The recent statements made by U.S. Treasury Secretary Janet Yellen point to growing risks for European banks operating in Russia. Yellen mentioned that the U.S. is considering strengthening secondary sanctions on banks that are found to be assisting in transactions supporting Russia’s war efforts. This news has raised concerns in the banking sector as uncertainty
Economy
In a draft statement seen by Reuters, the finance chiefs from the Group of Seven outlined plans to utilize the income generated from frozen Russian assets to provide assistance to Ukraine. Following Russia’s invasion of Ukraine in February 2022, the G7 undertook the freezing of approximately $300 billion worth of Russian assets. The draft statement
As the 2024 general elections in India loom closer, the National Democratic Alliance (NDA) led by Prime Minister Narendra Modi faces unexpected challenges. While opinion polls initially projected a strong likelihood of the NDA securing a third term with a significant majority, the actual progress through the first five phases of voting has been less
On Thursday, South Korea’s central bank decided to maintain its interest rates at a 15-year high amidst concerns surrounding inflation and the country’s recent economic growth. Governor Rhee Chang-yong emphasized the need to keep policy restrictive at the current benchmark rate of 3.50%, citing sticky inflation rates and the unexpected growth seen in the first
WisdomTree and 21Shares have recently announced plans to launch exchange-traded products (ETPs) backed by cryptocurrencies on the London Stock Exchange. This move comes after receiving approval from the UK’s financial regulator, the Financial Conduct Authority (FCA). With the FCA’s approval of cryptoasset-backed exchange-traded notes (cETNs) for professional investors earlier this year, the investment landscape for
Recent data from accountancy firm PwC has revealed that industries most likely to utilize artificial intelligence are experiencing a significant increase in productivity growth. In particular, professional and financial services, as well as information technology, have seen a remarkable 4.3% growth in workers’ productivity between 2018 and 2022. This is in stark contrast to the
The People’s Bank of China decided to keep its benchmark loan prime rate (LPR) unchanged on Monday, in line with expectations. The one-year LPR was maintained at 3.45%, while the five-year rate, used for mortgage rates, remained steady at 3.95%. This decision followed the unchanged medium-term facility rate the previous week, with both rates being
As investors gear up for the week ahead, the focus will be on the Federal Reserve’s publication of the minutes from its recent meeting. The tone set by Fed Chair Jerome Powell indicating the likelihood of higher rates for a longer period due to inflation pressures will be closely examined. Additionally, the lineup of Fed
Elon Musk, the renowned tycoon, recently made an appearance on the Indonesian island of Bali for the anticipated launch of SpaceX’s Starlink internet service. The Indonesian government is hopeful that this initiative will enhance internet access and healthcare services in remote regions of the vast archipelago. Upon Musk’s arrival by private jet at Bali’s airport,
Japan’s Nippon Steel is making significant efforts to move forward with its planned purchase of U.S. Steel. Vice Chairman Takahiro Mori, a crucial negotiator for the deal, will be traveling to the United States next week to meet with various stakeholders and continue discussions to ensure the completion of the acquisition. Mori’s visit to the