OECD chief ‘quietly optimistic’ about EU global minimum tax deal approval
The head of the Organisation for Economic Cooperation and Development (OECD) on Tuesday said he was “quietly optimistic” a landmark deal to establish a global minimum tax will be approved by European Union members but implementation may not occur until 2024.
Explainer: What would Japan’s currency intervention to combat a weak yen look like?
Japanese policymakers escalated their warnings against sharp yen falls with the finance minister saying the currency’s slump to two-decade lows versus the dollar would damage the economy by pushing up living costs at a time wage growth remains slow.
Rouble falls sharply as Russia relaxes some capital controls
The Russian rouble weakened sharply in jittery trade on Monday, reversing some of the previous week’s gains, after the central bank decided to relax temporary capital control measures aimed at limiting a drop in the currency.
Analysis: Climate goals take second place as EU states cut petrol prices
A growing number of European countries are cutting fuel taxes to lower surging pump petrol prices. The move brings respite to motorists but environmentalists say it flies in the face of commitments to curb global warming.
Sanctioned Russia teeters on brink of historic default
The economic cost of Russia’s assault on Ukraine was further exposed on Wednesday as the sanctions-hit country teetered on the brink of its first default on international debt since the Bolshevik revolution.
Russia hikes rates, introduces capital controls to defend against sanctions
Russia’s central bank more than doubled its key policy rate on Monday and introduced some capital controls as it scrambled to shield the economy from unprecedented Western sanctions that sent the rouble tumbling to record lows.
Singapore to hike taxes on rich as it winds down COVID-19 spending
Singapore will begin implementing a long-flagged increase to its goods and services tax next year, its finance minister said in his budget speech on Friday, while also announcing a slew of tax hikes aimed at higher income groups.
Singapore announces 2022 budget proposals
Following are some excerpts taken from Singapore’s 2022 budget proposals announced by Finance Minister Lawrence Wong to parliament on Friday.
Japan finance minister vows stable JGB issuance via dialogue with markets
Japan will issue government bonds (JGBs) worth 215 trillion yen ($1.89 trillion) in the next fiscal year in a stable manner through dialogue with markets, its finance minister said on Monday, after stimulus to offset the impact of COVID-19 saw bonds worth 224 trillion yen issued this year.
UK economy finally bigger than before pandemic in November
Britain’s economy grew strongly in November to finally surpass its size just before the country went into its first COVID-19 lockdown, official data showedon Friday.
