First Republic Bank, which has teetered on the edge of failure since Signature and Silicon Valley banks collapsed in mid-March, was seized by regulators on 1 May.
Author: admin (Kendrick Williams)
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AUSTRALIA’S CENTRAL BANK SURPRISES WITH QUARTER-POINT RATE HIKE
The Reserve Bank of Australia (RBA) raised its base interest rate a quarter point last week, only a month after it announced a pause in rate increases so it could assess the economic impact of its higher rates.
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MAERSK PROFITS SINK ON GLOBAL SLOWDOWN
Ocean shipping giant AP Moller-Maersk reported first-quarter profits of $2.3 billion, two-thirds less than the same quarter in 2022. Revenue fell by 25 percent to $14.2 billion.
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DEALS BETWEEN EUROPE’S PRIVATE EQUITY FIRMS STALL ON PRICE SQUABBLES
Deals involving Europe’s private equity firms transferring assets among themselves have fallen by more than 50 percent to €16.8 billion, year on year, as rising interest rates and a gloomy economic outlook have dimmed what the Financial Times called “buyout game of pass-the-parcel.”
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RUSSIA HAS BILLIONS OF INDIAN RUPEES IT IS UNABLE TO SPEND
Shut out of key parts of the world’s currency interchange by Western sanctions, Russia began accepting India’s rupees directly as payment for oil and other exports.
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CHINA’S HOLIDAY SPENDING HINTS AT FUTURE ECONOMIC STRENGTH
Chinese consumers spent lavishly through the Labor Day holidays during the first week of this month, a traditional barometer of the consumer economy’s future strength.
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EUROPE’S NATURAL GAS PRICES FALL TO LOWEST SINCE UKRAINE INVASION
Europe’s benchmark price of natural gas sank to €35.20 per megawatt-hour on 5 May, its lowest since July 2021 when Russia first began cutting back its gas exports to the continent.
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DEMAND FOR DIESEL FUEL FALLS, GASOLINE MAY BE NEXT
In this year’s first quarter, demand for diesel fuel and other petroleum distillates was about 6 percent lower than a year earlier, the Financial Times reported.
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ECB RAISES RATE A HALF POINT, SIGNALS MORE HIKES AHEAD
The European Central Bank (ECB) raised its base interest rate a quarter point on 4 May after making six consecutive half-point increases since embarking on its current campaign of tightening in July last year.
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TOP TREND 2023, AI WE OWN YOU: CHATGPT GOUGES EDUCATION STOCKS
Education stocks sold off last week after Chegg Inc., which publishes textbooks, study guides, and other learning materials, warned that the surge of students’ interest in the ChatGPT artificial intelligence (AI) was hurting sales and “having an impact on our customer growth rate,” CEO Dan Rosensweig said in a call with analysts.