Ethiopia’s largest bank, the state-owned Commercial Bank of Ethiopia, is facing a major setback as it tries to recover millions of dollars lost due to a technical glitch over the weekend. Reports from local media indicate that more than $40 million was withdrawn from the bank or transferred to other financial institutions after customers were
Global Finance
China’s economic indicators for the first two months of the year have exceeded analyst predictions in various sectors. Retail sales saw a 5.5% increase, surpassing the 5.2% forecast, while industrial production climbed 7%, higher than the estimated 5% growth. Fixed asset investment also rose by 4.2%, beating the expected 3.2% increase. These positive figures seem
Bitcoin, once known for its extreme price volatility, is starting to shed that reputation according to Matt Hougan of Bitwise Asset Management. Over the past decade, the cryptocurrency has seen a significant decrease in wild price swings, indicating a more stable market environment. Hougan attributes this shift to a simple demand-supply imbalance, with the introduction
Bitcoin, the world’s largest cryptocurrency, experienced a significant drop in overnight trading, highlighting its continued tendency for large fluctuations despite gaining acceptance in the mainstream financial world. Data from Coin Metrics revealed that Bitcoin’s price was above $72,000 late Thursday night, only to plummet to around $67,000 on Friday, representing a substantial decline of approximately
Recently, there has been a resurgence in discussions around the implementation of a wealth tax on the global super-rich, with the aim of addressing wealth inequality and boosting government revenues. U.S. President Joe Biden has proposed a “billionaire tax” as part of his 2025 budget proposals, targeting Americans with a wealth exceeding $100 million. This
Despite recent inflation data signaling higher than anticipated inflation rates, Kristina Hooper, chief global market strategist at Invesco, believes that the Federal Reserve will likely initiate interest rate cuts by the end of the second quarter. The Fed has been increasing borrowing costs to combat high inflation levels seen during the pandemic. While inflation has
As the 2024 presidential election looms closer, investors are bracing themselves for a potential rematch between President Joe Biden and former President Donald Trump. Political landscapes have become increasingly emotional, leading to heightened tensions and uncertainty in the market. The stakes are high, and the impact of these emotions on investor decisions cannot be underestimated.
Despite facing headwinds due to a slowdown in traditional economic pillars such as real estate, infrastructure, and exports, HSBC remains optimistic about the mid to long-term outlook for the Chinese economy. The Chinese government has responded to these challenges by focusing on bolstering manufacturing and domestic tech sectors to modernize the economy and maintain global
In 2023, global dividend payouts to shareholders reached a staggering $1.66 trillion, marking a 5% increase from the previous year. These findings, as reported by British asset manager Janus Henderson, highlight the resilience and growth of dividend distributions worldwide. The fourth quarter of the year in particular saw a significant 7.2% rise in payouts, demonstrating
Ken Griffin, the founder and CEO of Citadel, recently shared his thoughts on the Federal Reserve’s approach to cutting interest rates in response to inflation. He emphasized the importance of proceeding with caution and avoiding rapid adjustments that could lead to unintended consequences. Griffin expressed his belief that the Federal Reserve should resist the urge
China’s annual parliamentary meetings have always been a source of intrigue and speculation, but this year brought a break from tradition. For the first time in decades, the Chinese premier opted out of hosting a press conference, leaving many to wonder about the implications of this decision. These press conferences have served as a rare
Recently, The Wall Street Journal reported that the Justice Department has initiated a criminal investigation into the Alaska Airlines incident that occurred two months ago. The incident involved a door panel blowing out mid-air while Flight 1282 was en route to Ontario, California from Portland, Oregon. This event led to a section of the plane