Author: News Room

In recent weeks, we experienced historic changes in the banking industry. A series of idiosyncratic events at a few specialized financial institutions led to a push to move deposits to the largest banks in the country in just a few days. The concern among both consumers and businesses that their money may not be safe at a community or regional bank has broader implications for the industry. The strength of the U.S. economy is powered by our robust and diverse banking system. Banks are part of the public fabric and the funds in our system propel our economic vitality. The…

BEIJING (Reuters) – China’s new yuan loans are expected to rebound in March from a sharp drop in February, a Reuters poll showed, as the central bank keeps policy accommodative to support a nascent economic recovery. Chinese banks are estimated to have issued 3.24 trillion yuan ($471.30 billion) in net new yuan loans last month, up sharply from 1.81 trillion yuan in February, according to the median estimate in the survey of 20 economists. The expected new loans would be 3.5% higher than 3.13 trillion yuan issued in the same month a year earlier. After record growth in credit in…

By Ambar Warrick Investing.com — Asian currencies inched lower on Tuesday amid growing uncertainty over economic growth this year, while the Australian dollar retreated after the Reserve Bank held interest rates and signaled that inflation had likely peaked. The lost 0.3% after the RBA in a closely-watched decision. The bank said that it was waiting to observe the full effects of its year-long rate hike cycle on the economy, and that had likely peaked after touching an over 30-year high in December. While inflation eased for two consecutive months from a December peak, it was still well above the RBA’s…

SINGAPORE (Reuters) – BHP Group (NYSE:)’s programme to support promising minerals explorers will expand beyond and nickel to prospective uranium and lithium projects from September, the head of its Xplor program said on Wednesday. The Xplor accelerator program chose seven projects around the world to support for six months from January in its first year this year that fit with BHP’s portfolio – copper and nickel – and are key to the energy transition. BHP expects the world to need twice the amount of copper by 2030 as is produced this year, and four times the amount of nickel. For…

© Reuters. By Mike Scarcella (Reuters) – A U.S. appeals court on Friday declined to reinstate a lawsuit from Chicago drivers who claimed the city’s costly parking meter rates were derived from a 75-year, $1.1 billion contract with a private company in violation of U.S. antitrust law. The unanimous decision by a three-judge panel of the Chicago-based 7th U.S. Circuit of Appeals upheld the dismissal of the motorists’ legal challenge in Illinois federal court. The lawsuit sought to compel Chicago to end its long-term contract with Chicago Parking Meters LLC, the defendant in the case. The cost of metered parking…

The numbers: Banks trimmed borrowing from the Federal Reserve for the second week in a row, as stress in the financial system appeared to ease further almost a month after the surprising collapse of Silicon Valley Bank. Financial institutions drew $149 billion in credit in the week ended April 5, based on the Fed’s weekly H.4.1. survey. That’s down from $154 billion last week and $164 billion two weeks ago. Reduced borrowing points to less stress on the financial system after several regional U.S. banks floundered last month. Key details: Banks borrowed $69.7 billion from the Fed using the traditional…

My husband is 81 years old and I am 68. He was a banking professional for many years and retired in 2007. He always handled our finances but became ill a few years ago. I took it upon myself to sort out our tax situation and was appalled to find he had not done our taxes after 2018. He got sick in 2019 and is unable to manage our finances. I’m working with a tax preparer who filed for an extension for 2022 since she can’t get to us until after April 18. Will the IRS take into consideration that…

Dogecoin DOGEUSD, -0.47% supporters no longer appear able to count on Twitter to help elevate their dog-themed cryptocurrency’s image, or apparently its price. As of Thursday evening, Twitter had switched back to its classic blue bird logo from a Shiba Inu image displayed earlier in the week, and the price for dogecoin dropped to $0.086 from $0.09 late Thursday, down 8.46% in the past 24 hours, according to CoinDesk data. It was unclear whether the logo would change back once more, and Twitter didn’t respond to a request for comment when contacted by MarketWatch (unless an automatic reply with a…

What initially looked like an outright victory for anti-abortion activists Friday evening soon became more complicated. US District Judge Matthew Kacsmaryk of Texas, an appointee of former President Donald Trump, first ruled Friday that the Food and Drug Administration’s 2000 approval of mifepristone – one of the drugs used to terminate a pregnancy – needed to be halted. But less than an hour after Kacsmaryk’s ruling, US District Judge Thomas Owen Rice of the Eastern District of Washington, an appointee of former President Barack Obama, ordered the federal government to keep the drug available in 17 states plus the District…

Just 20 stocks account for almost 90 per cent of the US benchmark index’s $2.36tn gains so far this year, as instability in the banking sector has driven down interest rate expectations and boosted the attraction of Big Tech.Among the big gainers, shares in chipmaker Nvidia have climbed by 83 per cent so far this year, while Facebook owner Meta is up 76 per cent and Salesforce has climbed 42 per cent, underlining the heavy concentration in the world’s most influential stock market.The market value of those and the other 17 best performing stocks in the S&P 500 have surged by…