Powell Says Recession May Be the Price to Pay for Crushing Inflation
Federal Reserve officials gave their clearest signal yet that they are willing to tolerate a recession as the compensation needed to regain control of inflation. Policymakers were criticized for being too late to realize the size of America’s inflation problem. Policymakers are moving aggressively to catch up. They raised interest rates by 75 basis points […]
Global economy faces four key risks, warns Singapore’s MAS chief
The global economy faces not one, but four key uncertainties. It includes a recession next year, according to Singapore’s central bank chief Ravi Menon. A recession would be a sign that authorities will be in firefighting mode for longer. The key question is how deep and prolonged the recession will be. Menon is the managing […]
Oil Falls on Bearish US Economic Data
HOUSTON: Oil prices fell 2 percent on Tuesday, reversing previous gains as U.S. consumer prices rose in August. Price giving cover for the U.S. Federal Reserve to deliver another sharp interest rate hike next week. Brent futures for November delivery fell $2.05, or 2.2 percent, to $91.95 a barrel at 11:38 a.m. ET (1638 GMT). […]
Global Stocks Fall Extends to Asia After the US CPI
Asian stocks, bonds, and currencies fell in the wake of the widespread sell-off on Wall Street after warmer-than-expected inflation data fueled bets on jumbo interest rate hikes by the Federal Reserve. Stock indexes in Japan, Hong Kong, and Australia plunged after U.S. stocks had their biggest drop in more than two years, with the S&P […]
Apple’s Latest Products and Services are all About Loyalty to Apple
Apple on Wednesday unveiled the iPhone 14 lineup, the Apple Watch Ultra, and the new AirPods. The big theme of the day was keeping users more locked in the company’s ecosystem. Also: CEO Tim Cook reveals his biggest debate with Steve Jobs. The Starters Apple Inc.’s biggest event of the year delivered some dazzling updates […]
Tesla’s Battery Supplier in China Operates under Covid Restrictions
The world’s largest maker of electric car batteries said its largest plant in China is operating a factory bubble to comply with the country’s zero-tolerance restrictions on swine flu. Yibin’s factory has imposed a closed-loop system. This system will allow it to operate in an orderly manner. It will be complying with measures to contain […]
The World’s Top Airline Stocks are in Asia Despite China’s Blockades
Asian airline stocks are by far the best performing among their global peers this year. These airlines are racking up gains as most of the region reopens for travel. China even sticks to its Covid-Zero strategy, imposing lockdowns and limiting travel. Airline stocks in Asia are the only gains in a Bloomberg indicator of global […]
Dollar Pain Spreads from Emerging to Developed Economies
Developed economies are taking a hit from dollar appreciation to multi-decade highs in ways once more familiar to their emerging-market peers. The dollar is driven by the Federal Reserve’s most aggressive tightening cycle in more than a generation. A stronger dollar pushes rival currencies lower and raises the cost of imported goods. The dollar also […]
NASA Ready for Second Artemis Lunar Attempt
CAPE CANAVERAL, Fla. Ground crews at Kennedy Space Center prepared on Saturday for a second attempt to launch a rocket. It’s NASA’s towering next-generation lunar rocket. The debut flight was hoping to have remedied engineering problems. It thwarted the initial countdown five days earlier. The 32-story-high Space Launch System (SLS) rocket and its Orion capsule […]
Sri Lanka Deal with IMF for $2.9 Billion Loan
Sri Lanka has reached a staff-level agreement with the International Monetary Fund for a $2.9 billion loan. It would be a key step for the crisis-hit country to unlock more funds and restructure its debt. The Fund’s Extended Facility agreement will support Sri Lanka’s programs to restore macroeconomic stability and debt sustainability. The IMF added […]