On Thursday, U.S. Treasury Secretary Janet Yellen urged Congress to increase the $31.4 trillion federal debt ceiling in order to prevent an unprecedented default that would send the world economy into a tailspin and jeopardise American economic dominance.   In remarks prepared for a news...

According to data released on Thursday, factory gate deflation widened while consumer price growth in China slowed to its lowest level in more than two years in April. This suggests that additional stimulus measures may be required to strengthen the shaky post-COVID economic recovery.   The...

A meeting of the Group of Seven (G7) finance ministers on Thursday was overshadowed by the Washington impasse over raising the U.S. debt ceiling as central banks try to assure a smooth landing for the global economy. Fears of a US recession grew as a result.   President Joe Biden stepped up...

Gallup revealed findings of a study on the nation's financial position that was carried out in the United States from April 3 to April 25. Two significant regional banks—Silicon Valley Bank and First Republic Bank—were shut during the previous two months, and their assets were purchased by other,...

China's imports fell dramatically in April, while exports climbed at a slower pace, confirming signs of weak domestic demand despite the removal of COVID restrictions and adding pressure to an economy already struggling in the face of slowing global growth.   The Chinese economy grew faster...

According to reports quoting information from sources familiar with the situation, US Treasury Secretary Janet Yellen is reaching out to US corporate and financial leaders to explain the "catastrophic" impact a US debt default would have on the US and worldwide economies.   According to one...

US banks have tightened lending requirements for all types of consumer loans as well as commercial loans due to a decline in account deposits and poor loan portfolio quality, according to the US Federal Reserve (Fed) survey. In an April analysis of the US banking industry, the regulator stated that...

Despite the turbulence in the banking industry and the impact of increasing borrowing prices, job creation in the United States remained healthy last month. Employers added 253,000 jobs, exceeding many analysts' expectations.   The unemployment rate dropped to 3.4%, a multi-decade low. The...

After months of negotiations failed to persuade Moscow to keep rupees in its coffers, India and Russia have discontinued efforts to settle bilateral commerce in rupees, according to two Indian government officials and a person with direct knowledge of the situation.   This would be a huge...