May 4, 2023

Brazil Central Bank Keeps Interest Rate at 13.75%, Resisting Lula’s Pressure Oil’s Chaotic Selloff Worsens With 7.2% Tumble at Asia Open National Australia Bank Profit Misses Estimates Amid Caution Sovereign Debt Costs to Double by 2025 as Rates Rise, Says Janus Fierce AI Talent War Shifts to India With Salaries Being Doubled Crypto Exchange Coinbase to Stop New Loans Via Borrow Service Newcrest Says Board is Prepared to Recommend Newmont Bid Ukraine Latest: Zelenskiy Says US Didn’t Reveal Defense Leaks Credit Suisse Senior Malcolm Banker Price Exits for Wells Fargo Cautious Start Awaits China Stock Traders Returning From Holiday Homeowners Will See Long Wait for Rooftop Solar in California Barclays Names Zhang as Sole Head of Macro Trading for APAC UBS Viewed Buying Credit Suisse as ‘Not Desirable’ in February Asia Stocks Face Pressure After Fed, Yen to Rally: Strategists Hong Kong Raises Base Rate as Fed Tightens, Hints at Final Move FTX Seeks to Claw Back $3.9 Billion in Cash, Crypto from Genesis Regional Banks Sink as PacWest Weighs Strategic Options China Takes the Yuan Global in Bid to Repel a Weaponized Dollar J&J’s Kenvue Prices IPO at $22 Per Share PSAC: Will Canada's tax deadline be moved due to the strike? How claiming income from side gigs can lower your tax bill Paper filing is dying but free income tax software lives on: Dale Jackson Tax deadline: Strike not a major issue for most Canadians, expert says 'Give yourself time and space': How to manage your finances during times of grief Experts explain how to cope with money stress Experts share effective ways to tackle student debt As thousands flock to day trading during lockdown, experts urge caution Dual income, no kids: Why some young Canadians are choosing this lifestyle 'Ask a lot of questions' before deciding what to do with your tax refund: experts As Canadians miss out on benefits, Ottawa promises automatic tax filing is on the way Here's a list February inflation rates for Canadian provinces Is your retirement portfolio ready for what's to come? Women more likely to bag $100,000 jobs despite fewer applications Quitting your job? Experts say it's best to have a plan before you do Household debt-to-income ratio edges lower as interest payments expand Canadians making fewer trips to the grocery store as inflation pinches: RBC report With airfares rising, here's how to find a travel deal this year Young Canadians keep up pandemic-inspired DIY projects to save money Zillow Tops Estimates as Ad Sales Outperformed US Housing Market Pullback in Bank Lending Is Worrying, Guggenheim’s Schwartz Says Toronto Housing Market Roars Back With Sales and Prices Surging GTA housing market showing signs of tightening: Toronto real estate board Busted Banks Wipe Out $54 Billion of Stocks, Bonds During Turmoil Meissner Makes Comeback After Credit Suisse at Ex-Goldman Bankers’ Firm Europe’s Banks See Drop in Loan Demand But Stay Upbeat on Profit San Francisco Woes Multiply as Nordstrom Joins Retailers Fleeing UK Interest Rate Rises Help Boost Lloyds Bank Profits to £2.26 Billion Wall Street Is Betting the Regional Bank Crisis Isn’t Over Yet Barratt Sees Recovery in UK Housing Market With Uptick in Sales RBA Says Stronger Population Gain May Have Pervasive Effects Australia’s Retail Sales Gain in March Driven by Food Inflation Milken Latest: Dragoneer’s Stad Expects Private-Market Reckoning Britain’s Housing Slowdown Leaves More Homes on the Market E. Jean Carroll’s Friend Testifies She Got a Call Describing Alleged Trump Attack Canyon’s Friedman Sees ‘Carnage’ for Some Real Estate Sectors PacWest, Western Alliance Lead Regional Bank Stock Rout Summers Says Most Bank Trauma Over, More Worried About Debt Limit Bill Ackman Warns US Regional Banking System Is at Risk TV Executives Whose Writers Are on Picket Line See Future for AI National Australia Bank Profit Misses Estimates Amid Caution Fierce AI Talent War Shifts to India With Salaries Being Doubled Crypto Exchange Coinbase to Stop New Loans Via Borrow Service Newcrest Says Board is Prepared to Recommend Newmont Bid Ukraine Latest: Zelenskiy Says US Didn’t Reveal Defense Leaks Credit Suisse Senior Malcolm Banker Price Exits for Wells Fargo Homeowners Will See Long Wait for Rooftop Solar in California Barclays Names Zhang as Sole Head of Macro Trading for APAC Biden Picks Fed’s Jefferson for Vice Chair, Kugler for Governor UBS Viewed Buying Credit Suisse as ‘Not Desirable’ in February NY Times Beats Trump Suit Over Pulitzer Report on His Taxes Asia Stocks Face Pressure After Fed, Yen to Rally: Strategists FTX Seeks to Claw Back $3.9 Billion in Cash, Crypto from Genesis Regional Banks Sink as PacWest Weighs Strategic Options China Takes the Yuan Global in Bid to Repel a Weaponized Dollar J&J’s Kenvue Prices IPO at $22 Per Share Energy Crisis Prompts Thailand to Accelerate Shift to Renewables Newcrest Says Board is Prepared to Recommend Newmont Bid Ukraine Latest: Zelenskiy Says US Didn’t Reveal Defense Leaks Homeowners Will See Long Wait for Rooftop Solar in California China Takes the Yuan Global in Bid to Repel a Weaponized Dollar Energy Crisis Prompts Thailand to Accelerate Shift to Renewables US Senate Votes to Restore Solar Tariffs Up to 254% in Biden Rebuke Suriname Strikes Deal to Remedy $675 Million Bond Default Colombia Plans to Raise Budget Deficit Target as Oil Slumps As Glencore eyes Teck, Brad Wall sees echoes of 2010 battle for Potash Corp. CFTC Inspector General Identified Whistleblowers and Wasted Funds, Probe Finds Pemex Posts First Profit Since Early 2022 Amid Higher Output Sprott’s Ex-CEO Snaps Up Its Mining Finance Unit in Buyout Deal US Is Vulnerable to China’s Lock on Key Minerals, Biden Aide Says Oil drops below US$69 as weak demand data add to recession worries EU Vows to Stick to Green Goals Despite Geopolitical Challenges Texas Power Demand Seen Shattering Summer Record in Test to Grid Eskom Latest: Outages Intensify; Five CEO Candidates Shortlisted Iran Seizes Second Oil Tanker, Heightening Shipping Fears Senate Democrats Planning Bill to Counter Rise in China Clout The Daily Chase: Waiting on the Fed; Loblaw reports earnings Public employees' remote work agreement just the beginning: labour expert Is returning to school worth it for advancing your career? Experts weigh in The Daily Chase: Restaurant Brands beats analyst expectations; Blackberry considers breakup Canadians targeted 'more aggressively' by fraud calls than Americans, study suggests Wage increases secured by striking workers shouldn't be seen as 'fat cat': experts Vancouver port traffic dips in 2022, hinting at economic slowdown to come ​What's the difference between a CRA tax review and audit? 'Godfather of AI' quits Google to talk more openly about the technology's 'dangers' Most Canada government workers end strike after deal on wages The Daily Chase: JPMorgan to buy majority of First Republic; Tentative deal for most federal workers British shops in Canada see demand for King Charles goods, despite royal drama ​Canada's economic momentum might be fading away: Economist After economy posts strong start to 2023, new data suggests slowdown has begun Federal government posts $3.1 surplus for first 11 months of 2022-23 fiscal year The Daily Chase: Canada's economy grew in February; Amazon under pressure Nearly one-third of Canadians worried about their vehicle getting stolen amid spike in thefts The Daily Chase: Glencore's Teck pursuit continues; Suncor to buy TotalEnergies for $5.5B Gen X buyers driving recreational property demand in Canada: Report Ukraine Latest: Zelenskiy Says US Didn’t Reveal Defense Leaks NY Times Beats Trump Suit Over Pulitzer Report on His Taxes US Senate Votes to Restore Solar Tariffs Up to 254% in Biden Rebuke Todd Boehly Urges Patience from Chelsea Fans Amid Losing Streak Brazil Police Search Bolsonaro’s Home On False Covid Data Colombia Plans to Raise Budget Deficit Target as Oil Slumps Milken Attendees Obesses Over Recession and What’s Next Trump’s Only Witness in Trial Over Rape Lawsuit Won’t Testify Pemex Posts First Profit Since Early 2022 Amid Higher Output EU Vows to Stick to Green Goals Despite Geopolitical Challenges Russia Says It Downed Drone Attack on Putin’s Kremlin Residence Ex-Zambian Leader Lungu’s House Surrounded by Police, Party Says Senate Democrats Planning Bill to Counter Rise in China Clout French Ruling Shoots Down Pension Referendum in Blow for Unions Russian Billionaire Timchenko Says Knowing Putin Doesn’t Make Him Ally Turkey’s $1 Billion ETF Maneuver Can’t End Stock Bear Market NATO Warns That Russia Is Mapping EU, US Critical Assets South Africa Upgrades Banknotes to Thwart Counterfeiting Trump Won’t Testify in E. Jean Carroll Trial Over Lawsuit Alleging Rape TV Executives Whose Writers Are on Picket Line See Future for AI Fierce AI Talent War Shifts to India With Salaries Being Doubled Crypto Exchange Coinbase to Stop New Loans Via Borrow Service FTX Seeks to Claw Back $3.9 Billion in Cash, Crypto from Genesis China Takes the Yuan Global in Bid to Repel a Weaponized Dollar US Senate Votes to Restore Solar Tariffs Up to 254% in Biden Rebuke Apple’s Unionized Store Workers Seek Tips and Higher Holiday Pay Qualcomm Forecast Indicates Smartphone Slump Will Drag On First NFT Insider-Trading Trial Leads to Criminal Conviction Etsy Rises as Revenue Beat, User Growth Buck E-commerce Slowdown MercadoLibre Profit Jumps, Filling Vacuum Left by Americanas Crypto Memecoin Mania Begins to Cool Shortly After Latest Renaissance Ottawa announces new framework for 5G spectrum licensing to improve connectivity US Is Vulnerable to China’s Lock on Key Minerals, Biden Aide Says Scientists warn of AI dangers but don't agree on solutions Meta Faces Stiff Privacy Review as FTC Claims New Violations Texas Power Demand Seen Shattering Summer Record in Test to Grid Airbus First-Quarter Profit, Sales Slip on Slow Deliveries Ex-Zambian Leader Lungu’s House Surrounded by Police, Party Says The U.S. Fed is failing in four ways: Mohamed A. El-Erian Apple, JPMorgan turn to pay now grow later Remote Working Boom Is Huge for College Towns Like Knoxville Walmart flashes a warning sign to the entire consumer economy: Andrea Felsted Millennials are finally spending like grown-ups Dismal U.S. GDP report raises the odds of recession this year: Gary Shilling Musk is wrong for Twitter even if deal math works out Chocolate bunnies can teach us to save our food supply The Fed has made a U.S. recession inevitable America's oil reserve weapon risks misfiring Four-day workweeks can burn you out U.S. Fed expects a soft landing. Don't count on it Markets are pushing Fed into developing-economy territory Commodity traders go from bonanza to bailout plea Putin's war shows West must clean up dirty money Salary transparency is good for everyone Microsoft's US$69B Activision deal could be a blunder What if the oil market bulls are wrong and this lonely bear is right? Canada's trucker protest may spread from Ottawa to U.S. US Regional Banks Slump as Rout Deepens on First Republic Flop U.S. stocks drop as Powell signals no Fed cuts for now Turkey’s $1 Billion ETF Maneuver Can’t End Stock Bear Market Morgan Stanley, UBS Pick Bonds Over Stocks on Recession Risk Shorts of China-Heavy Emerging-Market ETF Rise Above $1 Billion Wall Street Rattled by Selloff, Trading Halts at Two Small Banks Bid to Launch ETFs That Aim to Double Tesla’s Famous Volatility Filed With SEC Short Sellers Tightened Grip on Regional Banks in Runup to Rout Trader ‘Exhaustion’ Drags April ETF Volume to Lowest Since 2020 This Week in China: ETFs Lure $6.5 Billion as Retail Traders Buy Regional Bank Stocks Stabilize as Contagion Fears Ease, for Now China and the Fed Keep Investors Swinging Between Oil and Gold Retail Investors Bearish on Japan Stocks as Foreigners Pile In JPMorgan Overthrows JPMorgan for Crown of Largest Actively Managed ETF Hedge Funds, Buybacks Drive $2.3 Billion Into Stocks, Bank of America Says 21Shares, Cathie Wood Revive Bitcoin ETF Bid After Price Rebound Four Reasons Why Investors Expect US Dollar to Keep Sliding Citi's Japan Clients Bet on US Dollar, Aussie as Ueda Cools BOJ Bets Bitcoin ‘Halving’ Due Next Year Spurs Predictions of Rally in Token Past $50,000 BCE CEO says tech hiring & donations continue despite tough economy Cenovus CEO Pourbaix to step down, become executive chair; Jon McKenzie to be new CEO Manulife CEO on diversification, insurance demand and digital transformation Decision on new Suncor CEO expected 'very soon' Restaurant Brands' CEO change is 'all about accelerating growth': Executive chairman Restaurant Brands' CEO change is 'all about accelerating growth': Executive chairman Reed Hastings explains why he's stepping down as Netflix CEO in blog post Bankman-Fried says in court that he's ready for U.S. extradition SBF sent back to Bahamian jail after catching lawyer off guard with U.S. extradition plan Disney's Iger returns to reckon with his own 15-year Legacy Women making small gains, but still troublingly under-represented in the C-suite Gerry Schwartz to step down as CEO at Onex, Bobby Le Blanc named next CEO Dominic Barton on Canada-China relations, future at Rio Tinto 'We’re serving Canadians better' following the pandemic: McKesson Canada CEO Rebecca McKillican World's richest family loses US$11.4B in Walmart rout 'Fine balance': Rania Llewellyn on fitting her long-term inclusion goals into Laurentian's revamp First female bank CEO in Canada leads with younger self in mind ​Company holiday parties are making a comeback, but many employers have a plan B Elon Musk and Jeff Bezos now worth almost half a trillion dollars BCE You are now being redirected to the BCE.ca website (Bell Canada Enterprises), where you can view our Accessibility plan, and submit your feedback using our Accessibility webform. Greg Ritchie, Bloomberg News The Manhattan skyline reflected on the East River Ferry near the Long Island City neighborhood in the Queens borough of New York, US, on Wednesday, Aug. 17, 2022. New York's apartment market has become super competitive as rent prices set records and vacancies stay low. Photographer: Ismail Ferdous/Bloomberg , Bloomberg (Bloomberg) -- Sovereign debt costs are expected to double over the next three years, putting governments increasingly at the mercy of bond investors, according to Janus Henderson Group Plc. Government interest costs are set to hit $2.8 trillion by 2025 as interest rates rise, constraining fiscal spending and diverting money away from economically productive areas, according to Jim Cielinski, global head of fixed income at the asset manager. And it means governments will become even more dependent on bond markets, setting the stage for confrontations between investors and policymakers. The UK government’s decision to reverse aggressive tax cuts last year after a bond-market selloff and the ongoing Congress debate over the US debt ceiling “are all early warning signs that spending will have to be held in check,” he said. “People will try to overspend and then those checks and balances will have to come through markets.” It’s a far cry from years of ultra-low rates and central bank bond buying programs, which allowed governments the world over to borrow record amounts at little cost. Interest rates have risen globally with those in the US going from close to zero to around 5% in just over the last year. Some central banks are now actively offloading bonds, pilling further pressure on the market. Government interest costs jumped by around 21% in 2022, in their fastest increase since 1984, according to Janus Henderson’s Sovereign Debt Index report released Thursday. Global government debt rose 7.6% to a record $66.2 trillion, it said. “People have become numb to the scale and magnitude of these numbers. We went through almost two decades of heavy borrowing loads not making much of an impact to interest rates,” said Cielinski in an interview from Boston. “In many ways, that free lunch is over and the fiscal problem will perhaps be one of the defining problems of the next decade.” The low rates and hefty demand for bonds from investors looking to make their excess savings work was a “golden opportunity” for government borrowers, he said. He sees rates settling at a higher equilibrium level than the extremes lows in recent years, where yields in many jurisdictions were sub-zero. Bondholders Face a Rosier Outlook Still, bond investors could just benefit. Yields, according to Janus, “are more attractive today than at any time since 2007,” with inflation receding “faster than people realize.” Investors stand to gain from not just increased income from higher yields but also capital gains if rates fall from current levels, he said. Longer-dated bonds should “perform very well in the next year as the economy comes under pressure,” Cielinksi said. “We are positioning our client portfolios accordingly.” Any respite would come after a historic battering across fixed-income markets. Global bond yields have risen dramatically over the last 18 months, creating mark-to-market losses for bondholders and steeper borrowing costs for governments when they sell new debt. The Bloomberg Global Aggregate Index, a gauge of investment-grade debt, slid 16% in 2022, its worst year in data going back to 1991. The index’s yield-to-worst rose from around 1.3% to close to 4% in October. It has since receded to around 3.5%. --With assistance from Sujata Rao. ©2023 Bloomberg L.P.