Tag Archives: Banks

Russian President Vladimir Putin speaks with Finance Minister Anton Siluanov.RIA Novosti/Reuters The impending Russian debt default is likely to be one of the most difficult in history to resolve, Oxford Economics has said. It could even result in the US seizing the Russian central bank’s frozen assets, the consultancy’s Tatiana Orlova said. Russia still has a grace period in which to make dollar payments on its foreign bonds, but analysts say a default is likely. The impending Russian debt… Source link

(Bloomberg) — Milwaukee Bucks superstar Giannis Antetokounmpo had more banks than letters in his name before Avenue Capital Group founder Marc Lasry stepped in. Most Read from Bloomberg The National Basketball Association’s two-time most-valuable player had accounts open at 50 different banks, with each of them holding up to the Federal Deposit Insurance Corp. coverage limit. That shocked Lasry, who co-owns the Milwaukee team. “I spend a lot of time with them explaining where they should… Source link

(Bloomberg) — Chinese power plants and steelmakers are looking for alternatives to Russian coal after some domestic banks suggested they avoid purchases due to the mounting sanctions being imposed on Moscow. Most Read from Bloomberg Some state-own firms were sent private client notes by the lenders advising them to halt buying Russian coal as tightening global restrictions could cause “unexpected damage” to China’s importers, according to people with knowledge of the matter who asked… Source link

(Bloomberg) — Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. Most Read from Bloomberg The Bank of Russia acted quickly to shield the nation’s $1.5 trillion economy from sweeping sanctions that hit key banks, pushed the ruble to a record low and left President Vladimir Putin unable to access much of his war chest of more than $640 billion. The central bank more than doubled its key interest rate to 20%, the highest in almost two decades, and… Source link

The Federal Reserve hasn’t done anything with interest rates yet, but bank earnings released Friday show that the mere anticipation of a pullback in easy money policies is weighing on the industry. On Friday, three of the nation’s four largest banks reported earnings covering the final quarter of 2021: JPMorgan Chase (JPM), Citigroup (C), and Wells Fargo (WFC). At Wells Fargo, bread-and-butter loans and strong expense management made the San Francisco-based bank the only stock winner among… Source link

Demand for cryptocurrency and blockchain talent is soaring, as big banks make a big push into the as-yet unregulated space. According to LinkedIn, U.S. job postings for “crypto” and “blockchain” positions have skyrocketed 615% in August, compared to the same period last year. “We’re seeing this across the big banks and that’s really the sea change over the past few years,” Devin Banerjee, LinkedIn’s editor-at-large of business and finance, told Yahoo Finance. “Big banks… Source link

Market volatility has dipped since September, but the nation’s top bankers are warning that choppiness could be coming back soon — thanks to the Federal Reserve. In earnings calls this week, executives at the largest U.S. banks said price swings could be back as the central bank attempts to slow (and then reverse) its easy money policies launched last year to insulate the economy from the effects of the COVID-19 pandemic. “It’s good to be watchful right now,” Morgan Stanley (MS) CEO… Source link

From first dates to family outings, a night at the movies used to be a huge pre-pandemic draw. However, one of society’s biggest rituals is struggling to recover, even as COVID-19 capacity limits are lifted. Like many other sectors, the longer-term survival of movie theaters is a huge open question, especially among small and independent operators. Many theaters across the country were shuttered for over a year as Hollywood drastically curtailed the number of new releases, or narrowed the… Source link

Earlier this month, Benoit Coeure, a well-known central bank policymaker, sounded an alarm for central banks to act now on minting their own central bank digital currencies (CBDCs).  In a speech, the former European Central Bank economist who leads innovation at the Bank of International Settlements (BIS) warned that rapidly mushrooming cryptocurrencies will challenge the business models of international banking — if monetary authorities don’t quickly act. As China moved on Friday to… Source link

The nation’s largest banks are asking an international body of regulators to give them the space to grow their crypto asset exposures, sparking debate over where guardrails should be placed on the emerging asset class. On Tuesday, an advocacy group representing the eight largest U.S.-based financial institutions wrote to the Bank of International Settlements (BIS) regarding its proposal for a global framework for bank exposure to crypto assets. “We find the proposals in the consultation to… Source link