All articles tagged with #devaluation
Xbox studio leaders reportedly detest Game Pass, arguing the subscription devalues their $40+ games by making them available for pennies, a contention that coincides with layoffs and a shrinking subscriber base; Bloomberg’s Jason Schreier says the service isn’t dead, but Xbox may remove day-one releases for major titles to restore profitability, signaling a potential shift in how big games debut on the platform.
Argentina's annual inflation reached 211.4% in 2023, the highest in 32 years, driven by shock measures including a 50% currency devaluation by President Javier Milei. The monthly inflation rate for December was 25.5%, slightly below the government's forecast of 30%. Milei aims to stabilize macroeconomic variables and eventually dollarize the economy, but acknowledges the initial negative impact on employment, wages, and poverty levels, with an estimated 40% of the population living in poverty. Food, beverages, and medications saw significant price increases, contributing to the soaring inflation.
Argentina's new president, Javier Milei, has announced drastic measures to rescue the country's ailing economy, including slashing the currency's value, reducing aid to provincial governments, suspending public works, cutting subsidies, and raising taxes. The economy is in a dire state, with high inflation, shrinking GDP, and mounting debts. While some economists believe these radical steps are necessary, there are concerns about the potential backlash from the population as they face increased costs and economic pain. Milei's plan aims to balance the budget by 2024 through spending cuts and tax hikes, with support from the International Monetary Fund. However, critics argue that the plan will cause unnecessary suffering, and there are debates about the effectiveness of the proposed devaluation.
The value of NFL running backs has significantly decreased over the years, with the position becoming more expendable in a passing league. Factors contributing to this devaluation include the rise of massive quarterback contracts, shorter career spans, and a lack of correlation between high-paid running backs and winning. Teams have shown that they can succeed without star running backs, and paying running backs big contracts has not translated into playoff success. Additionally, the position has seen numerous veteran contracts flop, further diminishing its value. To increase their worth, running backs need to perform better on second contracts and add more value in the passing game. However, the current standstill between teams and running backs suggests that both sides are struggling to find common ground.
The Russian ruble hit a 15-month low against the euro and dollar, falling further due to weak exports and ongoing market concerns following Yevgeny Prighzohin's failed mutiny. The Central Bank attributed the ruble's devaluation to the decrease in exports, resulting in less foreign currency entering Russia. The continued devaluation poses potential inflationary risks, which will be considered during the upcoming Central Bank meeting. Capital outflows and Russian companies keeping export proceeds offshore were also identified as factors contributing to the ruble's devaluation.
Nigeria's central bank allowed the naira currency to drop as much as 36% on the official market, unifying the exchange rate and scrapping the subsidy, which were the most immediate tasks that President Bola Tinubu faced. The move was well received by investors and economists, and the sovereign dollar bonds surged as much as 2.7 cents on the dollar on news of the devaluation. The local banking index earlier surged 23% to a more than 20-year high, after the suspension of the central bank governor who oversaw much-criticised multiple exchange rates.
Argentina is planning emergency economic measures to avoid a big devaluation of its currency, including tightening currency controls and increasing taxes on exports. The country is facing a financial crisis exacerbated by the COVID-19 pandemic, and the government is seeking to maintain financial stability and avoid a further devaluation of the peso.