News from Around the World

Major contraction in Iran is driving the Middle East’s growth slowdown: IMF report

The International Monetary Fund’s latest regional outlook report for the Middle East and Central Asia, published Monday, paints a picture of uncertain economies weighed down by global factors like trade tensions as well as internal and regional turmoil.

Trade wars, oil price volatility, the risk of a disorderly Brexit and rising social unrest — and in the short term, a massive economic contraction in Iran as it buckles under heavy U.S. sanctions — are the biggest factors shaping the region’s outlook, according to the IMF.

Malpass shifts the World Bank from conferences to countries

WASHINGTON — David Malpass, who has been the president of the World Bank for seven months, is not a big fan of international development conferences. He has said so on several occasions, including again last week.

Mario Draghi declares victory in battle over the euro

From his corner office on the 40th floor of the European Central Bank’s gleaming twin tower headquarters in Frankfurt, Mario Draghi sums up how the ECB has been transformed during his presidency. “[The building] embodies our values,” says the 72-year-old Italian, with a touch of pride. “Transparency and independence.”

Mario Draghi prepares fresh stimulus as economic fears grow

Mario Draghi is preparing to cut interest rates and embark on a fresh round of bond purchases before he leaves the European Central Bank this autumn, in a bid to boost the eurozone’s economy and combat mounting global uncertainty over trade.

Merkel Rejects Growing Calls to Fend Off Slowdown With More Spending

Chancellor Angela Merkel rejected growing calls at home and abroad to fend off an economic slowdown with increased spending, saying that the problem wasn’t a shortage of money for investment.

Mexico Pushes to Keep Canada in Nafta

Mexico’s president-elect said he will push to keep Canada in the North American Free Trade Agreement, as Mexican officials scrambled to try to broker a last-minute deal between Washington and Ottawa.

Morgan Stanley: If the trade war escalates, a recession will be here in 9 months

If the U.S. continues to raise a wall of tariffs on Chinese goods in the coming months and China responds, expect a global recession in three quarters, Morgan Stanley said Monday.

“As we view the risk of further escalation as high, the risks to the global outlook are decidedly skewed to the downside,” Morgan Stanley chief economist Chetan Ahya said.

Nafta Isn’t Dead Yet, Despite Missed Deadline

WASHINGTON—President Trump has concluded that trade talks with Canada have reached an impasse, giving up on the self-imposed Sept. 30 deadline for completing a full rewrite of the North American Free Trade Agreement.

Nations using oil as a weapon threatens OPEC: Iran oil minister

GENEVA (Reuters) - Any country using oil as a weapon could cause the collapse of oil producer group OPEC, Iran’s Oil Minister Bijan Zanganeh said on Wednesday, according to SHANA, the news outlet of the oil ministry.

New face of the Bank of England's £50 note is revealed

Computer pioneer and codebreaker Alan Turing will feature on the new design of the Bank of England's £50 note.