World is sleepwalking towards another financial crisis, former UK PM Brown warns

Former British Prime Minister Gordon Brown warned that the world is on the verge of sleepwalking into another financial crisis because governments have failed to tackle the causes of the last major financial crash a decade ago. Britain’s leader when the collapse of the U.S. investment bank Lehman Brothers triggered the worst financial crisis since
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  As rising U.S. interest rates and the dollar’s resurgence ripple through emerging markets, Argentina has been among the countries most-punished by investors. The rout, sparked by concerns that those relying heavily on dollar borrowing will feel the most pressure, has left investors saying the country must pass a sustainable budget and communicate a coherent
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The escalating trade war between the U.S. and China could lead to a “global economic crisis,” according to George Yeo, a former Singapore foreign and trade minister. Yeo, currently chairman of Hong Kong-based Kerry Logistics Network, said his company has actually benefited in the short term from the tariff conflict between the world’s two largest
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Demand BIMCO expected the crude oil tanker market to continue its struggle from 2017, but the magnitude of it has been staggering, as evidenced by the worst freight rates on record. This is particularly true for crude oil tankers, but the oil product tankers are now set for a loss-making year too. By 24 August,
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A scorching hot, dry summer has ended five years of plenty in many wheat producing countries and drawn down the reserves of major exporters to their lowest level since 2007/08, when low grain stocks contributed to food riots across Africa and Asia. Although global stocks are expected to hit an all-time high of 273 million
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LONDON: Rising Asia to Mediterranean freight rates might not last long as economic crisis engulfs Turkey, Europe’s fifth largest importer of goods from Asia, according to Drewry’s latest weekly insight. As explained, the Asia to Europe trade lane has experienced difficulties this year, but the weakness was largely confined to the North Europe region in
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Turkey’s recently reelected president, Recep Tayyip Erdoğan, is blaming the sudden and dramatic decline of the Turkish lira on an international conspiracy, variously railing against an “economic war” and a “currency plot”. On the surface, this looks like a reaction to US president Trump’s steel and aluminium sanctions, which are ostensibly designed to press Turkey
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Turkey is just the latest developing economy to plunge into chaos. The Turkish lira has shed more than 40% since January, while the country’s stock market has been cut in half. The turmoil follows a similar currency crash in Argentina that led to a rescue by the International Monetary Fund. In recent days, the Russian
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Turkey’s sole refiner Tupras will continue to maintain its crude purchases amid the fallout from the country’s currency crisis, a source close to the company said Tuesday. Factbox: Turkey’s lira crisis fallout unsettles commodity markets But some sources said that there could be a narrower pool of companies willing to sell crude to Tupras because
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Mr Imran Khan, slated to be the new Prime Minister of Pakistan, may be pinning his hopes on China and Iran for helping the country’s economy out of dire straits, but if there is one country which can be of maximum help, it is India in terms of reducing Pakistan’s dependence on dollar-driven imports, said
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