The public pension fund for policemen and firefighters is suffering a run as mass withdrawals further decrease the plan's funds. The city mayor has already applied for a restraining order so as to prevent the financial crisis from worsening.
Prime Minister Narenda Modi had scrapped off the Rs 500 and Rs 1,000 notes, hurting different sectors of the economy. The move resulted to decreased sales and slowed operations on sectors like automobiles, tourism, banking and e-commerce.
The IMF calls banks, policy makers, and other key players in both advanced and emerging markets to address economic problems immediately. IMF warned that current issues and uncertainty could lead to a new financial crisis or economic stagnancy in a global sense.
Turkish government officials acknowledged that the influx of Syrian refugees to the country has contributed in boosting the economy. Turkey’s economic growth has seen an unexpected growth in the third quarter, even as some economic aspects suffered and strained from the flow of migrants.
President Obama's plan to stall the growing migration crisis has culminated into a global fund of $70 million, to help refugees find a home in the United States, or anywhere in the world. A new cap of 1,00,000 refugees per year from 70,000 goes to indicate the gravity of the situation.
Japanese Prime Minister Shinzo Abe remains "completely neutral" on whether to raise the national sales tax, Economy Minister Akira Amari said on Sunday even as he expressed concern about the strength of the country's economic recovery.
Bank of America Corp (BAC.N), the second-largest U.S. bank by total assets, could see its shares climb 50 percent over the next three years, Barron's financial newspaper said on Sunday.
The 'Lehman Weekend' was the height of the financial crisis five years ago and may be repeated if 'shadow banking' would be allowed to continue without regulatory action.
A strategist noted that politics in Portugal could lead to crisis.