Aug 22 (Reuters) – Shares of several U.S. banks fell on Tuesday, the day after ratings agency S&P Global followed Moody’s in cutting its credit ratings on some regional lenders with high commercial real estate (CRE) exposure. S&P’s action will make borrowing more costly for a banking sector aiming to recover from a crisis earlier […]
The Second China-Africa Economic and Trade Expo (CAETE) in Changsha, capital city of central China’s Hunan Province, is poised to maximize cooperation opportunities between China and Africa. At the expo, South African Ambassador to China Siyabonga Cwele gave an interview to ChinAfrica, highlighting the importance of economic and trade cooperation between China and South Africa. ChinAfrica: Currently, the […]
The expansion of the club of five is set to top the agenda when the BRICS nations convene in the South African city of Johannesburg on Tuesday. More than a handful of hopefuls — 23 in fact, including Saudi Arabia, Indonesia, Iran, Argentina and Ethiopia — are interested in joining the bloc. South Africa’s top representative to BRICS, Anil Sooklal, […]
India just ditched the dollar and used its own currency to buy a million barrels of oil from the UAE
India bought 1 million barrels of oil from the United Arab Emirates using its own currency instead of US dollars. The Indian Oil Corp settled a payment in rupees with the Abu Dhabi National Oil Company. Nations including India, Russia, and other BRICS members have been pushing to de-dollarize. The dedollarization trend moved one step […]
In July, the volume of loans doled out from Chinese banks hit their lowest amount since 2009. The People’s Bank of China said new loans reached 345.9 billion yuan in July, less than half the amount expected by Bloomberg economists. A key measure of credit also fell well below estimates in July, per Bloomberg, signaling […]
Benjamin Franklin was so busy as an inventor, publisher, scientist, diplomat and U.S. founding father that it’s easy to lose track of his accomplishments. So add one more to the roster: his early work in printing colonial paper currency designed to counter a constant threat of counterfeiting. Franklin was an early innovator of printing techniques […]
The Bank of Russia raised interest rates by 350 basis points to 12% at an emergency meeting Tuesday. It’s trying to prop up the ruble, which plummeted to a 16-month low this week. The currency strengthened in the immediate aftermath of the central banks latest move. The Bank of Russia said in a statement that […]
China’s post-pandemic rebound hasn’t materialized and it faces mounting economic obstacles. Beijing is grappling with declining trade and foreign investment, a shaky housing market, and deflation. Experts say most of China’s issues are self-inflicted, and warn that policies must change to improve confidence. The pandemic rebound that China and the rest of the world were […]
Moody’s cut the credit ratings of several small and mid-sized banks and warned it may downgrade a handful of major Wall Street lenders. The agency said late Monday that it lowered the ratings of 10 banks by one notch amid concerns over higher interest rates, rising funding costs and increased risk from the commercial real […]
KEY POINTS Biden warned in the executive order that certain American investments may contribute to “the development of sensitive technologies and products in countries that develop them to counter United States and allied capabilities.” China says the order “seriously disrupts the security of the global industrial and supply chains.” Beijing stopped short of immediately issuing […]