Russia: Russia Unexpectedly Raises Rate as Ukraine Crisis Weakens Ruble
Bloomberg reports that the Russian Central Bank hiked unexpectedly its key interest rate by 150 basis points since the threat that the President Vladimir Putin will invade Ukraine prompted the biggest stock-market sell-off in five years. According to the Bank the decision is mainly intended to prevent financial-stability risks related with the recent high volatility in the financial markets.
China: China Parliament Likely to Focus on Economy
China will open its annual session of Parliament this week and the focus of the session will likely be on the economy. The meetings will give the ruling party a chance to explain some of its thinking on how it wants to roll out economic and social reforms, already announced at a Communist Party meeting last November.
Global: How the global banana industry is killing the world’s favorite fruit
This article explains that a fungus, which is turning banana plants into rotting fruits, has dampened exports in many countries, thereby cutting revenues.
United Kingdom: UK manufacturing figures back economic recovery theme
As reported by The Guardian, Britain’s manufacturers added jobs last month at the fastest rate in almost three years as new orders and production maintained a growth spurt dating back to last spring. The print comes amid recent concerns about the low-productivity bias of the British economic recovery.
Ukraine: Ukraine government plans up to 16 pct cut in budget spending- PM
Interim Prime Minister Arseny Yatseniuk stated that Ukraine’s new government will cut budget spending and set out plans that would amount to a reduction of about 14% to 16%.