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Federal Reserve pledges more rate hikes despite fears of economy stalling

THE Federal Reserve raised interest rates by half a percentage point on Wednesday and projected at least an additional 75 basis points of increases in borrowing costs by the end of 2023 as well as a rise in unemployment and a near stalling of economic growth. The US central bank’s...

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Federal Reserve pledges more rate hikes despite fears of US economy stalling

THE Federal Reserve raised interest rates by half a percentage point on Wednesday and projected at least an additional 75 basis points of increases in borrowing costs by the end of 2023 as well as a rise in unemployment and a near stalling of economic growth. The US central bank’s...

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Branch wars: Banks woo customers with elaborately decked physical spaces

BANKS in Singapore are beautifying their local branches in hopes of delivering something different to their customers, with large lounges and non-financial services on offer.

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AIG subsidiary files for Chapter 11 bankruptcy

AMERICAN International Group said on Wednesday (Dec 14) its subsidiary, AIG Financial Products (FP), had filed for Chapter 11 bankruptcy protection.

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FTX bankruptcy standoff heats up as Bahamas challenges US case

BAHAMIAN liquidators are set to scuffle with US-based bankruptcy lawyers over the remains of Sam Bankman-Fried’s crypto empire on Wednesday (Dec 4), highlighting a key tension hanging over the downfall of FTX.

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UK households less sensitive to rate hikes

BRITONS appear less sensitive to higher interest rates in a bid to boost their savings income than an interest-rate cut to keep debt costs under control, according to a Bank of England data.

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China asks banks to buy bonds after market slump

CHINA asked some of the nation’s biggest banks to help stabilise the domestic bond market after a wave of fund redemptions by retail investors fuelled the biggest credit selloff since 2015, according to people familiar with the matter.

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IMF declines to testify to UK MPs over mini-budget intervention

THE International Monetary Fund has declined a request from UK lawmakers to explain to Parliament why it made an unsolicited attack on the former government’s budget shortly before the plan imploded.

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JGB yields fall on hopes for slower Fed rate hike

YIELDS on super-long Japanese government bonds (JGBs) fell on Wednesday (Dec 14), tracking US Treasury yields lower, as lower than expected inflation data raised optimism for a slower pace of the Federal Reserve’s interest rate hikes.

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Crypto firm Binance says deposits returning after heavy withdrawals

DEPOSITS are returning and “things seem to have stabilised” at Binance, its chief executive said on Wednesday (DEc 14), a day after it had a sharp increase in withdrawals and paused some stablecoin transactions.

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