The Chief Economist of the European Central Bank (ECB), Philip Lane, has cautioned markets against anticipating interest rate cuts in the next two years. Despite the ECB’s recent 25 basis point increase in its main rate to 3.5%, Lane emphasized the need for restrictive policies to combat record-high inflation in the euro zone. In May,
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Ian Bremmer, President of Eurasia Group, has stated that Yevgeny Prigozhin, the Russian mercenary chief, is a “dead man walking” after leading a failed rebellion against Russian President Vladimir Putin. Prigozhin, who is a former Putin ally and founder of the private military group Wagner, attempted to incite an armed revolt against Putin over the
Yevgeny Prigozhin, Russia’s mercenary boss, attempted to stage a “24-hour coup” to overthrow the Russian regime. However, his attempt failed, and he called off the rebellion before reaching Moscow. Although the rebellion was unsuccessful, the fact that Prigozhin could even attempt it with little resistance is seen as a blow to Putin’s regime. Prigozhin’s private
The head of the Wagner Group, Yevgeny Prigozhin, has accused Russia’s military leadership of striking his fighters and vowed to retaliate. The threat, made over his official Telegram channel, has sparked a crisis in Russia, with the country’s security service FSB calling on Prigozhin’s own Wagner Group private army to refuse orders and detain him.
Russian President Vladimir Putin has vowed to punish all those involved in the “armed rebellion” and accused them of committing acts of treason against the state. In a televised address, Putin appealed to those who were “dragged into a criminal adventure by deceit or threats, pushed onto the path of a serious crime – an
This week, Indian Prime Minister Narendra Modi visited the U.S. to meet with President Biden, as well as other political and business leaders. During his visit, Modi spent over an hour with the CEOs of top tech companies, including Apple, Alphabet, and Microsoft, to discuss opportunities and challenges in investing in India. Apple CEO Sees
Turkey’s central bank has raised the country’s key interest rate from 8.5% to 15%, almost doubling it, as the newly re-elected President Recep Tayyip Erdogan’s new economic administration embarked on a dramatic monetary policy U-turn. The bank has stated that there will be further gradual monetary tightening until the inflation picture in the country improves.
Federal Reserve Chairman Jerome Powell recently confirmed that additional interest rate hikes are likely to take place until inflation levels decrease. In his prepared remarks for testimony he will deliver to the House Financial Services Committee, Powell stated that the recent decision not to push rates higher was only a temporary respite, rather than an
On Tuesday, the first trading day of the week, stocks fell as the market took a breather following a rally that drove it to levels not seen in over a year. The Dow Jones Industrial Average fell by 200 points, or 0.58%, the S&P 500 slid 0.42%, and the Nasdaq Composite declined 0.25%. Markets were
On Friday, crypto prices rose after BlackRock filed for a spot bitcoin exchange-traded fund (ETF) in the United States. Bitcoin rose 3.75% to $26,355.04, while ether climbed 3% to $1,718.32. Altcoins also increased, with Solana and Cardano tokens gaining 4.5% and 2% respectively. Binance Coin rose 2.75%, litecoin gained 3%, and the Uniswap token climbed