Economy

On Thursday, 2 November 2017, the MPC of the Bank of England voted by a margin of 7-2 to raise the bank rate by 25-basis points. This long-overdue decision was roundly applauded by financial markets, and the bank rate promptly rose to 0.50%. The impact of a bank rate hike …

The price of bitcoin plunged on Thursday after Chinese authorities crack down on cryptocurrencies, with the country’s biggest exchange announcing the suspension of operations. The virtual currency fell more than 11 percent, trading at $3,544.14 as of 14:00pm GMT. This is far below the all-time high of $5,013.91 set earlier …

If the Trump administration puts sanctions on China, this would hurt America more because it just forces China and Russia and other countries to cooperate, says investor and financial commentator Jim Rogers. US Treasury Secretary Steven Mnuchin warned on Tuesday that the US could impose economic sanctions on China if …

As the tally of fake Wells Fargo accounts balloons to 3.5 million, Congress has yet to discipline the executives, while the financial giant has only paid fines. A coalition of 33 groups is now demanding new hearings and for the bank to be held accountable. Wells Fargo and Company increased …

Hong Kong’s ATM network has been hit with a surge in withdrawals by customers using China UnionPay bank cards in the wake of facial recognition technology being introduced at cash dispensing machines in Macau. Monetary chiefs in Hong Kong have declined to deny or confirm information obtained by the South China Morning Post that …

Even the Commonwealth Bank’s staunchest critics wouldn’t have predicted this one. This is the bank potentially blowing itself up. CBA is facing fines of about a trillion dollars for nearly 54,000 breaches of Australia’s money-laundering laws dating back to 2012. A trillion dollars, which is a thousand billion. About seven times Commonwealth …

With the age of computers and the Internet revolution has come many tremendous changes to how daily transactions and activities are processed across the world. Messages are now sent almost instantaneously through email, text messaging, Web-based messaging, and chat applications. Individuals and families can stay in touch with each other …

Owning property in Florida brings with it some unique risks. Hurricanes, tropical storms, significant lightning, hail, and wind events present serious challenges to insuring the value of your property against loss and damage. The latest figures from TrustedChoice.com show that Florida homeowners incurred more than $2.5 billion in losses in the most recent reporting …

The Bank for International Settlements has warned that record household debt levels amassed in the past decade have left Australians among the most vulnerable to a sharp rise in global interest rates. According to the Reserve Bank of Australia, household debt-to-income ratio for Australia is at an all-time high of 189%. …

If the man often hailed as the original “Dr. Doom” is right, the stock market could see another “lurch” higher — at which point investors may want to cash out quickly and run for cover. Marc Faber, the editor of “The Gloom, Boom & Doom Report’ and a perennial bear, …