If the Federal Reserve is too heavy-handed with its interest rate hikes this year as a means to stomp out high rates of inflation, there is one critical risk that most investors probably aren’t factoring in. Recession. “That is the risk [of a recession in 2023],” said Mohamed El-Erian, Queens’ College, Cambridge University president and […]
Category: Top News
Citigroup sees S&P 500 breaching 5,000-mark by year-end on robust earnings
Citigroup analysts on Wednesday raised their S&P 500 (.SPX) price target for the end of 2022, estimating it to breach the 5,000 level for the first time, as the brokerage expects strong corporate earnings to continue this year. Earnings results from S&P 500 companies in 2021 blew past analyst estimates to deliver year-on-year growth in […]
Federal Reserve puts wheels in motion for balance sheet reduction
The Federal Reserve at its December meeting began plans to start cutting the amount of bonds it is holding, with members saying that a reduction in the balance sheet likely will start sometime after the central bank begins raising interest rates, according to minutes released Wednesday. While officials did not make any determination about when […]
No Slowdown in Sight for Surging BNPL as Consumers Want it, Retailers Need It
Despite a year of unmatched growth, countless news stories and a few blockbuster acquisitions within the buy now, pay later (BNPL) space, as the old saying goes, you ain’t seen nothin’ yet. This, as new research in the Buy Now, Pay Later Tracker for December 2021 shows that, despite a year-long rollout and ramp-up effort […]
Japan’s Nikkei 225 drops nearly 3% as Asia-Pacific markets largely fall; oil declines more than 1%
SINGAPORE — Shares in Asia-Pacific declined in Thursday trade following losses overnight that saw the Dow Jones Industrial Average notching its first decline of 2022. In Japan, the Nikkei 225 slipped 2.6% while the Topix index dipped 1.88%. Australian stocks also saw heavy losses as the S&P/ASX 200 fell 2.77%, with shares of Afterpay plunging […]
People’s Bank of China launches digital Yuan app alongside FinTech plan
The People’s Bank of China (PBOC) has kicked off 2022 with rigour, hitting a major milestone for the introduction of the digital Yuan (e-CNY) and laying out this year’s strategy for delivering its digital transformation. This morning, the ‘e-CNY’ app was officially released by the central bank for IOS and Android devices, while still a […]
Toyota dethrones GM as U.S. sales leader after nearly a century on top
Japanese automaker Toyota Motor Corp outsold General Motors Co in the United States in 2021, marking the first time the Detroit automaker has not led U.S. auto sales for a full year since 1931. Toyota sold 2.332 million vehicles in the United States in 2021, compared with 2.218 million for General Motors, the automakers said […]
Record 4.5 million ‘Great Resignation’ workers quit their jobs in November – what this means for Biden
A record 4.5 million American workers quit their jobs in the month of November, according to the US Bureau of Labor Statistics, which matched the series-high number of quit rates in September. But the number of job openings decreased to 10.6 million hires on the last business day of the month in a sign of […]
Rev Debuts Its App-Based X World Wallet With Loyalty, Travel Perks
Payment products innovations company Rêv has debuted its X World Wallet, an app-based multi-currency debit account, nationwide in the United States, according to a Tuesday (Jan. 4) press release. X World Wallet comes with a loyalty program, a travel bookings portal and discounts, along with an integrated global sustainability initiative. The wallet can be loaded […]
Data Suggests 75% of B2B Sales Organizations Will Use AI-Based Selling by 2025
According to a new report, 75% of business-to-business (B2B) sales organizations will be utilizing artificial intelligence (AI)-based selling by 2025, according to market research firm Gartner. In a Dec. 6 news release, the company said that sales leaders have been more often been investing in AI, including machine learning, in order to look into data […]
Markets and the economy brace as the Federal Reserve’s first rate hike could come in two months
If everything goes according to plan, the Federal Reserve in a little over two months will enact its first rate increase in three years, a move policymakers deem necessary and that markets and the economy are grudgingly coming to accept. The Fed last raised rates in late 2018, part of a “normalization” process that happened […]
UK Tests Shared BankHubs in Communities With No Branches
A pilot program between U.K. bank Cambuslang and the U.K. state-owned Post Office could help give more access to in-person banking for those in need, according to a Sunday (Jan. 2) report from Financial Times (FT). The pilot involved a new shared branch called BankHub, which FT says has seen more access to cash for […]