digital-currencies#financeeconomics#global-finance
"Global Diplomacy: Zelenskiy's Peace Efforts and International Reactions"
international-relations2 years ago

"Global Diplomacy: Zelenskiy's Peace Efforts and International Reactions"

Ukrainian President Zelenskiy met with prominent figures in global finance, including JPMorgan Chase's Jamie Dimon, in an effort to secure renewed support for Ukraine's battle against Russia and replenish state funds, amid delays in global aid. The meeting aimed to refocus attention on the conflict at Europe's doorstep. During the encounter, Dimon expressed his support by saying "God bless you" to Zelenskiy.

via Bloomberg|
#davos-2024#global-finance#international-relations
Hong Kong Summit: Chinese Leaders Defend Economy as Wall Street CEOs Keep Quiet
economy2 years ago

Hong Kong Summit: Chinese Leaders Defend Economy as Wall Street CEOs Keep Quiet

Chinese officials defended the state of China's economy at a global finance summit in Hong Kong, assuring international CEOs that the country is on track to hit its growth target of about 5% this year. Despite an uneven recovery and challenges in the property market, officials highlighted China's working-age population, investment in research and development, and long-term status as an export powerhouse as reasons for optimism. The International Monetary Fund raised its outlook for China's economy, projecting GDP growth of 5.4% in 2023. However, concerns remain about the property sector and trade data, with exports falling and imports growing for the first time in eight months.

via CNN|
#china#economy#global-finance
Global Debt Crisis Intensified by U.S.-China Rivalry.
global-finance2 years ago

Global Debt Crisis Intensified by U.S.-China Rivalry.

The intensifying debt crisis in middle- and lower-income countries is being complicated by the rivalry between the US and China. While the International Monetary Fund (IMF) and the US demand that Chinese creditors restructure debt, China has refused to bow to Washington. As a result, countries like Suriname are caught in the geopolitical crossfire, with access to aid delayed. The IMF and the US are reluctant to provide relief until Chinese financial institutions participate, arguing that Chinese lenders are free-riding on debt forgiveness extended by others.

via The New York Times|
#chinese-lenders#debt-crisis#global-finance
Assessing the Prospects of a New Global Finance System after the Paris Climate Summit.
politics2 years ago

Assessing the Prospects of a New Global Finance System after the Paris Climate Summit.

Kenyan President William Ruto has called for a new global financial system and a shift in climate change financing at the New Global Financial Pact Summit in Paris. He wants the World Bank and the International Monetary Fund to extend the tenure of Kenya’s debt that is due to the lenders over the next 10 years to be repaid in 50 years. Ruto has also suggested the ditching of the US dollar in intra-Africa trade, reforms of the African Union, and radical changes in the powerful United Nations Security Council.

via Nation|
#bretton-woods-institutions#climate-change#global-finance
Hong Kong stocks set to benefit from yuan pricing in currency globalisation move.
finance2 years ago

Hong Kong stocks set to benefit from yuan pricing in currency globalisation move.

Hong Kong-listed stocks, including Alibaba and Tencent, will be priced in yuan and the Hong Kong dollar under the Dual Counter Model program, which aims to attract overseas investors with yuan holdings and eventually mainland Chinese investors. The move comes as Beijing tries to internationalize the yuan and challenge the US dollar's dominance on the world stage. The yuan is currently at its lowest against the US dollar since November, and the new trading program could limit conversion and hedging costs for investors trading with the yuan.

via Markets Insider|
#dual-counter-model#finance#global-finance
Canada Suspends Relations with Chinese Development Bank Over Communist Party Control Allegations
politics2 years ago

Canada Suspends Relations with Chinese Development Bank Over Communist Party Control Allegations

Canada has suspended ties with the Beijing-based Asian Infrastructure Investment Bank (AIIB) over allegations that the Chinese Communist Party has infiltrated the institution. The allegations were made by a Canadian citizen who resigned as global head of communications for the AIIB. The AIIB, which began operations in 2016, was designed to provide investment in infrastructure and regional networks. Canada joined the AIIB in 2018 and has since pledged a total of $995.4 million. The Canadian government has ordered a review of the allegations and has not ruled out any outcome following its completion.

via CNN|
#asian-infrastructure-investment-bank#beijing#canada
Banks Embrace High-Risk Bonds.
finance2 years ago

Banks Embrace High-Risk Bonds.

Banks are changing their approach to AT1 bonds, which are high-risk perpetual bonds that were typically repaid after five years. Some smaller banks are no longer repaying the bonds and opting instead to keep them open-ended beyond five years and paying interest on them instead. This trend highlights the vulnerability of global finance as it grapples with rocketing borrowing costs and the impact of war in Ukraine. The wipeout of billions of dollars of Credit Suisse AT1 bonds still reverberates around this market, which is estimated at roughly $275 billion.

via Reuters|
#at1-bonds#banks#finance
Ajay Banga becomes World Bank President
global-finance2 years ago

Ajay Banga becomes World Bank President

Ajay Banga, former Mastercard executive, has been elected as the next president of the World Bank, succeeding David Malpass. Banga's five-year term will begin on June 2, and he will oversee the bank's efforts to help low-income countries overcome debt and combat climate change. The bank is pivoting to become a dominant player in climate finance, but shareholders are not eager to spend trillions of dollars on these priorities. Banga's selection was not unanimous, with Russia abstaining from the vote.

via POLITICO|
#ajay-banga#climate-finance#debt