Western economies are still too weak to cope with Fed rate rise, says China

US Federal Reserve has ‘global responsibilities’ to ensure that monetary policy is kept loose, says Lou Jiwei ahead of the IMF annual meeting in Lima

The slow recovery of western economies means the US Federal Reserve should not raise interest rates yet, according to the Chinese finance minister.

Related: The Fed must ignore accusations of dithering over interest rates

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Private sector pay rising at fastest rate for 14 years, says thinktank

Resolution Foundation says real wages rose at 3.6% thanks to low inflation but warns benefits may be felt mostly by older, more qualified workers

Britain’s private sector workers are enjoying the fastest real wage growth in 14 years, with pay deals picking up as inflation hovers close to zero, according to a leading thinktank.

Analysis by the Resolution Foundation suggests that private sector wages rose at an annual rate of up to 3.6% in the three months to August, due to rising wages and flat living costs. That would be the fastest growth since 2001 if it is confirmed in official figures to be published on Wednesday.

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Britain wants long-term plan from World Bank for refugee crisis

International development secretary Justine Greening called on bank to ‘ensure refugees have chance of getting jobs’

Britain is urging the World Bank to put together a long-term plan to meet the needs of refugees following a summer dominated by a migration crisis that has put strains on the European Union.

Justine Greening, the international development secretary, told the bank’s annual meeting in Lima that short-term emergency assistance was not enough and that a strategy was needed to provide schools, hospitals and work for those displaced.

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Don’t let the Nobel prize fool you. Economics is not a science | Joris Luyendijk

The award glorifies economists as tellers of timeless truths, fostering hubris and leading to disaster

Business as usual. That will be the implicit message when the Sveriges Riksbank announces this year’s winner of the “Prize in Economic Sciences in Memory of Alfred Nobel”, to give it its full title. Seven years ago this autumn, practically the entire mainstream economics profession was caught off guard by the global financial crash and the “worst panic since the 1930s” that followed. And yet on Monday the glorification of economics as a scientific field on a par with physics, chemistry and medicine will continue.

The problem is not so much that there is a Nobel prize in economics, but that there are no equivalent prizes in psychology, sociology, anthropology. Economics, this seems to say, is not a social science but an exact one, like physics or chemistry – a distinction that not only encourages hubris among economists but also changes the way we think about the economy.

Related: Economist Sir Richard Blundell frontrunners Nobel prize

Related: Nobel Prizes in science: strictly a man’s game?

Related: How the banks ignored the lessons of the crash |

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Fed vice-chair: interest rate increase is ‘expectation, not commitment’ for 2015

Federal Reserve moves to hinge on economic developments amid ‘considerable uncertainties’ in exports, investment and job growth, says Stanley Fischer

Federal Reserve policymakers are still likely to raise interest rates this year, but that is “an expectation, not a commitment” and could change if the global economy pushes the US economy further off course, Fed vice-chairman Stanley Fischer said.

“Both the timing of the first rate increase and any subsequent adjustments to the federal funds rate target will depend critically on future developments in the economy,” Fischer told a group on the sidelines of the International Monetary Fund meeting in Peru.

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Why support TPP? Critics should read the agreement and keep an open mind

In light of vociferous opposition to the trade deal, the TPP that emerged is a pleasant surprise – so much so that some Republicans threaten to oppose it

Agreement among negotiators from 12 Pacific rim countries on the Trans-Pacific Partnership (TPP) represents a triumph over long odds. Tremendous political obstacles, both domestic and international, had to be overcome to conclude the deal. And now critics of the TPP’s ratification, particularly in the US, should read the agreement with an open mind.

Many of the issues surrounding the TPP have been framed, at least in US political terms, as left versus right. The left’s unremitting hostility to the deal – often on the grounds that the US Congress was kept in the dark about its content during negotiations – carried two dangers: A worthwhile effort could have been blocked; or President Barack Obama’s Democratic administration could have been compelled to be more generous to American corporations, in order to pick up needed votes from Republicans.

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