Fed Officials Say Stubborn Inflation Justifies Continued Rate Increases

The Fed will need to keep rates at restrictive levels until inflation is firmly on the path toward the 2% goal, said Fed governor Lisa Cook in her first speech since joining the central bank's board. 


 
RBA Says Higher Rates Pushing Some Borrowers Closer to Default

The Reserve Bank of Australia said Friday that higher official interest rates are already hitting the ability of some borrowers to repay loans, identifying a small group of borrowers who run the risk of defaulting. 


 
Rakuten Group to Sell Stake in Online Brokerage Unit to Mizuho for $551.2 Million

Rakuten Group Inc. has agreed to sell a 20% stake in its online brokerage unit to Mizuho Securities Co. for $551.2 million and form a strategic alliance. 


 
Binance Estimates $100 Million Was Stolen in Blockchain Hack

Crypto exchange Binance said late Thursday that $100 million was likely stolen as a result of a hack on its Binance Smart Chain blockchain network. 


 
Credit Suisse Is Seeking an Outside Investor for  Investment Bank Spinoff

Bringing in a partner would help with funding as the lender tries to hire and retain staff. 


 
Twitter Deal Could Saddle Banks With Hundreds of Millions in Losses

Elon Musk's takeover of Twitter would be paid for in part with $13 billion of debt seven banks including Morgan Stanley and Barclays agreed to provide. They could now face $500 million in losses if they tried to unload all the debt. 


 
Celsius Executives Cashed Out $18 Million in Crypto Before Bankruptcy

Alex Mashinsky withdrew $10 million in tokens before stepping down as chief executive in late September. 


 
Bank of Canada's Macklem Says 'More to Be Done' on Taming Inflation

The governor of the Canadian central bank said that further interest-rate increases are warranted to tame inflation, arguing there is little evidence that the underlying consumer-price index is weakening. 


 
New ETFs Offer Investors a Chance to Bet on the Metaverse

Still, some of the investments have relatively high costs, and they have suffered along with other tech stocks. 


 
IMF chief says central banks must keep tightening despite recession risks

Central banks around the world should continue tightening despite the weaker outlook and risks of overtightening, said IMF chief Kristalina Georgieva on Thursday.


(END) Dow Jones Newswires

10-07-22 0015ET