Headlines

China will spur domestic demand and consolidate and enhance the economic recovery in 2024, the Politburo, a top decision-making body of the ruling Communist Party, was quoted by state media as saying on Friday, Reuters reported. The government has in recent months unveiled a flurry of measures to shore up a feeble post-pandemic economic recovery that has been held back by a property crisis, local government debt risks, slow global growth and geopolitical tensions.

National Asset Reconstruction Company (NARCL) has acquired two SREI companies – SREI Equipment Finance and SREI Infrastructure Finance – under the Insolvency and Bankruptcy Code, 2016 (IBC). The documents for the transaction were signed on Friday, the Business Standard reported.

Canada’s banking regulator chose not to boost capital requirements on the country’s largest lenders, signaling that officials believe banks’ balance sheets are strong enough to withstand economic turbulence, Bloomberg News reported. The Office of the Superintendent of Financial Institutions left the domestic stability buffer at 3.5%. It had increased it in June and last December. The buffer is like a rainy-day fund designed to protect the system by ensuring that banks can absorb losses in a weak economy or shock to the financial system.

The Bank of Canada (BoC) on Thursday called for policy changes to spur more housing construction and reduce pressure on inflation caused by a lack of shelter, especially at a time of record immigration, Reuters reported. Deputy governor Toni Gravelle spoke a day after the central bank held its key overnight rate at 5% but left the door open to another hike, saying it was still concerned about inflation.

France, Germany and the EU executive expressed hope on Friday that EU governments will reach an agreement on the bloc's fiscal rules by the end of the year, with Spain floating the idea of convening an extraordinary meeting to achieve that goal, Reuters reported. France and Germany still differ on how to sustain investment when budget deficits are above EU limits, and other countries, roughly in two camps behind Paris and Berlin, are wrangling over other issues, including the minimum pace of debt reduction.

The U.S. and Mexico agreed on Wednesday to cooperate on stronger screening of investments to reduce national security risks and discussed integrating cross-border payments systems, but U.S. Treasury Secretary Janet Yellen insisted that the moves were not motivated by concerns about China, Reuters reported. The Treasury and Mexican Finance Ministry signed an agreement to exchange information on technical information and best practices as Yellen wrapped up a three-day visit to Mexico City. The Biden administration is promoting Mexico as a premier investment destination for U.S.

Pepkor Holdings Ltd., Africa’s largest clothing retailer, is exploring a potential takeover of South African rival Edgars, Bloomberg News reported. The owner of chains including Pep, Ackermans and Tekkie Town is considering paying as much as 2.4 billion rand ($126 million) for the 94-year-old brand, which three years ago was bought out of business rescue by retail holding company Retailability Pty Ltd., the people said. Talks could yet fall apart and another buyer may emerge, they said.

For years now, heads of state and government, academics and development experts have been calling on the World Bank to lead in the fight against climate change, the New York Times reported. For too long, they say, the international lender had ignored the growing threats posed by rising temperatures and sea levels, been too conservative with its lending to developing countries struggling with climate disasters, and spent too much money supporting fossil fuels, the burning of which is dangerously heating the planet.

Russians have enjoyed a dramatic increase in living standards over the course of President Vladimir Putin's nearly 24 years at the helm of Russian politics. On Friday, Putin said he would run again for the presidency, Reuters reported. High prices for oil, Russia's main export, boosted Putin's standing as the country emerged from the chaotic 1990s, raising incomes and purchasing power for millions of its citizens.

Earlier this week, European negotiators sat in a conference room in Brussels and debated for nearly 24 straight hours — dozing off at times and working a self-service coffee machine so hard that it broke, Bloomberg News reported. They came with a singular mission: reaching an agreement to regulate artificial intelligence. And they didn’t quite get there. But the EU’s internal market chief, Thierry Breton, didn’t want a long break over the weekend that would give lobbyists more time to weigh in, according to people familiar with the matter.