Citi to cut 20,000 jobs, posts $1.8 billion loss in ‘disappointing’ quarter
Citigroup said it will cut 20,000 jobs over the next two years, acknowledging a “clearly disappointing” quarter marred by one-off charges that led to a $1.8 billion loss. The lender…
Container rates surge on concerns over prolonged Red Sea disruption
Container shipping rates on major global trade routes surged this week as US and British airstrikes on Yemen heightened fears of a prolonged disruption of global trade on the Red…
Major oil tanker firm halts Red Sea trips after US strikes Yemen
A Danish fuel tanker giant said it’s stopped allowing its fleet to sail through through the southern Red Sea, a sign that overnight strikes on Yemen could add to disruptions…
2024 will be dominated by rate cuts, experts say
The next 12 months will be the year of interest rate cuts, Bloomberg Economics says. The chart shows what is set to happen with borrowing costs in 2024, according to…
China’s Zhongzhi bank declared insolvent with debts of $64 billion
Chinese shadow banking giant Zhongzhi Enterprise Group Co. has filed for bankruptcy after saying it’s insolvent. The firm had earlier revealed a $36.4 billion shortfall on its balance sheet, and…
India to block major crypto exchanges
India is imposing restrictions on leading crypto exchanges that regulators believe are operating in the country illegally. The Financial Intelligence Unit (FIU) has sent several exchanges so-called non-compliance notices. The…