Argentina finds itself in a perilous financial situation, as consulting firm 1816 Economia & Estrategia based in Buenos Aires warns that the country’s reserves of liquid international assets have nearly vanished. This raises serious concerns about Argentina’s ability to protect its currency, the peso, from a potential collapse. Such a disaster would exacerbate the nation’s…
Chinese tech giants JD.com Inc., Alibaba Group Holding Ltd., and Tencent Holdings Ltd. are all set to report a slowdown in revenue growth for Q1 2023, according to estimates by analysts. This trend reflects a more muted consumption-led rebound in China than initially anticipated. JD.com will kick off the reporting season this Thursday, with projections…
As Turkey braces for pivotal elections this Sunday, the country’s economic prospects appear mired in uncertainty, with political insiders forecasting a “wasted year” irrespective of the election results. The economy, currently struggling with a whopping 44% inflation and dwindling foreign exchange reserves, poses a formidable challenge for both the opposition and the ruling party. The…
Anheuser-Busch, the owner of Bud Light, is grappling with a significant slump in sales after a controversial celebrity endorsement campaign led to a backlash from conservative consumers. The company’s decision to bring on board transgender influencer Dylan Mulvaney, who boasts over 10 million followers on TikTok, for a promotional campaign proved to be a costly…
Airbnb Inc. (ABNB) experienced a significant stock price plummet on Wednesday following the company’s prediction of decreased bookings and average daily rates for the ongoing quarter, compared to the previous year. This provoked a massive sell-off, leading to the largest single-day drop in the company’s shares since 2020, with a 14% plunge in early trading,…
Inflation pressures continue to affect the US economy, even as the annual rise in headline prices slows down to its least rate since April 2021, according to recent data. The Bureau of Labor Statistics (BLS) released new data on Wednesday morning, revealing that the Consumer Price Index (CPI) showed a 0.4% increase in headline inflation…
The recent detention of ex-Prime Minister of Pakistan and famed cricketer, Imran Khan, has led to an upswing in political turbulence across the country. The National Accountability Bureau (NAB), which commanded the paramilitary to apprehend Khan, has triggered confrontations between Khan’s followers and law enforcement agencies. The bureau is seeking a two-week custody for Khan,…
John Williams, the President of the Federal Reserve Bank of New York, has revealed that he is closely watching the impact of banking sector strains on the US economy and has left the possibility open for interest rates to remain on hold next month. Speaking at an event with the Economic Club of New York,…
In a bid to prevent a looming debt-ceiling crisis, President Joe Biden and House Speaker Kevin McCarthy met on Tuesday. However, the talks appeared to yield little progress as both parties remain at odds over key issues such as spending cuts. After an hour-long meeting in the Oval Office, McCarthy indicated that the deadlock persists….
Credit Agricole SA’s investment bank has reported a record-breaking first quarter, driven by a 42% surge in revenue from fixed income, commodities, and currencies trading. This impressive growth significantly outpaced the 9% increase seen at BNP Paribas SA, and exceeded the performance of larger competitors in a challenging trading period. The strong trading performance led…