BLOOMBERG Deposits at US banks fell sharply and lending declined by the most in nearly two years amid financial turmoil triggered by the collapse of several banks in March. Commercial bank deposits dropped by $125.7 billion in the week ended on March 22, marking the ninth-straight period of declines, according to data by the Federal Reserve. At domestically chartered banks, ...

BLOOMBERG Italian Finance Minister Giancarlo Giorgetti said monetary-policy measures alone can’t tame inflation. “Fighting inflation with monetary policy is not enough, and recession can’t be the price to pay for fighting inflation,” Giorgetti said at the Ambrosetti workshop in Cernobbio, Italy. Faced with the biggest cost-of-living crisis in a generation in the wake of Russia’s invasion of Ukraine, governments across ...

BLOOMBERG China’s biggest state-owned banks warned of a tough 2023 as uncertain economic conditions may squeeze earnings after most delivered better-than-estimated profit growth for last year. China’s tightly controlled $54 trillion banking industry was pushed to extend more credit in 2022 to help cushion the economy from a slowdown triggered by the nation’s strict pursuit of Covid zero, which helped ...

BLOOMBERG BMW AG expects 2023 profit margins around last year’s level as sales of its most expensive vehicles like the 7-Series offset weaker pricing for entry-level luxury models. Automaking returns are expected to stay between 8% and 10% this year, in line with long term targets, the Munich-based carmaker said. BMW said deliveries will likely tick higher after dropping nearly ...

BLOOMBERG Alphabet Inc’s Google is launching a tool to make its advertising service more transparent, following rivals like Meta Platforms Inc and Twitter Inc that years ago released public, searchable archives of the ads that run on their digital platforms. “Transparency breeds trust with people and with our partners, and helps keep us accountable for the work we do,” Dan ...

BLOOMBERG Egineering students from across the US compete in the American Solar Challenge, where around 10 schools cobble together a car designed to go as far as possible, powered exclusively by the sun. In 2022, the Massachusetts Institute of Technology (MIT) took the top prize with a car that looks sort of like a ping-pong table sprouted wheels. On its ...

ABU DHABI / GULF TIME This Ramadan, loved ones are invited to gather on the pretty shaded terrace of ZOE Modern Greek Kouzina, and savour a unique, delicious and heart-warming iftar set menu, served with a special Greek twist. Fusing the precious rituals of a traditional Middle Eastern iftar with the finest culinary delicacies of Athens, Santorini, Mykonos and beyond, ...

BLOOMBERG With a key Indian stock benchmark about to notch its longest stretch of monthly losses in more than two decades, some analysts see the $3 trillion market positioning to bounce back. The NSE Nifty 50 Index is on track for its fourth-straight monthly decline, its worst losing streak since 2001. The gauge is down nearly 9% in that span ...

BLOOMBERG US equity futures edged higher after a key measure of US inflation stepped down in February by more than expected, and consumer spending stabilised, suggesting the Federal Reserve may be close to the end of its rate-hiking campaign. The dollar pared an advance. Excluding food and energy, the Fed’s preferred inflation gauge — the personal consumption expenditures price index ...

BLOOMBERG President Vladimir Putin approved a new Russian foreign policy concept that set out to confront the US and its allies, claiming an “era of revolutionary changes” was under way in international relations. The US is “the source of fundamental risks to the security of the Russian Federation” and most European states are pursuing an “aggressive policy” aimed at undermining ...