Tag: jun 14 2022

WALTON WILL BUY DENVER BRONCOS FOR $4.6 BILLION Walmart heir Rob Walton is leading a group that has agreed to pay $4.6 billion to buy the Denver Broncos football franchise, a record sum paid for a U.S. sports team, the Financial Times reported. The purchasers include Rob’s daughter Carrie Penner and her husband Greg Penner,...

CHINA’S EXPORT ECONOMY REBOUNDS China’s exports surged 16.9 percent in May, year over year, almost four times the 3.9-percent expansion booked in April, the country’s General Administration of Customs reported. The figure stunned analysts, who had held a median expectation of 8 percent, The Wall Street Journal noted. The surge likely was the result of...

MAY INFLATION SETS ANOTHER 40-YEAR RECORD  The U.S. annual inflation rate in May edged up to 8.6 percent from 8.5 in April, squelching some analysts’ predictions that inflation had peaked. The pace of rising prices was the greatest since December 1981. Grocery prices climbed 11.9 percent year over year last month, their largest annual gain...

On 8 June, Credit Suisse warned that it expects to post a loss for this quarter, as its investment banking division delivered weak results due to market volatility sparked by the Ukraine war, the end of COVID-era government stimulus programs, and central banks tightening monetary policies. In January, the company said it would report a...

The Turkish government has announced a new “revenue-indexed” savings bond in an attempt to salvage the value of the lira, its failing national currency. (See “Turkey’s Economy Weakens Further Under Erdogan’s Policy” in this issue.) Officials have given few details about the new bond, other than to say that it will offer a guaranteed minimum...

For more than a year, Turkey’s banks have spent billions of dollars and other foreign currencies to buy lira and shore up the value of its weakening currency. However, that strategy seems to have run out of power as the lira continues to lose value, The Wall Street Journal reported. On 13 June, the lira...

On 13 June, India’s rupee fell to a record low 78.285 against the dollar and the benchmark S&P BSE Sensex stock index dropped 2.7 percent as investors dumped riskier holdings on the chance that the U.S. Federal Reserve will raise interest rates this week more than the half-point that has been expected, Bloomberg reported.   Investors...

On 13 June, Japan’s yen slumped to ¥135.19 per dollar, breaking down through the historic low of ¥135.15 reached during Japan’s 2002 banking crisis and settling at its weakest value since 1998. It was the yen’s sixth consecutive day of losses, with the yen down 16 percent in value so far this year, making it...

Investors are placing short bets against Britain’s pound sterling currency amid rampant inflation and slowing economic growth, the Financial Times reported. The number of futures contracts wagering on a less-valuable pound is at its highest in three years, according to the Commodity Futures Trading Commission. So far this year, the pound is down 7 percent...

When the European Central Bank (ECB) ends its bond-buying program that it has conducted since the COVID War broke out, there will be a “void” in demand for corporate debt, investors have warned, making it harder for large businesses to borrow money. The central bank has said it will stop buying bonds in this year’s...