US banks have tightened lending requirements for all types of consumer loans as well as commercial loans due to a decline in account deposits and poor loan portfolio quality, according to the US Federal Reserve (Fed) survey. In an April analysis of the US banking industry, the regulator stated that...

Despite the turbulence in the banking industry and the impact of increasing borrowing prices, job creation in the United States remained healthy last month. Employers added 253,000 jobs, exceeding many analysts' expectations.   The unemployment rate dropped to 3.4%, a multi-decade low. The...

After months of negotiations failed to persuade Moscow to keep rupees in its coffers, India and Russia have discontinued efforts to settle bilateral commerce in rupees, according to two Indian government officials and a person with direct knowledge of the situation.   This would be a huge...

In an interview with Reuters on Friday, AI pioneer Geoffrey Hinton said that artificial intelligence could be a "more urgent" threat to civilization than climate change.   Geoffrey Hinton, generally regarded as one of the "godfathers of AI," recently announced his departure from Alphabet...

International Monetary Fund (IMF) Managing Director Kristalina Georgieva cautioned that the world economy could fragment into conflicting economic blocs, which poses a growing risk that would be harmful to everyone, including Europe. "There is an increasing possibility that the world could break up...

The International Energy Agency (IEA) analysts predicted that oil and gas businesses will still make record profits in 2022despite the $600 billion expenditure needed to halve global emissions associated with oil and gas extraction. "By 2030, oil and gas production will need to cut its worldwide...

According to government data released on Wednesday, China's tourism recovered to pre-COVID 19 levels for the May Day vacation as domestic travel increased by more than two-thirds from a year earlier. This is good news for the world's second-largest economy.   If maintained, a resurgence in...

The US Federal Reserve entered a new chapter in its management of the post-pandemic economic recovery by raising interest rates for the last time in history and paying closer attention to credit and other economic concerns.   As predicted by the financial markets, the U.S. central bank...

A quick switch to electric vehicles (EVs) has upended the world's largest auto market and resulted in a decline in purchases of gasoline-powered automobiles, data indicates, putting Japan's automakers in a sales crisis there.   According to industry data examined by Reuters, total sales of...