NEWS

BIS warns of $80 trillion of hidden FX swap debt

A picture illustration of  U.S. dollar Swiss Franc British pound and Euro bank notes
The Bank for International Settlements (BIS) has warned that pension funds and other 'non-bank' financial firms now have more than $80 trillion of hidden, off-balance sheet dollar debt in the form of FX swaps.

UK warns British Museum over Parthenon Marbles

The British Museum loaned some of the marbles to the Hermitage in Russia in 2014-2015
The UK government Monday stressed the British Museum is legally forbidden from breaking up its vast collection, after a report said it could possibly hand the Parthenon Marbles back to Greece.
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People pass by an electronic screen showing Japan's Nikkei share price index inside a conference hall  in Tokyo

Asia shares pin hopes on China opening, oil rallies

Asian shares edged higher on Monday as investors hoped steps to unwind pandemic restrictions in China would eventually brighten the outlook for global growth and commodity demand, even if full freedom could be months away.
The Elizabeth Tower, more commonly known as Big Ben, is seen reflected in a puddle as people walk outside the Houses of Parliament in London

UK economy to shrink in 2023, risks 'lost decade': CBI

Britain's economy is on course to shrink 0.4% next year as inflation remains high and companies put investment on hold, with gloomy implications for longer-term growth, the Confederation of Business Industry forecast on Monday.
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