U.S. Fed Interest Rate Hikes Unlikely through 2023; US GDP Expected to Increase 6.5% in 2021

The US Federal Reserve announced a 0% interest rate increase through 2023 and predicts that the nation’s GDP will increase by 6.5% in 2021. Fed Chairman Jerome Powell made the announcement yesterday at 2 p.m. EST following a 2 day …

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World Bank Approves $500-million loan for Philippine Vaccination Program

The World Bank approved a $500 million loan program to support the Philippine government’s  purchase and distribution of COVID-19 vaccines and to strengthen the country’s health system. Priority groups, which include frontline health workers, senior citizens, and indigent communities, will …

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U.S. Federal Reserve Suffers Disruption of ‘Fedwire’ Payment System

The United States Federal Reserve systems suffered a widespread disruption to multiple services for several hours on Feb. 24 due to an “operational error.” According to a message on the website of the Federal Reserve, its staff “became aware of …

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Chinese Financial Watchdog Orders Ant Group to Overhaul Business for Defying Anti-Monopoly Regulations

Chinese regulators ordered leading mobile payments firm Ant Group to overhaul major parts of its business and to adhere to the regulatory requirements as regulators intensify their scrutiny of anti-monopoly practices in the internet sector of the country.

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China’s Central Bank Pushes Ant Group Overhaul

The Central Bank of China disclosed on Monday morning it had formally asked the nation’s payments juggernaut Ant Group to shake up its lending and other consumer finance operations, in a move that represents the latest blow to its founder and controlling shareholder Jack Ma.

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