Economic Headwinds Challenge Philippines’ Growth Prospects in Q3
As the Philippines confronts economic headwinds, concerns of a potential modest recession in Q3 have emerged. The Pantheon Macroeconomics report indicates that the recent GDP growth of 4.3 percent falls far short of the expected 6 percent, signaling economic turbulence. A contraction of 0.9 percent in the domestic economy during Q2 and weakening private consumption have added to the uncertainties. Despite these challenges, Finance Secretary Benjamin Diokno remains cautiously optimistic about achieving the government’s growth target of 6 to 7 percent, citing the impact of monetary tightening and inflation mitigation measures.
Euro zone banks not facing up to reality of downturn, ECB says
Euro zone banks have not yet fully faced up to the reality of an economic downturn, so finance industry supervisors will need to force them to be more conservative in managing capital, ECB supervisory chief Andrea Enria said on Thursday.
Analysis: Europe’s banks dim lights as they brace for winter blackout
Some of Europe’s biggest banks are preparing back-up generators and to dim the lights as they brace for potential power cuts and energy rationing that threaten the money system underpinning the region’s economy.
Russian agents charged with targeting U.S. nuclear plant, Saudi oil refinery
U.S. and British officials on Thursday accused the Russian government of running a years-long campaign to hack into critical infrastructure, including an American nuclear plant and a Saudi oil refinery.
Russia, China tone down G20 text on geopolitical tensions
Russia and China watered down a communique being drafted by heads of the Group of 20 major economies on Friday to remove a reference to “current” geopolitical tensions clouding the global economic outlook, sources at the talks said.
Darktrace shares glow as UK cyber group lifts outlook
British cyber security firm Darktrace (DARK.L) lifted its full-year revenue and margin guidance on Tuesday after it enjoyed a near 40% jump in customers, driving its shares higher after a recent slump.
