From Breakingviews - Why central banks cannot relax in inflation fight: podcast
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The Exchange: Why central banks cannot relax in inflation fight on Apple Podcasts🎙️ Central banks have frantically hiked interest rates to dampen consumer prices. The BIS’s Claudio Borio joins guerreraf72 to discuss why rate-setters need to keep going to ensure that costs of living won’t stay elevated. Listen 👉
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Breakingviews - Weaker China offers opportunities to US and alliesThe failed mutiny against Vladimir Putin hasn’t just weakened the Russian president. It is also a setback for his most important ally, Chinese President Xi Jinping. At the same time, China is grappling with a weaker economy and confronted by a stronger American-led alliance. It no longer seems certain to become the world’s top power.
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Breakingviews - Italy’s hottest financial saga gets new twistItaly’s most gripping corporate soap opera has entered a new chapter. Delfin, the holding company of the family of late eyewear billionaire Leonardo Del Vecchio, won regulatory approval to raise its stake in Assicurazioni Generali above its current holding of about 10%. Theoretically, that paves the way for Delfin, which already owns 20% in investment bank Mediobanca , to purchase up to 20% in the 30 billion euro top Italian insurer. The prospect got investors excited, lifting shares 5% on Monday. Yet the enthusiasm could be premature.
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Breakingviews - China plays it safe with new central bank chiefThe new boss of the People’s Bank of China (PBOC) is probably a relief to those anxiously watching the future of the most meritocratic regulator in the country. The ruling Communist Party on Saturday appointed Pan Gongsheng, who has been deputy governor for the past 11 years, as party secretary – the de facto boss that supervises the institution. The Wall Street Journal said that would be a prelude to Pan becoming governor next, citing unnamed sources.
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Breakingviews - El Nino will brew up potent new economic stormJust when you thought it was safe to hope interest rates might soon peak, along comes more bad news. It looks likely that the El Nino weather phenomenon has returned, according to both the U.S. National Oceanographic and Atmospheric Administration and the Australian Bureau of Meteorology. Its appearance usually results in, or exacerbates, floods, heatwaves, water scarcity and wildfires, especially in the southern hemisphere. The damage these inflict on crops and infrastructure is inflationary, putting pressure on central banks to tighten monetary policy. If climate change makes such events stronger and more frequent, supply shocks will become embedded.
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Breakingviews - Ghost of Silicon Valley Bank turns up in ItalyA crisis at a small Italian insurer has rekindled concerns about the effect of rising rates. The rapid collapse of Silicon Valley Bank earlier this year was largely down to an ill-advised bond portfolio and liabilities that were less sticky than assumed. While Italy’s Eurovita isn’t a bank, its demise has some similarities with events across the Atlantic.
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