UK will not enter a recession this year, Finance Minister Jeremy Hunt says in budget speech
U.K. Finance Minister Jeremy Hunt said Wednesday that the economy would no longer enter a technical recession in 2023, based on new forecasts from the independent Office for Budget Responsibility.
Samsung to spend $228 billion on the world’s largest chip facility as part of South Korea tech plan
Samsung Electronics said Wednesday it plans to invest 300 trillion Korean won ($228 billion) in a new semiconductor complex in South Korea.
Saudi Arabia could start investing in Iran ‘very quickly,’ finance minister Mohammed Al-Jadaan says
Riyadh and Tehran agreed to resume diplomatic relations and reopen embassies in each other’s countries following China-led negotiations in Beijing.
Russia’s oil revenues fall sharply as the West’s price cap starts to bite, IEA says
The IEA said Russia’s estimated oil export revenues fell to $11.6 billion last month, down $2.7 billion from January when volumes were significantly higher.
European shares close down 3% as Credit Suisse leads banking stocks on a wild ride lower
European stock markets plunged as banks fell 7% on an announcement from troubled Credit Suisse.
Credit Suisse shares tank after Saudi backer rules out further assistance
Shares of Credit Suisse hit a fresh all-time low for the second consecutive day as the bank’s biggest backer says it can’t provide more financial help.
Bitcoin is already up 50% this year — beating stocks and gold
On Jan. 1, bitcoin began trading at just over $16,500. On Wednesday, it was hovering around the $25,000 mark, thanks to a rally that began on Sunday.
Silicon Valley Bank collapse throws up uncertainty for a European Central Bank hoping to hike rates
European markets closed sharply lower Monday amid the fallout from the SVB crisis.
Moody’s Analytics’ Mark Zandi says Fed unlikely to hike rates in March given banking turmoil
The Federal Reserve will likely not raise interest rates at its March meeting as there is still a “boatload of uncertainty” said Mark Zandi of Moody’s Analytics.
BMW expects higher margin and deliveries in 2023 amid electric rollout
The company plans to deliver 10 million fully electric vehicles by 2030.
