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S.Africa faces fiscal crisis without serious measures, finance minister says

October 9, 2020

JOHANNESBURG, Oct 9 (Reuters) – South Africa is heading for a budget crisis by the 2024/25 fiscal year unless it addresses a widening gap between revenue and expenditure, Finance Minister Tito Mboweni said on Friday.

At an emergency budget in June in response to the coronavirus crisis, Mboweni likened the country’s rising debt levels to a hippopotamus “eating our children’s inheritance”.

“A fiscal crisis is on its way by 2024/25 if we do not take serious measures to close the mouth of the hippopotamus,” Mboweni said in comments posted on the National Treasury’s Twitter account on Friday.

Africa’s most advanced economy was in recession before COVID-19 ravaged its economy, with the government’s strict lockdown imposed late in March putting major strain on businesses and households.

The lockdown dragged growth to its worst contraction ever in the second quarter and cost the economy over 2 million jobs.

“Estimates are that revenue

SEC Reports 700 Enforcement Actions in Fiscal 2020, ‘Significant’ During Telework Period | Investing News

October 8, 2020

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WASHINGTON (Reuters) – The head of the U.S. Securities and Exchange Commission (SEC) said on Thursday that the agency has brought 700 enforcement actions in the 2020 fiscal year, a ‘significant’ amount after March 15.

In a virtual address kicking off “SEC Speaks 2020,” an annual SEC enforcement conference put on in conjunction with the Practicing Law Institute, Jay Clayton said the agency had also obtained financial remedies of more than $4 billion, up from a year prior.

The SEC has also reviewed disclosures of more than 10,700 funds–including more than 1,200 new funds–in 2020, an increase of 7% over last year, Clayton added.

“While the pandemic significantly impacted how we do our work, it did not negatively impact the work itself,” Clayton said.

“At the same time, we added to our work load,” the top market’s watchdog added in reference to the agency’s extended telework period that began https://www.reuters.com/article/us-health-coronavirus-sec/u-s-sec-staff-stay-home-after-employee-treated-for-coronavirus-symptoms-idUSKBN20X2FW

FOREX-Dollar weaker as US fiscal stimulus hopes lift risk appetite

October 6, 2020

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By Olga Cotaga

LONDON, Oct 6 (Reuters) – The dollar was on the defensive against most currencies on Tuesday as rising optimism that U.S. lawmakers could agree on new stimulus to blunt the economic impact of the coronavirus dampened demand for safer assets.

Risk appetite also improved after U.S. President Donald Trump left hospital and returned to the White House following treatment for COVID-19, a development viewed as reducing political uncertainties in the near term.

The lead taken by Trump’s presidential opponent Joe Biden in electoral polls ahead of next month’s election is also seen as negative for the U.S. currency.

“The increasing possibility of a “blue wave” (Democrat control of the White House and Congress) that would open the door for much-needed fiscal stimulus would be a welcome development for risk assets and could undermine the U.S. dollar,” said Lee Hardman, currency analyst at MUFG.

An index

Dow ends 329 points higher, but stocks book worst month since March as fiscal stimulus hopes fade

September 30, 2020

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U.S. stock indexes closed higher Wednesday, but booked their worst month since March, as hopes faded for another round of fiscal stimulus from Washington ahead of November’s election.

Market participants also were wary of a potentially contested November result following Tuesday’s rancorous first presidential debate.

The Dow Jones Industrial Average
DJIA,
+1.19%
rose 329.04 points, or 1.2%, to close at 27,781.70, while the S&P 500 index
SPX,
+0.82%
gained 27.53 points, 0.8%, to end at 3,363. The Nasdaq Composite
COMP,
+0.74%
finished 0.7%, or 82.26 points higher, at 11,167.51.

For the month, the Dow closed 2.3% lower, the S&P 500 down 3.9% and the Nasdaq Composite ended off 5.2%, marking the first monthly decline for each benchmark since March which saw the low point of the sell off resulting from the coronavirus pandemic.

On a quarterly basis, the Dow advanced 7.6%, the S&P 500 rose 8.5% and the Nasdaq Composite

Ally of Japan PM urges more fiscal, monetary stimulus to boost virus-hit economy

September 30, 2020

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By Tetsushi Kajimoto

TOKYO (Reuters) – Japan should keep selling government bonds to the central bank to pay for the cost of reflating the economy out of a pandemic-induced slump, an academic close to new Prime Minister Yoshihide Suga said.

There are “no limits” to what monetary policy can do to achieve higher inflation, at least until the Bank of Japan achieves its elusive 2% inflation target, Kaetsu University Professor Yoichi Takahashi told Reuters in an interview.

A former finance ministry bureaucrat, Takahashi keeps close contact with Suga via mobile phone and email.

He met with the premier at a Tokyo hotel days after Suga was elected to succeed Shinzo Abe, who resigned due to poor health.

The two discussed “economy and other issues,” Takahashi said, declining to comment in detail.

“Suga was absolutely right to say he would continue Abenomics,” Takahashi said, referring to Abe’s reflationary recipe comprised of

Brazil’s Bolsonaro Defends Aid for Poor as Fiscal Fears Hit Markets Again | World News

September 29, 2020

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By Lisandra Paraguassu and Jamie McGeever

BRASILIA (Reuters) – Brazil’s President Jair Bolsonaro took to social media on Tuesday to hit back at accusations his government is using accounting gimmicks to fund a new minimum income program without breaking its spending cap, its most important fiscal rule.

Bolsonaro’s charm offensive comes as Brazilian markets were under pressure for a second day on fears the spending spree shows he is unwilling to take the tough decisions needed to rein in record deficit and debt, and get the public finances back to health.

Fiscal responsibility and the spending cap are the “rails of the economy,” wrote Bolsonaro, who critics say is pushing this scheme and the controversial way it is funded with an eye on the 2022 presidential elections.

“Those responsible for destroying millions of jobs are now silent. My government seeks to anticipate the serious social problems that may arise in

German finance minister defends record debt to continue fiscal splurge in pandemic

September 29, 2020

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By Michael Nienaber

Olaf Scholz in a suit sitting at a desk: German Finance Minister Olaf Scholz attends a session of the Bundestag, in Berlin

© Reuters/HANNIBAL HANSCHKE
German Finance Minister Olaf Scholz attends a session of the Bundestag, in Berlin

BERLIN (Reuters) – German Finance Minister Olaf Scholz said on Tuesday he would persist with heavy spending to help Europe’s largest economy recover from the coronavirus pandemic as rescue and stimulus measures push debt to its highest level on record.

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Speaking to lawmakers to present his draft budget for 2021, he said the government would continue to help companies and consumers by expanding job protection schemes and would keep public investments high.

“With the investments of this budget, we’re pushing the door further open for the future of our country,” Scholz said.

He defended the draft budget, which envisages net new debt of 96.2 billion euros ($112.45 billion) to finance further measures to tackle the coronavirus crisis.

“That’s a lot, a lot of money,” Scholz said, but added that

Canadian’s Personal Finances Fiscal Cliff: Are We There Yet?

May 4, 2020

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Today we hear much talk about the USA’s economy approaching the so-called “fiscal cliff.” What about your personal financial affairs? Are you at the fiscal cliff as we inch toward 2013? Canadians are swamped in debt. Monthly, we read about the rising debt-to-disposable income ratio that stands now at around the precarious 164% level.

Although the world and many at home commend our government for its brilliant fiscal management, few warn about the unsustainable personal debt levels. Indeed, our central bank chief, Mark Carney, accepted an appointment to a similar role at the prestigious Bank of England. Will his legacy here be that of hero or villain? Will history show that he held interest rates low for too long, encouraging many folks to take on debt they cannot afford?

To his credit, he, our finance minister, and prime minister have been warning Canadians about these dangerously high personal debt levels. … Read More