Economy

Sri Lanka has secured a $ 2.9 billion loan from the International Monetary Fund, raising hopes the funding will mark the beginning of economic revival in a country confronting its worst crisis in decades.   The IMF approval Monday came…
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Amazon plans to eliminate 9,000 more jobs in the next few weeks, CEO Andy Jassy said in a memo to staff Monday.  The job cuts would mark the second largest round of layoffs in the company's history, adding to the 18,000 employees the tech…
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When the U.S. government announced this month that it had stepped in to take over Silicon Valley Bank (SVB) and Signature Bank, it was a 90-year-old Great Depression-era agency that took the lead in assuring depositors that their funds were…
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UBS is set to take over its troubled Swiss rival Credit Suisse for $3.25 billion following weekend crunch talks aimed at preventing a wider international banking crisis, but Asian equities sank Monday on lingering worries about the sector.…
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When Caroline Sadaka buys groceries in the Lebanese capital Beirut, she keeps her phone in hand – not to check her shopping list but to calculate the spiraling costs of goods now priced at volatile exchange rates that vary by store and…
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The collapse of Silicon Valley Bank has caused panic not just in the U.S. tech industry but also in China, where the bank has been a key player for years among Chinese startups. In recent days, many startups in China have issued…
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China's central bank on Friday announced a cut to the amount of cash banks are required to hold in reserve for the first time this year, in a move designed to shore up an economy weakened by the pandemic. The People's Bank of China (PBOC)…
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With fewer people coming to work at offices in Manhattan, New York City's commercial real estate market has lost about $400 billion dollars in value since the start of the pandemic. Aron Ranen has this story from the Big Apple.
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U.S. Treasury Secretary Janet Yellen told lawmakers on Thursday the U.S. banking system remains sound even though two regional banks failed in the last week. She told the Senate Finance Committee that Americans “can feel confident” their…
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Central African economy ministers are calling for investing in energy and farming as Africa's poorest region struggles to recover from natural disasters, armed conflicts, and fallout from Russia's invasion of Ukraine.  Heads of state from…
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