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 […]
Do Kwon: US Regulator Charges Cryptocrash Boss With Fraud
US financial regulators have charged failed South Korean cryptocurrency boss Do Kwon and his company Terraform Labs with “orchestrating a multi-billion dollar crypto asset securities fraud”. The Singapore-based firm created the Terra Luna and TerraUSD tokens, which collapsed spectacularly last year. The collapse is estimated to have cost investors more than $40bn (£33.5bn). Mr Kwon […]
White House Unveils Deal With Musk On EV Chargers
Tesla’s US charging network will be available to other electric vehicle brands for the first time following White House negotiations with Elon Musk, the Biden administration announced Wednesday. Tesla has agreed to make at least 7,500 chargers nationwide open to non-Tesla EVs by the end of 2024, according to a White House fact sheet laying […]
US-China Trade Hits Record High Despite Rising Tensions
Trade between the US and China hit a record high last year even as their diplomatic relations deteriorated. Imports and exports between the two countries totalled $690.6bn (£572.6bn) in 2022, official figures show. Relations between the countries have hit new lows in recent days after a Chinese balloon travelled across the US. Beijing denies US claims it was […]
Elon Musk Found Not Guilty Of Fraud Over Tesla Tweet
Tesla co-founder Elon Musk has been cleared of wrongdoing for a tweet in which he said he had “funding secured” to take the electric carmaker back into private ownership. Shareholders argued he misled them with his posts in August 2018, and they had lost billions of dollars because of them. The proposed $72bn (£60bn) buyout […]
