BANKING CRISIS PARAGUAY
Paraguay's ousted president faces prosecutors after his removal over bank collapse
Santiago Pena was removed from office by Congress following a bank failure affecting nearly three million customers. Prosecutors ordered his arrest for alleged breach of trust and other offenses related to Ueno Bank's collapse. His successor, Vice President Pedro Alliana, began forming a new Cabinet to address the situation. Public protests demanding accountability and access to frozen funds escalated significantly in response.
Ousted Paraguayan President Santiago Pena placed under house arrest after bank collapse; Pedro Alliana sworn in as sudden successor
Santiago Pena, the ousted President of Paraguay, was placed under house arrest on charges of misconduct. His removal follows the collapse of Ueno Bank, affecting nearly half of Paraguay's population. Vice President Pedro Alliana has assumed presidency amidst public outcry for accountability. Regulators seized Ueno Bank, locking depositors out of their accounts and triggering a political crisis. Lawmakers allege Pena abused his political influence regarding Ueno's operations and regulatory oversight.
Paraguayan president Santiago Pena impeached minutes after resigning following bank collapse
The 78-0 vote marked a stunning repudiation of Pena by lawmakers from his long-ruling Colorado Party, who joined the opposition in backing his impeachment after three days of demonstrations rocked the capital, Asuncion.
Paraguay President Santiago Pena resigns after bank takeover sparks protests, threatens millions of depositors
Paraguayan President Santiago Pena announced his resignation after the central bank's takeover of Ueno Bank left three million depositors, including pensioners, unable to access their money. The crisis triggered protests, an impeachment push and accusations of political favouritism against Pena, whose own Colorado Party backed his removal.
Lula vs Bolsonaro: As Brazil lies on the brink of tilting right, India watches its major BRICS partner
Flávio Bolsonaro secured leading votes against incumbent Luiz Inácio Lula da Silva in Brazil's elections on October 4. The runoff on October 25 could solidify right-wing power across South America, following a regional trend. Lula aims to reduce economic inequality while Bolsonaro focuses on crime and spending cuts. India is observing the elections closely due to its strategic partnership with Brazil in various sectors.
Charting the global economy: Price pressures continue to bubble
The personal consumption expenditures price index, excluding food and energy, rose in line with expectations in July.
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Charting the Global Economy: Factory activity sags on inflation
Global economic activity is slowing, with manufacturing contracting in many regions due to persistent inflation and the ongoing energy crunch. Bond yields have surged to a two-decade high. While the UK saw inflation ease, other nations grapple with rising prices and currency pressures, impacting consumers and businesses worldwide.
War revives stagflation dangers for global economy
Global economic outlook faces uncertainty as seven weeks of Middle East conflict impact growth and inflation. Business surveys from Australia to the US will reveal the extent of deterioration, with stagflation risks looming. Policymakers grapple with responses amid persistent global uncertainty, while inflation data and interest rate decisions from various nations are closely watched.
'A Singularly Turbulent Time': Deeper uncertainty in store for global economy
The world economy is navigating a turbulent period. Trade wars, mineral shortages, and geopolitical tensions are creating challenges while artificial intelligence, aging populations, and climate change reshape jobs and lives.
Charting the global economy: Tame US CPI supports more fed rate cuts
Softer-than-expected US inflation data offers the Federal Reserve potential room to cut interest rates beyond next week's meeting. Meanwhile, Canada is ready to resume trade talks with the US, and China's growth is supported by an export boom despite underlying vulnerabilities.
Charting the global economy: US consumers keep fuelling growth
US consumer spending continues to drive robust economic growth, defying inflation and high interest rates. Elsewhere, the euro area's business activity expanded, despite France's fiscal struggles, while China's job market deteriorates. Several central banks, including Sweden and Mexico, are cutting interest rates amidst these varied global economic conditions.
Charting the global economy: Bank of Japan raises interest rates
The Bank of Japan raised its key policy rate to 0.5%, the highest since 2008, signaling stronger inflation. The rate hike reflects the central bank's confidence in the economic recovery, driven by a faster-than-expected rise in consumer prices. Other global economies showed mixed trends in inflation and economic activities.
To Europe's economic malaise, add a leadership void
Political turmoil in France and Germany threatens Europe's economic modernization efforts, hindering companies' global competitiveness. The timing coincides with challenges posed by Trump's return and trade tensions with China. With these major EU economies in crisis, concerns rise about the region's ability to address its economic weaknesses and sustain its aging population.
'Everything is expensive!' Bolivia faces a shocking economic collapse
Bolivia Fuel Crisis: Bolivia struggles with fuel scarcity. Long lines at gas stations are common. The country's foreign currency reserves have dropped. Food prices are rising. Citizens protest against President Arce. The economic crisis impacts daily life. Farmers face difficulties. The government promises solutions. Public anger grows ahead of the 2025 election.
Charting the Global Economy: Prospects dim for European economy
The euro fell to its lowest level since 2022 against the dollar after the purchasing managers gauge of service providers and manufacturers weakened
Charting the global economy: Fed Goes for rate cut as central banks show varied response to economic pressures
Central banks globally are showing varied responses to economic pressures, with regional impacts in Asia and emerging markets like Argentina and Africa facing unique challenges.
Charting the global economy: China cuts rates; mild US inflation
China’s central bank decreased the rate of the medium-term lending facility by 20 basis points to 2.3%, the first reduction in almost a year. The cut followed the PBOC’s trim of the seven-day reverse repo by 10 basis points on Monday.
Charting the Global Economy: New policies considered to be trade-restrictive hit a record in 2023
The world’s three dominant economies are entering a new, combative phase as the US increasingly uses trade weapons borrowed from China’s playbook.
From Europe to Japan, inflation expectations slows
Inflation expectations declined in Europe, while retail sales and consumer sentiment in the US increased.
Charting the Global Economy: Houthi attacks intensify woes for global trade
The recent spate of attacks by Yemen’s Houthi rebels on vessels transiting the major shipping route has resulted in several large shipping companies avoiding the waterway.
IMF says Ukraine war prompts worst global food crisis since at least 2008
"For this year alone, we estimate that highly exposed countries need as much as $7 billion to help the poorest households cope," IMF Managing Director Kristalina Georgieva and other IMF officials said in a blog posting.
For the global economy, it's the end of cheap money, soaring energy prices & crippling inflation
US consumer spending rose at a sluggish pace in July, even while Americans got some relief on prices, indicating the economy is feeling the pinch from the highest inflation in a generation.
Ties that bind the global economy are unraveling at a frightening pace
Russia’s gross domestic product rose at a slower pace in the first quarter, hindered by the initial impact of sanctions, and its central bank sees the economy shrinking as much as 10% this year.
India supports move at WHO to seek origin of coronavirus
The two-day 73rd session of the World Health Assembly (WHA) of the WHO beginning Monday is taking place in the backdrop of growing calls including by US President Donald Trump to investigate how the virus originated in China's Wuhan city. China and the US were locked in a spat over the issue.
What central banks did this week as the virus hit global markets
Meanwhile, the dollar staged its biggest jump in 12 years, climbing to a three-year high, as investors piled into haven assets.
Investors and the appeal of frontier markets
A closer look shows that there was, and is, a broad array of smaller countries that are not yet fully connected to global flows of trade and money. These nations comprise a chaotic Fourth World of 'frontier markets'.
Tackling food inflation
There is need for proactive policy to tackle food inflation via globalisation.
IMF takes on bigger role, seeks more funds
IMF's steering committee endorsed the Group of 20 summit plan for sustainable growth after the worst economic crisis in decades. 10 most trade-friendly economies
Financial markets brace for crucial week
US economic figures and a string of company results out next week could push panic-stricken traders to drag the world's economies closer to recession, financial analysts said on Sunday.
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