Economic events
Sri Lanka’s reluctance to tap IMF helped push it into an economic abyss
Protesters in Colombo on Easter, April 17, 2022. The Rajapaksa government has leaned heavily on its foreign exchange reserves, eroding them by more than 70% in two years. Jewel Samad | AFP | Getty Images Sri Lanka’s worst economic crisis has triggered an unprecedented wave of spontaneous protests as the island nation of 22 million […]
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Goldman says recession risks are growing, but it’s too early to worry. Here’s why
Goldman Sachs says it’s too early for “recession obsession.” Source
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China’s Covid policy locks down a city three times the size of New York
The Huangpu River splits the Chinese city of Shanghai between the older settlement on the west and the newer, financial center on the east. Johannes Eisele | Afp | Getty Images China’s latest wave of Covid restrictions has forced millions of people — roughly three times as many as live in New York City — […]
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Investors rush toward stocks geared to a recession as market remains stuck in 9-month range
The S&P 500 has spent just about all of the past three months below the minus-5% threshold and finished last week at a level first reached nearly nine months ago. Source
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How companies like Amazon, Nike and FedEx avoid paying federal taxes
The current United States tax code allows some of the biggest company names in the country to not pay any federal corporate income tax. In fact, at least 55 of the largest corporations in America paid no federal corporate income taxes on their 2020 profits, according to the Institute on Taxation and Economic Policy. The […]
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Russia’s war in Ukraine threatens to hurt billions, UN warns as food and energy prices soar
Russia’s war in Ukraine is already taking a dramatic toll on the world economy and placing a huge swath of the world’s population, especially those in developing nations, at an increased risk of harm, the United Nations warned Wednesday. The crisis has caused a “perfect storm” of disruptions to global food, energy and financial markets […]
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JPMorgan Chase reports $524 million hit from market dislocations caused by Russia sanctions
Jamie Dimon, Chairman and CEO of JP Morgan Chase. Adam Jeffery | CNBC JPMorgan Chase said Wednesday that first-quarter profit fell sharply from a year earlier, driven by increased costs for bad loans and market upheaval caused by the Ukraine war. Here are the numbers: Earnings: $2.63 a share (unclear if comparable to $2.69 estimate). […]
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How to protect your savings as inflation soars
As inflation continues to surge, hitting 8.5% in the U.S. in March, it’s important find ways to protect your savings. LaylaBird Surging consumer prices are making it increasingly challenging to manage the cost of living, so it’s never been more important to understand the best ways to protect your savings. Inflation is red-hot, with the […]
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European stocks slide 1.2% after undisclosed investor sells stakes in German banks; Deutsche Bank tanks 9.5%
LONDON — European markets sank Tuesday morning as traders monitored heaving selling in the banking sector, and looked ahead to key central bank meetings and U.S. inflation prints. The pan-European Euro Stoxx 600 index was down 1.2% in early deals, with the German DAX dropping 1.8% and the banking sector falling 2.3%. Reports on Monday […]
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UK growth slows more than expected in February: ONS
A pedestrian carrying a Union Jack umbrella walks past a winter sale sign outside a John Lewis store along Oxford street in London, England. Hollie Adams | Getty Images News | Getty Images Growth in Britain’s economy slowed more sharply than expected in February as gross domestic product rose by 0.1%, official figures showed on […]
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