By Michael S. Derby
NEW YORK (Reuters) - The official responsible for implementing Federal Reserve monetary policy said in a speech on Wednesday that the recent announcement to slow the pace of contracting the central bank balance sheet reduces the prospect of market stress, in remarks that also laid out metrics for measuring when liquidity might be becoming too scarce.
The Fed’s announcement a week ago that it will shrink its balance... (continue reading...)
BUENOS AIRES (Reuters) - Argentina's industrial output plunged 21.2% in March from a year ago, the INDEC statistics agency said on Wednesday, the worst slide since the depths of the Covid-19 pandemic as libertarian President Javier Milei pushes a tough austerity package.
The new government, that inherited a tough economic crisis when it took over in December, is caught between stabilizing the South American country's wobbly finances with cost-cutting... (continue reading...)
By Nate Raymond
BOSTON (Reuters) - A former correctional counselor at a federal prison in Massachusetts was sentenced on Wednesday to two years in prison for corruptly accepting tens of thousands of dollars from a wealthy inmate identified by a source as Galleon Group hedge fund founder Raj Rajaratnam.
U.S. District Judge William Young in Boston rejected a request by William Tidwell, 50, for a more lenient sentence, calling the corruption... (continue reading...)
LAGOS (Reuters) - Microsoft is closing down its Africa Development Centre in the continent's most populous nation Nigeria, which will lead to job losses, a spokesperson said on Wednesday.
The centre, based in the commercial capital Lagos was opened in 2022 as part of Microsoft's push to deliver high-end engineering and innovation solutions for the company.
The company said it would, however, continue to operate in Nigeria, continuing to... (continue reading...)
ACCRA (Reuters) - Ghana's Supreme Court said on Wednesday that lawyers battling over the legality of one of Africa's most restrictive anti-LGBTQ bill must amend their motions due to insulting language in their submissions and then postponed the case.
Parliament unanimously passed the bill that would intensify a crackdown on LGBTQ rights in the West African nation in February, but President Nana Akufo-Addo has delayed signing it with his office citing... (continue reading...)
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