Fed report on SVB collapse faults bank’s managers — and central bank regulators

Fed report on SVB collapse faults bank’s managers — and central bank regulators

The dramatic collapse of Silicon Valley Bank in early March was the result of mismanagement and supervisory failure, exacerbated by a social media frenzy, the Federal Reserve said in a long-awaited report released Friday. I concluded with Michael S. Barr, Fed Vice Chairman for Oversight appointed by President Joe Biden, said in a thorough investigation…

Eurozone returns to growth in first quarter

Eurozone returns to growth in first quarter

The Eurozone economy picked up growth in the first three months of the year. Output he increased by 0.1%, but fell short of economists’ expectations as a slump in Germany offset strong performances in other regions. Weaker-than-expected growth in the first quarter, combined with data showing inflation remains strong in several eurozone countries, has given…

US growth slowed sharply in first quarter as Fed pushed rates higher

US growth slowed sharply in first quarter as Fed pushed rates higher

U.S. economic growth slowed sharply in the first quarter of 2023 as the Federal Reserve pushed its historic monetary tightening campaign despite strong consumer spending. The world’s largest economy grew 1.1% on an annualized basis between January and March, according to preliminary data released by the Department of Commerce on Thursday. The figure marks a…

Coal demand dropped in Europe over winter despite energy crisis

Coal demand dropped in Europe over winter despite energy crisis

During the energy crisis, the EU burned less coal this winter than before, according to an analysis. This has put to rest concerns that consumption of the most polluting fossil fuels will soar as countries rush to find replacements for lost supplies of Russian gas. According to a study by energy think tank Ember, between…

UK lost record number of working days to sickness in 2022, says ONS

UK lost record number of working days to sickness in 2022, says ONS

The number of workdays lost to illness in the UK hit a record high last year, according to official data released on Wednesday, adding to concerns about the impact of poor health on the economy. COVID-19 remained a major factor, but minor illnesses were the main reason people took sick leave, according to the National…