According to Kristalina Georgieva, the chief of the International Monetary Fund (IMF), the loss of global production from 2020 to 2023 will be $3.7 trillion. She claimed that the United States was the only nation that had been able to restore its economy to its pre-pandemic level. "Economic fragmentation poses a threat to further erode economic prospects, particularly for emerging and developing...

UBS Group AG and the government of Mozambique came to an agreement to resolve the country's complaints about Credit Suisse's involvement in the scandal around financing of the purchase of tuna fishing vessels. The sides reached the arrangement immediately before the trial started on October 2 in London, the Financial Times writes. According to UBS, Mozambique and Credit Suisse "mutually...

According to a survey by Wells Fargo Bank and the Latino Donor Collaborative (LDC), a nonprofit organization, the contribution of Hispanics to the US economy increased to $3.2 trillion in 2021 from $2.8 trillion in the previous year. The GDP of the Hispanic population as a whole would be larger than that of the UK, India, France, and Italy combined, placing it sixth in the world, just behind...

On Sunday, the first phase of the EU's Carbon Border Adjustment Mechanism went into force, requiring foreign importers in six carbon-intensive industries that supply the EU with their products to report harmful emissions to the European Commission. Later on in the mechanism's lifecycle, it will compel exporters from outside the EU to make up any discrepancies in payments for harmful air emissions...

According to Bloomberg, which cited its own sources, the German government and Dutch power grid operator Tennet Holding are close to finalizing a deal for the German government to purchase Tennet's entire German company. The agreement is expected to be worth around €20 billion. The largest grid in Germany is owned by Tennet, one of four businesses that govern the country's energy infrastructure....

According to a press release from the watchdog, Basel III's final components, the so-called Basel 3.1 requirements, will not be implemented in the UK for another six months. The British Central Bank states that the extension of the "Basel 3.1" deadline is intended to assist credit organizations with their planning. The transition period will be shortened to 4.5 years in order to guarantee full...

Seoul plans to take into account the needs and features of recipient states, according to President Yoon Suk Yeol. In 2024, the Republic of Korea will boost its provision of official aid to other nations by 40%, said Yoon Suk Yeol, the country’s President, while addressing the UN General Assembly during its 78th session. "The Republic of Korea is firmly dedicated to growing its aid. The...

According to Prime Minister Srettha Thavisin, Thailand is "lagging behind Vietnam" in the number of free trade agreements it has signed. The new Thai Cabinet wants to boost production and draw in foreign capital to reach a 5% annual GDP growth rate, said Thai Prime Minister Srettha Thavisin in an interview with Bloomberg. "As a nation, we have been closed for a time. I must ensure that everyone...

One far-reaching consequence of the Russian invasion of Ukraine has been the total transformation of global gas markets. A global Liquified Natural Gas (LNG) boom has taken place, with LNG markets surpassing the pipeline trade to the detriment of Russia, as Europe make strides in returning to energy normalcy. LNG, it seems, will have a key role to play in Europe’s energy transition. The European...