March 16, 2023 United States: US Housing Starts Exceed Forecast on Multifamily Construction New US home construction increased in February for the first time in six months, led by a surge in starts of multifamily projects and suggesting the housing market may be starting to stabilize. Residential starts rose 9.8% last month to a
March 15, 2023 United States: Signature Bank Faced Criminal Probe Ahead of Firm’s Collapse US prosecutors were investigating Signature Bank’s work with crypto clients before regulators suddenly seized the lender this past weekend, according to people familiar with the matter. Justice Department investigators in Washington and Manhattan were examining whether the New York bank
March 14, 2023 Revenue declined 1% to $1.15 billion (2022: $1.16 billion). For the quarter, revenue declined 7% to $372.87 million (2022: $400.19 million). Cost of sales increased 3% to $926.07 million (2022: $902.74 million). Consequently, gross profit declined 13% to $223.55 million (2022: $257.40 million). For the quarter, gross profit also declined 13%
March 14, 2023 United States: US Core CPI Tops Estimates, Pressuring Fed as It Weighs Hike Underlying US consumer prices rose in February by the most in five months, forcing a tough choice for Federal Reserve officials weighing still-rapid inflation against banking turmoil in their next interest-rate decision. The consumer price index, excluding food
March 13, 2023 United States: Fed Flies Blind on Monetary Policy With Rising Risk of a 6% Rate The Federal Reserve is flying blind as it tries to bring down inflation without breaking the financial system or crashing the US into a recession. Ahead of a crucial meeting later this month, policymakers are wrestling
March 10, 2023 United States: Stocks Will Be Stuck on Fed Until a Recession Becomes Evident, BofA Says US stocks hanging on Federal Reserve policy signals are boxed in a “neurotic” trading range that will only break once economic data unambiguously point to a recession, Bank of America Corp. strategists say. The rate hikes
March 9, 2023 At the 2023/24 Budget Debate on March 7, the Minister of Finance and Public Service, Dr. the Hon. Nigel Clarke disclosed that the current Government will regularise "evergreen consistently renewed" contract workers in Government, bringing them into structured, permanent employment. This initiative will be costly, as there are nearly 20,000 individuals
March 9, 2023 United States: BofA Tells Rainmakers to Work on Tiny Deals During Drought Bank of America Corp., one of the few major Wall Street banks to avoid mass job cuts in recent months, has begun moving investment bankers into busier areas as the industry deals with a slowdown in dealmaking and capital
March 8, 2023 United States: US Mortgage Rates Increase for a Fourth-Straight Week US mortgage rates increased for a fourth week to the highest level since mid-November, according to the Mortgage Bankers Association. The contract rate on a 30-year fixed mortgage rose 8 basis points to 6.79%, the group said Wednesday. The group’s index
March 7, 2023 United States: Oil Pares Gains as Dollar Rises Ahead of Fed Chair Testimony Oil dipped ahead of testimony from Federal Reserve Chair Jerome Powell that will provide clues on the path forward for monetary tightening. West Texas Intermediate traded below $80 a barrel after advancing for five sessions, while the dollar
