By Reuters Staff
(Writes through)
May 13 (Reuters) - South Korea’s Hyundai Motor Group said on Thursday it planned to invest $7.4 billion in the United States by 2025 to produce electric vehicles, enhance production and further its investment in smart mobility solutions.
The announcement before U.S. President Joe Biden meets with South Korean President Moon Jae-in in Washington next week in talks that are expected cover North Korea, COVID-19 vaccines and semiconductor and other topics.
Biden has called for $174 billion in new spending to boost electric vehicles and charging. U.S. lawmakers are pushing for tens of billions of dollars in funding to shift to electric vehicles and away from gas-powered vehicles and build hundreds of thousands of charging stations.
By Reuters Staff
2 Min Read
OTTAWA, May 13 (Reuters) - The Bank of Canada said on Thursday that some of the monetary policy tools it is using to address the COVID-19 pandemic, such as quantitative easing (QE), could widen wealth inequality and that it was looking closely at the issue.
Governor Tiff Macklem, speaking to university students in Atlantic Canada by videoconference, said that while the QE program stimulated demand and helped create jobs, it was also boosting wealth by inflating the value of assets.
“But of course, these assets aren’t distributed evenly across society. As a result, QE can widen wealth inequality,” he said. “We will look closely at the outcomes of QE here and elsewhere and will work to more fully understand its impact on both income and wealth inequality.”
By Reuters Staff
1 Min Read
May 13 (Reuters) - South Korea s Hyundai Motor Co said on Thursday it planned to invest $7.4 billion in the United States by 2025 to produce electric vehicles, enhance production facilities and develop smart mobility solutions. (prn.to/33E6qMm) (Reporting by Ankit Ajmera in Bengaluru; Editing by Amy Caren Daniel)
3 Min Read
LONDON, May 13 (Reuters) - Global debt levels declined for the first time in 2-1/2 years in the first quarter, driven by a fall in developed markets, but indebtedness across developing economies hit a fresh record, the Institute of International Finance (IIF) said on Thursday.
Total global debt fell by $1.7 trillion to $289 trillion with financials accounting for nearly half of that decline while government indebtedness continued to increase.
In contrast, emerging market debt levels rose by $600 billion to a fresh record high of over $86 trillion, though at a significantly slower pace the previous three quarters. This was due to a slower rise in emerging government debt largely due to fiscal constraints.
Mexico's central bank on Thursday kept its key interest rate steady, as expected, in a unanimous decision by its five-member board that reflected growing concerns about the path of inflation and expectations the next move would likely be a hike.