File photo of 500-euro banknotes. (Photo: AFP/Miguel Medina) European Central Bank chief Mario Draghi said risks facing the area were now "moving to the downside", although that did not stop the bank from pulling the plug on its massive emergency crisis-fighting economic stimulus known as quantitative easing (QE). "While Mario Draghi was boxed in by previous announcements about QE, his press conference revealed two stark truths - he remains deeply concerned at the fragility of eurozone growth and reserves the right to administer further monetary stimulus," said JR Zhou, market analyst at online trading platform Infinox. David Madden, market analyst at CMC Markets, said a "downbeat Draghi" weighed on the single currency. Europe's major stock markets, meanwhile, held mostly steady, with "dealers still hopeful that Beijing and Washington DC are on the road to striking a deal" on trade, Madden said. Share prices were also supported by mild gains on Wall Street in the New York morning. … [Read more...] about Euro slides as “downbeat” ECB warns on economy
Journal of political economy
A difficult outlook for global economy in 2019
The first challenge for the world economy in 2019 is the risk of declining growth, especially in the context of the escalating trade war. After the US-China trade war broke out in the third quarter of 2018, the world has witnessed an array of major economies being influenced. The growth rate and macroeconomic indicators of China and the Eurozone have all declined. Even the US economy, which has grown beyond expectations so far this year, is likely to slow down next year. In an interview granted to the Wall Street Journal, Maurice Obstfeld, chief economist at the International Monetary Fund (IMF), predicted that the US’ economic growth would slow down in 2019, as the weakening economic results in both Asia and Europe are threatening to adversely affect the US economy. The OECD recently lowered its forecast for global economic growth in 2019, condemning the fierce trade war between the US and China as the “main culprit” hindering the global growth momentum. In its … [Read more...] about A difficult outlook for global economy in 2019
BUSINESS NEWS IN BRIEF 7/11
Japanese investors explore Ha Nam’s investment environment Ha Nam province will create favourable conditions to attract more Japanese businesses to invest in local projects, said Vice Chairman of the provincial People’s Committee Truong Quoc Huy. During his working session with a business delegation from Japan’s Nagahama city on November 5, Huy affirmed that Ha Nam always considers Japan an important partner in cooperation and investment attraction. Enterprises investing in Ha Nam will be supported in terms of electricity, water, worker recruitment and security, he said. The province has earmarked Dong Van III Industrial Park, which has a favourable location and well-built infrastructure, for Japanese investors, the official said. Huy told his guests that Ha Nam highly evaluated Japanese companies’ investment capacity and cooperation, adding that Japanese firms have always observed their investment commitments to the province, had good working environments and … [Read more...] about BUSINESS NEWS IN BRIEF 7/11
It’s official: Party chief Trong is Vietnam’s new president
Trong becomes the first person after Ho Chi Minh to simultaneously head the Party and executive branches of governance in Vietnam. Earlier this month, he was unanimously nominated for the position by the Central Committee of the Communist Party of Vietnam. His name was the only one that the parliamentary standing committee recommended for the position. "I swear to be loyal to my country, my people and the Vietnamese Constitution. I swear to fulfill my duty by the Party, the government and the people," said Trong, taking the oath during the swearing-in ceremony that was broadcast live on national radio and television Tuesday afternoon. “People may ask what I’m feeling right now, and I would say that I’m both happy and worried at the same time. Happy because the Party and the people have entrusted me with this mission. Worried because now I have to live up to my position and do my best for my country,” the new president said in a speech following the ceremony. … [Read more...] about It’s official: Party chief Trong is Vietnam’s new president
EU US trade tensions at fever pitch as steel deadline looms
Trade relations between the EU and Washington have become steely AFP/Denis Charlet US Commerce Secretary Wilbur Ross on Wednesday rejected calls to extend exemptions on the punishing import tariffs and warned that duties for massive US imports of automobiles were on the horizon. The prospect of the metals tariffs taking effect on Friday caused mounting frustration in Europe, the single-largest source of US steel imports. "World trade is not a gunfight at the O.K. Corral," French Economy Minister Bruno Le Maire quipped Thursday, in reference to a 1957 western movie. Le Maire warned that the EU would take "all necessary measures" if the US imposed the tariffs. NOT A WESTERN "It's not everyone attacking the other and we see who remains standing at the end," he said, declaring that the stiff taxes would be "unjustified, unjustifiable and dangerous". German Chancellor Angela Merkel said the EU would respond in a "firm and united" manner to the tariffs. "We want to be exempt from these … [Read more...] about EU US trade tensions at fever pitch as steel deadline looms