Frankfurt: Finance officials from the Group of Seven rich democracies said they had moved toward agreement on a US proposal to squeeze more money for Ukraine from Russian assets frozen in their countries. But the ministers left a final deal to be worked out ahead of a June summit of national leaders. “We are making … Read more
The International Monetary Fund‘s executive board on Friday selected Bulgarian economist Kristalina Georgieva to serve as managing director for a second five-year term, starting on Oct. 1 this year, the global lender said. “The Board commended Ms. Georgieva’s strong and agile leadership during her term, navigating a series of major global shocks,” it said in … Read more
Four days of top-level economic meetings between the United States and China concluded in Beijing on Monday with no major breakthrough, but the world’s two largest economies agreed to hold more discussions to address rising friction over trade, investment and national security. The conversation is poised to become even more difficult, however, as hopes of … Read more
Western powers butted heads over how to handle frozen Russian assets on Wednesday as G20 finance ministers kicked off a discussion of challenges for the global economy, trying to set aside deep geopolitical divisions. Brazilian officials hosting the two-day meeting in Sao Paulo sought to focus talks on economic cooperation to tackle issues such as … Read more
An ambitious 2021 agreement by more than 140 countries and territories to weed out tax havens and force multinational corporations to pay a minimum tax has been weakened by loopholes and will raise only a fraction of the revenue that was envisioned, a tax watchdog backed by the European Union (EU) has warned. The landmark … Read more
Rating agency Fitch on Tuesday downgraded the U.S. government’s top credit rating, a move that drew an angry response from the White House and surprised investors, coming despite the resolution of the debt ceiling crisis two months ago. Fitch downgraded the United States to AA+ from AAA, citing fiscal deterioration over the next three years … Read more
Treasury Secretary Janet Yellen speaks during a press conference at the U.S. Embassy in Beijing, China, on July 9, 2023. | Photo Credit: AP Treasury Secretary Janet Yellen on July 9 said she agreed Washington will listen to Chinese complaints about security-related curbs on U.S. technology exports and might “respond to unintended consequences” as she … Read more
U.S. Treasury Secretary Janet Yellen meets with representatives of the U.S. business community in China in Beijing, on July 7, 2023 | Photo Credit: Reuters U.S. Treasury Secretary Janet Yellen criticized Chinese treatment of U.S. companies and new export controls on metals used in semiconductors during a visit on July 7 to Beijing to try … Read more
Treasury Secretary Janet Yellen arrives at Beijing Capital International Airport in Beijing, China on July 6, 2023. | Photo Credit: AP Treasury Secretary Janet Yellen arrived in Beijing on July 6 for meetings with Chinese leaders as part of efforts to revive relations that are strained by disputes about security, technology and other irritants. Ms. … Read more
Minneapolis CNN — US Treasury Secretary Janet Yellen said she believes the American economy remains strong and its banking system is resilient despite some recent turmoil among regional financial institutions. “I’ve not really seen evidence at this stage suggesting a contraction in credit, although that is a possibility,” Yellen said at a press conference Tuesday … Read more