The G20’s financial stability board (FSB) said on Tuesday its members would review the lessons from recent actions by authorities in Switzerland, the United States and elsewhere to rescue ailing banks. Markets have been roiled by the collapse of US technology lender Silicon Valley Bank followed by the failures of other US regional lenders and […]
Jack Ma, the Alibaba founder, has returned to China, the South China Morning Post (SCMP) reported on Monday, ending a more than year-long sojourn overseas that was viewed by industry as reflecting the sober mood of China’s private businesses. Ma, one of China’s best known entrepreneurs, left mainland China in late 2021 and has been […]
Swiss financial regulator Finma said it was considering whether to take disciplinary action against Credit Suisse managers after Switzerland’s second-largest bank had to be rescued last week by UBS. Finma president Marlene Amstad told Swiss newspaper NZZ am Sonntag it was “still open” whether new proceedings would be started, but the regulator’s main focus was […]
Risks to financial stability have increased, International Monetary Fund (IMF) chief Kristalina Georgieva said in a speech delivered in Beijing on March 26, calling for continued vigilance despite moves by advanced economies to calm market stress. The IMF managing director reiterated her view that 2023 would be another challenging year, with global growth slowing to […]
Hundreds of workers at five US Walmart facilities that fulfill e-commerce orders are being asked to find jobs within 90 days at other company locations, a spokesperson confirmed to Reuters. About 200 workers at Pedricktown, New Jersey, and hundreds of others at Fort Worth, Texas; Chino, California; Davenport, Florida; and Bethlehem, Pennsylvania were let go […]
The management of Silicon Valley Bank “failed badly,” Federal Reserve chair Jerome Powell said on Wednesday, but its collapse also underscores the need for better controls despite what had been escalating oversight by the Fed’s own examiners. “These are not weaknesses that are running broadly through the banking system,” Powell told a press conference after the Fed’s […]
The Taliban administration’s former acting finance minister, Mullah Hidayatullah Badri, has been appointed as governor of Afghanistan’s central bank, a finance ministry spokesman said. Badri, who acted as the Taliban’s finance minister and oversaw budgets after they regained power in 2021, had already taken up his new role, finance ministry spokesman Ahmad Wali Haqmal told […]
Tighter budgets may not be a constraint for Americans looking to get back into shape, keeping gym operators financially fit, even as inflation pinches other consumer-focused sectors. Some of the major players in the fitness sector have pushed the envelope on membership rates after the pandemic scare, helping them beef up earnings, when most other […]
