The euro-area economy failed to expand in the fourth quarter of 2022, according to data released Wednesday by Eurostat, the statistical service of the European Union.[0] Gross domestic product (GDP) remained flat sequentially in the fourth quarter after expanding 0.4 percent in the preceding period.[1] Greece achieved the highest growth rate in the eurozone in […]
Continue reading The Organization for Economic Cooperation and Development (OECD) has revised down South Korea’s growth outlook for 2023 to 1.6 per cent, as the global economy stands on a “fragile” foundation amid uncertainties.[0] The OECD said the improved economic outlook is still fragile and risks remain tilted to the downside, with the war in Ukraine, the […]
Continue reading Credit Suisse’s shareholders were in panic mode this week after the bank’s largest shareholder, Saudi National Bank, said it was unable to invest more money due to regulatory restrictions limiting its holding to below 10%. This sent shares plummeting to record lows and forced the Swiss National Bank to step in with a $54 billion […]
Continue reading The Organisation for Economic Co-operation and Development (OECD) has revised down its growth outlook for South Korea in 2023 to 1.6 percent, as the global economic recovery remains fragile. The OECD also lowered its 2023 global growth forecast to 2.6 percent, up from 2.2 percent in its November projection, and 2.9 percent for 2024, up […]
Continue reading On March 16, 2023, Silicon Valley Bank (SVB) became the second-largest bank failure in U.S. history. SVB’s collapse, and the subsequent failure of Signature Bank SBNY, have left many wondering what went wrong and how to prevent a similar bank panic in the future. To answer these questions, we must look at the decisions made […]
Continue reading Is the Economy Currently in Recession? As of March 14, 2023, most Wall Street economists have been expecting a recession to hit the economy by the middle of the year.[0] Despite scattered signs of hope, the next economic downturn has become the most anticipated recession in recent U. S. history. What is a Recession Exactly? […]
Continue reading Amidst increasing economic uncertainty, eleven of the largest US banks have come together to provide a $30 billion deposit to First Republic Bank in an effort to stabilize the lender and restore confidence in the US banking system.[0] JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC) each deposited $5 billion, […]
Continue reading The Organization for Economic Cooperation and Development (OECD) lowered its 2023 growth forecast for South Korea to 1.6 percent, down from 1.8 percent in its previous outlook given in November. The OECD also lowered the inflation outlook for Korea to 3.6 percent from 3.9 percent as global inflation is expected to take a downward trajectory […]
Continue reading On Wednesday, the stock market opened with a massive plunge as fears of further banking instability spread across global markets. The Dow Jones Industrial Average (^DJI) fell more than 500 points, with the S&P 500 and Nasdaq Composite (^IXIC) both dropping around 1.5%.[0] Shares of Credit Suisse (CS) tumbled more than 26%, with other regional […]
Continue reading Treasury Secretary Janet Yellen sought to reassure Congress Thursday that the U.S. banking system remained “sound” after a week of market tumult following the second largest bank collapse in the country’s history.[0] Yellen testified before the Senate Finance Committee on President Biden’s 2024 budget proposal, touting the federal government’s “decisive and forceful actions” to shore […]
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