Crypto’s most ardent supporters present it as the future alternative to regular money. What they sometimes fail to mention is that, for now, most digital currencies still rely on old-fashioned banks for their existence.
DEMOCRATIC US Senator Elizabeth Warren on Tuesday (Mar 14) called on Federal Reserve Chair Jerome Powell to recuse himself from an internal review of recent bank failures, saying his actions “directly contributed” to them.
THE chief executive officer of Sweden’s biggest pension fund, Alecta, admitted its US$2.1 billion bet on three niche US banks tied to the fallout of Silicon Valley Bank was “a big failure”.
A BIG majority of the Bank of Korea’s board members voted to hold interest rates steady at the Feb 23 meeting, but agreed that it was premature to declare an end to its tightening campaign, meeting minutes showed on Tuesday (Mar 14).
CHINESE Money brokers are preparing to suspend their data feed businesses in coming days after being told by Chinese regulators on Tuesday (Mar 14) that they needed to do so, six sources told Reuters.
SOME of the world’s top money managers are sitting on a windfall after the collapse of Silicon Valley Bank (SVB) spurred the biggest rally in US Treasuries since the early 1980s.
JAPANESE financial institutions have sufficient capital buffers to absorb losses caused by various external factors, including risks caused by the collapse of US lender Silicon Valley Bank, the Bank of Japan (BOJ) said on Tuesday (Mar 14).
US TREASURY yields swung wildly on Tuesday (Mar 14), a sign of traders’ heightened sensitivity to newsflow on the health of the banking system and bets on the outlook for US rate hikes.
