The Federal Reserve is raising its benchmark interest rate to reflect a solid U.S. economy and signaling that it's sticking with a gradual approach to rate hikes for 2018 under its new chairman, Jerome Powell. The Fed said it expects to increase rates twice more this year. At the same time, it increased its estimate for rate hikes in 2019 from two to three, reflecting an expectation of faster growth and lower unemployment.
A Facebook shareholder is suing the social media giant for allegedly misleading investors in the Cambridge Analytica affair that's currently rocking the social network. Fan Yuan, who owns Facebook stock, filed a lawsuit Tuesday in the District Court of Northern California, located in San Francisco, on behalf of Facebook shareholders. Gizmodo first reported the lawsuit, which is seeking class action status. You can read the full complaint here.
The world’s financial leaders rejected protectionism on Tuesday and urged “further dialogue” on trade, but failed to diffuse the threat of a trade war days before U.S. metals tariffs take effect and Washington is to announce measures against China. Finance ministers and central bankers of the world’s 20 biggest economies, which represent 75% of world trade and 85% of global gross domestic product, discussed trade disruptions as a risk to growth at a two-day meeting.
UK inflation was weaker than expected in February easing some of the squeeze on households' spending power but doing little to change bets on a Bank of England rate rise in May. Official data showed consumer prices rose by an annual 2.7% last month, the weakest increase since July of last year and down from a rise of 3.0% in January.
The ashes of Professor Stephen Hawking will be interred next to the grave of Sir Isaac Newton at Westminster Abbey, it has been revealed. The renowned theoretical physicist final resting place will also be near that of Charles Darwin, who was buried there in 1882. Prof Hawking, who had motor neuronal disease, died on 14 March, aged 76, at his home in Cambridge.
European officials said this week that significant obstacles remain to a long-delayed trade deal between the European Union and Mercosur, even as South American officials expressed optimism a deal would be finalized soon.
President Donald Trump congratulated Russian President Vladimir Putin on his re-election during a phone call on Tuesday and the two leaders agreed to hold talks soon. “We will probably get together in the not-too-distant future, so we can discuss arms, we can discuss arms race.” Trump told reporters before an oval office meeting with Crown Prince Mohammad bin Salman of the Kingdom of Saudi Arabia.
IMF Managing Director Christine Lagarde at the conclusion of the Group of 20 (G20) Finance Ministers and Central Bank Governors meeting in Buenos Aires, reiterated praise for Argentina president Mauricio Macri gradual economic policies, and called on the need for reform in the more advanced economies to ensure sustained, solid growth.
Argentine foreign minister Jorge Faurie is expected this Wednesday in Congress to outline president Macri administration's current policy towards the Falkland Islands, mainly negotiations on air links and South Atlantic fisheries conservation.
Vladimir Putin has said he is open to constructive dialogue with other states after being re-elected president of Russia with an increased majority. Saying there would be no arms race, he promised to cut defense spending.