Brazilian President Luiz Inácio Lula on Tuesday threw his support behind a common South American currency—something like the euro—that he said would provide a strengthened monetary policy and “better compensation mechanisms” for trading.
Tag: june 6 2023
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SAUDIS IN TALKS TO JOIN “BRICS” BANK
Saudi Arabia is in discussions about joining the New Development Bank (NDB), an increasingly important lender to developing nations.
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REASONS WHY EUROPE’S FOOD PRICES REMAIN SO HIGH
In April, the price of a loaf of plain white bread in the U.K. was 28 percent higher than a year before. In Germany, cheese costs 40 percent more and potatoes 14 percent.
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ECB WILL RAISE RATE AGAIN DESPITE SLOWER INFLATION
Although inflation in the Eurozone settled to 6.1 percent in May, its lowest in 14 months, European Central Bank (ECB) president Christine Lagarde said in a public statement that inflation is “still too high” and the central bank must raise its base interest rate even more to rein it back.
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EUROPE’S INFLATION NOW LOWEST SINCE UKRAINE WAR BEGAN
Across the 20-country Eurozone, inflation’s rate fell to 6.1 percent in May, down from 7 percent in April and reaching the slowest pace since February 2022 when Russia attacked Ukraine, the European Union’s statistics agency announced.
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WHEN THE ECONOMY FALLS JOBS GO WITH IT
Inflation and interest rate hikes are causing companies in many sectors to lay off employees. To illustrate the employment trends and the socioeconomic implications, each week we will list job losses.
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FDIC ASSETS SHRINKING AS RISK OF BANK FAILURES REMAINS HIGHER
The U.S. Federal Deposit Insurance Corp. (FDIC), which guarantees the safety of bank deposits up to $250,000, has seen its reserve shrink from $128 billion on 1 January to $116 billion now, according to the Financial Times.
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BANKS MAKING IT HARDER FOR SMALL BUSINESSES TO BORROW
Small businesses, especially startups, are finding it harder to get new loans, while some existing businesses are seeing their credit lines cut, The Wall Street Journal reported.
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EMPLOYERS ADDED 339,000 NEW WORKERS IN MAY
The U.S. jobs market refused to slow last month, with employers adding 339,000 non-farm workers across a range of economic sectors, according to the labor department’s initial estimate.
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CORPORATIONS FIND IT HARDER TO BORROW
The availability of loans to corporations, and the criteria to qualify for them, are at their most stringent since the depths of the COVID War, according to a Wall Street Journal investigation.