September 20, 2024
United States:
Fed’s Relaxed Bank-Capital Plan Faces Bipartisan FDIC Pushback
A plan to dial back US regulators’ landmark bank-capital proposal is running into a wall of resistance at the Federal Deposit Insurance Corp.
At least three of five FDIC directors oppose the latest overhaul previewed by the Federal Reserve last week, according to people familiar with their thinking. Democrat Rohit Chopra has joined the two Republican board members, including Vice Chairman Travis Hill, against the changes, the people said.
United Kingdom:
UK Deficit Overshoots, Debt at 100% of GDP in Blow to Reeves
UK government borrowing came in higher than forecast in the first five months of the fiscal year, keeping Chancellor Rachel Reeves under pressure to raise taxes to balance the books in her budget next month.
The deficit totaled £64.1 billion ($85.4 billion) between April and August — £6.2 billion more than the Office for Budget Responsibility expected in March. Last month the shortfall was £13.7 billion, £1.1 billion more than economists forecast and the third-highest August on record. The national debt hit 100% of GDP for the first time since 1961.
Asia:
China Budget Spending Slide Deepens in Worrying Sign for Economy
China’s broad budget expenditure shrank at a faster clip amid an unprecedented drop in income earned by local governments from land sales, an alarming sign for an economy desperately in need of fiscal support.
The combined spending in the general public budget and the government fund account was about 22.21 trillion yuan ($3.15 trillion) in the first eight months of the year, down 2.9% from the same point in 2023, according to Bloomberg calculations based on data released by the Ministry of Finance on Friday. It deteriorated further from a decrease of 2% in the January-July period.
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