Reuters US Economy

ECB rate hikes help Russia by damaging EU economy, Italy minister says

16 Dec 2022

By Angelo Amante and Crispian Balmer ROME (Reuters) – The European Central Bank’s interest rate policy is damaging Europe’s economy and helping Russia undermine Western solidarity for Ukraine, the Italian defence minister said on Friday. The ECB on Thursday raised its benchmark interest rate by 50 basis points as widely expected, but dashed hopes that …

ECB rate hikes help Russia by damaging EU economy, Italy minister says Read More »

Colombia to hike minimum monthly wage by 16%

15 Dec 2022

BOGOTA (Reuters) – Colombia’s minimum wage will increase by 16% in 2023, President Gustavo Petro said on Thursday, higher than the previous wage hike. The minimum wage will rise to 1.16 million pesos ($242.70) per month, an increase of 160,000 pesos ($33.40). The wage increase comes amid rampant inflation in Latin America’s fourth-largest economy. Twelve-month …

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Bank of Mexico hikes rate to 10.50%, signals another increase coming

15 Dec 2022

By Brendan O’Boyle and Anthony Esposito MEXICO CITY (Reuters) -The Bank of Mexico raised its key interest rate by an expected 50 basis points to a record 10.50% on Thursday, tempering its monetary tightening pace amid a slowdown in inflation while suggesting it could hike rates at least once more. The decision follows four consecutive …

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EU leaders seek proposals by end of January on preserving industry

15 Dec 2022

BRUSSELS (Reuters) – EU leaders called on the European Commission on Thursday to present proposals by the end of January to preserve European industry that is under threat from higher energy prices and a new green subsidy law in the United States. The EU leaders agreed at a summit that Europe needed an ambitious industrial …

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Brazil’s Guedes predicts monetary easing by mid 2023, GDP rising 3%

15 Dec 2022

BRASILIA (Reuters) – Brazil’s Economy Minister Paulo Guedes projected on Thursday interest rates would start to fall by mid-2023 and the economy would expand by 3% again. Speaking at an event hosted by the Institute for Applied Economic Research (IPEA), he stated the country is living through a long growth cycle after reforms implemented by …

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New York financial regulator issues cryptocurrency guidance for banks

15 Dec 2022

By Hannah Lang (Reuters) -The New York State Department of Financial Services (NYDFS) on Thursday issued digital asset guidance to state-regulated banks laying out what information financial institutions must submit before getting approval to engage in virtual currency-related activities. The guidance, one of the clearest paths forward yet for banks to offer cryptocurrency services, instructs …

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Analysis-No turning back: Global central banks vow to stay the course on inflation

15 Dec 2022

By Howard Schneider WASHINGTON (Reuters) – Central banks in Europe on Thursday followed the Federal Reserve in slowing the pace of interest rate increases but also offered a similar stark message that financial conditions will continue to tighten even as economic performance deteriorates. Recent months have offered at least initial confidence that the developed world’s …

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