The country's national bureau of statistics said that GDP grew 5.2 percent to hit 126 trillion yuan ($17.6 trillion) as the country battled a crippling property crisis, sluggish consumption and global turmoil. Official GDP figures remain a key source of insight into the health of the world's second-largest economy.
US Federal Reserve calls for better supervision of banks
US Federal Reserve Chair Jerome Powell said stronger regulation and greater agility was required in supervising the banking sector following a string of high-profile failures earlier this year. "We need to strengthen both regulation and supervision," Powell told a banking conference in Madrid, referring to the turmoil that hit the...
US leaders finalize deal on debt ceiling week before default
President Joe Biden and Republican leader Kevin McCarthy announced a deal to raise the debt ceiling, dragging the United States back from the precipice of default with only a few days to spare. Congress will vote on the deal to extend the government's borrowing authority on Wednesday, just shy of...US banks may become more cautious in granting loans: Yellen
Still predicting "moderate GDP growth, US treasury secretary has affirmed that the country's banks may be more cautious in granting loans after recent turmoil in the sector, she said In an interview to be aired on Sunday. The dramatic collapse of Silicon Valley Bank and Signature Bank shook the financial...
Large US banks post higher profits despite recent industry turmoil
JPMorgan Chase reported a rise in first-quarter profits alongside banking giants Citigroup and Wells Fargo. The first look at the sector - since the collapse of Silicon Valley Bank and two other banks - showed the industry is benefiting from the Federal Reserve's shift towards higher interest rates and from...
More monetary tightening required, says top Federal Reserve official
The US should continue tightening monetary policy to bring down inflation while assessing the impact of last month's financial turmoil on bank lending, a top Federal Reserve official said. "How much further will depend on incoming data on inflation, the real economy and the tightening credit conditions," Federal Reserve governor...Toshiba accepts $15bn buyout bid
The acceptance follows years of turmoil for the company.‘Most APEC members condemn war in Ukraine’
Asia-Pacific leaders added their voices to international pressure on Russia over its invasion of Ukraine, issuing a summit statement saying "most" of them condemned the war. The 21 members of the Asia-Pacific Economic Cooperation forum issued a joint declaration in Bangkok criticizing the conflict and the global economic turmoil it...
EU to shore up Tunisia economy with US$100m grant
In order to shore up its economy battered by the Covid pandemic and political turmoil, the EU has signed off on a $103 million grant to cash-strapped Tunisia. The grant, according to EU, aims to support economic recovery efforts and consolidate the progress already made in distributing social aid.New Iraq PM sacks senior officials days after confidence vote
Seeking to consolidate his position, Iraq's Prime Minister Mohammed Shia al-Sudani has sacked several senior officials appointed by his predecessor, just days after a confidence vote in his government. The prime minister rescinded several appointments following the October 2021 polls, citing the government's "interim" status.
