The global economy continues to expand modestly. Global growth, however, has been subdued for a long time, and the outlook has weakened somewhat since October. Although recent developments point to some improvements in sentiment, financial market volatility and risk aversion have risen, reflecting partly the reappraisal of potential growth. The significant slowdown in global trade […]
Global growth continues, but at a sluggish pace that leaves the world economy more exposed to risks, says the IMF’s latest World Economic Outlook (WEO). The WEO forecasts global growth at 3.2 percent in 2016 and 3.5 percent in 2017, a downward revision of 0.2 percent and 0.1 percent, respectively, compared with the January 2016 […]
NEW YORK and REDMOND, Wash. – Microsoft Corp. and the R3 Consortium today announced a strategic partnership that will accelerate the use of distributed ledger technologies, also known as blockchain, among R3 member banks and global financial markets. Distributed ledger technologies enable enterprises and business network participants to complete financial transactions with greater speed, security, […]
Dear Prime Minister, Thank you for your letter of April 2, in which you ask about the IMF’s position regarding the program negotiations with Greece. My view of the ongoing negotiations is that we are still a good distance away from having a coherent program that I can present to our Executive Board. I have […]
New York – Citi has announced its intention to sell its Consumer Banking operations in Brazil, Argentina and Colombia. The businesses, which include retail banking and credit card operations, will be transferred from Citicorp into Citi Holdings and will report financial results as part of Citi Holdings, effective first quarter 2016. Citi will maintain a […]
Wells Fargo & Company (NYSE: WFC) announced today that it has completed the purchase of the North American portions of GE Capital’s Commercial Distribution Finance and Vendor Finance businesses as well as a portion of its Corporate Finance business, totaling $27.4 billion of assets, including approximately $24 billion of loans. The remaining international segment of […]
PURCHASE, N.Y. and WOODLAND HILLS, Calif. – With shoppers adopting digital wallets at a rapid pace, MasterCard and CU Wallet are partnering to deliver a customized digital service to credit unions. CU Wallet will speed the development and deployment of mobile wallets and payment solutions for community financial institutions by offering the MasterPass™ digital service. […]
The Executive Board of the International Monetary Fund (IMF) today selected Christine Lagarde to serve as IMF Managing Director for a second five-year term starting on July 5, 2016. The Board’s decision was taken by consensus. In line with the selection process it had established on January 20, the Board held several discussions, including with […]
Good morning Ladies and Gentlemen, I am delighted to be with you in London today. I want to thank the Financial Times for inviting me to speak at what promises to be an extremely interesting and engaging event. And thank you, FT Editor Patrick Jenkins, for your kind introduction. The event title is: Securing Stability […]
NEW YORK, Jan. 26, 2016 — Ambac Financial Group, Inc. (Nasdaq:AMBC) (“Ambac”), a holding company whose subsidiaries, including Ambac Assurance Corporation (“AAC”), provide financial guarantees and other financial services, today announced that AAC and the Segregated Account of AAC have settled their RMBS-related disputes and litigation against JP Morgan Chase & Co. and certain of […]
