The U.S. dollar fell to a 1-week low against the euro on Thursday as German inflation data helped lift the common currency and as concerns over the banking sector receded. Inflation eased significantly in Germany in March on the back of lower energy prices but was above forecasts, adding pressure on the European Central Bank […]
Technology
The White House on Thursday issued a plan officials say would substantially reduce the risk of another crisis in the banking industry, after U.S. banks failed and a Swiss lender needed a government rescue earlier this month. The plan, which can be accomplished by regulators with their existing powers, mostly would put stricter requirements on […]
Wells Fargo & Co will pay fines of about $97.8 million for inadequate oversight of its compliance risks, enabling the apparent violation of U.S. sanctions against Iran, Syria and Sudan, federal authorities said on Thursday. The Federal Reserve and the Treasury Department’s Office of Foreign Assets Control (OFAC) said the bank’s deficient oversight enabled it […]
Senate Energy Committee Chair Joe Manchin said on Wednesday he may go to court after the U.S. Treasury releases guidance later this week on battery sourcing guidance for electric vehicle tax credits. “If it goes off the rails” and violates the intent of the climate legislation approved in August, “I will do whatever I can […]
Republican lawmakers on Wednesday prodded Wall Street’s top regulator to justify his agency’s efforts to regulate companies’ climate disclosures and criticized the U.S. Securities and Exchange Commission for what they said was hasty rulemaking. In an appearance before a House of Representatives panel overseeing federal spending, SEC Chair Gary Gensler defended the agency’s request for […]
Microsoft has been at the forefront of the artificial intelligence (AI) revolution, developing innovative technologies to enhance the capabilities of businesses worldwide. One such technology is ChatGPT, an AI-based chatbot that uses deep learning algorithms to understand and respond to natural language inputs. However, with the growing demand for AI-based chat tools, Microsoft is taking […]
A team of 20 bank examiners at the San Francisco Federal Reserve took over day-to-day supervision of Silicon Valley Bank in the second half of 2021, after the bank’s growth pushed its assets above the $100 billion mark that triggers more intense oversight. Soon after, supervisors began calling out problems at the bank, but only […]
U.S. criminal charges should be dropped against two former Societe Generale SA bankers for allegedly trying to rig the London interbank offered rate, prosecutors told a New York court on Wednesday. Muriel Bescond, a former head of Societe Generale SA’s Treasury desk in Paris, and her boss Danielle Sindzingre, who was SocGen’s global head of […]
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 the world’s two largest economies, the United States (US) and China have been engaged in a game of economic tug-of-war for decades. But for all that, recent developments suggest that the struggle for global supremacy between these superpowers may be taking on a more political dimension. With China extending its political reach toward countries […]