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Fed will begin reining in subsidies as inflation risks rise
WASHINGTON: With inflation at its highest point in three decades, the Federal Reserve is set to shut down the extraordinary aid it has given the economy since the pandemic slowdown early last year, a process that poses a risk. Work can prove to be a perfect balance. Chairman Jerome Powell has indicated that the Fed will announce after its policy meeting on Wednesday that it will begin reducing its $120 billion in monthly bond purchases earlier this month. The purpose of those purchases is to keep long-term loan rates low for borrowing and spending.
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Treasury report calls for stricter monitoring of stablecoins
WASHINGTON: The Biden administration is calling on Congress to pass legislation that would strengthen government regulation of stablecoins, a form of cryptocurrency that has grown in popularity over the past year. In a 22-page report released Monday, the Treasury Department and several other regulators said the law requires stablecoin issuers to be banks, which would potentially subject them to a wide range of regulations, including the need for banks to have enough cash. Includes the need to keep and enforce reserves. Measures to prevent money laundering and other illegal activities. Officials say stablecoins come primarily through gaps in regulations that currently govern banks, securities exchanges and investment funds.
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US economy sours amid inflation crisis: AP-NORC poll
San Francisco: Americans’ opinion of the US economy has soured significantly over the past month, a new survey has found. According to a survey by the Associated Press-NORC Center for Public Affairs Research, only 35% of Americans now call the national economy good, while 65% call it bad. This is the decline since September, when 45% said the economy was good, and a comeback in January and February about the outlook for the nations’ economy. Roughly half of Americans now say they expect the economy to get worse next year. Nevertheless, most individuals remain optimistic about their personal financial situation.
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Barclays CEO resigns over Epstein report by UK regulators
LONDON: The chief executive of British bank Barclays has stepped down following a report by United Kingdom regulators into his past relationships with the late financier and sex offender Jeffrey Epstein. Jess Staley has previously said that she deeply regrets her relationship with Epstein, who killed himself in 2019 in a New York prison while awaiting trial for sex trafficking. There is no suggestion that Staley knew anything about Epstein’s alleged crimes. Staley says he will oppose the preliminary findings, which have not been released by regulators. Barclays shares fell 2% after Monday’s announcement, as Staley has been widely credited with doing a good job at the bank.
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Shiba Inu Passes Dogecoin as Top Dog in Cryptocurrency
Silver Spring, MD: Cryptocurrency has officially gone the dogs. The recent trading frenzy over a digital token called the Shiba Inu that is commonly billed as a meme or joke coin has propelled the canine-themed cryptocurrency into the top ten most valuable digital assets by market cap , has reached $40 billion and surpassed its cousin and clear inspiration, Dogecoin. The value of the Shiba has doubled over the past week, thanks to a 66% rise on Wednesday amid a flurry of volumes. Even though it has increased by about 900% in the past month, each Shiba coin is worth only a tiny fraction of a cent.
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Treasury says it plans to borrow $1.02 trillion this quarter
WASHINGTON: The Treasury Department says it plans to borrow $1.02 trillion during the current quarter. It is the largest amount since the government passed trillion-dollar rescue packages for the economy in the spring of 2020. The department announced on Monday that a borrowing estimate of $1.02 trillion for the October-December quarter would follow the $103 billion in actual borrowing last July. -September quarter. This was the period when the loan limit was reintroduced after being suspended for two years. Treasury officials say they expect to borrow another $476 billion in the January-March quarter next year.
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Coke acquires remaining sports drink BodyArmor for $5.6 billion
New York: Coca-Cola has completed the acquisition of sports drink brand BodyArmor. Coke said on Monday it paid $5.6 billion for the remaining 85% of the sports beverage company. Coke originally bought a 15% stake in BodyArmor in 2018. BodyArmor was founded a decade ago by entrepreneurs who also developed SmartWater and Fuze. Basketball star Kobe Bryant was an early investor. Atlanta-based Coke said it would manage the BodyArmor brand as a separate business and that it would remain based in New York.
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Major Wall Street stock indexes hit record highs
NEW YORK: Shares on Wall Street ended the day modestly, enough for major indices to hit more all-time highs. The S&P 500 rose 0.2% and the Dow Jones Industrial Average rose 0.3%. The Nasdaq rose 0.6 percent. Shares of the smaller company outperformed the broader market. Energy stocks posted solid gains on a rally in oil prices. Bond yields also rose. Traders this week will be watching another policy meeting by the Federal Reserve, which is in the process of considering how to end its extraordinary support measures for the economy. More companies are reporting quarterly earnings and the government releases its monthly jobs report on Friday.
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America stricken by major flight cancellations on the fourth day
DALLAS: American Airlines is still trying to get out of a blizzard of canceled flights over the past few days. As of Monday afternoon, American had canceled more than 400 flights. It is the fourth straight day of major disruption in the US, which canceled more than 1,000 flights on Sunday. American hopes to fine-tune its operations by hiring more flight attendants, pilots and reservation agents. The airline encouraged thousands of workers to quit last year when air travel collapsed during the pandemic, caught shorthand when travel returned this year.
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The S&P 500 rose 8.29 points, or 0.2%, to 4,613.67. The Dow Jones Industrial Average gained 94.28 points, or 0.3%, to end at 35,913.84. The Nasdaq closed 97.53 points up 0.6% at 15,595.92. The Russell 2000 Index of Small Companies rose 60.93 points, or 2.7%, to 2,358.12.
Disclaimer: This post has been self-published from the agency feed without modification and has not been reviewed by an editor
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