The mass adoption of fintech has transformed people’s views of their finances and behaviors as consumers. Could this be the end for banks?
Banking Crisis
Apple Inc has significantly increased its production of iPhones in India, accounting for almost 7% of its total iPhone production, up from 1% in 2021, Bloomberg News reported on Thursday. The company assembled more than $7 billion worth of iPhones in the country in the last fiscal year, the report said. Apple did not immediately […]
European Union plans, due next week, will seek to speed up handling of failing banks to ensure they are not bailed out by taxpayers but “bailed in” using their own resources, EU documents seen by Reuters showed. The draft plans would have a requirement for EU authorities, including the European Central Bank, to give an […]
Switzerland’s parliament on Wednesday rejected a Credit Suisse rescue package that included 109 billion Swiss francs ($120.87 billion) in financial guarantees in a largely symbolic vote as the government commitment, made using emergency law, cannot be overturned. Although parliament’s upper house earlier on Wednesday retrospectively approved the measures, the lower house rejected them for the […]
The International Monetary Fund on Tuesday trimmed its 2023 global growth outlook slightly as higher interest rates cool activity but warned that a severe flare-up of financial system turmoil could slash output to near recessionary levels. The IMF said in its latest World Economic Outlook report that banking system contagion risks were contained by strong […]
With sentiment still fragile in the aftermath of the banking crisis, a risk-on rally proved short-lived, leaving the MSCI ex-Japan index swinging between gains and losses on Thursday. The dollar firmed up, continuing its rebound, while gold eased. But as we are at the ‘no news = good news’ stage of the recovery from the […]
As we speak, our traditional trust-based banking system is crumbling down like a house of cards. Most experts hope that blockchain-based finance, or in other words, no-trust finance, will salvage the economy. Now, more than ever before, people are careful where they invest their money. But with the threat of malicious quantum computing use cases, […]
As U.S. banking contagion worries ebb, some investors are hunting for shares of fundamentally strong regional lenders that were swept up in this month’s epic sell-off. Investors sent a record net $236.2 million into the iShares Regional Bank ETF over the last two weeks, after Silicon Valley Bank’s collapse earlier this month fueled concern about […]
Australian Treasurer Jim Chalmers will convene a meeting of the country’s top financial regulators to check how the latest volatility in global financial markets could affect the country, an official in the treasurer’s office said on Tuesday. Australia’s Council of Financial Regulators (CFR) will meet on Thursday after Chalmers discussed the latest market turmoil in […]
Oil prices stabilised in Asian trade on Monday as investors sought cues from broader financial markets, while comments by Russian President Vladimir Putin over the weekend ratcheted up geopolitical tensions in Europe. Brent crude futures held unchanged at $74.99 a barrel at 0357 GMT after hitting a session high of $75.64. U.S. West Texas Intermediate […]