Royal Mail has suffered a full-year loss of more than £1 billion, leaving it trading at a loss as it recovers from the impacts of industrial action. A 94-page document (pdf) by Royal Mail’s owner International Distributions Services (IDS), reported that the group swung to an operating loss of £1.04 billion for the year to…
Mortgage Demand Declines as Rates Continue to Rise
May 18, 2023
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30-year mortgageBusiness & Marketseconomyinterest rate hikesMarketsPolicies & Impactsreal estateUSUS NewsUS Real Estate
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Demand for mortgages dropped as interest rates rose to new highs, with both purchase and refinance mortgage applications registering weekly declines. MBA’s Market Composite Index, which measures mortgage loan application volume, fell by 5.7 percent for the week ending May 12 compared to the previous week, according to a May 17 press release. Joel Kan,…
Banks’ Rising Funding Costs, Reduced Lending Are Top Concerns for Bank of Canada
May 18, 2023
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Bank of CanadaBusiness & MarketsCanadaeconomyfinancial system reviewGlobal Real Estatereal estateWorld
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OTTAWA—Bank of Canada analysis shows that while global banking stresses have been contained and the Canadian banks remain robust, the effects of much higher interest rates are exposing vulnerabilities in the banking sector. These can raise the cost of banks’ funding and thus make it harder for households and businesses to get loans, which could…
Fewer Americans Apply for Jobless Benefits, Labor Market Still Showing Strength
Fewer Americans applied for jobless benefits last week after a previous spike that some took as a sign that higher interest rates were finally cooling the labor market. Applications for jobless claims for the week ending May 6 fell by 22,000 to 242,000, from 264,000 the week before, the Labor Department reported Thursday. The weekly…
Disney Asks Court to Dismiss Desantis-Backed Lawsuit in Latest Twist
May 18, 2023
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Business & MarketsCompanieseconomic policieseconomyFloridaPoliticsReedy Creek Improvement DistrictRegional & State NewsRepublicansron desantisState NewsUSUS NewsWalt Disney World
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The Walt Disney Company asked a Florida court to dismiss a lawsuit filed by the board of supervisors appointed by Gov. Ron DeSantis to oversee Walt Disney World’s theme park operations. DeSantis took over Disney World’s self-governing district through legislation passed by the Florida legislature before appointing new overseers to run it. The entertainment company’s…
Dow Opens Lower as Losses in Cisco Cloud Upbeat Walmart Forecast
The Dow opened lower on Thursday as Cisco shares fell on slowing demand for its products, clouding Walmart’s strong annual forecast and optimism over a likely deal to avoid debt default. The Dow Jones Industrial Average fell 46.21 points, or 0.14 percent, at the open to 33,374.56. The S&P 500 opened lower by 1.09 points,…
US Treasury Cash Balance Shrinks to Alarming Levels Amid Debt Ceiling Battle
The U.S. Treasury cash balance inside its bank account at the Federal Reserve continues to shrink at an alarming level as the department attempts to prevent the federal government from defaulting. According to the latest Daily Treasury Statement, the Treasury General Account (TGA) opening balance was $87.431 billion on May 16, down from about $143…
Bipartisan Bill Seeks to Crack Down on Big Banks’ Presence of Federal Reserve Board
May 18, 2023
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big banksBusiness & MarketsCompaniescongresseconomic policieseconomyFederal Reserve boardsPoliticsUS
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Two senators have proposed a bipartisan bill to curb big banks’ presence on the boards of regional Federal Reserve banks in a bid to eliminate conflicts of interest and bolster central bank accountability. “I’ve got an idea–a bipartisan idea–that I’m introducing with Senator Rick Scott today: get the big bankers off the Reserve Banks boards…
Deutsche Bank to Pay $75 Million to Settle Lawsuit Bought by Victims of Jeffrey Epstein: Lawyers
May 18, 2023
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Business & MarketsCompaniesCrime & Public SafetyDeutsche BankHuman TraffickingJeffrey EpsteinUSUS News
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Deutsche Bank has agreed to pay $75 million to settle a class-action lawsuit filed by alleged sexual abuse victims of disgraced financier and convicted sex offender Jeffrey Epstein, lawyers have confirmed. The settlement resolves a class-action suit filed by two women, referred to as “Jane Doe” against the banks in November last year. New York federal judge Jed Rakoff…
Beijing’s Ambassador Confirms Lifting of Ban on Australian Timber As China Seeks CPTPP Approval
May 18, 2023
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AustraliaBusiness & MarketsChina NewsChina-Australia RelationsInternational Relationstimbertrade disputeWorld
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After three years of tit-for-tat trade disputes, the Chinese Communist Party (CCP) has confirmed it will resume its importation of Australian timber—effective immediately. In a rare media appearance, Beijing’s ambassador to Canberra, Xiao Qian, told reporters that the central government’s decision was based on a “serious study” provided to Beijing by Australia on the quarantine risks…
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