WASHINGTON— The International Monetary Fund foresees the global economy expanding less than it had previously forecast, slowed by weaker growth in the United States, Russia and developing economies. The lending organization predicted Thursday that global growth will be 3.4 percent in 2014, below its April forecast of 3.7 percent.» Read More
Cyprus plans to lift a ban on casinos and offer firms tax exemptions on profits reinvested on the island under a package of reforms to kickstart its ailing economy, its president said on Monday.
Cyprus is to impose a ban on cashing checks and limit the amount of cash that can be taken out of the country, a Greek newspaper reported on Wednesday.
Leaders of the five BRICS nations plan to create a development bank in a direct challenge to the World Bank that they accuse of Western bias. The bank would use $50 billion of seed capital shared equally but dominated by China.
Only 11 days since taking over as Chinese president, Xi Jinping is already in Africa offering goodies with "no political strings." GlobalPost reports.
Cyprus's bid to avert financial collapse will go down to the wire after the island said it would hold a crucial sitting of parliament only after finance ministers of the 17-nation euro zone meet on Sunday.
Vladimir Putin on Tuesday chose his chief economic adviser to head Russia's central bank. She will join a small female contingent at the top table of global finance.
China's uneven economic recovery signals a looming dilemma for policymakers as data released at the weekend showed inflation at a 10-month high while factory output and consumer spending were weaker than forecast.
As central banks in Europe edge closer to deciding that their flagging economies need yet more monetary stimulus, they cast an envious eye towards China.
Cypriot president-elect Nicos Anastasiades faces weeks of difficult talks with foreign lenders on a financial rescue for the island nation after sweeping to a resounding victory in a run-off election on Sunday.
South Korea's new president faces not only a hostile North Korea that seeks nuclear weapons but now new pressure on its exporters and growth prospects from neighboring Japan's yen devaluation.
Australia's central bank governor said on Friday there is already a good deal of interest rate stimulus in the economy, but reiterated the bank could lower rates further if needed.
Just three months after Hong Kong rolled out a tough new round of property cooling measures, home prices have again climbed to record highs with demand unusually strong for new flats.
A $2 trillion economy and a stock market that trades at valuations cheaper than Pakistan - Russia is struggling to gain the trust of international capital.
Being a big wheel in the earth mover business, Vipin Sondhi has a very clear idea why the Indian economy is stuck in the mud and what the government must do to change the mindset of business executives, like himself.
With the road ahead looking a bit smoother, G20 finance ministers will be happy to ignore the wreck in the rear-view mirror when they meet this week to steer a course for the world economy.
Central banking is in a state of flux as policymakers from Tokyo to Washington ditch prevailing orthodoxies to try to grab a bigger share of a slow-growing global economic pie.
The world's top economic policymakers are likely to discuss how Japan's new monetary and fiscal policy drive is weakening the yen when they meet next month, but will stop well short of calling it a competitive devaluation, G20 officials said.
India's central bank is widely expected to make a modest cut in interest rates later on Tuesday to support an economy set for its slowest growth in a decade, with a deeper cut unlikely due worries over the fiscal and external deficits and inflation.
Japanese Prime Minister Shinzo Abe, vowing to overcome what he called an economic crisis facing the nation, urged the Bank of Japan (BOJ) on Monday to hit its inflation target as soon as possible, keeping up pressure on the central bank to make good its promise of bolder action to overcome deflation.
China's central bank is signaling it is abandoning its traditional role in the domestic currency market as the ready supplier of liquidity, forcing corporations to bear more risk so that they learn how to cope with a more volatile yuan.