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<article id="post-453434" class="base-article post-453434 post type-post status-publish format-standard has-post-thumbnail category-research-and-markets category-news tag-economy tag-economic-forecasts post_company-international-monetary-fund" itemscope="" itemtype="http://schema.org/NewsArticle">
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<h1 class="base-article__title" itemprop="headline">IMF dims outlook for 2023 global economy amid Ukraine war</h1>
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<p>&#x201C;The worst is yet to come,&#x201D; chief economist says</p>
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<li class="pub-details__item">By: <a href="https://www.investmentexecutive.com/writer/paul-wiseman/"><span>Paul Wiseman</span></a>, <a href="https://www.investmentexecutive.com/writer/fatima-hussein-the-associated-press/"><span>Fatima Hussein, The Associated Press</span></a></li> <li class="pub-details__item"><span class="published">October 11, 2022</span>
<span class="updated">October 11, 2022</span></li><li class="pub-details__item">15:11</li> </ul>
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<div class="hidden" itemprop="author" itemscope="" itemtype="http://schema.org/Person"><span itemprop="name">Paul Wiseman</span><span itemprop="name">Fatima Hussein, The Associated Press</span></div>
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<p>The International Monetary Fund is downgrading its outlook for the world economy for 2023, including Canada&#x2019;s, citing threats that include labour shortages and excess market demand.</p>
<p>The 190-country lending agency forecast Tuesday that the global economy would eke out growth of just 2.7% next year, down from the 2.9% it had estimated in July. The IMF left unchanged its forecast for international growth this year &#x2014; a modest 3.2%, a sharp deceleration from last year&#x2019;s 6.0% expansion.</p> </div>
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<p>&#x201C;The worst is yet to come,&#x201D; said IMF chief economist Pierre-Olivier Gourinchas. Three major economies &#x2014; the United States, China and Europe &#x2014; are stalling. Countries accounting for a third of global economic output will contract next year, suggesting that 2023 &#x201C;will feel like a recession&#x201D; to many people around the world, he said Tuesday.</p>
<p>In its latest estimates, the IMF slashed its outlook for growth in the United States to 1.6% this year, down from a July forecast of 2.3%. It expects meager 1.0% U.S. growth next year.</p>
<p>Canada is now expected to grow 3.3% this year compared with growth of 3.4% in the July forecast, while growth for 2023 is predicted to come in at 1.5%, down from an earlier forecast of 1.8%.</p>
<p>The IMF expects continued rate hikes in 2023, echoing recent remarks from Bank of Canada governor Tiff Macklem who said last week that more interest rate hikes are necessary to bring inflation down.</p>
<p>The Canadian economy is in excess demand, despite the worsening medium-term outlook, the IMF report says &#x2014; also in line with the Bank of Canada&#x2019;s take. Macklem noted on Oct. 6 that while global events such as the pandemic and the Russian invasion of Ukraine have fed into higher prices, demand is outpacing supply more broadly in the Canadian economy.</p>
<p>Cooling inflation remains the central bank&#x2019;s priority, Macklem said.</p>
<p>&#x201C;Our mandate is clear. Our primary responsibility is price stability,&#x201D; he said.</p>
<p>Since March, the central bank has raised its key interest rate to 3.25% from 0.25%, one of the fastest rate hike cycles in its history. The bank is set to release its latest economic forecast along with a rate announcement on 26.</p>
<p>The fund foresees China&#x2019;s economy growing just 3.2% this year, down drastically from 8.1% last year. Beijing has instituted draconian zero-Covid policy and has cracked down on excessive real estate lending, disrupting business activity. China&#x2019;s growth is forecast to accelerate to 4.4% next year, still tepid by Chinese standards.</p>
<p>In the IMF&#x2019;s view, the collective economy of the 19 European countries that share the euro currency, reeling from crushingly high energy prices caused by Russia&#x2019;s attack on Ukraine and Western sanctions against Moscow, will grow just 0.5% in 2023.</p>
<p>The world economy has endured a wild ride since Covid-19 hit in early 2020. First, the pandemic and the lockdowns it generated brought the world economy to a standstill in the spring of 2020. Then, vast infusions of government spending and ultra-low borrowing rates engineered by the Federal Reserve and other central banks fueled an unexpectedly strong and speedy recovery from the pandemic recession.</p>
<p>But the stimulus came at a high cost. Factories, ports and freight yards were overwhelmed by powerful consumer demand for manufactured goods, especially in the United States, resulting in delays, shortages and higher prices. (The IMF expects worldwide consumer prices to rise 8.8% this year, up from 4.7% in 2021.)</p>
<p>In response, the Fed and other central banks have reversed course and begun raising rates dramatically, risking a sharp slowdown and potentially a recession. The Fed has raised its benchmark short-term rate five times this year. Higher rates in the United States have lured investment away from other countries and strengthened the value of the dollar against other currencies.</p>
<p>Outside the United States, the higher dollar makes imports that are sold in the American currency, including oil, more expensive and therefore heightens global inflationary pressures. It also forces foreign countries to raise their own rates &#x2014; and burden their economies with higher borrowing costs &#x2014; to defend their currencies.</p>
<p>Maurice Obstfeld, a former IMF chief economist who now teaches at the University of California, Berkeley, has warned that an overly aggressive Fed could &#x201C;drive the world economy into an unnecessarily harsh contraction.&#x201D;</p>
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<li class="pub-details__item">By: <a href="https://www.investmentexecutive.com/writer/rudy-luukko/"><span>Rudy Luukko</span></a></li> <li class="pub-details__item"><span class="published">October 11, 2022</span>
<span class="updated">October 6, 2022</span></li><li class="pub-details__item">13:00</li> </ul>
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<div id="post-453639" class="text-content text-content--border-bottom post-453639 post type-post status-publish format-standard has-post-thumbnail category-from-the-regulators category-news tag-enforcement tag-exempt-market tag-portfolio-managers tag-investment-funds post_company-ontario-securities-commission">
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<a class="text-content__link " href="https://www.investmentexecutive.com/news/from-the-regulators/osc-regulatory-actions-continue-downward-trend/">OSC regulatory actions continue downward trend</a>
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In the coming year, the regulator will assess how firms are implementing the CFRs </p>
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<li class="pub-details__item">By: <a href="https://www.investmentexecutive.com/writer/melissa-shin/"><span>Melissa Shin</span></a></li> <li class="pub-details__item"><span class="published">October 14, 2022</span>
<span class="updated">October 14, 2022</span></li><li class="pub-details__item">14:19</li> </ul>
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<div id="post-453641" class="text-content text-content--border-bottom post-453641 post type-post status-publish format-standard has-post-thumbnail category-industry-news category-news tag-real-estate tag-economic-indicators post_company-bmo-capital-markets">
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<a class="text-content__link " href="https://www.investmentexecutive.com/news/industry-news/crea-reports-home-sales-in-typically-busy-september-continued-to-slow/">CREA reports home sales in typically busy September continued to slow</a>
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Sellers can hold out for better market conditions: BMO </p>
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<li class="pub-details__item">By: <a href="https://www.investmentexecutive.com/writer/tara-deschamps/"><span>Tara Deschamps</span></a></li> <li class="pub-details__item"><span class="published">October 14, 2022</span>
<span class="updated">October 14, 2022</span></li><li class="pub-details__item">13:05</li> </ul>
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Biden&#x2019;s student debt relief draws 8M+ applications in first two days
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<p class="dek">The president urged Americans to apply for relief through &#x2018;easy, simple and fast&#x2019; application process.</p>
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President Joe Biden speaks about the student debt relief portal in the South Court Auditorium on the White House complex in Washington, Monday, Oct. 17, 2022.
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<p class="story-meta__authors">By <span class="vcard"><a href="https://www.politico.com/staff/michael-stratford" target="_top">Michael Stratford</a></span></p><p class="story-meta__timestamp">
<time datetime="2022-10-17 16:01:26">10/17/2022 04:01 PM EDT</time>
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<p class="story-text__paragraph ">More than 8 million Americans have applied for federal student debt relief since the Education Department began accepting applications late on Friday evening, President Joe Biden said on Monday.</p>
<p class="story-text__paragraph ">In remarks at the White House, Biden announced that he was officially launching the new application website after it was tested over the weekend.</p>
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<p class="story-text__paragraph ">The application website &#x201C;landed and handled more than 8 million applications without a glitch or any difficulty,&#x201D; Biden said. He urged other Americans with federal student debt to apply for the program using the online form that is &#x201C;easy, simple and fast.&#x201D;</p>
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<p class="story-text__paragraph ">The success of Biden&#x2019;s debt relief program will hinge in large part on the administration&#x2019;s ability to get borrowers to apply for it. More than 40 million Americans are eligible for the debt relief program, according to the Education Department. The agency has said it expects about 81 percent of eligible borrowers will apply for relief. <br> <br>&#x201C;We&#x2019;re going to make sure the system continues to work as smoothly as possible so that we can deliver student loan relief for millions of Americans as quickly and as efficiently as possible,&#x201D; Biden said.</p>
<p class="story-text__paragraph ">The debt relief program, announced in August, provides up to $20,000 of debt relief to borrowers earning below $125,000 individually or $250,000 as a couple.</p>
<p class="story-text__paragraph ">On the Education Department&#x2019;s application form, borrowers are required to self-certify that they meet those income requirements. The agency has said it plans to ask between 1 million and 5 million borrowers to verify their income through additional documentation, such as tax forms. </p>
<p class="story-text__paragraph ">Biden on Monday also expressed optimism that his administration would be able to defend the program against a barrage of legal challenges from Republican officials and conservative groups, who are suing to stop it.</p>
<p class="story-text__paragraph ">&#x201C;Our legal judgment is that it won&#x2019;t&#x201D; be struck down by a court, he told reporters.</p>
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<h1>Grim global outlook for IMF-World Bank meetings</h1>
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<p class="byline">By <a href="https://www.politico.com/staff/kate-davidson" target="_top">KATE DAVIDSON</a>&#xA0;</p>
<p class="timestamp"><time itemprop="datePublished" datetime="2022-10-11 08:00:00">10/11/2022 08:00 AM EDT</time></p>
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<p><b><i>Editor&#x2019;s note:&#xA0;</i></b><i>Morning Money is a free version of POLITICO Pro Financial Services morning newsletter, which is delivered to our subscribers each morning at 5:15 a.m. The POLITICO Pro platform combines the news you need with tools you can use to take action on the day&#x2019;s biggest stories.&#xA0;</i><a href="https://www.politicopro.com/pro-reporting/?cid=promkt_20q1_corenews_act_money" target="_blank"><i>Act on the news with POLITICO Pro</i></a><i>.</i></p><p>Finance ministers and central bankers gathering in Washington this week for meetings of the International Monetary Fund and World Bank are facing a laundry list of global economic challenges.</p><p><b>To name a few:</b> High inflation, soaring interest rates, war in Ukraine, energy and commodity shocks, looming recession in Europe, a slowdown in China, market turmoil in the United Kingdom.</p><p>&#x201C;It&#x2019;s an extremely unusual, unprecedented time in the economic history of the world,&#x201D; said former Treasury official Mark Sobel, U.S. chairman of the Official Monetary and Financial Institutions Forum think tank.</p><p><b>Driving the macro discussion:</b> The Federal Reserve&#x2019;s campaign to stamp out high inflation. Fed rate hikes <a href="https://www.politico.com/newsletters/morning-money/2022/09/26/the-great-fed-chase-00058760" target="_blank">have caused spillover effects</a> around the world, prompting a number of central banks to follow suit or intervene to prop up their currency in the face of a stronger U.S. dollar.</p><p>That&#x2019;s led to hand-wringing from economists that the world&#x2019;s central banks are overdoing it &#x2014; a topic sure to be in the background at this week&#x2019;s discussions. But the Fed and other policymakers have domestic mandates, and Sobel is skeptical they can coordinate much when it comes to raising rates to battle inflation.</p><p>&#x201C;At the end of the day, a lot of the national policies are on their own course,&#x201D; he said.</p><p><b>Beyond that, </b>the IMF faces a handful of pressing operational issues that policymakers should focus on this week, Sobel said, including low-income countries struggling to pay debts. (Catch up with <a href="https://www.wsj.com/articles/worlds-emergency-lending-capacity-is-getting-stretched-as-crises-deepen-11665340919?mod=hp_lead_pos3" target="_blank">this piece by WSJ&#x2019;s Yuka Hayashi.</a>) The IMF board last week also <a href="https://www.nytimes.com/2022/10/08/world/europe/the-imf-said-1-3-billion-in-emergency-funding-for-ukraine-had-been-approved-by-its-board.html" target="_blank">approved new financing for Ukraine</a>, and the U.S. is expected to use the meetings to push European countries to deliver more aid.</p><p>&#x201C;The pace of transferring money to Ukraine is far too slow,&#x201D; Treasury Secretary <a href="https://www.ft.com/content/04229ecd-bc58-402b-97f2-a2ecc1a384c5" target="_blank">Janet Yellen told the FT&#x2019;s James Politi</a> in an interview published Sunday. &#x201C;There are commitments but the money needs to be deployed.&#x201D;</p><p><b>Treasury calendar: </b>Yellen is set to host Ukraine finance minister Sergii Marchenko at the Treasury Department today. She will also meet with Indian finance minister Nirmala Sitharaman and with African finance ministers. On Wednesday, she&#x2019;ll participate in the ministerial roundtable discussion for support to Ukraine at the IMF, and <a href="https://www.brettonwoods.org/event/international-council-2022" target="_blank">sit down for a fireside chat</a> with former New York Fed President and Bretton Woods Committee Chair Bill Dudley.</p><p>Also today: The Fund releases its updated outlook for the global economy this morning, along with its global financial stability report.</p><p><b>IT&#x2019;S TUESDAY </b>&#x2014; Hope you squeezed in some leaf-peeping or cider-sipping over the weekend. Got tips, story ideas or feedback to power us through the week? Send them our way: <a href="https://www.politico.com/cdn-cgi/l/email-protection#016a6560776865726e6f41716e6d687568626e2f626e6c" target="_blank"><span class="__cf_email__" data-cfemail="7f141b1e09161b0c10113f0f1013160b161c10511c1012">[email&#xA0;protected]</span></a> and <a href="https://www.politico.com/cdn-cgi/l/email-protection#9be8e8eeefeff4f5dbebf4f7f2eff2f8f4b5f8f4f6" target="_blank"><span class="__cf_email__" data-cfemail="c2b1b1b7b6b6adac82b2adaeabb6aba1adeca1adaf">[email&#xA0;protected]</span></a>.<br></p><aside class="story-related cl-l db">
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<h2>Driving the Day</h2>
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<p>International Monetary Fund releases its World Economic Outlook at 9 a.m. &#x2026; New York Fed 5-year inflation expectations data released at 11 a.m. &#x2026; Cleveland Fed President Loretta Mester speaks to the Economic Club of New York at 12 p.m.</p><p><b>DEMOCRATS HOLD THEIR FIRE </b>&#x2014; Powell is getting plenty of flak from nervous investors, analysts and progressive groups who worry he&#x2019;s about to tip the economy into a recession. One group that has <a href="https://www.politico.com/news/2022/10/11/jerome-powell-risking-recession-to-beat-inflation-00061003" target="_blank">been reluctant to criticize: Congressional Democrats</a>.</p><p>More from your MM host: &#x201C;In interviews with key lawmakers on Capitol Hill, House and Senate Democrats mostly responded to Powell&#x2019;s campaign to quash inflation with resignation and a note of caution. Few have been willing to admonish him &#x2014; including in multiple hearings &#x2014; with some exceptions such as Sen. <span>Elizabeth Warren</span>, who has torched Powell as &#x2018;reckless and dangerous&#x2019; for risking the jobs of millions of workers.&#x201D;</p><p>That broad acceptance of his mission may not last forever, former Fed Vice Chair Donald Kohn said. &#x201C;I suspect that as the unemployment rate rises and once companies begin to do a little less hiring and more laying off, there will be more blowback. But that hasn&#x2019;t happened yet.&#x201D;</p><p><b>BERNANKE WINS NOBEL PRIZE </b>&#x2014; AP: &#x201C;Former U.S. Federal Reserve Chair Ben Bernanke, who put his academic expertise on the Great Depression to work reviving the American economy after the 2007-2008 financial crisis, <a href="https://www.politico.com/news/2022/10/10/ben-bernanke-nobel-prize-economics-00061098" target="_blank">won the Nobel Prize in economic sciences</a> along with two other U.S.-based economists for their research into the fallout from bank failures. Bernanke was recognized Monday along with Douglas W. Diamond and Philip H. Dybvig.&#x201D;</p><p><b>TWEET OF THE DAY </b>&#x2014; Fed chairmen: They&#x2019;re just like us! From <a href="https://twitter.com/jeannasmialek/status/1579533570175291392" target="_blank">NYT&#x2019;s Jeanna Smialek</a>: <br></p><div class="story-interrupt pos-alpha format-m ">
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<img data-lazy-img="https://www.politico.com/dims4/default/7f311ea/2147483647/resize/762x/quality/90/?url=https%3A%2F%2Fstatic.politico.com%2Fe8%2F97%2F7460c18843939becda3008a77215%2Fscreenshot-2022-10-10-194039.jpg" srcset="https://www.politico.com/dims4/default/7f311ea/2147483647/resize/762x/quality/90/?url=https%3A%2F%2Fstatic.politico.com%2Fe8%2F97%2F7460c18843939becda3008a77215%2Fscreenshot-2022-10-10-194039.jpg 1x, https://www.politico.com/dims4/default/d3f3f43/2147483647/resize/1524x/quality/90/?url=https%3A%2F%2Fstatic.politico.com%2Fe8%2F97%2F7460c18843939becda3008a77215%2Fscreenshot-2022-10-10-194039.jpg 2x" src="https://www.politico.com/dims4/default/7f311ea/2147483647/resize/762x/quality/90/?url=https%3A%2F%2Fstatic.politico.com%2Fe8%2F97%2F7460c18843939becda3008a77215%2Fscreenshot-2022-10-10-194039.jpg" alt="Tweet from NYT&apos;s Jeanna Smialek: &amp;quot;Ben Bernanke&apos;s cell phone was off when the Nobel call came in. &apos;It was our daughter in Chicago who was finally contacted, and called us on the landline,&apos; he says.&amp;quot;"></picture>
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<p><b>TRUMP SPAC </b>&#x2014; Our Declan Harty writes: &quot;Digital World Acquisition Corp., the special purpose acquisition company vying to merge with former President Donald Trump&apos;s new social media startup, still does not have enough shareholders on board with giving the companies more time to complete the deal, CEO Patrick Orlando said Monday, while announcing that investors will now have until Nov. 3 to vote. The SPAC&apos;s shares plunged soon after Monday, dropping more than 7 percent.&quot;</p><p><b>IAN SHREDS SAFETY NETS</b> &#x2014; Our Zack Colman and Katy O&#x2019;Donnell: &#x201C;As Florida tallies the immediate tab from its deadliest hurricane in decades, the destruction it wreaked on homes will <a href="https://www.politico.com/news/2022/10/10/ian-cracks-floridians-nest-eggs-00060759" target="_blank">erase retirees&#x2019; nest eggs and families&#x2019; primary way of passing along wealth</a> to new generations. That exposed the dangers of American dependence on housing as most people&#x2019;s financial backstop and lifeline.&#x201D;</p><p><b>ANTI-WOKE BANK STUMBLE</b> &#x2014; WSJ&#x2019;s Rachel Louise Ensign, Peter Rudegair and AnnaMaria Andriotis: &#x201C;An A-list group of financial backers including Ken Griffin and Peter Thiel gave Toby Neugebauer <a href="https://www.wsj.com/articles/glorifi-how-new-anti-woke-bank-stumbled-11665174704" target="_blank">tens of millions of dollars to build a new kind of bank</a>&#x2014;one aimed at people who see Wall Street as too liberal. &#x2026; Within months, the investors&#x2019; money was nearly gone, and GloriFi was on the verge of bankruptcy.&#x201D;<br></p>
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<h2>Regulatory Corner</h2>
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<p><b>Onetime Federal Reserve regulatory czar </b>Daniel Tarullo on Friday <a href="https://subscriber.politicopro.com/article/2022/10/former-bank-regulatory-chief-tarullo-urges-fed-to-aim-higher-on-stress-tests-00060976" target="_blank">warned his former colleagues</a> that they are wasting some of the potential of the central bank&#x2019;s annual stress testing exercise for lenders and urged them to <a href="https://subscriber.politicopro.com/f/?id=00000183-b372-d513-a19b-bbf6208d0000" target="_blank">find more ways to make it dynamic</a>, our Victoria Guida reported.</p><p><b>A technical glitch with the SEC&#x2019;s website</b> has <a href="https://subscriber.politicopro.com/article/2022/10/sec-technical-bug-delays-major-rules-on-climate-spacs-00060986" target="_blank">prompted the regulator to reopen public comment periods</a> on several signature pieces of Chair Gary Gensler&#x2019;s agenda, further delaying proposals around climate risk disclosures, blank-check companies and private funds, our Declan Harty reported.<br></p>
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<h2>Fed File</h2>
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<p><b>PATIENCE IS A VIRTUE </b>&#x2014; WSJ&#x2019;s Nick Timiraos: &#x201C;A senior Federal Reserve official cautioned it <a href="https://www.wsj.com/articles/feds-brainard-says-rate-rises-will-slow-economy-over-time-11665423314?mod=hp_lead_pos5" target="_blank">would take time for the central bank&#x2019;s rapid rate rises this year to reduce inflation</a> that has reached 40-year highs.</p><p>&#x201C;&#x2018;Monetary policy will be restrictive for some time to ensure that inflation moves back&#x2019; to the central bank&#x2019;s 2% target, said Fed Vice Chair Lael Brainard in remarks prepared for delivery Monday.&#x201D;</p><p><b>FIRST IN MM: CLIMATE PRINCIPLES </b>&#x2014; A group of consumer and environmental advocates, including Public Citizen, Sierra Club and Americans for Financial Reform, is calling on the Fed to issue climate supervisory principles with clear guidelines for banks, and delivering a petition today signed by more than 60,000 people. <a href="https://www.citizen.org/wp-content/uploads/2022.10.11-Fed-Climate-Principles-Group-Sign-on-Letter.pdf" target="_blank">Read the full letter</a> here.</p><p><b>TREASURY BUYERS IN RETREAT </b>&#x2014; Bloomberg&#x2019;s Liz McCormick, Garfield Clinton Reynolds and Michael Mackenzie: &#x201C;From Japanese pensions and life insurers to foreign governments and US commercial banks, where once they were lining up to get their hands on US government debt, <a href="https://www.bloomberg.com/news/articles/2022-10-10/the-most-powerful-buyers-in-treasuries-are-all-bailing-at-once?srnd=premium" target="_blank">most have now stepped away</a>.&#x201D;<br></p>
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<p><b>CORPORATE PROFITS</b> &#x2014; WSJ&#x2019;s Theo Francis: &#x201C;Many big U.S. businesses say they have been able to increase prices this year with limited pushback from customers. <a href="https://www.wsj.com/articles/price-increases-come-easily-for-big-businesses-but-inflation-still-squeezes-profits-11665356524?mod=hp_lead_pos6" target="_blank">Not all the changes are leading to higher corporate profits</a>.&#x201D;</p><p><b>CHINA CHIPS </b>&#x2014; Bloomberg: &#x201C;The Biden administration&#x2019;s new restrictions on technology exports to China could <a href="https://www.bloomberg.com/news/articles/2022-10-10/-no-possibility-of-reconciliation-as-us-chip-rules-slam-china?srnd=premium" target="_blank">undercut the country&#x2019;s ability to develop wide swaths of its economy</a>, from semiconductors and supercomputers to surveillance systems and advanced weapons.&#x201D;</p><p><b>HOLIDAY DISCOUNTS </b>&#x2014; WaPo&#x2019;s Abha Bhattarai: &#x201C;After struggling with product shortages for much of the pandemic, the country&#x2019;s retailers are now facing the opposite problem: <a href="https://www.washingtonpost.com/business/2022/10/10/discounts-inventory-excess-retailers-economy/" target="_blank">an unprecedented glut of unsold merchandise</a> that&#x2019;s cutting into profits, derailing holiday plans and threatening to drag down broader U.S. economic growth.&#x201D;<br></p>
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<p><b>Tara Sinclair </b>has joined the Treasury Department as deputy assistant secretary for macroeconomics in the Office of Economic Policy. Sinclair was most recently an economics and international affairs professor at George Washington University and a senior fellow at the Indeed Hiring Lab.<br></p><aside class="story-related cl-l db">
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<p><b>Crypto exchanges</b> and companies will be <a href="https://subscriber.politicopro.com/article/2022/10/oecd-presents-anti-tax-evasion-measures-for-crypto-market-00061099" target="_blank">required to collect and share with tax authorities</a> any details of people or firms that own digital assets under measures presented by the Organisation for Economic Cooperation and Development (OECD). &#x2014; Our Bjarke Smith-Meyer</p><p><b>Russia </b>has <a href="https://www.bloomberg.com/news/articles/2022-10-10/russia-loses-60-of-its-seaborne-crude-market-in-europe?srnd=premium" target="_blank">lost three-fifths of its seaborne crude sales</a> in Europe since Moscow sent troops into Ukraine in February. &#x2014; Bloomberg&#x2019;s Julian Lee</p><p><b>A crisis in U.K. government debt markets</b> accelerated after a fresh attempt by the Bank of England to extend support to pension funds <a href="https://www.wsj.com/articles/boe-offers-to-buy-more-gilts-launches-new-repo-facility-for-ldi-funds-11665384218?mod=hp_lead_pos2" target="_blank">failed to assuage worried investors</a>. &#x2014; WSJ&#x2019;s Chelsea Dulaney, Paul Hannon and Julie Steinberg</p><p><b>Charles Bowsher</b>, who used his role as <a href="https://www.washingtonpost.com/obituaries/2022/10/07/charles-bowsher-gao-comptroller-dies/" target="_blank">Capitol Hill&#x2019;s top fiscal watchdog</a> to reveal the full scope of the 1980s savings and loan meltdown, challenging two White House administrations as they tried to hide the full hit to taxpayers in a bailout that would total more than $120 billion, died Sept. 30 at his home in Bethesda, Maryland. &#x2014; WaPo&#x2019;s Brian Murphy</p><ul class="twitter-authors">
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export * from './postlight.com';
export * from './www.investmentexecutive.com';
export * from './www.cbc.ca';

@ -22,7 +22,7 @@ export const PostlightComExtractor = {
},
content: {
selectors: ['article.body'],
selectors: ['main.post'],
// Is there anything in the content you selected that needs transformed
// before it's consumable content? E.g., unusual lazy loaded images
@ -31,6 +31,10 @@ export const PostlightComExtractor = {
// Is there anything that is in the result that shouldn't be?
// The clean selectors will remove anything that matches from
// the result
clean: ['section.pl-post-link'],
clean: [
'section.pl-post-link',
'aside',
'section.insights_featured_case_studies',
],
},
};

@ -102,7 +102,7 @@ describe('PostlightComExtractor', () => {
// the article.
assert.equal(
first13,
'One of the best pieces of advice Ive ever received is: “Be the'
'Image: Brian Weaver One of the best pieces of advice Ive ever received'
);
});
});

@ -0,0 +1,36 @@
export const WwwCbcCaExtractor = {
domain: 'www.cbc.ca',
title: {
selectors: ['h1'],
},
author: {
selectors: ['.authorText', '.bylineDetails'],
},
date_published: {
selectors: [['.timeStamp[datetime]', 'datetime']],
},
dek: {
selectors: ['.deck'],
},
lead_image_url: {
selectors: [['meta[name="og:image"]', 'value']],
},
content: {
selectors: ['.story'],
// Is there anything in the content you selected that needs transformed
// before it's consumable content? E.g., unusual lazy loaded images
transforms: {},
// Is there anything that is in the result that shouldn't be?
// The clean selectors will remove anything that matches from
// the result
clean: [],
},
};

@ -0,0 +1,112 @@
import assert from 'assert';
import URL from 'url';
import cheerio from 'cheerio';
import Mercury from 'mercury';
import getExtractor from 'extractors/get-extractor';
import { excerptContent } from 'utils/text';
const fs = require('fs');
describe('WwwCbcCaExtractor', () => {
describe('initial test case', () => {
let result;
let url;
beforeAll(() => {
url = 'https://www.cbc.ca/news/business/crea-september-numbers-1.6616369';
const html = fs.readFileSync('./fixtures/www.cbc.ca/1665765912229.html');
result = Mercury.parse(url, { html, fallback: false });
});
it('is selected properly', () => {
// This test should be passing by default.
// It sanity checks that the correct parser
// is being selected for URLs from this domain
const extractor = getExtractor(url);
assert.equal(extractor.domain, URL.parse(url).hostname);
});
it('returns the title', async () => {
// To pass this test, fill out the title selector
// in ./src/extractors/custom/www.cbc.ca/index.js.
const { title } = await result;
// Update these values with the expected values from
// the article.
assert.equal(
title,
`Housing market slowdown continues with sales and average prices well down from last year`
);
});
it('returns the author', async () => {
// To pass this test, fill out the author selector
// in ./src/extractors/custom/www.cbc.ca/index.js.
const { author } = await result;
// Update these values with the expected values from
// the article.
assert.equal(author, `Pete Evans`);
});
it('returns the date_published', async () => {
// To pass this test, fill out the date_published selector
// in ./src/extractors/custom/www.cbc.ca/index.js.
const { date_published } = await result;
// Update these values with the expected values from
// the article.
assert.equal(date_published, '2022-10-14T16:20:52.800Z');
});
it('returns the dek', async () => {
// To pass this test, fill out the dek selector
// in ./src/extractors/custom/www.cbc.ca/index.js.
const { dek } = await result;
// Update these values with the expected values from
// the article.
assert.equal(
dek,
'Average price of a home that sold in September was $640,479'
);
});
it('returns the lead_image_url', async () => {
// To pass this test, fill out the lead_image_url selector
// in ./src/extractors/custom/www.cbc.ca/index.js.
const { lead_image_url } = await result;
// Update these values with the expected values from
// the article.
assert.equal(
lead_image_url,
`https://i.cbc.ca/1.6616381.1665753066!/fileImage/httpImage/image.JPG_gen/derivatives/16x9_620/real-estate-sign.JPG`
);
});
it('returns the content', async () => {
// To pass this test, fill out the content selector
// in ./src/extractors/custom/www.cbc.ca/index.js.
// You may also want to make use of the clean and transform
// options.
const { content } = await result;
const $ = cheerio.load(content || '');
const first13 = excerptContent(
$('*')
.first()
.text(),
13
);
// Update these values with the expected values from
// the article.
assert.equal(
first13,
'New numbers from the Canadian Real Estate Association confirm what buyers, sellers and'
);
});
});
});

@ -0,0 +1,29 @@
export const WwwInvestmentexecutiveComExtractor = {
domain: 'www.investmentexecutive.com',
title: {
selectors: ['h1'],
},
author: {
selectors: ['div[itemprop="author"]'],
},
date_published: {
selectors: [['meta[itemprop="datePublished"]', 'value']],
},
dek: {
selectors: [['meta[name="og:description"]', 'value']],
},
lead_image_url: {
selectors: [['meta[name="og:image"]', 'value']],
},
content: {
selectors: ['section.article-body'],
clean: ['.hidden'],
},
};

@ -0,0 +1,112 @@
import assert from 'assert';
import URL from 'url';
import cheerio from 'cheerio';
import Mercury from 'mercury';
import getExtractor from 'extractors/get-extractor';
import { excerptContent } from 'utils/text';
const fs = require('fs');
describe('WwwInvestmentexecutiveComExtractor', () => {
describe('initial test case', () => {
let result;
let url;
beforeAll(() => {
url =
'https://www.investmentexecutive.com/news/research-and-markets/imf-dims-outlook-for-2023-global-economy-amid-ukraine-war/';
const html = fs.readFileSync(
'./fixtures/www.investmentexecutive.com/1665774067041.html'
);
result = Mercury.parse(url, { html, fallback: false });
});
it('is selected properly', () => {
// This test should be passing by default.
// It sanity checks that the correct parser
// is being selected for URLs from this domain
const extractor = getExtractor(url);
assert.equal(extractor.domain, URL.parse(url).hostname);
});
it('returns the title', async () => {
// To pass this test, fill out the title selector
// in ./src/extractors/custom/www.investmentexecutive.com/index.js.
const { title } = await result;
// Update these values with the expected values from
// the article.
assert.equal(
title,
`IMF dims outlook for 2023 global economy amid Ukraine war`
);
});
it('returns the author', async () => {
// To pass this test, fill out the author selector
// in ./src/extractors/custom/www.investmentexecutive.com/index.js.
const { author } = await result;
// Update these values with the expected values from
// the article.
assert.equal(author, 'Paul WisemanFatima Hussein, The Associated Press');
});
it('returns the date_published', async () => {
// To pass this test, fill out the date_published selector
// in ./src/extractors/custom/www.investmentexecutive.com/index.js.
const { date_published } = await result;
// Update these values with the expected values from
// the article.
assert.equal(date_published, `2022-10-11T19:11:05.000Z`);
});
it('returns the dek', async () => {
// To pass this test, fill out the dek selector
// in ./src/extractors/custom/www.investmentexecutive.com/index.js.
const { dek } = await result;
// Update these values with the expected values from
// the article.
assert.equal(dek, "``The worst is yet to come,'' chief economist says");
});
it('returns the lead_image_url', async () => {
// To pass this test, fill out the lead_image_url selector
// in ./src/extractors/custom/www.investmentexecutive.com/index.js.
const { lead_image_url } = await result;
// Update these values with the expected values from
// the article.
assert.equal(
lead_image_url,
`https://www.investmentexecutive.com/wp-content/uploads/sites/3/2021/01/SB05-Feature-Image-800x600-1.jpg`
);
});
it('returns the content', async () => {
// To pass this test, fill out the content selector
// in ./src/extractors/custom/www.investmentexecutive.com/index.js.
// You may also want to make use of the clean and transform
// options.
const { content } = await result;
const $ = cheerio.load(content || '');
const first13 = excerptContent(
$('*')
.first()
.text(),
13
);
// Update these values with the expected values from
// the article.
assert.equal(
first13,
'The International Monetary Fund is downgrading its outlook for the world economy for'
);
});
});
});

@ -1,61 +1,39 @@
// Rename CustomExtractor
// to fit your publication
// (e.g., NYTimesExtractor)
export const PoliticoExtractor = {
domain: 'www.politico.com',
title: {
selectors: [
// enter title selectors
['meta[name="og:title"]', 'value'],
],
selectors: [['meta[name="og:title"]', 'value']],
},
author: {
selectors: [
['div[itemprop="author"] meta[itemprop="name"]', 'value'],
'.story-meta__authors .vcard',
'.story-main-content .byline .vcard',
],
},
content: {
selectors: [
// enter content selectors
['p.story-text__paragraph '],
'.story-main-content',
'.content-group',
'.story-core',
'.story-text',
],
selectors: [['.story-text'], '.story-main-content', '.story-core'],
// Is there anything in the content you selected that needs transformed
// before it's consumable content? E.g., unusual lazy loaded images
transforms: [],
// Is there anything that is in the result that shouldn't be?
// The clean selectors will remove anything that matches from
// the result
clean: ['figcaption'],
clean: ['figcaption', '.story-meta', '.ad'],
},
date_published: {
selectors: [
'.story-meta__details time[datetime]',
['time[itemprop="datePublished"]', 'datetime'],
['.story-meta__details time[datetime]', 'datetime'],
['.story-main-content .timestamp time[datetime]', 'datetime'],
],
timezone: 'America/New_York',
},
lead_image_url: {
selectors: [
// enter lead_image_url selectors
['meta[name="og:image"]', 'value'],
],
selectors: [['meta[name="og:image"]', 'value']],
},
dek: {
selectors: [],
selectors: [['meta[name="og:description"]', 'value']],
},
next_page_url: null,
excerpt: null,
};

@ -101,4 +101,213 @@ describe('PoliticoExtractor', () => {
);
});
});
describe('test case 2', () => {
let result;
let url;
beforeAll(() => {
url =
'https://www.politico.com/news/2022/10/17/student-debt-relief-applications-00062145';
const html = fs.readFileSync(
'./fixtures/www.politico.com/1666117046017.html'
);
result = Mercury.parse(url, { html, fallback: false });
});
it('is selected properly', async () => {
// To pass this test, rename your extractor in
// ./src/extractors/custom/www.politico.com/index.js
// (e.g., CustomExtractor => NYTimesExtractor)
// then add your new extractor to
// src/extractors/all.js
const extractor = getExtractor(url);
assert.equal(extractor.domain, URL.parse(url).hostname);
});
it('returns the title', async () => {
// To pass this test, fill out the title selector
// in ./src/extractors/custom/www.politico.com/index.js.
const { title } = await result;
// Update these values with the expected values from
// the article.
assert.equal(
title,
'Bidens student debt relief draws 8M+ applications in first two days'
);
});
it('returns the author', async () => {
// To pass this test, fill out the author selector
// in ./src/extractors/custom/www.politico.com/index.js.
const { author } = await result;
// Update these values with the expected values from
// the article.
assert.equal(author, 'Michael Stratford');
});
it('returns the date_published', async () => {
// To pass this test, fill out the date_published selector
// in ./src/extractors/custom/www.politico.com/index.js.
const { date_published } = await result;
// Update these values with the expected values from
// the article.
assert.equal(date_published, '2022-10-17T20:01:26.000Z');
});
it('returns the dek', async () => {
// To pass this test, fill out the dek selector
// in ./src/extractors/custom/www.oreilly.co.jp/index.js.
const { dek } = await result;
// Update these values with the expected values from
// the article.
assert.equal(
dek,
'The president urged Americans to apply for relief through easy, simple and fast application process.'
);
});
it('returns the lead_image_url', async () => {
// To pass this test, fill out the lead_image_url selector
// in ./src/extractors/custom/www.politico.com/index.js.
const { lead_image_url } = await result;
// Update these values with the expected values from
// the article.
assert.equal(
lead_image_url,
'https://cf-images.us-east-1.prod.boltdns.net/v1/static/1155968404/79588bde-a378-49fd-b4b4-856d31662aca/35b02a16-1bc3-4d53-b660-4abadfbc14d8/1280x720/match/image.jpg'
);
});
it('returns the content', async () => {
// To pass this test, fill out the content selector
// in ./src/extractors/custom/www.politico.com/index.js.
// You may also want to make use of the clean and transform
// options.
const { content } = await result;
const $ = cheerio.load(content || '');
const first13 = excerptContent(
$('*')
.first()
.text(),
13
);
// Update these values with the expected values from
// the article.
assert.equal(
first13,
'More than 8 million Americans have applied for federal student debt relief since'
);
});
});
describe('test case 3', () => {
let result;
let url;
beforeAll(() => {
url =
'https://www.politico.com/newsletters/morning-money/2022/10/11/grim-global-outlook-for-imf-world-bank-meetings-00061134';
const html = fs.readFileSync(
'./fixtures/www.politico.com/1666711551296.html'
);
result = Mercury.parse(url, { html, fallback: false });
});
it('is selected properly', async () => {
// To pass this test, rename your extractor in
// ./src/extractors/custom/www.politico.com/index.js
// (e.g., CustomExtractor => NYTimesExtractor)
// then add your new extractor to
// src/extractors/all.js
const extractor = getExtractor(url);
assert.equal(extractor.domain, URL.parse(url).hostname);
});
it('returns the title', async () => {
// To pass this test, fill out the title selector
// in ./src/extractors/custom/www.politico.com/index.js.
const { title } = await result;
// Update these values with the expected values from
// the article.
assert.equal(title, 'Grim global outlook for IMF-World Bank meetings');
});
it('returns the author', async () => {
// To pass this test, fill out the author selector
// in ./src/extractors/custom/www.politico.com/index.js.
const { author } = await result;
// Update these values with the expected values from
// the article.
assert.equal(author, 'Kate Davidson');
});
it('returns the date_published', async () => {
// To pass this test, fill out the date_published selector
// in ./src/extractors/custom/www.politico.com/index.js.
const { date_published } = await result;
// Update these values with the expected values from
// the article.
assert.equal(date_published, '2022-10-11T12:00:00.000Z');
});
it('returns the dek', async () => {
// To pass this test, fill out the dek selector
// in ./src/extractors/custom/www.oreilly.co.jp/index.js.
const { dek } = await result;
// Update these values with the expected values from
// the article.
assert.equal(
dek,
'Fed rate hikes have caused spillover effects around the world, prompting a number of central banks to follow suit or intervene to prop up their currency in the face of a stronger U.S. dollar.'
);
});
it('returns the lead_image_url', async () => {
// To pass this test, fill out the lead_image_url selector
// in ./src/extractors/custom/www.politico.com/index.js.
const { lead_image_url } = await result;
// Update these values with the expected values from
// the article.
assert.equal(
lead_image_url,
'https://static.politico.com/da/f5/44342c424c68b675719324b1106b/politico.jpg'
);
});
it('returns the content', async () => {
// To pass this test, fill out the content selector
// in ./src/extractors/custom/www.politico.com/index.js.
// You may also want to make use of the clean and transform
// options.
const { content } = await result;
const $ = cheerio.load(content || '');
const first13 = excerptContent(
$('*')
.first()
.text(),
13
);
// Update these values with the expected values from
// the article.
assert.equal(
first13,
'Editors note: Morning Money is a free version of POLITICO Pro Financial Services'
);
});
});
});

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