Jakarta, April 18 (IANS) The International Monetary Fund (IMF) has called on the Philippines to adopt a more targeted fiscal response to its ongoing energy crisis, warning that limited budget buffers constrain the government’s ability to provide broad economic support, especially to the vulnerable sectors, local media reported on Saturday. According to local media reports on Saturday, Krishna Srinivasan, director of the IMF’s Asia and Pacific Department, said at a press conference recently that …
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Ottawa, April 18 (IANS) Air Canada has announced it will suspend service on several routes to the United States due to soaring jet fuel costs. According to a statement from Canada’s largest carrier on Friday (local time), jet fuel prices have doubled since the start of the Iran conflict, rendering some routes and flights no longer economically feasible.The suspensions affect a mix of transborder and domestic services. Service from Montreal and Toronto to New York’s John F. Kennedy International …
Washington, April 18 (IANS) The United States Department of the Treasury has extended a waiver permitting the delivery and sale of sanctioned Russian oil already loaded onto vessels, pushing the deadline to May 16, according to a document released on its official website. The earlier 30-day waiver had expired on April 11.The renewed license, issued on Friday (local time), is part of the administration’s broader effort to stabilise global energy prices, which have surged amid the ongoing US-Israe…
Seoul, April 17 (IANS) Escalating geopolitical tensions linked to the prolonged Middle East conflict are posing risks of inflation and greater downside pressure on the South Korean economy, the finance ministry here said on Friday.The Ministry of Finance and Economy made the assessment in its monthly economic report, known as the Green Book, heightening its warning from last month, when it noted only potential fallout, reports Yonhap news agency.”The economy has faced increasing downside risks d…
Seoul, April 10 (IANS) South Korea’s central bank kept its benchmark rate unchanged on Friday, as uncertainty in the Middle East prompted a cautious stance amid risks of inflation, currency weakness and slower growth.In a widely anticipated decision, the Monetary Policy Board of the Bank of Korea (BOK) held the key rate steady at 2.5 percent in its latest rate-setting meeting in Seoul, reports Yonhap news agency.It marked the seventh consecutive on-hold decision, even as the central bank remains…
New Delhi, April 8 (IANS) Global crude oil prices on Wednesday plunged sharply up to 20 per cent, after US President Donald Trump announced a two-week ceasefire with Iran that includes a pledge to restore navigation through the Strait of Hormuz — the narrow waterway at the heart of the world’s most acute energy crisis in decades.The international benchmark Brent crude futures shed nearly 16 per cent or $17.39 to $91.88, hitting an intraday low, while US WTI crude declined almost 20 per cent or …
Antananarivo, April 8 (IANS) The Malagasy government declared a state of energy emergency across the entire territory for a period of 15 days to address a major energy supply crisis currently affecting the country.According to a presidential communique, this situation is attributable in particular to the repercussions of the conflict in the Middle East, which have disrupted energy supplies and public services in Madagascar.The government said that this state of emergency would allow for the impl…
Seoul, April 7 (IANS) Downside risks to the South Korean economy are increasing amid the prolonged conflict in the Middle East as rising global oil prices and supply chain disruptions could have broader negative impacts on prices, consumption and exports, a state-run think tank said on Tuesday.”The economy, which had shown a gradual recovery, is now facing heightened downside risks due to surging oil prices and growing global supply chain uncertainties stemming from the conflict in the Middle Ea…
Seoul, April 5 (IANS) Finance Minister Koo Yun-cheol urged Gulf Cooperation Council (GCC) countries to strengthen cooperation to help stabilise energy and raw material supply chains amid prolonged tensions in the Middle East, the finance ministry said on Sunday.Koo, who also serves as deputy prime minister, met with ambassadors from the six GCC countries in Seoul on Friday at the residence of the United Arab Emirates (UAE) ambassador to discuss economic cooperation, according to the Ministry of …
Seoul, April 3 (IANS) The government will take stern measures, including legal means, against malicious activities aimed at taking advantage of recent market volatility through the spread of fake news and rumours, a senior finance ministry official said on Friday.”Spreading unfounded fake news in a time of extraordinary crisis is a serious matter that can fuel market anxiety and undermine trust in policy,” Moon Ji-sung, deputy minister for international economic affairs, said while presiding ove…