The trade war between the United States and China has lasted for more than one year — and a resolution is nowhere in sight.World Economyread more
The Fed is expected to cut rates Wednesday, but it is unlikely to tell markets what they want to hear on future rate cuts.Market Insiderread more
Pelosi said Trump should not have tried to address China's trade practices in a way that opened Americans up to financial pain.Politicsread more
Investors await the Fed's latest decision on monetary policy, set to be released on Wednesday stateside. The U.S. central bank is widely expected to cut rates by 25 basis...Asia Marketsread more
TransferWise posted an annual net profit of £10.3 million on revenues of £179 million.Technologyread more
Live the high life with a night's stay at Highclere Castle, the iconic stately home made famous by Downton Abbey.Spendread more
Large banking institutions face the risk of failure if interest rates in Europe continue to stay negative, warns the global chief economist of the Economist Intelligence Unit.Banksread more
The fallout from two fatal crashes of Boeing 737 Max planes has ensnared the manufacturer's most-loyal customer: Southwest Airlines. The carrier has canceled thousands of...Airlinesread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
In the survey, conducted after the third in the Democratic Party's series of debate, the former vice president draws 31% compared to 25% for the Massachusetts senator. At 14%,...2020 Electionsread more
Stocks rose slightly on Tuesday, but gains were capped as the Federal Reserve kicked off a two-day monetary policy meeting.US Marketsread more
Citigroup Chief Economist Willem Buiter lashed out against Japanese Prime Minister Abe's fiscal policies on Tuesday, saying the latest package was insufficient.
"Japan has to get serious about sustained, large-scale, continuing stimulus until inflation hits the 2 percent target," Buiter told CNBC's Squawk Box ahead of Abe's announcement of a 13.5 trillion yen ($132.04 billion) package of fiscal stimulus aimed at reviving the flagging Japanese economy.
While the move was welcomed, Buiter warned that a one-time injection wasn't enough to boost an economy mired in deflation. Data for June showed consumer prices dropped for a fourth straight month, while household spending fell in 10 of the past 12 months.
"They have the tools to stimulate demand for goods and services directly in the form of child-care and increased pensions but it has to be on a scale sufficient to do the job ... You have to have continued stimulus until households and corporates are able and willing to keep up spending themselves."
Moreover, authorities aren't taking advantage of the additional fiscal space provided by the Bank of Japan's (BOJ) aggressive balance sheet expansion, he continued.
The central bank has been buying up exchange-traded funds (ETFs) and Japanese government bonds (JGBs) under its quantitative and qualitative easing program. It doubled ETF purchases on Friday in an attempt to match Abe's proposed fiscal stimulus that was announced last week.
"The BOJ's asset purchases make it possible for authorities to cut taxes—Japan still has a 35 percent corporate income tax rate—but authorities are reluctant to aggressively fill the additional fiscal space created by the BOJ," Buiter said.
He also pointed to the long-awaited structural reforms, which were part of Abe's election campaign back in 2012, as proof that the Prime Minister's administration wasn't doing enough.
"If you de-regulate services, open up tradable services to competition and non-tradeable services to foreign direct investment, you could in time boost gross domestic product by 40 percent. But this isn't going to happen because electorally-sensitive interests would be hurt. The price of that is stagnation."