Global News

[ad_1] London CNN  —  The British pound crashed to a record low last fall as investors rebelled against budget plans by former Prime Minister Liz Truss. Now, it’s enjoying a comeback. Sterling hit its highest level against the US dollar in 10 months on Tuesday, topping $1.25 for the first time since June 2022. The pound, which has advanced about 3.3% versus the greenback since the start of 2023, is the best-performing currency among developed economies this year. The UK currency has been boosted by indications the country’s economy is holding up better than expected. Activity is now thought to have expanded 0.1% in the final three months of last year, up from a previous estimate of no growth at all. Gross domestic product growth in January has been estimated at 0.3% after dropping 0.5% in December. This resilience is bolstering expectations the Bank of England will maintain ag...

[ad_1] Editor’s Note: This is excerpted from a story that originally ran on March 22, 2023. New York CNN  —  Banking has been top of mind for many people in the wake of some surprise bank failures and moves by US regulators to boost confidence in the financial system. But the Federal Reserve’s decision on Wednesday to increase its key interest rate for the ninth time since March last year brought welcome news for savers seeking higher yields on their money. “Returns on savings accounts and CDs are the best in 15 years,” said Greg McBride, chief financial analyst for Bankrate.com. Higher rates mean your most liquid savings — those set aside for emergency expenses or short-term goals like a vacation fund or even a down payment that you’ll need in the next 12 months — can finally earn some money for you after years of earning practically nothing. Unless, that is, yo...

[ad_1] Hong Kong CNN  —  China will fully reopen borders with its special administrative regions of Hong Kong and Macao next week, in what is expected to be a major boost for the economies of the two cities. From Monday, travelers entering mainland China from Hong Kong or Macao will no longer need to provide proof of negative Covid tests, as long as they have not traveled abroad in the previous week, the State Council’s Hong Kong and Macao Affairs Office said in a Friday statement . Daily quotas on the number of travelers will also be scrapped. The resumption of normal travel is expected to provide much support to the battered economies of the two cities. Hong Kong is a major international financial center, and, before the pandemic, Macao was the world’s casino capital. Hong Kong’s economy contracted last year, according to preliminary government data , shrinking by 3.5% com...