A former Deutsche Bank AG investment banker has been charged in an indictment unsealed on Tuesday with misappropriating funds from investors whom he wooed with promises of big returns from cryptocurrency trading. Rashawn Russell, 27, of Brooklyn, solicited investments from friends and colleagues but used the funds for gambling and other personal expenses, federal prosecutors […]
U.S.
The US economy is often considered the backbone of the global financial system. It has been showing signs of weakness in recent months, with data pointing towards sluggish growth and lower-than-expected performance in various sectors. This has led to a ripple effect on global markets, impacting not only the US dollar index but also other […]
The House of Representatives is set to vote next week on a bill to crack down on Chinese telecommunications companies Huawei and ZTE Corp that have been deemed security threats by the U.S. government. The House said on Tuesday it will take up a bipartisan bill called the Countering Untrusted Telecommunications Abroad Act that would […]
Ford Motor Co said Tuesday that next year it will start retooling its sport utility vehicle assembly plant in Oakville, Ontario to produce electric vehicles, fulfilling a promise made to Canada’s Unifor union during contract bargaining in 2020. Ford plans to begin overhauling the Oakville complex in the second quarter of 2024, idling most of […]
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 […]
The International Monetary Fund warned on Tuesday of a “perilous combination of vulnerabilities” in financial markets, saying participants’ failing to adequately prepare for interest rate increases has led to significant uncertainty about the health of the financial system. Moreover, the global lender said U.S. regional banks in particular may warrant closer scrutiny after the largest […]
Warren Buffett called geopolitical tensions “a consideration” in Berkshire Hathaway Inc’s decision to sell most of its stake in Taiwanese chipmaker TSMC just a few months after buying it, Nikkei reported on Tuesday. Berkshire had bought more than $4.1 billion of Taiwan Semiconductor Manufacturing Co’s shares between July and September 2022, but in February said […]
Meta Platforms on Tuesday began rolling out its payments tool to small and medium-sized firms through its WhatsApp messaging platform in Brazil, part of Meta’s strategy to use the Brazilian market as a key test space for business messaging. The development of business messaging has become all the more urgent as Meta’s core advertising business […]
France’s antitrust regulator is expected to go ahead soon with an investigation into Apple Inc over complaints tied to changes that the iPhone maker made in 2021 to its app tracking policies, news website Axios reported on Tuesday. French regulators are in favor of issuing a formal “Statement of Objections” to parties involved in the […]
Credit Suisse has already paid back some of the emergency liquidity offered by the Swiss National Bank (SNB), data suggested on Tuesday, signaling an ebbing of the liquidity crisis which triggered the lender’s fall. Sight deposits – cash held by commercial banks overnight with the SNB – fell by 31 billion Swiss francs ($34.3 billion)last […]