Asian bank debt and shares fell on Monday after the wipeout of $17bn of Credit Suisse bonds in a takeover by UBS, sparking concern about similar debt and heralding further turmoil in European markets. HSBC shares fell 6 per cent in Hong Kong, while Standard Chartered fell 5 per cent and Bank of East Asia
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Bitcoin ATM manufacturer General Bytes has shuttered its cloud services after discovering a “security vulnerability” that allowed an attacker to access users’ hot wallets and gain sensitive information, such as passwords and private keys. The company is a Bitcoin (BTC) ATM manufacturer based in Prague, and according to its website, has sold over 15,000 ATMs
The Mid-Size Bank Coalition of America has asked federal regulators to extend FDIC insurance to cover all deposits for the next two years. “Doing so will immediately halt the exodus of deposits from smaller banks, stabilize the banking sector and greatly reduce chances of more bank failures,” the group claimed. “It is imperative we restore
Flagstar Bank owner New York Community Bank has agreed to buy most of the operations of Signature Bank, the failed New York City-based lender. The Federal Deposit Insurance Corporation announced the deal on Sunday, one week after the US banking regulator and deposit insurer took control of Signature. The seizure came on the heels of
A U.S. congressman has urged the federal government to temporarily insure every bank deposit in the country. Following the collapses of several major banks, he stressed that if the government does not do this, there will be a run on smaller banks. “This is a contagion that could be spread across the entire banking system,”
The United States Federal Reserve has announced a coordinated effort with five other central banks aimed at keeping the U.S. dollar flowing amid a series of banking blowups in the U.S. and in Europe. The March 19 announcement from the U.S. Fed comes only a few hours after Swiss-based bank Credit Suisse was bought out
A unit of New York Community Bancorp has agreed to buy “substantially all” deposits and some loan portfolios of the collapsed Signature Bank, the US federal deposit agency announced on Sunday. From Monday, Flagstar Bank will acquire 40 former Signature branches, which will be rebranded under its name, the Federal Deposit Insurance Corporation said. The
U.S. Senator Elizabeth Warren has called for a “thorough, independent investigation of the causes” that led to the failure of Silicon Valley Bank (SVB) and Signature Bank. She alleges that Federal Reserve Chairman Jerome Powell “bears direct responsibility” for regulatory and supervisory issues involving the two banks. Senator Elizabeth Warren Calls for Independent Investigation Into
Holders of $17bn of Credit Suisse bonds will have their investment wiped out following the bank’s takeover by UBS, in a surprise move that is expected to cause ructions in European debt markets when they open on Monday. As part of the historic deal between the banks, Swiss financial regulator Finma ordered that SFr16bn of
According to Sharering, a blockchain-based platform enabling the creation and use of “self-sovereign” verifiable credentials, millions of potential world wide web users are still disconnected from the internet because they lack required or verifiable identities, among other things. Without such verifiable identities or credentials, many disadvantaged groups, including refugees, are thus precluded from accessing information
Plans to revamp UK bank capital rules risk a 25 per cent cut in lending to small businesses, threatening jobs and economic growth, a new study has warned. The Bank of England’s Prudential Regulation Authority announced the controversial plans to overhaul the capital treatment for small business lending in December, as part of broader proposals
The Federal Reserve and other global central banks have announced fresh measures to improve US dollar liquidity as global financial markets reel from the turmoil hitting the banking sector. In a joint statement released on Sunday, the world’s leading central banks said that they will launch daily operations to make funding available via standing swap
UBS agreed to buy Credit Suisse for $3.25bn after a frantic weekend of negotiations brokered by Swiss regulators to safeguard its banking system and attempt to prevent a crisis spreading across global financial markets. The historic deal follows five days in which the Swiss establishment raced to end a deepening crisis at Credit Suisse that
At the time of writing, the leading cryptocurrency is trading at $28,063, a 2.4% increase in the past 24 hours. The price reached $28,459 at its highest point during the day, before trading at $26,877 during the day’s low. Overall this week, Bitcoin has gained over 37% against the U.S. dollar. Bitcoin’s market capitalization added
Bitcoin reached a high of $28,422 per unit on Sunday at around 3 p.m. Eastern Time as the leading cryptocurrency has continued to rise during the last week. Since last Sunday, bitcoin has increased in value by 37.9% against the U.S. dollar, and the cryptocurrency’s overall market capitalization has swelled to $546 billion. Global Cryptocurrency
Days after Vladimir Putin was hit with an international warrant for alleged war crimes in Ukraine, Xi Jinping’s first state visit to Moscow in four years is a demonstration of the Chinese leader’s commitment to Russia’s president — but is also set to show the red lines in what the pair last year dubbed a
The writer is managing partner and head of research at Axiom Alternative Investments Bank investors are well aware of the risks; they know that banking relies on trust and that sentiment can change quickly. The crisis now faced by Credit Suisse is, however, a previously unseen phenomenon. Every single bank failure I can remember was
Interest in the U.S. banking crisis has risen greatly over the past two weeks, as shown by Google Trends data. There has been a sharp increase in queries related to search terms such as “banking crisis,” “bank collapse,” and “bank failure.” On March 13, 2023, the search term “banking crisis” reached the top Google Trends
Bitcoin (BTC) is on track to close the week with gains of more than 23%. The banking crisis in the United States and Europe seems to have boosted buying in Bitcoin, indicating that the leading cryptocurrency is behaving as a safe haven asset in the near term. All eyes are on the Federal Reserve’s meeting
Smaller US banks have big problems. For now, their focus is on survival. That is why the Mid-Size Bank Coalition of America has pleaded for an extension of deposit insurance to staunch the outflows. But even after stability is restored, the lending capacity of regional banks will be severely constrained. That will damage the US
The Biden administration is under mounting pressure to call for an expansion of the federal guarantee on bank deposits to shore up confidence in the financial system and prevent further distress among US regional banks. The Federal Deposit Insurance Corporation, which is funded by banks, guarantees deposits up to $250,000. But a growing chorus of