Bank of Korea Governor Rhee Chang-yong flagged growing financial sector risks amid a rise in real estate loan delinquencies— even as the broader housing market slowly recovers, Bloomberg News reported. “In the mid- to long-term, it is necessary to find a way to smoothly deleverage household debt in cooperation with relevant institutions so that financial imbalances don’t accumulate again,” Rhee said in the text of a speech he gave Monday to mark the central bank’s 73rd anniversary.
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Resources Per Country
- Afghanistan
- Armenia
- Australia
- Azerbaijan
- Bangladesh
- Brunei
- Cambodia
- China
- Cook Islands
- Cyprus
- Fiji
- Georgia
- Hong Kong
- India
- Indonesia
- Japan
- Kazakhstan
- Kyrgyzstan
- Laos
- Macau
- Malaysia
- Maldives
- Mongolia
- Myanmar
- Nepal
- New Zealand
- North Korea
- Pakistan
- Papua New Guinea
- Philippines
- Singapore
- South Korea
- Sri Lanka
- Taiwan
- Tajikistan
- Thailand
- Turkey
- Uzbekistan
- Vanuatu
- Vietnam
India is providing Egypt with a credit line of unspecified value, Egyptian Supply Minister Ali El-Mosilhy said, in the latest support from an ally for the North African nation’s troubled economy, Bloomberg News reported. The Middle East’s most populous nation is racing to turn around an economy that was heavily exposed to the shock waves of Russia’s invasion of Ukraine and is a major importer of wheat and other commodities. Egypt has agreed on a $3 billion deal with the International Monetary Fund, while its Gulf Arab allies have pledged billions of dollars in investment.
Pakistan’s central bank left interest rates unchanged to stop growth from weakening and rein in inflation as the cash-strapped nation and the International Monetary Fund remain deadlocked over bailout loans, Bloomberg News reported. The State Bank of Pakistan’s monetary policy committee decided to keep the target rate at a record 21%, a move expected by a majority of the 44 economists surveyed by Bloomberg. Seven forecast a hike of a 100 basis points and one saw a 200 basis points jump.
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In the latest attempt to boost consumer spending, China’s largest state-run banks lowered interest rates on deposits last week. The rate cuts, the second such reductions since last year, reflect a growing concern that the world’s second-largest economy has not rebounded as strongly as expected after lifting its restrictive “zero-Covid” measures, the New York Times reported. Six commercial banks all announced that they had lowered the rate for demand deposits, essentially a checking account, to 0.2 percent from 0.25 percent.
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Manufacturer of wagons, high-speed brake systems, and railway and engineering equipment, Jupiter Wagons Ltd (JWL), on Friday, June 9, said Kolkata National Company Law Tribunal (NCLT) has approved the company's resolution plan to acquire a controlling stake in Stone India under CIRP of IBC, CNBCTV18.com reported.
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Pakistan’s cash-strapped government on Friday presented its draft for the national budget, allocating funds to fight climate change despite staggering $30 billion in losses from last summer's devastating floods, the Associated Press reported. Lawmakers are expected to approve the proposal by the end of the month, after a clause-by-clause discussion. Prime Minister Shahbaz Sharif's government, which succeeded that of former Premier Imran Khan, has struggled with an unprecedented economic downturn since taking over last year.
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Japan's wholesale inflation slowed for a fifth consecutive month in May because of sliding fuel and commodity prices, data showed on Monday, a sign cost-push pressure that has driven up consumer inflation may be subsiding, Reuters reported. The data underscores the central bank's view that consumer inflation will slow in coming months as global commodity prices slide from last year's peak levels.
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Fallen crypto impresario Do Kwon has funneled tens of millions of dollars out of an entity linked to his failed blockchain project since he was arrested in late March, South Korean prosecutors alleged, Bloomberg News reported. The $29 million worth of digital tokens were likely moved by Kwon personally or at his direction, Dan Sunghan, director of the financial crime investigation bureau at the Seoul Southern District Prosecution Service, said in an interview with Bloomberg News.
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China's exports shrank much faster than expected in May while imports extended declines with a grim outlook for global demand, especially from developed markets, raising doubts about the fragile economic recovery, Reuters reported. The world's second-largest economy grew faster than expected in the first quarter thanks to robust services consumption and a backlog of orders following years of COVID disruptions, but factory output has slowed as rising interest rates and inflation squeeze demand in the United States and Europe.
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HESTA, one of Australia's largest pension funds, on Wednesday froze work with PricewaterhouseCoopers (PwC) Australia, the latest fund to blacklist the firm amid a national scandal over its misuse of confidential government tax plans, Reuters reported. The A$72 billion ($48 billion) fund is "very concerned" and will "restrict consideration of PwC for any new or additional service provision", according to a statement on Wednesday. The fund is audited by PwC.
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