Rising interest rates pose threat to local banks
On March 15th, 2022, The Federal Reserve announced the first increase in interest rates since the beginning of the COVID-19 (coronavirus) pandemic. This comes as stocks continue to fall in response to the Russian invasion of Ukraine and the subsequent sanctions on Russia. Additionally, experts have warned that the strength of the US dollar could weaken in the weeks to come. While big-name banks are expected to largely be able to weather these developments, local banks are anticipated to encounter hardships as consumers will be less likely to take out loans.
New Activity|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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