S&P Global Ratings has warned that El Salvador’s adoption of bitcoin as legal tender is burdened by risk and will have a negative impact the country’s credit rating. “The risks associated with the adoption of bitcoin as legal tender in El Salvador seem to outweigh its potential benefits. There are immediate negative implications for credit,…
El Salvador’s Adoption of Bitcoin Has Negative Implications for Rating: S&P Global
Oil Holds Above $75 as Storm-Hit US Supply Returns Slowly
September 17, 2021
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LONDON—Brent oil futures dipped on Friday but held above $75 a barrel, remaining on track for weekly gains of more than 3 percent thanks to the slow recovery in output after two hurricanes in the U.S. Gulf of Mexico. Brent crude futures fell 27 cents, or 0.36 percent, to $75.40 a barrel by 0838 GMT,…
World Shares Advance on Mixed Economic Data
September 17, 2021
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World shares were mostly higher on Friday as investors assessed a hodge-podge of economic data. Benchmarks rose in Frankfurt, Paris, Tokyo and Hong Kong but fell in Sydney. U.S. futures edged higher, while the yield on the 10-year Treasury note was steady at 1.33 percent. Oil prices retreated from their surge earlier in the week….
Fed’s Powell Orders Sweeping Ethics Review After Officials’ Trading Prompts Outcry
WASHINGTON—Federal Reserve Chair Jerome Powell has ordered a sweeping review of the ethics rules governing financial holdings and dealings by senior officials at the U.S. central bank, a Fed spokesperson said on Thursday. Powell ordered the review late last week, the spokesperson said in an emailed statement, following recent reports that two of the Fed…
World Bank Leaders, Including Now-IMF Chief, Pressured Staff to Boost China’s Ranking in Report, Investigation Finds
September 16, 2021
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World Bank leaders, including then-Chief Executive Kristalina Georgieva who is now the managing director of the International Monetary Fund (IMF), applied “undue pressure” on staff to boost China’s standing in the bank’s “Doing Business 2018,” according to an investigation related on Sept. 16. The report (pdf), prepared by outside law firm WilmerHale at the request of…
Australia Pushes Forward With Next Phase of WTO Wine Dispute With China
September 16, 2021
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Australia will push forward with the next phase of its ongoing World Trade Organisation (WTO) dispute with China over punitive tariffs imposed on its wine exports to the country. Trade Minister Dan Tehan said Australia would ask the WTO to establish a dispute settlement panel to adjudicate the anti-dumping duties that were slapped on wine…
Boom for Banks as M&A and Pandemic Boost Corporate FX Needs
LONDON—A boom in corporate dealmaking, surging input costs, and a focus on short-term cash flows in the pandemic have sent companies rushing to hedge their currency exposures this year, giving a boost to banks that sell foreign exchange products. Corporate treasurers say the pandemic, which sent revenues tanking in 2020 before this year’s sharp rebound,…
America Is Short of Over 5 Million Homes Amid Surge in Demand and Lack of Construction: Report
The United States is short of more than 5 million homes, driven by increased housing demand across the country and a lack of materials and workers in the construction industry, according to new research from Realtor.com. Data released on Sept. 9 show that the United States is short of 5.24 million homes, an increase of 1.4 million from the…
UK Wholesale Energy Prices Soar After Power Grid Hit by Fire
A fire has caused a power link between the UK and France to be shut off, leading to a jump in wholesale electricity prices. The National Grid said its site at Sellindge in Kent was evacuated on Wednesday morning following the fire. The blaze and planned maintenance means the Interconnexion France-Angleterre (IFA) interconnector will be…
Retail Sales Post Surprise Gain, Led by Sharp Rise in Online Shopping
Americans spent at a brisk pace in August, defying economists’ expectations for a contraction in U.S. retail sales, though much of the spending was online as the spread of the Delta variant may have kept people from heading out to shop in greater numbers. Retail and food services sales rose 0.7 percent in August after…
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