Tag: economic policies

World Shares Fall on Banking Turmoil, Recession Worries

March 24, 2023
Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BANGKOK—Shares fell Friday in Europe and Asia as worries over turmoil in the banking sector and recession risks overshadowed gains on Wall Street. Benchmarks declined in most major markets, while U.S. futures were higher. Oil prices fell. Investors are worried that more banks might suffer a debilitating exodus of customers following the second- and third-largest…

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Swiss Central Bank Hikes Interest Rates Despite Credit Suisse Turmoil

March 23, 2023
Business & MarketsCompaniesCredit Suisseeconomic policieseconomyEuropeinflationinterest ratesInvestmentMarketsrecessionSwiss National BankWorld
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The Swiss National Bank (SNB) raised its interest rates by 50 basis points despite the turmoil over the Credit Suisse collapse. The SNB made the announcement on March 23, bringing its borrowing rate to 1.5 percent, for its fourth consecutive hike, which was is in line with analysts’ predictions Swiss interests rates were negative 75 percent…

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Energy Secretary Says ‘Awful Lot of Misinformation’ on Gas Stove Ban

March 23, 2023
Business & MarketscongressDemocratsDepartment of Energydiversityeconomic policieseconomyenergyExecutive BranchFeatured Topicsgas stovesGranholmPolicies & ImpactsPoliticsRepublicansUSUS News
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A hearing on President Joe Biden’s proposed budget turned to gas stoves on March 23, as Rep. Dan Newhouse (R-Wash.) asked Energy Secretary Jennifer Granholm about her department’s proposed rule on the appliances. “There’s been an awful lot of misinformation that’s been floating around about this,” Granholm told Newhouse. The Department of Energy (DoE) on…

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Energy Secretary Acknowledges Half of Gas Stoves Could Be Impacted by Government Proposal

March 23, 2023
Business & MarketscongressDemocratsDepartment of Energydiversityeconomic policieseconomyenergyExecutive BranchFeatured Topicsgas stovesGranholmPolicies & ImpactsPoliticsRepublicansUSUS News
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A hearing on President Joe Biden’s proposed budget turned to gas stoves on March 23, as Rep. Dan Newhouse (R-Wash.) asked Energy Secretary Jennifer Granholm about her department’s proposed rule on the appliances. “There’s been an awful lot of misinformation that’s been floating around about this,” Granholm told Newhouse. Granholm acknowledged, however, that half of…

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Rishi Sunak Backed by Labour’s Leader in Wales as He Launches 2 Freeports to ‘Turbo Charge’ Economy

March 23, 2023
Business & Marketseconomic policiesPrime Minister Rishi SunakUKWalesWorld
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Prime Minister Rishi Sunak was joined by the Labour Party’s Welsh leader, Mark Drakeford, as they announced two new freeports in the principality. The Conservative-run British government and the Welsh government, led by Labour, say the freeports could create 20,000 new jobs by the end of the decade. The winning bids were one from the…

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Fed Chair Powell on SVB Collapse: ‘Management Failed Badly,’ While Speed of Bank Run Surprised Regulators

March 23, 2023
Bank RunBusiness & MarketsCompanieseconomic policieseconomyjerome powellSilicon Valley BankUSUS News
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Federal Reserve chairman Jerome Powell on Wednesday criticized the management of Silicon Valley Bank (SVB) for poor risk management, alleging that bank executives sought to grow the bank’s business quickly while inadequately hedging against liquidity and interest-rate risks. Powell made the remarks at a press conference Wednesday that followed the Federal Reserve’s decision that it…

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US Jobless Claims Inch Down as Labor Market Remains Tight

March 23, 2023
benefitsBusiness & Marketseconomic policieseconomyinflationjoblessMarketsrecessionUSUS News
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The labor market continues to defy Federal Reserve attempts to cool hiring, with U.S. applications for unemployment benefits down again last week and remaining at historically low levels. Jobless claims in the U.S. for the week ending March 18 fell by 1,000 to 191,000 from the previous week, the Labor Department said Thursday. The four-week…

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Significant Number of Banks Will Fail Within 2 Years, Predicts CEO of Hedge Fund Giant

March 23, 2023
banksBusiness & MarketsCEOCompanieseconomic policieseconomySignature BankSilicon Valley BankUSUS News
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The CEO of one of the largest publicly traded hedge funds has warned that the turmoil sparked by the collapse of Silicon Valley Bank (SVB) is not over and a “significant number” of banks could fail in the next two years. Man Group CEO Luke Ellis made the comments during a Bloomberg conference in London on March 22…

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Dollar Falls for 6th Day as Fed Signals Rate-Hike Pause

March 23, 2023
Business & MarketsCompanieseconomic policieseconomyForexglobalinflationMarketsstocks
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LONDON/SINGAPORE—The dollar headed for its longest losing streak in 2–1/2 years on Thursday after the Federal Reserve sounded close to calling time on interest rate hikes, while the Swiss franc edged higher after the central bank pushed ahead with another hike. The Fed raised its benchmark funds rate by 25 basis points, as expected, but…

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Oil Down After Fed Comments, US Crude Stock Build

March 23, 2023
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices dipped on Thursday, having hit their lowest since late 2021 earlier this week, after Federal Reserve Chair Jerome Powell highlighted banking sector credit risks for the world’s largest economy, while U.S. crude stockpiles swelled. Brent crude futures were down 54 cents, or 0.7 percent, to $76.15 a barrel at 0929 GMT, while U.S….

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