US Raises Interest Rates Despite Banking Turmoil
The US central bank has raised interest rates again, despite fears that the move could add to financial turmoil after a string of bank failures. The Federal Reserve increased its key rate by 0.25 percentage points, calling the banking system “sound and resilient”. But it also warned that fallout from the bank failures may hurt […]
Jeffrey Epstein Banks To Face Sex Trafficking Case
Two banks connected with the late Jeffrey Epstein will face lawsuits over claims they enabled his sex trafficking, a US court has ruled. Two women who say the financier sexually abused them brought the case against JP Morgan Chase and Deutsche Bank. Judge Jed Rakoff also gave the go-ahead to a case against JP Morgan […]
Credit Suisse Bank: UBS Is In Talks To Take Over Its Troubled Rival
Switzerland’s biggest bank, UBS, is in advanced talks to buy all or part of its troubled rival Credit Suisse. Credit Suisse is facing a crisis of confidence and its shares have fallen sharply in recent days, after it said it had found “material weakness” in its financial reporting. An emergency $54bn (£44.5bn) lifeline from the […]
SVB Execs Sold Millions Of Their Company Stock In Lead Up To Collapse, Federal Disclosures Show
Less than two weeks before Silicon Valley Bank became the largest bank failure since the 2008 financial crisis, top executives at the company sold stock totaling several million dollars, according to federal disclosures obtained by ABC News. Former SVB President and CEO Greg Becker sold over $3.5 million of his company stock holdings on Feb. 27, according to a […]
Pension Funds Report Millions In Losses Amid Silicon Valley Bank Collapse
In Ohio public pension fund for teachers revealed it lost millions by holding more than $27 million in Silicon Valley Bank shares before the bank’s collapse. The State Teachers Retirement System (STRS) of Ohio stated that the shares represented a minuscule portion of its overall holdings –.03% of the total fund — which held over […]
FSTE 100 And Markets Up After Credit Suisse Secures Emergency Loan
European markets opened higher on Thursday after troubled bank Credit Suisse secured a £45bn funding deal. Stock markets across the UK, France and Germany rebounded while Credit Suisse’s share price surged by 40%. Overnight Credit Suisse said it would borrow up to 50bn francs (£44.5bn) from Switzerland’s central bank to shore up its finances. Fears […]
Argentina Inflation Soars Past 100% Mark
Argentina’s inflation rate has soared past 100% for the first time since the end of hyperinflation in the early 90s. Inflation hit 102.5% in February, the country’s statistics agency said, meaning the price of many consumer goods has more than doubled since 2022. Argentina has been in economic difficulty for years, and most of the […]
Aramco: Saudi State-owned Oil Giant Sees Record Income Of $161bn
Saudi oil giant Aramco has announced a record profit of $161.1bn (£134bn) for 2022, helped by soaring energy prices and bigger volumes. It represents a 46.5% rise for the state-owned company, compared with last year. It is the latest energy firm to report record profits, after energy prices spiked following Russia’s full-scale invasion of Ukraine […]
Netflix Cuts Prices For Subscribers In More Than 30 Countries
Streaming giant Netflix has cut prices in more than 30 countries as it attempts to attract more subscribers. Prices have been cut in parts of Asia, Europe, Latin America, sub-Saharan Africa and the Middle East. It comes as the rising cost of living sees households tightening their belts and Netflix faces increased competition from rival […]
NNPCL: Fuel Subsidy Above N400bn Monthly
The Nigerian National Petroleum Company Limited (NNPCL) yesterday said that the country is spending over N400 billion monthly on petroleum subsidy. The NNPC Group Chief Executive Officer, Mele Kyari, disclosed this at the final cutover ceremony of NNPC and the birth of NNPCL at the corporation’s towers in Abuja. Mr Kyari noted that NNPCL is […]
