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ESG Summit Europe 2025 - Spain

Financial Times journalist Simon Mundy during the first day of the ESG Summit Europe 2025, at the Teatro Príncipe Pío, on October 7, 2025, in Madrid (Spain). The meeting brings together more than 1,500 people, senior executives, investors and institutional leaders from the sustainability and cooperative governance sector. The event consolidates its position as the great European hub where the ESG (Environmental, Social and Governance) agenda is defined and the international ecosystem is connected to accelerate business transformation. Photo by Carlos Lujan/Europa Press/ABACAPRESS.COM

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New French Government Arrives In Matignon - Paris

Newly-appointed French Minister of Civil Service, Streamlining, and Public Sector Transformation Guillaume Kasbarian arrives for a meeting of members of France's new Cabinet and the prime minister, at the Hotel Matignon in Paris, on September 23, 2024. French Prime Minister Michel Barnier's hard-won new government faced instant challenges on September 22, 2024 as threats of a no-confidence motion in parliament multiplied. The head of government is also under intense pressure to fix France's fragile financial position, saying a "national effort" was needed to do so. Photo by Alexis Jumeau/ABACAPRESS.COM

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New French Government Arrives In Matignon - Paris

Newly-appointed French Minister of Civil Service, Streamlining, and Public Sector Transformation Guillaume Kasbarian arrives for a meeting of members of France's new Cabinet and the prime minister, at the Hotel Matignon in Paris, on September 23, 2024. French Prime Minister Michel Barnier's hard-won new government faced instant challenges on September 22, 2024 as threats of a no-confidence motion in parliament multiplied. The head of government is also under intense pressure to fix France's fragile financial position, saying a "national effort" was needed to do so. Photo by Alexis Jumeau/ABACAPRESS.COM

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New French Government Arrives In Matignon - Paris

Newly-appointed French Minister of Civil Service, Streamlining, and Public Sector Transformation Guillaume Kasbarian arrives for a meeting of members of France's new Cabinet and the prime minister, at the Hotel Matignon in Paris, on September 23, 2024. French Prime Minister Michel Barnier's hard-won new government faced instant challenges on September 22, 2024 as threats of a no-confidence motion in parliament multiplied. The head of government is also under intense pressure to fix France's fragile financial position, saying a "national effort" was needed to do so. Photo by Alexis Jumeau/ABACAPRESS.COM

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New French Government Arrives In Matignon - Paris

Newly-appointed French Minister of Civil Service, Streamlining, and Public Sector Transformation Guillaume Kasbarian arrives for a meeting of members of France's new Cabinet and the prime minister, at the Hotel Matignon in Paris, on September 23, 2024. French Prime Minister Michel Barnier's hard-won new government faced instant challenges on September 22, 2024 as threats of a no-confidence motion in parliament multiplied. The head of government is also under intense pressure to fix France's fragile financial position, saying a "national effort" was needed to do so. Photo by Alexis Jumeau/ABACAPRESS.COM

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New French Government Arrives In Matignon - Paris

Newly-appointed French Minister of Civil Service, Streamlining, and Public Sector Transformation Guillaume Kasbarian arrives for a meeting of members of France's new Cabinet and the prime minister, at the Hotel Matignon in Paris, on September 23, 2024. French Prime Minister Michel Barnier's hard-won new government faced instant challenges on September 22, 2024 as threats of a no-confidence motion in parliament multiplied. The head of government is also under intense pressure to fix France's fragile financial position, saying a "national effort" was needed to do so. Photo by Alexis Jumeau/ABACAPRESS.COM

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New French Government Arrives In Matignon - Paris

Newly-appointed French Minister of Civil Service, Streamlining, and Public Sector Transformation Guillaume Kasbarian arrives for a meeting of members of France's new Cabinet and the prime minister, at the Hotel Matignon in Paris, on September 23, 2024. French Prime Minister Michel Barnier's hard-won new government faced instant challenges on September 22, 2024 as threats of a no-confidence motion in parliament multiplied. The head of government is also under intense pressure to fix France's fragile financial position, saying a "national effort" was needed to do so. Photo by Alexis Jumeau/ABACAPRESS.COM

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New French Government Arrives In Matignon - Paris

Newly-appointed French Minister of Civil Service, Streamlining, and Public Sector Transformation Guillaume Kasbarian arrives for a meeting of members of France's new Cabinet and the prime minister, at the Hotel Matignon in Paris, on September 23, 2024. French Prime Minister Michel Barnier's hard-won new government faced instant challenges on September 22, 2024 as threats of a no-confidence motion in parliament multiplied. The head of government is also under intense pressure to fix France's fragile financial position, saying a "national effort" was needed to do so. Photo by Alexis Jumeau/ABACAPRESS.COM

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NEV makers move fast in China leveraging innovation, cooperation

STORY: NEV makers move fast in China leveraging innovation, cooperation SHOOTING TIME: recent footage DATELINE: May 12, 2024 LENGTH: 00:01:20 LOCATION: HEFEI/GUANGZHOU, China CATEGORY: ECONOMY SHOTLIST: 1. various of the NEV sector STORYLINE: Fierce competition has driven up technological innovation and industrial upgrading in China's new energy vehicle (NEV) sector, with auto brands revving up investment and seeking cooperation. In the first quarter of this year, China's NEV sales climbed 31.8 percent year on year to 2.09 million units, according to the China Association of Automobile Manufacturers. Data from the association also showed that the country's NEV sales surged 37.9 percent year on year to about 9.5 million last year, compared with just 75,000 a decade ago. However, last year saw a survival battle among Chinese NEV makers, after the withdrawal of financial subsidies for NEVs that had been in place for 13 years. While traditional automakers from home and abroad are accelerating the electrifi

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Indonesia's economy grows 5.11 pct in Q1

STORY: Indonesia's economy grows 5.11 pct in Q1 SHOOTING TIME: May 6, 2024 DATELINE: May 7, 2024 LENGTH: 00:01:24 LOCATION: Jakarta CATEGORY: ECONOMY SHOTLIST: 1. various of the press conference 2. various of the financial sector in Indonesia 3. various of a port in Indonesia 4. various of Jakarta STORYLINE: Indonesia's economy grew by 5.11 percent year on year in the first quarter of this year, Statistics Indonesia BPS announced on Monday. The quarterly growth marks the highest for a first quarter since 2015, said acting head of BPS Amalia Widyasanti, adding the Southeast Asian country had recorded a growth of 5.12 percent in the first quarter of 2014. However, "Compared to the previous quarter, economic growth contracted 0.83 percent," said the official at a press conference. The main contributors to the economic growth in the first quarter in terms of production are the processing, trade, construction and mining sectors, according to her. "In the first quarter of 2024, the manufacturing

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Italy's major banks report record profits in 2023

STORY: Italy's major banks report record profits in 2023 SHOOTING TIME: Feb. 7, 2024 DATELINE: Feb. 8, 2024 LENGTH: 0:00:39 LOCATION: Rome CATEGORY: ECONOMY SHOTLIST: 1. various of Italy STORYLINE: Italy's two major banks have reported record profits in 2023, signaling the recovery of the country's banking sector from recent difficulties. On Tuesday, Banca Intesa Sanpaolo, Italy's largest bank by total assets, reported a net profit of 7.7 billion euros (8.3 billion U.S. dollars) for 2023, a year-on-year increase of 76.4 percent. A day earlier, Unicredit revealed a record net profit of 8.6 billion euros for last year, 51 percent higher than in 2022. Both exceeded market expectations. The two banks rank among the world's 50 largest banks, according to Standard & Poor's ratings. Over the past three years, Italy's banking sector faced multiple challenges due to the financial impacts of the COVID-19 pandemic and the energy crisis stemming from the Ukraine crisis. Additionally, four months ago, the Italian p

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Greek farmers continue protests demanding gov't pledged aid

STORY: Greek farmers continue protests demanding gov't pledged aid SHOOTING TIME: Jan. 31, 2024 DATELINE: Feb. 1, 2024 LENGTH: 00:01:02 LOCATION: Athens CATEGORY: AGRICULTURE SHOTLIST: 1. various of protest 2. SOUNDBITE 1 (Greek): KOSTANTINOS TZELLAS, Unitarian Federation of Agrarian Associations of Karditsa 3. various of farmland STORYLINE: Greek farmers are planning protests across the country for Feb. 1, demanding sufficient financial aid pledged by the government with no delays. Representatives of farmers' associations gathered to discuss mobilization plans at Palamas municipality in the Thessaly region in central Greece, one of the country's main agricultural production regions. SOUNDBITE 1 (Greek): KOSTANTINOS TZELLAS, Unitarian Federation of Agrarian Associations of Karditsa "The farmers took to the streets for two reasons. Firstly, because of the destruction and damage we have suffered from the September floods. And the change has clearly to do with the agricultural sector, where the cost of prod

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CHINA-BEIJING-XI JINPING-STUDY SESSION-FINANCIAL SECTOR-HIGH-QUALITY DEVELOPMENT (CN)

(240116) -- BEIJING, Jan. 16, 2024 (Xinhua) -- General Secretary of the Communist Party of China (CPC) Central Committee Xi Jinping, also Chinese president and chairman of the Central Military Commission, addresses the opening of a study session on boosting the high-quality development of the financial sector, attended by principal officials at the provincial and ministerial levels, at the Party School of the CPC Central Committee (National Academy of Governance) in Beijing, capital of China, Jan. 16, 2024. Members of the Standing Committee of the Political Bureau of the CPC Central Committee Zhao Leji, Wang Huning, Ding Xuexiang and Li Xi, as well as Vice President Han Zheng attended the opening ceremony of the study session. Cai Qi, a member of the Standing Committee of the Political Bureau of the CPC Central Committee, presided over the event. (Xinhua/Shen Hong)

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CHINA-BEIJING-XI JINPING-STUDY SESSION-FINANCIAL SECTOR-HIGH-QUALITY DEVELOPMENT (CN)

(240116) -- BEIJING, Jan. 16, 2024 (Xinhua) -- General Secretary of the Communist Party of China (CPC) Central Committee Xi Jinping, also Chinese president and chairman of the Central Military Commission, addresses the opening of a study session on boosting the high-quality development of the financial sector, attended by principal officials at the provincial and ministerial levels, at the Party School of the CPC Central Committee (National Academy of Governance) in Beijing, capital of China, Jan. 16, 2024. (Xinhua/Ju Peng)

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Xinhua Headlines: Top 10 China news events of 2023

(231229) -- BEIJING, Dec. 29, 2023 (Xinhua) -- An application scenario of e-CNY (digital yuan) payment is displayed at the China (Beijing) Digital Finance Forum 2023 in Lize Financial Business District of Fengtai District in Beijing, capital of China, Oct. 12, 2023. Top 10 China news events of 2023 9. Central financial work conference puts forward goal of building a nation with a strong financial sector At the central financial work conference held in Beijing from Oct. 30 to 31, Xi reviewed the financial work since the 18th CPC National Congress, analyzed the situations facing high-quality development of the financial sector, and arranged relevant work for the current and future periods. The conference called for accelerating the building of a nation with a strong financial sector, contributing to building China into a strong country and advancing national rejuvenation through high-quality financial development, raising the financial work to a higher strategic level. Since the beginning of this year

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India's goods sector surpasses services in exports

STORY: India's goods sector surpasses services in exports SHOOTING TIME: Recent footage DATELINE: Dec. 9, 2023 LENGTH: 00:01:13 LOCATION: New Delhi CATEGORY: ECONOMY SHOTLIST: 1. various of India gate 2. various of electronic parts manufacturing unit 3. various of export containers STORYLINE: Indian government on Thursday said India's goods (merchandise) sector has surpassed the services sector in exports. "The last financial year recorded an export of 762 billion U.S. dollars. Of this 453 billion dollars were merchandise exports," India's Federal Minister for Electronics and Information Technology Ashwini Vaishnaw said during a press conference. There are about 11 billion dollars worth of electrical machinery and equipment exports, about 11 billion dollars worth of mobile phones export, he added. Xinhua News Agency correspondents reporting from New Delhi. (XHTV)

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Chinese contractors helping to bridge Kenya's housing deficit: industry source

STORY: Chinese contractors helping to bridge Kenya's housing deficit: industry source SHOOTING TIME: Nov. 25, 2023 DATELINE: Nov. 27, 2023 LENGTH: 00:01:27 LOCATION: Nairobi CATEGORY: ECONOMY SHOTLIST: 1. various of housing infrastructure in Nairobi 2. various of the economic forum STORYLINE: Chinese contractors are boosting Kenya's quest to bridge the country's housing deficit, industry players said on Saturday. Kenneth Mbae, the managing director of Centum Real Estate, an investment firm with operations in East Africa, told a financial forum in Nairobi, the capital of Kenya that the housing deficit in Kenya is in excess of 2 million units whereas the annual demand stands at 200,000 units. "We have many Chinese developers participating in supplying the 50,000 units that are built every year by the property sector," Mbae said during the third Abojani economic empowerment conference. The conference brought together more than 100 financial and investment experts to discuss ways to exploit investm

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Investors eye opportunities in China's financial opening-up

STORY: Investors eye opportunities in China's financial opening-up SHOOTING TIME: Nov. 9, 2023 DATELINE: Nov. 10, 2023 LENGTH: 00:01:27 LOCATION: Beijing CATEGORY: ECONOMY SHOTLIST: 1. various of views in Beijing 2. various of the Annual Conference of Financial Street Forum 2023 (SHOOTING TIME: Nov. 8, 2023) 3. SOUNDBITE 1 (English): CLIFFORD ALEX POLYCARP, Founder, Kaisa Holdings 4. various of companies and institutions on the financial street in Beijing 5. SOUNDBITE 2 (Chinese): CHEN YUANWEI, Founder, Hinova Pharmaceuticals 6. various of views in Beijing STORYLINE: The Annual Conference of Financial Street Forum 2023 concluded Friday in Beijing. During the three-day event, guests from home and abroad shared their observations and expectations on China's financial opening-up. SOUNDBITE 1 (English): CLIFFORD ALEX POLYCARP, Founder, Kaisa Holdings "All the effort that the government is taking, the central bank is taking, to open up the financial sector to the outside world is extremely important. I think

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Türkiye's economic shift fuels optimism but challenges persist: expert

STORY: Türkiye's economic shift fuels optimism but challenges persist: expert DATELINE: Sept. 26, 2023 LENGTH: 00:04:10 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of people on the streets in Türkiye 2. various of Turkish lira and the U.S. dollar 3. various of people shopping in Türkiye 4. various of shipping trade in Türkiye 5. various of people shopping in Türkiye 6. various of shipping trade in Türkiye 7. SOUNDBITE (Turkish): CAN SELCUKI, Director of Türkiye Raporu STORYLINE: Turkish Finance and Treasury Minister Mehmet Simsek revealed on Sept. 19 that Türkiye obtained some 10.4 billion U.S. dollars in external financing since the country embraced new policies in June. The amount includes 6.7 billion dollars from the banking sector, 367 million from the non-banking financial sector and 3.26 billion from the real sector, according to the report. After the new economic management put in place in June decided to aggressively hike interest rates from 8.5 to 30 percent to curb inflation an

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Kenyan president calls for reforms in global financial system to spur investments

STORY: Kenyan president calls for reforms in global financial system to spur investments DATELINE: Aug. 18, 2023 LENGTH: 00:01:56 LOCATION: Nairobi CATEGORY: ECONOMY SHOTLIST: 1. various of UNCTAD officials receiving Kenyan President 2. SOUNDBITE (English): WILLIAM RUTO, Kenyan President 3. various of the conference STORYLINE: Kenyan President William Ruto on Wednesday called for reforms in the international financial system to help boost investor confidence in Africa. De-risking Africa will foster better relations between the public and private sectors for the common good, said Ruto, who spoke during the United Nations Conference on Trade and Development (UNCTAD) presidential dialogue dubbed "Kenya: a driving force in accelerating continental trade and investment" held in Nairobi, the capital of Kenya. "There is no way you can get private sector money into Africa if we have not sorted out the issue of risk. Nobody will invest here," he said in a statement released by the presidency after the meeting. R

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Egypt's gross public debt up by 13.1 pct of GDP in FY 2022-23: finance minister

STORY: Egypt's gross public debt up by 13.1 pct of GDP in FY 2022-23: finance minister DATELINE: Aug. 11, 2023 LENGTH: 00:00:50 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of Cabinet of Ministers 2. various of Ministry of Finance 3. various of Egypt's Finance Minister Mohamed Maait speaking STORYLINE: Egypt's Finance Minister Mohamed Maait said on Thursday the country's gross public debt, the financial liabilities of the government sector, climbed by 13.1 percent to reach 95.6 percent of the GDP in the fiscal year 2022-2023 that ended in June. In a statement, Maait attributed the rise to "fluctuation in the currency exchange rate and decline of the local currency against the U.S. dollars." "The government targets taking the gross debt down to 80 percent of the GDP in the next four years," Maait was quoted as saying in the statement. It added that despite international unfavorable conditions that have driven up the prices of most strategic commodities due to supply chain disruptions that resul

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India's central bank expects growth rate at 6.5 pct this fiscal year

STORY: India's central bank expects growth rate at 6.5 pct this fiscal year DATELINE: June 10, 2023 LENGTH: 00:01:31 LOCATION: New Delhi CATEGORY: ECONOMY SHOTLIST: 1. various of India gate 2. various of Indian government buildings 3. various of Reserve Bank of India (RBI) building 4. various of markets in New Delhi 5. various of traffic in New Delhi STORYLINE: The rate of inflation in India during the current fiscal year (April 2023-March 2024) is expected to remain above 4 percent, while the country's economy is likely to grow at 6.5 percent, Governor of the Reserve Bank of India (RBI) Shaktikanta Das said on Thursday. Announcing the monetary policy in the financial capital Mumbai, the central bank governor said the Indian economy was strongly placed at a time of global uncertainties. "We can derive satisfaction from the fact that the Indian economy and the financial sector stand out as strong and resilient in a world of unprecedented headwinds and swift cross currents. Unlike the previous three

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Int'l tech expo opens in Erbil, Iraq

STORY: Int'l tech expo opens in Erbil, Iraq DATELINE: June 7, 2023 LENGTH: 00:02:27 LOCATION: ERBIL, Iraq CATEGORY: TECHNOLOGY SHOTLIST: 1. various of the exhibition STORYLINE: The fourth Hawler (Erbil) International Technology Exhibition (HITEX) "HITEX 2023" kicked off on Tuesday in the Iraqi city of Erbil, drawing over 120 companies from Iraq and other countries. The companies attending the exhibition presented their latest modern technologies in various fields, including communications, information system, digital security, energy, electronic games and medical devices. On the sidelines of the four-day exhibition, seminars and scientific debates will be held on technology and digital security, in addition to electronic banking and digital transformation in the banking and financial sector. Xinhua News Agency correspondents reporting from Erbil, Iraq. (XHTV)

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Malaysia's FDI up marginally in Q1

STORY: Malaysia's FDI up marginally in Q1 DATELINE: May 13, 2023 LENGTH: 00:01:26 LOCATION: Kuala Lumpur CATEGORY: ECONOMY SHOTLIST: 1. Various of Kuala Lumpur city views 2. Various of crowds at a shopping mall 3. Various of crowds on the street STORYLINE: Malaysia's foreign direct investment (FDI) increased by 1.6 percent, reaching a record 893.2 billion ringgit (about 200.18 billion U.S. dollars) at the end of the first quarter of 2023, as compared to the fourth quarter of 2022, official data showed Friday. The Department of Statistics Malaysia (DOSM) said in a statement the manufacturing sector remained the largest recipient of the FDI with a value of 385.3 billion ringgit (about 86.35 billion U.S. dollars) or 43.1 percent of the total FDI. This was followed by financial activities and wholesale & retail trade. According to the DOSM, the country's FDI inflows were largely from Singapore, the United States and China's Hong Kong Special Administrative Region. Xinhua News Agency correspondents reportin

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Financial summit sees deepening China-Singapore cooperation in financial sector

STORY: Financial summit sees deepening China-Singapore cooperation in financial sector DATELINE: April 22, 2023 LENGTH: 00:01:36 LOCATION: CHONGQING, China CATEGORY: ECONOMY SHOTLIST: 1. various of the financial summit 2. various of the interview 3. various of views in Chongqing 4. SOUNDBITE (Chinese): CHIA CAIHAN, Chief representative, SGX Beijing representative office STORYLINE: The fifth China-Singapore (Chongqing) Connectivity Initiative Financial Summit opened in China's Chongqing Municipality and in Singapore simultaneously on Thursday. Focused on new missions for financial centers and new momentum for financial opening-up, the summit aims to provide forward-looking views and policy guidelines for quality financial cooperation between China and Singapore, as well as new areas of financial cooperation between China and the Association of Southeast Asian Nations (ASEAN). The chief representative of the Singapore Exchange (SGX) Beijing representative office believes that the financial cooperation betw

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LEBANON-BEIRUT-ECONOMY-REAL ESTATE

(230411) -- BEIRUT, April 11, 2023 (Xinhua) -- Unfinished buildings are pictured in Kantari, Beirut of Lebanon, on April 9, 2023. The development of Lebanon's real estate sector is slowing down, with demand for properties falling by around 80 percent in 2022 and 2023 compared to the years before the 2019 financial crisis, said economists and real estate developers. TO GO WITH "Roundup: Lebanon's real estate sector sees major slowdown as financial crisis deepens" (Photo by Dana Halawi/Xinhua)

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India's tourism industry bounces back with increase in foreign visitors

STORY: India's tourism industry bounces back with increase in foreign visitors DATELINE: April 8, 2023 LENGTH: 00:01:32 LOCATION: New Delhi CATEGORY: ECONOMY SHOTLIST: 1. various of India gate 2. various of tourists STORYLINE: The Indian tourism sector has received a much-needed boost with an increase in foreign tourist arrivals. According to data from the Bureau of Immigration, the number of foreign tourists who visited India in 2022 was 6.19 million, as compared to 1.52 million in the year 2021. This increase in foreign tourists is seen as a sign of revival after the COVID-19 pandemic. Before the pandemic, India had seen 10.93 million foreign tourist arrivals in the year 2019. The Indian government has taken several initiatives to boost tourism and increase foreign tourist arrivals. The federal government has been providing financial assistance to local governments for the development of tourism-related infrastructure. This is aimed at providing a better experience for visitors and promoting tourism i

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European banks remain vulnerable to financial sector shocks: analysts

STORY: European banks remain vulnerable to financial sector shocks: analysts DATELINE: April 3, 2023 LENGTH: 0:02:01 LOCATION: Rome CATEGORY: ECONOMY SHOTLIST: 1. various of European banks 2. SOUNDBITE 1 (English): LORENZO FORNI, Professor of economic policy from Italy's University of Padua 3. various of Credit Suisse 4. various of Silicon Valley Bank 5. various of Signature Bank 6. SOUNDBITE 2 (English): LORENZO CODOGNO, Chief economist of LC Macro Investors Ltd. 7. various of Deutsche Bank STORYLINE: European banks are better prepared than those elsewhere in the world for crises such as the failure of two regional banks in the United States earlier this month. However, analysts say they remain vulnerable to changes in consumer confidence, and weaknesses in the financial sector. SOUNDBITE 1 (English): LORENZO FORNI, Professor of economic policy from Italy's University of Padua "The deep root of these financial events is related to confidence. I mean, you can have very strong fundamentals, but you know,

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Reforms soften blow of Europe's banking crisis but risks remain

STORY: Reforms soften blow of Europe's banking crisis but risks remain DATELINE: March 26, 2023 LENGTH: 00:02:21 LOCATION: Rome CATEGORY: ECONOMY SHOTLIST: 1.various of European banks 2.various of Silicon Valley Bank 3. SOUNDBITE 1 (English): LORENZO ROCCO, Professor, Department of Economics and Management, University of Padova 4.various of European banks 5.SOUNDBITE 2 (English): ANDREA GIURICIN, Professor of finance and mobility management at Bicocca University in Milan 6.various of European Union STORYLINE: European analysts said that financial sector reforms put into place in the wake of the global financial crisis 15 years ago have so far helped protect European banks from being hit harder by the ongoing banking crisis. But the latest round of problems have still not fully run their course. The current banking sector fragility was sparked by the collapse of two regional banks in the United States -- Silicon Valley Bank in California and New York's Signature Bank. Soon after, Switzerland's Credit Suiss

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Silicon Valley Bank collapse shakes confidence in U.S. banking, says expert

STORY: Silicon Valley Bank collapse shakes confidence in U.S. banking, says expert DATELINE: March 21, 2023 LENGTH: 00:04:16 LOCATION: London CATEGORY: ECONOMY SHOTLIST: 1. SOUNDBITE (English): CHARLES READ, Scholar in economics and history at the University of Cambridge STORYLINE: The collapse of Silicon Valley Bank (SVB), once the 16th largest bank in the United States, has "shaken confidence in U.S. banking" as concerns have mounted over bank deposits, an expert has said. The tech-heavy SVB's demise has "made people far more likely to worry about their bank deposits, and any rumors will be acted upon ... faster. I think that's a big risk," Charles Read, a scholar in economics and history at the University of Cambridge told Xinhua on Tuesday. Read said that since the 2008 global financial crisis, people were no longer as trusting of the banking sector, and bank runs would therefore happen more rapidly. Technology has also made it easier to take money out of banks online, and people will do this

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Growing fallout from U.S. bank failures sparks worries across banking sector

STORY: Growing fallout from U.S. bank failures sparks worries across banking sector DATELINE: March 17, 2023 LENGTH: 00:02:48 LOCATION: Beijing CATEGORY: ECONOMY SHOTLIST: 1. SOUNDBITE 1 (English): GIORGIO DI GIORGIO, Professor of macroeconomics and monetary policy at Rome's LUISS University 2. SOUNDBITE 2 (Turkish): MURAT TUFAN, Analyst with Turkish broadcaster Ekoturk 3. SOUNDBITE 3 (English): XN IRAKI, Kenyan economist STORYLINE: Growing fallout from the collapse of two U.S. banks -- Silicon Valley Bank (SVB) from California and New York's Signature Bank has sent jitters across the banking sector. Many experts have expressed their concerns over the failures of the two U.S. banks. Worries about its impact on European financial institutions began to push share prices downward. Led by banking shares, most European stock exchanges suffered significant losses on Monday and Wednesday, each time followed by only modest rebounds. An Italian expert has said a major factor contributing to the troubles was ris

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U.S.-NEW YORK-ACFA-U.S.-CHINA FINANCIAL COOPERATION-PANEL DISCUSSION

(230227) -- NEW YORK, Feb. 27, 2023 (Xinhua) -- Mingzhi Liu (C), who teaches at Tsinghua University PBC School of Finance, speaks during a panel discussion organized by the American Chinese Finance Association (ACFA) in New York, the United States, on Feb. 23, 2023. The United States and China have cooperation potential in the financial sector given China's further opening-up, bilateral collaboration between regulators and shared interests in fighting climate change, according to industry insiders and experts. (Xinhua/Liu Yanan) TO GO WITH Roundup: More U.S., China financial cooperation expected by industry insiders

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U.S.-NEW YORK-ACFA-U.S.-CHINA FINANCIAL COOPERATION-PANEL DISCUSSION

(230227) -- NEW YORK, Feb. 27, 2023 (Xinhua) -- Bryan Lin (L), CEO of Huatai Securities (USA), Inc., makes a presentation during a panel discussion organized by the American Chinese Finance Association (ACFA) in New York, the United States, on Feb. 23, 2023. The United States and China have cooperation potential in the financial sector given China's further opening-up, bilateral collaboration between regulators and shared interests in fighting climate change, according to industry insiders and experts. (Xinhua/Liu Yanan) TO GO WITH Roundup: More U.S., China financial cooperation expected by industry insiders

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U.S.-NEW YORK-ACFA-U.S.-CHINA FINANCIAL COOPERATION-PANEL DISCUSSION

(230227) -- NEW YORK, Feb. 27, 2023 (Xinhua) -- Jeffrey Ball (L, on the screen), scholar-in-residence at Stanford University's Steyer-Taylor Center for Energy Policy and Finance, makes remarks online during a panel discussion organized by the American Chinese Finance Association (ACFA) in New York, the United States, on Feb. 23, 2023. The United States and China have cooperation potential in the financial sector given China's further opening-up, bilateral collaboration between regulators and shared interests in fighting climate change, according to industry insiders and experts. (Xinhua/Liu Yanan) TO GO WITH Roundup: More U.S., China financial cooperation expected by industry insiders

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Moody's downgrades Egypt's ratings to B3, changes outlook to stable

STORY: Moody's downgrades Egypt's ratings to B3, changes outlook to stable DATELINE: Feb. 9, 2023 LENGTH: 00:00:46 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the central bank of Egypt 2. various of vessels in Egypt 3. various of a fuel station in Egypt STORYLINE: Moody's Investors Service lowered Egypt's long-term foreign-currency and local-currency issuer ratings to B3 from B2. In its ranking report published on Tuesday, Moody's also changed outlook to "stable from negative." The report cited that the downgrade to B3 reflects Egypt's reduced external buffers and shock absorption capacity while the economy undergoes a structural change toward a more export- and private sector-led growth model under a flexible exchange rate regime. The International Monetary Fund (IMF) approved a three-billion U.S. dollar financial support package to Egypt in December 2023 amid a commitment to flexible currency and monetary reforms. Over the past year, the Egyptian currency had depreciated by nearly 50 pe

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Cyprus financial crisis

NICOSIA, Cyprus - Bank employees clash with police in front of the Cypriot parliament in Nicosia, Cyprus, on March 21, 2013, during a protest opposing a bailout plan for the banking sector amid the country's deepening financial crisis.

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'Occupy Wall Street' demonstration in N.Y.

NEW YORK, United States - Children hold slogans during a major demonstration in New York on Oct. 5, 2011. The demonstration is one of the events organized as part of the movement dubbed ''Occupy Wall Street,'' to protest the running of the financial sector and economic inequality in the United States.

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Nikkei closes at 26-yr low on financial jitters

TOKYO, Japan - A signboard at Gaitame.Com Co. in Tokyo shows the closing 225-issue Nikkei Stock Average falling to 7,086.03, the lowest level in more than 26 years, with investors jittery about prospects for the global financial sector and Japan's economy.

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6 major nonlife insurers report 1.2 bil. yen in nonpayment cases

TOKYO, Japan - Japan's six major property and casualty insurance firms failed to pay a total of 1.22 billion yen in insurance claims in 4,365 cases involving medical and other ''third-sector'' insurance policies between July 2001 and June 2006, according to figures reported by them Oct. 31 to the Financial Services Agency. Kunio Ishihara (C), president of Tokio Marine & Nichido Fire Insurance Co., and executives of five other companies apologized during a news conference in Tokyo the same day.

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Private-sector members of panel call for gov't-BOJ dialogue

TOKYO, Japan - Financial Services Minister Kaoru Yosano speaks at a press conference after a session of the government's Council on Economic and Fiscal Policy on Dec. 26. Yosano said that four private-sector members of the panel called for dialogue between the government and the Bank of Japan over how they steer microeconomic policies with an eye to defeating deflation.

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Private-sector members of panel call for gov't-BOJ dialogue

TOKYO, Japan - Prime Minister Junichiro Koizumi speaks with Financial Services Minister Kaoru Yosano (R) during a session of the government's Council on Economic and Fiscal Policy on Dec. 26. Four private-sector members of the panel called for dialogue between the government and the Bank of Japan over how they steer microeconomic policies with an eye to defeating deflation.

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Semigov't body begins drive to teach children about finance

NAGOYA, Japan - Some 200 students attend a special class on consumer education by financial planner Katsumi Ichionose at a junior high school in Nagoya on July 13. The school was chosen as the first stop in campaign by the Central Council for Financial Services Information, a government-private sector body, to tour some 20 schools across the nation to teach children about financial affairs.

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Gov't unveils economic package

TOKYO, Japan - Prime Minister Junichiro Koizumi (L) and Financial Services Minister Heizo Takenaka attend a meeting of the Council on Economic and Fiscal Policy, a top government panel headed by Koizumi, at the premier's office Oct. 30. The council approved a package of steps for accelerating the cleanup of the banking sector and combating deflation before announcing the plan.

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Koizumi backs Takenaka's bad-loan disposal plan

TOKYO, Japan - Prime Minister Junichiro Koizumi tells reporters Oct. 29 at his office that he threw his full backing behind Financial Services Minister Heizo Takenaka's plan for cleaning up the banking sector.

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Yanagisawa speaks on Ishikawa Bank insolvency

TOKYO, Japan - Financial Services Minister Hakuo Yanagisawa speaks with the media on application filed by Ishikawa Bank for insolvency proceedings Dec. 28. He expressed support for Prime Minister Junichiro Koizumi's reported intention to bail out the banking sector with public funds to avoid a financial crisis.

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Japan to accept IMF probe into financial sector

WASHINGTON, United States - Japanese Financial Services Minister Hakuo Yanagisawa speaks to journalists at the International Monetary Fund in Washington on Sept. 5 following his meeting with IMF Managing Director Horst Koehler. Yanagisawa said he had told the IMF chief Japan will accept an IMF investigation into its bad loan-crippled financial sector.

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Market experts see Japan deflation continuing for 2-3 yrs

TOKYO, Japan - Heizo Takenaka (standing), state minister in charge of economic and fiscal policy, speaks before an economic analysis team brought together by the government's Council on Economic and Fiscal Policy at the Cabinet Office in Tokyo on Aug. 7. Private-sector economists and financial market participants agreed in the meeting that Japan will not be able to shake off deflation for a few more years.

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Yanagisawa reiterates resolve to cure bad-loan woes

TOKYO, Japan - Retained Financial Services Minister Hakuo Yanagisawa speaks at a news conference April 26. Yanagisawa reiterated his determination to resolve the colossal bad-loan problem that has depressed the banking sector and the entire economy.

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Sony receives preliminary approval for Net bank

TOKYO, Japan - Financial Services Minister Hakuo Yanagisawa (L) hands to Sony Chairman Nobuyuki Idei preliminary approval for establishing an Internet bank in Tokyo on March 23. Upon receiving official approval, Sony Bank Corp., to be launched in June, will be the first bank set up by a nonbanking-sector company.

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New economic panel eyes full recovery

TOKYO, Japan - The Council on Economic and Fiscal Policy, a new economic panel headed by Prime Minister Yoshiro Mori, holds its first meeting on Jan. 6, the day major government administrative reforms aimed at exerting political leadership over economic policy-making came into force to bring about an early economic recovery and to restore the state's long-term financial health. The photo shows the blue-ribbon panel's members from the private sector (clockwise) - Masaaki Homma, a professor at Osaka University, Hiroshi Yoshikawa, a professor at the University of Tokyo, Toyota Motor Corp. Chairman Hiroshi Okuda, and Ushio Inc. Chairman Jiro Oshio.