FT News Briefing China is not out of the woods yet
Jan 18, 2024
A key IMF official warns that central banks must tread carefully on interest rate cuts to avoid fuelling inflation. BP has appointed a new CEO, Murray Auchincloss, amidst internal changes. Meanwhile, Rishi Sunak faced political turbulence over his controversial Rwanda asylum bill. In a concerning trend, China's population decline accelerates, coinciding with one of the lowest economic growth rates in decades. The country grapples with demographic challenges, including an aging population and low birth rates, urging for measures to bolster consumer spending.
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Cautious Rate Cuts
- Central banks should be cautious about cutting interest rates too quickly.
- Premature rate cuts can fuel inflation and create counterproductive economic expectations.
BP's New CEO
- BP appointed Murray Auchincloss as permanent CEO, marking a departure from tradition.
- Auchincloss's background is in finance, unlike previous CEOs who came from oil operations.
Auchincloss's Priorities
- BP chose Auchincloss for stability after Bernard Looney's controversial exit.
- He's expected to focus on boosting share price, a key concern for investors.