US debt: What does the loss of a triple A rating mean?
The top three global ratings agencies: S&P Global, Fitch and Moody's, use the same system of letters, ranging from a top AAA rating through B, C and D for payment defaults.
The top three global ratings agencies: S&P Global, Fitch and Moody's, use the same system of letters, ranging from a top AAA rating through B, C and D for payment defaults.
Indian Finance Minister Nirmala Sitharaman, chair and host of the summit in Gandhinagar, began by telling finance leaders of "the responsibility we have... to steer the global economy towards strong, sustainable, balanced and inclusive growth". Key on the two-day agenda will be "facilitating consensus to intractable issues associated with rising indebtedness", Sitharaman said, speaking to reporters alongside US Treasury Secretary Janet Yellen.
Beijing's National Bureau of Statistics said in a statement that the economy "showed a good momentum of recovery".
Credit Suisse had a staff of around 45,000 before it nearly collapsed on investor fears about its solvency, which prompted a massive bailout orchestrated by the Swiss government.
Carmine Di Sibio, who has headed the group since 2019, was supposed to oversee the break-up until the end of his mandate in 2025 but the project was rejected by its US branch in April.
President Joe Biden's administration again warned Sunday of "catastrophic" consequences for the US economy including huge job losses if the country defaults, as negotiations to forge a debt deal are expected to resume this coming week.
Republicans and Democrats remain sharply divided over the debt ceiling, with Republicans in Congress insisting that President Joe Biden's administration agree to significant budget cuts in exchange for support to lift the limit before the country runs out of money to pay its existing bills.
Since last year, central banks have been raising their benchmark lending rates to tackle inflation, which rose to levels not seen for decades in many countries including the United States.
It also handed EY, one of the world's Big Four accountancy giants, a 500,000-euro ($540,000) fine.
Ajay Banga, the American pick to lead the World Bank, was the only candidate nominated for the position, the bank confirmed Thursday, paving the way for his likely appointment in the coming months.
UBS and Credit Suisse, the second-biggest bank in Switzerland, were both among the select banks around the world considered to be global systemically important financial institutions (G-SIFIs).