A former regulator credited with stabilising the US banking system during the 1980s crisis has hit out at the decision to sell First Republic to JPMorgan Chase as he warned of “more problems” to come for regional lenders. After San Francisco-based First Republic suffered a $100bn deposit run, the Federal Deposit Insurance Corporation solicited bids
Rishi Sunak and Sir Keir Starmer go head to head on Thursday in a big test at the ballot box, as voters across much of England go to the polls with more than 8,000 seats on 230 local councils up for grabs. The contest will be a barometer of public opinion ahead of an expected
Decentralized finance (DeFi) protocol Curve Finance has launched its native algorithmic U.S. dollar-pegged stablecoin, dubbed “crvUSD” on the Ethereum mainnet — minting more than $22 million worth of the crvUSD so far. According to data from blockchain explorer Etherscan, the contract has minted more than $22 million worth of crvUSD in the past 8 hours,
U.S. Presidential Candidate Robert F. Kennedy Jr. has warned that “the banking collapse is the tip of an economic mega-crisis,” emphasizing that “It’s not just the banks.” He also slammed President Joe Biden’s crypto mining tax proposal. “It is a mistake for the U.S. government to hobble the industry and drive innovation elsewhere,” Kennedy stressed.
Following a quarter-point increase in the federal funds rate by the Federal Reserve on Wednesday, precious metals such as silver and gold experienced a surge in value against the U.S. dollar, with gains ranging from 0.87% to 1.18%. Gold, in particular, has been on an upward trajectory, having risen by 3.4% in the past month
The Nasdaq-listed cryptocurrency exchange Coinbase has been accused of “wrongfully” profiting from its users’ facial and fingerprint scans. “Coinbase collects, stores, possesses, otherwise obtains, uses, and disseminates its users’ biometric data to, amongst other things, further enhance Coinbase and its online ‘app-based’ Platform,” a proposed class action lawsuit details. Coinbase ‘Wrongfully Profits’ From Users’ Facial
The US Federal Trade Commission is seeking to ban Meta, the parent company of Facebook and Instagram, from monetising children’s data and further limit its use of facial recognition technology. The FTC’s proposal on Wednesday called for a blanket prohibition on Meta’s ability to commercialise data it collects from users aged 18 and under, including
The Etsy website Gabby Jones | Bloomberg | Getty Images Check out the companies making headlines after hours. PacWest, Western Alliance, Comerica – Shares of PacWest plunged more than 50% in extended trading following a Bloomberg News report that the regional bank was exploring strategic options, including a potential sale. The news weighed on other
Looking at the market’s choppiness and heavy supply, Columbus decided last week to push of its new money and refunding to this week, but little did officials know that the U.S. Treasury would throw a curve ball by suspending the sale of State and Local Government Series securities. City Auditor Megan Kilgore said the city’s
On May 2, 2023, the Biden administration unveiled a blog post outlining the Digital Asset Mining Energy (DAME) tax, featured in the president’s comprehensive 182-page budget proposal for the fiscal year 2024. The DAME tax targets “making crypto miners pay for the costs they impose on others” regarding the environmental impact of crypto mining activities.
The UK competition watchdog is launching a review of the artificial intelligence market, including the models behind popular chatbots such as ChatGPT, as the industry comes increasingly into global regulators’ crosshairs. Sarah Cardell, chief executive of the UK Competition and Markets Authority, said the watchdog would examine so-called foundation models — such as the software
Little St. James Island, one of the properties of financier Jeffrey Epstein, is seen in an aerial view near Charlotte Amalie, St. Thomas, U.S. Virgin Islands July 21, 2019. Marco Bello | Reuters An investment firm led by the billionaire Stephen Deckoff has bought two private islands in the U.S Virgin Islands previously owned by
Municipals were mostly steady Wednesday while U.S. Treasury yields rallied on the short end following the Federal Open Market Committee decision to raise a quarter point, with language that may hint at a pause. Equities were mixed. In his press conference, Chair Jerome Powell stressed the panel’s commitment to lowering inflation and spoke of the
U.S. District Court Judge Laura Taylor Swain denied Puerto Rico Electric Power Authority bondholders’ request she certify their appeal of her decision they have no lien on the bankrupt authority’s revenues. While bondholders could continue their appeal, without Swain’s certification it is less likely to be heard by the appeals court, said Puerto Rico Attorney
If you want to purchase shares right away, you are going to have to pay the asking price. Similarly, if you want to sell shares right away, you have to pay the bidding price. Bid: -What people are looking to get the order at -If you want to purchase 100 shares of Nike, you might
The Federal Trade Commission is seeking to ban Meta, the parent company of Facebook and Instagram, from monetising children’s data and further limit its use of facial recognition technology. The FTC’s proposal on Wednesday called for a blanket prohibition on Meta’s ability to commercialise data it collects from users aged 18 or younger, including via
The Bitcoin price successfully defended the $28,000 support on May 2, but it has yet to prove the strength needed to reclaim the $29,200 level from April 30. $30K becomes crucial for Bitcoin bulls Some analysts will pin the recent downtrend on the expectation of an interest rate increase by the United States Federal Reserve
As politicians and legislators attempt to reign in the appeal of municipal bonds that fund ESG-friendly endeavors, the market is mostly ignoring them. Data from academia, rating agencies, consultants and buyers indicates that appearing to do good still has an upside despite an apparently increasing backlash against ESG labeling in states such as Florida. “While
Bankers, investors and former Treasury Secretary Steven Mnuchin have no appetite for playing games with the U.S. debt ceiling. “We need to have the debt ceiling raised quickly with close to $30 trillion in debt at risk,” Mnuchin said at one panel at the Milken Institute Global Conference in Beverly Hills this week. The three-day
The fiscal health of two major Midwest cities would take divergent paths under tax-related legislation being pursued at their state capitals. The Missouri House this week approved and sent to the Senate legislation that would strip St. Louis of its ability to collect an earnings tax on remote work. In Wisconsin, the legislature’s GOP majority
The Federal Reserve Bank building Kevin Lamarque | Reuters The Federal Reserve raised the target federal funds rate by another 0.25 percentage points on Wednesday. This marks the 10th time the Fed has raised its benchmark interest rate over the past year or so, the fastest pace of tightening since the early 1980s. Even though the Fed’s rate-hiking