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After Prime Minister Liz Truss drove the British pound to record lows last year, market watchers thought the currency would not recover for some time. Now the pound is enjoying a comeback, hitting its highest level against the US dollar ...

Asia is expected to benefit from strong economic growth this year after China’s dropping of harsh pandemic curbs. The Asian Development Bank (ADB) predicts that economies in Asia and the Pacific will expand by 4.8% in 2023 and 2024, up ...

Oil prices surged on Monday after OPEC+ producers revealed surprise cuts to their output. Brent crude, the worldwide benchmark, leapt 5.31% to $84.13 a barrel, while the US benchmark, WTI, climbed 5.48% to $79.83. Both moves represented the largest one-day ...

UK consumer prices leapt by 10.4% in February compared with a year ago, as food inflation skyrocketed to its highest level in almost 50 years. The price of a basket of food soared 18.2% from the beginning of the year ...

China's big five lenders each reported above 3.5% annual net-profit growth, but warned that the country’s recovery was notcomplete, citing continued global banking turmoil and domestic risks.China's Bank of Communications Co Ltd (BoCom) and Bank of China (BoC) both posted ...

Elon Musk, Apple co-founder Steve Wozniak and other technology leaders have called on competing artificial intelligence (AI) firms to put a hold on creating AI systems more powerful than GPT-4, OpenAI’s latest large language model. In an open letter, signatories ...

The EU and Germany have struck a landmark deal to prohibit new sales of fossil-fuel cars from 2035, as the bloc seeks to become “climate-neutral” by 2050 with net-zero greenhouse gas emissions.The agreement comes after Germany had blocked earlier drafts ...

Cryptocurrency prices fell on Monday morning after the Commodity Futures and Trading Commission (CFTC) initiated court filings against Binance, the biggest crypto exchange in the world, for allegedly flouting trading rules. The price of Bitcoin softened 3% to $26,955, while ...

US Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and a handful of other senior monetary officials called a special closed meeting of the Financial Stability Oversight Council (FSOC) last Friday. The Council deliberated over current banking conditions in ...

The Bank of England (BoE) has hiked interest rates by another quarter of a percentage point and says it anticipates the surge in inflation to cool faster than before despite a surprise jump in price growth last month.The UK’s central ...

Stocks around the globe rallied Tuesday as worries over the international banking sector abated in response to a raft of interventions by policymakers. The Dow Jones Industrial index was trading 0.5% higher in late morning trade, while the S&P 500 edged ...

The US Federal Reserve is broadly expected to hike interest rates by 25 basis points Wednesday,even as concerns about the US banking system persist.Markets also anticipate the central bank will release projections about the economy and the future path of ...

After early investor relief about efforts to stop a banking crisis quickly dissipated, shares of Credit Suisse and UBS slumped. Credit Suisse shares tanked 62% in premarket trade to a new low, while UBS lost 7.1%.Banking stocks and bonds in ...

The price of crude futures slumped to their lowest level in two years on concerns that trouble in the banking industry could spark a global recession and curtail fuel demand.Market players have increased purchases of put options of oil with ...

Swiss Bank Credit Suisse has endured a rocky few months as it tries to return to profitability through a complex restructure that will see it drop its investment banking unit while focusing on its key wealth management business. However, this ...