BRICS: Russia and China expedite plans to develop a new payment system as 25 more countries want in
China and Russia are rallying to finish developing a new payment system for BRICs nations ahead of schedule as they see more nations’ interest in pulling forces together. Currently, 25 more nations want to join the bloc to reduce their reliance on the US Dollar.
UK evades recession but still faces worst inflation in 5 decades
Bank of England boss, Andrew Bailey, announced that the bank expects a fall in UK’s inflation this year but pushed its 2% target to the Q4 of 2024.
Brits to endure more pain as BoE hikes interest rates to 4.5%
Brits to endure more pain as leaks reported by Fintech Express yesterday prove right as 25 basis point interest hike gets announced in the U.K. Now, the Bank of England has made it official, which marks a record 4.5% range which was last seen 15 years ago. At the...
Analysts expect a 12th straight interest rate hike from the Bank of England, but the outlook remains murky
The Bank of England is expected to propose a 12th consecutive hike in interest on Thursday to keep the fight against inflation lively. The nation’s Core inflation remains unchanged, highlighting the possibility of entrenchment. As such, analysts expect the bank to announce a 7-2 split vote pushing the hikes trend upwards to hit 4.25% to 4.5%.
Fed policies are affecting trust in US Banks; Family Offices are also wary of crypto
The ongoing banking collapse is sending shivers down the spines of US investors as they are losing trust in the policies that the Fed has been issuing. This has been seen via an increasing number of Short sellers in the stock market and bank withdrawals sending major banks under.
The Fed will most likely pause hikes, but that doesn’t mean its the end of the cycle- Standard Chartered CEO
Standard Charted CEO has commented on the likelihood of the U.S. Federal Reserve ( Fed) temporarily pausing interest rate hikes temporarily. However, he has added that he does not expect the end of the rate hikes cycle to be anytime soon as inflation is still running...
European Markets dip ahead of ECB rate decision
European Markets are trading lower this Thursday as new bank rate decisions are being waited for from the European Central Bank. The market reacts this way as investors digest the latest rates hike by the U.S. Federal Reserve on May 3 2023, by 25 bps. European...
Uber revenue rises, pulling its stock higher than expected
Uber reported its Q1 results on Tuesday, showing higher performance than analysts’ expectations. It has recorded a revenue increase of 29% YoY Uber revenue rises 29% for Q1 2023 YoY Taxify company Uber gained 9% in its shares pre-market trading Tuesday after it...
Twitter partners with eTORO to allow for stocks and crypto trading
The social media giant, Twitter, has partnered with financial services provider eToro to allow crypto and stock trading. This development comes after Elon Musk recently revealed that he wants the social media platform to be the most significant financial establishment alongside providing other services to its users.
G7 finance leaders promise financial stability
Group of Seven (G7) finance heads have promised to take action to strike stability of the global financial system following the recent banking collapse. They have stated that they will give low and middle-income countries a more significant focus on diversifying supply chains to make them more resilient.
Virgin Orbit stocks plummet as company files for Chapter 11 bankruptcy protection
Virgin Orbit stocks sank 14% in premarket following news that the company was filing for Chapter 11 bankruptcy proceedings. The company also plans to lay off nearly all its workers after failing to secure funding for its space missions.
Bank of England Governor says the market is testing banks, a similar opinion to President Biden’s
Bank of England (BoE) Governor Andrew Bailey has asked banks to be vigilant as the current market is unfavorable, echoing President Joe Biden’s latest sentiments that the ongoing banking collapse is not anywhere near its end.