Economic News

By Hannah Lang WASHINGTON (Reuters) – Stricter banking regulations would not have prevented Silicon Valley Bank’s sudden collapse last month, a top official at the Federal Deposit Insurance Corporation said on Wednesday, highlighting instead management failures behind its demise.

TORONTO (Reuters) – Below are some key quotes from a news conference by Bank of Canada Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers on Wednesday after the central bank left its key interest rate on hold at a 15-year high of 4.50%.

LONDON (Reuters) -Prince Harry will attend the Coronation next month of Britain’s King Charles but his wife, Meghan, will remain in California with their children, a spokesperson for Buckingham Palace said on Wednesday.

TALLINN (Reuters) – Estonia’s parliament voted on Wednesday in favour of Prime Minister Kaja Kallas staying in office following last month’s election, giving a nod to her plans to raise taxes and defence spending in the face of perceived threats from neighbour Russia.

BRUSSELS (Reuters) – Eva Kaili, the former European Parliament vice president accused of corruption, is to be released from custody, while still facing charges, federal prosecutors and her lawyer’s office said on Wednesday.

(Reuters) – Inflation may be falling but it is yet to do so at a rate commensurate with inflation falling back to the Fed’s 2% goal, Richmond Fed President Thomas Barkin said on Wednesday.

CHENGDU, China (Reuters) – Chinese electric vehicle (EV) maker Zeekr on Wednesday launched a new compact sports utility vehicle (SUV) as the Geely-owned brand strives for market share in a premium segment previously dominated by German rivals.

WASHINGTON (Reuters) – U.S. consumer prices barely rose in March as the cost of gasoline declined, but stubbornly high rents kept underlying inflation pressures simmering, likely ensuring that the Federal Reserve will raise interest rates again next month.

By Jonathan Spicer ISTANBUL (Reuters) – The United States on Wednesday imposed sanctions on at least four Turkey-based entities it said violated U.S. export controls and helped Russia’s war effort, in the biggest U.S. enforcement action in Turkey since the invasion of Ukraine last year.

By Sheila Dang (Reuters) – Snap Inc, owner of photo messaging app Snapchat, said on Wednesday it has hired a former Google executive to help the tech company improve the performance of its digital ads.

OTTAWA, April 12 (Reuters) – Interest rates in Canada may have to stay restrictive for longer to ensure inflation declines to the Bank of Canada’s 2% target, Governor Tiff Macklem said on Wednesday.

(Reuters) – JPMorgan Chase & Co is asking all its managing directors to work from office five days a week, the bank said in an memo that was seen by Reuters on Wednesday.

PARIS (Reuters) – French President Emmanuel Macron makes no apology for comments he made in an interview he gave in China, a senior French diplomat told reporters on Wednesday.

MANILA (Reuters) – The Philippines’ central bank could pause its interest rate- hiking cycle at its meeting next month due to easing inflation, its governor said on Wednesday.

By Jody Godoy and Helen Coster (Reuters) – A Fox Corp shareholder sued Chairman Rupert Murdoch and four other board members on Tuesday, saying they failed to stop Fox News from reporting falsehoods about the 2020 U.S. presidential election that damaged its credibility and prompted lawsuits.

(Reuters) – Bank of England Governor Andrew Bailey said bank reforms enacted after the global financial crisis of 2007-09 worked during the recent banking turmoil, but there were questions about whether banks should set aside bigger cash buffers in future.

(Reuters) -A “firing incident” inside a military station in the border state of Punjab in northern India killed four people, the Indian army said on Wednesday.

TUNIS (Reuters) – At least 10 people died and more than 30 are still missing after a boat carrying migrants sank off the coast of Tunisia, officials said on Wednesday.

SAO PAULO (Reuters) – Brazil’s retail sector started 2023 stronger than expected and with record high sales in January, although the outlook is that the tight credit scenario and weak economy amid high interest rates will weigh on the sector going forward.

By Sarupya Ganguly BENGALURU (Reuters) – U.S. Treasury yields will trade sharply lower a year from now than was forecast just a few weeks ago, according to fixed-income strategists polled by Reuters, who also expected the U.S. yield curve to steepen further.