Econintersect: Here are some of the headlines we found to help you start your day. For more headlines see our afternoon feature for GEI members, What We Read Today, which has many more headlines and a number of article discussions to keep you abreast of what we have found interesting.
OECD trims growth outlook but urges Fed action this week (The Business Times) The global economic outlook has grown darker than it was only a few months ago, but the United States is doing well enough that its central bank should go ahead with its first rate increase since the financial crisis, the OECD said on Wednesday. The world economy is set to grow 3.0% (down from previous estimate of 3.1%) this year and 3.6% next year.
World Bank warns emerging economies of big capital outflow under Fed rate hike(xinhuanet) The World Bank Tuesday warned of the risk of a large decline in capital flows to emerging economies in the upcoming U.S. monetary policy tightening cycle. If the tightening cycle were accompanied by a surge in U.S. long-term yields, as happened during the taper tantrum in 2013, the reduction in capital flows to emerging economies could be substantial, according to a new research paper released by the World Bank ahead of this week's meeting by the U.S. Federal Reserve to discuss whether to raise interest rates.
The World's Second-Richest Person Is Closing In On Number One (Bloomberg) Spain's fast-fashion king Amancio Ortega, who passed U.S. investor Warren Buffett as the world's second-richest person in June, is $9.5 billion away from leapfrogging Microsoft founder Bill Gates as the world's richest person, as of mid-day trading in New York, according to the Bloomberg Billionaires Index.
Wednesday's GOP debate transcript, annotated (The Washington Post) Eleven leading Republican candidates for president gathered at the Ronald Reagan library in California for the second GOP debate on Wednesday night. This is a full transcript of the debate, which has been annotated by Washington Post reporters and readers using Genius.
CEOs less optimistic about economy (The Hill) The nation's top business executives are less optimistic about the direction of the U.S. economy for the rest of the year, with budget, tax and debt-limit decisions looming in Washington. CEOs' overall projections for sales, capital spending and hiring over the next six months declined 7.2 points, to 74.1, in the July-September quarter, from 81.3 in the April-June period, according to the Business Roundtable economic outlook survey released on Tuesday.
How Germany is Handling the Refugee Influx (Germany.info) Germany expects to take in 800,000 refugees, many of them fleeing war and conflict in Syria, northern Africa, Afghanistan and Iraq, in 2015 alone. Germany is responding to this unprecedented influx at all levels of government and society. The government has appropriated €6 billion for the settlement effort and is organizing widespread volunteer efforts and staffing government agencies. Econintersect: There is no mention of added police or military expenses, the way many other EU countries are spending money for the crisis.
Clashes at the Hungarian border (Reuters) A 27-slide show of bloodied parents, terrified children, fire hoses, teargas, rock throwing youths, armored vehicles and storm troopers.
Migrant crisis: UN 'shocked' over clashes in Hungary (BBC News) UN Secretary General Ban Ki-moon has said he is "shocked" after Hungarian police fired tear gas and water cannon to force migrants back from its border. Mr Ban said such treatment of asylum seekers was "unacceptable". Hundreds of migrants were involved in the clashes at the border between Hungary and Serbia on Wednesday, trying to break through a razor-wire fence in their efforts to reach Germany.
Ukraine crisis: Rebel election decision 'great danger' to peace (BBC News) A decision by rebels in eastern Ukraine to hold elections poses a "great danger" to the peace process, President Petro Poroshenko has warned. He also announced sanctions on over 400 people and 90 legal entities held responsible for Russia's annexation of Crimea and the conflict in the east. The leader of the self-declared Donetsk People's Republic earlier confirmed the elections would be held on 18 October. The neighbouring Luhansk rebel region wants to stage elections on 1 November. The government in Kiev - backed by the EU and the US - says such votes would be in violation of the peace deal signed in Minsk, Belarus, in February. The agreement envisages that elections in the rebel-held parts can only be held according to Ukrainian law.
Indonesia to overhaul bank rules to guard against collapses (The Business Times) Indonesia is preparing a major overhaul of financial safety regulations to guard against the potential for bank collapses. Regulators are working on a list of systemically important banks, likely to include the country's top 15 by assets, and parliament may pass a law this year setting out rules for bailouts
China scraps overseas debt quotas after capital outflows worsen (The Business Times) China removed quotas for companies to raise funds in the overseas bond and loan markets, in a step that may help slow capital outflows spurred by a currency devaluation. The National Development and Reform Commission, China's top planning agency, will remove quota approval processes for foreign currency or yuan notes and loans with a term of more than one year, according to a statement on its website on Wednesday (Sept 16).
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