Podcasts about International Monetary Fund

China has ample room to expand the global use of renminbi through trade and commodity settlement, supply chain finance and offshore market development, senior economists said, adding that the process will be gradual and largely hinges on continuing financial market reforms across the globe.经济学家表示，中国在通过贸易和大宗商品结算、供应链金融以及离岸市场发展来扩大人民币全球使用方面拥有充足空间。他们指出，这一过程将是渐进的，并在很大程度上取决于全球金融市场的持续改革。As the existing US dollar-dominated architecture sees an erosion of global trust and buckles under the strains of geopolitical conflict and the weaponization of financial infrastructure by some countries, the internationalization of the renminbi will help make the global monetary system more inclusive and resilient, they said.他们认为，在当前以美元为主导的体系面临全球信任侵蚀，并在地缘政治冲突和部分国家将金融基础设施武器化的压力下举步维艰之际，人民币国际化将有助于构建一个更加包容和更具韧性的全球货币体系。In an exclusive interview with China Daily, Zhu Min, former deputy managing director of the International Monetary Fund, said the trend of renminbi internationalization is “unstoppable”, and the technical pathway is “already mapped out”.国际货币基金组织前副总裁朱民在接受《中国日报》专访时表示，人民币国际化的趋势“不可阻挡”，技术路径“已经铺就”。Zhu pushed back against a long-held assumption that the renminbi could not become a major international currency without full convertibility and a fully liberalized capital account. “We need to correct this old mindset,” he said.朱民反驳了一种长期存在的假设，即人民币在没有实现完全可兑换和资本账户完全自由化的情况下，不可能成为主要的国际货币。“我们需要纠正这种旧的思维定式，”他说。He pointed to the IMF's Special Drawing Rights basket, a collection of five major international currencies that gives the renminbi a 12.48 percent weighting after the dollar and the euro, as proof that such constraints are not necessarily insurmountable.他援引国际货币基金组织特别提款权货币篮子为例，该篮子由五种主要国际货币构成，人民币以12.48%的权重位列美元和欧元之后。他认为，这证明了上述制约因素并非不可逾越。Expanding the use of the renminbi in cross-border trade settlement serves as a viable and crucial pathway toward its further internationalization, experts said.专家表示，扩大人民币在跨境贸易结算中的使用，是其进一步国际化的可行且关键路径。“For a currency to become truly global, settlement is a critical gateway,” said Miao Yanliang, chief strategist at China International Capital Corp. “And in that respect, China‘s trade leverage is growing.”中国国际金融股份有限公司首席策略师缪延亮表示：“一种货币要真正实现国际化，结算是一个关键门户。在这方面，中国的贸易优势正在不断增强。”Miao noted that China is the world's largest trading nation and largest crude oil importer, as well as a dominant consumer of copper, iron ore and soybeans. “That trade position gives China a unique advantage to gradually enhance the convenience and acceptance of renminbi settlement,” he added.他指出，中国是全球最大的贸易国和最大的原油进口国，也是铜、铁矿石和大豆的主要消费国。“这种贸易地位赋予了中国独特的优势，可以逐步提高人民币结算的便利性和接受度，”他补充道。In recent years, geopolitical shifts have accelerated the renminbi‘s adoption, with some commodity sellers increasingly exploring settling trade in renminbi.近年来，地缘政治的变化加速了人民币的使用，一些大宗商品卖家越来越多地探索使用人民币进行贸易结算。The recent disruption of shipping through the Strait of Hormuz has highlighted vulnerabilities in the existing dollar-centric oil trading system, said Shi Kang, chair professor at the PBC School of Finance at Tsinghua University.清华大学国家金融研究院副院长、五道口金融学院讲席教授施康表示，近期霍尔木兹海峡航运受阻事件，凸显了当前以美元为中心的石油交易体系的脆弱性。“In the coming period, we will see more oil trade settlement gradually shift away from the existing dollar-based system,” Shi said.“在未来一段时间，我们将看到更多的石油贸易结算逐渐从现有的美元体系中转移出去，”施康说。Beyond trade settlement, Zhu, the former IMF official, noted that strengthening the renminbi's role as a “financing tool in global supply chains” would also bolster its international standing.除了贸易结算，前国际货币基金组织官员朱民指出，加强人民币作为“全球供应链融资工具”的作用也将提升其国际地位。China accounts for nearly one-third of global manufacturing output, equaling the combined share of the United States, Japan, Germany and South Korea, yet its currency plays only a modest role in international finance, Zhu said, describing this as “a clear mismatch”.朱民表示，中国占全球制造业产出的近三分之一，相当于美国、日本、德国和韩国的总和，但人民币在国际金融中仅扮演着温和的角色，他将此形容为“一个明显的不匹配”。“The US' real economy has weakened, but it still underpins an enormous dollar system，” he said. “Geo-economic shifts inevitably drive changes in finance and beyond.”“美国的实体经济已经疲软，但它仍然支撑着一个庞大的美元体系，”他说。“地缘经济的变化必然推动金融及其他领域的变革。”A stronger renminbi is not only an inevitable choice for China‘s development, but also a necessity for global financial stability, Zhu stressed, saying that the renminbi could be used more extensively within global supply chains to align with China's manufacturing strength.朱民强调，更强势的人民币不仅是中国发展的必然选择，也是全球金融稳定的需要。他表示，人民币可以在全球供应链中更广泛地使用，以与中国制造业的实力相匹配。For a currency to become truly internationally strong, Zhu said, it must not only be usable for cross-border transactions, but also be held as a store of value and eventually repatriated or reinvested, all of which requires deep bond markets, robust derivatives markets and a liquid offshore market.他表示，一种货币要真正成为国际强势货币，不仅必须能用于跨境交易，还必须能作为价值储藏手段被持有，并最终能够回流或再投资，这一切都需要有深度的债券市场、稳健的衍生品市场和流动性充裕的离岸市场。Miao, from China International Capital Corp, suggested that China could increase the supply of offshore renminbi, including expanding the availability of government bonds and high-grade renminbi-denominated bonds, to provide global investors with secure renminbi holdings and to support the domestic economy.中金公司的缪延亮建议，中国可以增加离岸人民币的供给，包括增加政府债券和高等级人民币债券的可获得性，从而为全球投资者提供安全的人民币资产，并支持国内经济。In another development, the Ministry of Finance plans to issue a total of 84 billion yuan ($12.4 billion) of renminbi-denominated sovereign bonds in Hong Kong this year. The first two issues, totaling 29.5 billion yuan, were made in February and April.另一方面，中国财政部计划今年在香港发行总计840亿元人民币（约合124亿美元）的主权债券。其中，前两期共计295亿元人民币的债券已于今年2月和4月发行。The world is facing an urgent need for more diversified safe-haven assets and liquidity, said Shi, from Tsinghua University.清华大学的施康表示，世界迫切需要更多元化的避险资产和流动性。That is a gap that the renminbi, backed by China‘s proactive institutional opening-up, is increasingly positioned to fill, Shi added.他补充说，在中国积极主动的制度型开放支持下，人民币正日益能够填补这一空白。“We do not want to replace the dollar system, nor are we trying to develop a separate system，” Shi said. “China's goal is to address the weak links in the current monetary system, allowing more currencies to participate and thus enhance global financial stability.”“我们不想取代美元体系，也不是要建立一个独立的体系，”施康说。“中国的目标是解决当前货币体系中的薄弱环节，让更多货币参与进来，从而增强全球金融稳定。”Marc Uzan, executive director of the Reinventing Bretton Woods Committee, said that central banks are diversifying reserves, more energy deals are being priced in nondollar currencies, and countries are settling trade in local currencies. However, he acknowledged that the dollar‘s structural advantages remain significant, and “a swift end to dollar hegemony is unlikely”.重塑布雷顿森林体系委员会执行董事马克·乌赞表示，各国央行正在多元化其储备，更多能源交易正以非美元货币定价，各国也在使用本币进行贸易结算。不过，他也承认，美元的结构性优势依然显著，“美元霸权不太可能迅速终结”。He said he expects a multipolar future in which the dollar, euro and renminbi will each play a larger role, alongside regional currencies.他表示，他预计未来将出现一个多极化的格局，美元、欧元和人民币将与区域性货币一道，各自发挥更大的作用。external coercion /ɪkˈstɜːnəl kəʊˈɜːʒən/外部胁迫dominant consumer /ˈdɒmɪnənt kənˈsjuːmə/主要消费国PBC School of Finance, Tsinghua University /piː biː siː/清华大学五道口金融学院financing tool /ˈfaɪnænsɪŋ tuːl/融资工具manufacturing output /ˌmænjʊˈfæktʃərɪŋ ˈaʊtpʊt/制造业产出geo-economic shifts /ˈdʒiːəʊ iːkəˈnɒmɪk ʃɪfts/地缘经济变化store of value /stɔːr əv ˈvæljuː/价值储藏/保值手段Reinventing Bretton Woods Committee /ˌriːɪnˈventɪŋ ˈbretən wʊdz kəˈmɪti/重塑布雷顿森林体系委员会

As China and the United States race to expand their artificial intelligence capabilities, economists said the two countries need closer cooperation on global governance and safety standards in order to better manage the potential risks of the technology.在中美两国竞相提升人工智能能力之际，经济学家表示，两国需要在全球治理和安全标准方面加强合作，以更好应对该技术的潜在风险。While the US continues to lead in frontier AI research, large-scale models and computing power, economists said that China is rapidly catching up and has developed strengths in integrating AI into manufacturing, consumer services and other parts of the real economy, reflecting different development priorities in the two countries.尽管美国在前沿人工智能研究、大模型和算力方面继续保持领先，但经济学家表示，中国正在迅速追赶，并在将人工智能融入制造业、消费者服务及其他实体经济领域方面形成了优势，这反映了两国不同的发展重点。"There are two main players in the development of frontier AI — China and the US," economist and Nobel laureate Michael Spence told China Daily. "There's almost no measurable difference between them now in terms of performance. Whatever difference there was, China has caught up."“前沿人工智能的发展主要有两个参与者——中国和美国，”经济学家、诺贝尔奖得主迈克尔·斯宾塞在接受《中国日报》采访时表示。“就性能而言，现在两者几乎没有可测量的差异。无论过去存在什么差距，中国已经赶上了。”According to Stanford University's Institute for Human-Centered Artificial Intelligence, US and Chinese AI models have traded places at the top of performance rankings multiple times since early 2025.根据斯坦福大学以人为本人工智能研究所的数据，自2025年初以来，美国和中国的人工智能模型在性能排名榜首位置已经多次交替。As of March, the top US model led by only 2.7 percent, with a marginal gap that fluctuated over the past year while remaining in single digits, according to the institute's 2026 AI Index Report.根据该研究所发布的《2026年人工智能指数报告》，截至今年3月，美国顶尖模型的领先幅度仅为2.7%，这一微小差距在过去一年中有所波动，但始终保持在个位数。"The models of AI innovation pursued by China and the US are actually quite different," said Zhu Min, former deputy managing director of the International Monetary Fund.“中美两国所追求的人工智能创新模式其实存在很大差异，”国际货币基金组织前副总裁朱民表示。"The US focuses on large models, massive computing power and a strong foundational base, aiming for what we call 'artificial superintelligence'. What the US pursues is the development of intelligence itself," he said.“美国专注于大模型、巨量算力和强大的基础底座，目标是所谓的‘人工超级智能'。美国追求的是智能本身的发展，”他说。China, according to Zhu, measures AI development by a different yardstick.朱民表示，中国衡量人工智能发展的标准不同。"China, in contrast, emphasizes applying AI to the real economy. When assessing whether AI is good or not, China places greater weight on the benefits and convenience it can bring to the real economy and to people's daily lives," he added.“相比之下，中国更强调将人工智能应用于实体经济。在评估人工智能优劣时，中国更看重它能给实体经济和人们的日常生活带来的效益和便利，”他补充道。Spence noted that China's systematic approach to deployment gives it an edge that the West currently lacks.斯宾塞指出，中国在部署方面的系统性做法使其具备了西方目前所缺乏的优势。"China has, in my view, in the context of the 15th Five-Year Plan (2026-30), a better set of either plans or intentions to make sure that AI is deployed by and adopted across a wide range of the economy, both in manufacturing and services," Spence said.“在我看来，在‘十五五'规划（2026-2030年）的背景下，中国在确保人工智能在制造业和服务业等广泛经济领域得到部署和应用方面，有一套更好的计划或意图，”斯宾塞说。"We talk a lot about the diffusion challenge, but we are just talking about it. We are not doing anything," he added.“我们经常谈论推广的挑战，但只是停留在口头上，并没有采取任何实际行动，”他补充道。As both China and the US, along with other economies, are scrambling to scale up their AI capabilities, the risks are increasing too — and not just economic ones.随着中美两国及其他经济体都在争相提升人工智能能力，相关风险也在增加——而且不仅仅是经济风险。"AI carries significant uncertainty, including risks related to society, the environment and potential military uses," Zhu warned.“人工智能具有巨大的不确定性，包括与社会、环境以及潜在军事用途相关的风险，”朱民警告说。"Therefore, establishing a governance framework and safety 'guardrails' for AI is, I believe, the most critical imperative for China and the US as the two leading players in this field, and it is also what the world expects of them," he added.“因此，为人工智能建立治理框架和安全‘护栏'，我认为是中美作为该领域两个领先国家最紧迫的任务，也是世界对它们的期望，”他补充道。"The US tends to favor exogenous governance — building external oversight frameworks for monitoring and compliance," Zhu said. "China emphasizes an endogenous approach, embedding safeguards from the very beginning, even before model deployment, to ensure that AI benefits humanity."“美国倾向于外生治理——建立用于监控和合规的外部监督框架，”朱民说。“中国强调内生方法，在模型部署之前就从一开始嵌入安全措施，以确保人工智能造福人类。”Zhu noted that "both approaches are valid, open to discussion, and could together shape the future of AI governance".朱民指出，“这两种方法都是有效的，可以讨论，并且可以共同塑造人工智能治理的未来。”Spence said the US and China "can probably cooperate on certain aspects of regulation, such as not using the technology for highly destructive purposes".斯宾塞表示，美国和中国“可能在监管的某些方面展开合作，例如不将该技术用于高度破坏性的目的”。China and the US agreed to launch an intergovernmental dialogue on AI, Chinese Foreign Ministry spokesman Guo Jiakun announced at a news conference earlier this month.中国外交部发言人郭嘉昆在本月初的一次新闻发布会上宣布，中美两国同意启动人工智能政府间对话。Guo said that China and the US need to work together to promote the development and improve the governance of AI to ensure that it will better contribute to the progress of human civilization and the common welfare of the international community.郭嘉昆表示，中美需要共同努力，推动人工智能的发展，完善人工智能的治理，确保人工智能更好促进人类文明进步和国际社会共同福祉。cooperation /kəʊˌɒpəˈreɪʃən/ 合作

The IMF warns that Ireland's resilence can't be taken for granted. For more on this our Work and Technology Correspondent, Brian O'Donovan.

Cyber and Operational Risk in the Quantum Era: Financial Stability amid Escalating Geopolitical ConflictThis panel took place at the 2026 International Monetary Fund and World Bank Group Spring Meetings.Financial stability is under fire as geopolitics and cyber risk collide. As global tensions intensify and technological capabilities accelerate, financial institutions face a rapidly evolving threat landscape where cyber operations, financial crime, and state-sponsored actors are increasingly intertwined. From ransomware campaigns and sanctions evasion to sophisticated cyber intrusions targeting critical infrastructure, adversaries are exploiting digital systems and global financial networks in new and complex ways.As these threats continue to evolve, the quantum horizon introduces an additional layer of strategic risk. This executive panel will examine how advances in quantum computing could reshape cyber and operational risk across the financial sector, while also considering the growing convergence between cyber-enabled crime, ransomware payments, sanctions evasion, and global illicit finance networks. Leaders from policy, finance, and technology will explore the implications of quantum-enabled decryption, the expanding links between cyber threats and illicit finance, and the operational vulnerabilities that could undermine confidence in critical financial infrastructure.The discussion focused on how institutions and regulators can strengthen resilience, enhance cross-border coordination, and prepare for a future in which emerging technologies, cyber conflict, ransomware, and financial crime increasingly intersect. The panel explored what these developments mean for international efforts to combat cyber-enabled financial crime and how global standards bodies, national authorities, and financial institutions can strengthen cooperation to protect the integrity and resilience of the international financial system.Opening Remarks:Cindy Termorshuizen, Deputy Minister of International Development, Government of CanadaPanelists:Giles Thomson, Director, Economic Crime and Sanctions, His Majesty's Treasury; Incoming President, FATFStefan Ingves, Chair, Toronto Centre; Former Governor, Sveriges RiksbankMichele Mosca, Professor, Institute for Quantum Computing, University of WaterlooModerator:Jennifer Elliott, Assistant Director, Monetary and Capital Markets, IMF; Board Member, Toronto CentreWatch the executive panel session here.Read the transcript here. Read their biographies here.

In order to promote the economic and social development of countries, you have to be clear about what economic and social development even means and how you'll measure these concepts. This is where official statistics excels. Many nations continue to build the capacity of their statistical systems to address the needs of their countries. Our episode today focuses on official statistics and statistical capacity development with guest Oliver Chinganya. Oliver Chinganya is the chairperson of the Board of Directors of the Zambia statistical agency, and co chair of the advisory board for Digital Earth Africa. He was recently appointed a senior advisor at the International Growth Center at the London School of Economics. Formerly, he was chairperson of the Board of Directors of the Zambia Statistical Agency and co-chair of the advisory board of the Georgia Africa until January 2025. Chinganya served as director of the African Center for Statistics and chief statistician at the UN Economic Commission for Africa, also known as UNICA. Until October 2025, he was vice president of the International Statistical Institute. His career also includes senior roles at the African Development Bank, the International Monetary Fund, and the Zambia Statistical Office. He is a fellow chartered statistician and chartered scientist of the Royal Statistical Society and is widely recognized for advancing statistical capacity and driving digital innovation across Africa.

As the world's two largest economies, China and the United States can benefit businesses on both sides and inject fresh momentum into global economic recovery by finding more common ground and working together to manage differences, said economists and business executives.经济学家和商界高管认为，中美作为全球最大的两个经济体，若能在更多领域凝聚共识，携手管控分歧，不仅能让两国企业从中受益，也能为全球经济复苏注入新的动力。The structural complementarity between the two nations, which spans manufacturing, technology and services, is too significant to be disrupted by trade frictions, they added.专家表示，中美在制造业、科技、服务业等领域存在着深厚的结构性互补，这种互补关系之牢固，绝非贸易摩擦所能撼动。"American companies are continuing to invest. American companies aren't going anywhere," said Sean Stein, president of the US-China Business Council, countering the narrative that US businesses are leaving China.美中贸易全国委员会会长肖恩·斯坦驳斥了“美资企业正在撤离中国”的说法。他强调：“美国企业仍在持续投资。它们哪儿也不会去。”"It's not just the China market anymore; it's the China platform," he said, noting that the platform encompasses everything — from consumer access and partnerships with local enterprises to research and development and supply chain resilience — which is "only becoming more important".他进一步指出：“这已不仅仅是‘中国市场'的概念，而是‘中国平台'。”他表示，这个平台涵盖了触达消费者、与本土企业合作、研发到供应链韧性等方方面面，其重要性“与日俱增”。Stein emphasized that coming to China will help US business leaders develop a clearer view and a more realistic understanding of where China stands. Until that happens, it is easy to imagine dangers and concerns that may not be as serious as they seem, he said. "Twenty-five years ago, no one came to China to do R&D. Now what I'm seeing is that the best companies are coming and doing some of their most important R&D," he added.斯坦还强调，亲自来中国走一走、看一看，有助于美国商界领袖更清晰、更真实地了解中国的真实情况。在此之前，人们很容易想象出那些或许并不如想象中严重的风险和忧虑。“25年前几乎没有人会来中国做研发，而现在，我看到的是最优秀的企业纷纷来到这里并开展一些最具分量的研发工作。”According to data from the Ministry of Commerce, foreign direct investment in China's high-tech industries surged 30.7 percent year-on-year to 102.73 billion yuan ($15.12 billion) in the first quarter of 2026, pushing the sector's share in total FDI to 41.2 percent.来自商务部的数据显示，2026年第一季度，中国高技术产业实际使用外资同比增长30.7%，达1027.3亿元人民币（约合151.2亿美元），高技术产业占全国实际使用外资的比重升至41.2%。Eric Zheng, president of the American Chamber of Commerce in Shanghai, said that if US companies want to remain globally competitive, they should invest in China. "A US company that can thrive in China can succeed in many other markets around the world. The experience and capabilities built here can be directly applied elsewhere," he said.上海美国商会会长郑艺表示，美国企业若想保持全球竞争力，就应该到中国投资。“一家能够在中国蓬勃发展的美国企业，同样有能力在全球众多其他市场取得成功。在中国积累的经验和能力，是可以在其他地方直接复用的。”Zheng added that the complementarity of the US-China economic relationship means that stable and predictable bilateral trade ties serve the fundamental interests of both nations and greatly benefit businesses on both sides.郑艺还指出，中美经济关系的互补性决定了稳定、可预期的双边贸易关系不仅符合两国根本利益而且对双方企业都大有裨益。Geoff Martha, chairman and CEO of the US-based medical technology company Medtronic, said that China is not only a market with the potential to become the world's largest market for medical technology, but also a valuable partner.美国美敦力公司董事长兼首席执行官杰夫·马萨表示，中国不仅是有潜力成为全球最大医疗器械市场的国家，更是一个值得珍视的合作伙伴。"That commitment is reflected in our long-term investments," he said. "We see strong alignment between China's focus on new quality productive forces and Medtronic's work to develop next-generation technologies that can improve care and expand access for patients."他说：“这一承诺充分体现在我们的长期投资中。我们看到，中国着力推动的新质生产力，与美敦力致力于研发新一代医疗技术、提升诊疗水平、惠及更多病患的努力高度契合。”Surveys indicate that US businesses prefer stability over confrontation. In late April, a white paper released by the American Chamber of Commerce in China noted that more than half of US companies in China still rank the country among their top three global investment destinations.多项调查显示，美国企业更倾向于稳定而非对抗。4月下旬，中国美国商会发布的白皮书指出，在华美资企业中，有超过一半仍将中国列为其全球三大投资目的地之一。Liao Fan, director of the Chinese Academy of Social Sciences' Institute of World Economics and Politics, said that despite years of trade tensions and escalating rhetoric, the underlying economic logic of China-US cooperation remains intact.中国社会科学院世界经济与政治研究所所长廖凡指出，尽管经历多年贸易摩擦和言辞交锋不断升级，但中美合作的深层经济逻辑并未动摇。"You cannot decouple two economies that have been interwoven together over decades through investment, supply chain integration and market interdependence. The cost of separation would be measured in trillions of dollars and millions of jobs," Liao said.“中美两国经济数十年来通过投资、供应链整合和市场相互依存而紧密交织在一起，根本无法‘脱钩'。强行分离需要付出的代价，将是以万亿美元和数百万个工作岗位来衡量的。”Zhang Yansheng, a researcher at the Chinese Academy of Macroeconomic Research, noted that China and the US are not only very important for each other, but their relationship is of utmost importance for the world.中国宏观经济研究院研究员张燕生指出，中美两国不仅对彼此极为重要，中美关系更是对整个世界至关重要。According to the International Monetary Fund, the combined nominal GDP of China and the US accounted for nearly 45 percent of the global economy in 2025. A report released in March by the US-based McKinsey Global Institute also showed that the decline in US-China trade reduced global trade growth by around 10 percent last year.根据国际货币基金组织的数据，2025年中美两国的名义GDP合计占全球经济总量的近45%。麦肯锡全球研究院3月发布的一份报告也显示，去年中美贸易额的下降导致全球贸易增速放缓了约10个百分点。He Weiwen, a senior fellow at the Beijing-based think tank Center for China and Globalization, said that for the relationship to be truly fair and mutually beneficial, the US must remove the unreasonable restrictions it has imposed on China.全球化智库（CCG）高级研究员何伟文表示，要实现中美关系真正的公平互利，美方必须取消其对中国施加的不合理限制。encompass /ɪnˈkʌmpəs/涵盖，包含decouple /diːˈkʌpəl/脱钩alignment /əˈlaɪnmənt/契合，一致性interwoven /ˌɪntəˈwəʊvən/紧密交织的think tank /ˈθɪŋk tæŋk/智库impose on /ɪmˈpəʊz ɒn/强加于

This episode features Kenneth Rogoff, Professor at Harvard University and former Chief Economist at the International Monetary Fund, in conversation with Volkan Benihasim, HSBC's Global Head of Macro – FX, Rates and Commodities. They explore the evolution of dollar dominance and what could shape the next chapter – from central bank independence and fiscal discipline to the rise of the renminbi and digital finance.Watch or listen to find out more.This episode was recorded on the sidelines of the HSBC Global Investment Summit in Hong Kong in April 2026. Find out more here https://www.business.hsbc.com/en-gb/campaigns/global-investment-summitDisclaimer: Views of external guest speakers do not represent those of HSBC.Copyright © Kenneth Rogoff 2026, All Rights Reserved

Plus: Sony projects double-digit earnings for the new fiscal year despite sharp fourth-quarter losses. And the International Monetary Fund warns that AI-powered cyberattacks could cause major market disruptions. Danny Lewis hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

The closure of the Strait of Hormuz is like a ticking time bomb for the global economy, disrupting the flow of energy and rippling through industries from agriculture to semiconductors. How bad could it get? The International Monetary Fund has cut its forecast for global growth this year from 3.4 percent to 3.1 percent in the best-case scenario and 2 percent in the worst case. What countries will be the most affected, and what can they do to protect themselves? Gita Gopinath, an economics professor at Harvard University who was formerly the first deputy managing director of the IMF, joins FP Live to discuss. IMF's World Economic Outlook: Global Economy in the Shadow of War Ravi Agrawal: The World Is Paying the Price for America's War Keith Johnson: Why Iran Isn't Blinking Yet Jason Bordoff and Spencer Dale: Making the U.S. More Resilient to Oil Price Shocks Esfandyar Batmanghelidj: The Iran War Is Jeopardizing the Entire Global Economy Learn more about your ad choices. Visit megaphone.fm/adchoices

Continuing tradition, host Landry Signé joins top global leaders on the sidelines of the World Bank and International Monetary Fund's 2026 Spring Meetings. The ongoing conflict in the Middle East loomed over this year's gathering, as agencies considered how to maintain their development agendas amidst the closure of the Strait of Hormuz and the resulting fuel supply crisis. Show notes and transcript Foresight Africa podcast is part of the Brookings Podcast Network. Subscribe and listen on Apple, Spotify, Afripods, and wherever you listen to podcasts. Send feedback email to podcasts@brookings.edu.

Kristalina Georgieva is not like previous heads of the International Monetary Fund. She grew up behind the Iron Curtain in Bulgaria, which was then part of the Soviet bloc. Born in Sofia in 1953, her father was a civil engineer and her mother a shopkeeper. Life was tough because her family weren't part of the Communist Party regime. Her father fell ill when Kristalina was young and she was just fifteen when she went to work at the local food market. She studied economics at the then Karl Marx Higher Economic Institute and then in the late 1980s she headed to London to spend a year at the London School of Economics. Over the last 30 years she's landed top jobs at the World Bank and the European Commission. In 2019, she was appointed managing director of the IMF, becoming the first person from an emerging economy to lead the institution. In the rare moments when she's not working, friends, colleagues and family paint a picture of a fun-loving woman who likes nothing better than dancing and singing. Becky Milligan explores Kristalina's life and career. Contributors Dessislava Kinova - daughter Iliyana Tsanova - friend and Chief Risk Officer at the European Commission Lord Nick Stern - friend and environmental economist Lord Mark Malloch Brown - friend and former World Bank Vice President Ivan Krastev - friend and political scientist Galia Mintcheva - special adviser Archive 60 Minute interview - CBS Face the Nation interview - CBS IMF news conference - UN Audiovisual Library Georgieva at Fortune MPW summit - Fortune MagazineProducer: Nathan Gower Editor: Justine Lang Sound mix: James Beard Production co-ordinator: Maria Ogundele

It's almost two months since the United States and Israel went to war with Iran. And in spite of a ceasefire the vital Strait of Hormuz through which 20 per cent of the world's oil and liquefied natural gas passes on tankers, is still effectively closed. The oil price remains high, affecting economies around the world. The most recent assessment from the International Monetary Fund warned that the war could throw the world economy “off course” and a prolongued conflict risked causing a global recession. David Aaronovitch asks what this means for us now and whether an end to the conflict could re-set the world's economies or have conditions changed for good?Guests: Joseph Stiglitz, American economist and recipient of the Nobel Memorial Prize in Economic Sciences and Professor at Columbia University Duncan Weldon, author and economist Diana Choyleva, economist and founder of Enodo Economics. Presenter: David Aaronovitch Producers: Caroline Bayley, Sally Abrahams, Kirsteen Knight Production Co-ordinator: Maria Ogundele Sound engineer: Neil Churchill Editor: Richard Vadon

Back from the IMF Spring Meetings in Washington, Simon Waever and Seth Carpenter unpack what policy makers and investors could be underpricing: the growth hit from higher energy costs, the risk of too much tightening by central banks and why emerging markets still look resilient.Read more insights from Morgan Stanley.----- Transcript -----Simon Waever: Welcome to Thoughts on the Market. I'm Simon Waever, Morgan Stanley's Global Head of Emerging Markets Sovereign Credit and LatAm Fixed Income Strategy. Seth Carpenter: And I'm Seth Carpenter, Global Chief Economist and Head of Macro Research. Simon Waever: Today: The key takeaways for investors from the International Monetary Fund spring meetings in Washington, D.C. It's Tuesday, April 21st at 10am in New York. Every six months, the IMF meetings in D.C. bring policy makers and investors together to take stock of the global economy. And we were both there as part of our IMF policy pulse conference. This time, continuing a pattern of recent years, the backdrop was a bit more complicated. Investors are weighing the economic fallout from the Iran conflict, potentially more persistent inflation pressures, and, as always, rising concerns around global debt and fiscal sustainability. So, the key question coming out of Washington is how do these risks reshape the outlook, and what should investors be paying attention to now. Let's start with the growth outlook, Seth. When you think about the Iran conflict, what's the single biggest channel through which it could hit global growth? And is that risk underpriced by markets today? Seth Carpenter: I think it really is underpriced, and not just by markets. I would say I had conversations with investors, but also with policy makers down in Washington. And I would say relative to my views on things, both markets and policy makers are under appreciating how much of a hit to growth this could be. Where is it going to happen? What's the channel? Well, that actually – that differs depending on which economy that you're looking at. I would say here in the U.S., it's primarily the middle- and lower-end of the income distribution. Higher energy prices, gasoline prices going up, taking away at discretionary income, especially in what we've been calling this K-shaped economy where the bottom half is already struggling. So, a bit of a hit primarily to consumption spending. I'd say in other parts of the world, it's broader. Asia – we are already starting to see rationing being imposed for production, for public transportation in lots of ways that really are going to crimp spending both by households and businesses. And then of course Europe. Well, they're still in some ways reeling and adapting from the energy price shock. When Russia invaded Ukraine, natural gas prices went up a lot more then. But I think there's still an adjustment process going on. So, I think the potential hit to growth is real. I think it has spread across economies around the world, but each different economy, each different country has its own sort of nuance and flavor to it. Simon Waever: And what about the central banks? I know you met with quite a few of them as well. Are they at risk of being behind the curve on inflation or is actually the bigger mistake now look like over-tightening? Seth Carpenter: Yeah, I really think the over-tightening is the bigger risk here. It's funny, being behind the curve. That's a phrase that I did hear a lot, especially among some of the European policy makers. And people are feeling scarred, I guess you could say, from the surge in inflation that we got coming out of COVID. But history suggests that these sorts of surges in energy prices tend to be: one, more focused in headline inflation rather than core; and second, they do tend to revert on time and go away, over time. And I would say the bigger the hit to growth, the more likely it is that the inflationary impulse will start to fade on its own. And so, I do think there's too much reliance maybe on the inflation side of things, maybe not quite enough on the growth. And so, when I weigh the pros and cons, I would say the risk is probably too much tightening rather than not enough. But you know, Simon, I tend to spend more of my time in Washington talking to policymakers and investors who are focused on the developed market economy. So, I talked to people about the Fed, talked to people about the ECB. Morgan Stanley's real strong suit, when we do these conferences of the meeting though, is our EM focus. And I know you and the rest of the team have really over the years ramped up our engagement. So, when you think about the conversations that you had with investors and with officials, what do you think has, sort of, shifted most in recent months? And maybe what's shifted over the past week because the news flow has been going back and forth. What's going on in emerging markets that investors need to know about? Simon Waever: Right. I would say the first, and by far the biggest focus throughout the week was the disconnect between the very positive market sentiment versus actual developments in the Iran conflict. I think many participants believe the mood would be much worse and that the decision coming out of the meetings would be whether to buy into a challenging backdrop or just stay away. But instead, I think they came away thinking that the mood was actually fairly upbeat. But also that markets are pricing in a substantial probability of a resolution already. And that brings me to my second takeaways, and that's around EM resilience. EM has faced multiple macro shocks in recent years. And I think it's fair to say that EM policymakers, including central banks, have built up their credibility when it comes to responding to such events and the volatility they bring. Several of the EM central banks we met were positively surprised by the resilience of FX markets but also noted that they would still err on the side of caution. EM fundamentals also help in this aspect, which has seen contained external imbalances versus the past and mechanisms to deal with the energy price shock.Of course, with everything else impacted by the war, duration matters – especially as fiscal buffers are not equal across EM. But I would say in general it reaffirms our view that EM is in a good place to absorb and deal with the uncertainty. And that would actually be my third and final point. That the year as a whole should be good for EM assets, assuming that trajectory remains one of de-escalation. And I think that does extend to FX as well, where the market may quickly return to trading U.S. dollar weakness, particularly if the market's priced more of the Fed cuts that you expect. Seth Carpenter: Got it. So, you did say, assuming we return to a theme of de-escalation, and I guess we have that built into our forecast. The last four or five, six days has seen lots of back and forth. But if we do assume we end up de-escalating the current crisis in the Middle East, looking across EM [be]cause it really is a differentiated, subtly nuanced, broad part of the world. If I had to push you a little bit and say, where do you see the clearest winners? What would you point at? Simon Waever: Sure. I mean, to me, LatAm remains a key winner. We've had this call since the start of the year, but if anything, the Iran conflict and my discussions at the IMF only reinforce this. The region is obviously physically removed from the Middle East, but there are also many large commodity exporters. And a lot of the discussions were around the political realignment with the U.S. and there are several examples. Just to give a few: Argentina as usual, was a key part of the discussions. And compared to the meeting six months ago, they were much more positive given what's been accomplished since, both in terms of the structural reforms and the FX purchases here to date. And I have to mention Venezuela given it was during the meetings last week that the IMF resumed dealing with them, which had been a key positive catalyst that we've been looking for. Brazil is obviously the biggest economy, and I would say sentiment was pretty positive. But also there's an acknowledgement that the elections in October are just too close to call. And that is likely to bring some uncertainty closer to the time. Seth Carpenter: Yeah, those are all super compelling examples [be]cause they mix the economics, the markets with the politics. Obviously you mentioned the elections coming up in Brazil; and then for Argentina it was this real huge landslide shift in what was going on because of an election there a couple years ago. And we're seeing how that's coming out. Alright, so let's go in the opposite direction. And not everything can be rosy, and even if as a class we're pretty optimistic and pretty constructive on EM… Do you think there are some key vulnerabilities across the space that you cover that maybe could surprise us to the downside? Or maybe that markets really aren't appreciating now and might have to rethink? Simon Waever: Yeah, I think to start with, we move outside of LatAm and in all those discussions it was much more about the extent of vulnerability to the conflict and in particular the energy exposure. And I would say in general, an oil price of eighties is a sweet spot for EM, sovereign dollar bonds. But differentiation should pick up a lot. I would say the obvious view would be that energy exporters should outperform importers. But what I would highlight is actually more around the differentiation within all the importers [be]cause that's where policy space can differ significantly. And even just within Central America and Caribbean, I would call out countries like Costa Rica and Guatemala as having more policy space than say, El Salvador or Dominican Republic. And within Africa, it really comes down to the energy balance and whether you have alternative financing sources. Seth Carpenter: Got it. Got it. That's really helpful. I will say every day, every week, every month we get new headlines about what's going on. I think you and I are both going to have to be glued to our screens to, sort of, follow what's going on and see how it affects markets. But I guess for here maybe we will call it quits. I really learned a lot from my time down in Washington. It sounds like you had some really good engagement too. Simon Waever: Yep. I agree. Thanks for taking the time to talk. Seth Carpenter: It's always good to talk to you, Simon. Simon Waever: As a reminder, if you enjoy Thoughts on the Market, please take a moment to rate and review us and share the podcast with a friend or colleague today.

Iran has announced that the Strait of Hormuz is open, but the Secretary General of the International Maritime Organisation tells us he wouldn't advise ships to use it, yet. Andrew Peach looks at how the impact of the ongoing conflict in the Middle East is continuing to affect oil and petrol prices. Elsewhere the International Monetary Fund and the World Bank have resumed dealings with Venezuela, nearly two decades after its former president Hugo Chávez cut ties. And we look at what's happening in the gaming industry where its stars are at the BAFTA Games Awards in London. Global business news, with live guests and contributions from Asia, Latin America and the USA. (Picture: A vessel at the Strait of Hormuz, off the coast of Oman's Musandam province on the 12th of April, 2026. Credit: Reuters)

Against the backdrop of the World Bank and IMF Spring Meetings, Devex reporters Adva Saldinger, Michael Igoe, and Ayenat Mersie dissect the stories they've been hearing on the ground this week. That includes the latest OECD figures showing a staggering 25% drop in official development assistance, the ripple effects of the conflict in the Middle East, and a newfound focus on rebuilding public consensus. The discussion also looks at the World Bank's bold new “sector-first” strategy, highlighted by the launch of Water Forward — an ambitious initiative aiming to provide one billion people with access to clean water through country-led compacts. The return of African trade corridors enters the discussion as well, along with the International Monetary Fund's scramble for concessional funding. To dig into these stories, listen to this episode of This Week in Global Development.

From Hormuz to Hungary and the Vatican to the Federal Reserve, it has been an unusually contentious week for the White House, even by the standards of President Trump's second administration. This week's podcast comes from the US, where our analysts assess the political and economic state of the US as it begins gearing up for the midterm elections.   From New York, Chatham House Director Bronwen Maddox and Director of the US and North America Programme, Laurel Rapp, are joined by David Lubin, Senior Research Fellow in the Global Economy and Finance Programme, who is in Washington for the International Monetary Fund and World Bank's annual Spring Meetings to discuss the global economy and financial markets.   The panel discuss the Iran ceasefire, nuclear negotiations, the Strait of Hormuz blockade, the health of the global economy, a setback for one Trump ally in Budapest and domestic criticism for President Trump over tensions between the White House and Pope Leo. For further reading, see David Lubin's commentary 'Dollar dominance is surviving the Iran war - just about'   Produced by Stephen Farrell.   Chatham House's latest: Comment | How to keep the Strait of Hormuz open in the long term Comment | Lebanon–Israel talks must be given a chance Comment | Hungary election: Orbán has been defeated – but will Orbánism survive? Magazine issue | Spring issue of The World Today Audio | The Climate Briefing podcast

The global economy is facing uncertainty as tensions in the Middle East escalate. The International Monetary Fund has cut its global growth forecast to 3.1%, warning that the outlook has "abruptly darkened" following the outbreak of war involving Iran. At the same time, China reported a steady 5% GDP growth in the first quarter, raising key questions about resilience and shifting economic dynamics. How did China sustain its growth? How is the Iran war impacting the global economy? And what does it mean for the world, and for you?

President Trump's new threat against the chair of the Federal Reserve. Plus, a second investigation has been launched into former congressman Eric Swalwell. Also, the International Monetary Fund is warning the Iran war could create a global shortage of oil and tip the world into a recession.   Learn more about your ad choices. Visit podcastchoices.com/adchoices

It's Thursday, April 16th, A.D. 2026. This is The Worldview in 5 Minutes heard on 140 radio stations and at www.TheWorldview.com.  I'm Adam McManus. (Adam@TheWorldview.com) By Jonathan Clark and Adam McManus 1 million Lebanese displaced by Middle East conflict The recent war in the Middle East between the U.S., Israel, and Iran has displaced over one million people in Lebanon.  Israel has bombed targets in Lebanon associated with Hezbollah, a Muslim militant group backed by Iran.  Christians make up a third of Lebanon's population. Sadly, Israel's bombardments there have lead to the deaths of over 2,000 people, including Christians.  Michel Constantin with the Catholic Near East Welfare Agency said, “Towns and villages in which Christians live in south Lebanon have also been violently attacked without any warning. Israel has bombed areas that have nothing to do with Hezbollah.” United States brokers peace deal between Lebanon and Israel The United States brokered peace talks between Lebanon and Israel in Washington, D.C. on Tuesday. It's the first time the two countries have held diplomatic talks in decades.  Lebanon and Israel agreed to work towards ending the influence of Hezbollah, the terrorist group. Listen to comments from U.S. Secretary of State Marco Rubio. RUBIO: “This is a historic opportunity. We understand we're working against decades of history and complexities that have led us to this unique moment. “Some of you are shouting questions about ceasefire. This is a lot more than just about that. This is about bringing a permanent end to 20 or 30 years of Hezbollah's influence in this part of the world.” Slow economic growth this year because of Middle East war The International Monetary Fund expects global economic growth to slow this year due to the war in the Middle East.  The conflict is driving up energy prices and disrupting shipping through the Strait of Hormuz.  The International Monetary Fund projects global growth to slow to 3.1 percent this year. That's down from its original forecast of 3.3 percent.   70% of Americans think taxes too high Yesterday was tax day in the United States. A new Fox News Poll found a record 70 percent of voters think their taxes are too high. That's up from 60 percent in 2025. Also, 75 percent of people see government spending as wasteful. That's up nearly 20 percentage points since 2025. The average single worker in the U.S. sends just under a third of their income to the government. That's according to a report by the Cato Institute.  U.S. fertility rate down The U.S. fertility rate fell to a new low last year, according to the Centers for Disease Control and Prevention.  The general fertility rate in 2025 was 53.1 births per 1,000 females aged 15 to 44. That's down one percent from the rate in 2024 and down 23 percent from 2007. The fertility rate for women in their 20s has dropped significantly. Meanwhile, the rates for women in their 30s and early 40s is growing.   Hegseth and Rubio will read the Bible aloud Nearly 500 leaders from all spheres of influence are about to gather in Washington, D.C. to read the entire Bible aloud. The Museum of the Bible is hosting its “America Reads the Bible” event from April 19 to 25. Participants will read Scripture for 12 hours each day. Readers include Rev. Franklin Graham, Dr. Ben Carson, War Secretary Pete Hegseth, and Secretary of State Marco Rubio. Six governors and 20 members of Congress will also be reading the Bible aloud.  The event's website says, “In honor of the 250th birthday of the United States, America Reads the Bible serves as a spiritual celebration of our nation's founding ideals and a call to rediscover the truth that still anchors us today.” Nehemiah 9:3 says, “And they stood up in their place and read from the Book of the Law of the LORD their God for one-fourth of the day; and, for another fourth, they confessed and worshiped the LORD their God.” Oklahoma principal risked life to stop school shooter An Oklahoma high school principal risked his life to stop a school shooter last week. The 20-year-old shooter opened fire inside the lobby of Pauls Valley High School last Tuesday afternoon. The principal, 60-year-old Kirk Moore, charged the shooter, tackling him to the ground. Another staff member helped disarm the gunman.  Moore was the only person injured in the incident, suffering a shot to his leg. However, he is healthy and recovering after being hospitalized. He wrote in a statement last Friday, “I am grateful that my instincts and training, as well as God's hand, were available to me on Tuesday.” John 15:13 says, “Greater love has no one than this, than to lay down one's life for his friends.” Today is the FINAL day to see “A Great Awakening” Christian film And finally, as the United States approaches its 250th anniversary, the word “liberty” is resurfacing in cultural debates, but for Sight & Sound President Joshua Enck, it carries a deeper meaning, inspiring the ministry's new film, “A Great Awakening,” reports The Christian Post. “On the Liberty Bell, it quotes Leviticus 25:10 which says, ‘Proclaim liberty throughout all the land and to all the inhabitants thereof.' Wnck, who also directed this film, said, “I want that liberty to ring out over this nation once again in the hearts of men and women.” The film centers on the unlikely friendship between 18th-century evangelist George Whitefield and Founding Father Benjamin Franklin, a deist.  Whitefield, widely regarded as one of the most influential preachers of the Great Awakening, traveled thousands of miles on horseback throughout the American colonies.   Enck said, “It was the first shared experience across the colonies. Eighty percent of colonists didn't just hear about Whitefield; they heard him preach. They were unified by something they could all believe in.” Remarkably, he spoke 18,000 times to 10 million people in person. One scene depicted in the film shows Whitefield preaching in a coal field in Bristol, England, drawing miners from underground. He wrote in his diary that he saw white streaks down their blackened cheeks from tears. The director explained, “They were a team. Franklin was the greatest promoter of the greatest event in American history. There were many preachers leading up to 1776, but there were none like Whitefield, and when you combined the power of his voice with Franklin's ability to get the word out, it unified the colonies.” According to Enck, before the political revolution came spiritual awakening. He noted, “Our tagline says it all: ‘Before the revolution, there was a revelation.'”  In the film, Whitefield delivers a line that encapsulates Enck's understanding of biblical liberty: “Blood will be shed for the liberty you're talking about, but blood was already shed [by Jesus Christ] for the liberty.” He added, “This film doesn't shy away from the Gospel. We don't soft-shoe anything.” Rather than portraying historical figures as flawless icons, the film highlights their humanity and need for a Savior. Today is the final day that A Great Awakening is in the theaters.  Make it a priority for your family to see it. Bring some friends. Check out special links to watch the trailer and purchase tickets in our transcript today at www.TheWorldview.com. The film's website is www.AGreatAwakening.com.  Close And that's The Worldview on this Thursday, April 16th, in the year of our Lord 2026. Follow us on X or subscribe for free by Spotify, Amazon Music, or by iTunes or email to our unique Christian newscast at www.TheWorldview.com.  Plus, you can get the Generations app through Google Play or The App Store. I'm Adam McManus (Adam@TheWorldview.com). Seize the day for Jesus Christ.

There could be big changes coming to longstanding bank regulations. With earnings season heating up, the discussion over capital rules is back in focus.    Credit Currents is on the ground in Washington, D.C. as the world's top policymakers and regulators attend meetings with the World Bank, International Monetary Fund (IMF) and Institute of International Finance (IIF).    We unpack what looser capital requirements could mean, the implications for credit, and how regulators and the US Federal Reserve are responding.    Host: Chandra Ghosal, Vice President, Senior Credit Officer, Moody's Ratings   Guest: Megan Fox, Associate Managing Director, Financial Institutions Group, Moody's Ratings   Related Research:  Banks – US – Proposed changes to risk-based capital requirements will likely be credit negative 18 March 2026 Banks – US – New philosophy of US banking supervision and regulation is credit negative 23 March 2026 Banks – US – A policy shift on liquidity regulation would have mixed credit implications 13 March 2026 Banking – US – Solid bank results likely in 2026, though sensitive to widening tail risk 16 March 2026 © 2026 Moody's Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody's information made available in this video. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Firefighters are responding to a significant fire at an oil refinery in Geelong. Prime Minister Anthony Albanese is in Malaysia today to speak with counterpart Anwar Ibrahim and attend other meetings, as he continues his southeast Asian campaign to shore up oil and fertiliser supplies. Treasurer Jim Chalmers is in the US today for crucial talks, as the International Monetary Fund delivers a grim forecast of a possible global recession. News from today's live program (1-2pm). - オーストラリアに残る国内製油所２カ所のうち１カ所で火災が発生し、被害が出ています。アルバニージー豪首相は石油の安定供給を目指し、きょう訪問先のマレーシアでイブラヒム首相との会談に臨みます。チャーマーズ豪財務相は、米ワシントンで今週開かれている国際通貨基金（IMF）と世界銀行の会合で、今後の経済をめぐる重要な話し合いに出席します。2026年４月16日放送。

The salient point of this discourse elucidates the multifaceted challenges currently besetting the furniture industry, characterized by a confluence of financial pressures, uneven consumer demand, and significant restructuring at the supplier level. As we delve into the intricacies of the market, we observe alarming indicators, such as the Chapter 11 filings by prominent entities like Supernova Furniture and QVC Group, each reflecting broader shifts in retail dynamics exacerbated by evolving consumer behaviors and inflationary pressures. Furthermore, while consumer spending remains resilient overall, the furniture sector specifically underscores a more selective purchasing pattern, as evidenced by a decline in sales amidst a backdrop of rising costs and housing market constraints. This podcast episode meticulously dissects these evolving trends, elucidating the implications for retailers and suppliers alike, and posits that the industry is navigating a period of transition rather than outright disruption. In light of these developments, our focus remains on fostering adaptability, discipline, and vigilance in anticipating future trajectories within this complex landscape. The discourse presented in this episode elucidates the prevailing dynamics within the furniture industry, with an emphasis on the multifaceted pressures that are currently shaping its trajectory. Notably, we observe a juxtaposition of retail stress and supplier restructuring, which together create a complex landscape for industry stakeholders. A salient example is the recent Chapter 11 filing of Supernova Furniture, a regional entity operating in Texas, which has unveiled the fragility of certain retail sectors. This filing not only highlights the precarious financial position of the company—reporting liabilities that significantly overshadow its assets—but also serves as a bellwether for potential ripples throughout the supplier network, as the creditors involved encompass a notable array of industry suppliers. Such developments compel us to consider the broader implications of these financial maneuvers, particularly in relation to the evolving consumer landscape, where spending is increasingly selective amid rising costs and inflationary pressures. In addition to retail distress, the episode delves into the broader economic context impacting the furniture sector. While consumer spending has shown resilience, the specifics of furniture sales reflect a more nuanced reality; the data reveals a slight decline in month-over-month sales despite a positive year-over-year trend. This dichotomy suggests that while consumers remain active in the marketplace, their purchasing decisions are increasingly influenced by a focus on essentials rather than discretionary items. The discussion also touches upon the demographic shifts in home buying patterns, with first-time buyers dwindling to historical lows, thereby constraining the market for full home furnishing purchases. As the episode progresses, it becomes evident that the convergence of these factors—retail restructuring, selective consumer spending, and demographic changes—underscores a significant transition within the industry, necessitating a reevaluation of inventory and sales strategies among retailers. Finally, the episode addresses the global economic landscape and its ramifications for the furniture industry. The International Monetary Fund's recent adjustments to global growth forecasts serve as a harbinger of potential disruptions, particularly with respect to critical supply chains affected by geopolitical tensions. The discussion of the Strait of Hormuz exemplifies how external pressures can escalate costs for essential materials such as plastics and aluminum, thereby exerting additional strain on manufacturing processes. This multifaceted analysis not only highlights the immediate challenges faced by the industry but also suggests an enduring need for adaptability among companies as they navigate an increasingly volatile economic environment. Collectively, these insights underscore the importance of maintaining a disciplined and flexible approach to strategy as the industry grapples with an array of interconnected issues that could shape its future trajectory.Takeaways:In the current landscape of the furniture industry, financial pressures are manifesting in various forms, prompting both retailers and suppliers to reassess their operational strategies.The recent Chapter 11 filings by notable companies like Supernova Furniture and QVC Group indicate significant restructuring efforts, reflecting broader challenges within the retail sector.Consumer behavior is shifting towards a more selective spending pattern, wherein individuals prioritize essential purchases over discretionary items, thereby affecting furniture demand.The decline in first-time home buyers, now at the lowest percentage in over 40 years, poses a considerable challenge to the furniture market, as these buyers typically drive substantial home furnishing sales.Suppliers are increasingly focusing on internal restructuring and cost management to adapt to an unpredictable market environment, highlighting the necessity for agility in operations.Global economic factors, including geopolitical tensions and rising material costs, are exerting additional pressures on supply chains, compelling companies to rethink their procurement strategies.

16 Apr 2026. UAE children are returning to classrooms but has the move come fast enough to ease financial pressure on schools? Education consultant Shaun Robison, CEO of BBD Education and GSM Middle East, tells us. Art Dubai is revealing more details of its 20th edition, one of the few major events still going ahead in May amid the conflict. Executive Director Benedetta Ghione on what will feel different this year and how the conflict is shaping it. And Stellantis on a new initiative giving UAE small businesses free access to Jeep, RAM, Peugeot and Citroën vehicles to help them stay operational right now.See omnystudio.com/listener for privacy information.

The Middle East conflict raged on during our Easter break and George Osborne comes back to us with news from Washington and word from friends in high places, like incoming Fed Chair Kevin Warsh. He and Ed Balls discuss the failed peace talks from George's other mate, JD Vance, and where things go from here. They then weigh in on the UK's shifting tone towards the Trump administration, and why they're becoming more critical. It's aiding them for now, but will it come back to bite them? The ongoing defence spending dilemma also rears its head with Labour peer George Robertson openly critcising the Government. The pair predict this will come to be the biggest challenge for Rachel Reeves and the Treasury in this year's budget.Earlier this week the International Monetary Fund forecast that Britain would be one of the countries worst hit by the Iran war. Ed explains why he disagrees with this assessment, and how the Bank of England can avoid debilitating inflation. George cautions that Reeves is in a tough spot, and faces some unpopular choices should the IMF's forecast come to fruition. Finally, George sheds some light on emerging cybersecurity threats particularly Anthropic's Mythos model. Alarms are ringing in Washington over this model, with the new threats of AI on defence and security becoming clear. George highlights the risk and opportunity inherent in these technological innovations, and they call for regulation as these models become more and more advanced.We love hearing from you, so please don't forget to send all your EMQs to questions@politicalcurrency and make sure to include a voice note of your question.Thanks for listening. To get episodes early and ad- free join Political Currency Gold or our Kitchen Cabinet. If you want even more perks including our exclusive newsletter, join our Kitchen Cabinet today:

The IRS has published its official list of occupations that qualify for the new 'no tax on tips' provision, giving millions of service workers potential tax relief. We examine the economic impact of this policy, who really benefits, and what it might mean for consumer spending patterns.Today's Stocks & Topics: Dutch Bros Inc. (BROS), Market Wrap, Nestlé S.A. (NSRGF), Nestlé S.A. (NSRGY), No Tax on Tips: What the IRS Ruling Actually Means for Workers and the Economy, HF Sinclair Corporation (DINO), The International Monetary Fund and Global Economy, Sandisk Corporation (SNDK), Western Digital Corporation (WDC), The Curve Steepener and the War.Our Sponsors:* Check out Anthropic: https://claude.ai/invest* Check out Pebl: https://hipebl.ai* Check out Quince: https://quince.com/invest* Check out TruDiagnostic and use my code INVEST20 for a great deal: https://www.trudiagnostic.comAdvertising Inquiries: https://redcircle.com/brands

World finance ministers meeting in Washington have been voicing their anger and frustration at the US because of the financial strains being placed on the global economy caused by its military offensive in the Middle East. Rachel Reeves from the UK described the US-Israeli war with Iran as 'folly' while France's finance minister Roland Lescure called for renewed efforts to unblock the Strait of Hormuz. The calls come as Iran's military widens its threats on shipping the Gulf to include the Red Sea and the Gulf of Oman - if the US naval blockade of Iranian ports continues. The International Monetary Fund has been warning of the risk of a global recession at its Spring Conference in Washington DC. There was further evidence of these concerns today. Hermes is the latest fashion house, after LVMH and Gucci-owner Kering to say sales have been weaker than expected at the start of this year...with spending hit both in the Middle East, but also fewer tourists visiting Paris and buying handbags and designer clothes. And there has been continued unrest in parts of India over wages, as the increased costs of living caused by the crisis continue to hurt the economy. Also in the programme - are hedge fund managers cashing in on the uncertainty of whether firms will receive refunds on tariffs?And we discover why Google is clamping down on so-called ‘back button hijacking'...when sites mess with your browser so you can't leave.Presenter: Leanna Byrne Senior Producer: Craig Henderson

Global economic leaders are gathering in Washington D.C. this week for the spring meetings hosted by the International Monetary Fund and World Bank, and energy strategy is at the top of the agenda. But the Trump administration's energy agenda and the Iran War are adding a new layer of complexity to those talks. POLITICO's Sara Schonhardt breaks down how that tension could shape global energy and economic policy in the years ahead. Sara Schonhardt is an international climate reporter for POLITICO's E&E News. Nirmal Mulaikal is the co-host and executive producer of POLITICO Energy.  Matt Daily is the energy editor for POLITICO. Cyril Zaneski is executive editor of POLITICO's E&E News. Debra Kahn is the editorial director for energy and environmental coverage at POLITICO. Veronica Tejera is the deputy head of Audio/Video at POLITICO. Our theme music is by Pran Bandi. Follow the show on Apple, Spotify, Youtube and Instagram. Follow POLITICO here:    ➤ X: https://x.com/politico/ ➤ Instagram:  / politico      ➤ Facebook:  / politico   For more reporting on energy and the environment, subscribe to Power Switch, our free evening newsletter: https://www.politico.com/power-switch And for even deeper coverage and analysis, read our Morning Energy newsletter by subscribing to POLITICO Pro: https://subscriber.politicopro.com/newsletter-archive/morning-energy Learn more about your ad choices. Visit megaphone.fm/adchoices

LISTEN and SUBSCRIBE on:Apple Podcasts: https://podcasts.apple.com/us/podcast/watchdog-on-wall-street-with-chris-markowski/id570687608 Spotify: https://open.spotify.com/show/2PtgPvJvqc2gkpGIkNMR5i WATCH and SUBSCRIBE on:https://www.youtube.com/@WatchdogOnWallstreet/featured  The latest report from the International Monetary Fund paints a bleak picture: the global economy is headed toward “bad, ugly, or severe.” Rising energy costs, persistent inflation, growing inequality, and geopolitical tensions are all expected to intensify. While the U.S. may be more insulated, higher prices and economic strain are still coming—raising a critical question: how prepared are we for what's next?

15 Apr 2026. The ceasefire is holding but the legal questions aren't going away. Chris Bailey-Gibbs from Hadef and Partners breaks down what UAE Labour Law actually says about workplace safety and your right to work from home. Plus, the IMF has cut its UAE growth forecast from 5% to 3.1% this year - economist Ed Bell tells us what that actually means. Sobha Realty launches a Dh40 billion waterfront city in Abu Dhabi, and SITA on why record aviation technology investment isn't delivering the results it should.See omnystudio.com/listener for privacy information.

The climate-denialist Trump administration is pushing the World Bank and International Monetary Fund to stop focusing on clean energy development projects. We take a closer look. But first: Russia vows to make up for any shortfall in Chinese oil supplies due to the US-Israeli war on Iran, and crude prices fall on hopes of renewed peace talks.   

In its World Economic Outlook report the International Monetary Fund says that, in a worst case scenario -  where oil, gas and food prices spike and remain high this year and next - global growth could fall below 2% in 2026. That's if the US-Israel war with Iran continues and high energy prices persist. It said the most severe conditions that could lead to a worldwide slowdown would include oil prices reaching an average $110 per barrel this year and hitting $125 in 2027. Based on these assumptions, the IMF said inflation could reach as much as 6% next year. This could force central banks to increase interest rates to slow the pace of price rises. We hear how Africa's fuel crunch continues - and hopes for a more stable future...Evergrande was once China's biggest real estate firm, before its debt crisis sent shockwaves through the wider economy.. Today the founder of the collapsed property giant Hui Ka Yan pleaded guilty to a series of fraud charges. It's a case that marks a major moment in the fallout from the company's collapse.And - how a gold pocket watch owned by a hero of the Sinking of the Titanic could fetch up to one hundred and thirty five thousand dollars at auction...Presenter Leanna Byrne Senior Producer: Craig Henderson

With the Global recession warning from the International Monetary Fund, Andrew Peach looks at rising oil, gas and food prices, and how they could force central banks to keep interest rates higher for longer.Also, European airlines call for emergency support as the conflict disrupts aviation.And we ask whether America's tipping culture improves service or simply keeps wages low.(Photo: People walk in front of the International Monetary Fund (IMF) HQ2 building in Washington, DC, USA, 13 April 2026. Credit: SHAWN THEW/EPA/Shutterstock)

The International Monetary Fund has warned that the Middle East conflict will cause more damage to the UK economy than any other member of the G7. Also: The former Nato secretary general Lord Robertson warns increasing welfare spending threatens the UK's ability to defend itself. And British households and businesses could get free electricity if they use appliances when there is excess energy in the grid.

Federal Liberals win all three by-elections to give Prime Minister Mark Carney a majority government. Carney government announces temporary suspension of federal tax on gas and diesel fuel until Labour Day. Ambassadors from Lebanon and Israel expected to hold first direct talks in decades today in Washington. International Monetary Fund lays out 3 global scenarios based on length of the war in Iran... All involve higher energy prices. Alberta's nursing union calls on AB Premier Danielle Smith to speed up plans for weapon detectors in hospitals. Australian actress Ruby Rose accuses Katy Perry of sexual assault, which singer denies. CBC News secret-shoppers uncover Loblaw, Sobeys still overcharging customers for underweight meat.

AP Washington correspondent Sagar Meghani reports the Iran war's fallout has led to the International Monetary Fund lowering its global economic growth forecast.

The International Monetary Fund is warning of a global economic slowdown, citing rising inflation, surging oil prices and instability tied to the conflict with Iran. New projections show growth weakening worldwide, with recession risks on the horizon. Subscribe to our newsletter to stay informed with the latest news from a leading Black-owned & controlled media company: https://aurn.com/newsletter Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The International Monetary Fund warns of rising inflation and reduced economic growth if the Strait of Hormuz isn't opened soon.

The International Monetary Fund warns of rising inflation and reduced economic growth if the Strait of Hormuz isn't opened soon.

The International Monetary Fund has lowered its global economic growth forecasts for 2026 to 3.1 percent amid the Middle East conflict.

Amid uncertainty around the war in Iran, the International Monetary Fund downgraded its outlook for the global economy under three different scenarios depending on how long the conflict would last.  Meanwhile, the United Nations Development Programme is warning that even if hostilities were to end today, the war could push more than 32 million people around the world into poverty by a 'triple shock' of energy disruption, food price increases and weaker economic growth.  

One of the authors of the government's Strategic Defence Review has hit out at what he calls "corrosive complacency" on the part of the government. Lord Robertson, a former Labour defence secretary and NATO secretary general, said current levels of welfare spending were unsustainable and that security must be prioritised. Also on the programme: The International Monetary Fund warns that the war in Iran will hurt the UK more than any G7 country. And we look at a landmark exhibition on the history of Black British music.

Three times since the 1970s, global imbalances have grown large. In the 1980s, the US trade deficit ballooned under Volcker's tight money and Reagan's tax cuts and military spending. In the 2000s, a global savings glut and then a US housing credit boom pushed the deficit to 6% of GDP. Today, the imbalances are back. The US current account deficit stood at 3.9% of GDP in 2025. The policy medicine this time: tariffs.Maurice Obstfeld of the Peterson Institute for International Economics and CEPR has written a chapter in the fourth Paris Report, published jointly by CEPR and Bruegel, examining that history, how policymakers responded, and what it can tell us about the effectiveness of policy remedies in 2026. He tell Tim Phillips that blaming foreigners misdiagnoses the problem if the US saves too little and invests heavily. The gap has to be financed from abroad. Good policy for the new global imbalances would requires three actors to move together: fiscal consolidation in the US, stronger consumption in China, and more investment in Europe. All three would benefit, none are close to doing it. The longer the can is kicked, Obstfeld warns, the greater the risk that the resolution arrives the way it always has: not through policy, but through crisis.The report discussed in this series of episodes:Rey, Hélène, Beatrice Weder di Mauro, and Jeromin Zettelmeyer (eds). 2026. The New Global Imbalances. Paris Report 4. CEPR Press and Bruegel. Free to download at cepr.org.The chapter discussed in this episode:Obstfeld, Maurice. 2026. "Global imbalances redux." In Rey, Weder di Mauro, and Zettelmeyer (eds), The New Global Imbalances. Paris Report 4. CEPR Press and Bruegel.To cite this episode:Phillips, Tim, and Maurice Obstfeld. 2026. “Global imballances redux”, VoxTalks Economics (podcast). Assign this as extra listening. The citation above is formatted and ready for a reading list or VLE.About Paris Report 4The fourth Paris Report, The New Global Imbalances, is a joint publication of CEPR and Bruegel. It was edited by Hélène Rey (London Business School and CEPR), Beatrice Weder di Mauro (Geneva Graduate Institute and CEPR, and President of CEPR), and Jeromin Zettelmeyer (Bruegel and CEPR). The report examines how, in a high-debt and fragmented world, excess savings, rising surpluses, and rising deficits pose a risk to stability and undermine the global trading system. It is free to download at cepr.org.About the guestMaurice Obstfeld is Senior Fellow at the Peterson Institute for International Economics and a Research Fellow of CEPR. He served as Chief Economist of the International Monetary Fund from 2015 to 2018. His research spans international finance, exchange rate economics, and macroeconomic policy. He is a former member of the Council of Economic Advisers under President Obama.Research cited in this episodeThe Plaza Accord (1985) was a joint agreement between the US, West Germany, France, the United Kingdom, and Japan to intervene in foreign exchange markets to depreciate the US dollar. It was negotiated because a surging dollar, driven by Volcker's tight monetary policy and the Reagan fiscal expansion, had pushed the US current account deficit to then-unprecedented levels and created severe competitive pressure on US manufacturing. The accord moved the dollar, but did not resolve the underlying imbalances; those were corrected by German reunification and the Japanese asset bubble, which were not planned by anyone.The Louvre Accord (1987) was a follow-up agreement among the same countries to stabilise the dollar once it had depreciated far enough. Obstfeld uses both episodes to illustrate that exchange rate agreements address the symptom, not the cause, and tend to sidestep the hard political decisions about fiscal policy.The global savings glut hypothesis, associated with Ben Bernanke, holds that rising savings outside the US in the early 2000s, particularly from Asian economies building dollar reserves after the Asian financial crisis and from oil exporters, depressed global interest rates and drove capital into US assets. Obstfeld argues that from around 2002 onward the better explanation is US demand pulling capital in: loose Fed policy, the housing boom, subprime lending, and equity extraction from rising home values all drove US spending higher, and the current account deteriorated as the dollar fell rather than rose.The One Big Beautiful Bill Act is US tax legislation that prevents the expiration of tax cuts that had been written into law, effectively delivering a tax reduction. Obstfeld points out that by lowering national saving it pushes the current account in the opposite direction to what the administration wants, partly undoing whatever modest deficit-reducing effect the tariffs might have through their revenue.The Draghi report and the Letta report are European policy documents calling for deeper integration, more investment, improved competitiveness, and a completion of the EU's capital markets and banking unions. Obstfeld cites them as pointing in the right direction for reducing Europe's current account surplus, alongside the defence spending increases that European countries are now pursuing.More VoxTalks Economics episodesThis episode is the first of two published simultaneously to mark the launch of Paris Report 4. In the second episode, Gilles Moëc, Chief Economist at AXA, explains why the US government is so keen to promote stablecoins and the risks they may pose to the financial system in the US and Europe.For an interview with two of the report's editors, Beatrice Weder di Mauro and Jeromin Zettelmeyer, on the problem of global imbalances, listen to The Sound of Economics, Bruegel's podcast. Available at bruegel.org.

Clement Manyathela speaks to Economist and Director at Inani Strategies, Xhanti Payi, who shares insights on the work and mission of the International Monetary Fund. The Clement Manyathela Show is broadcast on 702, a Johannesburg based talk radio station, weekdays from 09:00 to 12:00 (SA Time). Clement Manyathela starts his show each weekday on 702 at 9 am taking your calls and voice notes on his Open Line. In the second hour of his show, he unpacks, explains, and makes sense of the news of the day. Clement has several features in his third hour from 11 am that provide you with information to help and guide you through your daily life. As your morning friend, he tackles the serious as well as the light-hearted, on your behalf. Thank you for listening to a podcast from The Clement Manyathela Show. Listen live on Primedia+ weekdays from 09:00 and 12:00 (SA Time) to The Clement Manyathela Show broadcast on 702 https://buff.ly/gk3y0Kj For more from the show go to https://buff.ly/XijPLtJ or find all the catch-up podcasts here https://buff.ly/p0gWuPE Subscribe to the 702 Daily and Weekly Newsletters https://buff.ly/v5mfetc Follow us on social media: 702 on Facebook https://www.facebook.com/TalkRadio702 702 on TikTok https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/Radio702 702 on YouTube: https://www.youtube.com/@radio702 See omnystudio.com/listener for privacy information.

This week on Face the Nation, Vice President Vance returns to the U.S. empty handed following a marathon session of peace talks with Iranian leaders. What's next in the now 44-day war that has sent gas prices soaring around the world?  Will the fragile two week ceasefire hold? And what exactly is President Trump's goal in the conflict?  We hear from the Israeli Ambassador to the U.S. Michael Leiter, the top Democrat on the Senate Intelligence Committee Mark Warner and Republican Congressman Mike Turner. We also take a closer look at the war's impact on the global economy with the head of the International Monetary Fund, Kristalina Georgieva. Plus, hear the results of our latest CBS News poll.  To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

In his new book, 'The Doom Loop: Why the World Economic Order Is Spiraling into Disorder,' Eswar Prasad writes that "economic, political, and geopolitical factors are fuelling a doom loop, breeding turmoil rather than stability, disarray rather than order." Prasad joins EconoFact Chats to discuss why forces once expected to foster shared prosperity -- globalization, multilateral institutions and competition -- are instead driving instability, and why the erosion of domestic institutions makes this moment more dangerous than previous periods of volatility. Eswar is a Professor at Cornell University and a Senior Fellow at the Brookings Institution. He previously served as head of the International Monetary Fund's China division.

Shipping through the Strait of Hormuz remains at a standstill, sales of used electric vehicles are surging in the US, and the International Monetary Fund is warning that the war's shocks will be felt by the global economy for a while. Plus, the FT's Marton Dunai gives a rundown of the upcoming Hungarian elections. Mentioned in this podcast:OECD urges governments to rapidly unwind costly fuel duty cutsRefineries rush to secure oil cargoes as Iran maintains grip on HormuzSales of used EVs surge in US as petrol prices pass $4 a gallonWho is Péter Magyar, Viktor Orbán's nemesis?Donald Trump and JD Vance back Viktor Orbán ahead of Hungary's electionCredit: AP Archive, C-SPAN, Reuters Note: The FT does not use generative AI to voice its podcasts Today's FT News Briefing was hosted by Victoria Craig, and produced by Saffeya Ahmed and Sonja Hutson. Our show was mixed by Sam Giovinco. Additional help from Gavin Kallmann. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT's Global Head of Audio. The show's theme music is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

So, if you thought the inflation figures for February were high, hang because the number for March was off the charts.  That story is what we kick things off with this evening.  This is The Business News Headlines for Friday the 10th day of April, thanks for listening. In other news, a federal court is hearing a case about President Trump's latest tariffs. Meanwhile the head of the International Monetary Fund talks about the worry of economics given the war in Iran. In sports Kansas City wants the Royals to stay so will money talk? The Mayor of Washington D.C. has just proposed her final budget and it will cause eyebrows to raise. We'll check the numbers in The Wall Street Report and the IRS has some news for taxpayers that we'll tell you about.  Let's go! Thanks for listening! The award winning Insight on Business the News Hour with Michael Libbie is the only weekday business news podcast in the Midwest. The national, regional and some local business news along with long-form business interviews can be heard Monday - Friday. You can subscribe on  PlayerFM, Podbean, iTunes, Spotify, Stitcher or TuneIn Radio. And you can catch The Business News Hour Week in Review each Sunday Noon Central on News/Talk 1540 KXEL. The Business News Hour is a production of Insight Advertising, Marketing & Communications. You can follow us on Twitter @IoB_NewsHour...and on Threads @Insight_On_Business.

Editors Jimmy Lovaas and Awais Ahmad discuss the deadly flooding in Afghanistan and Pakistan, plus more on elections in Peru and Benin, meetings of the International Monetary Fund and the World Bank, and a major strike impacting the Los Angeles Unified School District.Subscribe to the show: Apple Podcasts, Spotify, and many more. These stories and others are also available in our free weekly Forecast newsletter.This episode includes work from Factal editors Awais Ahmad, Vivian Wang, Clara Ip Wai Nam, Jess Fino, and Theresa Seiger. Produced and edited by Jimmy Lovaas. Music courtesy of Andrew Gospe. Have feedback, suggestions, or events we've missed? Drop us a note: hello@factal.comWhat's Factal? Created by the founders of Breaking News, Factal alerts companies to global incidents that pose an immediate risk to their people or business operations. We provide trusted verification, precise incident mapping, and a collaboration platform for corporate security, travel safety, and emergency management teams. If you're a company interested in a trial, please email sales@factal.com. To learn more, visit Factal.com, browse the Factal blog, or email us at hello@factal.com.Read the full episode description and transcript on Factal's blog.Copyright © 2026 Factal. All rights reserved.

Bitcoin is facing pressure with growing calls for potential new lows as macro conditions tighten and banking stress begins to surface across the system. From liquidity issues in private markets to rising concerns around financial stability, cracks are forming just as traditional finance shows signs of strain. But at the same time, a very different story is unfolding—Coinbase is moving deeper into banking with new approvals, and the International Monetary Fund is signaling that digital assets are becoming a core part of the future financial system. With short-term weakness and long-term adoption colliding, the big question is whether Bitcoin is headed for another leg down—or if this is the setup for a much bigger shift. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of China Decode, Alice Han and James Kynge unpack the International Monetary Fund's blunt warning that China's export-led growth model is nearing its limits — just as the Supreme Court of the United States rolls back sweeping Trump-era emergency tariffs, reshaping the trade war at a pivotal moment. Then, China's hospitals are going viral. From Beijing to Hainan, foreign patients are seeking faster, cheaper treatment as part of Beijing's “Healthy China 2030” push to turn healthcare into a new growth engine — but could that spark domestic backlash? And finally, Seedance 2.0, the powerful new AI video model from ByteDance, is generating hyper-realistic celebrity deepfakes and rattling Hollywood. Is this the future of filmmaking — or the start of a new AI arms race? Learn more about your ad choices. Visit podcastchoices.com/adchoices