Square Inc. Chief Executive Jack Dorsey, second from right, visits the floor of the New York Stock Exchange (NYSE) in New York, U.S., Thursday, Nov. 19, 2015. Yana Paskova | Bloomberg | Getty Images Find out which companies are making headlines in the midday business. Block — Shares lost nearly 3%, after losing nearly 15% … Read more
Fed Chairman Jerome Powell at yesterday’s press conference. Photo: Alex Wong/Getty Images On Wednesday afternoon, the Federal Reserve did more than raise interest rates for the ninth consecutive time in the face of a banking crisis. He also claimed that his plans for the year remain more or less intact and that nearly all of … Read more
The Monetary Policy Committee voted 7-2 to raise the Bank Rate to 4.25%, a decision widely anticipated after official data showed UK inflation had jumped sharply. unexpectedly at 10.4% in February. The Bank’s Financial Policy Committee has determined that the UK banking system “remains resilient” following recent bank failures in the US and Switzerland. A … Read more
A major Wall Street firm ranks financial instability over inflation as the biggest economic risk for the next three months. In an interview following the Federal Reserve’s quarter-point interest rate hike, Michael Schumacher of Wells Fargo Securities suggested that policymakers are underestimating how rapidly tightening credit conditions could hurt the economy. “The Fed doesn’t really … Read more
The Fed should raise its key rate. Google launches its AI product Bard for testing. Nike sees momentum in China after Covid-induced crisis. Here are the most important information investors need to start their trading day: Decision day has arrived. Will the Federal Reserve raise its benchmark rate by another quarter point, as has long … Read more
The Silicon Valley Bank (SVB) logo is visible through a rain-covered window. Justin Sullivan | Getty Images News | Getty Images LONDON — HSBC on Monday announced a deal to buy the UK subsidiary of US tech startup lender Silicon Valley Bank, which collapsed on Friday. HSBC has confirmed that its bounded UK subsidiary, HSBC … Read more
“In light of the strains in the banking system, we no longer expect the FOMC to raise rates at its next meeting on March 22,” Goldman economist Jan Hatzius said in a note. Sunday. The firm expects the latest measures to “provide substantial liquidity to banks facing deposit outflows” and bolster depositor confidence. Goldman Sachs … Read more
Boeing’s February deal with Air India is the largest in civil aviation history, but also comes as India seeks to boost its profile as a defense manufacturer. Last week, US Commerce Secretary Gina Raimondo visited India to strengthen ties with the Asian nation. India’s dream of becoming the “new factory of the world” to compete … Read more
Aramco logo displayed on a smartphone screen. Sopa Pictures | Light flare | Getty Images Saudi state-controlled oil giant Aramco reported record net profit of $161.1 billion for 2022 on Sunday, the biggest annual profit ever by an oil and gas company. Aramco said net income rose 46.5% on the year, from $110 billion in … Read more