South Korea unexpectedly reduced its benchmark interest rate by 25 basis points in an effort to stimulate the economy amidst growth concerns, marking the first time the Bank of Korea has implemented consecutive cuts since 2009. This decision followed a lower-than-expected third-quarter GDP reading and a downward revision of GDP forecasts for 2024 and 2025, demonstrating the central bank’s response to deteriorating growth prospects. Morgan Stanley’s chief economist for Korea and Taiwan highlighted the significance of the rate cut in light of slowing exports and the overall challenging economic environment.
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Putting top doctors in areas with high unemployment sees waiting lists plummet
Health Secretary Wes Streeting announced that a scheme dispatching expert medical teams to hospitals in high-unemployment areas is significantly reducing NHS waiting lists. Launched in September, the initiative targets 20 areas with high economic inactivity, resulting in a 130% acceleration in the decline of waiting times and the removal of approximately 37,000 patients from lists. Streeting stated that the targeted efforts are twice as effective as national averages, with top doctors providing support to get...
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