Americans cut spending at retail stores in March | Business and Economy News
Sales fell among most retailers, adding to other recent evidence that the economy is cooling on the back of high interest rates. Americans cut their…
US wholesale inflation pressures eased sharply last month | Business and Economy News
Plunging energy prices pulled down the government’s producer price index which reflects prices charged by manufacturers. US wholesale prices fell in March, a sign that…
IMF chief says global growth ‘not enough’ | Business and Economy News
IMF’s 2023 global growth estimate of 2.8 percent is ‘most worrisome’ as it projects weak growth over a longer period, she said. International Monetary Fund…
G7 finance heads vow financial stability, supply chain diversity | Financial Markets
Group of Seven (G7) finance leaders have pledged to take action to maintain the stability of the global financial system after recent banking turmoil and…
Tesla sales rise post price cut but fall short of expectations | Business and Economy
The growth rate in Tesla’s sales, while impressive, was below the pace needed to reach the company’s pledge to increase deliveries about 50 percent per…
Yanis Varoufakis on why we should ‘let the banks burn’ | Business and Economy
From: UpFront‘It is absolutely impossible to stabilise a banking system which has been built, designed almost, to be unstable.’ Are we in the midst of…
US says Credit Suisse violated deal on rich clients’ tax evasion | Business and Economy News
Credit Suisse has violated a plea agreement with American authorities by failing to report secret offshore accounts that wealthy Americans used to avoid paying taxes,…
Bangladesh in a hot seat over Adani’s power deal | Business and Economy
In mid-March, Bangladesh started testing the transmission of electricity from a massive 1,600 MW coal-fired plant in neighbouring India that has stirred major controversy in…
Despite a buyer for SVB, default stress haunts banks | Business and Economy News
Finding a buyer for Silicon Valley Bank’s deposits and loans has helped afford an uneasy calm to fragile markets on Monday, which have been roiled…
Cuba’s new parliament will face a familiar economic hangover | Business and Economy
For Jose Guerra Ferrer, a Havana-based industrial engineer, “the economic situation in Cuba is bad”. “I hope it can be addressed by the new parliament,”…
Yellen, caught between markets and US Congress, tweaks message | Business and Economy News
Janet Yellen is the face of US govt on the issue and her public comments have sent markets on a roller-coaster ride. For the fourth…
Relief over Credit Suisse rescue short-lived as bank shares sink | Business and Economy
Banking stocks and bonds plummeted on Monday after UBS Group sealed a state-backed takeover of troubled peer Credit Suisse Group AG, a deal that was…
New York Community Bank to buy failed Signature Bank | Business and Economy
The 40 branches of Signature Bank will become Flagstar Bank, starting Monday, the FDIC said late on Sunday. New York Community Bank has agreed to…
US sees bank deposits stabilise even as some regional banks reel | Business and Economy News
Deposits in the country’s banking system are stabilising, Reuters reported citing unnamed US official. A United States official has said that the deposit outflows that…
Credit Suisse slump renews fears of global banking crisis | Financial Markets News
Shares of Swiss bank lose more than a quarter of their value in one day, dragging down European and US markets. Shares in Credit Suisse…
What’s the impact of two banks failing in the US? | Banks
From: Inside StoryBanking stocks on global markets are volatile after Silicon Valley Bank and Signature Bank failures. The shock waves from the collapse of two…
Facebook parent Meta is exploring Twitter-like app | Business and Economy News
A Twitter-like app would allow Meta to take advantage of the current chaos at the Elon Musk-led company. Meta Platforms Inc is exploring plans to…
Silicon Valley Bank seized by FDIC as depositors pull cash | Business and Economy News
The bank failed after depositors – mostly technology workers and venture capital-backed companies – created a run on it. The Federal Deposit Insurance Corporation seized…
US Fed still up in the air on speeding up rate hikes: Powell | Business and Economy News
Federal Reserve Chair Jerome Powell on Wednesday reaffirmed his message of higher and potentially faster interest rate hikes, but emphasised that debate was still under…
Layoffs revised up in January but US labour market still strong | Business and Economy News
US job openings fell less than expected in January and data for the prior month was revised higher, pointing to persistently tight labour market conditions…