Month: July 2022

Continued GDP slowdown, Fed doubling down, cooling job market, skyrocketing prices and big tech explosion – these are the main economic facts of a busy week. It was a week full of events and data for the US economy. The Federal Reserve, the nation’s central bank, raised interest rates by 75 basis points on Wednesday, the second time in as many meetings, on hopes that rising borrowing costs will help balance supply and demand. demand On Thursday, estimates of gross domestic product (GDP) indicated that the US economy contracted for two consecutive quarters, raising concerns that the country could be…

One of the largest US banks illegally opened accounts for customers without their permission, according to the Consumer Financial Protection Bureau (CFPB). Minneapolis-based U.S. Bank, the nation’s fifth-largest bank with more than $559 billion in assets, accessed unsuspecting customers’ credit reports and opened checking and savings accounts, credit cards and lines of credit without customers’ authorization in order to increase sales, the CFPB. found in a five-year investigation. The US bank knew its employees were opening the unauthorized accounts but failed to regulate them, the agency said. The bank imposed sales goals on workers and introduced an incentive and compensation…

Boutique investment bank PJT Partners has increased pay for traders this year, even as bigger rivals have started to cut back. The investment bank started by former Morgan Stanley investment banker Paul Taubman in 2015 spent $309.8 million on compensation in the first half of 2022, up 8% from the same period last year. last year. In the first quarter, PJT Partners’ compensation costs rose 19% to $159.2 million. The bank said this was down to improved performance, with advisory income down 5% compared to the previous year. However, the last three months have shown signs of slowing down. Advisory…

Boutique Evercore has increased the number of senior investment bankers within its advisory unit by 23% over the past year as it has continued to hire despite a slowdown in deal activity. The US-based investment bank now has 134 senior managing directors within its advisory arm, it said in its second-quarter results, up from 109 at the same time last year. This hiring action comes as Evercore earned $1.2 billion in M&A fees in the first six months of 2022, a 12% increase. Earnings at independent investment banks have held up better than larger rivals as fees are more skewed…

To print this article, simply register or log in to Mondaq.com. This new edition of the newsletter on Banking and Finance, Capital Markets and Insurance Law in Angola for the 2nd quarter of 2022 collects the most significant news in these areas. BANKING AND FINANCE I. BNA Notice no. 9/22 of April 6which establishes the special regime for mortgage credit and construction credit. Notice no. 22/10 of April 6which establishes the conditions for the granting of credits in the real sector of the economy. Notice no. 22/11 of April 14which establishes the requirements and procedures for the authorization of the…

According to an analysis by the Organization for Economic Co-operation and Development (OECD), the richest countries failed to fulfill their pledge of $100 billion a year to developing countries to help them meet their climate goals. In 2020, $83.3 billion in climate finance was given to the poorest countries, 4% more than the previous year, but still below the proposed target. The UN-backed payment plan was first agreed in 2009 to help poorer nations adapt to the effects of climate change and reduce emissions. The commitment, which was initially set up as an annual commitment from its inception until 2020,…

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NEW YORK (AP) – Gas, food and rent prices are rising. The Federal Reserve has raised interest rates to the highest level since 2018. The US economy has contracted for two quarters in a row. Economists are divided on whether a recession is looming. What is clear is that the economic uncertainty is not going away anytime soon. But there are steps you can take now to be ready for what’s to come. Yiming Ma, an assistant professor at Columbia University, says it’s not a matter of if but when a recession will occur. People should prepare, but not panic,…