The failures of two large regional U.S. banks in mid-March blew a $22 billion hole in the nation’s deposit insurance fund and shook confidence in the global financial system. On Friday the banks’ regulators – the Federal Reserve and the Federal Deposit Insurance Corporation – will publish their accounts of what happened at both institutions,…
By Jihoon Lee SEOUL (Reuters) – South Korea’s exports likely fell in April for a seventh consecutive month and their longest falling streak in more than three years, a Reuters survey showed on Thursday, highlighting frail overseas demand as the world economy slows. Outbound shipments were expected to have fallen 13.5% in April from a…
HELSINKI (Reuters) -The Nordic region’s biggest lender Nordea posted a larger than expected gain in first-quarter operating profits on Thursday, on the back of rising interest rates and despite weaker Nordic currencies. The Finnish banking group reported an operating profit of 1.48 billion euros ($1.64 billion) in the quarter, up from 1.1 billion a year…
By Takaya Yamaguchi and Tetsushi Kajimoto TOKYO (Reuters) – Financial authorities must be mindful of the risk of excessive regulation aimed at preventing digital bank runs caused by online rumours and speculation, said the former commissioner of Japan’s Financial Services Agency (FSA). The failure of Silicon Valley Bank and Signature Bank in the United States…
SYDNEY (Reuters) – Australia proposed on Thursday overhauling its immigration system to speed up getting highly skilled workers into the country and smoothening the path to permanent residency. The federal Labor government said the current system used to select skilled migrants – the points test – will be modified to identify people with the correct…
TOKYO (Reuters) – Japan’s Toyota Motor Corp set a global annual output record in the business year ended in March, just edging past its target of 9.1 million vehicles as factory disruption from global chip supply woes and pandemic lockdowns eased. But the world’s biggest automaker by sales warned it continued to see impacts from…
TOKYO (Reuters) – Japan’s Toyota Motor Corp set a global annual output record in the business year ended in March, just edging past its target of 9.1 million vehicles as factory disruption from global chip supply woes and pandemic lockdowns eased. But the world’s biggest automaker by sales warned it continued to see impacts from…
A look at the day ahead in European and global markets from Kevin Buckland Europe wakes up to more weakness in equities after stock markets across Asia took cues from Wednesday’s slump on Wall Street. Fears that the US could slip into recession weighed broadly. But perhaps reassuringly, financials fared relatively better in markets including…
BEIJING (Reuters) -China’s industrial firms’ profits shrank at a slightly slower pace in January-March but the decline remained in the double-digits as the economy struggled to fully recover despite the country’s exit from its zero-COVID policy. Profits at these firms fell 21.4% in the first three months from a year earlier, cumulative data released by…
By Jeff Mason WASHINGTON (Reuters) – It turns out South Korean President Yoon Suk Yeol can sing. At the end of a festive dinner at the White House on Wednesday, President Joe Biden, first lady Jill Biden, President Yoon and his wife, Kim Keon Hee, moved from the East Room to the State Dining Room…
