Browsing: Business

Switzerland’s Federal Prosecutor is investigating potential breaches of criminal law by officials involved in the state-backed takeover of Credit Suisse by UBS Group, which was announced last month. The prosecutor’s office is examining the deal for any evidence of wrongdoing by government officials, regulators, and executives at both banks. The acquisition of Credit Suisse by UBS for $3.3 billion was seen as an emergency move to prevent a meltdown in the country’s financial system. The merger was also designed to help secure global financial stability during a period of turmoil. Critics of the deal are concerned about the merged bank’s…

Parshottam Rupala, the Indian Minister of Fisheries, Animal Husbandry and Dairy Industry of the Central Government, said that India ranks third among the world’s fish producing nations with an eight percent contribution to the total global fish production. In a written reply to a question in Rajya Sabha yesterday, Mr Rupala said this. Since the launch of the Pradhan Mantri Matsya Sampada Yojana, the overall fish production in the country has increased. In 2021-22, the country produced over 162 lakh tonnes of fish, up from 141 lakh tonnes in 2019-20.

Investors were watching for testimony from Federal Reserve Chair Jerome Powell on Monday as well as the February jobs report at the end of the week, which will likely influence how hawkish the central bank will be going forward. Dollar index, which measures the value of the U.S. currency against six major currencies, was down 0.182% at 104.420. Reuters reports that the index fell for the first time since January last week. Since delivering jumbo hikes last year, the Fed has raised interest rates by 25 basis points in its latest two meetings, but a slew of resilient economic data…

The northern plains of the USA are largely shutting down ahead of a major winter storm that could dump up to 2 feet of snow in some areas. This storm will be accompanied by strong winds and dangerously cold temperatures. There were many school closures for Wednesday, ahead of the storm, across the Dakotas, Minnesota, and Wisconsin. In addition to offices closing, the Minnesota Legislature will not reconvene until Monday, according to AP. The snow and fierce winds have caused emergency management officials to warn people that they might experience a “whiteout.” Later this week, the storm will make its…

After talks with industry representatives, Economics Minister Robert Habeck said in Berlin that Germany should increase state support for wind turbines and solar plants. “We have to strengthen the production capacities for renewable energies and electricity grids in Germany and Europe,” said Habeck, who is a member of the country’s main environmental party, the Greens, dpa reported. In order to achieve climate goals and become less dependent on fossil fuels, the government plans to increase renewable energies in the coming years. Nevertheless, solar plant production has increasingly shifted to China, while the German solar industry has declined. The strategy also…

Pakistani businessmen are warning the government that if the import levy is not lifted, millions will lose their jobs. They are urging the administration to allow materials stuck at the Karachi port into the country. Steel, textile, and pharmaceutical industries have largely shut down, causing thousands of factories to close, which has deepened the unemployment problem and worsened the Pakistan economic crisis. Lack of cash causes Pakistani food shortages, unemploymentOnly essential items such as food and medicines are exempt from Pakistan’s ban on imports due to critically low dollar reserves. The ban is expected to remain until Pakistan convinces the…

By 2023, Adidas could lose 1.2 billion euros ($1.3 billion) in revenue if it cannot sell its existing Yeezy stock. Adidas shares fell 11% around 9 a.m. London time following the news. “The numbers speak for themselves. We are currently not performing the way we should,” Adidas CEO Bjorn Gulden said in a press release. Yeezy’s German sportswear partner sacked Ye, formerly Kanye West, after he made a series of antisemitic comments in October. It has already accounted for the “significant adverse impact” of not selling the inventory, the company said late Thursday. Without shifting products, Adidas expects operating profit…

JPMorgan Chase & Co.’s CEO Jamie Dimon cautioned against declaring victory too soon against inflation, warning the Federal Reserve might raise interest rates above 5% if prices remain “sticky.” Several Federal Reserve officials said more rate increases were on the way, though none was ready to suggest January’s strong jobs report could push them back to more aggressive monetary policy, according to Reuters. According to Dimon, “people should take a deep breath before declaring victory just because a month’s number looks positive.” “I think it’s perfectly reasonable for the Fed to move to 5% and wait a while,” Dimon said.…

Since taking over Twitter, the world’s second-richest person Elon Musk has struggled to sell subscriptions. Musk took over Twitter in October, but subscriptions have been slow. He promised to revamp the company’s subscription revenue strategy. In 2021, Twitter Blue was introduced, but at $3 per month and with limited features, it didn’t make a significant dent in the revenue of the largely advertising-supported website. It doesn’t seem like Musk’s most recent model is doing well either. Musk barely added any features to Twitter Blue beyond selling blue check marks. Yet Musk settled on a significantly higher price point for Twitter’s…

According to central bank governor Riad Salameh, Lebanon will adopt a new official exchange rate of 15,000 pounds per U.S. dollar on Feb. 1. This represents a 90% reduction from the current official rate which has remained unchanged for 25 years. A shift from 1,507 to 15,000 is still far from the parallel market, where the pound was changing hands at around 57,000 per dollar on Tuesday, according to Reuters. It is unlikely that the change will affect banks, Salameh said. This will result in a decrease in the equity of the institutions at the center of the country’s 2019…