The cost of insuring exposure to United States sovereign debt rose on Wednesday to its highest level since 2011 after Treasury Secretary Janet Yellen warned that failure to lift the federal borrowing cap would trigger an economic catastrophe, suggesting investors are growing more nervous about the debt ceiling deadlock in Washington. Spreads on U.S. five-year…
IN-DEPTH: US Debt Default Fears Spark Rising Unease Among Investors
April 26, 2023
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Business & Marketscongressdebt ceilingdebt default swapeconomic policieseconomyExecutive BranchMarketsPoliticsUSUS News
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Stock Market Today: US Futures Subdued as Earnings Arrive
April 26, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsMedia & Big Techrecessionstocks
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Wall Street was slow to gain traction in premarket trading ahead of another full slate of corporate earnings and more economic data later in the week. Futures for the Dow ticked down less than 0.1 percent and the S&P 500 was essentially unchanged before the bell Wednesday. Shares of Activision Blizzard tumbled more than 11…
People Need to Accept They Are Poorer, Says Central Bank Economist
High inflation will stay persistent unless people accept that they are poorer, a senior UK central bank official has said. The UK’s Consumer Prices Index inflation fell slightly to 10.1 percent in March from 10.4 percent in February, but remained in the double digits, according to the Office of National Statistics (ONS). Huw Pill, chief…
Fox Takes a Huge Hit Following Tucker Carlson’s Departure
Fox Corporation’s stock plunged by more than 5 percent on Monday after Fox News host Tucker Carlson’s surprise exit was announced, initially wiping out nearly $1 billion from its market value. Combining its Class A and B shares, the company saw $900 million wiped off its market value and by late afternoon trading, its Class B shares…
Fox Stock Down $600 Million Since Tucker Carlson Exit
Fox Corporation’s stock plunged by more than 5 percent on Monday after Fox News host Tucker Carlson’s surprise exit was announced, initially wiping out nearly $1 billion from its market value. Combining its Class A and B shares, the company saw $900 million wiped off its market value and by late afternoon trading, its Class B shares…
US Charges North Korean Banker Over Crypto Laundering Conspiracies
April 26, 2023
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Asia & PacificBusiness & MarketsCrime and IncidentscryptocurrencyDepartment of Justice (DOJ)MarketsNorth KoreaPublic SafetySim Hyon SopUSUS NewsWorld
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The United States has indicted a North Korean banker for his alleged role in cryptocurrency laundering conspiracies designed to buy goods and generate revenue for the North Korean regime. Sim Hyon Sop, a representative of the North Korean Foreign Trade Bank (FTB), was accused of conspiring with over-the-counter crypto traders to launder funds stolen from…
Software Engineers Face Layoffs as Tech Industry Begins Cutbacks
Software engineers face increasing prospects of being laid off as the tech industry begins downsizing due to economic uncertainties. Tech work was once considered a safe bet regarding job security, with many people encouraged to “learn to code” over the past two decades. Vox reported on April 21 that a trickle of layoffs in the tech industry…
Australian Government Considers Extending Gas Price Controls Until 2025
The Australian government is considering extending the current gas price cap—that restricts wholesale prices—to 2025. On April 26, the Labor government announced the final round of consultation on a code of conduct for the sector, which aims to lower gas prices for local consumers. In December 2022, the federal government enacted a temporary price cap…
Seagate to Pay $300 Million Penalty for Shipping Huawei 7 Million Hard Drives
Seagate Technology Holdings PLC has agreed to pay a $300 million penalty in a settlement with U.S. authorities for shipping over $1.1 billion worth of hard disk drives to China’s Huawei in violation of U.S. export control laws, the Department of Commerce said. Seagate sold the drives to Huawei between August 2020 and September 2021…
Inflation Falls From to 7 Percent Ahead of Cash Rate Call
Australia’s inflation has most likely topped out and starting to moderate, but it’s unclear if the fall will be enough to convince the Reserve Bank to keep rates on hold next week. Inflation lifted seven percent annually in the March quarter, but consumer prices as measured by the Australian Bureau of Statistics (ABS) are growing…
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