Europe’s bank stocks come under pressure with Credit Suisse tumbling to a new low, a diplomatic crisis erupts over the Black Sea, and another key battle tests Ukraine’s defenses.
Business & Markets
The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021. REUTERS/Arnd Wiegmann/File Photo
Renewed unease gripped world markets as news that Credit Suisse’s largest investor said it could not provide the Swiss bank with more financial assistance sent its shares and broader European shares sliding once more.
UK finance minister Jeremy Hunt is due to announce the government’s budget and reveal how he will try to speed up the world’s sixth-biggest economy after the shocks of Brexit, a heavy COVID-19 hit and double-digit inflation left it lagging behind its peers. He is likely to take a conservative approach, writes Francesco Guerrera.
European Central Bank policymakers are still leaning towards a half-percentage-point rate hike, despite turmoil in the banking sector, as they expect inflation will remain too high in coming years, a source told Reuters. Investors had begun to doubt the ECB’s commitment to another big rate hike after the collapse of SVB.
China’s economic activity picked up in the first two months of 2023 as consumption and infrastructure investment drove recovery from pandemic disruption, despite challenges of weak global demand and a persistent downturn in the property sector.
OpenAI said it is beginning to release a powerful artificial intelligence model known as GPT-4, setting the stage for human-like technology to proliferate and more competition between its backer Microsoft Corp and Alphabet’s Google.
A US Air Force MQ-9 Reaper drone sits in a hanger at Amari Air Base, Estonia, July 1, 2020. REUTERS/Janis Laizans
The US military said a Russian fighter plane clipped the propeller of one of its spy drones and made it crash into the Black Sea. Russia’s defense ministry offered a different account of the incident and its ambassador to the United States said his country viewed it as a “provocation”.
Pakistani security forces withdrew from around Imran Khan’s home, putting a halt to clashes that had erupted after police tried to arrest the former prime minister for not showing up in a case against him related to selling state gifts.
South Korean President Yoon Suk Yeol will visit Tokyo tomorrow for a summit with Prime Minister Fumio Kishida. South Korea’s willingness to resolve historical disputes in the name of improving relations with Japan is largely driven by concerns over North Korea’s growing capabilities, and managing any rivalry with China, officials and analysts say.
North Carolina Republicans urged the state’s high court to reverse course and permit lawmakers to draw politically advantageous legislative districts, an outcome that would boost the party’s chances of holding onto its tenuous majority in the House of Representatives next year.
A judge in Texas is set to hear arguments in a bid by anti-abortion groups to ban sales of the abortion pill mifepristone across the country, even in states where abortion is legal, as they challenge regulatory approval granted more than two decades ago.
The government will subject 27 drugs to inflation penalties, meaning people on Medicare will pay less out-of-pocket by $2 to as high as $390 per average dose starting April 1.
The 2024 Republican presidential race could become a contest between isolationists and foreign policy hawks after Florida Governor Ron DeSantis sent his strongest signal yet he does not believe support for Ukraine is in the national interest, analysts, strategists and campaign aides said.
David Vencl dives to 52 meters under the ice in one breath and wearing only a swimsuit in Sils near St. Moritz, Switzerland, March 14, 2023. David Vencl Organisation/Handout via REUTERS