Latest news with #Bank
See - Sada Elbalad
3 hours ago
- Business
- See - Sada Elbalad
Egypt Welcomes Election of Sidi Ould Tah as African Development Bank President
H-Tayea Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation of Egypt, extended her warm congratulations to H.E. Dr. Sidi Ould Tah on his election as the new President of the African Development Bank (AfDB) Group. The election took place during the Bank's Annual Meetings in Abidjan, Côte d'Ivoire, marking the beginning of Dr. Ould Tah's five-year term at the helm of Africa's premier development finance institution. The Minister welcomed the appointment, describing it as timely and significant for the continent. 'We wish the AfDB President success in supporting Africa's development journey, which is undergoing a crucial phase,' she stated. Dr. Ould Tah, a seasoned Mauritanian economist with over 35 years of experience in African and international finance, was elected by the Bank's Board of Governors — comprising Ministers of Finance and Central Bank Governors from the AfDB's 81 regional and non-regional member countries. H.E. Dr. Al-Mashat emphasized that Dr. Ould Tah assumes leadership of the Bank at a time of mounting challenges for Africa, including the ongoing impacts of climate change, global economic volatility, and the growing pressures on multilateralism amid protectionist global trade trends. She expressed full confidence in his ability to steer the Bank forward and contribute to the realization of the African Union's Agenda 2063 and the United Nations Sustainable Development Goals (SDGs). Highlighting his decade-long leadership of the Arab Bank for Economic Development in Africa (BADEA), Dr. Al-Mashat noted the significant achievements under Dr. Ould Tah's tenure. These included quadrupling BADEA's balance sheet, achieving top-tier credit ratings — including an Aa1 rating from Moody's and AAA from Japan's JCR — and advancing strategic development initiatives in food security, energy transition, and infrastructure. The Minister also voiced Egypt's commitment to deepening its partnership with the African Development Bank Group in the coming period. 'We look forward to strengthening cooperation with the AfDB to support our national development priorities and to empower the private sector, especially as we focus on resilience and sustainable growth,' she said. In her remarks, Dr. Al-Mashat extended appreciation to outgoing President Dr. Akinwumi Adesina for his decade of service (2015–2025), during which the AfDB significantly expanded its footprint across Africa, including deepening collaboration with Egypt on infrastructure, energy, and policy support. The African Development Bank Group consists of three entities: the African Development Bank (AfDB), the African Development Fund (ADF), and the Nigeria Trust Fund (NTF). The Group comprises 81 member countries, including 54 African regional and 27 non-regional member states. With this new chapter under Dr. Ould Tah's leadership, Egypt reaffirms its commitment to supporting Africa's development vision and enhancing its active role in international financial cooperation frameworks. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan
Hamilton Spectator
7 hours ago
- Business
- Hamilton Spectator
Economists expect Bank of Canada will pause interest rate cuts following surprise GDP growth
The Canadian economy grew more than expected in the first three months of 2025 as businesses tried to get ahead of U.S. President Donald Trump's tariffs, prompting economists to reevaluate their predictions for the upcoming Bank of Canada interest rate decision. Real gross domestic product (GDP) grew at an annualized pace of 2.2 per cent, Statistics Canada reported Friday morning. That's higher than the agency's early estimate of 1.5 per cent and the economist consensus of 1.7 per cent. 'The key point here is that the GDP figures are sending no obvious distress signals so far in 2025,' BMO economist Douglas Porter wrote in a note to clients. He pointed out that Canada's economy was among the top performers in the G7 as GDP dropped in both the U.S. and Japan last quarter. 'With this sturdy set of results, we are officially abandoning our call of a (Bank of Canada) rate cut next week,' he said RBC economists also said they believe the bank will be holding rates steady. Canada exported more cars, industrial machinery, equipment and parts in the first quarter, StatCan said. At the same time, imports for those kinds of goods rose. 'The threat of tariffs can be expected to influence trading patterns and incite importers to increase shipments prior to these tariffs being implemented to avoid additional costs,' StatCan wrote. But while Friday's headline might indicate the Canadian economy is faring well, 'digging beneath the surface suggests otherwise,' said TD economist Andrew Hencic in a note. Household spending slowed in the first quarter with Canadian consumers spending less on passenger vehicles. Residential investment also decreased as resale activity slumped. Other economists than Porter seem less sure on what Friday's news will mean for the Bank of Canada's interest rate call next Wednesday. The policy rate currently sits at 2.75 per cent. Experts are concerned about surging unemployment, particularly among young people . But the bank's preferred 'core' inflation measures, which exclude the impacts of the consumer carbon tax removal, heated up last month . 'The upshot is that there is still a strong case for the Bank to cut next week although, amid the extreme tariff uncertainty following events this week, we clearly can't rule out another pause as the Bank awaits for more information,' wrote Capital Economics economist Stephen Brown in a note to clients. 'Indeed, market participants are more convinced than us, with interest rate swaps pricing in an 80 per cent chance of a pause,' as of Friday morning, he said. Last Wednesday, an American federal court blocked Trump from imposing sweeping tariffs under an emergency-powers law. But, for now, the tariffs will remain in place while he appeals the decision by the U.S. Court of International Trade. With files from The Associated Press.
Leader Live
21 hours ago
- Business
- Leader Live
Bank of England rate-setter Alan Taylor ‘pretty concerned' by economic outlook
Alan Taylor, who was appointed to the Bank's Monetary Policy Committee last year, indicated he will seek to cut interest rates again soon and dismissed recent stronger-than-expected inflation figures. Official figures showed that Consumer Prices Index inflation jumped to 3.5% in April, up from 2.6% in March. The rise in inflation to its highest level since January 2024 comes amid a backdrop of steady reductions in interest rates – which had been kept elevated in a bid to curb high inflation – over the past year. Earlier this month, the Bank of England cut interest rates to 4.25%, their lowest level for around two years, from 4.5%. Mr Taylor, who was among two dissenting rate-setters voting for a sharper cut to 4%, indicated he still hopes for further reductions in interest rates. 'I'm not going to pre-emptively announce my vote, but I think I indicated in my dissent that I thought we needed to be on a lower (monetary) policy path,' he told the Financial Times. 'I'm seeing more risk piling up on the downside scenario because of global developments,' he said, highlighting that President Trump's tariffs were set to drag on global economic growth. On Wednesday, the International Monetary Fund (IMF) said trade tensions linked to tariffs would reduce growth in the UK economy next year. Mr Taylor said he believes the recent uptick in inflation is largely caused by one-off factors, adding that he remained 'pretty concerned' about the growth outlook for the economy. He added that recent developments in UK trade, such as the UK-EU deal secured earlier this month, were welcome, they would not wholly offset disruption from US tariff plans. The rate-setter also indicated that positive growth earlier this year was likely to be linked to firms bringing forward activity ahead of the potential tariffs, with growth likely to slow in the coming months.
Glasgow Times
a day ago
- Business
- Glasgow Times
Bank of England rate-setter Alan Taylor ‘pretty concerned' by economic outlook
Alan Taylor, who was appointed to the Bank's Monetary Policy Committee last year, indicated he will seek to cut interest rates again soon and dismissed recent stronger-than-expected inflation figures. Official figures showed that Consumer Prices Index inflation jumped to 3.5% in April, up from 2.6% in March. (PA Graphics) The rise in inflation to its highest level since January 2024 comes amid a backdrop of steady reductions in interest rates – which had been kept elevated in a bid to curb high inflation – over the past year. Earlier this month, the Bank of England cut interest rates to 4.25%, their lowest level for around two years, from 4.5%. Mr Taylor, who was among two dissenting rate-setters voting for a sharper cut to 4%, indicated he still hopes for further reductions in interest rates. 'I'm not going to pre-emptively announce my vote, but I think I indicated in my dissent that I thought we needed to be on a lower (monetary) policy path,' he told the Financial Times. 'I'm seeing more risk piling up on the downside scenario because of global developments,' he said, highlighting that President Trump's tariffs were set to drag on global economic growth. Alan Taylor, external member of the Monetary Policy Committee (House of Commons/UK Parliament/PA) On Wednesday, the International Monetary Fund (IMF) said trade tensions linked to tariffs would reduce growth in the UK economy next year. Mr Taylor said he believes the recent uptick in inflation is largely caused by one-off factors, adding that he remained 'pretty concerned' about the growth outlook for the economy. He added that recent developments in UK trade, such as the UK-EU deal secured earlier this month, were welcome, they would not wholly offset disruption from US tariff plans. The rate-setter also indicated that positive growth earlier this year was likely to be linked to firms bringing forward activity ahead of the potential tariffs, with growth likely to slow in the coming months.
Economic Times
a day ago
- Business
- Economic Times
Will your mortgage get cheaper? Bank of Canada may cut interest rates soon
Reuters The Bank of Canada will announce its next interest rate on June 5, 2025, with expectations of a 0.25% cut from the current 5%. A rate cut could make it easier for first-time homebuyers or individuals considering major loans to borrow money. (File photo) As inflation cools and borrowing costs remain high, many Canadians are asking: Will the Bank of Canada finally lower interest rates? After two years of rising interest rates to control inflation, many households feel the pressure. Mortgage payments have surged, loans have become costlier, and small businesses are also facing credit strain. With inflation now closer to the Bank of Canada's target, hopes for a rate cut are a tangible goal. Also Read: Royal Bank of Canada new return-to-office policy: 4 days in, 1 day remote starting September The Bank of Canada's next interest rate announcement is scheduled for June 5, 2025. According to market watchers and economists, there is a strong chance the Bank will cut its key interest rate by 0.25%, bringing it down from the current 5%. Several economists, including those from Desjardins and Capital Economics, believe the Bank has enough evidence to act. Inflation has slowed, wage growth has moderated, and economic activity is weaker than expected. These are key signs the Central Bank looks at when deciding rate policy. If Canada's Central Bank cuts rates, it could mean: Lower mortgage payments for those renewing or on variable rates Easier access to credit for individuals and small businesses Much-needed relief for debt-laden households A rate cut could also make borrowing more affordable for first-time homebuyers or people considering major loans. However, financial advisors warn that rate cuts may be gradual, so big changes might not happen right away. Desjardins economists say the economy is showing 'clear signs of slowing,' especially in consumer spending and housing. They believe the Bank of Canada could lead the way with an early rate cut, possibly ahead of the US Federal Economics agrees, stating that the Bank could make three rate cuts by the end of 2025. The first could come in June, followed by others in the second half of the year. Meanwhile, economists at the Royal Bank of Canada are more cautious. They say a June cut is possible, but the Bank may wait until July to get more inflation and wage growth data. Also Read: Credit cards are feeding young Canadians more than actual food; As wages stagnate and rent soars, debt becomes the only thing they can afford Any change in interest rates affects everything from credit card rates to investment returns and housing prices. That's why every day Canadians, not just economists, watch the Bank of Canada's decisions days before the June 5 announcement, all eyes are on the central bank. If a rate cut comes, it may mark the start of a new phase aimed at helping Canadians breathe easier financially.
