Category: Finance

Hong Kong Finance Chief Warns of Challenges From Fiscal Deficit

(Bloomberg) — Hong Kong Financial Secretary Paul Chan warned that a fiscal deficit would present an obstacle to the city’s recovery from the pandemic.

“After three years of the pandemic and a weak external economy, a high fiscal deficit has accumulated so that economic recovery still needs to be consolidated and investment in the future needs to be supported,” Chan wrote in a blog post on Sunday.

He added the city “is on the road to normalcy and the economy is regaining momentum.”

The comments come before Chan delivers a budget presentation on Wednesday as part of efforts to chart

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World Bank member nations split over plans to expand balance sheet

Developing nations have warned against reshaping the World Bank in the aftermath of David Malpass’s departure as its head in a way that would imperil the institution’s ultra-high credit rating.

The early exit of Trump-appointed Malpass, announced last week, is expected to hasten reforms — pushed by US Treasury secretary Janet Yellen — under his yet-to-be chosen successor that is designed to more effectively help poorer countries mitigate and plan for climate change.

Malpass said he would leave his role at the bank early, by June 30, and the US, the largest shareholder, is racing to draw up a list

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Nomura Asset Management Co. Ltd. Acquires 1,239 Shares of New Mountain Finance Co. (NASDAQ:NMFC)

Nomura Asset Management Co. Ltd. increased its holdings in New Mountain Finance Co. (NASDAQ:NMFC – Get Rating) by 114.9% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,317 shares of the company’s stock after purchasing an additional 1,239 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in New Mountain Finance were worth $27,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of NMFC. Lazard Asset Management LLC bought a new position in New Mountain Finance during the 1st quarter worth $29,000. Rockefeller Capital Management LP raised its

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Millions of debt collections dropped off Americans’ credit reports

Tens of millions of debt collections disappeared from Americans’ credit reports during the pandemic, a new government watchdog report found, but overdue medical bills remain a big strain on many households nationwide.

The total number of debt collections on credit reports dropped by 33% from 261 million in 2018 to 175 million in 2022, according to the Consumer Financial Protection Bureau, while the share of consumers with a debt collection on their credit report shrunk by 20%.

Medical debt collections also dropped by 17.9% during that time, but still made up 57% of all collection accounts on credit reports, far

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eclgs: Finmin to meet heads of banks on Feb 22; to review the progress of ECLGS for MSMEs

The finance ministry has called a meeting of heads of public sector banks and top four private sector lenders to review the progress of the emergency credit line guarantee scheme (ECLGS) to help businesses affected by COVID-19. The meeting is scheduled to be held on February 22 to review progress on ECLGS and Loan Guarantee Scheme for COVID-Affected Sectors (LGSCAS), sources said.

The meeting, to be chaired by Financial Services Secretary Vivek Joshi, would also see participation from top private sector lenders HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank.

Extension of ECLGS and LGSCAS beyond March 31

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Not an era for war, says India as G20 finance meets begins | Russia-Ukraine war News

India says it is time for dialogue and diplomacy as G20 finance officials start a meeting near the southern city of Bengaluru.

India has reiterated its stance on the war in Ukraine, saying it was time for dialogue and diplomacy, as finance officials from the Group of 20 (G20) started a meeting near the southern city of Bengaluru.

“Today’s era is not for war. Democracy, dialogue and diplomacy is the way forward,” Anurag Thakur, India’s information minister, told a news conference on Wednesday after welcoming delegates to the meeting which ends on Saturday.

Finance ministers and central bank chiefs from

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Markets raise bets on BoC rate hike this summer, cuts in 2024

Bank of Canada Governor Tiff Macklem takes part in a news conference in Ottawa, Ontario, Canada April 13, 2022. REUTERS/Blair Gable

Bank of Canada Governor Tiff Macklem takes part in a news conference in Ottawa, Ontario, Canada April 13, 2022. REUTERS/Blair Gable

Investors are increasing their batches that the Bank of Canada will hike its key lending rate at least once more this summer and delay any cuts to next year in the wake of stronger-than-expected economic data.

“Overall, I think the consensus is going into 2023 and even in January was that inflation was decelerating and that was going to just continue on a nice path down towards 2% through 2023. And I think markets and investors are now starting

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G20 watchdog says commodity market concentration poses a threat to a wider economy

By Huw Jones

LONDON (Reuters) – The pandemic and war in Ukraine highlighted weaknesses in commodity markets where a ‘significant’ concentration of firms, banks, exchanges and clearing houses threatens to transmit losses to the wider economy, the G20’s financial watchdog said on Monday.

The Financial Stability Board’s (FSB) deep dive into commodity markets came after regulators voiced concern that they were unable to get a full picture of a sprawling sector consisting of on and off exchange derivatives trading, physical stocks, patchy data and producers spread across the world.

European natural gas and metals prices doubled while oil and wheat

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