Global stocks fall, pound hits 8-week low on Brexit fears

Fears Britain is on the verge of voting to leave the European Union next week spread through global financial markets on Monday, sending Asian and European shares sharply lower and the pound to an eight-week low. With the world economy looking shaky, and surprisingly weak jobs figures last month suggesting even the United States is not ready for higher interest rates, concerns over the economic fallout of a Brexit have lurked in the background for weeks…

World Banks slash global growth outlook to 2.4% this year

WASHINGTON—The global economy is increasingly vulnerable to a sharp slowdown as troubles in emerging markets mount and as advanced economies struggle to grow, the World Bank warned Tuesday. The bank’s latest projection pegs global growth at 2.4%, down from the 2.9% forecast in January and slower than last year’s weak pace. The bank also cut its forecast for growth in 2017 to 2.8% from 3.1%…

Swiss voters reject proposal to introduce guaranteed basic income

Swiss voters rejected by a wide margin on Sunday a proposal to introduce a guaranteed basic income for everyone living in the wealthy country after an uneasy debate about the future of work at a time of increasing automation. Supporters had said introducing a monthly income of 2,500 Swiss francs ($2,563) per adult and 625 francs per child under 18 no matter how much they work would promote human dignity and public service…

Global stocks sell off, dollar up on increasing expectations that Fed could hike rates in June

Stocks around the world sold off on Thursday, while the U.S. dollar gained, pressuring oil prices, as increased expectations that the Federal Reserve could raise interest rates in the near term rippled through financial markets. Investors were adjusting to the minutes of the Fed April meeting, released on Wednesday, in which the U.S. central bank opened the door to a rate hike in June…

Saudi Aramco chief executive Khalid al-Falih becomes the kingdom’s new energy minister

The new energy minister of Saudi Arabia, the world’s biggest oil exporter, on Sunday pledged continuity in the kingdom’s oil policy, after being named in a major government overhaul. “Saudi Arabia will maintain its stable petroleum policies,” Khalid al-Falih said a day after King Salman appointed him to replace longtime former oil minister Ali al-Naimi…

Gold climbs above $1,300 an ounce for the first time since January 2015

Gold’s glittering year keeps getting brighter. The precious metal hit a new milestone on Monday, climbing above $1,300 an ounce for the first time since January 2015. Gold is now up 22% this year, crushing stocks, bonds and most other major asset classes. The recent gold strength shows how the 2016 rally has really been fueled by two distinct stages. The first was a flight to safety as turmoil erupted on Wall Street and around the world, highlighted by the U.S. stock market’s worst start to a year ever…

Life in Venezuela, now includes 2-days work week?

Blackouts, Zika, recession and now this: a two-day work week. This is life in Venezuela, a crisis-stricken country. Venezuela’s President Nicolas Maduro decided Tuesday night to shorten the work week to two days — Monday and Tuesday — in an effort to save energy and electricity…

World markets betting on interest rates remaining near zero for up to another decade

World markets may have recovered their poise from a torrid start to the year, but their outlook for global growth and inflation is now so bleak they are betting on developed world interest rates remaining near zero for up to another decade. Even though the U.S. Federal Reserve has already started what it expects will be a series of interest rate rises, markets appear to have bought into a “secular stagnation” thesis floated by former U.S. Treasury Secretary Larry Summers…

BIS warns of risks from negative interest rates in place in Europe and Japan

Economists at a key central bank organization are warning of potential risks from the negative interest rates in place in Europe and Japan. Central banks in the eurozone, Denmark, Japan, Sweden and Switzerland have all taken rates below zero and into uncharted territory. But nobody’s quite sure what the long-term results will be from the new and unconventional policies, which involve the central banks charging commercial lenders to deposit funds with them…

Global stocks reach 2-month highs led by emerging markets

Shares on major equity markets worldwide touched two-month highs on Thursday, led by emerging markets, as concerns eased about global growth and commodities prices extended their recovery. Emerging markets stocks .MSCIEF rose 1.4 percent, the fifth straight day of gains, their longest winning streak so far this year. Wall Street was modestly lower, but U.S. stocks have recovered notably from lows reached in February…

U.N. slaps North Korea with harsh sanctions on resolutions drafted by U.S. and China

North Korea faces harsh new U.N. sanctions to starve it of money for its nuclear weapons program following a unanimous Security Council vote on Wednesday on a resolution drafted by the United States and Pyongyang’s ally China. The resolution, which dramatically expands existing sanctions, follows North Korea’s latest nuclear test on Jan. 6 and a Feb. 7 rocket launch that Washington and its allies said used banned ballistic missile technology. Pyongyang said it was a peaceful satellite launch…

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