Archives of “September 17, 2021” day

rss

World Bank leaders found to be favouring China … “Doing Business”

  
  Analysis
#  #  #  #  #

An internal committee of the World Bank managed to launch an independent investigation into top brass …

The World Bank ethics committee commissioned a law firm to sniff out what was going on.
Their report found that World Bank leaders, including then-Chief Executive Kristalina Georgieva, applied “undue pressure” on staff to boost China’s ranking in the bank’s “Doing Business 2018” report:
  • Georgieva, and a key adviser, Simeon Djankov, had pressured staff to “make specific changes to China’s data points” and boost its ranking at a time when the bank was seeking China’s support for a big capital increase.
  • The report raises concerns about China’s influence at the World Bank, and the judgment of Georgieva – now managing director of the International Monetary Fund – and then-World Bank President Jim Yong Kim.
  • Georgieva said she disagreed “fundamentally with the findings and interpretations” of the report and had briefed the IMF’s executive board.

Kristalina Georgieva now heads the IMF.  Oh dear.

An internal committee of the World Bank managed to launch an independent investigation into top brass ... 

Even Russia’s central bank head says inflation is transitory (hopes 7% will be the top!)

  
  Analysis

ArticleBody Governor of the Central Bank of the Russian Federation (better known as the Bank of Russia) Elvira Nabiullina remarks:

 

  • says annual inflation could hit around 7% in September, we hope this will be its peak
  • inflation could significantly deviate from our 4% target for a prolonged period
  • says we “act carefully” when making key rate decision in times of uncertainty
  • says inflation to return to 4% target in second half of 2022

 

Speaking in an interview.

Headlines via Reuters
ArticleBody Governor of the Central Bank of the Russian Federation (better known as the Bank of Russia) Elvira Nabiullina remarks:

Just under 30% of gulf crude remains offline after hurricanes Ida and Nicholas

  
Analysis, Crude

An update via Platts on Gulf of Mexico producers, they peg 28% of production yet to return and note that there are still 2 months left of the hurricane season.

  • 95% of US Gulf oil and gas production was shut in near the end of August as Category 4 Ida made a Louisiana landfall
  • The return of natural gas supplies continued to lag a bit more than oil
  • Category 1 Nicholas, which hit the Texas Gulf Coast Sept. 13, had a much more modest impact on the Western Gulf and on slowing restoration activities.
Ida in late August:
An update via Platts on Gulf of Mexico producers, they peg 28% of production yet to return and note that there are still 2 months left of the hurricane season. 

US equity close: A story in three acts

  
Analysis, US Market

Closing changes for the main US equity indexes:

  • S&P 500 -7 points to 4474 (-0.1%)
  • Nasdaq up 16 points or 0.1%
  • DJIA -0.2%
The flat finish doesn’t do the session justice. Futures were flat heading into the open but then stocks dumped. At the lows, the S&P 500 was down 37 points; that was shortly before the European close.
Sentiment steadied there though and the index climbed back into positive territory late before some moderate selling into the close.
Note that this was the fifth time in the past six days when heavy selling hit at the US equity open. That’s something to watch for tomorrow.
Closing changes for the main US equity indexes:
Go to top