China’s banking troubles are not the same as Silicon Valley Bank, economist says

A Silicon Valley Bank office is seen in Tempe, Arizona, on March 14, 2023. – With hindsight, there were warning signs ahead of last week’s spectacular collapse of Silicon Valley Bank, missed not only by investors, but by bank regulators. Just why the oversight failed remains a hot question among banking experts, with some focusing … Read more

Singapore’s banking authority says DBS outage was ‘unacceptable’

A DBS Group Holdings Ltd. Logo atop an automated teller machine (ATM) at a bank branch in Singapore, on Wednesday, Feb. 17, 2021. Lauryn Ishak | Bloomberg | Getty Images SINGAPORE — Shares of Southeast Asia’s largest bank DBS Group were down 1.4% on Thursday, a day after a 10-hour outage of its digital services. … Read more

Gold smugglers use South African banks, bribes to launder money

Several key officials at three major South African banks are helping a gold smuggling gang launder millions of dollars of dirty cash in exchange for regular bribes, an Al Jazeera investigation has found. The officers at Standard Bank, ABSA Bank and Sasfin Bank have been on the payroll of Mohamed Khan, a money launderer working … Read more

‘Call of duty’: With Sergio Ermotti, Switzerland gets a cost-cutting local to restore its reputation

Sergio Ermotti, chief executive officer of UBS Group AG. Stefan Wermuth | Bloomberg | Getty Images incoming UBS CEO Sergio Ermotti on Wednesday said his return to the helm was “a call of duty,” as the Swiss veteran takes on the task of restoring order to the country’s battered financial reputation, UBS announced on Wednesday … Read more

Asia is an area of ​​certainty amid global volatility, says China’s Boao Forum outlook

Asia, especially China, is an area of ​​certainty amid global uncertainty, according to an annual economic outlook report released Tuesday at the high-profile Boao Forum in Hainan province. Vcg | Visual China Group | Getty Images HAINAN — Asia, especially China, is an area of ​​certainty amid global uncertainty, according to an annual economic outlook … Read more

This is not another banking crisis, analysts say — it’s ‘sentiment contagion’ instead

A slogan is written on the sidewalk in front of the global headquarters of Swiss bank Credit Suisse the day after its shares dropped approximately 30% on March 16, 2023 in Zurich, Switzerland. Arndt Wiegmann | Getty Images News | Getty Images The collapse of US-based Silicon Valley Bankthe biggest bank failure since the global … Read more

Saudi National Bank chair resigns just days after Credit Suisse comments sparked sell-off

The Saudi National Bank (SNB) headquarters beyond the King Abdullah Financial District Conference Center in the King Abdullah Financial District (KAFD) in Riyadh, Saudi Arabia, on Tuesday, Dec. 6, 2022. Bloomberg | Bloomberg | Getty Images Saudi National Bank Chairman Ammar al-Khudairy resigned his post on Monday, days after his comments exacerbated the troubled bank’s … Read more

‘The first bank crisis of the Twitter generation’: The pressure on banks is very different from 2008

It is “unlikely” that European banks will undergo anything as serious as in 2008, according to economists. Peter Macdiarmid / Staff / Getty Images LONDON , Turbulence across the banking sector has prompted the question of whether we are teetering on the edge of another financial crash, 2008-style. But a banking crisis today would look … Read more

Fed’s Kashkari says stress in banking sector brings the US closer to recession

“What’s unclear for us is how much of these banking stresses are leading to a widespread credit crunch. And then that credit crunch, just as you said, would then slow down the economy,” Minneapolis Fed President Neel Kashkari said in an interview with CBS ‘ Face the Nation. John Lamparski | Getty Images Entertainment | … Read more

CNBC Daily Open: Deutsche Bank is not Credit Suisse

A Deutsche Bank AG branch in the financial district of Frankfurt, Germany, on Friday, May 6, 2022. Alex Kraus | Bloomberg | Getty Images This report is from today’s CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they … Read more

Deposit drain from smaller banks into financial giants like JPMorgan Chase has slowed, sources say

First Republic Bank headquarters is seen on March 16, 2023 in San Francisco, California, United States. Tayfun Coskun | Anadolu Agency | Getty Images The surge of deposits moving from smaller banks to big institutions including JPMorgan Chase and Wells Fargo amid fears over the stability of regional lenders has slowed to a trickle in … Read more

The Swiss claim the US banking crisis ultimately toppled Credit Suisse. But are they right?

Axel Lehmann, chairman of Credit Suisse Group AG, Colm Kelleher, chairman of UBS Group AG, Karin Keller-Sutter, Switzerland’s finance minister, Alain Berset, Switzerland’s president, Thomas Jordan, president of the Swiss National Bank (SNB), Marlene Amstad, Chairman of the Swiss Financial Market Supervisory Authority (FINMA), left to right, during a news conference in Bern, Switzerland, on … Read more

Is the US Fed right about raising interest rates?

From: Counting the cost The US Federal Reserve raised interest rates again to rein in inflation, despite the turmoil in the financial sector. Inflation in the United States hit a 40-year high over the past 12 months and the Federal Reserve raised interest rates eight times to rein in price increases. But the policy depresses … Read more

Europe’s leaders battle banking crisis as market rout hangs over Brussels summit

Germany’s Chancellor Olaf Scholz said Deutsche Bank is profitable after shares dipped more than 10% during European trading. Ludovic Marin | Afp | Getty Images BRUSSELS — European leaders on Friday were keen to stress that the region’s banking sector was stable and sound following Deutsche Bank‘s sudden slide as markets opened for trade. German … Read more

Crypto firm Tether says it has around $1.6 billion in excess reserves to back its USDT stablecoin.

Cryptocurrency firm Tether estimates it will make $700 million profit in the March quarter, taking its total excess reserves to over $1 billion, the company’s technology chief told CNBC, revealing the latest figures for the first time. Tether issues the usdt stablecoin, which is pegged one to one with the US dollar. USDT is backed … Read more

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