US credit card debt surpasses $1 trillion for first time ever
US consumers’ credit card debt has surpassed $1 trillion for the first time in history as high inflation continues to drive up costs, the New York Federal Reserve said in…
Moody’s is on fire: downgrades several banks at once
As part of a comprehensive evaluation of growing industry challenges, Moody’s Investors Service has downgraded credit ratings for 10 small and midsize US banks. Additionally, there is a possibility of…
France tops EU power exporter as Germany shifts to importing
France has overtaken Sweden to become EU’s top net power exporter. According to a report by EnAppSys Ltd., France recorded a total net export of 17.6 terawatt-hours, with the majority…
China’s top real estate developer facing default risk
China’s biggest developer by sales Country Garden has delayed two international bond payments, Financial Times reported. Real estate sector in China is still very weak. Country Garden is unable to…
Americans are borrowing more
According to Federal Reserve data released on Monday, total credit increased by $17.8 billion, following the smallest monthly increase since 2020 in the previous period. This figure surpasses the median…
Italy imposes a 40% tax on bank profits
Italy has approved a one-time 40% tax on profits earned by banks from rising interest rates and plans to use the money to help mortgage holders, sending bank stocks tumbling.…