Major central banks have been watching how Nigeria’s new central bank digital currency has fared since its launch a year ago as they prepare to introduce digital currencies in their own countries, said Nick Corbishley, investigative journalist and author. The current push for centralized digital currencies was made feasible through digital identity technology that enabled…
Digital Currency Launch in Nigeria Matters for Rest of the World: Investigative Journalist
UK Unveils Anti-Strike Legislation Requiring ‘Minimum Safety Levels’ During Industrial Action
January 5, 2023
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Business & Marketseconomic policieseconomyGrant Shappsindustrial actionKeir StarmerTrade UnionsUKWorld
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The UK government has announced new legislation to ensure “minimum safety levels” in the most crucial sectors when industrial action takes place. In a statement released on Thursday, the government said it will “always protect the ability to strike,” but it must be “balanced with the public’s right to life and livelihoods.” The government has…
US Inflation Has Not ‘Turned the Corner Yet’, IMF’s Gopinath Warns: Financial Times
Inflation in the United States has not “turned the corner yet” and it is too early for the Federal Reserve to declare victory in the fight on rising prices, a top IMF official said in an interview with the Financial Times on Thursday. Gita Gopinath, a deputy managing director of the Fund, urged the U.S….
UK Labour Party’s Vision for Government Will Not Lead to Big Spending, Starmer Pledges
A future Labour government will not get its “big government chequebook” out and try to spend its way out of the “mess” inherited from the Conservatives, UK Labour leader Sir Keir Starmer has pledged. In his first major speech in 2023, Starmer said that there is “a growing impatience for change, for real change, lasting…
US Jobless Claim Applications Fall to Lowest in 14 Weeks
WASHINGTON—The number of Americans applying for jobless benefits fell to the lowest level in more than three months last week, reflecting a still-robust job market despite the Federal Reserve’s efforts to cool the economy and bring down decades-high inflation. Applications for unemployment aid for the week ending Dec. 31 fell by 19,000 to 204,000, the…
Wall Street Opens Lower as Labor Data Fans Rate Hike Fears
Wall Street’s main indexes opened lower on Thursday after further evidence of a strong labor market spurred worries that the Federal Reserve could keep raising interest rates for longer than expected. The Dow Jones Industrial Average fell 78.05 points, or 0.23 percent, at the open to 33,191.72. The S&P 500 opened lower by 13.23 points,…
US Expected to See More Unemployment and Slower Hiring This Year
January 5, 2023
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Business & Marketsbusiness outlookeconomic policieseconomic recessioneconomyFed Rate Hikejob cutsrecessionU.S. unemployment rateUS
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The unemployment rate in the United States is set to worsen further as businesses are predicted to add fewer workers in the course of this year based on a quarterly Economic Indicator poll by Bankrate. The U.S. unemployment rate is expected to be at 4.6 percent a year from now, according to survey results published…
Dollar Wavers After Fed Minutes Offer Few Surprises
LONDON/SINGAPORE—The dollar was roughly flat in choppy trading on Thursday after the release of the latest Federal Reserve minutes. Details of the discussion from the central bank’s December policy meeting, released on Wednesday, showed policymakers remain focused on curbing inflation and do not envisage interest rate cuts in 2023. Analysts said the minutes were broadly…
Oil Rebounds After Biggest Drop in Decades at Start of Year
January 5, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil rebounded over 2 percent on Thursday after posting the biggest two-day loss for the start of a year in three decades with the shutdown of a U.S. fuel pipeline providing support, though economic concerns capped gains. Big declines in the previous two days were driven by worries about a global recession, especially since short-term…
Global Shares Rise as Sentiments Get Boost From Fed, US Jobs
January 5, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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TOKYO—Global shares mostly rose Thursday following a rally on Wall Street as investors assessed minutes from the Federal Reserve’s latest meeting of policymakers and welcomed encouraging data on U.S. jobs. France’s CAC 40 lost 0.6 percent to 6,736.01 in early trading, while Germany’s DAX fell 0.4 percent to 14,438.94. Britain’s FTSE 100 edged up 0.1…
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