Daily Management Review
Economics

What Wall Street Is Doing To Prepare For A Probable US Debt Default

Wall Street banks and asset managers have been bracing for the consequences of a potential default as negotiations over raising the $31.4 trillion debt ceiling for the United States government are nearing their conclusion.   A recent preparation for such a disaster was made by the financial...

EC head announces new EU economic security strategy

Ursula von der Leyen, the head of the European Commission, revealed a new EU economic security policy at the G7 summit in Japan. The EC plans to debate this approach with the Union's member states in June. "The possibility of interdependencies turning into weapons must be understood. The European...

New York Times: Canadian wildfires hit oil and gas industry

The New York Times writes that the oil and gas business in Canada is being impacted by the wildfires presently raging through western Canada, prompting corporations to halt operations. The newspaper stated that "the widespread fires in western Canada are also striking at the heart of Canada's oil...

Japan Rebounds From Recession As A Result Of The Post-COVID Consumer Recovery

Japan's economy has come out of recession and recorded an expansion faster than projected in the first quarter, as a post-COVID consumption bounce overcame global challenges, raising prospects for a long-term recovery.   However, signals of a downturn in growth in the United States, Europe,...

Biden And McCarthy Are Optimistic About A Debt-Ceiling Agreement, As The US President Cancels His Trip To Asia

Democratic President Joe Biden and senior Republican congressional leader Kevin McCarthy moved closer to a compromise to prevent a U.S. debt default on Tuesday, as the possibility of an economic nightmare pushed Biden to cancel a trip to Asia this week.   After an hour of talks, House...

Iraq invites international companies to develop oil and gas fields

Iraq's oil ministry invited foreign firms to develop 13 oil and gas fields. According to a statement from the Oil Ministry's press office, Iraqi Oil Minister Hayan Abdel-Ghani invited foreign firms to take part in the investment project tender for the development of 13 fields and exploration sites...

Consumer Mood In The United States Has Reached A Six-Month Low As A Result Of The Debt Ceiling Crisis

Consumer sentiment in the United States fell to a six-month low in May, partly to concerns that political wrangling over raising the federal government's borrowing limit could precipitate a recession.   The University of Michigan survey released on Friday also revealed that consumers'...

G7 Finance Heads Face A Difficult Trade-Off In Contemplating Actions To Confront China

The Group of Seven (G7) advanced economies' finance ministers are going to discuss this week the concept of placing targeted limits on investments to China, which economists describe as a double-edged sword that will make little progress.   China is on the minds of G7 finance leaders meeting...

Bank of England raises base rate to 4.5 percent

According to a news release from the regulator, the Bank of England increased its benchmark interest rate by 25 basis points in May, from 4.25% to 4.5%, and is ready to raise it even further in the event of increasing inflationary pressures. The central bank's choice was in line with what analysts...

US Treasury Secretary Yellen Cautions A US Default Would Endanger The World Economy And Compromise US Leadership

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...
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