World News in Brief: October 11

The Royal Swedish Academy of Sciences on Monday decided to award the 2022 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig "for research on banks and financial crises."
The International Monetary Fund (IMF) on Tuesday projected the global economy to grow by 3.2 percent this year and 2.7 percent in 2023, with a downward 0.2-percentage-point revision for 2023 from the July forecast, according to the latest World Economic Outlook (WEO) report.
The International Monetary Fund (IMF) on Tuesday projected the global economy to grow by 3.2 percent this year and 2.7 percent in 2023, with a downward 0.2-percentage-point revision for 2023 from the July forecast, according to the latest World Economic Outlook (WEO) report.

* China's resident income growth has basically kept pace with the country's economic growth in the past decade, and the income gap between urban and rural residents has narrowed, the National Bureau of Statistics (NBS) said Tuesday.

* Chad's Prime Minister Albert Pahimi Padacke has resigned in order to pave the way for a new government after the Central African country decided to push back elections by two years, the president's office said on Tuesday.

* Germany does not see the need for further European Union debt to tackle the bloc's energy crisis, a government spokesperson said, after a media report said Berlin would change its position and support a joint issuance of EU debt through loans.

* The Saudi cabinet emphasised on Tuesday "the pivotal role" of OPEC+ in achieving balance and stability in global oil markets, state media reported.

* Russian Foreign Minister Sergei Lavrov said on Tuesday that Russia will not turn down a meeting between President Vladimir Putin and US President Joe Biden at a forthcoming G20 meeting and would consider the proposal if it receives one.

* Germany is sending the first of four IRIS-T SLM air defense systems to Ukraine, the Ukrainian government-run Ukrinform news agency reported on Monday, citing the German Defense Ministry.

* Russia launched a large-scale attack against Ukrainian targets on Monday in retaliation for a deadly blast on the Crimean Bridge, President Vladimir Putin has announced.

* Ukrainian President Volodymyr Zelensky tweeted on Monday that he has agreed to hold an urgent meeting of the countries of the Group of Seven over missile attacks on Ukraine in a phone conversation with German Chancellor Olaf Scholz.

* Israeli and Lebanese leaders announced on Tuesday that the final version of the proposal to demarcate the maritime border has been reached.

* Visiting Prime Minister of Moldova Natalia Gavrilita on Monday expressed her country's interest in the Azerbaijani market of gas and oil products, electric power and fertilizers.

* The United Arab Emirates launched an unemployment insurance scheme on Tuesday as part of reforms aimed at attracting more talent and investment to the regional business hub amid rising competition.

* US stocks fell on Monday, with the tech-heavy Nasdaq posting its lowest close in more than two years, as investors continued to worry about the pace of central bank tightening and its impact on the economy.

* China's central bank spoke out against big currency swings on Tuesday, saying it will take steps to stabilise expectations, and keep the yuan basically stable.

* Laos recorded a trade deficit of 233 million USD in September 2022, according to the latest information from the Lao Trade Portal website. Laos' exports during September were worth 456 million USD, while the value of imports was 689 million USD.

* Cambodia imported oil and gas products worth 2.84 billion USD in the first nine months of 2022, up 66 percent from 1.71 billion dollars in the same period last year, according to a report from the General Department of Customs and Excise on Monday.

* Malaysia's unemployment rate in August remained unchanged at 3.7 percent as compared to July, official data showed Tuesday.

* Japan's current account surplus plunged 96.1 percent from a year earlier to 58.9 billion yen (404 million USD) in August, a record low for the month, the government said in a report on Tuesday.

* French diesel imports were up more than 70% so far in October, compared with the full month of September as weeks-long strikes by refinery workers in the country cause big shortages of the motor fuel.

* Belgian ministers will reduce their own salaries by eight percent in the upcoming budget year, Belgian national newspaper Het Laatste Nieuws reported on Tuesday. The wage cut is part of Belgium's budget for 2023 which prime minister Alexander De Croo is due to present Tuesday afternoon.

* Sweden's finance minister Mikael Damberg said on Tuesday the latest months have strengthened the view that tougher times lay ahead.

* Sri Lanka will remain a middle-income country but request the World Bank to grant it some loans generally offered to poorer nations, the president's office said on Tuesday, clarifying a cabinet spokesperson's earlier comments on the matter.

* The head of one of Australia's largest electricity companies has warned of soaring prices in 2023.

* The Pakistani rupee continues its momentum towards an upward trajectory against the USD as the greenback was traded at 217.97 rupees in the interbank on Monday, according to the State Bank of Pakistan.

* Türkiye's current account registered a deficit of 3.11 billion USD in August, bringing its annual current account deficit to more than 40.88 billion dollars, a record high since 2018, showed the latest central bank statistics on Tuesday.

* Sentiment among Italian businesses worsened in the third quarter, the Bank of Italy's latest survey revealed Monday.

* Australia's Bureau of Meteorology (BOM) on Monday released a severe weather long-range forecast, warning of flooding, heatwaves, thunderstorms and tropical cyclones to come from October to April.

* The New Zealand government has released for consultation a proposal to reduce agricultural emissions, helping give the country "a competitive advantage in green conscious global marketplace", Prime Minister Jacinda Ardern said on Tuesday.

* Fifty-four developing economies accounting for more than half of the world's poorest people need urgent debt relief as a result of "cascading global crises," the UN Development Program said Tuesday.

* Strikes in France's major refineries continued on Monday, leading to fuel-related panics in the country.

* The United Nations said Tuesday that renewed clashes between armed tribal militias in South Sudan's Upper Nile State have displaced 8,000 civilians.

* The Turkish coast guards on Tuesday rescued 53 irregular migrants off the coast of the western Aydin Province, the state-run TRT broadcaster reported.