Nisha Mishra

US Bank Loan losses hit 19 billion

US Bank Loan Losses Surge to $19 Billion as Borrowers Grapple with the Sting of Rising Rates

US banks suffered nearly $19 billion in debt losses in the second quarter, the highest in more than three years , as lenders grapple with rising defaults by credit card and commercial real estate borrowers. Lenders reported write-offs (losses on loans deemed nonperforming) of $18.9 billion in the quarter, up nearly 17 percent from the…

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Russia Africa Summit

Ukraine Invasion Reshapes Russia’s Energy Links with Africa

Russia’s invasion of Ukraine prompted a shift in energy cooperation with African countries, once considered a priority for future upstream investment. Western sanctions have increased the importance of alternative energy partners and markets, including Africa, for Russia. Following the visits of several Russian delegations to African countries to discuss increased cooperation since the outbreak of…

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EuroZone Recession

Eurozone Plunges into Recession as Stimulus Measures Falter

The euro area’s abysmal performance, sinking into recession during the first quarter, occurs against a backdrop of seemingly favorable conditions. Plummeting energy and commodity prices should have provided a much-needed boost to the euro area’s GDP, bolstering its external sector through reduced imports. However, amidst this surge of irrational exuberance, the Citi global economic surprise…

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