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Business Matters: US interest rates rise despite banks’ turmoil

US interest rates rise despite banks’ turmoil

04/05/2023 GMT

BBC World Service - Business Matters, US interest rates rise despite banks’ turmoil

The US Central Bank has raised interest rates to the highest level in 16 years

The US Central Bank has raised interest rates to the highest level in 16 years - the target range for its benchmark rate rose to between 5% and 5.25%

The US Central Bank has raised its interest rates to its highest level in 16 years The moves are aimed at stabilising inflation and have pushed the target range for its benchmark rate to between 5% and 5.25%. But there are concerns that this might put increasing pressure on banks, after 3 recent failures. 
Federal Reserve chair Jerome Powell said the US was "getting close or maybe even there" to pausing its rate-hike campaign but was prepared to do more if warranted. But there has been criticism from some economists with one describing the rise as ‘throwing the US labour market under a bus’.

The shareholders of the British company Unilever have overwhelmingly rejected an executive pay plan. Unilever, the makers of consumer goods ranging from soap to ice-cream, had planned to give its incoming boss Hein Schumacker a base salary before bonuses of nearly two million dollars. But shareholders slapped down the offer - a whopping 60% rejected it. This comes on the day that new research suggested average pay for the top U.S. chief executives rose 7.7% last year  

We also report on an Israeli food-tech company that has announced it has managed to produce the world's first ever ready-to-cook fish fillet using 3-d printing technology.

And – just  how does the French Finance Minister find the time to write erotic literature with the country facing a great deal of economic upheaval?

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