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.
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.
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.
'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
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.
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.
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
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