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☆ Japan convening panel on digital yen as BOJ pilot scheme gets underway
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

Central banks around the world have scrambled to develop digital currencies to modernize financial systems and facilitate domestic and cross-border payments. But Japan remains undecided on whether to issue a central bank digital currency (CBDC), and the BOJ has said the pilot programme may last for several years. "We understand the BOJ's study is making a steady headway," a finance ministry official told reporters. "However, we have not at all decided on whether Japan will issue a CBDC." The BOJ and Financial Services Agency will attend the panel sessions as observers.

The finance ministry will set up a panel of experts as early as April to discuss the feasibility of issuing a digital yen, two sources with knowledge of the matter told Reuters. The step will come after the central bank's decision to start in April a pilot programme to test the use of a digital yen, moving Japan closer to issuing a CBDC in several years. The central bank has said the pilot programme may last for several years. Some laws may need to be revised if the government were to start issuing a CBDC for public use. Public broadcaster NHK reported on Thursday the finance ministry was considering setting up an advisory panel in April to discuss the possibility of a digital yen.

☆ Premarket stocks: How big of a problem is greedflation?
▼ + stars: | 2023-03-29 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

“Executives at SVB and Signature [Bank] took wild risks and must be held accountable for exploding their banks,” Warren said. Republican Senators say the Fed’s focus on climate change led to banking turmoilRepublican Senators repeatedly insinuated on Tuesday that the recent US banking turmoil came as a result of the Federal Reserve’s focus on climate change. In his opening statement, Republican Sen. Tim Scott of South Carolina, the ranking member of the banking committee, called the Fed’s focus on climate change a waste of time. It’s what our supervisors do all the time.”In an interview with Montana Public Radio in 2014, Daines said that “the jury’s still out” on whether climate change is real. The public reasonably expects supervisors to require that banks understand, and appropriately manage, their material risks, including the financial risks of climate change.”

☆ Premarket stocks: Banking chaos could break the strong job market
▼ + stars: | 2023-03-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —The job market has remained strong even as the Federal Reserve has spent a full year attempting to cool off the economy by raising interest rates. But economists think that the recent banking turmoil may be what finally raises unemployment. Even with those big job cuts, the labor market in the United States remains white hot. Since the pandemic, regional banks “have provided a vast majority of lending to small firms, underwriting local small business formation,” said Philip Wool, an analyst with asset manager Rayliant. AI will likely lead to job loss, they wrote, but technological innovation that initially displaces workers has historically created employment growth over long haul.

☆ What to expect from the Senate hearings on recent bank failures
▼ + stars: | 2023-03-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +4 min

New York CNN —Silicon Valley Bank’s liquidity crisis and subsequent downfall sent waves of panic through the financial system in early March, setting off a chain reaction of chaos with which regional banks are still grappling. On Wednesday, the House Financial Services Committee will continue with their own line of questioning. Sen. Brown has called for the executives of Silicon Valley Bank to be held accountable for the bank’s failure. “Our banking system is sound and resilient, with strong capital and liquidity,” Barr said. The failures of SVB and Signature Bank, he wrote, “demonstrate the implications that banks with assets over $100 billion can have for financial stability.

☆ Jon Stewart sarcastically says 'what's happened to our country' after being asked about a potential Trump indictment: 'It's as though you can't even commit financial fraud anymore'
▼ + stars: | 2023-03-27 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +3 min

Jon Stewart said conversations about Donald Trump should not concern whether or not he should be indicted. "I think the law should always take into account someone's popularity," Stewart said, sarcastically. "I think the law should always take into account someone's popularity," Stewart replied, sarcastically. Stewart also railed against the lack of "accountability in our financial systems" and brought up congressional stock trades as an example. Last week, Trump posted on Truth Social to warn about "potential death & destruction" should he be charged.

☆ Oppenheimer downgrades Coinbase, cites 'unhealthy regulatory climate' after Wells notice
▼ + stars: | 2023-03-23 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

The downgrade comes after U.S. Securities and Exchange Commission slapped Coinbase with a Wells notice, saying it's identified possible violations of U.S. securities law . It also comes after the White House "strongly criticized" the digital asset sector this month . Coinbase shares surged nearly 118% in 2023, far outstripping the 3% gain in the S & P 500 over the same time period. Other analysts commented on Coinbase following the Wells notice. Mizuho Securities' Dan Dolev reiterated an underperform rating on Coinbase, saying the Wells notice is a "significant overhang" of the stock in his view.

☆ Morning Bid: Leaning back to Fed hike, UK inflation jolt
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +5 min

Two weeks of U.S. and European banking stress and failures leaves the Federal Reserve and other major central banks in the unenviable position of choosing between stabilising financial systems and fighting still historically high inflation. On top of that, the latest quarterly economic projections from Fed policymakers may reveal a big dispersion of views. Beyond the Fed, the dire UK inflation reading seems to have solidified expectations of another BoE rate rise on Thursday and a further move later in the year. If nothing else, it underlines in red ink just how all central banks are totally dependent now on incoming data evidence on what's happening in the real economy. With the U.S. dollar lower across the board ahead of the Fed meeting, sterling hit its highest level since early February.

☆ How crypto prices may react to the latest Fed decision
▼ + stars: | 2023-03-22 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

The Fed is due to conclude its two-day meeting and unveil its latest policy decision at 2 p.m. Still, inflation and Fed rate hikes remain the biggest catalysts for bitcoin. Here are three scenarios Chhugani and Agrawal are watching, and what investors how investors could expect to see prices react. "Crypto markets may rally on the immediate risk-on impulse, and it may vindicate some who have been saying the Fed reversed course, after breaking the banks," they said. "But any near term crypto rally would find it hard to sustain growth if crypto simply pivots to a risk on trade."

☆ UBS acquiring Credit Suisse is 'no bailout' says Swiss finance minister — but top economist Mohamed El-Erian disagrees
▼ + stars: | 2023-03-20 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Switzerland's finance minister said UBS' $3.25 billion acquisition of Credit Suisse is not a bailout. The UBS and Credit Suisse deal — worth 3 billion Swiss francs, or $3.25 billion — comes with government guarantees and liquidity provisions. In particular, the Swiss government is guaranteeing UBS will get up to 9 billion Swiss francs if they incur losses from certain assets. The Swiss National Bank is also providing 100 billion Swiss francs in liquidity support to both banks. "The bankruptcy of Credit Suisse would have had a huge collateral damage - on the Swiss financial market also internationally," she said.

Companies Signature Bank FollowSINGAPORE, March 17 (Reuters) - Oil prices firmed on Friday after a meeting between Saudi Arabia and Russia calmed markets amid strong China demand expectations, but were headed for their biggest weekly falls since December as a banking crisis rocked global financial and oil markets. U.S. West Texas Intermediate crude went up by 21 cents to $68.53 a barrel, after closing 1.1% higher in the previous session. China's demand rebound will be positive for oil prices if upcoming data shows a good recovery of the country's economy, said analyst Tina Teng of CMC Markets. However, contagion risks among banks are still keeping investors on edge, curbing their appetite for assets such as commodities, as they fear a further rout could trigger a global recession and cut oil demand. These issues regarding inflation, the central bank's rate hikes, and confidence in financial systems cannot be settled quickly," Teng said.

Companies Signature Bank FollowSINGAPORE, March 17 (Reuters) - Oil prices rebounded by about 1% on Friday after a meeting between Saudi Arabia and Russia calmed markets amid strong China demand expectations, after a banking crisis sparked a sell-off in global financial and oil markets this week. U.S. West Texas Intermediate crude climbed 78 cents to $69.13 a barrel, after closing 1.1% higher in the previous session. China's demand rebound will be positive for oil prices if upcoming data shows a good recovery of the country's economy, said analyst Tina Teng of CMC Markets. However, contagion risks among banks are still keeping investors on edge, curbing their appetite for assets such as commodities, as they fear a further rout could trigger a global recession and cut oil demand. These issues regarding inflation, the central bank's rate hikes, and confidence in financial systems, cannot be settled quickly," Teng said.

☆ LatAm has 'resilient' financial system, IDB president says after SVB collapse
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

PANAMA CITY, March 15 (Reuters) - Latin America has a "very resilient and well-managed" financial system, Inter-American Development Bank President Ilan Goldfajn said on Wednesday, following the collapse of Silicon Valley Bank, which has roiled markets. "We hope that we are prepared for what is coming in the region," Goldfajn added, speaking at an IDB meeting in Panama City. Stocks and currencies in the region tumbled on Wednesday as traders showed worries over the stability of Swiss lender Credit Suisse (CSGN.S) following the crash of Silicon Valley Bank, raising international fears of financial contagion. "We're going to learn a lot in coming weeks and months about how to get through this period," Goldfajn said. He added that IDB leaders would meet to discuss the development bank's macroeconomic outlook and the impact of inflation, as well as risks to the region's financial systems.

☆ Russia is so cut off from the international financial system that the Kremlin thinks Western sanctions have 'insured' the country against the banking crisis
▼ + stars: | 2023-03-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The Kremlin said Russia will not be impacted by the US bank crisis. Sanctions over the Ukraine war have cut Russia off from the international financial system. Russia is now so cut off from the global financial system that the Kremlin thinks it will face no impact from the collapse of Silicon Valley Bank. In contrast, Russia — like much of the world — faced a credit crunch due to the fallout from the US subprime mortgage crisis in 2008, which ultimately led to the Global Financial Crisis. As the country recovered from the recession, it started working towards its grand ambition of making Moscow a global financial hub.

☆ Why Silicon Valley Bank's customers were bailed out
▼ + stars: | 2023-03-13 | by ( Alistair Barr | ) www.businessinsider.com time to read: +6 min

Regulators shut down Silicon Valley Bank on Friday and halted account withdrawals. Why did Silicon Valley Bank collapse? This social media firestorm created a bank run where SVB customers raced against each other to pull money from the bank. Did the government bail out Silicon Valley Bank? Will people get their money back from Silicon Valley Bank?

See Insider's picks for the best mortgage lenders »Insider's Featured Mortgage Lenders Rocket Mortgage by Quicken LoansAmeriSave Mortgage Corporation MortgagesNew American Funding Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Only a handful of US states require financial education in high schools, and those requirements are thin. The Consumer Financial Protection Bureau has free, easy-to-navigate content about tons of financial products, including mortgages. The Consumer Financial Protection Bureau has free, easy-to-navigate content about tons of financial products, including mortgages. There's a dearth of consumer education built into our financial systems (likely by design).

India's oil trade, in response to the turmoil of sanctions and the Ukraine war, provides the strongest evidence so far of a shift into other currencies that could prove lasting. MTS had facilitated some Indian oil non-dollar payments, the trade sources said. An Indian refining source said most Russian banks have faced sanctions since the war but Indian customers and Russian suppliers are determined to keep trading Russian oil. "As it is, the government is not asking us to stop buying Russian oil, so we are hopeful that an alternative payment mechanism will be found in case the current system is blocked." Similarly, many banks from Russia have opened accounts with Indian banks to facilitate trade.

☆ Fed’s reluctance to go green will cost the Earth
▼ + stars: | 2023-03-07 | by ( Ben Winck | ) www.reuters.com time to read: +8 min

WASHINGTON, March 7 (Reuters Breakingviews) - Central banks don’t think they can do much about the environment. The U.S. Federal Reserve has done even less, arguing it should not tackle climate change without an explicit order from Congress. In a 2021 survey by Invesco, 63% of responding central banks said addressing climate change fell within their mandate. Central banks aren’t best equipped to lead the green transition, anyway. There’s also a valid concern that focusing on climate change could water down the Fed’s mission to fight inflation.

☆ U.S., allies to tighten screws on Russian sanctions evasion -Treasury's Adeyemo
▼ + stars: | 2023-02-21 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

Adeyemo said a coalition of more than 30 countries would crack down on Russia's purchases of dual-use goods like refrigerators to secure semiconductors needed for its military. The sanctions would also seek to do more to stem the transshipment of oil and other restricted goods through bordering countries, although he did not give details. Officials would also warn companies and individuals still doing business with Russia that they faced sanctions if they continued doing so. They were also providing "actionable" intelligence to countries, including several of Russia’s neighbors, to enable them to stamp out sanctions evasion. Adeyemo acknowledged that Russia's economic data appeared better than expected at the start of the war, but said Western sanctions were forcing the Kremlin to use limited resources to prop up its economy.

☆ I asked ChatGPT for business advice and it's not a bad starting point if you have no idea where to begin
▼ + stars: | 2023-01-17 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +5 min

I asked the artificial-intelligence tool ChatGPT to help me start a business. Create a business plan: Develop a detailed business plan that includes financial projections, marketing strategy, and a plan for setting up your business. Develop a marketing plan: Develop a marketing plan that outlines how you will reach your target market and promote your business. Launch your business: Launch your business, and be prepared to adapt your business plan as you learn more about the market and your customers. In conclusion, ChatGPT is not a great source for answers to your deepest business questions, but it could be a helpful starting point to gather ideas, get cost estimates, and outline your business plan.

☆ I asked ChatGPT how to start a business and it gave me 8 steps that weren't that helpful
▼ + stars: | 2023-01-16 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +5 min

When I asked ChatGPT how to start a business, it gave me the following eight generic steps:Starting a business can be a challenging but rewarding process. Create a business plan: Develop a detailed business plan that includes financial projections, marketing strategy, and a plan for setting up your business. Develop a marketing plan: Develop a marketing plan that outlines how you will reach your target market and promote your business. Launch your business: Launch your business, and be prepared to adapt your business plan as you learn more about the market and your customers. ChatGPTAfter asking the chatbot how to start a business, I tried more specific questions, like "How do I start a vending-machine business?"

☆ No signs of crypto spilling over into traditional assets – yet, analyst says
▼ + stars: | 2022-12-16 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Billions of dollars were lost when the exchange FTX collapsed, raising questions about whether movements in the crypto sphere could ricochet through to other financial systems. There are "no signs of spillover" from cryptocurrency into more traditional assets, according to an investment analyst from AJ Bell. A 'highly volatile' assetKhalaf was reluctant to make predictions as to where cryptocurrency will go next because it's so changeable as an asset. And while there are questions as to the long-term adoption of cryptocurrency, Khalaf made one point with a lot of certainty. "For the foreseeable, [cryptocurrency] remains highly volatile and speculative asset," he said.

☆ Treasury's financial stability watchdog says fraud is rampant in crypto markets
▼ + stars: | 2022-12-16 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

The crypto currency market is rife with fraud, failures to comply with existing laws and big swings in volatility, but the recent implosion of digital currency exchange FTX hasn't hampered the broader financial system, according to a report released Friday by Treasury's Financial Stability Oversight Committee. The committee, which was created after the financial crisis to identify looming risks to the financial system, reiterated its call for Congress to pass legislation that allows U.S. regulators to police spot markets for crypto assets that aren't securities. The group uses data from the Consumer Financial Protection Bureau, the Federal Trade Commission and the Securities and Exchange Commission, among other agencies, to spotlight fraud in crypto. The committee warned that this could rapidly change if participants in the crypto and traditional financial systems continue to devise ways to overlap, therefore increasing the urgency for more regulatory oversight. Traditional banks, for instance, hold stablecoin as part of their reserve assets, retail investors are increasingly using leverage to trade crypto currencies and crypto has also become more widely available through some traditional financial service companies.

☆ Africa Bitcoin Conference delves into real-world use cases for crypto
▼ + stars: | 2022-12-05 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAfrica Bitcoin Conference delves into real-world use cases for cryptoCNBC's MacKenzie Sigalos reports from Accra, Ghana on how bitcoin and other crypto tech is being used to supplant legacy financial systems across the continent.

☆ Bitcoin vs. FTX: Crypto king Sam Bankman-Fried is the problem
▼ + stars: | 2022-11-21 | by ( Joshua Hendrickson | Joshua Hendrickson Is An Associate Professor Of Economics At The University Of Mississippi | Senior Fellow At The Bitcoin Policy Institute. | ) www.nbcnews.com time to read: +8 min

Much of the crypto industry has deviated from the principles that were critical to the development of Bitcoin itself. But much of the crypto industry has deviated from the principles that were critical to the development of Bitcoin itself. As the stunning collapse of cryptocurrency exchange FTX highlights, the crypto industry is filled with scams, Ponzi schemes and bad actors. As a result, it has become increasingly clear that Bitcoin must be understood as something outside this crypto industry. Whereas Bitcoin was created to be a censorship-resistant, trustless digital form of money, crypto has become a space dominated by get-rich-quick-schemes.

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