Standard Chartered CEO Bill Winters warned that the U.S. banking sector may face another crisis after avoiding a near collapse last month. He spoke with CNBC’s Joumanna Bercetche on April 24 to discuss the future outlook of the industry. Regulators intervened in March to prevent mass panic after the collapse of Silicon Valley Bank, Signature Bank,…
Standard Chartered CEO Warns Banking Sector Risks Will ‘Come Home to Roost’
April 25, 2023
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banking sectorBusiness & MarketsCompanieseconomic policieseconomyinflationInvestmentMarketsStandard CharterUBSUS
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US Consumer Confidence Falls for 3rd Time in 4 Months
Consumer confidence dipped again in April as anxiety over a slowing economy and possible recession weighed on American households. The Conference Board reported Tuesday that its consumer confidence index fell to 101.3 in April from 104 in March. It’s the third time in four months that overall U.S. consumer confidence has declined. Optimism about current…
Global Retailers Seek New Ways to Lure in Shoppers as Spending Slows
April 25, 2023
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Business & MarketsCompanieseconomic policieseconomyglobalinflationInternationalMarketsretailersspendingWorld
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BARCELONA—Europe’s cost of living crisis has benefited discount retailers but mid-market names are being squeezed as shoppers watch their spending, executives and analysts at an industry conference said on Tuesday. Luxury is also continuing to perform well, with hopes that China’s reopening will give fresh impetus as a months-long post-pandemic splurge by Americans starts to…
Government Borrowing Jumps by £18 Billion Owing to Interest Payments and Energy Bills Support
April 25, 2023
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Government borrowing jumped by £18 billion in the year to March 2023, with the figure blamed on rising interest rates and the cost of supporting energy bills. The Office for National Statistics (ONS) said public sector borrowing reached £139.2 billion in 2022/23, the fourth-highest figure since records began and £18.1 billion more than in 2021/22,…
Yellen Warns of ‘Economic and Financial Catastrophe,’ but Insists It’s ‘Preventable’
April 25, 2023
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Business & Marketsdebt ceilingeconomic policieseconomyJanet YellenPolicies & ImpactsPoliticsUSUS News
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Treasury Secretary Janet Yellen on Tuesday warned of an “economic and financial catastrophe” that would decimate jobs and make loans more expensive for years to come if Congress fails to raise the debt ceiling and the government defaults on its obligations. Yellen issued the warning in prepared remarks for the 51st annual Sacramento Metro Chamber’s…
Nestle Beats Quarterly Sales Estimates With Price Hikes
LONDON—Nestle reported slightly better-than-expected first-quarter sales on Tuesday, as the world’s biggest packaged food company increased prices to offset weak sales volumes. The Swiss company, which makes KitKat chocolate bars, Nescafe coffee, and Maggi stock cubes, said sales rose 5.6 percent to 23.5 billion Swiss francs ($26.48 billion) in the quarter ended March 31, beating…
McDonald’s 1st-Quarter Results Beat on Price Hikes, More Visits
McDonald’s Corp. beat Wall Street expectations for quarterly global comparable sales and profit on Tuesday, boosted by higher menu prices and more customer visits. The burger chain’s shares rose about 1 percent in premarket trading, as comparable sales jumped by 12.6 percent for all of McDonald’s geographical segments. Global comparable sales also climbed 12.6 percent,…
PepsiCo’s Price Hikes, Steady Demand Add Sparkle to Annual Forecast
PepsiCo Inc. raised its annual forecasts on Tuesday after price hikes undertaken to offset higher costs and steady demand helped the soda and snack giant beat first-quarter results. The results pointed to a resilient consumer and followed similar quarterly performances by rival Coca-Cola and Nestle. PepsiCo’s shares rose 2 percent in early trading. Average prices…
UK Grocery Inflation Dips but Prices Still Over 17 Percent Higher Than a Year Ago
The inflation rate of Britain’s grocery prices dipped slightly in April, but new data show that consumers are still paying 17.3 percent more than this time last year. According to new figures from research firm Kantar, grocery inflation fell only slightly from last month’s 17.5 percent. The firm warned that the drop only means that…
Wall Street Opens Lower on Mixed Earnings, First Republic Shares Plunge
Wall Street’s main indexes opened lower on Tuesday following a mixed batch of earnings reports, while a plunge in deposits of regional lender First Republic Bank stoked concerns about the banking sector. The Dow Jones Industrial Average fell 47.06 points, or 0.14 percent, at the open to 33,828.34. The S&P 500 opened lower by 10.61…
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