Washington CNN — Mortgage rates have taken would-be buyers on a ride this year — and it’s only March. Generally, home buyers can anticipate mortgage rates to move down through the rest of this year as the banking crisis drags on, which could cool down inflation. But there are bound to be some bumps along … Read more
Colombo: Sri Lanka will be the first country in Asia to undergo a governance diagnostic exercise by the IMF which will assess corruption and governance vulnerabilities in the debt-trapped country, the global lender said on Tuesday. The International Monetary Fund‘s Executive Board approved on Monday a 48-month extended arrangement under its Extended Fund Facility (EFF) … Read more
New York CNN — Silicon Valley Bank collapsed Friday morning after a stunning 48 hours in which its capital crisis set off fears of a meltdown across the banking industry. Its failure marks the largest shutdown of a US bank since 2008, when Washington Mutual fell during the financial crisis. California regulators closed down the … Read more
.jpg?fit=%2C&ssl=1 "In Sri Lanka’s southern tourism hotspot, locals are yet to see a full recovery 4")
While more people are visiting, business could be better, say cafe owners and small traders in Galle, a tourist hotspot in southern Sri Lanka. | Photo Credit: Meera Srinivasan At the close of 2022, crisis-hit Sri Lanka had recorded nearly 7.2 lakh tourist arrivals — more than three times the number seen in 2021, even … Read more
London CNN Business — The Bank of England raised interest rates by three quarters of a percentage point on Thursday, the biggest hike in 33 years, as it tries to contain soaring inflation even as the UK economy slides towards a recession that could last two years. The central bank made its eighth interest rate … Read more
London CNN Business — Rishi Sunak, Britain’s third prime minister in seven weeks, took office on Tuesday with a pledge to fix the “mistakes” of predecessor Liz Truss and tackle a “profound economic crisis.” The task won’t be an easy one, he acknowledged. “This will mean difficult decisions to come,” Sunak said in his first … Read more
Union Finance Minister Nirmala Sitharaman called for collective responsibility of G20 countries to prevent global economic risks from aggravating Union Finance Minister Nirmala Sitharaman called for collective responsibility of G20 countries to prevent global economic risks from aggravating India on Thursday briefed the finance ministers and central bank governors of G20 countries about its agenda … Read more
This story is part of CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. New York CNN Business — The Nobel in economics is sort of the step-cousin of the Nobel family. It came about nearly 70 years after its literature and sciences counterparts, in 1969, and is technically … Read more
London CNN Business — A week ago, the Bank of England took a stab in the dark. It raised interest rates by a relatively modest half a percentage point to tackle inflation. It couldn’t know the scale of the storm that was about to break. Less than 24 hours later, the government of new UK … Read more
London CNN Business — Across the United Kingdom, businesses and households are warning that they won’t make it through the winter without help from the government. That sets up enormous challenges for the incoming prime minister, who will be announced this week. For months, the United Kingdom has endured a leadership vacuum while the country … Read more