On Monday, U.S. president Joe Biden published the administration’s economic report and addressed the subject of cryptocurrencies. The section titled “The Perceived Appeal of Crypto Assets” describes the currencies as “mostly speculative investment vehicles” that are “unbacked” and “traded without fundamental anchors.” The White House insists that crypto assets do not deliver on their promises...
Amid the declining smartphone market, premium devices are having their moment. These pricy devices made up more than half of the worldwide smartphone market’s revenue, according to a report from Counterpoint. The analytics company’s report says that premium devices (with a wholesale value of $600 or more) grew by 1% year-on-year in terms of shipment...
© Reuters. FILE PHOTO: Medical workers in protective suits attend to COVID-19 patients at the intensive care unit (ICU) of a designated hospital during the coronavirus disease (COVID-19) outbreak in Wuhan, Hubei province, China, February 6, 2020. China Daily via REU By Jennifer Rigby and Natalie Grover LONDON (Reuters) -Data from the early days of...
U.S. officials are reportedly studying ways to expand the current scope of deposit insurance that would guarantee all U.S. bank deposits should the current banking crisis worsen. The current deposit insurance cap under the Federal Deposit Insurance Corporation stands at $250,000, however, following the collapse of several banks in March, there have been calls to...
© Reuters. SVB (Silicon Valley Bank) logo is seen in this illustration taken March 19, 2023. REUTERS/Dado Ruvic/Illustration (Reuters) – California’s financial regulator said on Monday it will issue a report on a comprehensive review of its own oversight and regulation of Silicon Valley Bank by early May. “Through this review, we will examine how...
NEW YORK, 20th March, 2023 (WAM) – A major UN report of reports from the authoritative UN Intergovernmental Panel on Climate Change (IPCC), outlines the many options that can be taken now, to reduce greenhouse gas emissions and adapt to human-caused climate change. The study, “Climate Change 2023: Synthesis Report”, released on Monday following a...
A report issued by Globaldata, a global consulting and data analysis company, predicts that China will become a leading country in metaverse tech during 2023. The firm believes that the development of other technologies like artificial intelligence (AI), virtual reality (VR), augmented reality (AR), and 6G will allow China to configure itself as a metaverse...
Silicon Valley Bank UK (SVB UK) has granted millions of pounds in employee bonuses, just days after it was rescued by global banking giant HSBC for just 1 British pound, according to unnamed sources. In a March 18 Sky News report citing unnamed sources, it was reported that payouts to SVB UK staff and senior...
The Swiss National Bank (SNB) and Switzerland’s financial regulator reportedly believe that the acquisition of investment bank Credit Suisse by UBS, Switzerland’s largest bank, is the “only option” to prevent a “collapse in confidence” in Credit Suisse. According to a March 18 Financial Times report citing three people familiar with the situation, Switzerland is preparing...
The Mid-Size Bank Coalition of America (MBCA) has reportedly asked United States federal regulators to extend insurance on all deposits for the next two years. According to a March 18 Bloomberg report, the MBCA – a coalition of mid-size U.S. banks – sent a letter to the U.S. Federal Deposit Insurance Corporation (FDIC), asserting that...