The Week in Numbers: default averted, rates raised
STORY: From Russia's bid to dodge a default, to a long-awaited rate hike in the U.S., this is the Week in Numbers.
$117 million is how much Russia was due to pay in bond interest on Wednesday. With Moscow mired in sanctions, creditors weren’t too hopeful about getting their cash. But by Friday it looked like the payment had been made, averting a market-shaking default. More such deadlines loom, however, and they could all be nail-biters.
A quarter of a percentage point was the rate hike by the U.S. Federal Reserve this week. The increase - its first since 2018 - had been widely expected, but Fed chair Jerome Powell says more will be needed to cool soaring inflation:
“The economy is very strong, and against the backdrop of an extremely tight labor market and high inflation, the committee anticipates that ongoing increases in the target range for the federal funds rate will be appropriate.”
9% was the gain for Hong Kong’s Hang Seng index on Wednesday, with Thursday then almost as good. That made for the index’s best two days since 1998. Investors have been cheered by promises of more support for China’s economy.
But 39,000 is how many jobs could go at Alibaba. Reuters sources say the e-commerce firm is shedding jobs amid a crackdown on tech titans by Chinese regulators. Big job cuts are also expected at WeChat operator Tencent.
And $36 billion is Intel’s new investment in chip making facilities in Germany and across Europe. It’s spending big to ease a supply crunch for carmakers and other manufacturers. The investment drive could ultimately hit $88 billion.
