The Official Business Publication of Seton Hall University
The recent collapse of Silicon Valley Bank, one of the top 20 largest American commercial banks, sent shockwaves throughout the banking industry. Trust in the American banking system was shaken across the board, raising questions regarding who was at fault for the collapse. Majority have directed the blame towards two parties: The Federal Reserve, and the executives at SVB.
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Since the invasion of Ukraine, tensions between Russian and Western powers have been steadily building. In an attempt to evade financial restrictions from the West, Russia has turned to its new alternative currency: the Chinese yuan.
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On Valentine’s Day, the Fed announced that the current Vice Chair of the Federal Reserve Board, Lael Brainard, would be stepping down from the central bank and heading President Biden’s National Economic Council.
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A country who attracted manufacturers for its low wages and technological innovations is set to becoming one of the fastest growing economies in the world. Recent reforms and geopolitical transformations, along with a young population, led to India’s economy surpassing the United Kingdom to become the 5th largest economy in the world.
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Gautam Adani, the chairman of the Adani Group, has been in the headlines recently. Mainly for its proposed Carmichael coal mine in Queensland, Australia, with a 60 million tons per annum yield and a 189-kilometer railway line. This project has faced much opposition from environmental groups and the local communities due to concerns regarding its impact on the Great Barrier Reef, its contribution to global warming, and other issues it could bring to the surrounding communities.
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An already red-hot Electric Vehicle (EV) market was given another nudge of momentum when the U.S. Treasury recently updated their standards for what qualifies for a tax credit… These are specifically potent as EV makers focus more resources on developing different types of electric cars. Gone are the days of the one ton, shoebox SMART cars as SUVs, crossovers, vans, and pick up trucks litter the market.
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On October 18th, the Internal Revenue Service (IRS) announced the annual inflation adjustments for the 2023 tax year. Many key tax provisions, including the income thresholds for the federal tax brackets, will increase by about 7% to account for the high inflation Americans have seen throughout 2022.
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Netflix’s third quarter earnings release surprisingly surpassed its earnings expectations as it brought in $7.93 billion in revenue versus the $7.85 billion expected revenue. It crushed its net subscriber addition expectations as it brought in 2.41 million when it was only expected to add one million. The positive news caused the stock to rally after hours on October 18th as the stock gained 15%.
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The Dow Jones Industrial Average, the oldest of the three main stock indexes on The New York Stock Exchange, entered bear market territory when it declined by 1.1% on September 26th. The decline extended the index’s drop-off from its all-time high and pushed its losses to over 20% from its January peak of 36,799 points to 28,725 points, which meets the criteria to enter a bear market.
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The Bank of England held an intervention in attempt to stabilize the financial market. Newly elected Prime Minister Liz Truss promised to repair Britain’s economy and that her policies would ensure a “high-growth, low-tax economy.”
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