Economy

The oldest member of the Rothschild banking dynasty died in Britain

Published

1 year ago

November 8, 2022

Evelyn de Rothschild, a British financier and oldest member of the Rothschild banking dynasty, died at the age of 91 years. This is reported by Bloomberg, about the British Press Association, which received a statement from his family.

Evelyn de Rothschild, a prominent British financier, the oldest member of the Rothschild dynasty, and a man who helped unite the British and French units of the famous banking group of his family and someone to whom Queen Elizabeth II sought financial advice, died at age 91. A statement from his family indicated that he died peacefully at his home.

At age 27, beginning in 1976, Rothschild had already served as coordinator of NM Rothschild & Sons, the London branch of the financial dynasty that was founded by his ancestor in the late 18th century. In doing so, before retiring in 2003, he achieved his long-held goal of merging the London business with his French counterpart, Rothschild & Compagnie Banque.

Between 1972 and 1989, he was head of the Economist magazine, which he once called “probably the most independent publication in the world.”

No one knows exactly how much money the Rothschilds control. The Rothschild dynasty is a European dynasty of Jewish bankers and public figures whose history dates to the late 18th century. Mayer Amschel Rothschild founded a bank in Frankfurt am Main. His business was continued by his five sons. The brothers controlled five banks in major European cities: London, Paris, Vienna, Naples, and Frankfurt. Two branches of the Rothschilds – the English and French, exist to this day.

Last January, the French banker and Baron Benjamin de Rothschild died. It is noted that the entrepreneur died because of a heart attack at his estate in Prig ny, Switzerland, on Friday, January 15.

Earlier, we reported that Twitter fired employees who fought against the dissemination of inaccurate information.

Economy

Russian central bank says it needs months to make sure CPI falling before rate cuts -RBC

Published

4 months ago

December 26, 2023

Russian central bank says it needs months to make sure CPI falling before rate cuts -RBC

MOSCOW (Reuters) – Russia’s central bank will need two to three months to make sure that inflation is steadily declining before taking any decision on interest rate cuts, the bank’s governor Elvira Nabiullina told RBC media on Sunday.

The central bank raised its key interest rate by 100 basis points to 16% earlier in December, hiking for the fifth consecutive meeting in response to stubborn inflation, and suggested that its tightening cycle was nearly over.

Nabiullina said it was not yet clear when exactly the regulator would start cutting rates, however.

“We really need to make sure that inflation is steadily decreasing, that these are not one-off factors that can affect the rate of price growth in a particular month,” she said.

Nabiullina said the bank was taking into account a wide range of indicators but primarily those that “characterize the stability of inflation”.

“This will take two or three months or more – it depends on how much the wide range of indicators that characterize sustainable inflation declines,” she said.

The bank will next convene to set its benchmark rate on Feb. 16.

The governor also said the bank should have started monetary policy tightening earlier than in July, when it embarked on the rate-hiking cycle.

Economy

China identifies second set of projects in $140 billion spending plan

Published

4 months ago

December 25, 2023

China identifies second set of projects in $140 billion spending plan

© Reuters. FILE PHOTO: Workers walk past an under-construction area with completed office towers in the background, in Shenzhen’s Qianhai new district, Guangdong province, China August 25, 2023. REUTERS/David Kirton/File Photo

SHANGHAI (Reuters) – China’s top planning body said on Saturday it had identified a second batch of public investment projects, including flood control and disaster relief programmes, under a bond issuance and investment plan announced in October to boost the economy.

With the latest tranche, China has now earmarked more than 800 billion yuan of its 1 trillion yuan ($140 billion) in additional government bond issuance in the fourth quarter, as it focuses on fiscal steps to shore up the flagging economy.

The National Development and Reform Commission (NDRC) said in a statement on Saturday it had identified 9,600 projects with planned investment of more than 560 billion yuan.

China’s economy, the world’s second largest, is struggling to regain its footing post-COVID-19 as policymakers grapple with tepid consumer demand, weak exports, falling foreign investment and a deepening real estate crisis.

The 1 trillion yuan in additional bond issuance will widen China’s 2023 budget deficit ratio to around 3.8 percent from 3 percent, the state-run Xinhua news agency has said.

“Construction of the projects will improve China’s flood control system, emergency response mechanism and disaster relief capabilities, and better protect people’s lives and property, so it is very significant,” the NDRC said.

The agency said it will coordinate with other government bodies to make sure that funds are allocated speedily for investment and that high standards of quality are maintained in project construction.

($1 = 7.1315 renminbi)

Economy

Russian central bank says it needs months to make sure CPI falling before rate cuts -RBC

Published

4 months ago

December 25, 2023

Nabiullina said it was not yet clear when exactly the regulator would start cutting rates, however.

“We really need to make sure that inflation is steadily decreasing, that these are not one-off factors that can affect the rate of price growth in a particular month,” she said.

Nabiullina said the bank was taking into account a wide range of indicators but primarily those that “characterize the stability of inflation”.

“This will take two or three months or more – it depends on how much the wide range of indicators that characterize sustainable inflation declines,” she said.

The bank will next convene to set its benchmark rate on Feb. 16.

The governor also said the bank should have started monetary policy tightening earlier than in July, when it embarked on the rate-hiking cycle.