UK Government Appoints Experienced Economist to Budget Responsibility Committee
The UK’s pursuit of economic stability takes a step forward as Finance Minister Jeremy Hunt nominates Tom Josephs for a vital role in the Office for Budget Responsibility (OBR). Josephs’s diverse background, including his current position as Director of Private Pensions at the Department for Work and Pensions, makes him a prime candidate to join the Budget Responsibility Committee (BRC). His experience in domestic and international economic analysis and history at the OBR positions him to provide valuable insights into the country’s fiscal planning. With approval from the Treasury Committee, Josephs’s potential appointment adds a knowledgeable voice to the economic forefront.
Philippines Implements Measures to Tackle Inflation and Rice Prices
The Philippines is taking proactive measures to combat rising inflation and stabilize rice prices, a significant staple. Among these measures, a proposed reduction in rice import tariffs aims to lower consumer costs. The government also encourages private-sector-driven rice imports while expediting shipment clearance processes, ensuring sufficient rice supply. To address potential crop losses due to El Niño, the farm ministry recommends additional rice imports of 500,000 metric tons. Despite recent inflation challenges, authorities are optimistic about price stability as farmers prepare to harvest around five million metric tons of rice in the coming months, contributing to the country’s annual target.
Lost Russian oil revenue is bonanza for shippers, refiners
Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars towards shipping and refining firms, some with Russian connections.
Germany’s half-a-trillion dollar energy bazooka may not be enough
Germany is bleeding cash to keep the lights on. Almost half a trillion dollars, and counting, since the Ukraine war jolted it into an energy crisis nine months ago.
Exclusive: India demands nearly $250 million from Pernod for undervaluing imports
Indian authorities have demanded $244 million from the local unit of French spirits giant Pernod Ricard for undervaluing concentrate imports for over a decade to avoid full payment of duties, a government notice seen by Reuters shows.
FOREX Euro holds above 2-decade low before ECB decision
The euro was hovering above Tuesday’s two-decade low on Thursday as investors awaited a policy decision from the European Central Bank (ECB) and comments from the head of the Federal Reserve for insight on the path for global monetary tightening.
Analysis: 100 banks, 1,000 suspects: German fraud probe puts Scholz on the spot
German chancellor Olaf Scholz faces lawmakers’ questions this week over his role in tackling a multibillion-euro tax fraud as a sprawling probe into the scheme threatens to undermine him as he grapples with an energy crisis and the fallout of war.
Explainer: How Macron’s inflation relief law tests France’s new political order
President Emmanuel Macron’s government will get its first taste of life under France’s new political order in the days ahead when it tables a bill to help households cope with runaway inflation without a controlling majority in parliament.
Explainer: U.S. Treasury pushes Russia towards default: What next?
The lapse of a key U.S. license allowing Russia to make payments on its sovereign debt to U.S. holders has put the prospect of the country defaulting on its sovereign debt back into focus.
Foreigners turn net buyers of Japanese stocks in week to May 6
Foreign investors were net buyers of Japanese stocks in the week ended May 6 as some investors scooped up shares in banking and commodity-related sectors, despite a sell-off in broader Asian markets.
