Emergency in Sri Lanka, Forex Dip in Pak & Nepal’s Money Woes Put India’s Neighbors on Back Foot

Sri Lanka’s deepening economic crisis took a turn for the worse on Friday night when President Gotabaya Rajapaksa declared a state of emergency in the island nation amid mounting public resentment. Sri Lanka’s 22-million population has been facing acute shortages of food, fuel, and medicines for months, bringing tens of thousands onto the streets to … Read more

Here’s what the Fed’s half-point rate hike means for your money

What the federal funds rate means to you The federal funds rate, which is set by the central bank, is the interest rate at which banks borrow and lend to one another overnight. Although that’s not the rate that consumers pay, the Fed’s moves still affect the borrowing and saving rates they see every day. … Read more

Small businesses that need a loan find that banks are stingy

NEW YORK (AP) – Small businesses are still facing the pandemic and now high inflation – and find it difficult to get a loan to help with everyday life. A recent study by the Federal Reserve shows how the pandemic has changed the economic landscape for small businesses. About 85% faced financial hardship in 2021, … Read more

With the end of the PPP, small businesses need to look for other sources of funding

Small business loan approval rates in large banks ($ 10 billion + in assets) increased slightly from 13.4% in April to 13.5% in May 2021, according to the latest Biz2Credit Small Business Lending Index. Small bank approvals rose from 18.2% in April to 18.7% in May. Bank Treasury (Photo by © Viviane Moos / CORBIS … Read more

See what raising Fed interest rates means for borrowers and savers

The Federal Reserve raised its federal interest rate target by a quarter of a percentage point from almost zero at the end of its two-day meeting on Wednesday. The first increase in the reference rate in three years will lay the groundwork for six more increases by the end of the year. “The war in … Read more