The chairman of Switzerland’s largest bank received an urgent call last week. On the other end were three top Swiss officials who delivered an ultimatum dressed up as a proposal. UBS Group AG needed to rescue its failing rival, Credit Suisse Group AG.
India has overtook UK to become the fifth biggest economy in the world. Furthermore, the IMF has predicted that this will become the new normal, with India set to overtake the UK up until 2027, becoming the fourth-largest economy in the world while the UK falls to sixth.
While testifying at a Senate Defense Appropriation hearing, US Defense Secretary Lloyd Austin and other senior Pentagon officials warned of the "Chinese threat" in the event of a US default.
US Defense Secretary Lloyd...
Earlier, GreatGameIndia reported how a Black Swan event could trigger $100 billion capital outflows from India. Now, we see that India's biggest ever IPO of LIC has incurred a loss of over $18 billion.
For much of the day, anyone doing analysis on the now-liquidated Silicon Valley Bank was confined to using stale financial data as of Dec. 31.
Brazil's president, Luiz Inácio Lula da Silva, asked, "Why can't we trade in our own currencies?"
Brazil's President Luiz Inácio Lula da Silva at a climate finance summit in Paris | @LulaOfficial Photograph:(Twitter)
US President Biden's comments that the economy is doing well were refuted by Eric Adams, who later changed his position. So what's the truth? Is the Wall Street actually collapsing?
The minutes from the March meeting of the Federal Open Market Committee show that the Fed expects a banking crisis to cause a recession this year.
After FedEx failed expectations for revenue and earnings in its first quarter, the CEO became pessimistic. Additionally, the business revoked its full-year guidance. The FedEx CEO has predicted a worldwide recession.
When the United States goes bankrupt, one consequence would be the loss of the US dollar as the global reserve currency, leading to the return of dollars held in many national reserve banks back to the US.
