The Federal Reserve’s policy meeting highlights this week’s slate of economic news. Wednesday China’s economic activity showed some signs of recovery in May, albeit at a slow pace, as Beijing, Shangha...
Tag: Banks
XDC Network Banks on Community Support as it Celebrates 3 Years of Existence
The XDC Network’s mainnet has been up and running for three years as of June 1, 2022. There has been a lot of work done by the XDC Foundation and the XDC community all these years on updates, integrat...
Goldman Sachs CEO David Solomon’s advice to summer interns: ‘Be an entrepreneur’
David Solomon, CEO, Goldman Sachs, speaking at the World Economic Forum in Davos, Switzerland, Jan. 23, 2020. Adam Galacia | CNBC Internships have begun at Goldman Sachs‘ offices in the U.S. thi...
Fintechs delay IPO plans, focus on profitability amid recession fears
Investment in fintech is slowing as worries around rising inflation and the prospect of higher interest rates have dented economic sentiment. Elena Noviello | Moment | Getty Images AMSTERDAM — Financi...
Central banks are increasing gold reserves as inflation, supply chains fear looms
The amount of gold held in reserve by the world’s central banks has been increasing gradually over the last decade. During this period, gold holdings by central banks have grown to almost 35,600 tonne...
Crypto threatens safety of payment schemes, Starling boss warns
Starling CEO Anne Boden. Harry Murphy | Sportsfile for Web Summit via Getty Images AMSTERDAM — The boss of Goldman Sachs-backed digital bank Starling has doubled down on criticisms of crypto, calling ...
Credit Suisse issues profit warning for second quarter
A sign above the entrance to the Credit Suisse Group AG headquarters in Zurich, Switzerland, on Monday, Nov. 1, 2021. Thi My Lien Nguyen | Bloomberg | Getty Images Credit Suisse said on Wednesday that...
Ray Dalio Says Central Banks to Cut Rates in 2024, AFR Reports
(Bloomberg) — Billionaire hedge fund founder Ray Dalio said central banks across the globe will be required to cut interest rates in 2024 after a period of stagflation constrains their economies...
Digital Real Will Be Used by Banks in Brazil as Collateral to Issue Their Own Stablecoins – Bitcoin News
The Brazilian central bank digital currency (CBDC), the digital real, will be more of a wholesale asset instead of a public retail-focused token, according to statements from the president of the Cent...
Ethiopia’s Central Banks Says Cryptocurrency Payments Are Illegal
The National Bank of Ethiopia (NBE) has revealed that it never gave authorization for cryptocurrencies to be used in the country as payment methods, local media reported Monday. Crypto Payments Illega...
Banks prepare to liquidate Irish blockchain venture, Independent.ie says
We.trade, a Dublin-based blockchain company established and co-owned by 12 banks, is calling in a liquidator, The Independent.ie reported today. The joint venture of banks including HSBC, Deutsche Ban...
Bank of England Executive Says Digital Currencies Could Impact Banks
The UST crumble, coupled with the inflation, has raised concerns among experts in the crypto community. The executive director for markets at the Bank of England is of the opinion that digital currenc...
Morgan Stanley’s Pick says a paradigm shift has begun in markets. What to expect
Trader on the floor of the NYSE, June 1, 2022. Source: NYSE Global markets are in the beginning of a fundamental shift after a nearly 15-year period defined by low interest rates and cheap corporate d...
The Week Ahead – Central Banks and US Inflation in Focus
On the Macro It is a quiet week ahead on the economic calendar, with stats 39 due out through the week ending June 10. In the week prior, 77 stats were in focus. For the Dollar: While it is a quiet we...
The Stock Market Is Charting a New Course. It Won’t Be Pleasant.
Text size Delta Air Lines told investors that revenue would finally return to 2019 levels, amid strong travel demand. Brandon Bell/Getty Images The trend is your friend, or so they say. But right now,...
Japan passes bill to limit stablecoin issuance to banks and trust companies
Japan is moving forward with legislation regarding the issuance of stablecoins, i.e., digital assets with their value pegged to fiat currencies or stabilized by an algorithm. On Friday, Japan’s parli...
Buy now, pay later loans make it tough to get a handle on your credit
Payment history often not reported BNPL companies generally don’t report to the credit-scoring companies when consumers use these loans. That makes it a challenge for a lender to know how many l...
Bermuda banks on clear regulatory framework to attract more crypto firms
Amidst the current volatility in the cryptocurrency market, Bermuda is banking on its clarity surrounding digital asset legislation to attract more crypto projects and companies. Bermuda is one of the...
Central banks worried that they won’t be able to control newly emerging world currencies
Digital money, whether it be centrally controlled or private, is here to stay. The much touted central bank digital currencies (CBDCs) are in the very early stages of development, and could cause all ...
Stablecoins to be Issued by Licensed Banks and Trust Companies in New Japanese Law
In a move to protect investors, Japan’s parliament has passed a bill classifying stablecoins as digital money that must be connected to the nation’s currency, yen, or another legal tender. The legal ...
Tough Crypto Law Expected in Russia Despite Central Bank’s Softer Stance on Crypto Payments – Regulation Bitcoin News
The bill “On Digital Currency,” meant to comprehensively regulate crypto transactions in Russia, will be a “tough” law, according to the head of the State Duma Financial Market Committee. The legislat...
Traditional Banks Not Optimized to Serve the Unbanked – Interview Bitcoin News
For years, traditional financial institutions in different parts of the world have been attempting to narrow the financial exclusion gap by extending their services to the unbanked population. Yet for...
Jamie Dimon says ‘brace yourself’ for an economic hurricane caused by the Fed and Ukraine war
Jamie Dimon, CEO of JP Morgan Chase, appears on CNBC’s Squawk Box at the 2020 World Economic Forum in Davos, Switzerland on Jan. 22nd, 2020. Adam Galica | CNBC JPMorgan Chase CEO Jamie Dimon say...
Aussie banks ANZ and NAB won’t ‘endorse’ retail speculation on crypto
Executives at two of Australia’s “big four” banks have ruled out allowing retail customers to trade cryptocurrency on their platforms, with one reasoning that customers don’t understand “basic financi...
Basel Committee presses on with restrictive requirements for banks’ crypto holdings
The Basel Committee on Banking Supervision met Friday and discussed cryptocurrency, among other topics. The committee stated that it would soon publish its second consultative paper with the intention...
As employers call workers back to the office, some AAPI women worry
An attendee identified as Emily, left, holds a candle during a candlelight vigil for Michelle Go at Portsmouth Square in San Francisco, Calif. Tuesday, Jan. 18, 2022. Stephen Lam | Getty Images Someti...
Protests Break Out at Chinese Banks – Trustnodes
A number of protests have broken out in China after some local banks suddenly went offline last month. “I can’t access the app right now,” said a Shanghai man who deposited 2 million yuan in Yu Zhou X...
Singapore To Venture Into DeFi With Major Banks, Here’s How
Singapore’s Deputy Prime Minister Heng Swee Keat on Tuesday announced “Project Guardian” to explore the tokenization of financial assets and use cases of DeFi. The Monetary Authority of Singapore will...
Central banks launch most widespread rate rises for over two decades
Central banks are raising rates rapidly in the most widespread tightening of monetary policy for more than two decades, according to a Financial Times analysis that lays bare the reversal of their pre...