Thursday, May 23, 2019

Tag: Budget

Bonds bloodied as Trump spending plans spur dollar

Routs in global bonds and emerging markets intensified, while the dollar climbed with base metals as investors positioned for the wave of fiscal stimulus that Donald Trump has pledged to unleash. The yield on 30-year Treasuries rose to the highest since January, with last week’s record debt selloff bleeding into...

While You Weren’t Looking, Donald Trump Released a Plan to Privatize America’s Roads and...

So this is kind of cute. While most of us were tearing our hair out over the FBI and Hillary Clinton's emails last weekend, Donald Trump's campaign quietly released a plan to privatize new infrastructure development in the United States. I know, that's not very sexy on the surface....

The Pentagon Accounts for More Than Half of the Federal Government’s $1 Billion PR...

More than 5,000 people work in the federal government’s PR machines; more than at the Department of Education. Selling foreign interventions and stoking the fires of patriotism isn't always easy work, but the federal government thinks someone has to do it. That someone—or, rather, those someones—are the employees and contractors of...

Saudi Arabia Injects $5.3 Billion Into Banks to Ease Crunch

Saudi Arabia's central bank stepped up efforts to support lenders in the Arab world’s biggest economy as they grapple with the effects of low oil prices. Banks’ shares advanced. The Saudi Arabian Monetary Agency, as the central bank is known, is giving banks about 20 billion riyals ($5.3 billion) of time deposits...

Washington Tries to Break BRICS – Rape of Brazil Begins

Washington's regime change machinery has for the time being succeeded in removing an important link in the alliance of large emerging nations by railroading through a Senate impeachment of the duly elected President, Dilma Rousseff. On August 31 her Vice President Michel Temer was sworn in as President. In...

Saudi Arabia Said to Weigh Canceling $20 Billion of Projects

Saudi Arabia is intensifying efforts to shrink the highest budget deficit among the world’s biggest 20 economies, aiming to cancel more than $20 billion of projects and slash ministry budgets by a quarter, people familiar with the matter said. The government is reviewing thousands of projects valued at about 260...

What will $12 billion IMF loan cost Egypt?

CAIRO — On July 28, Egyptian Finance Minister Amr El Garhy announced that Egypt would seek a $21 billion loan package to fill the budget’s financing gap. Of this amount, $12 billion would be in the form of a loan from the International Monetary Fund — Egypt is in the...

Putin: Nyet to Neo-liberals, Da to National Development

After more than two years of worsening economic growth and an economy struggling with 10.5% central bank interest rates that make new credit to spur growth virtually impossible, Russian President Vladimir Putin has finally broken an internal factional standoff. On July 25 he mandated that an economic group called...

Abe Plans Stimulus Package of More Than 28 Trillion Yen

Japanese Prime Minister Shinzo Abe announced plans Wednesday for more than 28 trillion yen ($265 billion) in economic stimulus in an effort to prop up the nation’s economy. The plan will include 13 trillion yen in “fiscal measures,” he said in excerpts of a speech broadcast by NHK public television....

Japan may be on route for a soft form of helicopter money

Japanese policymakers, who won't go as far as funding government spending through direct debt monetization, might pursue a mix of aggressive fiscal and monetary expansion to battle deflation, say sources familiar with the matter. In the past week, Japanese markets have seen hyped-up speculation that the government will resort to...

Major New Brazil Events Expose the Fraud of Dilma’s Impeachment – and Temer’s Corruption

From the start of the campaign to impeach Brazil's democratically elected President Dilma Rousseff, the primary justification was that she used a budget trick known as pedaladas (“peddling”: illegal delay of re-payments to state banks) to mask public debt. But this week, as the Senate conducts her impeachment trial, that accusation was...

I do not believe that Brexit will happen

There will be howls of rage, but why should extremists on both sides dictate how the story ends? All good dramas involve the suspension of disbelief. So it was with Brexit. I went to bed at 4am on Friday depressed that Britain had voted to leave the EU. The following...

After Brexit Vote, Europe’s Leaders Debate Timing of U.K.’s Departure

Officials in Brussels and Berlin suggest giving Britain a chance to reconsider its decision to quit the EU. Pressure abated on the U.K. to serve swift notice of its intention to leave the European Union after last week’s referendum, as senior European policy makers suggested Britain should be allowed time...

IMF loan gives net win for oil-rich Iraq

IMF last week agreed to the terms of $5.4 billion loan arrangement with Iraq. LONDON, May 24 (UPI) - Though a loan agreement with the IMF should help, Iraq will continue to face economic headwinds because of issues in the oil sector, Moody's said. The Iraqi government and the International Monetary...

China Quietly Prepares Golden Alternative to Dollar System

China, as current chair of the G-20 group of nations, called on France to organize a very special conference in Paris. The fact such a conference would even take place in an OECD country is a sign of how weakened the hegemony of the US-dominated Dollar System has become. On...

China, Russia call for stability in divided Brazil

Brazil's BRICS partners, China and Russia, have called for stability in Brazil after the Brazilian Senate decided to suspend President Dilma Rousseff from office for 180 days. Rousseff faces charges that she disguised the size of the budget deficit to make the economy look healthier in the runup to her 2014...

Donald Trump’s Idea to Cut National Debt: Get Creditors to Accept Less

After assuring Americans he is not running for president “to make things unstable for the country,” the presumptive Republican nominee, Donald J. Trump, suggested that he might reduce the national debt by persuading creditors to accept something less than full payment. Asked on Thursday whether the United States needed to...

U.S. Weighs More Troops, Hi-Tech Weapons in Europe to Counter Russia

STUTTGART, Germany — Seeking to stare down any future Russian aggression, the United States is looking to deploy more troops and sophisticated weapons to Europe, the U.S. military’s top officer told Foreign Policy. Already, the Pentagon has been gearing up to send a third U.S. Army brigade to Eastern Europe,...

Kingdom of Saudi Arabia’s Vision 2030

The Council of Ministers of the Kingdom of Saudi Arabia endorsed during its session today (Monday) under the chairmanship of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud the Kingdom of Saudi Arabia's Vision 2030. Today's meeting was devoted to discuss the vision which was...

Saudis threaten $750B asset sale, but experts question it

Saudi Arabia says it may sell off $750 billion in U.S. assets if a Congressional vote doesn't go its way, but experts question if the desert kingdom would carry out the threat — or if it even owns the assets. Last month, Saudi Foreign Minister Adel al-Jubeir told the White...

Biggest Ever Saudi Overhaul Targets $100 Billion of Revenue

The biggest economic shake-up since the founding of Saudi Arabia would accelerate subsidy cuts and impose more levies, a plan to spread the burden of lower crude prices among a population more accustomed to government largess. Outlining his vision in a five-hour interview with Bloomberg News last week, Deputy Crown...
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Saudi Arabia Plans $2 Trillion Megafund for Post-Oil Era: Deputy Crown Prince

Saudi Arabia is getting ready for the twilight of the oil age by creating the world’s largest sovereign wealth fund for the kingdom’s most prized assets. Over a five-hour conversation, Deputy Crown Prince Mohammed bin Salman laid out his vision for the Public Investment Fund, which will eventually control more...

Saudi Arabia seeks $6-8 billion bank loan to shore up state coffers

DUBAI - Saudi Arabia is seeking a bank loan of between $6 billion and $8 billion, sources familiar with the matter told Reuters, in what would be the first significant foreign borrowing by the kingdom's government for over a decade. Riyadh has asked lenders to submit proposals to extend it...

We just got another massive sign of how badly Saudi Arabia is suffering from...

Saudi Arabia, whose economy has taken a beating in recent months thanks to the crash in oil prices, just got another terrible piece of news. On Monday, HSBC economists Simon Williams and Razan Nasser dropped a note on the country's foreign-exchange holdings, and things look pretty dire for the oil-reliant...

Saudi Aramco IPO More About Geopolitics Than Finance

In the first week of 2016, Saudi deputy crown prince Mohammed bin Salman, in an interview with the Economist, revealed that the Saudi government is considering selling shares in government-owned Saudi Aramco and/or its downstream assets through an IPO. He indicated that a decision on the IPO and its...

Saudi Aramco IPO plans as adjustment to cheap oil

Wave of privatization in Saudi Arabia, including the recent announcements about Saudi Aramco IPO plans show that the country is going to adjust to the low oil prices through tighter fiscal policy, according to Jason Tuvey, Middle East Economist at British economic research and consulting company Capital Economics. “Increasing taxes...

Recession, retrenchment, revolution? Impact of low crude prices on oil powers

A glut of oil, the demise of Opec and weakening global demand combined to make 2015 the year of crashing oil prices. The cost of crude fell to levels not seen for 11 years – and the decline may have further to go. There have been four sharp increases in...

Saudi Arabia’s economic time bomb

Time is a luxury that Saudi Arabia can no longer take for granted. It faces an economic time bomb, which, if not defused, will have severe and possibly irreversible effects both nationally and internationally. The 2014-2015 collapse in oil prices has slashed the Kingdom’s main source of revenue which...

Saudi Arabia’s mounting security challenges

Saudi Arabia faces an increasingly complex web of security challenges at a time when its economy is depressed. With oil prices unlikely to rise in the next couple of years, King Salman bin Abdul-Aziz Al Saud will have to balance carefully his foreign policy priorities. The kingdom announced its new...

Nigeria budget signals shift away from oil dependence

Africa’s largest economy is seeking to diversify away from oil into mining and other sectors, amid low fuel prices and environmental concerns. That was the message from Muhammadu Buhari, president of Nigeria, on Wednesday as he presented his first budget since taking office in May. “The Nigerian economy needs to move away from...

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