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Investors are ignoring warning signs that financial markets could be overheating and consumer debts are rising to unsustainable levels, the global body for central banks has warned in its quarterly financial health check.
The Bank for International Settlements (BIS) said the situation in the global economy was similar to the pre-2008 crash era when investors, seeking high returns, borrowed heavily to invest in risky assets, despite moves by central banks to tighten access to credit. Read more HERE.
North Korea has claimed that the rocket it test-fired on Wednesday morning is a new type of intercontinental ballistic missile that can strike anywhere on the US mainland, as it declared itself a “complete” nuclear state.
In a special announcement broadcast on state TV, the country’s leader Kim Jong-un said it had successfully tested a Hwasong-15, which appears to be an advanced version of ICBMs it launched in July. Read more HERE.
Emmerson Mnangagwa has been sworn in as president of Zimbabwe, becoming the country’s second leader since independence from white minority rule in 1980. Mnangagwa took his oath of office in front of tens of thousands of jubilant Zimbabweans who had gathered at a stadium in Harare, after greeting the crowd with a raised fist.
People sang and danced in the stands and raised banners reading “Dawn of a new era” and “No to retribution”. Mnangagwa himself has warned against “vengeful retribution”. Read more HERE.
Angela Merkel has indicated that she would rather have fresh elections than try to rule in a minority government as the collapse of German coalition talks posed the most serious threat to her power since she became chancellor more than a decade ago.
Merkel, who has headed three coalitions since 2005, said she was “very sceptical” about ruling in a minority government and suggested she would stand again as a candidate if elections were called in the new year..Read more HERE
The German president, Frank-Walter Steinmeier, has called on German political leaders to reconsider their positions the day after the collapse of coalition talks pushed the country into its worst political crisis in decades.
Coming out of talks with the chancellor, Angela Merkel, Steinmeier said he would meet all the party leaders this week. He urged a rethink that could allow them to form a government and sought to avoid a minority government under Merkel or fresh elections. Read more HERE.