Tag: finance department

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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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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Some Meta employees are getting paid to do ‘zero work’ as the company embarks on a ‘year of efficiency’: Financial Times

MetaMark Zuckerberg

Meta CEO Mark Zuckerberg told investors that 2023 will be the “year of efficiency” for the company.Getty Images

  • Meta signaled in February it’s likely to cut more jobs this year after culling 11,000 jobs last year.

  • The company has delayed budget-setting for some teams as it gears up for the new round of layoffs, per the FT.

  • That has resulted in some staff doing “zero work” because managers have not been able to plan their schedules.

Meta’s “year of efficiency” may be starting on an inefficient note.

The tech giant — which laid off 11,000 people in November and

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Australia removes Chinese-made cameras from politicians’ offices

Australian officials said Tuesday dozens of Chinese-made security cameras would be ripped out of politicians’ offices, days after the country’s defense minister announced his department would remove the devices from its buildings due to security concerns.

At least 913 Chinese-made security cameras have been installed across more than 250 Australian government buildings, including the Department of Defense’s facilities, according to figures released last week.

Australian Defense Minister Richard Marles told national broadcaster ABC last week that all these cameras within his department’s buildings would be removed, saying it was to “make sure that our facilities are completely secure”.

Officials from

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Three takeaways from a busy week in markets: Morning Brief

This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 am ET. Subscribe

Saturday, February 11, 2023

Today’s newsletter is by Myles Udland, Head of News at Yahoo Finance. Follow him on Twitter @MylesUdland and on LinkedIn. Read this and more market news on the go with the Yahoo Finance App.

Corporate earnings season is coming down the other side of the mountain after a hectic couple weeks.

But even in the absence of a Fed meeting, or jobs report, or earrings reports from

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Alberta Finance Minister Toews spars with feds over who needs to step up with incentives

Ottawa and Alberta remain at odds over who is responsible for industrial subsidies after an in-person meeting of finance ministers Friday.

UCP Finance Minister Travis Toews sat down with his provincial and territorial counterparts and federal Finance Minister Chrystia Freeland to discuss global economic pressures and a looming transition to a low-carbon economy.

At a news conference Friday afternoon in Toronto, Freeland said the provinces and territories need to pitch in to help the federal government compete with the American Inflation Reduction Act (IRA), which offers massive subsidies to US-made products.

“We need to

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