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ECB Raises Interest Rates Despite Market Fears
The European Central Bank (ECB) on Thursday raised interest rates by a half percentage point to 3 percent, sticking to its previous guidance even as fears of a new financial crisis roiled markets in recent days.[0] The decision came as the central bank acknowledged inflation is projected to remain too high for too long.[1] In […]
Continue reading ECB Increases Interest Rates Despite Concerns Over Financial Stability
The European Central Bank (ECB) increased interest rates by a half percentage point on Thursday, sticking to the plans set out last month despite financial stability concerns brought about by the collapse of Silicon Valley Bank in the U.S.[0] The ECB’s statement stated that inflation is projected to remain too high for too long and […]
Continue reading John Lewis Partnership Reports £78 Million Loss, No Bonus Payment for Staff
The John Lewis Partnership has reported a £78 million loss for the financial year ending 28 January 2023, with total partnership sales down 2% to £12.25 billion and Waitrose sales down 3% to £7.31 billion.[0] Despite John Lewis sales edging up by 0.2% to £4.94 billion, the huge loss meant that no bonus payment could […]
Continue reading U.S. Jobless Claims Increase Unexpectedly, But Job Market Remains Tight
The US Department of Labor reported on Thursday that initial jobless claims rose to 211,000 in the week ending March 4, a 21,000-increase from the previous week’s unrevised level of 190,000.[0] This marks the highest level since November 2021 and the largest increase in five months.[1] Continuing claims, which include people who have received unemployment […]
Continue reading Banking Sector Challenges: Credit Suisse Borrows $54 Billion, First Republic Bank Downgraded, Goldman Sachs Cuts 2023 Growth Forecast
Credit Suisse announced Wednesday that it would borrow up to 50 billion Swiss Francs ($53.7 billion) from the Swiss National Bank in order to strengthen liquidity. Investors sent shares in the second biggest Swiss lender crashing by as much as 30% Wednesday.[0] The move comes amid turmoil in the banking sector, and has caused volatility […]
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