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The Biden administration has accused Russia of engaging in a long-term operation to interfere in the 2024 US presidential election and advance Kremlin interests. The US Justice Department has charged two Russian nationals with money laundering and revealed the seizure of web domains used for spreading Russian government propaganda. The operation allegedly aimed to reduce support for Ukraine, promote pro-Russian policies, and influence voters in the US and foreign elections. The FBI cited internal planning documents suggesting that Russia wanted Donald Trump or another Republican candidate to win the election. The US has imposed sanctions on Russian state-funded broadcaster RT and other entities involved in the alleged influence campaign. The Treasury Department has also restricted visa issuance for individuals involved in the operation and designated six RT affiliates as foreign missions. The Justice Department has been increasing election security efforts to prevent chaos and violence following the 2020 election. US intelligence agencies have warned of foreign interference from countries like Russia and Iran. The influence campaign, known as "Doppelganger," violated US laws against money laundering and trafficking in counterfeit goods or services. Russian-controlled entities created fake websites impersonating real media outlets and used influencers, social media ads, and fake profiles to drive traffic to these sites. The campaign was allegedly directed by Sergei Kiriyenko, who was sanctioned by the US government in 2021. The Russian entities also used artificial intelligence tools to create negative advertisements about US politicians and register social media accounts posing as news outlets. The indictment against two Russian nationals alleges that RT and its employees used a US-based content [Extracted from the article]

The Biden administration has taken action to disrupt an alleged Russian-backed operation to meddle in the 2024 election. The US Justice Department has charged two Russian nationals with money laundering and revealed the seizure of web domains used to spread Russian government propaganda. The operation aimed to reduce support for Ukraine, influence voters in the US and foreign elections, and ensure a Republican candidate wins the presidency. The US Treasury Department has also imposed sanctions on Russian state-funded broadcaster RT and a nonprofit linked to a Russian influence operation. The Justice Department is increasing election security efforts to prevent chaos and violence. [Extracted from the article]

Iran's leader, Ayatollah Ali Khamenei, has reportedly ordered a direct strike on Israel in retaliation for the alleged assassination of Hamas' top leader in Tehran. The order was given at an emergency meeting of Iran's Supreme National Security Council. Khamenei has publicly threatened retaliation, stating that Iran has a "duty to seek vengeance" and that Israel should expect a "severe punishment." If carried out, a direct strike could escalate tensions in the region. Iranian commanders are considering using drones and missiles on military targets in Tel Aviv and Haifa while avoiding civilian targets. Iran is also considering a coordinated attack with its proxies in Yemen, Syria, and Iraq. Israel has not confirmed or denied involvement in the alleged assassination. [Extracted from the article]

Iran's leader, Ayatollah Ali Khamenei, has reportedly ordered a retaliatory strike on Israel in response to the alleged assassination of Hamas' top leader in Tehran. The order was given during an emergency meeting of Iran's Supreme National Security Council. If carried out, this strike could escalate tensions in the region, as Iran and Israel have previously engaged in direct fire in a measured manner. The alleged assassination of Hamas' political leader, Ismail Haniyeh, in an airstrike in Iran's capital has not been confirmed or denied by Israel. [Extracted from the article]

President Joe Biden's decision to engage in an early debate with Donald Trump in hopes of boosting his election chances turned out to be a major miscalculation. The debate highlighted concerns about Biden's age and mental acuity, leading to calls for him to drop out of the race. Over the course of 25 days, doubts about Biden's viability as a candidate grew, with Democratic lawmakers and party leaders discussing the possibility of replacing him on the ballot. Despite Biden's insistence on staying in the race, pressure mounted, and ultimately, he made the decision to drop out and focus on his duties as president. [Extracted from the article]

The International Monetary Fund (IMF) is urging the Group of 20 (G-20) nations to support a new plan aimed at helping poor countries reduce their debt burdens, avoid defaults, and stabilize their economies. The plan, which is still in its early stages, could involve re-profiling existing loans, debt swaps, and credit guarantees to lower costs. The IMF's push comes as many emerging and developing countries, particularly in Africa and South Asia, continue to struggle with high levels of debt. The goal is to provide countries with a range of options tailored to their specific needs, as a one-size-fits-all approach is not suitable. The G-20's support for this initiative would require cooperation between the US and China, the two major players in global debt talks. The plan would serve as a third pillar, complementing domestic revenue generation and increased support from multilateral lenders. The aim is to prevent defaults and the subsequent complex restructuring processes that follow. The IMF acknowledges that the existing Common Framework has been slow but defends its progress. [Extracted from the article]

The US Treasury Department has added Japan to its "monitoring list" for foreign-exchange practices, but did not label it or any other trade partner as a currency manipulator. The Treasury criticized Tokyo's large bilateral trade and current account surpluses, while acknowledging that Japan intervened to support the yen earlier this year. The other countries on the monitoring list remained unchanged from the previous report: China, Germany, Malaysia, Singapore, Taiwan, and Vietnam. The report also called for greater transparency in China's exchange-rate policy and flagged anomalies in its current account data. [Extracted from the article]

The US military plans to increase aid deliveries into Gaza through a temporary pier that was recently repaired. President Joe Biden ordered the construction of the pier in response to the deteriorating humanitarian situation in Gaza during the Israel-Hamas war. However, the pier has faced criticism for its limited capacity and operational challenges. Despite these issues, deliveries from the pier into Gaza have been uninterrupted in recent days, with over 2 million pounds of aid delivered in the week before the pier was damaged. The project's cost estimate has been lowered to $230 million. [Extracted from the article]

The Houthi militants in Yemen possess weapons that have the capability to reach the Mediterranean Sea, according to a senior defense official. This raises concerns that the group, backed by Iran, could expand its attacks on shipping beyond its immediate borders. The official stated that the Houthis have access to advanced weaponry, including anti-ship ballistic missiles and drones. While no strikes in the Mediterranean have been detected, the group has threatened vessels associated with Israel, the US, and the UK, effectively closing the southern Red Sea to most Western ships. [Extracted from the article]

The International Monetary Fund (IMF) has made changes to its process for supporting countries struggling with debt restructurings in order to avoid delays, particularly those attributed to China. The reforms aim to create a smoother and faster process, reducing the time between staff agreement and board signoff on an IMF program to as little as two months. The changes specifically address the requirements for financing assurances from creditors, accepting a "credible official creditor process" instead of a finalized agreement to avoid waiting for China's approval. These changes are seen as an attempt to accommodate China's internal processes while preventing countries from being left in limbo for years. [Extracted from the article]

The International Monetary Fund (IMF) has reformed its process of supporting debt restructurings by allowing programs to move forward despite holdout creditors. The reforms aim to ensure a smoother and faster process in the future. The changes come in response to frustrations with the slow pace of debt workouts under the Common Framework, a program endorsed by the Group of 20 for debt treatment in poor countries. China, the largest creditor to emerging markets, has faced scrutiny for delays in restructuring debt. The IMF is working to reduce the time between reaching an agreement with fund staff and securing creditor assurances needed for board approval. [Extracted from the article]

The International Monetary Fund (IMF) has made changes to its lending rules in order to speed up the process of debt restructuring. The reforms allow programs to move forward even if there are holdout creditors. These changes were made in response to frustration with the slow pace of debt restructurings under the Common Framework, a program endorsed by the Group of 20 for debt treatment in poor countries. The IMF is aiming to reduce the time between reaching an agreement with fund staff and securing creditor assurances to just two to three months. [Extracted from the article]

The world economy is facing a mixture of challenges, including slowing growth, inflation, high interest rates, and geopolitical risks. Bloomberg Economics predicts that global activity will slow to 2.9% this year, although this is an improvement from previous estimates. The International Monetary Fund (IMF) is also expected to slightly raise its forecast. The G-20, which is meeting in Washington, may struggle to address the risks that divide its members, such as the war in Ukraine and the conflict between Israel and Hamas. The IMF has expressed concern about the fragmentation of the global economy and the divergence of objectives among different countries. Additionally, emerging market nations are facing deep debt distress, which could have implications for China's influence over global finance. The article also provides a preview of economic data and events in the US, Canada, Asia, Europe, the Middle East, Africa, and Latin America. [Extracted from the article]

US Defense Secretary Lloyd Austin has returned to work at the Pentagon after recovering from complications related to prostate-cancer surgery. He had been working from home since being released from the hospital on January 15 and has remained engaged with various leaders, including the White House and Congress. Austin's return comes after a drone strike in Jordan by Iran-backed militants killed three American troops. The Pentagon's announcement of Austin's return did not mention the controversy surrounding his hospitalization or calls for his resignation. Austin is currently undergoing physical therapy for lingering leg pain. [Extracted from the article]

US Defense Secretary Lloyd Austin, who recently underwent surgery for prostate cancer, made his first public appearance since his hospitalization. Speaking via video link, Austin urged the Ukraine Defense Contact Group to support President Volodymyr Zelenskiy's forces in their battle against Russia. He also appealed to Republican lawmakers to approve $60 billion in new funding for Ukraine. Austin's handling of his hospitalization has drawn scrutiny, with the Pentagon launching an internal probe and the inspector general investigating communications related to the episode. The Defense Department is currently determining Austin's schedule for his return to work at the Pentagon. [Extracted from the article]

According to a report by the World Bank, the global economy is experiencing slower growth rates compared to previous decades due to factors such as high interest rates, sluggish trade, and geopolitical tensions. This will have a particularly negative impact on developing countries, with one out of four economies becoming poorer than before the Covid-19 pandemic. Without significant changes, the 2020s could be seen as a wasted opportunity, leaving many of the poorest countries with high levels of debt and limited access to food. The report also highlights the need for policies that promote investment and strengthen fiscal measures in order to improve growth in developing economies. [Extracted from the article]

The head of the International Monetary Fund (IMF), Kristalina Georgieva, stated in an interview that the US economy is on track for a soft landing, thanks to the Federal Reserve's efforts to control inflation. Despite some negative effects from higher interest rates, the economy has not entered a recession. There is hope that the cooling of inflation and the labor market will allow the Fed to cut rates this year. Georgieva also emphasized the importance of addressing the negative impacts of globalization to prevent resentment and isolationism. Additionally, the IMF has warned about the economic damage caused by fragmentation and the potential loss of access to critical minerals needed for green technologies. [Extracted from the article]

China's rejection of a proposed debt deal between Zambia and bondholders is hindering Zambia's efforts to come out of default and challenging the effectiveness of the International Monetary Fund (IMF)-backed blueprint for sovereign restructurings. The dispute revolves around the concept of "comparability of treatment" and highlights the difficulty of incorporating China into the global financial system. Talks have stalled, and the IMF warns that the delay could jeopardize Zambia's economic recovery. The continued debt overhang and falling mining production have caused Zambia's currency to reach record lows and inflation to rise. [Extracted from the article]

The World Bank plans to allocate $5 billion to provide electricity to 100 million people in Africa by 2030. The organization's president, Ajay Banga, emphasized the importance of this initiative and the need for support from donor countries. Banga highlighted that without reliable electricity, it will be challenging to make progress, especially considering the 1.1 billion young people in the Global South who will enter the workforce in the next decade. The World Bank is currently reviewing its replenishment round for the International Development Association (IDA) and aims to secure record funding in the next round in December 2024. [Extracted from the article]

Read More: All Pandas in American Zoos Are Being Taken Back by China The US was rewarded with its first pandas after President Richard Nixon normalized ties in 1972, and many other nations followed. (Bloomberg) -- The beloved giant pandas at Washington, DC's National Zoo started their journey back to China on Wednesday, crated up and loaded into a special "Panda Express" FedEx Corp. flight to Chengdu. [Extracted from the article]

Sri Lanka's debt restructuring is among a few test cases of the IMF-led efforts to develop new guidelines among rich and poor countries to manage defaults. (Bloomberg) -- Sri Lanka is urging China to share with other creditors the terms of its recent $4.2 billion bilateral debt deal, a step needed to help the bankrupt nation speed up the process of restoring its finances more than a year after it defaulted. [Extracted from the article]

(Bloomberg) -- Group of 20 finance chiefs agreed on a communique that didn't mention the Israel-Hamas war, the latest sign of the forum's struggle to address conflicts seen as threats to the global economy. Indian Finance Minister Nirmala Sitharaman said during a briefing at the end of the G20 meeting on Friday that "there weren't many discussions" about the Israel-Hamas fighting, but added that conflict in the region, oil and supply chain fragmentation were among worries of the members. [Extracted from the article]

The G-20, formed in the late 1990s and representing more than 80% of the global economy, bills itself as the "the premier forum for international economic cooperation" and not a venue to resolve geopolitical or security issues. (Bloomberg) -- Group of 20 finance chiefs agreed on a communique that didn't mention the Israel-Hamas war, the latest sign of the forum's struggle to address conflicts seen as threats to the global economy. [Extracted from the article]

(Bloomberg) -- The International Monetary Fund said a memorandum of understanding between Zambia and its creditors is yet to be signed, clarifying a statement by Managing Director Kristalina Georgieva that the deal was done. Georgieva said earlier on a panel Thursday in Marrakech, Morocco, that "an MOU, memorandum of understanding of Zambia creditors, has been finally signed. [Extracted from the article]

Another private sector investor close to the talks, who asked not to be identified, said the IMF and the Paris Club seemed so intent on keeping China involved in the discussions that they were largely excluding private sector investors from substantive talks and dismissing concerns raised by them. (Bloomberg) -- Global creditors are increasingly at odds over how to level the playing field among lenders when governments default, jamming up efforts led by the International Monetary Fund to expedite sovereign debt restructurings. [Extracted from the article]

In the absence of multilateral guardrails, the IMF suggested the creation of "green corridor" agreements - to safeguard the flow of minerals needed for decarbonization - and food corridor deals - to ensure equal access across all countries and national incomes. (Bloomberg) -- Fragmented commodities markets, mainly driven by Russia's invasion of Ukraine, threaten food security and risk raising the price of cleaner energy, the International Monetary Fund warned. [Extracted from the article]

(Bloomberg) -- Ukrainian President Volodymyr Zelenskiy is expected to address the United Nations Security Council on Wednesday during the second day of the annual General Assembly in New York. "It's clear to all that the cosponsors are notorious anti-China organizations", China's permanent mission to the UN said in a letter. Russia's invasion of Ukraine, as well as the perils of climate change, nuclear weapons and geopolitical fragmentation, have dominated remarks in the annual UN debate this week. [Extracted from the article]

In an interview with Bloomberg Television last Friday, Georgieva said she expected global monetary policies to diverge after most major central bankers have spent the last year tightening credit conditions to slow price gains. (Bloomberg) -- The International Monetary Fund's managing director, Kristalina Georgieva, will leave for Asia on Wednesday for a tour that will take her to China, Indonesia and India. [Extracted from the article]

(Bloomberg) -- International Monetary Fund Managing Director Kristalina Georgieva expects global monetary policies to diverge after most major central bankers have spent the last year tightening credit conditions to slow price gains. Georgieva's comments come ahead of a speech by Federal Reserve Chair Jerome Powell in Wyoming later Friday, which will be intensely monitored for clues on the path of interest rates. [Extracted from the article]

(Bloomberg) -- Federal Reserve Governor Michelle Bowman said US banks need better supervision rather than higher capital requirements because they could stunt lending and competition, and she repeated her calls for an independent review of recent bank failures. Bowman renewed her call for an independent third party to examine recent US bank failures and criticized internal efforts by the Fed to investigate the issues. [Extracted from the article]

(Bloomberg) -- A Group of Seven cap on the price of Russian oil is successfully choking off the nation's access to petrodollars, the US Treasury Department said, a day after Moscow acknowledged "problems" with government revenue. Russian Finance Minister Anton Siluanov said Wednesday that the country's oil and gas revenue is falling behind target so far this year, citing discounts on Russian export crude and the general market situation. [Extracted from the article]

Meanwhile, developing nations have amassed a quarter-trillion dollar pile of distressed debt that threatens to create a historic cascade of defaults. %USD, 13347Z, AFRICA, ALLTOP, ASIA, ASIATOP, BON, BUSINESS, CHINA, ECOTOP, FRX, GLOBALMACR, GOV, MARKETS, NORTHAM, TOP, US, WORLD, WWTOP, WWTOPAM, WWTOPAS, WWTOPEU Keywords: %USD; 13347Z; AFRICA; ALLTOP; ASIA; ASIATOP; BON; BUSINESS; CHINA; ECOTOP; FRX; GLOBALMACR; GOV; MARKETS; NORTHAM; TOP; US; WORLD; WWTOP; WWTOPAM; WWTOPAS; WWTOPEU EN %USD 13347Z AFRICA ALLTOP ASIA ASIATOP BON BUSINESS CHINA ECOTOP FRX GLOBALMACR GOV MARKETS NORTHAM TOP US WORLD WWTOP WWTOPAM WWTOPAS WWTOPEU RH8PV3T0G1KW About 60% of low-income countries are at high risk of or already in debt distress, and about 20 emerging markets have debt that's trading at distressed levels, First Deputy Managing Director Gita Gopinath said in an interview with Michael McKee on Bloomberg Television Friday. [Extracted from the article]

The New York Mercantile Exchange (Nymex) recently announced that it may be looking to sell its headquarters on One North End Avenue. Nymex Holdings, parent company of Nymex, confirmed that [...]

(Bloomberg) -- The International Monetary Fund said Pakistan has made "substantial progress" toward meeting policy commitments needed to unlock billions of dollars in loans the country needs to avoid default. Pakistan Finance Minister Ishaq Dar said last week that the IMF wants to see countries finalize commitments they've made to help Pakistan shore up its funds. IMF Sees "Substantial Progress" by Pakistan Toward Loan Program. [Extracted from the article]

Read more: US, EU discuss minerals deal to widen scope of green credits US Treasury Secretary Janet Yellen has for much of the last two years promoted the idea of friendshoring, or moving supply chains critical to the US economy away from China and other countries seen as politically unreliable. (Bloomberg) -- The US may need to set up a new trade consortium to meet the anti-China demands of new electric-vehicle tax credits passed by Congress last year, the head of the group that lobbies for most major automakers said Tuesday. [Extracted from the article]

"Providing clearer communications on the conditions for adjusting the monetary policy framework would help anchor market expectations and strengthen the credibility of the Bank of Japan's commitment to achieve its inflation target", he said. (Bloomberg) -- The International Monetary Fund said the Bank of Japan's surprise decision to double the cap on benchmark bond yields is a sensible step, while calling on policymakers to clearly communicate adjustments. [Extracted from the article]

Focus on the deficit is set to continue in the coming year with a number of costs and a fight over the debt ceiling looming, as well as inflation running near a 40-year high -- blamed partly on government spending during the pandemic. (Bloomberg) -- The US budget deficit fell by a record in the 2022 financial year, a second straight drop that reflects the drying up of Covid-related aid spending alongside a surge in revenues propelled by wage and employment gains. Student Debt The 2022 deficit reduction came even after accounting for President Joe Biden's move to forgive a swath of student loans. [Extracted from the article]

The department said loan modifications had a $430 billion impact on the month of September, a sharp increase from the $137 billion recognition of such costs in September 2021. (Bloomberg) -- The US budget deficit saw a record reduction for the 2022 financial year, a second straight annual drop that reflects the drying up of Covid-related aid spending alongside a surge in revenues propelled by wage and employment gains. [Extracted from the article]

Australia's Woodside has sharpened its rivalry with US Chevron in the race to hunt down more gas to feed competing Australian LNG projects, with both firms announcing new finds in [...]

(Bloomberg) -- Philippine President Ferdinand Marcos Jr. said he can't envision his country without the US as a partner, marking his strongest statements yet on the longstanding alliance undermined by his predecessor. "It is very clear to me in my vision for the way that the country will move forward that I cannot see the Philippines in the future without having the United States as a partner", Marcos said during an economic forum at the New York Stock Exchange on Monday, based on an official transcript sent to media. [Extracted from the article]

(Bloomberg) -- Philippine President Ferdinand Marcos Jr. said he can't envision his country not having the US as a partner, marking his strongest statements yet on the longstanding alliance undermined by his predecessor. "It is very clear to me in my vision for the way that the country will move forward that I cannot see the Philippines in the future without having the United States as a partner", Marcos said during an economic forum at the New York Stock Exchange, based on an official transcript sent to media. "Vibrant Economy" During his New York Stock Exchange speech, Marcos also touted the Philippines as a "vibrant economy" to woo American investors, adding that the Philippines needs more "capital-intensive investment" to attain at least 6.5% economic growth annually through 2028. [Extracted from the article]

Amtrak canceled all long-distance trains starting Thursday as negotiations between freight-rail companies and unions continued, with a national strike possible as soon as Friday. (Bloomberg) -- Amtrak's Acela and Northeast train services will be relatively unscathed by the carrier's decision to scrap most of its long-distance service as a potential strike by railroad labor unions looms. [Extracted from the article]

According to their modeling, the personal consumption expenditures index -- the main inflation gauge watched by the Federal Reserve -- may rise over the first few years, up to 0.05 percentage points in 2024. (Bloomberg) -- The Inflation Reduction Act of 2022, the breakthrough US legislative deal on key parts of President Joe Biden's agenda, likely won't reduce inflation at all, according to a study. "Inflation Reduction Act" Has Little Inflation Help, UPenn Study Says. [Extracted from the article]

One area not helping the deficit is an increase in federal borrowingcosts thanks to inflation and Federal Reserve interest-rate hikes. Most of that rise was due to bigger payouts on Treasuryinflation-protected securities, known as TIPS. (Bloomberg) -- Higher tax revenues and the phasing out ofpandemic-relief spending chopped the US federal government's budgetdeficit by a record $1.7 trillion in the first nine months of the fiscalyear. [Extracted from the article]

Separately on Tuesday, the IMF downgraded its forecast for US grossdomestic product this year and next, warning that a surge in inflationposes "systemic risks" to both the country and the global economy. IMF Warns It Will Cut Global Growth Forecast Again With "Darkened" Outlook (Bloomberg) -- The International Monetary Fund warned it will again cutthe forecast for global economic growth as impacts reverberate fromRussia's invasion of Ukraine, pandemic-related shutdowns in China andhigher inflation. [Extracted from the article]