Friday, September 30

Tag: BSVC

U.S. student loan relief to cost $30 bln a year over next decade, government says

U.S. student loan relief to cost $30 bln a year over next decade, government says

News
WASHINGTON, Sept 29 (Reuters) - The U.S. Education Department said on Thursday it estimates that the one-time student debt relief plan given by President Joe Biden in August will cost an average of $30 billion a year over the next decade.The Congressional Budget Office (CBO) said this week that Biden's plan to cancel some student loan debt will cost $400 billion.Biden said in August the U.S. government will forgive $10,000 in student loans for millions of debt-saddled former college students, keeping a pledge he made in the 2020 campaign for the White House.Register now for FREE unlimited access to Reuters.comRegisterReporting by Costas Pitas; writing by Kanishka SinghOur Standards: The Thomson Reuters Trust Principles. Source link
EXCLUSIVE Lebanon to slash official exchange rate from Nov. 1, finance min says

EXCLUSIVE Lebanon to slash official exchange rate from Nov. 1, finance min says

News
BEIRUT, Sept 28 (Reuters) - Lebanon plans to slash its official exchange rate, replacing the 1,507 per dollar rate adopted 25 years ago with a rate of 15,000 in a step towards unifying numerous exchange rates, the finance minister told Reuters on Wednesday.After saying the move would come into effect on Nov. 1, the ministry later said the step was conditioned on the approval of a plan to address the crisis, which is under discussion in parliament.The Lebanese pound has plunged by more than 95% from the official rate since Lebanon fell into financial crisis three years ago, with dollars currently changing hands at around 38,000 on a parallel market.Register now for FREE unlimited access to Reuters.comRegister"The goal is for there to be a unification of the exchange rates in Lebanon," Fi...
Druckenmiller sees US falling into recession next year

Druckenmiller sees US falling into recession next year

News
Sept 28 (Reuters) - Billionaire investor Stanley Druckenmiller said he believes the Federal Reserve’s monetary policy tightening may push the U.S. into a bigger-than-expected recession next year.Speaking at CNBC’s Delivering Alpha Conference in New York, the founder of the Duquesne family office said he “would be stunned” if the U.S. does not have a recession in 2023 as a result of Fed tightening.“Our central case is a hard landing by the end of ‘23,” Druckenmiller said. "I will not be surprised if is larger than the so-called average 'garden variety'" recession.Register now for FREE unlimited access to Reuters.comRegisterThe Fed has raised interest rates by 300 basis points this year as it fights the worst inflation in decades and policymakers have signaled more jumbo rate hikes ahead,...