Credit Suisse said it had identified “material weaknesses” in its internal controls over financial reporting, the latest blow to a bank battling to revive its fortunes. In its annual report on Tuesday, Credit Suisse said “management did not design and maintain an effective risk assessment process to identify and analyse the risk of material misstatements
The Egyptian police are reported to have recently arrested 29 individuals associated with the Hoggpool cryptocurrency mining app scam. In addition to seizing 95 mobile phones and 3,367 SIM cards, the police said domestic and foreign currency valued at $194,000 was recovered during the arrests. According to a lawyer representing over 1,000 victims, as many
US inflation is expected to remain hot enough to further complicate the path forward for the Federal Reserve as it contends with three bank failures and broader concerns about financial stability. The consumer price index is forecast to have risen 6 per cent year on year in February, according to a consensus estimate compiled by
Jeremy Hunt will use Wednesday’s Budget to lift pension allowances for higher earners in an effort to discourage early retirement and get them to extend their careers into later life. The UK chancellor is set to increase the £40,000 cap on tax-free annual pension contributions — frozen for the past nine years — to £60,000.
JOMO stands for the joy of missing out — particularly when a cryptocurrency trader refuses to follow the crowd. It’s the opposite of FOMO or fear of missing out, and it’s the counterbalance to price rallies driven by hype and frenzy. What is JOMO in crypto trading? In crypto trading, JOMO stems from not following the herd —
Academia isn’t exactly famous for churning out timely papers of practical value. But occasionally a gem emerges from the scholastic grind at the perfect moment. One such effort has landed in FTAV’s SVB-bloated inbox today. The abstract from five researchers at the University of Southern California, Northwestern University, Columbia University, Stanford University and NBER (our
A recent study made by Fiserv, a global payments company, shows that QR and digital wallets have grown significantly as payment options in Argentina. While credit card preference has stagnated, the use of cash for payments has decreased, with only 14% of the polled choosing to use it over other options in the country. Argentina
Bitcoin (BTC) eyed key resistance near $25,000 on March 14 as markets awaited key economic data from the United States. Hopes CPI will bring Bitcoin “consolidation” Data from Cointelegraph Markets Pro and TradingView showed BTC/USD making monthly highs of $24,917 on Bitstamp overnight. The pair remained buoyant after the impact of multiple U.S. bank closures
Craig Coben is a former global head of equity capital markets at Bank of America and now a managing director at Seda Experts, an expert witness firm specialising in financial services. Bankocalypse postponed? While equity and unsecured creditors will lose their money and top management will lose their jobs, Silicon Valley Bank’s demise shows that
Despite a turbulent week for crypto following the downfall of Silicon Valley Bank (SVB) and Signature Bank, Bitcoin (BTC) market cap has managed to flip that of tech giant Meta. At the time of writing, data from Companies Market Cap shows Bitcoin’s market cap has reached $471.86 billion, surpassing that of Meta’s market cap of $469
After years of hiding from public sight, a hard-partying Englishman alleged to be central to the Wirecard fraud is about to be forced into the limelight by a criminal case in Singapore. James Henry O’Sullivan’s name is already familiar from the trial of former Wirecard executives taking place on the other side of the world.
The writer is managing partner and head of research at Axiom Alternative Investments Of all the ways a bank can die, the route pursued by Silicon Valley Bank on the way to implosion appears to have been one of the most reckless. Banks exist to take and manage liquidity, interest rate and credit risks. It
The depegging of USD Coin (USDC) and Dai (DAI) from the United States dollar prompted a frenzy of loan repayments over the weekend, allowing debtors to save a total of more than $100 million on their loans. Following the collapse of Silicon Valley Bank on March 10, the USDC price dropped to lows of $0.87 on March
The American Institute of Architects (AIA) is recognizing 10 exceptional residential designs with its 2023 housing awards. The program, now in its 23rd year, was established to recognize the best in housing design for new construction, renovations and restorations. Complete details for each of the awarded projects can be reviewed on AIA’s website. Projects were
TikTok has been accused of mishandling allegations of sexual misconduct and harassment against a senior manager in London, highlighting longstanding concerns about the working culture at the fast-growing social media platform. Steve Ware, former head of TikTok’s UK ecommerce studio operations, made inappropriate sexual comments and advances to young female staff members and clients, including
Shares of Japan’s biggest banks dropped sharply on Tuesday as global markets reacted to a US banking sector sell-off and uncertainty over interest rates in the wake of the collapse of Silicon Valley Bank. Traders in Tokyo said they were expecting a second day of massive equity market support from the Bank of Japan to
The British government and the central bank, the Bank of England, have facilitated a private sale of Silicon Valley Bank UK to HSBC, according to Chancellor of the Exchequer Jeremy Hunt. He stressed that “Deposits will be protected, with no taxpayer support.” British Government Announces Acquisition of Silicon Valley Bank UK by HSBC HSBC has
Large US banks are being inundated with requests from customers trying to transfer funds from smaller lenders, as the failure of Silicon Valley Bank results in what executives say is the biggest movement of deposits in more than a decade. JPMorgan Chase, Citigroup and other large financial institutions are trying to accommodate customers wanting to
South Dakota Governor Kristi Noem has vetoed a bill that bans the use of cryptocurrencies, including bitcoin, as money. The bill, masquerading as a Universal Commercial Code (UCC) guidelines update, also paves the way for central bank digital currencies (CBDCs). Emphasizing that this bill is clearly “a threat to our freedom,” the governor urged 20
China will resume the issuance of tourist visas to foreigners, as the government removes one of the final remnants of its three-year closure under zero-Covid. The Chinese embassy in Washington said that in addition to processing new visas from Wednesday, existing visas from before March 2020, when it closed its borders due to the pandemic,
Goldman Sachs has revised its U.S. interest rate forecast due to “stress in the banking system.” The global investment bank no longer expects the Federal Reserve to raise interest rates at its Federal Open Market Committee (FOMC) meeting in March after the central bank announced measures to rescue depositors of failed Silicon Valley Bank and