Commentary: Time for China, Japan to Join ‘Developed’ Nations at WTO

By Robert Romano China ($11.2 trillion) and Japan ($4.9 trillion) combined make up 21 percent of the world’s Gross Domestic Product, according to the World Bank, having benefited from preferential treatment in global trade deals, and are still being treated as “developing” nations under world trade rules. At institutions such as the World Trade Organization (WTO),… Please follow and like us:

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US slams World Bank lending to rich countries like China

World Bank lending to countries like China that are rich enough to finance their own development hurts poor countries that need help, a senior US Treasury official said Wednesday. David Malpass, Treasury’s under secretary for International Affairs, cited China as a prime example of the practice, as the World Bank’s biggest borrower with $2.4 billion in… Please follow and like us:

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World Bank Predicts Further Rise in Commodity Prices in 2018

The World Bank has predicted that oil prices would rise to $56 a barrel in 2018 from $53 this year, as a result of steadily growing demand, agreed production cuts among oil exporters and stabilising United States shale oil production. In addition, the Bank predicted that the surge in metals prices was expected to level off… Please follow and like us:

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China’s opening up helps world economy: Chinese ambassador

WASHINGTON – China’s outward-looking vision will continue to bring about win-win scenarios for China and its partners across the world, including the United States, Chinese Ambassador to the United States Cui Tiankai said on Monday. In an article published on CNN.com, Cui noted that China will hold the 19th National Congress of the Chinese Communist Party… Please follow and like us:

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IBM Announces Major Blockchain Solution to Speed Global Payments

Solution Powered by IBM Blockchain in Partnership with Stellar.org and KlickEx GroupCollaboration with Banking Leaders to Accelerate Financial Exchange and Settlement Across Currency Corridors TORONTO, Oct. 16, 2017 /CNW/ — SIBOS: IBM (NYSE: IBM) today announced a new blockchain banking solution that will help financial institutions address the processes of universal cross-border payments, designed to reduce… Please follow and like us:

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Tax – US won’t support French proposal on taxing tech giants

The United States does not support a French proposal to tax the gross revenues of international tech corporations like Google and Amazon, Treasury Secretary Steven Mnuchin said Saturday. The remarks come as European officials say Washington has softened in recent days on a point that has caused sharp transatlantic tensions in recent years. European authorities have… Please follow and like us:

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Global economy chiefs told to reform while going is good

Finance chiefs from around the world were warned Thursday to get their houses in order while the global economy is strong and be ready for possible shocks in the future. World Bank President Jim Yong Kim and International Monetary Fund Managing Director Christine Lagarde said that countries must address their mounting debts and deepening inequalities now,… Please follow and like us:

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IMF raises global growth forecasts, calls for reforms

The International Monetary Fund on Tuesday bumped up its global growth forecasts, saying an upswing in the world economy would likely gather pace into next year. But the global crisis lender called on governments to strike while the iron was hot, saying dangers for the current recovery lurked on the horizon and ambitious reforms were necessary… Please follow and like us:

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IMF’s Lagarde: US tax overhaul ‘desperately needed’

IMF chief Christine Lagarde on Friday urged the United States to proceed with a tax overhaul, saying it was “desperately needed” to boost growth in the world’s largest economy. “Tax reform is a must. Tax reform in the US is imperative,” Lagarde said on CNBC. “It has to be simpler. It has to be at lower… Please follow and like us:

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World Bank warns technology, trade changes disrupt manufacturing-led development

WASHINGTON – The World Bank on Wednesday warned that technology advances and changes in trade are disrupting opportunities for low-income developing countries that intend to develop manufacturing as a way of getting out of poverty and promoting prosperity. “Changing technologies and shifting globalization patterns call the feasibility of manufacturing-led development strategies into question,” the Washington-based institution… Please follow and like us:

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China’s central bank can promote wider use of SDR, central banker says

WASHINGTON – The People’s Bank of China (PBOC), China’s central bank, could play a role in promoting the wider use of Special Drawing Rights (SDR), said Yi Gang, deputy governor of the PBOC, on Friday. The use of SDR as a unit of account, financial instruments and official reserves has shown progress since the Chinese currency,… Please follow and like us:

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China’s economy growing beyond growth

BEIJING — While some say that China still relies on its traditional growth boosters for its strong results, the world’ s second largest economy is making strides far beyond its expectation-beating growth. Taking a closer look at China’s 6.9-percent economic expansion in the first quarter, it is the increasing role of the consumption and service sectors,… Please follow and like us:

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IMF Chief: Government Policies Needed to Reverse Productivity Slowdown

The effects of the 2008 financial crisis are still being felt, says the International Monetary Fund’s Managing Director Christine Lagarde. She cites a new IMF study showing global productivity has slowed to 0.3 percent over the last decade, lower than the pre-crisis average of about 1 percent growth per year. Had productivity growth followed pre-crisis trends,… Please follow and like us:

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World Bank Launches World’s First SDG Bonds

The UN Sustainable development Goals (SDGs) have emerged as an integrative framework that gives a cohesive direction to sustainable actions of companies, investors, nonprofits, development organizations, and governments. Innovative fund-raising solutions are necessary to implement these global goals, particularly in the developing economies. To fund the expansion of SDGs, the World Bank has issued bonds that… Please follow and like us:

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What’s next after the US withdrawal from the TPP?

Finally agreed a year ago after seven years of negotiations, the Trans Pacific Partnership was widely expected to become the third biggest regional trade agreement in the global economy after NAFTA and the European Union. Disavowed by United States President Donald Trump in his first week in office, the corpse of the much vaunted TPP is… Please follow and like us:

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