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US banks consider cutting interest payments on company deposits

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US banks are considering aggressive cuts to interest payments for corporate depositors as they seek to protect their profit margins after the Federal Reserve cut benchmark lending rates. 

Since 2022, lenders have been offering better rates to savers as the Fed raised benchmark interest rates to 23-year highs and they sought to ensure customers did not move their cash to another bank or into money market funds. 

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Corporate bank clients were some of the biggest beneficiaries, demanding and receiving payments on their deposits that rose in lockstep with the Fed’s benchmark rates.

Following the first interest rate cut in more than four years last month, some banks have identified corporate accounts as the ones most subject to changes in savings rates.

“Corporate rates are moving [down] faster than expected and faster than consumer deposit rates,” said Scott Hildenbrand, chief balance sheet strategist at Piper Sandler. 

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The 50 basis point cut by the Fed is expected to be the first in a series of reductions. Policymakers indicated in projections that rates could eventually come down from around 5 per cent to around 3 per cent by 2026. 

“You can price down [deposits] faster, let’s say in your corporate books because they were demanding every penny on the way up,” Bruce Van Saun, chief executive of Rhode Island-based regional lender Citizens Financial, which has about $175bn in deposits, told the Financial Times.

Tim Spence, CEO of Cincinnati, Ohio-based Fifth Third Bank, told the FT that “corporate clients got the greatest benefit out of rising rates, and therefore it’s only logical that their rates would fall”.

This view was echoed by Michael Santomassimo, finance chief at Wells Fargo, the third-biggest bank in the US by deposits. 

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“We’re seeing exactly what we thought we would see on the most interest rate-sensitive deposits,” Santomassimo said in a presentation for Wells’ third-quarter results last week. “So on the commercial side, as rates started to come down, the betas are exactly what we thought and are pretty high for those deposits. So that’s working.”

Deposit betas measure how much of the change in interest rate policy banks pass on to customers.

Weak demand for loans has hurt interest income. But it has given banks more flexibility when it comes to lowering what they pay depositors, because they do not need the deposits immediately to fund new lending.

“It’s still very early in the cycle but you certainly have started to see banks take action a little bit prior to this Fed cut in mid-September and certainly additional actions after the Fed cut,” said Jason Goldberg, research analyst at Barclays. “We’re in the, I would say, early innings of this down beta cycle.” 

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Bank deposits are their primary source of funding. The pressure to increase savings rates in order to keep customers has been particularly acute for mid-sized and smaller lenders in the US. Larger institutions like JPMorgan Chase and Bank of America have benefited from their perceived safety and national branch networks. 

Around 32 per cent of JPMorgan’s $1.9tn in US deposits do not earn any interest whereas Citizens pays no interest on around one-fifth of its deposits, resulting in a larger pool of cheaper funding for JPMorgan. 

Van Saun said Citizens took a “very, very scientific” approach to measuring the best way to price deposits to ensure they remain with the bank. 

“We have all kinds of behavioural models across all the different deposit products that we have,” he said. “You’re trying to basically predict what are the rates that customers need to feel OK and leave their money in the bank but you’re not paying significantly above that.”

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Travel

Flight attendant reveals the clever £2.30 item which makes airport travel so much easier

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Frequent flyers could benefit from purchasing the item which eases travelling with lots of items

THIS is the bargain buy that guarantees to make airport travel so much easier, according to a flight attendant.

Holidaymakers have rushed to get hold of the online deal which could be so useful for frequent flyers they might even make other jetsetters jealous.

Frequent flyers could benefit from purchasing the item which eases travelling with lots of items

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Frequent flyers could benefit from purchasing the item which eases travelling with lots of itemsCredit: Getty
The item has been revealed as a flight attendant's must-have when travelling through an airport

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The item has been revealed as a flight attendant’s must-have when travelling through an airportCredit: Amazon
On offer in various colours, passengers have the option to pick one that matches their personality or existing luggage

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On offer in various colours, passengers have the option to pick one that matches their personality or existing luggageCredit: Amazon

Described as “durable”, “compact” and guaranteed to be your “new go-to travel companion” a flight attendant has revealed the item which reduces stress when carrying various items through an airport.

In fact, the seemingly simple solution allows passengers the chance to “streamline” their luggage handling.

Aly Walansky told Travel and Leisure that the item “let me carry more without physically carrying more”.

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Those opting to purchase the item are in luck as Amazon have reduced the original price by 18%.

Available in packs of three from the online selling giant, the luggage strap allows customers to securely fasten their travel pillow, clothing layers or other smaller bags to one item.

They have even been made available in various colours so shoppers have the chance to buy one that suits their personality or match their existing hand luggage.

Priced at just £2.80 an item, those hoping to get away this winter or stock up before next summer will want to get their hands on the travel essential.

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Regular late comers to security could even find the item useful so they do not accidentally drop their valuables when making a last minute dash to their boarding gate.

Offering a heavy duty ring and quick release buckle, the item can easily be adapted to your travelling needs.

Air Hostess Reveals The Truth About the Mile High Club

The pack available on Amazon boasts an anti-rust coating to ensure the design remains sturdy and shiny for stylish shoppers.

Designed for a wide application of uses, the hooks could be used to carry water bottles as well as heavy and bulky items.

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Jetsetters are not the only customers who could benefit from purchasing the item as it has been described as great for hiking, cycling and more.

Those concerned about the added weight to their luggage with some airlines enforcing restrictions should not worry too much as the item only weighs 132 grams.

Clued-in passengers may already have the item which was only first made available earlier this year in June.

More tips for travelling in airports

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Travel Lingual founder James Smith has previously revealed his top tips for whizzing through the airport so that passengers can enjoy the travel experience as much as possible.

  1. Check-in online
  2. Pick an off-peak flight time
  3. Limit your luggage to carry-on to save time at the baggage claim
  4. Have your liquids and electronics easily accessible
  5. Wear easily removable shoes and minimal jewellery to be ready for security
  6. Consider paying for priority boarding

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M&S shoppers clear shelves of ‘divine’ sweet and salty snack back on shelves NOW after ‘waiting all year’

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M&S shoppers clear shelves of ‘divine’ sweet and salty snack back on shelves NOW after ‘waiting all year’

Sweet treat shoppers have been clearing M&S shelves of this sweet and salty snack that has recently made a return to stores.

Described as ‘divine’ and on offer for just £2.50, the indulgent snack has been made available just in time for the run-up to Christmas.

Westfield Shopping Centre customers could head to their local branch to check shelves for the sweet treat

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Westfield Shopping Centre customers could head to their local branch to check shelves for the sweet treatCredit: Alamy
M&S shoppers have been waiting for the return of the festive find which has been described by some as "divine"

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M&S shoppers have been waiting for the return of the festive find which has been described by some as “divine”Credit: Ocado

Available in-store and online when shopping from Ocado, M&S have offered customers the chance to try out their Milk Chocolate Cinnamon Sugar Tortilla Rolls.

Perfect for the festive season, the crunchy snack has been dipped in creamy milk chocolate and has been listed as suitable for vegetarians and as gluten free.

Social media users have been quick to react to a post from one bargain buyer who spotted the delight and shared on Facebook.

The photo has since gained over 5k reactions with a further 5k Facebook users flocking to the comments section.

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One user said: “I’ve waited all year for these beauties!!!”

Another wrote: “Oh I love these, I’ve been looking for them.”

Someone else put: “They are delicious xxx”

A fourth commented: “omg! Remember how many times I’ve eating these… so lovely.”

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Someone else said: “the way I would eat a whole bag!”

Those hoping to head in-store to make their purchase may want to phone up ahead to avoid disappointment due to stock levels.

Chloe Ferry shows of massive M&S Food haul as she manages to bag a week’s worth of food at discount price

Whilst those heading online should consider the added delivery fees.

One bag has been advertised as weighing 175 grams and offers around five servings – if you’re feeling generous.

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Party planners and sweet snackers have been offered far more than just the cinnamon treat with M&S revealing their Christmas range.

An incredible list of 450 new items has been unveiled, showcasing the supermarket giant’s finest festive food.

Other indulgent offerings include hot honey over halloumi in blankets, brie brulée and Turkey feast dip.

Shoppers hoping to bring the festive spirit into their home could even purchase a battery-powered snow globe or wind up biscuit tin.

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M&S CLUB REWARDS

ALL M&S credit card holders can sign up for the retailer’s Club Reward scheme.

It costs £10 a month and currently offers the following benefits:

  • Extra reward points: Customers receive two extra rewards points per £1 spent in M&S when using their card online and in-store on top of the rewards points you earn already
  • Free next day deliver: Shoppers get free next day delivery at no extra cost on full-price clothing, home and beauty purchases at M&S.com. This means you’ll save £5.99 per order.
  • Hot drinks vouchers: Members get 32 hot drink vouchers a year to spend on any sized hot drink M&S cafes. This leads to savings worth up to £88 a year.
  • M&S vouchers: Shoppers get £65 worth of free M&S vouchers each year. They get three £15 vouchers and one £20 voucher to spend in clothing or home departments, in-store or online.
  • Birthday treat: On your birthday, customers get a free £12 M&S food voucher.
  • Extra points abroad: Shoppers spending abroad can get three reward points for every £1 spent on purchases made in the local currency.

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Business

Mozambique opposition plans protests after killings

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Mozambique opposition plans protests after killings

Legal adviser to opposition leader Venâncio Mondlane was one of two men assassinated after a contested election

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Money

Four handy gadgets that can be used for so much more than just hot drinks

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Four handy gadgets that can be used for so much more than just hot drinks

HOT chocolate season has officially arrived.

If you managed to grab Aldi’s Ambiano hot chocolate maker (a budget-friendly dupe of the pricey Hotel Chocolat velvetiser) you are in for a treat.

These handy gadgets can do so much more than just hot chocolates

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These handy gadgets can do so much more than just hot chocolates

But these handy gadgets can do so much more . . . 

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MILKSHAKE MASTERPIECE: Turn your hot choc maker into a milkshake machine.

Whip up your drink as you normally would. While it’s blending, fill a chilled glass with ice and pour in 100ml of cold milk.

Once the hot chocolate is ready, pour it over the cold milk and ice. Use a straw to stir the mixture, creating a thick, creamy milkshake.

READ MORE MONEY SAVING TIPS

To take it to the next level, add a scoop of ice cream and a drizzle of chocolate syrup.

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MARTINI MAGIC: Elevate your cocktail game with a decadent chocolate espresso martini — perfect for dinner parties.

Begin by making hot chocolate in your frother, then pour 50ml of it into a cocktail shaker filled with ice.

Add a shot of espresso, a shot of vodka and, for an extra touch of indulgence, a nice dash of Irish cream liqueur.

Shake vigorously until well mixed, then strain the cocktail into a martini glass. Dust the top with a little cocoa powder for a professional finish.

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I tested supermarket hot chocolates and winner was less than half the price of Cadbury’s – and twice as nice

DELICIOUS DESSERT: Satisfy your sweet tooth with a rich, velvety chocolate mousse. Warm 100ml of whole milk in the frother, then add two servings of hot chocolate.

Pour the mixture into a dish and pop it in the fridge for a few hours to set. Once chilled, you will have a luxurious, fluffy mousse to feast on.

COOL COFFEE: Why pay for expensive lattes when you can make your own? Just froth up some cold milk while brewing a shot of espresso.

Pour the espresso into a large glass filled with ice, then top it with your frothy milk. You could also add a few spoons of caramel or chocolate syrup and a sprinkle of cinnamon for a tasty autumn twist.

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The result? A smooth creamy iced latte, made in the comfort of your home for a fraction of the price.

  • All prices on page correct at time of going to press. Deals and offers subject to availability.

Deal of the day

Save £9 on this 1,000-piece Clementoni Harry Potter puzzles at Home Bargains

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Save £9 on this 1,000-piece Clementoni Harry Potter puzzles at Home BargainsCredit: Home Bargains

AT home for half-term? Pick up this 1,000-piece Clementoni Harry Potter puzzle, RRP £15.99, currently £6.99 at Home Bargains.

SAVE: £9

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Cheap treat

Save 30p on this cute munchkin pumpkin at Asda

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Save 30p on this cute munchkin pumpkin at Asda

CREATE the perfect autumn display with a cute munchkin pumpkin, usually 79p, now 49p at Asda.

SAVE: 30p

What’s new?

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DOWNLOAD the All Bar One app to claim a free glass of Moet & Chandon champagne during October. If you have already got the app, you can still take advantage – just check the offers section.

Top swap

The Bottega Veneta Hop tote bag is £3,670

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The Bottega Veneta Hop tote bag is £3,670
Marks & Spencer's braided tote bag is just £45

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Marks & Spencer’s braided tote bag is just £45

WISH you could splash out on the Bottega Veneta Hop tote bag, £3,670 from bottegaveneta.com?

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Head to Marks & Spencer for its braided tote bag, for a much more reasonable £45.

SAVE: £3,625

Little helper

FOR an affordable half-term activity, check out the Pumpkin Carving event at various Cherry Lane garden centres.

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Kids will also enjoy a creepy cookie and a zombie dance-off. Tickets are £6.99 per child, and two adults can join in for free.

Shop & save

Save £15 on these blue beautiful plates from Dunelm

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Save £15 on these blue beautiful plates from Dunelm

SERVE up tea on these blue beautiful plates from Dunelm. The Hampton 12-piece dinner set was £30, now £15.

SAVE: £15

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Hot right now

SHOP online at jdwilliams.co.uk and save 25 per cent when you use the code SPARK at checkout.

PLAY NOW TO WIN £200

Join thousands of readers taking part in The Sun Raffle

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Join thousands of readers taking part in The Sun Raffle

JOIN thousands of readers taking part in The Sun Raffle.

Every month we’re giving away £100 to 250 lucky readers – whether you’re saving up or just in need of some extra cash, The Sun could have you covered.

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Every Sun Savers code entered equals one Raffle ticket.

The more codes you enter, the more tickets you’ll earn and the more chance you will have of winning!

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Business

Fragile confidence hinders global economic recovery

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Businesses and households in major economies are struggling to bounce back from the era of high inflation as precarious growth prospects and political uncertainty weigh on their confidence.

Although economic activity remains relatively firm, confidence indicators have slid sharply or remain stuck in negative territory, according to research for the Financial Times.

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The findings of the Brookings-FT Tracking Indexes for the Global Economic Recovery, or Tiger, suggest that sentiment is the global economy’s weak spot.

The US presidential election on November 5 and geopolitical turmoil, including the conflict in the Middle East and Russia’s invasion of Ukraine, are all contributing to the downbeat sentiment.

“There is this sense of gloom and uncertainty,” said Eswar Prasad, senior fellow at the Brookings Institution. “Confidence indicators are doing very poorly in countries that are doing well — as well as countries that are not doing so well.”

The findings come as policymakers and economists prepare to gather for the IMF and World Bank’s annual meetings in Washington in the coming week.

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Speaking ahead of the meetings, Kristalina Georgieva, the IMF’s managing director, warned the fund’s forecasts point to an “unforgiving combination of low growth and high debt — a difficult future”.

She stressed the need for governments to tackle their fraying public finances, but warned the tough economic backdrop could hobble efforts at reducing debt levels.

The IMF will next week update its global growth forecasts, after predicting a global expansion of 3.2 per cent in 2024 and 3.3 per cent in 2025 in its July report. While the world is moving past its once-in-a-generation inflationary shock, there would be a lasting legacy on household incomes given the jump in prices, Georgieva warned.

While indicators of real economic activity have risen in the US and China, confidence has taken a sharp knock and remains well below its long-term levels, the twice-yearly index suggests. Confidence has also been hit in Japan and Germany.

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Prasad said the fragility of confidence indicators reflected not only anxiety about whether the recovery would last, but also political uncertainty and the shadow of “festering geopolitical instability in many hotspots”.

This came despite the fact that the US and Indian economies, in particular, are still in “high gear”, according to the index.

Indicators for other major economies — including Germany — are far less buoyant. The real activity indicator for Germany is now at its lowest since 2020, when the Covid-19 pandemic forced economies to lock down across the world, with confidence also well below its long-term level in the eurozone’s largest economy.

Germany is facing its first two-year recession since the early 2000s after the government on October 9 downgraded its 2024 growth forecast.

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Some confidence levels in the UK have increased, according to the Tiger index, even as business leaders await clarity on economic policies from chancellor Rachel Reeves in her long-awaited budget on October 30.

Data visualisation by Keith Fray

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Business

Keir Starmer flies into controversy and Japan goes to the polls

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This article is an on-site version of our The Week Ahead newsletter. Subscribers can sign up here to get the newsletter delivered every Sunday. Explore all of our newsletters here

Hello and welcome to the working week.

Have you ever looked at your diary with dread as a difficult family gathering approaches? Then you will appreciate the emotions that various political leaders, economists and central bankers might be feeling as they fly off to international summits this week.

British Prime Minister Sir Keir Starmer faces a gruelling 36-hour flight to attend the Commonwealth heads of government meeting, which begins on Monday in Samoa. It’s the first time in the institution’s 75-year history that the gathering has been held in the Pacific Islands. Starmer is likely to be flying into a political storm, with contenders for the Commonwealth secretary-general post telling FT reporters they will be raising the contentious issue of reparations for slavery.

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Head of the Commonwealth King Charles III will be visiting the Pacific Island state too, albeit a bit later. He has to wrap up a tour of Australia with Queen Camilla — where he has been spending a few days trying to sidestep questions about his future as head of state — before joining Commonwealth heads of government for a formal dinner and reception on Friday. With the UK’s relative global importance in decline, King Charles’s challenge in Samoa will be to give fresh energy to the Commonwealth.

Another big gathering this week will take place across the world, in Washington, where the IMF and World Bank’s annual meetings have rolled round again. Important diary items include the IMF putting out its global economic outlook on Tuesday and its fiscal report card on Wednesday. The outlook is unlikely to be rosy, given last week’s comments by the fund’s managing director Kristalina Georgieva.

We are approaching the end of this record year for elections, but still they keep coming. One poll that was not on the list at the start of the year is happening on Sunday: Japan’s snap general election. The ballot was called by new Prime Minister Shigeru Ishiba after he replaced Fumio Kishida as head of the ruling Liberal Democratic party last month. For more on this election gamble, read this excellent analysis by FT Tokyo bureau chief Leo Lewis.

Earnings reports also continue apace, coming this week from sectors including advertising, airlines and European banks. The most notable will be from US tech companies, in particular Tesla, whose challenges now include selling the robotaxi concept.

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Economic data is the one area that’s a bit thin on the ground this week, mostly consisting of consumer confidence surveys. The purchasing managers’ index (PMI) figures will probably be the most closely watched. More details below.

One more thing . . . 

We are just over a week away from the UK’s big fiscal event, the Budget, on October 30. This one will be particularly significant because so much of what the UK’s new Labour government wants to achieve hangs on its ability to both show prudence with the public finances and spend money fixing public services. The FT is (as ever) ahead of the game, this time with an actual game, to see if you can run the UK economy better than chancellor Rachel Reeves. Enjoy.

Thank you to all who suggested albums, groups and individual musical pieces to broaden my musical horizons after my comments last week. My Spotify playlist is looking a lot more eclectic, which is the way I like it.

Thank you also to those who suggested the highlights of your working week. If you have a suggestion, email me at jonathan.moules@ft.com or, if you are reading this in your inbox, hit reply.

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Key economic and company reports

Here is the more complete list of what to expect in terms of company reports and economic data this week.

Monday

  • China: one-year loan prime rate decision

  • Germany: September producer price index (PPI) for industrial products

  • UK: October Rightmove House Price Index

  • Results: City of London Investment Group Q1 funds under management update, WR Berkley Q3, Hollywood Bowl FY trading statement, Logitech Q2, SAP Q3

Tuesday

  • IMF publishes its latest World Economic Outlook, a twice yearly analysis and projections of economic prospects for the global economy, plus its Global Financial Stability Report.

  • Bank of England governor Andrew Bailey and US Securities and Exchange Commission chair Gary Gensler give keynote speeches at the Bloomberg Global Regulatory Forum in New York.

  • UK: September public sector finances data

  • US: September unemployment data

  • Results: 3M Q3, AO Smith Q3, Canadian National Railway Q3, Danaher Q3, Deutsche Boerse Q3, Freeport-McMoRan Q3, GE Aerospace Q3, General Motors Q3, Halfords HY trading update, InterContinental Hotels Q3 trading update, Interpublic Group Q3, Invesco Q3, Kimberly-Clark Q3, Lockheed Martin Q3, Moody’s Q3, Nucor Q3, Philip Morris International Q3, Randstad Q3, Seagate Technology Q1, Sherwin-Williams Q3, Texas Instruments Q3, Verizon Communications Q3

Wednesday

  • Tokyo Metro shares are expected to commence trading on the Tokyo Stock Exchange.

  • European Central Bank president Christine Lagarde speaks on Europe’s economic outlook at an event hosted by US think-tank Atlantic Council.

  • Canada: interest rate decision

  • EU: October consumer confidence index

  • US: Federal Reserve Beige Book published

  • Results: Akzo Nobel Q3, AT&T Q3, Baker Hughes Q3, Barratt Redrow AGM and trading update, Coca-Cola Company Q3, Deutsche Bank Q3, Fresnillo Q3 production report, General Dynamics Q3, Heathrow Q3, Heineken Q3 trading update, Hilton Worldwide Holdings Q3, Hochschild Mining Q3 production report, Iberdrola Q3, IBM Q3, Lloyds Banking Group Q3 interim management statement, Mattel Q3, Northern Trust Q3, Packaging Corp of America Q3, PensionBee Q3 trading update, Reckitt Benckiser Q3 trading update, Tesla Q3, T-Mobile US Q3, Western Union Q3, WPP Q3 trading update

Thursday

  • IMF managing director Kristalina Georgieva gives a press briefing on the Global Policy Agenda, identifying the policy challenges faced by the IMF membership and proposing policy responses

  • EU, France, Germany, India, Japan, UK, US: flash S&P Global/HCOB manufacturing and services purchasing managers’ index (PMI) data

  • Results: Abrdn Q3 trading statement, American Airlines Q3, Anglo American Q3 production report, Barclays Q3, Beiersdorf Q3, Bloomsbury Publishing HY, Bunzl Q3 trading statement, Canon Q3, Capital One Financial Q3, Dassault Systèmes Q3, Dow Q3, Dunelm Q1 trading update, Equinor Q3, Foxtons Q3, Hartford Financial Services Q3, Hasbro Q3, Honeywell International Q3, Inchcape Q3 trading update, London Stock Exchange Q3 trading update, Nasdaq Q3, Northrop Grumman Q3, Orange Q3, Relx trading update, S&P Global Q3, SK Hynix Q3, Sodexo FY, Southwest Airlines Q3, Travis Perkins Q3 trading update, Unilever Q3 trading update, Union Pacific Q3, United Parcel Service Q3, Weyerhaeuser Q3

Friday

  • France: INSEE consumer confidence survey

  • Germany: Ifo October Business Climate Index

  • Japan: September services producer price index (PPI) inflation rate data

  • UK: GfK consumer confidence survey

  • US: University of Michigan October consumer survey

  • Results: Aon Q3, Centene Q3, Colgate-Palmolive Q3, Electrolux Q3, Eni Q3, Mercedes-Benz Q3, NatWest Q3, Norwegian Air Q3, Proximus Q3, Sanofi Q3

World events

Finally, here is a rundown of other events and milestones this week.

Monday

  • Colombia: 2024 United Nations Biodiversity Conference begins in Cali, running until November 1.

  • Samoa: the Commonwealth heads of government meeting 2024 begins in Apia, Samoa, the first to take place on a developing Pacific Island. The event runs until Saturday.

  • Singapore: the Singapore International Energy Week begins with speakers including industry executives and energy ministers from Tanzania, Cambodia, Laos, Australia and New Zealand, discussing energy security and transition plans. The event runs until Friday.

  • US: IMF and World Bank annual meetings week begins in Washington.

Tuesday

  • Russia: Brics summit opens in Kazan, hosted by Russian President Vladimir Putin and attended by leaders of the Brics nations, including Brazilian President Luiz Inácio Lula da Silva, Indian Prime Minister Narendra Modi, Chinese President Xi Jinping and South African President Cyril Ramaphosa. The event runs until Thursday.

Wednesday

Thursday

  • France: President Emmanuel Macron hosts an international conference in support of Lebanon in Paris.

  • US: G20 finance ministers and central bank governors working dinner as part of this week’s IMF and World Bank Annual Meetings in Washington

  • Montserrat: parliamentary elections

Friday

Saturday

Sunday

  • European and British Summer Time end. Clocks go back one hour.

  • Bulgaria: parliamentary elections

  • Japan: snap general election

  • Lithuania: parliamentary elections run-off

  • Uruguay: presidential and parliamentary elections

  • Uzbekistan: parliamentary elections

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