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financial crisis

Economy

Aussie bank boss makes grim prediction

Azeem
An Australian bank boss has warned the nation to brace for higher banking costs and a potential financial crisis, saying households and businesses are yet to feel the impact of recent overseas banking turmoil. The aftershocks of the sudden…
Economy

$300bn collapse of one of US’ biggest banks

Azeem
One of the largest banks in the US has spectacularly collapsed after it faced a bank run with customers scrambling to withdraw their cash. Silicon Valley Bank (SVB), based near San Jose, closed its doors on Friday after the California state…
Economy

Worst year for stocks since financial crisis

Azeem
Stock markets wrapped up their worst performances in years on Friday before heading into 2023 under recession fears following Russia’s invasion of Ukraine, high inflation and rising interest rates.Both US and European indices closed their…
Economy

China crisis a catastrophe for Australia

Azeem
In recent years, Chinese President Xi Jinping has been warning that the Chinese economy needed to prepare for “black swan” and “grey rhino” events. The black swan event being an unexpected crisis, while the grey rhino is a more predictable…