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April's terrible jobs report shows the 2019 economy is not coming back and that's a problem

The US is reopening to a reshaped economy where consumer spending is recovering faster than jobs. SERGIO FLORES/Getty Images The US economy only added 266,000 jobs in April, far less than economists' predictions of 1 million. While leisure and hospitality showed the biggest gain, they were still far below pre-pandemic norms. The jobs report signals that the reopened economy won't look like 2019's for a long time. See more stories on Insider's business page. April's jobs...
Tags: Hollywood, US, Barack Obama, Trends, Bloomberg, Bureau of Labor Statistics, International Monetary Fund, Msnbc, Morgan Stanley, Jason, Sergio, Kristalina Georgieva, Federal Reserve Chair, Jerome Powell, Hillary Hoffower, Ben Winck


April's dismal jobs report shows the 2019 economy is not coming back and that's a problem

The US is reopening to a reshaped economy where consumer spending is recovering faster than jobs. SERGIO FLORES/Getty Images The US economy only added 266,000 jobs in April, far less than economists' predictions of 1 million. While leisure and hospitality showed the biggest gain, they were still far below pre-pandemic norms. The jobs report signals that the reopened economy won't look like 2019's for a long time. See more stories on Insider's business page. April's jobs...
Tags: Hollywood, US, Barack Obama, Trends, Bloomberg, Bureau of Labor Statistics, International Monetary Fund, Msnbc, Morgan Stanley, Jason, Sergio, Kristalina Georgieva, Federal Reserve Chair, Jerome Powell, Hillary Hoffower, Ben Winck


#Qatar finance minister arrested over alleged embezzlement -statement | Reuters

Qatar finance minister arrested over alleged embezzlement -statement | Reuters Qatar Finance Minister Ali Sherif al-Emadi was arrested for questioning over allegations of embezzlement, abuse of power and crimes related to the public sector, a statement carried by state news agency QNA said on Thursday. FILE PHOTO: Qatar's Minister of Finance Ali Sherif Al Emadi speaks at the Qatar UK Business and Investment Forum in London, Britain March 27, 2017 REUTERS/Neil Hall An investigation is un...
Tags: Travel, Qatar, Middle East, Qatar Investment Authority, International Monetary Fund, Gulf, Reuters, Emadi, Gulf Arab, London Britain, Qatar National Bank, Rupert Neil Bumfrey, QNA, Ali Sherif al Emadi, Reuters Qatar Finance, Qatar UK Business and Investment Forum


Critics say a wealth tax wouldn't work. Argentina just brought in $2.4 billion with one.

Congress in Buenos Aires, Argentina. Natacha Pisarenko/AP A one-off tax on Argentinian's wealthiest brought in around $2.4 billion for pandemic recovery. The measure was passed in December, as worldwide critics of wealth taxes said they weren't feasible. Critics say they're difficult to implement, and the ultrawealthy will dodge them, but Argentina raised more than expected. See more stories on Insider's business page. A one-off wealth tax on the wealthiest Argentinians bro...
Tags: UK, Congress, America, Trends, Bloomberg, Joe Biden, Bbc, Argentina, International Monetary Fund, Biden, Buenos Aires, Imf, Buenos Aires Argentina, Angus Deaton, Leon Cooperman, Congress Read


#SaudiArabia could ease fiscal adjustment to help recovery, IMF says | Reuters

Saudi Arabia could ease fiscal adjustment to help recovery, IMF says | Reuters Saudi Arabia's plans to balance its finances are making good progress but a slower pace of adjustment could be considered this year to support the recovery from the coronavirus crisis, the International Monetary Fund said on Monday.Saudi Arabia's economy, the largest in the Arab world, is expected to grow 2.1% in 2021 after shrinking 4.1% last year amid the twin shock of the pandemic and lower oil prices, the IMF sa...
Tags: Travel, Saudi Arabia, Opec, International Monetary Fund, Imf, Reuters, Reuters Saudi Arabia, Rupert Neil Bumfrey


IMF Sees #Saudi Non-Oil Growth Rebounding as Economy Recovers - Bloomberg

IMF Sees Saudi Non-Oil Growth Rebounding as Economy Recovers - Bloomberg The International Monetary Fund expects Saudi Arabia’s economic recovery to gather speed over the next two years but recommended increasing spending to support low-income households that have struggled to adapt to austerity measures.The fund expects the biggest Arab economy to grow 2.1% this year -- revised down from a recent projection of 2.9% -- gathering speed to reach 4.8% growth in 2022, according to a statement issu...
Tags: Travel, Saudi Arabia, Bloomberg, International Monetary Fund, Imf, Rupert Neil Bumfrey, Mohammed al Jadaan, Economy Recovers Bloomberg


#SaudiArabia Names Former Aramco Dealmaker as Economy Minister - Bloomberg

Saudi Arabia Names Former Aramco Dealmaker as Economy Minister - Bloomberg Saudi Arabia appointed a former deal-maker for oil giant Saudi Aramco as economy and planning minister, as officials try to rally the biggest Arab economy from the dual shock of the coronavirus pandemic and last year’s oil price rout.The new minister, Faisal Alibrahim, was named Monday in a series of royal orders. He had been vice minister of economy and planning since 2018, and was formerly head of a mergers and acquis...
Tags: Travel, Saudi Arabia, Bloomberg, International Monetary Fund, Mohammed, Saudi Aramco, Salman bin Abdulaziz, Rupert Neil Bumfrey, Prince Mohammed, Bloomberg Saudi Arabia, PrinceMohammed bin Salman, Aramco Dealmaker, Faisal Alibrahim, Alibrahim, Eiman Al Mutairi, Prince Sultan bin Salman


US GDP will exceed its pre-pandemic peak by the end of June, Atlanta Fed model says

Noam Galai/Getty Images The Atlanta Fed's GDPNow estimate sees economic growth reaching 10.4% in the second quarter. Such an expansion would place US GDP above its pre-pandemic record and mark a full recovery. First-quarter growth reached 6.4% as stimulus and vaccination allowed the economy to reopen. See more stories on Insider's business page. By at least one popular measure, the US economy will fully recover and exceed its pre-pandemic strength in the second quarter.US gross do...
Tags: US, Trends, Joe Biden, International Monetary Fund, Federal Reserve, Donald Trump, Fed, Commerce Department, Atlanta Fed, Federal Reserve Bank of Atlanta, Noam Galai Getty, Ben Winck, June Atlanta Fed


#UAE’s Non-Oil Economy Contracted First Since 2011 Last Year - Bloomberg

UAE’s Non-Oil Economy Contracted First Since 2011 Last Year - Bloomberg The United Arab Emirates’ non-oil economy shrank 6.2% last year on lower oil prices and the coronavirus pandemic, the first contraction since 2011 at least, according to preliminary government data.Overall gross domestic product in the Arab world’s second-largest economy is estimated to have contracted 6.1% in 2020, according to data cited in a statement by the Ministry of Economy. That’s slightly more than initial project...
Tags: Travel, Bloomberg, United Arab Emirates, International Monetary Fund, Uae, Ministry of Economy, Rupert Neil Bumfrey, Abdulla Bin Touq Al Marri, Ministry of Economy That


Tunisia to Seek $4 Billion IMF Loan, PM Says

By Tarek Amara and Angus McDowallTUNIS (Reuters) - Tunisia will seek a $4 billion loan programme from the International Monetary Fund in talks...
Tags: International Monetary Fund, Tunisia, Tarek Amara, Angus McDowallTUNIS Reuters Tunisia


IMF Creates New Senior Adviser Post on Gender Issues

WASHINGTON (Reuters) - The International Monetary Fund is creating a new high level adviser position on gender issues to strengthen its work on...
Tags: Washington, International Monetary Fund, Imf, Reuters


The eurozone fell into a double-dip recession in the first quarter as it grappled with COVID-19 and a botched vaccine rollout

Mannequins wrapped in red and white tape stand in front of the Brandenburger Gate in Berlin as part of an art installation. Michele Tantussi/Getty Images The Eurozone economy shrank in the first quarter, putting the bloc back into a recession. Rising coronavirus cases caused countries to reimpose lockdown measures, which hit growth. But the EU's vaccine rollout is now picking up and business confidence is soaring. Sign up here for our daily newsletter, 10 Things Before the Opening Bell...
Tags: Europe, Germany, Berlin, US, Trends, Markets, Eu, European Union, Economy, Portugal, International Monetary Fund, eurozone GDP, Latvia, Peter Vanden Houte, Harry Robertson, Eurozone Economy


Tunisia Has Asked IMF for Finance Programme -Letter

TUNIS (Reuters) - Tunisia has asked the International Monetary Fund for a new financing programme, an IMF letter seen by Reuters shows, and is...
Tags: International Monetary Fund, Tunisia, Imf, Tunis, Reuters, Reuters Tunisia


Sen. Elizabeth Warren wants to grill the billionaire who said the rich would hide their assets from a wealth tax

Graeme Jennings-Pool/Getty Images Sen. Elizabeth Warren has invited billionaire and wealth tax critic Leon Cooperman to testify at a hearing. Cooperman has been an outspoken critic of Warren and her wealth tax proposals. The hearing, which is for the Senate Finance subcommittee Warren chairs, will examine taxes. See more stories on Insider's business page. Sen. Elizabeth Warren has extended an invitation to one of her most vocal critics to debate her marquee policy, the wealth tax, on...
Tags: Congress, Trends, Treasury, Warren, International Monetary Fund, Janet Yellen, Capitol Hill, Biden, Irs, Cnbc, Senate Finance Committee, Congressional, Sen Elizabeth Warren, Gabriel Zucman, Leon Cooperman, Senate Finance


#Dubai's Emirates NBD quarterly profit rises as economy rebounds | Reuters

Dubai's Emirates NBD quarterly profit rises as economy rebounds | ReutersEmirates NBD, Dubai’s biggest lender, on Tuesday posted a 12% rise in first-quarter net profit, citing improving economic conditions from the COVID-19 pandemic fallout and a sharp drop in impairments.The International Monetary Fund expects most Gulf economies to recover this year at a faster pace than previously estimated, as it raised its 2021 global growth forecast earlier this month.The bank reported a net profit of 2.32...
Tags: Travel, Saudi Arabia, Turkey, Dubai, International Monetary Fund, Mecca, Uae, Imf, Medina, Gulf, Reuters, Emirates NBD, Rupert Neil Bumfrey, Hesham Abdulla Al Qassim, Denizbank, ReutersEmirates NBD Dubai


Over half of Americans see a wealth tax as a way to help solve inequality, poll finds

Sen. Elizabeth Warren (D-MA). Drew Angerer/Getty Images The idea of a wealth tax is gaining steam as a way to address economic inequality and recovery. The majority of respondents in a new poll see a wealth tax as one way to address inequality. The IRS chief told Congress it's possible that over $1 trillion in taxes go uncollected each year. See more stories on Insider's business page. Growing wealth inequality has been exacerbated by the pandemic, as the global middle class shrink...
Tags: Congress, US, Trends, Joe Biden, International Monetary Fund, Biden, Irs, Sen Bernie Sanders, Senate Finance Committee, Sen Elizabeth Warren, The Hill, Charles Rettig, Juliana Kaplan, Hill HarrisX, Sen Elizabeth Warren D MA Drew Angerer Getty


American billionaires added $1.62 trillion to their wealth over the last 13 months

Tesla CEO Elon Musk. Win McNamee/Getty Images From March 2020 to April 2021, America's billionaires added $1.62 trillion to their wealth. A new report from IPS/ATF tracks how much billionaires have gained during the pandemic. These gains could signal that inequality keeps increasing during the pandemic. See more stories on Insider's business page. Over the last 13 months, American billionaires added $1.62 trillion to their wealth - a 55% increase.This was a finding in the latest re...
Tags: America, Trends, Tesla, Joe Biden, International Monetary Fund, Biden, Collins, Irs, Forbes, ATF, Angus Deaton, Chuck Collins, Charles Rettig, Institute for Policy Studies IPS, Juliana Kaplan, Elon Musk Win McNamee Getty


CEOs say the Trump tax cut created the best economy ever. The data disagrees.

Trump holds an example of what a new tax form may look like during a meeting on tax policy with Republican lawmakers in November 2017. Evan Vucci/AP Many CEOs are fighting President Joe Biden's planned corporate tax hike. CEOs surveyed by Business Roundtable say reversing Trump's 2017 cuts boosted growth and employment. Data disagrees, showing the Trump cuts did little to stimulate the US economy despite costing trillions. See more stories on Insider's business page. The inflat...
Tags: Senate, Time, US, Trends, Joe Biden, New York Times, Mitch McConnell, International Monetary Fund, Republican, Biden, Donald Trump, Paul Krugman, Trump, Raytheon, Hayes, Fiscal Policy Committee


Financials drag major Gulf markets lower | Reuters

Financials drag major Gulf markets lower | ReutersMajor stock markets in the Gulf ended lower on Tuesday, as financial shares dropped after the International Monetary Fund warned of rising debt risks in the coronavirus-hit Middle East.The IMF said on Sunday that countries in the Middle East and Central Asia need to curb their financing requirements, as a surge in government debt, exacerbated by the pandemic, threatens recovery prospects.Lower demand and a slump in commodity prices eroded state f...
Tags: Travel, Saudi Arabia, Qatar, Middle East, United Arab Emirates, Dubai, International Monetary Fund, Abu Dhabi, Imf, Gulf, North Africa, Reuters, Central Asia, Emirates NBD, Qatar Islamic Bank, Rupert Neil Bumfrey


Most Gulf markets ease in early trade | Reuters

Most Gulf markets ease in early trade | ReutersMost stock markets in the Gulf fell in early trade on Tuesday, pressured by losses in their banking shares as the International Monetary Fund warns on rising debt risks in virus-hit Middle East.The IMF said on Sunday countries in the Middle East and Central Asia need to curb their financing requirements, as a surge in government debt, exacerbated by the pandemic, threatens recovery prospects.Lower demand and a slump in commodity prices eroded state ...
Tags: Travel, Saudi Arabia, Qatar, Middle East, United Arab Emirates, Dubai, International Monetary Fund, Imf, Gulf, North Africa, Reuters, Central Asia, Rupert Neil Bumfrey, Abu Dhabi Islamic Bank, Al Rajhi Bank, First Abu Dhabi Bank


Global taxes, global stagnation

Treasury Secretary Janet Yellen has proposed that governments around the world require payment of at least a uniform “global minimum corporate tax.” A motivation for Yellen’s push for a global minimum corporate tax is fear that the Biden administration’s proposed increase in the US corporate tax will cause some American corporations to flee the US for countries with lower corporate taxes. President Biden wants to increase corporate taxes to help pay for his so-called infrastructure plan. The pla...
Tags: Congress, California, Opinion, US, Eu, Sport, Soccer, Ireland, House Of Representatives, Treasury, International Monetary Fund, Janet Yellen, OECD, Ron Paul, Biden, Yellen


IMF's Okamoto Says Aiming to Distribute SDR Reserves This Summer

WASHINGTON (Reuters) - The International Monetary Fund has a goal of distributing a $650 billion allocation of Special Drawing Rights monetary...
Tags: Washington, International Monetary Fund, Imf, Reuters, Okamoto


A Nobel-prize winning economist says the wealthy will just find a way to dodge any wealth tax

British-born economist Angus Deaton of Princeton University answers questions in a news conference after winning the 2015 economics Nobel Prize in Princeton, New Jersey, October 12, 2015. REUTERS/Dominick Reuter Nobel Prize-winning economist Angus Deaton said a one-off wealth tax is a "bad" way to pay for the pandemic. Without addressing its morality, Deaton told Bloomberg it would be hard to implement and the rich would avoid it. One-off wealth taxes have been gaining traction recently, a...
Tags: UK, US, America, Trends, Bloomberg, Joe Biden, Argentina, Warren, International Monetary Fund, Oxfam, Irs, Cnbc, Imf, Princeton University, Sen Elizabeth Warren, Deaton


A Nobel-prize winning economist says we shouldn't tax the wealthy because they'd find a way to dodge it

British-born economist Angus Deaton of Princeton University answers questions in a news conference after winning the 2015 economics Nobel Prize in Princeton, New Jersey, October 12, 2015. REUTERS/Dominick Reuter Nobel Prize-winning economist Angus Deaton said a one-off wealth tax is a "bad" way to pay for the pandemic. Without addressing its morality, Deaton told Bloomberg it would be hard to implement and the rich would avoid it. One-off wealth taxes have been gaining traction recently, a...
Tags: UK, US, America, Trends, Bloomberg, Joe Biden, Argentina, Warren, International Monetary Fund, Oxfam, Irs, Cnbc, Imf, Princeton University, Sen Elizabeth Warren, Deaton


What’s In Store for Our Global Economy

According to the International Monetary Fund (IMF), recessions wreak havoc and the damage is often long-lived.  Businesses shut down, investment spending is cut, and people out of work can lose skills and motivation as the months stretch on. IMF expects world output in the medium-term to be about 3 percent lower in 2024 than pre-pandemic projections. Because financial stability has largely been preserved, this expected scarring is less than what we saw following the global financial crisis.  How...
Tags: Featured, Sales, Global Economy, International Monetary Fund, Economic Growth, Imf, International Monetary Fund IMF, Resiliency, Financial Stability, Wegg® Blog, Women Entrepreneurs Grow Global blog


Most major Gulf markets gain as financials rise | Reuters

Most major Gulf markets gain as financials rise | ReutersMost major stock markets in the Gulf rose in early trade on Monday, supported by gains in their financial stocks, although Saudi bucked the trend to trade lower.The benchmark index in Saudi Arabia, the largest Arab economy, fell 0.9%, with Saudi National Bank, the kingdom’s top lender, declining 2%, while Banque Saudi Fransi retreated 3.2%.The International Monetary Fund said on Sunday countries in the Middle East and Central Asia need to ...
Tags: Travel, Saudi Arabia, Qatar, Middle East, Dubai, International Monetary Fund, Gulf, North Africa, Reuters, Central Asia, Etisalat, QNB, Rupert Neil Bumfrey, Banque Saudi Fransi, First Abu Dhabi Bank, Emirates NBD Bank


China's digital currency will be distributed using a two-tiered system to help get it into consumers' hands

Chinese digital currency. Reuters China has become the first major economy to roll out a digital currency. The e-yuan will bypass the global financial system. Economists, however, warn it could endanger the US dollar long-term. See more stories on Insider's business page. The People's Republic of China (PBOC) introduced its first blockchain-powered digital currency controlled by its central bank, The Wall Street Journal first reported. The project took seven years to complete sin...
Tags: Money, Congress, Finance, China, US, Trends, Tech, International Monetary Fund, Starbucks, Wall Street Journal, Cnbc, Marketwatch, Pboc, Reuters China, McDonald, Mao Zedong


America's companies are struggling to hire workers back. It risks derailing the economic recovery.

Manager Cynthia Martinez converses with guests at El Rio, located at 3158 Mission St., on Saturday, April 3, 2021, in San Francisco. Yalonda M. James/The San Francisco Chronicle/Getty Images The labor market is on the path to recovery, but it's not a sure thing as the economy reopens. Worker shortages are hitting some businesses, and experts warn of millions of jobs permanently lost. Stimulus hasn't led to a spending surge yet, and Americans may sit on their huge savings pile. See ...
Tags: New York City, US, America, Los Angeles, Trends, Joe Biden, New York Times, International Monetary Fund, Federal Reserve, Fed, Mission St, Kristalina Georgieva, New York Fed, Oxford Economics, Federal Reserve Bank of New York, Jerome Powell


Mideast Two-Year Financing Needs Rise to $919 Billion, IMF Says - Bloomberg

Mideast Two-Year Financing Needs Rise to $919 Billion, IMF Says - BloombergFinancing needs in the Middle East and North Africa are expected to reach $919 billion for this year and next as the region seeks to recover from the coronavirus pandemic, according to the International Monetary Fund.In an updated outlook published Sunday, it said public-financing requirements were likely to remain above 15% of gross domestic product in most parts of the region through the end of 2022.The global lender re...
Tags: Travel, Bloomberg, Middle East, International Monetary Fund, Imf, Mena, North Africa, Rupert Neil Bumfrey


Debt crisis may be good for Africa

The IMF and World Bank should use the crisis to divert cash to Global South countries to ease the effects of climate change The post Debt crisis may be good for Africa appeared first on The Mail & Guardian.
Tags: Climate Change, Africa, International Monetary Fund, World Bank, Gdp, S&P, Climate Finance, Imf, Global South, Top Six, Debt Crisis, Barbara Creecy, Conference of the Parties, COP 26, African Ministerial Conference on Environment, Aldo Caliari