Christine Lagarde, managing director of the International Monetary Fund (IMF), speaks during a news conference at the IMF and World Bank Group Annual Meetings in Nusa Dua, Bali, Indonesia, on Saturday, Oct. 13, 2018. Lagarde said she still plans to attend the "Davos in the Desert" summit in Saudi Arabia, an event that has become shrouded in controversy after Turkish officials alleged Jamal Khashoggi, a Washington Post columnist who lived in self-imposed exile, was murdered in the kingdom’s consulate in Istanbul. Photographer: SeongJoon Cho/Bloomberg
Christine Lagarde forecasts more global economic turbulence. Bloomberg

IMF chief Lagarde says trade risks set to spur more volatility



Policymakers should prepare for more market volatility amid further financial tightening and “choppy” waters in the global economy stemming from trade tensions, said Christine Lagarde, managing director of the International Monetary Fund.

The fund’s advice to central bankers and finance chiefs is to continue building monetary and fiscal buffers for the risks ahead, she said at the conclusion of the IMF and World Bank meetings in Bali, Indonesia.

“Now is not the time to say, 'OK, fine, let’s just relax and do a bit of fiscal tolerance here and a slowing of reforms',” Ms Lagarde said. On the trade disputes, she said “our message was very clear: de-escalate the tensions, and open and reform the dialogue”.

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Read more:

China won't use currency as tool in trade war, Yi says

Next global financial crash may be staring us in the face

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The Bali meetings have been dominated by talk of the twin risks of trade and monetary policy tightening, coming in a week in which stock markets from the US to Asia were roiled as investors sought cover. Officials including Bank of Japan governor Haruhiko Kuroda urged the US and China to re-start talks around trade, while policymakers from emerging markets highlighted threats from Federal Reserve-led interest rate hikes.

As for officials’ ability to deal with the next financial crisis, Ms Lagarde said there is “still, now, limited policy space” but that the banking system is “much stronger” with better supervision and regulations, less non-performing loans and “still sensible” leverage.

Flexible exchange rates are playing a “very good role as a shock absorber,” she said.

“There are risks out there in the system, of course, and we need to be mindful of that, and we need to make sure the buffers are rebuilt,” Ms Lagarde said.

“It’s time to buckle up.”

Eyasses squad

Charlie Preston (captain) – goal shooter/ goalkeeper (Dubai College)

Arushi Holt (vice-captain) – wing defence / centre (Jumeriah English Speaking School)

Olivia Petricola (vice-captain) – centre / wing attack (Dubai English Speaking College)

Isabel Affley – goalkeeper / goal defence (Dubai English Speaking College)

Jemma Eley – goal attack / wing attack (Dubai College)

Alana Farrell-Morton – centre / wing / defence / wing attack (Nord Anglia International School)

Molly Fuller – goal attack / wing attack (Dubai College)

Caitlin Gowdy – goal defence / wing defence (Dubai English Speaking College)

Noorulain Hussain – goal defence / wing defence (Dubai College)

Zahra Hussain-Gillani – goal defence / goalkeeper (British School Al Khubairat)

Claire Janssen – goal shooter / goal attack (Jumeriah English Speaking School)

Eliza Petricola – wing attack / centre (Dubai English Speaking College)

The BIO:

He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal

He ascended Mount Everest the next year from the more treacherous north Tibetan side

By 2015, he had completed the Explorers Grand Slam

Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border

He carries dried camel meat, dried dates and a wheat mixture for the final summit push

His new goal is to climb 14 peaks that are more than 8,000 metres above sea level

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

Meg 2: The Trench

Director: Ben Wheatley
Stars: Jason Statham, Jing Wu, Cliff Curtis, Page Kennedy, Cliff Curtis, Melissanthi Mahut and Shuya Sophia Cai
Rating: 2/5

Chatham House Rule

A mark of Chatham House’s influence 100 years on since its founding, was Moscow’s formal declaration last month that it was an “undesirable
organisation”.

The depth of knowledge and academics that it drew on
following the Ukraine invasion had broadcast Mr Putin’s chicanery.

The institute is more used to accommodating world leaders,
with Nelson Mandela, Margaret Thatcher among those helping it provide
authoritative commentary on world events.

Chatham House was formally founded as the Royal Institute of
International Affairs following the peace conferences of World War One. Its
founder, Lionel Curtis, wanted a more scientific examination of international affairs
with a transparent exchange of information and ideas.

That arena of debate and analysis was enhanced by the “Chatham
House Rule” states that the contents of any meeting can be discussed outside Chatham
House but no mention can be made identifying individuals who commented.

This has enabled some candid exchanges on difficult subjects
allowing a greater degree of free speech from high-ranking figures.

These meetings are highly valued, so much so that
ambassadors reported them in secret diplomatic cables that – when they were
revealed in the Wikileaks reporting – were thus found to have broken the rule. However,
most speeches are held on the record.

Its research and debate has offered fresh ideas to
policymakers enabling them to more coherently address troubling issues from climate
change to health and food security.


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