Banks have borrowed a combined total of $164.9 billion from the Federal Reserve in recent weeks following the collapse of Silicon Valley Bank (SVB), data published by the central bank show. According to Fed statistics released Thursday, banks borrowed $152.85 billion from the central bank in the week ending March 15 using the Fed’s traditional discount window—known as discount window…
Banks Borrow Billions to Maintain Liquidity, Fed Data Show
March 17, 2023
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Victoria Adds Just 74 New Public Dwellings Despite Multi-Billion-Dollar Program
March 17, 2023
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AustraliaBig Housing BuildBusiness & Marketseconomic policiesGlobal Real EstateInternationalMELBOURNEreal estatesocial housingvictoriaWorld
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The Australian state of Victoria has added a slither of new social housing stock over the past four years, despite introducing a multi-billion-dollar program to boost social housing. The latest annual report by the Victorian Department of Families, Fairness and Housing revealed that the state had a total social housing stock of 86,887 dwellings by…
Amgen to Cut 450 Jobs in 2nd Round of Layoffs This Year
Amgen Inc. said on Thursday it would cut 450 jobs, or less than 2 percent of its workforce, making it the company’s second round of layoffs this year amid intensifying pressure on drug prices and high inflation. “We made these changes to realign our expense base in the face of intensifying pressure on drug prices…
Dollar Slips as Bank Lifelines Shore Up Risk Appetite
LONDON—The dollar slipped on Friday after top U.S. power brokers including the government and banks threw a lifeline to a struggling regional lender to ease stress on the financial system, which returned some confidence to investors. The rescue of First Republic Bank in the U.S. on Thursday boosted risk appetite globally on Friday as concerns…
Oil Rises on Demand Hopes as Banking Fears Ease
March 17, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices firmed on Friday as a meeting between Saudi Arabia and Russia calmed markets and after support measures stabilized a banking crisis that set oil prices on course for their biggest weekly fall since December. Brent crude futures firmed by $1.09, or 1.46 percent, to $75.79 a barrel by 1040 GMT. U.S. West Texas…
World Shares up After 1st Republic Aid Spurs Wall Street Rally
March 17, 2023
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BANGKOK—Markets advanced Friday in Europe and Asia, tracking a rally on Wall Street after a group of big banks offered a lifeline to First Republic Bank, the latest U.S. lender in the spotlight for troubles in the banking industry. Shares rose in Paris, London, Tokyo, and Hong Kong but edged lower in Mumbai. U.S. futures…
Australians Set to Work Longer and Earn Less in the Future: Productivity Commission
March 16, 2023
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AustraliaBusiness & Marketseconomic policiesInternationalJim Chalmerspersonal financeproductivityWorld
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Australians will need to improve productivity levels if better standards of living are to be achieved, says Federal Treasurer Jim Chalmers. The Labor treasurer predicts Australians will work two extra hours in the future while earning 40 percent less if the country fails to lift its game. In a speech to the Committee for Economic…
America Will Be Petroleum, Natural Gas Exporter Through 2050, Predicts Energy Information Administration
March 16, 2023
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Business & Marketseconomic policieseconomyEIAelectrificationenergyEnvironmentInvestmentNatural gasOilPolicies & ImpactsScienceScience NewsUSUS FeaturesUS News
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The Energy Information Administration (EIA) expects the United States will remain a net exporter of petroleum and natural gas at least through the middle of this century. Its 2023 Annual Energy Outlook, released on March 15, credits that trend to “growing international demand.” Yet, the EIA also projects that zero-carbon nuclear power, natural gas, and…
US Will Be Petroleum, Natural Gas Exporter Through 2050, Government Agency Projects
March 16, 2023
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Business & Marketseconomic policieseconomyEIAelectrificationenergyEnvironmentInvestmentNatural gasOilPolicies & ImpactsScienceScience NewsUSUS FeaturesUS News
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The Energy Information Administration (EIA) expects the United States will remain a net exporter of petroleum and natural gas at least through the middle of this century. Its 2023 Annual Energy Outlook, released on March 15, credits that trend to “growing international demand.” Yet, the EIA also projects that zero-carbon nuclear power, natural gas, and…
Britain’s Tax Burden on Course to Hit Highest Level Since Second World War
The UK’s tax burden is on course to be the highest since the Second World War, the government’s official economic forecaster has said. The tax burden is expected to reach a post-war high of 37.7 percent of GDP in 2027–28, according to the Office for Budget Responsibility (OBR). The OBR’s document, released on Wednesday to…
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