US faces ‘narrowing path’ to avoid recession: IMF chief

WASHINGTON (AFP) – With inflation rising sharply, and the Federal Reserve raising interest rates, the United States is facing an increased risk of a downturn, IMF managing director Kristalina Georgieva said on Friday (June 24). The world’s largest economy rebounded strongly from the pandemic downturn, but with the “unwelcome side effects” of rising prices, she […]

Cisco, Nike join growing number of Western firms leaving Russia

MOSCOW (REUTERS) – Telecoms equipment-maker Cisco will wind down its business in Russia and Belarus, the company told Reuters on Thursday (June 23), as the pace of Western companies departing accelerates. The United States company stopped business operations, including sales and services, in the region in March. Cisco joined US sportswear-maker Nike which also said […]

China vows stricter checks on smaller banks after losses, abuses

BEIJING (BLOOMBERG) – China vowed to step up supervision of the nation’s smaller banks and crack down on illegal activities after investors potentially lost billions of dollars in a suspected financial scam in Henan province. The China Banking and Insurance Regulatory Commission will strengthen its oversight of shareholders at small- and medium-sized banks and restrain […]