Obama: A Democrat Will Be the Next President
U.S. President Barack Obama has told fellow party members he is certain a Democrat will be the next president of the United States.
Speaking Thursday in Baltimore, just north of Washington, the president said, "Democrats will win in November and we will have a Democratic president succeeding me - just in case there's any confusion about that."
Obama said he was confident of his prediction because Democrats "focus on the things that matter in the lives of American people."
Obama, in a jab against Republican presidential candidate Donald Trump, said that "We're not going to strengthen our leadership around the world by allowing politicians to insult Muslims or pit groups of Americans against each other."
Japan's Central Bank Votes for Negative Interest Rates
In a surprise move, the Bank of Japan has decided to introduce an interest rate of minus 0.1 percent.
The move affects current accounts held by financial institutions at the central bank, which previously offered a miniscule +0.1 percent on deposits.
The central bankers, after their 5-4 vote Friday, issued a statement warning of deeper interest rate cuts into negative territory “if judged as necessary.”
Negative interest rates – something that sounds counterintuitive – means that financial institutions, instead of receiving money for their deposits, must pay to keep their money at the central bank. This is intended to be an incentive for the banks to lend money more freely.