China’s central bank has increased its liquidity support to the banking system by extending medium-term policy loans on Monday. However, it has chosen to keep interest rates unchanged, primarily due to concerns about the potential for a significant depreciation of the yuan. The People’s Bank of China (PBOC) is currently navigating a delicate balancing act, Reuters reported. It aims to maintain ample liquidity to support … Continue reading China ramps up liquidity support to banking system

Brent oil futures, having breached the $90 per barrel mark on Friday, remained relatively stable above this threshold on Monday, with investors closely monitoring the potential for the Israel-Hamas conflict to escalate involving other nations. As of 0855 GMT, Brent futures saw a slight dip of 39 cents, equivalent to 0.43%, resting at $90.50 a barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude recorded a … Continue reading Oil prices steady above $90 as investors assess Israel-Hamas war

Rite Aid, based in New Jersey, has filed for Chapter 11 bankruptcy protection and unveiled its plans for a comprehensive debt reduction through restructuring. The company has reached an agreement with its creditors on a restructuring strategy, which involves a careful evaluation of its retail locations, with an emphasis on closing underperforming stores. To support this restructuring initiative, Rite Aid has secured the commitment of … Continue reading Rite Aid files for bankruptcy amid slowing sales

According to the minutes released on Wednesday, Federal Reserve officials expressed considerable uncertainty regarding the U.S. economy’s outlook last month. They indicated that they would exercise caution in determining whether to raise their benchmark interest rate further. Such cautious sentiments typically suggest that the Fed may not be inclined to raise rates in the immediate future. Their upcoming meeting is just three weeks away. The … Continue reading Fed officials signal cautious approach to rates amid heightened uncertainty

In an unexpected move, the United Auto Workers (UAW) union has expanded its strikes at Ford Motor to include a highly profitable SUV and truck plant in Kentucky. The strike took effect at 6:30 p.m. ET on Wednesday at Ford’s Kentucky Truck Plant, known for manufacturing Ford Super Duty pickups, Ford Expedition, and Lincoln Navigator SUVs. This facility employs approximately 8,700 UAW members. The decision … Continue reading UAW strike hits Ford’s biggest factory

Pharmacists across numerous Walgreens outlets nationwide have gone on strike due to a dispute over working conditions. The employees argue that current pressures have caused patients to experience prolonged wait times of “days and weeks” for their prescriptions. Some stores have temporarily shuttered due to a shortage of personnel, though the majority of Walgreens’ 9,000 nationwide locations remain operational, the Daily Sun reported. Walgreens insists … Continue reading Walgreens customers affected by pharmacist walk out at hundreds of stores