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BoC surveys show more optimism about the economy and expected rate cuts

Canadian Manufacturing

The Bank of Canada says business and consumer sentiment improved during the first quarter of the year, despite higher interest rates still putting a drag on the economy. The central bank released its business outlook and consumer expectations surveys on Apr. Canada’s annual inflation rate fell to 2.8

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Dynamic business flow: Both inbound and outbound investments paint a picture of vibrant economic activity

Dinesh Mishra

In the ET Now Global Business Summit 2024, which explored the theme of “Banking Beyond Borders: Risk, Resilience, and Recovery,” took place on February 9th and 10th in New Delhi, India. This session aimed to address the evolving landscape of the banking and finance sectors amidst significant structural and macroeconomic shifts.

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European banks continue fossil fuel funding despite climate pledges, report finds

E&T

A report looking into Europe’s top 25 banks from ShareAction identified some improvements in their climate and biodiversity strategies since the previous survey in 2020. For example, despite over three-quarters of banks now having committed to phase out coal, the policies include gaps that allow them to continue financing coal clients.

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Bank of England raises UK interest rates to 4%

The Guardian Manufacturing

More pressure on mortgage payers and businesses after hike of 0.5 points lifts rates to 14-year high The Bank of England has raised interest rates by 0.5 percentage points to 4%, piling more pressure on mortgage payers and businesses struggling to pay off their loans. Continue reading.

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Bank of England’s chief economist dampens hopes of summer interest rates cut

The Guardian Manufacturing

Huw Pill warns inflation could rebound as UK business survey signals economy strengthened over last month Business live – latest updates The prospects of a summer cut in UK interest rates receded on Tuesday after the Bank of England’s chief economist cautioned against cutting too soon and a key survey signalled the economy strengthened over the last (..)

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Wall Street works to recover from cyber attack that hit China’s largest bank

E&T

ICBC FS is the US unit of China’s biggest bank and the world’s largest commercial lender by total assets. The attack rendered the bank unable to clear many US Treasury trades and caused it to temporarily owe BNY Mellon $9bn (£7bn). The Chinese bank also said it is working with law enforcement to investigate the matter.

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Kraken Robotics enters into new credit agreement to support growth

Canadian Manufacturing

announced that it has entered into a credit agreement with The Bank of Nova Scotia for credit facilities that are expected to provide added financial flexibility to support the Company’s continued growth. The Credit Facilities bear interest at bank prime interest rates plus a margin of between 1.00% and 1.75%.