Author: Jack Mulligan

Hundreds of layoffs signal deeper crisis ahead Canadian steel and aluminum plants are facing a wave of job losses after U.S. President Donald Trump imposed sweeping tariffs on March 12. According to Reuters, more than 200 workers have already been laid off, with further cuts expected in the coming weeks as the industry scrambles to adapt. Marty Warren, national director of the United Steelworkers union, said the impact has been swift and severe. Companies like MPG Canada have already slashed 140 jobs across Ontario and Quebec, citing the threat of tariffs on steel and steel derivatives. The cuts include permanent…

Unexpected reversal threatens Beijing’s push to boost consumption Several major Chinese banks have abruptly raised consumer loan interest rates, marking a stark shift from last month’s record-low cuts aimed at stimulating the economy. The move comes as bad consumer loans climb, adding new risks to China’s fragile recovery efforts. Effective Tuesday, banks including China Construction Bank, China Merchants Bank, Bank of China, and Hua Xia Bank hiked rates to at least 3%, up from around 2.5%—a record low set in February. The change risks undermining Beijing’s broader effort to boost demand and hit a 5% GDP growth target for 2025.…

Investors flee to safety as recession risks rise Treasury yields declined on Monday as mounting anxiety over President Donald Trump’s aggressive tariff agenda prompted a rush into safe-haven assets. With sweeping duties expected to take effect this week, markets braced for economic fallout. The yield on the benchmark 10-year Treasury fell 2.3 basis points to 4.232%, while the 2-year yield slipped slightly to 3.90%. Other key tenors showed mixed movement: the 30-year yield dropped 2 basis points to 4.612%, while shorter-term notes such as the 1-month and 6-month ticked up marginally. Markets brace for “Liberation Day” Wednesday marks what Trump…

Wall Street ends week sharply lower as tech shares drag down indexes U.S. stocks tumbled Friday, driven by renewed worries over inflation and intensifying trade uncertainty. The Dow Jones Industrial Average plummeted 717 points, or 1.7%, while the S&P 500 fell 1.9%. The Nasdaq Composite suffered the steepest drop, losing 2.6%. Big tech bore the brunt of the sell-off. Alphabet and Amazon each fell over 3%, while Microsoft and Meta dropped roughly 2%. The losses pushed the S&P 500 and Nasdaq toward their fifth weekly decline in six weeks. For the week, the S&P was down more than 1%, the…

Goldman Sachs Group Inc. has lifted its gold price forecast to $3,300 an ounce by the end of 2025, citing intensified central bank demand and increased interest in bullion-backed exchange-traded funds (ETFs). This marks a notable shift from the bank’s previous forecast of $3,100, issued just last month. Analysts Lina Thomas and Daan Struyven pointed to monthly central bank purchases averaging 70 tons this year—up from the prior estimate of 50 tons—as a key driver behind the upgrade. Central Bank Buying Surges The analysts highlighted that between November and January, central banks collectively bought around 190 tons of gold per…

Bankers enjoy windfall as dealmaking rebounds Wall Street banker bonuses surged 31.5% in 2024 to an average of $244,700, according to New York State Comptroller Thomas DiNapoli. The increase reflects a strong rebound in dealmaking, propelling the bonus pool to a record $47.5 billion — the highest since records began in 1987. “This financial market strength is good news for New York’s economy and our fiscal position, which relies on the tax revenue it generates,” DiNapoli said in a statement. The securities industry remains a critical pillar of the city’s economy, directly or indirectly supporting one in every 11 jobs.…

OpenAI is making it easier to edit images in ChatGPT and create visuals for work that include lengthy, legible text, potentially broadening the chatbot’s appeal for businesses and everyday users. During a livestreamed event on Tuesday, the San Francisco-based company showed how ChatGPT users will be able to refine images by having a series of conversations with the chatbot. A user might, for example, request an image of a snail in a city, then ask to change part of the backdrop and add a hat. ChatGPT will also be able to better create images with coherent text, according to the…

March PMI shows growth — but confidence weakens U.S. business activity picked up in March, but S&P Global’s latest survey reveals a more troubling undercurrent: rising input costs, tariff anxiety, and shrinking confidence across both services and manufacturing sectors. The Composite PMI Output Index climbed to 53.5 from 51.6 in February, signaling expansion. Services drove the gains, aided by warmer weather, while manufacturing fell back into contraction territory at 49.8 — down from 52.7. However, optimism is eroding. Business confidence dropped to its second-lowest level since 2022, weighed down by the Trump administration’s tariff plans and sweeping federal budget cuts,…

New Feature Allows Users to Bet on Real-World Events Robinhood (HOOD) has launched a prediction markets hub within its app, enabling users to bet on outcomes of sports, politics, and economic events. The feature, announced on Monday, is part of Robinhood’s strategy to attract younger investors and diversify its financial services. The new offering is powered by KalshiEX LLC, a Commodities and Futures Trading Commission (CFTC)-regulated exchange. It comes just in time for March Madness, allowing users to wager on NCAA basketball tournament results. “We believe in the power of prediction markets and think they play an important role at…

Safety Warning System Detected Rapid Descent A preliminary report by the Transportation Safety Board of Canada (TSB) revealed that a safety warning system had alerted the crew of a Delta Air Lines (DAL.N) regional jet about a rapid descent before it crash-landed and overturned at Toronto Pearson International Airport on February 17. Passengers Injured, But No Fatalities The aircraft, a CRJ900 jet operated by Delta’s Endeavor Air subsidiary, was carrying 80 people on board during its flight from Minneapolis-St. Paul International Airport. Despite nearly two dozen injuries, there were no fatalities. Passengers Struggled to Escape The report highlighted challenges faced…