Headlines

Argentina’s President Alberto Fernandez said the country is “absolutely” committed to reaching a deal with the International Monetary Fund, Bloomberg News reported. Fernandez at the same time made clear that his government won’t risk rushing into an agreement if it’s a poor one for Argentines, in comments delivered at the closing of an event with top business leaders. “We’ll keep discussing until we’re sure we’ll have the resources to make Argentina stand on its own two feet again,” he said.

A prolonged increase in energy prices could have a negative impact on Italy’s local administrations forcing the government to step in to help keep offices, hospitals and schools functioning properly, Finance Ministry Undersecretary Maria Cecilia Guerra said, Bloomberg News reported. “I think it would be useful to look at the impact on local administrations because the increase in energy costs could be hard on them,” Guerra said in an interview in Rome.

Peru's gross domestic product expanded 11.83% in August compared with August 2020, marking six straight months of economic growth for the South American country, the government's INEI statistics agency said in a statement on Friday, Reuters reported. The expansion in August was principally driven by the construction and manufacturing sectors, the agency said. In the first eight months of 2021, Peru's economy grew 18.59%, the INEI statement said. In the 12-month period through August, the country's GDP expanded 10.46%, it added.

Appetite for Tanzania’s sovereign bonds is expected to continue as banks in the East African nation prioritize lending to the government to secure some returns despite the Covid-19 pandemic, Bloomberg News reported. The nation’s last three bond sales were oversubscribed. The latest raised 182.3 billion shillings ($79 million) in 25-year bonds at 15.95%, attracting tenders of more than three times the amount offered, according to a Bank of Tanzania report on Wednesday.

European Central Bank President Christine Lagarde warned that the globalized nature of the euro area’s economy makes it highly vulnerable to systemic shocks from supply chain disruptions, Bloomberg News reported. “There are signs that the global economy could increasingly be a source of shocks for Europe rather than a stabilizer against volatility,” Lagarde said. Bottlenecks affect the “euro area more than other economies by virtue of our exposure to globalization,” she said.

Supply chain woes and growing inflation concerns pushed aside a widening gap in COVID-19 vaccinations and mounting debt problems for developing countries as the top concerns for global policymakers at International Monetary Fund and World Bank annual meetings this week, Reuters reported. Relatively little new progress was made on increasing vaccine supplies to developing countries, although officials highlighted an increasing divergence between rich and poor countries as a growing financial and economic risk.

Otima Energie, a small German power and gas retail company, on Wednesday declared itself insolvent, the latest victim of soaring energy prices, while E.ON, Entega and EnBW temporarily withdrew their gas deals from price comparison portal Verivox. Suppliers across Europe are struggling with rocketing prices due to factors ranging from insatiable Asian demand to Europe's carbon policy and a period of lighter winds.

Turkey’s economy slid further into turmoil on Thursday after President Recep Tayyip Erdogan fired three top officials at the country’s central bank in a midnight decree that drove the country’s currency to record lows, the Wall Street Journal reported. The firings are Mr. Erdogan’s latest intervention at the bank after he fired three of its governors within two years, most recently installing a chief in March who agrees with his desire for lower interest rates. Mr.

Alitalia, a one-time symbol of Italian style and glamour brought low by economic mismanagement, will operate its last flight on Thursday after 75 years, before handing over to its downsized successor Italia Trasporto Aereo (ITA), Reuters reported. The traditional choice of popes, prima donnas and Italy's political elite, Alitalia has been run by state-appointed administrators since 2017 to avoid being liquidated.

Upon learning the U.S. intends to reopen land border crossings in early November to fully vaccinated travelers from Canada and Mexico, Emily Pearce started planning a visit to the nearest Target store, located in upstate New York, the Wall Street Journal reported. The Ottawa resident said for months she has been eyeing a pair of wicker nightstands that the retailer sells. Target doesn’t ship to Canada, and she can’t find anything comparable in Canada at the same price point. Shopping trips, family reunions and vacations are back on the agenda for Canadians like Ms.