The Central Bank of Nigeria’s (CBN) efforts to make citizens move away from cash and adopt the eNaira Central Bank Digital Currency (CBDC) have been unsuccessful, according to a report by the International Monetary Fund (IMF). The eNaira, launched by CBN on Oct. 25, 2021, was Africa’s first CBDC. In a May 16 IMF report,…
Africa’s Forceful First CBDC Push a Resounding Failure
May 23, 2023
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AfricaBusiness & MarketsCentral Bank Digital Currency (CBDC)cryptocurrencyeconomyMarketsnigerian currencyWorld
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Stock Market Today: Wall Street Slides as Debt Worries Worsen
NEW YORK—Stocks slid Tuesday as the U.S. government crept closer to the edge of a potentially disastrous default on its debt. The S&P 500 fell 1.1 percent after House Speaker Kevin McCarthy said, “We’re not there yet” on a deal to prevent the U.S. government from running out of cash. That followed a meeting late…
Wall Street Opens Lower as Debt Ceiling Talks Remain Deadlocked
Wall Street’s main indexes opened lower on Tuesday as another round of inconclusive talks over increasing the U.S. debt limit raised the spectre of an unprecedented government default. The Dow Jones Industrial Average (.DJI) fell 95.98 points, or 0.29 percent, at the open to 33,190.60. The S&P 500 (.SPX) opened lower by 15.83 points, or…
US Housing Market in Ongoing Monthly Decline
May 23, 2023
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Business & Marketseconomyexisting home salesMarketsreal estaterecessionU.S. housing marketUSUS NewsUS Real Estate
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The U.S. housing market continued to show signs of decline as mortgage applications and sales of existing homes fell while properties are taking longer to get sold. Mortgage applications for new home purchases dropped by 11 percent in April 2023 compared to March, according to a Mortgage Bankers Association May 19 press release. “Since the…
Yellen Sounds Alarm on Default in New Warning to McCarthy on Debt Ceiling Deadlock
May 23, 2023
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Business & Marketscongressdebt ceilingeconomic policieseconomyExecutive BranchJanet YellenKevin McCarthyMarketspersonal financePoliticsrecessionUSUS News
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Treasury Secretary Janet Yellen has issued a renewed—and alarmist—warning to House Speaker Kevin McCarthy (R-Calif.) and other congressional leaders, reiterating her earlier position that the country could run out of money to pay its debt obligations as early as June 1, but this time around expressing more confidence in her dire prediction. Yellen has repeatedly…
Eurozone Business Growth Solid in May but Shows Signs of Easing: Flash PMI
LONDON—Eurozone business growth remained resilient but slowed slightly more than thought this month as the bloc’s dominant services industry lost a little of its shine and the downturn in the manufacturing sector deepened, a survey showed on Tuesday. HCOB’s flash Composite Purchasing Managers’ Index (PMI) for the bloc, compiled by S&P Global and seen as…
Dollar Strengthens Broadly on Fed Rate Expectations
LONDON—The U.S. dollar rose for a second day on Tuesday, briefly touching a six-month peak against Japan’s yen, on expectations that U.S. interest rates will remain higher for longer, while ongoing debt ceiling negotiations kept investors on edge. Among a slew of Federal Reserve heavyweights who spoke on Monday, some hinted that the central bank…
Oil Slips as US Debt Ceiling Concerns Offset Tight Supply
LONDON—Oil slipped on Tuesday as investor concern over the risk of a U.S. debt default was balanced by support from a tighter market due to a seasonal rise in gasoline demand and supply cuts from OPEC+ producers. President Joe Biden and House Speaker Kevin McCarthy ended talks on Monday with no agreement on how to…
Markets Nervous on Fed Ceiling Uncertainty, US Yields Rise
LONDON/HONG KONG–Markets were cautious on Tuesday, as the latest talks over the U.S. debt ceiling offered something for optimists and pessimists, leaving European shares just shy of last week’s 15-month top, and U.S. benchmark yields at their highest in two months. President Joe Biden and House Speaker Kevin McCarthy could not reach an agreement on…
Stock Market Today: Wall Street Ends Mixed Ahead of Talks to Avoid US Default
NEW YORK—Stocks drifted to a mixed finish Monday, as Wall Street waited for the results of a pivotal meeting meant to avoid a potentially disastrous default on the U.S. government’s debt. The S&P 500 was at a virtual standstill after flipping between small gains and losses through the day. It edged up by 0.65, or…
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