The Colombian Central Bank is heading towards a hike in interest rate. The Colombian government is keen on checking inflation rise and control the current account deficit.
Government
White House to report 2017 budget proposal on Feb. 9
Office of Management and Budget director, Shaun Donovan, tweeted Thursday that President Barack Obama’s fiscal 2017 budget request will be rolled out on February 9.
South Korean exports drop for 12 months
Continuing 12-month falling streak, South Korea suffered drop in exports during December 2015 as well. The sluggish Chinese demand and weaker global outlook have impacted South Korea's exports in 2015. The drop in exports surpassed the forecast of economists.
China passes new controversial anti-terrorism law
The Chinese government just passed a new controversial anti-terrorism law as part of the country's effort to curb any threat either from the inside or outside of the country. According to the new law, the Chinese authority has the right to request for sensitive information from any technology firms in the country.
Budget legislation nearing approval for More Budget to fight Wildfires
Budget legislation closes in on an additional $610 million to fight wildfires in 2016, which still needs approval by the Congress. According to ABC News, the budget will be given to the US Forest Service, which spent $1.7 billion in extinguishing fires in 2015.
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Falling in line with the economists' forecast, the inflation rate in South Africa rose to 4.8 percent in November, registering its highest since July 2015. Consumer prices marginally rose 0.1 percent during the month. South Africa's currency Rand fell against US dollar, euro and pound. The currency depreciation is likely to be a major risk to the inflation outlook.
The capital outflows from the world's second-largest economy registered record level in November. The capital outflow grew almost three times in November from October.
Despite Prime Minister Shinzo Abe's "womenomics" plan to encourage more Japanese women in the workforce, the country doesn't seem to want to follow it. Japan's gender equality bureau has reduced its goal of hiring women in senior positions from 30% to 7% and leadership positions in the private sector to 15% by 2020.
Australia's Prime Minister Malcolm Turnbull, has announced a huge investment of $1.1 billion innovation fund to help startups and STEM. The National Innovation and Science Agenda, announced at Australia's science body in Canberra CSIRO on Monday, has been labeled as an "ideas boom" to move Australia forward after the "mining boom."
Hong Kong's international financial hub is reeling under pressure as the world's largest and second largest economies are impacting it more in a negative way.
China shows support to its long-time ally, Africa, by providing the continent funding support worth $60 billion.
The unemployment rate in Italy dropped to 11.5 percent in October, the lowest since 2012, reported the national statistics agency Tuesday.
In order to ensure faster processing of foreign arms sales in the US, the government is putting immense effort. In the financial year 2015, the foreign arms sales heaved 36% to 46.6 billion. Besides, as per pentagon official's view, the sudden surge expected to remain strong in the coming years.
The steep fall in oil price is impacting Russia's foreign trade more in a negative way, while the financial markets are witnessing renewed interest from overseas investors and fund managers as well.
