Senate confirms Powell for 2nd term as Fed fights inflation

WASHINGTON (AP) — The Senate on Thursday confirmed Jerome Powell for a second four-year term as Federal Reserve chair, giving bipartisan backing to Powell’s high-stakes efforts to curb the highest inflation in four decades. The 80-19 vote reflected broad support in Congress for the Fed’s drive to combat surging prices through a series of sharp … Read more

China may chalk up more debt as lockdowns hit the economy

Covid lockdowns have hit China’s economy, and the Asian giant might have to issue more debt to continue meeting its growth target. Kevin Frayer | Getty Images News | Getty Images China may have to issue more debt as it tries to keep growing in the face of Covid lockdowns that are stunting its economy. … Read more

Wall Street’s losses worsen as markets tumble worldwide

NEW YORK (AP) — Wall Street is tumbling toward its lowest point in more than a year on Monday as renewed worries about China’s economy pile on top of markets already battered by rising interest rates. The S&P 500 was 2.1% lower in afternoon trading after coming off its fifth straight losing week, its longest … Read more

Top CEOs fear worst in Europe

Top European CEOs are fearing a euro zone recession as a confluence of economic shocks continues to threaten the outlook for the bloc. Alex Kraus | Bloomberg | Getty Images LONDON — The CEOs of several European blue chip companies have told CNBC that they see a significant recession coming down the pike in Europe. … Read more

Your bank might be putting its interest rate up by more than it needs to. Here’s why

Amid the real cost of living pressures, how would you feel if you knew the big four banks were raising the cost of your mortgage to pump up their profit margins? It appears the banks are using a lack of understanding about how monetary policy is implemented to charge mortgage borrowers more than their costs … Read more

Chinese drone giant DJI suspends business in Russia, Ukraine | Russia-Ukraine was news

DJI, the world’s largest drone manufacturer, has announced it is temporarily halting operations in Russia and Ukraine, in a rare example of a Chinese firm suspending business in response to the war in Ukraine. The Shenzhen-headquartered company said on Wednesday it would suspend its business in the two countries while “internally reassessing compliance requirements in … Read more

What the rise in inflation means for interest rates and cost of living — and it’s not good news

It was a gloomy old day on the economics front. The day began rather badly following another big fall on Wall Street overnight. For global investors, there’s a lot to worry about: rising inflation and what that means for interest rates, geopolitical instability and, of course, the pandemic. After heavy falls earlier this week, the … Read more

game over? China’s game industry navigates post-crackdown era | Technology

Beijing, China – China’s nine-month freeze on computer games licenses is over following the approval of 45 new titles earlier this month, and gaming stocks have climbed. But the country’s computer games sector faces a difficult road to recovery as Beijing continues its sweeping crackdown on gaming, industry insiders and experts say. Measures rolled out … Read more

Will RBA lift rates before May 21 federal election as it did before John Howard’s 2007 loss?

This could well be the crucial week in this year’s election campaign. On Wednesday, we’ll get the inflation figures. And, if as expected, they show a dramatic leap in the cost of living, there’s a chance that it could force the Reserve Bank of Australia to hike interest rates right before the May 21 poll. … Read more