Business

Wall Street banks set to profit again when Fed withdraws pandemic stimulus

NEW YORK (Reuters) – Wall Street banks have been among the biggest beneficiaries of the pandemic-era trading boom, fueled by the Federal Reserve’s massive injection of cash into financial markets.FILE PHOTO: A street sign for Wall Street is seen outside of the New York Stock Exchange (NYSE) in New York City, New York, U.S., June […]

Business

Hilco-owned Homebase faces scrutiny over COVID support after profits surge

The owners of Homebase are facing scrutiny over the financial support that the DIY chain took from taxpayers during the pandemic after seeing profits surge last year. Sky News can reveal that Homebase, which came close to collapse in 2018, received close to £40m in government funding in 2020 in the form of business rates […]

Business

Evergrande debt woes are manageable, China central bank official says

SHANGHAI (Reuters) -The spillover effect of China Evergrande Group’s debt problems on the banking system is controllable, a central bank official said on Friday, in rare official comments on a liquidity crisis at China’s No. 2 developer that has roiled global markets.FILE PHOTO: The logo of China Evergrande is seen at outside China Evergrande Centre […]

Business

Regional bank loan growth could hint at healthier supply chains

NEW YORK (Reuters) – If regional banks show signs of accelerating loan growth when they report earnings in the week ahead, it could signal an easing of the supply chain bottlenecks that have weighed down the U.S. economic recovery from the pandemic, analysts and investors said.FILE PHOTO: A street sign for Wall Street is seen […]

Business

US is biggest Bitcoin miner after China crackdown: Study

LONDON (AFP) – The United States has overtaken China as the biggest miner of Bitcoin following Beijing’s crackdown on the method used to unearth the world’s major cryptocurrency, a study showed on Wednesday (Oct 13). Figures released by the University of Cambridge showed that activity in the US more than doubled in the four months […]

Business

Dollar pulls back from one-year high after inflation data

NEW YORK (Reuters) -The dollar eased back from a one-year high on Wednesday as longer-dated Treasury yields fell after U.S. inflation data that showed prices rose solidly in September, advancing expectations for Federal Reserve tightening.FILE PHOTO: A picture illustration shows U.S. 100 dollar bank notes taken in Tokyo August 2, 2011. REUTERS/Yuriko Nakao/File PhotoThe consumer […]

Business

Market close: a2 Milk surges on positive signs from China

Signs that China sales channels have improved gave dairy nutritional company a2 Milk a huge boost as it surged more than 12 per cent on a recovering New Zealand sharemarket. Global marketer a2 Milk leapt 76c or 12.38 per cent to $6.90, driving the S&P/NZX 50 Index to a close of 13,025.18, up 28.92 points […]

Business

COVID-19: IMF blames ‘great vaccine divide for dangerous divergence in economic prospects’

The UK is tipped to record the largest leap in growth among advanced economies this year but a resurgent COVID crisis has damaged recoveries globally and resulted in a “dangerous divergence” in economic prospects, according to the International Monetary Fund (IMF). The world’s lender of last resort used its latest World Economic Outlook report to […]

Business

Inflation jitters take toll on European stocks ahead of earnings

(Reuters) -European shares slipped on Tuesday as investors feared that soaring commodity prices would hamper a recovery in corporate profit, with fresh signs of troubles at property developer China Evergrande also hitting confidence.FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 8, 2021. REUTERS/StaffThe pan-European […]

Business

Evergrande misses 3rd round of bond coupon payments, raising contagion fears

HONG KONG (REUTERS) – China Evergrande Group on Tuesday (Oct 12) missed its third round of bond payments in three weeks, intensifying market fears over contagion involving other property developers as a wall of debt payment obligations come due in the near term. Some bond holders said they did not receive coupon payments totalling US$148 […]