On Sunday, the newly appointed Finance Minister Mehmet Simsek of Turkey said that to ensure predictability in the economy, there is no choice for the country but to return to “rational ground”. Simsek was named to the cabinet of President Tayyip Erdogan on Saturday to tackle Turkey’s cost-of-living crisis. There were clear indications that the…
South Korea’s outlook for the central bank to cut interest rates to boost economic growth is clouded. The reason is that consumer inflation has cooled down for the fourth month. Which hit the lowest in 19 months in May, but core inflation is still elevated. Last Friday, the Statics Korea data was released. The consumer…
Last Wednesday, investors were more focused on an anticipated vote in Congress to raise the U.S. debt ceiling, which caused the U.S. Treasury yields and global equities to decline. The bipartisan deal that would lift the $31.4 trillion ceiling and help the government avoid default is scheduled for a vote on Wednesday in the U.S….
Hawkes, who play a game of cat and mouse with the authorities, are hitting the streets as the sluggish economic recovery is not helping them with their wages. It was reported by many hawkers, one of whom was Wang Chunxiang. She sells pastries in the busy area of Shanghai. She chose to push the cart…
According to a survey released on Tuesday, British shop price inflation hiked this month and reached the highest value since the record was started in 2005, although there was a slight cooldown in the growth of food prices. According to the British Retail Consortium, there was a hike in prices at retail chains and supermarkets….
On Monday, a tentative debt ceiling agreement was achieved by the leaders of the world’s largest economy and the largest oil consumer, the United States of America. Oil prices increased, and there were increases in worries about future interest rate hikes. The trade is anticipated to be subdued on Monday, as there are holidays in…
As Chinese deal-making slows down, Bank of America Corp. is looking to control costs globally. According to a person familiar with the matter, the bank informed around 40 bankers to look for new roles within the organization, and the bankers were from Asia. The bank told these to their employees on Wednesday. The banks told…
While the trading partner of Singapore (China) is struggling to get a boost after the COVID, as the economic outlook of the world weakens, the risk of a recession increases in the city-state as the economy of Singapore contracted in the first quarter. The borrowing costs have hiked, and inflation pressure is immense on the…
On Tuesday, the UBS group was in negotiations with Swiss authorities about loss protections related to the takeover of Credit Suisse Group AG and its regulatory capital requirements. There are still some kinks in the tie-up of the banks, and that issue was put together by the Swiss government over a weekend in mid-March, which…
On Monday, the Federal Reserve reported that U.S. households’ sense of financial security has eroded because of the inflation wave, which remains elevated and crested at a 40 year high last year. According to other sources, they have delayed purchasing goods or swapped to cheaper options, even reducing their savings options to meet their needs,…
