Author: Steven Sahiounie

Jobs growth in the US remained strong last month, as the world’s largest economy continued to defy expectations of a slowdown. Employers added 311,000 jobs in February, more than expected, with bars and restaurants driving the gains. The unemployment rate edged higher, to 3.6%, from 3.4% in January, which had been the lowest rate since 1969. The US central bank is trying to cool the economy to ease the pressures pushing up prices. But the jobs market has been resilient, even as the bank raises interest rates to the highest levels since 2007. “Until jobs reports reflect reduced demand within…

Washington, which has been pumping tens of billions’ worth of heavy weapons to the Kiev regime, has been lobbing unfounded accusations against Beijing, asserting that China is looking into supporting Russia’s special military operation in Ukraine with lethal assistance. US President Joe Biden could be granted “explicit authority” to impose sanctions “against persons from the PRC” (People’s Republic of China) if legislation reintroduced by Rep. Adam Schiff, D-Calif., were to enter force. Democrat Adam Schiff, a member of the US House of Representatives, was joined by a number of colleagues in proposing a bill to the US Congress providing for the establishment of…

The prime minister has said “confidence is returning” after official figures showed the economy grew by more than expected in January. Rishi Sunak said the data confirmed the government’s plan is “the right one and we need to stick to it”. The economy expanded by 0.3% in January, rebounding from a sharp fall in December. Higher school attendance and the return of Premier League football after the World Cup helped boost the figure. The data comes ahead of the Budget next Wednesday when Chancellor Jeremy Hunt will set out the government’s growth plans. January’s growth followed a 0.5% contraction in…

It seemed like only yesterday that markets were sure that a tougher Federal Reserve was going to raise its benchmark interest rate a half percentage point at its meeting in less than two weeks. That’s because it, in fact, was yesterday. On Thursday, traders in the futures market were almost certain the Fed would take a more hawkish monetary policy stance and double up on the quarter-point hike it approved last month. But one bank implosion and a cooperative jobs report later, and the market has changed its mind. The probability of a 0.25 percentage point increase rose above 70% at one…

The Turkish Electoral Commission approved Erdogan’s decision to hold the elections on May 14 which is a month earlier than initially planned. The date of the presidential elections assigned by the president, May 14, was approved by Turkey’s High Electoral Commission on Friday, according to Resmi Gazete. On Friday, Turkish President Recep Tayyip Erdogan issued a decree setting general elections for May 14. “Our commission unanimously voted to approve May 14 as the date of the presidential and parliamentary elections. The second round of the presidential election, if necessary, is scheduled for May 28,” the commission’s statement read. Erdogan’s only…

The cryptocurrency crisis went into high gear early Saturday as Silicon Valley Bank’s (SVB) failure caused some of the industry’s core plumbing to go haywire. Stablecoin prices wildly swung and gas fees soared as investors scrambled to move money around hours after regulators shut SVB amid a run on the bank, which had ties to crypto. It was the second crypto-linked bank to go under this week. In the aftermath, Treasury Secretary Janet Yellen convened top financial regulators to discuss the collapse of SVB. Not long after, crypto markets went into turmoil, suggesting the more-than-year-long bear market has entered an even darker phase. There’s echoes of the 2008 global…

Beijing has accused Washington of “indiscriminate attacks” resulting in civilian deaths in Syria The “illegal” US military occupation of Syria has only deepened the country’s humanitarian crisis, China has said, slamming American lawmakers after they voted to continue troop deployments. At a Friday press briefing, Chinese Foreign Ministry spokesperson Mao Ning was asked to comment on a recent vote by the US Congress to prolong military intervention in Syria. Mao responded by urging Washington to “immediately end the troops’ illegal occupation and plundering” and repeal crippling sanctions targeting the Syrian economy. “Since the US began its illegal interference in the…

Employers across the U.S. added 311,000 jobs in February, a sign the labor market remains solid even as the Federal Reserve tries to slow economic growth. The figure, released Friday by the Department of Labor, was higher than economists’ expectations that employers had added about 208,000 jobs last month, according to financial data company FactSet. The jobless rate edged up to 3.6%, from 3.4% in the prior month as more Americans looked for work. Hiring was strong among employers in the leisure and hospitality, retail and health care industries, as well as for government jobs, the Labor Department said. The U.S. has…

Li Qiang is expected oversee the country’s economic development The former Communist Party leader in Shanghai, Li Qiang, was confirmed on Saturday as the premier of China, making him the country’s second-highest ranking official. He was nominated by President Xi Jingping and backed by 2,936 of the 2,947 members of the National People’s Congress (NPC), China’s top legislature. Li was Xi’s chief of staff in the 2000s and has been described as his close ally. The new premier replaces Li Keqiang who is retiring after serving two five-year terms. Born in 1959, Li was the governor of the eastern coastal…

The dollar and euro now make up less than half of Moscow’s export settlements, the regulator says The Chinese yuan has become a major player in Russia’s foreign trade, according to data released by the Bank of Russia in its Financial Market Risk Report on Thursday. The Chinese currency’s share in Russia’s import settlements had jumped to 23% by the end of last year from only 4% in January 2022. The yuan’s share in export settlements also surged from 0.5% to 16%. Meanwhile, the share of the US dollar and euro in Russia’s foreign trade has dropped substantially. At the…