The Federal Reserve's latest survey of banks' senior loan officers showed that a large majority of the 76 U.S. and foreign-based respondents clamped down on lending in the past three months amid mounting losses and concern about the nation's economy. Also, separate reports showed manufacturing activity slowed, and construction spending fell. It means the downturn is likely to be deep and will last longer.
According to the Fed survey, 95% of banks in the U.S. said they tightened price terms on commercial and industrial loans to large and midsize firms in the past three months. A total of 85% tightened lending standards, compared with 60% in the previous three-month period, which ended in July.
The world is not making nearly enough progress in reducing greenhouse gas emissions to achieve the goals for limiting global warming agreed at the Paris climate summit in 2015, a group of political and business leaders has warned.Read More
Software robots replicate the routine work humans often do in front of computer screens. As software applications have taken over mainline business processes, many back-office workers find themselves filling the gaps between fragmented systemsRead More
US and Chinese tech firms are a good bet despite the trade spat.U.S. and Chinese technology companies in the next ten years and would rather see cooperation between the world's two largest economies instead of "outright competition."Read More