World Bank raises outlook for East Asia, says banking sector strong

World Bank raises outlook for East Asia, says banking sector strong

The East Asia and Pacific region is expected to grow by 5.1% in 2023, compared to 4.6% forecast in October last year, the World Bank said in its April report. . As for the Chinese economy, the World Bank has raised its growth forecast for 2023 from 4.5% to 5.1%. The World Bank said “the … Read more

EU regulators distance themselves from Credit Suisse bond writedowns

EU regulators distance themselves from Credit Suisse bond writedowns

The Swiss decision has led some Credit Suisse AT1 bondholders to consider legal action and has created uncertainty for bondholders around the world. “We wanted to make it very clear to investors, to avoid being misunderstood: we have no choice but to respect this hierarchy,” the chairman of the EU’s Single Resolution Board told CNBC. … Read more

Banking stress brings the United States closer to recession

Banking stress brings the United States closer to recession

The recent banking turmoil could bring the United States closer to a recession, Minneapolis Fed Chairman Neel Kashkari said in an interview with CBS’ “Face The Nation.” “What’s not clear to us is the extent to which these banking strains are leading to a generalized credit crunch,” he said.

Deutsche Bank is not Credit Suisse

Deutsche Bank is not Credit Suisse

A branch of Deutsche Bank AG in the financial district of Frankfurt, Germany, Friday, May 6, 2022. Alex Kraus | Bloomberg | Getty Images This report comes from today’s CNBC Daily Open, our new international markets newscast. CNBC Daily Open updates investors on everything they need to know, wherever they are. Like what you see? … Read more

Reduction in food stamp benefits challenges retailers

Reduction in food stamp benefits challenges retailers

Pandemic-related emergency funding for the Supplemental Nutrition Assistance Program, formerly known as food stamps, ended this month in most states. For retailers like Kroger, Walmart and Dollar General, falling SNAP dollars will put pressure on discretionary sales. Add to that lower tax refunds on average this year, and buyers will have less money to split. … Read more