Posted 7/27/2023, 3:12:47 PM
Business
- The Federal Reserve and the European Central Bank both raised interest rates by a quarter point.
- Turkey's central bank increased its main interest rate, but the rise was smaller than expected.
- China appointed Pan Gongsheng as governor of the People's Bank of China, combining the roles of governor and Communist Party secretary.
- The IMF revised its global economic growth forecast to 3% for this year, with Britain no longer expected to fall into recession but Germany's economy forecast to shrink.
- UBS was fined $387 million by the Federal Reserve and the Bank of England for misconduct at Credit Suisse, which UBS recently acquired.
