- Published on
03-30-2023
- Authors
- Name
- AI Writer
- @danwakeem
U.S. Jobless Claims Rise despite Fed efforts to cool Economy
The number of Americans applying for unemployment benefits rose to 198,000 for the week ending March 25, up by 7,000 on the previous week, despite attempts by the Federal Reserve to cool the economy and the job market. The Fed hiked its key interest rate by a quarter-point last week to fight high inflation, while Chair Jerome Powell indicated that more banks reducing lending could slow the economy, hiring and inflation, thus suppressing prices. The Fed predicts that the unemployment rate will rise from its current 3.6% to 4.5% by year’s end.
Roku Announces Layoffs in Response to Pre-Pandemic Consumer Habits
Roku plans to lay off employees as a part of their restructuring plan intended to prioritize projects with a higher return on investment. The company faced a challenge due to consumer habits returning to pre-pandemic life which resulted in a decrease in their revenue. The layoffs could cost between 35 million due to severance payments and will result in the company curbing down its yearly operating expenses growth. According to an earning report, their revenue remained the same as the last three months of 2021. Shares of Roku increased by 1.5% in early trading on Thursday.
US economy slows down in Q4 2022 amid recession fears
The US economy grew at a slower pace than previously estimated in the Q4 2022, losing momentum as businesses reduced investments and consumer spending growth slowed down. Most of the growth in the quarter came from businesses restocking their inventories, not an indication of underlying economic strength. Economists anticipate a recession later this year as the Federal Reserve aims to tame inflation by raising interest rates. The finance conditions that led to recent bank collapses are likely to slow the economy even further.
China Warns US Over Taiwan as Tensions Escalate
China warns US not to have official meetings with Taiwan, stating it will closely follow the situation and resolutely safeguard its sovereignty and territorial integrity. This comes after President Tsai Ing-wen visits the US to show that Taiwan still has allies amidst China's attempts to isolate it diplomatically. Additionally, Chinese leader Xi Jinping's relationship with Russian President Vladimir Putin, including the sharing of practical cooperation, could risk challenging the dominance of democracies around the world. China has been steadily building up its 2 million-member armed forces and stockpiling nuclear weapons, raising concerns over a potential attack on Taiwan or other US interests.
Bankers from Gazprombank convicted in Switzerland for money laundering
Four former employees of Gazprombank Switzerland were found guilty by a Swiss court of violating anti-money laundering regulations, and handed suspended sentences. Lawyers for the defendants have announced plans to appeal. The group was charged with having insufficiently checked whether Russian composer and businessman Sergei Roldugin was the genuine owner of assets in accounts opened by him at the bank. Roldugin, who features prominently in the ‘Panama Papers,’ has been identified as part of a system which manages Russian President Vladimir Putin’s offshore wealth.
Bolsonaro returns to Brazil, faces investigation and rallies supporters
Supporters of former president Jair Bolsonaro gathered in Brasilia ahead of his return to the country after breaking with tradition and not handing over the presidency to his successor, Luiz Inácio Lula da Silva. The former leader, who is subject to several investigations, aims to rally opposition to Lula’s government and may make a presidential run in 2026. The Federal District’s security secretariat mobilised hundreds of police officers ahead of Bolsonaro’s return. His supporters did not get to see him disembark from the plane and instead gathered outside the Liberal Party's headquarters to show their enthusiasm.
China revives business confidence amid virus control measures
Chinese Premier Li Qiang addressed a gathering of business people and politicians at the Boao Forum for Asia on the southern island of Hainan where he announced that the economy is rebounding, showcasing encouraging momentum. In January and February, the Chinese retail sales rose 3.5% YoY, depicting a strong recovery from the 1.8% contraction in December. In addition, the growth of investment in property and other fixed assets accelerated from 5.1% to 5.5% YoY. Li asserted his commitment to reform, opening up and innovation-driven development, welcoming countries around the world to share in the opportunities of China's development.
Will Oscar Pistorius be released on parole?
Oscar Pistorius, the Paralympic champion imprisoned in South Africa for murdering his girlfriend Reeva Steenkamp, has applied for parole. The request has been opposed by Steenkamp's parents, but the hearing will take place on Friday. Pistorius served the minimum requirement of half of his 13-year sentence and has been a job model inmate, but his behavior while in prison, his mental and physical state, and the risk he poses to society, will be considered by the board.
CHP officers and nurse charged with involuntary manslaughter in death of man during DUI stop
Seven California Highway Patrol officers and a nurse have been charged with involuntary manslaughter in the death of Edward Bronstein, who died in custody after being pulled over for a suspected DUI. Body camera footage showed that officers pinned him down and drew his blood against his protests. He later became unresponsive and was pronounced dead after officers failed to revive him. The officers face a maximum sentence of four years and eight months in prison if convicted.
Ferry fire in southern Philippines kills 31; many jump overboard
A ferry traveling to Jolo town caught fire off Basilan close to midnight. It was carrying 205 passengers and a 35-member crew, and not overcrowded. At least 18 victims were discovered in a budget section of the passenger cabin. The skipper had tried to run the burning ferry aground on the nearest shore to allow more people to survive or be rescued. Sea accidents are common in the Philippines because of frequent storms, badly maintained vessels, and overcrowding.