Business
The world economy is now expected to grow by 3% this year, according to the IMF, a slightly faster pace than its previous estimate in April. Britain is no longer expected to fall into recession, in part because of strong consumption and less post-Brexit uncertainty. However, Germany’s economy is forecast to shrink by 0.3% because of weak manufacturing output.
America’s economy grew by 2.4% at an annualised rate in the second quarter, according to a first official estimate. The figure came in well above the expectations of most economists’ surveys. GDP expanded by 2% in the first quarter.
The Federal Reserve and the Bank of England fined UBS a total of $387m for misconduct at Credit Suisse, which UBS recently acquired. The fines relate to Credit Suisse’s “unsafe and unsound” practices in managing the risk from its dealings with Archegos Capital Management. Archegos collapsed in 2021, saddling Credit Suisse with a $5.5bn loss.
2023-07-27 10:12:47
Source from www.economist.com
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