Tag: financial services
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Europe’s economy has stalled. But an interest rate cut will likely have to wait for summer
The European Central Bank has left its key interest rate at a record high even though inflation is way down from its painful double-digit peak and the economy has stalled
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Egypt floats its currency and agrees with the IMF to increase a bailout loan to $8 billion
Egypt has floated its currency and announced a deal with the International Monetary Fund to increase its bailout loan to $8 billion
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Fed’s Powell: Rate cuts likely this year, but more evidence is needed that inflation is tamed
Chair Jerome Powell reinforced his belief that the Federal Reserve will cut its key interest rate this year but said it first wants to see more evidence that inflation is falling sustainably back to the Fed’s 2% target
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China says economy got a strong start in 2024, sets sights on latest technology, upgrading factories
Top Chinese financial officials have outlined details of the ruling Communist Party’s plans for the year, saying a 5% target for economic growth is within reach after a strong start to the year
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Bitcoin briefly hits an all-time high, less than two years after FTX scandal clobbered crypto
Bitcoin has hit an all-time high less than two years after the collapse of the crypto exchange FTX severely damaged faith in digital currencies and sent prices plunging
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Biden administration would cap credit card late fees at $8, part of campaign against junk fees
President Joe Biden is highlighting a proposal to cap all credit card late fees
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Stock market today: Asian shares are mixed as China unveils 5% economic growth target for 2024
Shares are mixed in Asia after China’s premier said the country’s target for economic growth this year is around 5%, in line with expectations
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Powell to face pressure on rates from Democrats, bank rules from Republicans
Jerome Powell faces heightened pressure this week from Democrats who want interest-rate cuts to keep the economy humming in an election year and Republicans who want him to scrap a plan to boost bank capital. The Fed chair heads to Capitol Hill on Wednesday and Thursday for his semiannual testimony before Congress, two years after…
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Stock market today: Japan’s Nikkei tops 40,000, as investors await China political meeting
Asian stocks are mostly higher ahead of China’s top annual political gathering, while Japan’s benchmark surpassed the 40,000 level for the first time
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US eases restrictions on Wells Fargo after years of strict oversight following scandal
The Biden administration is easing its restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals