The crypto industry fell last week on news of China's harshest crackdown on cryptocurrencies yet. Among other things, the Chinese government removed a loophole that crypto investors used to trade via international exchanges. As a result, top cryptocurrency exchanges such as Huobi Global and Binance have started to curb operations in China.
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WASHINGTON (Reuters) -International Monetary Fund chief economist Gita Gopinath will return to Harvard University in January as planned when her public service leave of absence from the university ends, the IMF said on Tuesday. Gopinath, the IMF's first female chief economist, joined the fund in October 2018 and led new IMF analytical research on the COVID-19 pandemic and vaccination targets as well as on climate change mitigation. IMF Managing Director Kristalina Georgieva cited Gopinath's "tremendous" impact on the IMF's work.
- Business Insider
Ending unemployment benefits hasn't driven people back to work. Romney blames childcare, stimulus checks, and a re-evaluation of work and life.
(Bloomberg) -- New York City is getting more than $15 billion in federal pandemic relief aid to keep schools, hospitals and other essential parts of the city running. The problem is that there’s no real accounting of where all that money went, says Democratic nominee for Comptroller Brad Lander. Most Read from BloombergGoogle’s Biggest Moonshot Is Its Search for a Carbon-Free FutureA $30 Billion Fortune Is Hiding in China’s Silicon ValleyThe Biggest Public Graveyard in the U.S. Is Becoming a Par
China watchers have missed a paradigm shift from Beijing, write Leland Miller and Shehzad Qazi of China Beige Book.
- Hartford Courant
State Rep. Michael DiMassa arrested by FBI in probe of misuse of COVID relief funds, accused of stealing more than $600,000
State Rep. Michael DiMassa was accused Wednesday of stealing more than $600,000 in federal COVID relief money by billing the city of West Haven, where he also worked as an aide to the City Council, for pandemic related consulting services that federal officials said he never performed. Federal prosecutors and FBI agents said Wednesday that a portion of the alleged thefts appear to correspond ...
(Bloomberg) -- Belgium is trying to water down European Union sanctions on Belarus’s potash industry, in a bid to ease difficulties companies within the bloc face in implementing the measures.Most Read from BloombergGoogle’s Biggest Moonshot Is Its Search for a Carbon-Free FutureA $30 Billion Fortune Is Hiding in China’s Silicon ValleyThe Biggest Public Graveyard in the U.S. Is Becoming a ParkGoogle’s CEO: ‘We’re Losing Time’ in the Climate FightHate-Speech Case Forces Japan to Confront Workplac
China Evergrande and a growing group of Chinese housing developers are inching toward defaulting on their debt. Why it matters: While that's unlikely to cause a crisis of Lehman proportions, as Axios’ Felix Salmon has reported, just how much China's real estate sector cools could impact the nation's role as a growth driver for companies around the world. Get market news worthy of your time with Axios Markets. Subscribe for free.China’s real estate sector makes up about 25% of its GDP. So a pullb
A new research paper from the San Francisco Federal Reserve explored the effects of President Joe Biden's $1.9 trillion American Rescue Plan stimulus package on the economy. Although the stimulus has...
- Yahoo Finance
Amid rising anxiety over higher prices, economists are hashing out whether inflation is likely to be transitory. One expert on Wall Street says it's here to stay.
President Tayyip Erdogan has wheeled a trolley around one of the new grocery stores he hopes will bring Turkey's "exorbitant" prices under control, but his unorthodox effort to combat inflation is failing to impress shoppers and retailers. Accompanied by his wife and daughter, Erdogan went shopping near his Istanbul home earlier this month, telling assembled media that the expanding chain of Agricultural Credit Cooperatives will help curb price rises. Frustrated by inflation running near 20% and sliding opinion polls ahead of elections set for 2023, Erdogan has instructed the retail chain to open 1,000 stores to provide cheap, quality products and "balance the market".
Earlier this year, Xi assigned to Han Zheng, the most senior of China's four vice premiers, the task of rolling out the levy much more widely, according to the report. However, Beijing is now settling for a limited tax plan because of strong pushback, while a proposal involving state-provided affordable housing is emerging as an alternative, the WSJ reported. An initial proposal to test-run the tax in some 30 cities has been scaled back to around 10, the report said.
- Washington Examiner
President Joe Biden has set a new $1.9 trillion spending cap on a new social welfare spending package, which would push even lower the recent $2 trillion limit the president imposed on Democrats as they struggle to reach a deal on the legislation ahead of an Oct. 31 deadline.
Americans say they’ve lost confidence in the economy, but they’re spending like they won the lottery
Americans say they are more anxious about the economy, but they are spending record amounts of money as if they have no worries at all. The speed of the recovery depends on whether they do as they say or do as they do.
- National Review
A majority of Americans blame the Biden administration’s policies for rising inflation, according to a Politico/Morning Consult poll released on Wednesday.
The coronavirus pandemic is still roiling the economy as some workers hesitate to fill available jobs.
- Business Insider
Six million people could return to the labor force if jobs offered better compensation, benefits, and child care, the Richmond Fed president said.
(Bloomberg) -- Brazilian assets tumbled on Tuesday, leading losses across the globe, on reports the government will breach the country’s spending cap rule to finance a new social program, hurting the fiscal position of Latin America’s largest economy.Most Read from BloombergGoogle’s Biggest Moonshot Is Its Search for a Carbon-Free FutureA $30 Billion Fortune Is Hiding in China’s Silicon ValleyThe Biggest Public Graveyard in the U.S. Is Becoming a ParkGoogle’s CEO: ‘We’re Losing Time’ in the Clim
As China raced ahead of major rival economies from the COVID-19 induced slump last year, Beijing saw a chance to push through tough measures targeting debt-ridden developers as well as industrial polluters and tech giants. President Xi Jinping's bold reforms are aimed at reducing the economy's reliance on property and debt, channelling more resources into high-tech manufacturing and creating a greener, more equal economy. But slowing momentum in the world's second-largest economy underscores the risks and poses a test to Xi's resolve to implement his plans.
The Federal Reserve will wait until 2023 before raising interest rates, according to a majority of economists in a Reuters poll who nonetheless said the greater risk for the U.S. economy was persistently higher inflation over the coming year. While half the members of the U.S. central bank's policy-setting committee projected last month that the Fed would raise its benchmark overnight lending rate - federal funds rate - next year, most economists surveyed were more cautious. Forty of 67 economists said the fed funds rate would rise from its current level of 0-0.25% in 2023 or later, with most clustering around the first quarter of that year.
- Washington Examiner
Paul Tudor Jones warns that inflation may be the greatest threat to the markets and society.