Category: Finance

IMF calls risks from bank crisis ‘contained,’ urges central banks to focus on inflation

The IMF says banking issues appear contained for now and that inflation is the bigger risk and top concern for central bankers and attendees of the IMF/World Bank spring meeting this week in Washington.

“Financial stability risks have been contained so far and hopefully that will remain the case,” Tobias Adrian, director of the monetary and capital markets department of the IMF, told Yahoo Finance in an interview. “As a result, monetary policy can focus on fighting inflation and that’s a desirable outcome.”

Stress in financial markets has complicated the task of central banks at a time when inflationary pressures

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Cenovus Energy downgraded by Scotiabank

Cenovus Energy aims to cut its net debt position to less than $4 billion in 2023. (THE CANADIAN PRESS/Jeff McIntosh)

Cenovus Energy aims to cut its net debt position to less than $4 billion in 2023. (THE CANADIAN PRESS/Jeff McIntosh)

Shares of Cenovus Energy (CVE.TO)(CVE) have been downgraded by Scotiabank Global Equity Research as a weaker US refining margins challenge plans to slash debt and boost shareholder returns in 2023.

The Calgary-based company cut its net debt by more than half last year, to $4.3 billion, with the aim of bringing that figure below $4 billion this year. Hitting that target will trigger a hike in the company’s returns to shareholders to 100 per cent of excess free cash flow,

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Zambia sent bondholders debt restructuring proposal, the finance ministry says

By Jorgelina do Rosario, Rodrigo Campos

FILE PHOTO: Zambia’s Finance Minister Situmbeko Musokotwane attends the Annual Meetings of the International Monetary Fund and World Bank in Washington, US, October 15, 2022. REUTERS/James Lawler Duggan/File Photo

WASHINGTON/NEW YORK (Reuters) – Zambia last week gave its bondholders a “concrete proposal” for the restructuring of some $3 billion in eurobonds, the ministry of finance and national planning said on Friday.

“We continue to engage actively with our bondholders and proposals are being exchanged,” the ministry told Reuters in a statement.

The proposal “represents our commitment to finding a resolution that is acceptable to

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Twitter to let users access stocks, crypto via eToro in finance push

Elon Musk told a Morgan Stanley conference last month he wants Twitter to become “the biggest financial institution in the world.”

Budrul Chukrut | Sopa Images | Lightrocket via Getty Images

Twitter will let its users access stocks, cryptocurrencies and other financial assets through a partnership with eToro, a social trading company.

Starting Thursday, a new feature will be rolled out on the Twitter app. It will allow users to view market charts on an expanded range of financial instruments and buy and sell stocks and other assets from eToro, the company told CNBC exclusively.

Currently, it’s already possible to

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Canada Life purchases wealth manager IPC from sister company IGM Financial

Canada Life Assurance Co. – a subsidiary of Great-West Life – will purchase Investment Planning Counsel for $575-million in an all-cash deal from its sister company IGM Financial.

IGM Financial Inc. IGM-T and Great-West Lifeco Inc. GWO-T have struck a deal that will see independent wealth manager Investment Planning Counsel Inc. change hands while IGM snaps up a 20.5-per-cent stake in US giant Rockefeller Capital Management.

The deal, which was announced on Monday, will see Canada Life Assurance Co. – a subsidiary of Great-West Life – purchase Investment Planning Counsel for $575-million in an all-cash deal from its sister company

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Tupperware warns of collapse unless it finds funds

Tupperware products are offered for sale at a retail store on April 10, 2023 in Chicago, Illinois, US

Tupperware products are offered for sale at a retail store on April 10, 2023 in Chicago, Illinois, US

Tupperware, the US maker of food storage containers, has warned that it could go bust unless it can quickly raise new financing.

The 77-year-old firm said there was “substantial doubt about its ability to continue as a going concern”.

Tupperware has been trying to reposition itself for a younger audience but has failed to stop a slide in its sales.

Its shares plunged nearly 50% on Monday before recovering slightly on Tuesday.

The firm became well-known in the 1950s and 1960s when

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Jamie Dimon says the banking crisis is not over yet, blames the Fed for problems

Dimon points finger at regulators for bank collapses

Bloomberg News

Hannah Levitt

Published April 04, 2023 • Last updated 1 week ago • 3 minute read

JPMorgan & Chase chief executive Jamie Dimon in February.
JPMorgan & Chase chief executive Jamie Dimon in February. Photo by Marco Bello/Reuters

Silicon Valley Bank’s blunders were encouraged by US regulation, went untested by the United States Federal Reserve and were “hiding in plain sight” until Wall Street and depositors grew alarmed.

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Liz Truss’ retirement episode flags risk of further financial crises, says IMF | International Monetary Fund (IMF)

The near collapse of Britain’s pension funds during Liz Truss’s brief premiership highlights the risk that higher global interest rates will trigger more financial crises in the coming months, the International Monetary Fund (IMF) has warned.

In a report, the agency based in Washington DC said the rescues of Silicon Valley Bank and Credit Suisse may not have been isolated incidents and that there was a chance that problems could stretch beyond the traditional banking sector to pension funds, insurers and hedge funds.

The warning came in a chapter from the IMF’s half-yearly global financial stability report, released before its

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