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Americans Are Spending Heavily on Hospitality and Leisure

Americans Are Spending Heavily on Hospitality and Leisure

56
Economy news
16.05.2023

Leisure and hospitality businesses in the US are bouncing back after the pandemic, with booking activity approaching pre-COVID 19 levels.Despite many economists predicting a recession later this year, hospitality demand has been robust. This is posit...

Political Turmoil in Pakistan Threatens Economic Stability

Political Turmoil in Pakistan Threatens Economic Stability

55
Economy news
15.05.2023

Pakistan has been torn by unrest since former Prime Minister Imran Khan was arrested earlier this week, complicating efforts to secure a financial lifeline from the IMF that promised to alleviate the country's worsening economic crisis. Indeed,...

Bank of England Raises Interest Rates for 12th Time

Bank of England Raises Interest Rates for 12th Time

54
Economy news
12.05.2023

On Thursday, the Bank of England (BOE) increased interest rates by 0.25 percentage points in its effort to combat out-of-control inflation. The decision marks the 12th consecutive interest rate hike, bringing the main borrowing rate in the UK to 4.5%...

US Plays Catch-Up as China, EU Forge Ahead in Regulating AI

US Plays Catch-Up as China, EU Forge Ahead in Regulating AI

55
Economy news
11.05.2023

Chief executives of three major Artificial Intelligence (AI) companies recently met with the Biden administration behind closed doors to discuss the dangers posed by AI technology. This comes before ChatGPT CEO Sam Altman meets with House leadership...

US Debt Ceiling Wrangle Causes Market Jitters

US Debt Ceiling Wrangle Causes Market Jitters

68
Economy news
10.05.2023

The White House and Republicans in Congress are locked in a standoff over the US debt limit. The debt ceiling is the maximum amount of money Congress allows the federal government to borrow to cover its bills. Treasury Secretary Janet Yellen has issu...

Bitcoin Weakens after Binance Withdrawals Interrupted

Bitcoin Weakens after Binance Withdrawals Interrupted

69
Cryptocurrency news
09.05.2023

The price of Bitcoin fell sharply after Binance, one of the biggest crypto exchanges in the world, experienced congestion on the Bitcoin network that temporarily led to withdrawals being halted.Bitcoin fell by about 4% to $27,787.05 in Monday’s tradi...

US Labor Market Adds More Jobs than Expected

US Labor Market Adds More Jobs than Expected

55
Economy news
08.05.2023

The US labor market gained 253,000 jobs in April, a surprising increase at a time when manyexpected a slowdown in the job market.The unemployment rate slid to 3.4% — matching a half-century low hit in January — from 3.5% the month before. Economists...

Gold Approaches All-Time Highs as Banking Worries Increase

Gold Approaches All-Time Highs as Banking Worries Increase

115
Commodities news
05.05.2023

The price of gold flirted with record highs this week as US banking concerns increased, causing a flight to the safe-haven asset that was already being boosted by bets for a pause in US rate hikes.The spot price of gold was up 0.3% at $2,045.79 per o...

US Fed Hikes Interest Rates by Another 25 Basis Points

US Fed Hikes Interest Rates by Another 25 Basis Points

56
Economy news
04.05.2023

US Federal Reserve Chairman Jerome Powell has announced that the central bank has hiked interest rates for the 10 th straight time since March 2022. However, he indicated that a pause in rate hikes may be imminent under the right conditions.Monetary...

Eurozone Inflation Climbs to 7% after Months of Cooling

Eurozone Inflation Climbs to 7% after Months of Cooling

53
Economy news
03.05.2023

The eurozone’s annual inflation climbed to 7% in April, a surprising development after the reading fell for five consecutive months.Although the increase was small, 0.1% up from 6.9% in March, analysts feel it could be enough to prompt the European C...

JPMorgan Chase to Take Over Failed First Republic Bank’s Assets

JPMorgan Chase to Take Over Failed First Republic Bank’s Assets

52
Economy news
02.05.2023

JPMorgan Chase has announced that it is buying most of the assets of First Republic Bank, confirming the second-largest bank failure ever in the US.The US government invited several leading US banks to make offers to take over the assets of the belea...

Amazon, Microsoft and Google Face Cloud Revenue Cuts

Amazon, Microsoft and Google Face Cloud Revenue Cuts

56
Economy news
01.05.2023

Amazon, Microsoft and Google Face Cloud Revenue CutsEarnings data from Amazon, Microsoft and Google last week showed that clients are still looking for ways to curb their spending on cloud costs.Year-on-year growth at Amazon Web Services slowed to 16...

US Economy Slows in First Quarter

US Economy Slows in First Quarter

53
Economy news
28.04.2023

The US economy weakened noticeably in the first quarter, measured from January through March. The US Department of Commerce released figures showing that, over the period, the economy slowed to an annual pace of just 1.1%, a marked deceleration from...

Google and Microsoft Tussle over the Future of AI

Google and Microsoft Tussle over the Future of AI

50
Economy news
27.04.2023

Investors on Wall Street expressed relief as Google-parent company Alphabet joined Microsoft in beating market earnings expectations. Alphabet reported a 3% total year-on-year revenue increase, while Microsoft reported a near 9% bump. After a di...

Microsoft Reports Earnings Growth, Gushes over AI

Microsoft Reports Earnings Growth, Gushes over AI

53
Economy news
26.04.2023

Microsoft reported an earnings boost this week that had positive effects on the firm’s stock price. Shares of the company climbed 9% in Tuesday’s trading after the technology giant reported third-quarter results that exceeded most analysts’ predictio...