Libya's oil revenues at $9.4 billion in H1 2025, central bank says
($1 = 5.4200 Libyan dinars)
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Reuters
9 minutes ago
- Reuters
Vietnam, Indonesia agree to sign rice trade deal as shipments plunge
HANOI, July 8 (Reuters) - Vietnam will soon sign an agreement with Indonesia to boost long-term rice shipments, the Vietnamese government said on Tuesday in a statement, after exports plunged in the first half of the year. The statement came hours after Vietnamese Prime Minister Pham Minh Chinh met Indonesian President Prabowo Subianto on the sidelines of the BRICS summit in Brazil. Indonesia has been among Vietnam's key markets for rice, but deliveries in the first half of this year plummeted 97% to 19,000 metric tons. Vietnam is the world's third largest rice exporter after India and Thailand, but Indonesia slashed its purchases partly because of high domestic inventories. The Vietnamese government said the rice trade agreement would contribute to long-term and sustainable rice exports for Vietnam and would "ensure food security for Indonesia." At the meeting, Chinh also said he would instruct Vietnam's trade ministry to work with Indonesian authorities to further open each other's markets.
Reuters
35 minutes ago
- Reuters
US consumers happier about finances, expect stable inflation, New York Fed says
NEW YORK, July 8 (Reuters) - Americans' outlook on inflation was little changed last month as households upgraded their views on the state of their finances and ability to get credit, according to a report released on Tuesday by the New York Federal Reserve. As of June, inflation one year from now was expected to be 3%, down from the expected 3.2% in May, while the outlooks at the three- and five-year-ahead horizons were unchanged at 3% and 2.6%, respectively, according to the latest New York Fed Survey of Consumer Expectations. Amid the calm outlook for future price increases, the survey found that respondents had "markedly" upgraded their assessment of their personal financial situation relative to last year, while noting credit had grown easier to access. Respondents also upgraded their expectations about the state of their financial situations a year from now. The survey found mixed expectations for future earnings and income in June, while the outlook for employment improved. Although the New York Fed found in its poll that the public's outlook for inflation was little changed last month, households projected in June an acceleration in year-ahead gains in the cost of gasoline, medical care, college and rent, while the expected rise in food costs held steady relative to May. Near-term inflation expectations recorded by the New York Fed have been volatile this year as President Donald Trump launched an aggressive trade war against many U.S. trading partners. The president's trade agenda, which features the imposition of high tariffs on imported goods, is widely expected to push up inflation and depress growth and hiring. Those import levies helped drive up near-term expected inflation, and as the president appears to have capitulated so far on the most draconian of his levies, worries about higher inflation have eased. Other surveys like the University of Michigan report on consumer sentiment have also shown reduced worries about future inflation. Meanwhile, long-term inflation expectations have remained mostly stable, which is good news for Fed officials, who believe that development suggests confidence that over the long run inflation will not be a major concern. Fed officials, however, are expecting higher inflation this year due to the tariffs, which they expect to wane starting next year. Fed officials penciled in two rate cuts for this year at their policy meeting last month but offered little guidance as to when that might happen. Some Fed officials were eyeing the July 29-30 policy meeting as a good time for a rate cut, but solid job market data for June appears to have taken that idea off the board. In comments after the June 17-18 meeting, Fed Chair Jerome Powell said "our obligation is to keep longer-term inflation expectations well-anchored and to prevent a one-time increase in the price level from becoming an ongoing inflation problem."
The Independent
an hour ago
- The Independent
UK bank hit with huge fine for ‘anti-financial crime' failures
Digital bank Monzo has been fined over £21 million by the UK's Financial Conduct Authority (FCA) for significant anti-fraud failures. The FCA found that Monzo allowed customers to open accounts using "obviously implausible UK addresses" such as Buckingham Palace and 10 Downing Street. These shortcomings in Monzo's anti-financial crime measures date back to between October 2018 and August 2020. Monzo also breached a regulatory requirement by failing to prevent the onboarding of over 34,000 high-risk customers between August 2020 and June 2022. The FCA stated that Monzo's financial fraud systems and controls "failed to keep pace" with its rapid customer growth, though Monzo claims "substantial improvements" have since been made.
