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Argentina’s Inflation Tops 100 Percent For First Time In 30 Years
Argentina, the second-largest economy in South America, has reported an annual inflation above 100% for the first time in over three decades. The country’s government statistics agency announced that February’s inflation reading clocked 102.5%.This w...
Chinese Firms Try to Calm Investors after SVB Collapse
The failure of Silicon Valley Bank (SVB), which was trying to gain more traction with Chinese tech start-ups, has caused widespread concern in the world’s second-largest economy. The founders andmanagement of at least a dozen prominent Chinese firms...
After SBV Collapse, US Regulators Bail Out Customers
Silicon Valley Bank collapsed last week, making it the second biggest bank failure in US history and the largest failure of any American financial institution since the height of the subprime financial crisis almost 15 years ago. The bank, the 16th l...
Two-year US Treasury Yield Tops 5% For the First Time Since 2007
The yield on the two-year US treasury note hit 5% this week, its highest level since 2007. Investors are assessing Federal Reserve Chairman Jerome Powell’s comments, who admitted the central bank may be forced to increase the speed of interest rate h...
Oil Prices Rebound on Hopes of Increased China Demand
This year’s rollercoaster ride for oil prices continues, with prices recovering from a brief sell-off to gain last week, driven by renewed optimism around demand from top oil importer China.Brent crude futures rose 1.4% to settle at $86 a barrel. US...
UK’s Energy Price Guarantee Expected to Remain Unchanged
Bitcoin edged above $23,000 after Federal Reserve Chair Jerome Powell, speaking at an economics forum, said that inflation was lowering.The world’s biggest cryptocurrency climbed 1% to $23,236.80 while Ethereum rose 1.3% to $1,667.63. Bitcoin had bee...
Another Body Blow to Crypto as Silvergate Hits Trouble
Silvergate Capital Corp., a traditional bank that positioned itself as a key settlement firm in the crypto world, announced last week it was discontinuing its crypto payments network. The firm, which combines fiat money services with digital-asset se...
Two-Year Treasury Yield Touches 15-Year High
US Treasury yields rose this week as investors waited for new economic data and braced themselves for additional interest rate hikes by the Federal Reserve.The yield on the benchmark 10-year treasury climbed by seven basis points to 4.066%. The two-y...
Elon Musk Presents Tesla’s “Master Plan 3”
Tesla CEO Elon Musk, fresh from regaining his position as the world’s richest man, presented his “Master Plan 3” to investors. Among the topics Musk covered included how Tesla plans to scale its sales and operations, as well as how the company intend...
The US May Need to Re-Energize Its Fight Against Inflation
There is growing evidence that market participants, policymakers and even a few economists have been hasty to declare victory on behalf of the US Federal Reserve in the fight against inflation.Now, an increasing number of economic data releases are g...
Millennials Have Accumulated Historic Debt of $3.8 Trillion
People born between 1981 and 1996, commonly referred to as millennials, have accumulated record-high debt of more than $3.8 trillion at the end of 2022, up a whopping 27% from 2019.During the COVID-19 pandemic, household debt was flat as government p...
Tech's AI Arms Race in Full Swing: Meta and Baidu Join in
Meta Platforms Inc said this past week it was releasing a new large-language model, the main software behind its artificial intelligence (AI) system. It signals a heating up of the AI “arms” race as technology companies scramble to integrate AI into...
Crypto Scammers Use AI Craze to Deceive Investors
Scammers are taking advantage of the recent craze surrounding artificial intelligence (AI) chatbots by launching and selling fake crypto coins named after Microsoft’s chatbot ChatGPT. Blockchain analysis firm Peckshield reported that in the firs...
Hong Kong Economy Expected to Grow Between 3.5% and 5.5%
Hong Kong’s COVID-ravaged economy will return to positive growth territory this year and expand by between 3.5% and 5.5%, as the city opens up and its major trading partner China’s economic prospects improve.The Asian financial hub was buffeted by a...
US Retail Sales Rebound Strongly
January retail sales in the US jumped by the most in almost two years, after two straight monthly declines. According to the Commerce Department, retail sales bolted 3% last month, the biggest increase since March 2021.Data reveals that American cons...