Despite an influx of infrastructure spending, the nation’s airports are being squeezed by the costs of servicing existing debt and the need to modernize their operations. The challenges were laid out in detail during a Federal Aviation Administration reauthorization hearing held by the Aviation Subcommittee of the House Transportation & Infrastructure Committee Thursday. “There’s $30
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The lack of affordable housing options around the world is driving more interest in innovative concepts that can rethink design and process in ways that will drive down costs. A recent panel discussion at the 2023 SXSW conference in Austin brought together three of those innovators to share insights on lowering costs with new, smart
The Fed’s decision to guarantee non-insured depositors of Silicon Valley Bank is “the most wonderful example of moral hazard we’ve come across for quite a while”, says Standard Chartered chief Bill Winters. Winters’ remarks, made on Friday at a Hong Kong financial conference, come after US regulators pledged to protect deposits at failed Silicon Valley
Equity markets were mixed on Friday as concerns over the health of the global banking system dragged down shares in US lenders down more than 14 per cent this week. The FTSE All-World stock index was down 0.1 per cent on Friday during Asian trading but up 1.6 per cent for the week. Technology stocks
Cryptocurrency firm Tether, which issues the stablecoin USDT (USDT), expects to make a $700 million profit in the first quarter of 2023, matching the profits of the last quarter of 2022, Tether chief technology officer Paolo Ardoino told Cointelegraph at Paris Blockchain Week 2023. “I don’t have the final figures yet, but the profit of
Hacked vanity addresses have reportedly been used to steal $500,000 worth of tokens from layer-2 scaling solution Arbitrum’s March 23 airdrop. A vanity address is a customized cryptocurrency address containing specific words or phrases chosen by the user, aiming to make them more personal and easily identifiable. However, the safety of vanity addresses is questionable. The
Swiss politicians are stealthy by design. But last weekend, as Credit Suisse, Switzerland’s second-largest bank, and a national institution, tottered on the brink of failure, Bern’s political leadership was uncomfortably thrust into the limelight. Karin Keller-Sutter has been in charge of the Swiss finance ministry for just two months. She now finds herself dealing with
Chinese authorities have raided US due diligence firm Mintz Group’s Beijing offices, detaining five local staff and closing its China operations, the company said in a statement. The raid, which one person familiar with the matter said occurred on Monday, comes as the Chinese government is preparing to welcome scores of international chief executives including
Environmental group Greenpeace’s latest salvo against Bitcoin (BTC) has seen the commissioning of an artwork aimed at highlighting its climate impact. Instead, the art piece has been widely praised by Bitcoiners, who want to adopt it as its mascot. On March 23, the climate activism group partnered with art activist Benjamin Von Wong for its
The demonstrators at Place de la République in Paris were chanting, weirdly, in Italian: “Siamo tutti antifascisti,” — “We are all antifascists.” In French, they targeted their chief enemy, the president: “We are here, even if Macron doesn’t want it.” Watching them were ranks of massed riot police, who, in the French policing tradition, made
The 2010s were a fruitful decade for culture warriors on the right. There was a particularly rich seam in 2016, with the Brexit referendum and the election of Donald Trump. Three years later, Scott Morrison and Boris Johnson exploited the culture wars on their way to win victories in Australia and the UK. Much has
When Amar Bhidé joined the board of Baillie Gifford’s flagship Scottish Mortgage Investment Trust three years ago, an insider complimented the academic as a “world-class brain and a world-class bastard” who would take to task the £13.4bn company’s investment managers. Bhidé, a professor of business at Tufts University in Massachusetts, departed in acrimony this week,
Central bankers have been at pains to stress that they can maintain a neat dividing line between actions taken to quell inflation, and those to fix turmoil in the banking system. So much so that the US Federal Reserve on Wednesday raised interest rates by a quarter point, despite the recent collapse of three midsized
Where were the regulators? It’s a fair question after the failure of several ostensibly supervised banks and policymakers are already asking it as they set out, once again, to make the financial system less crisis-prone. Even so, there is an equally pressing question to answer: where were the directors? The collapse of Silicon Valley Bank,
Executive pay at Silicon Valley Bank soared after the bank embarked on a strategy to boost profitability by buying riskier assets exposed to rising interest rates, according to a Financial Times analysis of securities filings and people familiar with the matter. The jump in pay for chief executive Greg Becker and chief financial officer Daniel
China has released a top chip investor after an eight-month detention as the country battles to bolster its semiconductor industry in the face of Washington’s containment efforts. Chen Datong, head of Yuanhe Puhua (Suzhou) Investment Management, also known as Hua Capital, was released this month as Beijing seeks help from chip experts to navigate tough
While rent control appears to help housing providers in the short run, in the long run it affects their investment and development plans, according to new research by the National Apartment Association (NAA). Potential actions include reducing investments, shifting plans to other markets and canceling plans altogether. Furthermore, a full two-thirds of housing providers would
Do Kwon, the South Korean crypto entrepreneur behind the $40bn implosion of terraUSD and luna digital tokens last year, has been charged in the US with fraud, hours after he was arrested in Montenegro. In a 12-page indictment revealed on Thursday, US prosecutors accused Kwon of defrauding crypto customers by “deceiving those individuals about aspects
Terraform Labs CEO Do Kwon has been charged with fraud by United States prosecutors in New York, just hours after he was reportedly arrested in Montenegro. The 31-year-old entrepreneur was charged with eight separate counts, including securities fraud, commodities fraud and wire fraud, according to a March 24 report from Bloomberg. What appears to be the
Our weekly roundup of news from East Asia curates the industry’s most important developments. Chinese crypto billionaire sued by SEC On Mar. 22, the U.S. Securities and Exchange Commission, or SEC, announced charges against Chinese blockchain personality and billionaire Sun Yuchen — better known as Justin Sun — and three of his wholly-owned companies Tron Foundation
Bitcoin’s (BTC) 17.5% rally between March 16 and March 22 surprised options traders betting on price levels below $26,000. The movement resulted from investors seeking protection against persistent inflation and the ongoing banking crisis. Bitcoin bulls have been paying close attention to the negative effects of near-zero interest rates between April 2020 and April 2022,