Economy

The People's Bank of China (PBOC) chose to keep its benchmark loan prime rate (LPR) unchanged, aligning with popular expectations. This decision was made despite ongoing efforts by Beijing to introduce other forms of stimulus to bolster the economy. The one-year LPR was maintained at 3.45%, while the five-year rate, crucial in determining mortgage rates,
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The Federal Reserve is gearing up to publish the minutes of its most recent meeting, providing insight into the central bank's stance on interest rates. Fed Chair Jerome Powell hinted that rates are likely to remain steady amidst inflation concerns. This comes after recent data showed a lower-than-expected increase in consumer prices, indicating a downward
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Tycoon Elon Musk's arrival in Bali for the planned launch of SpaceX's Starlink internet service signals a significant development in Indonesia's quest to boost internet penetration and health services. The Indonesian government views this collaboration as a crucial step towards ensuring equal access to the internet across the country, particularly in remote areas where connectivity
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Investment bank Wells Fargo believes that the US Federal Reserve is unlikely to make aggressive moves on interest rates, despite the expectation of rate cuts this year. The current mindset of “higher for longer” rates would have posed significant challenges for stocks in the past, but market participants are holding onto the belief that inflation
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In the first quarter of 2024, U.S. crypto exchange Coinbase reported a total of $56 billion in consumer trading volumes. This period coincided with bitcoin reaching record highs of close to $74,000. However, this figure pales in comparison to the $133.75 billion quarterly average seen during the 2021 rally, indicating a shift in retail trader
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The Federal Reserve is currently under scrutiny as market experts debate the potential for rate cuts in the year 2024. Some believe that the Fed will implement two rate cuts, with the first one starting in September. However, if the inflation data does not show significant improvement by September, there might not be any rate
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Iraq's oil minister recently announced that Chinese companies have secured five more bids to explore oil and gas fields in the country. This adds to the ten licenses that Chinese companies have already obtained, making them the sole foreign players in the latest round of hydrocarbon exploration licensing. The lack of participation from other international
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British newspaper groups have reacted strongly to Apple's plans to introduce a “web eraser” tool that would block advertisements in the Safari browser. They have highlighted the potential threat this tool poses to the financial sustainability of journalism. The removal of ads or unwanted website content could significantly impact digital revenues in the industry, which
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In a recent interview, billionaire investor Kenneth Griffin made a passionate plea for Harvard University to embrace “Western values” amidst what he described as a “cultural revolution” in American education. Griffin, who has donated millions to his alma mater, expressed concern over the direction that education in the U.S. has taken in recent years. He
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The discussions among Federal Reserve officials regarding whether U.S. interest rates are at an optimal level have deepened in recent times. The assessment of high inflation risks is causing concerns among policymakers, prompting them to evaluate the effectiveness of current policy measures in addressing inflationary pressures. Inflation expectations among consumers have seen a notable uptick,
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Singapore's Oversea-Chinese Banking Corp (OCBC) has recently reported a 5% increase in first-quarter profit, exceeding market expectations. In a bold move, the bank has also made a S$1.4 billion ($1.04 billion) offer to acquire its insurer arm Great Eastern, showcasing its commitment to strategic investments and portfolio enhancement. The offer, which includes a 37% premium
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