UK economy struggles as inflations continue to bite hard
Key Points UK’s Gross Domestic Product has shown no growth in Q3 2023 after registering a slight rise of 0.2% in Q2. The UK Finance Minister now decries high inflation, blaming it as the “greatest barrier” to their economic growth. Inflation rates in the UK are still...
Standard Chartered venture arm eyes setting up a crypto fund in UAE
Key Points Global banking giant Standard Chartered is eyeing setting up a crypto fund in the United Arab Emirates. The disclosure comes days after the UAE issued guidance on crypto regulation requiring VASPs to be licensed to increase the transparency of financial...
Europe’s Stripe rival Adyen losses $20 billion in a day
Key points Adyen, a money transmitter company, experienced a stock flash crash on Thursday by 39% after the company announced its slowest revenue growth on record. Adyen has been seen for a long as a growth stock after posting consistent revenue growth of 26% each...
FedNow showcases a DLT platform powered by Hedera Hashgraph
Key Points FedNow has showcased a new DLT-powered payments platform built on Hedera to its list that showcases service providers. The Federal Reserve previously indicated that it would not support or endorse any showcase providers featured on its website. The United...
UK economy sees a surprise 0.2% growth in Q2 as manufacturing output and household expenditure rise
Key points The UK economy has defied all odds and posted an impressive 0.2% growth despite projections that it would contract in Q2. The growth came as household expenditure rose in tandem with manufacturing output. Economists still fear the effects of high-interest...
JP Morgan calls off signal on a 2023 US recession but warns of existing risks heading to 2024
Key PointsWe doubt the economy will slip into a mild contraction in the next quarter- JP MorganRates still keep recession possibilities alive. Key Points JP Morgan, one of the largest banking institutions in the world, has called off its signal for a possibility of a...
US Credit Score downgrade sinks global markets
Key Points Fitch announced on Tuesday that it was downgrading the US long-term foreign-currency issuer default rating from AAA to AA+. The US Credit Score was always on the balance of being revised downwards by Fitch following the 2023 debt ceiling crisis. US Stock...
PacWest Bancorp stocks flash crash recover after a rescue merger with Banc of California
Key Points PacWest Bancorp shares have recovered after Bank of California struck a rescue merger deal. The bank's shares had crashed 27% in hours, slumping from $10.33 to $7.50 on July 25 PacWest Bancorp has been saved from becoming the latest bank to crash in a...
Britains Richest man Gopichand Hinduja accepts Brexit was not good for the country
Key Points Britains richest man Gopichand Hinduja has come out to accept that Brexit was a disastrous decision for the U.K. and has driven the economy down. The Indian-born investor believes that PM Rishi Sunak can resuscitate the economy and lift pain from the...
U.K. borrowing costs take a sharp dive following lower-than-expected inflation report
Key Points The two-year U.K. government bonds yield has fallen by 24 basis points to 4.843% following a drop in the country’s inflation rates. An August rates hike by 50 basis points now seems increasingly unlikely. U.K. borrowing costs have fallen sharply owing to a...
China reports flat CPI YoY and PPI fall by 5.4% in June
China has been one of the strongest economies in the world in the ongoing financial crisis, and it still sends relatively strong economic data. Its CPI remained flat in June, but the PPI has fallen to the lowest levels since 2016.
Hong Kong’s largest bank HSBC to offer Bitcoin and Ethereum ETFs to customers
Hong Kong spearheads crypto adoption in Asia as banks increasingly support the crypto industry. HSBC has now announced that it will offer customers Bitcoin and Ethereum ETFs.