There are no shortcuts to finance
By Maria Demertzis
The three Rs of regulation, reserves and (legal) recourse are crucial for the smooth functioning of financial markets. These basic underpinnings are missing in decentralised finance, or ...
UK businesses mull moving cash after SVB chaos
British banks are seeing a pick-up in enquiries to switch cash between institutions after the collapse of US tech lender Silicon Valley Bank, as contagion fears prompt some depositors to ...
Bank rescues ease crisis fears but investors worry it’s not enough
Analysts worried that a banking crisis is still a possibility despite interventions
A $30 billion lifeline for First Republic Bank (FRC.N) hosed down market fears about an imminent banking collapse ...
CySEC issues statement on crowdfunding service providers
The Cyprus Securities and Exchange Commission (CySEC) has released a Policy Statement, PS-01-2023, regarding the application of Regulation (EU) 2020/1503 on European Crowdfunding Service Providers for Business, and Directive DI73...
Interest rate hikes were expected, albeit at slower pace, says economist
The rise in interest rates is impacting many organisations’ investment portfolios, and by extension, the economy as a whole, economist and KPMG board Tassos Yiasemides said on Thursday.
“The reduction ...
Major US banks inject $30 bln to rescue First Republic Bank
Large U.S. banks injected $30 billion in deposits into First Republic Bank FRC.N on Thursday, swooping in to rescue the lender caught up in a widening crisis triggered by ...
For Goldman Sachs, SVB’s botched stock sale had a silver lining
As SVB Financial Group (SIVB.O) wrestled with a capital shortfall and the prospect of a downgrade to its credit rating last week, it went to Goldman Sachs Group Inc (...
Cyprus Business Now
National Bank of Greece (Cyprus) on Thursday announced that George Agioutantis has been appointed to the position of managing director and executive member of the board of directors of the ...
Argentina hikes interest rate 300 basis points after inflation breaks 100% barrier
Argentina’s central bank board said it agreed to hike the country’s benchmark interest rate by 300 basis points to 78% on Thursday after annual inflation hit 100% for the first time ...
US banking system sound but not all deposits guaranteed, Yellen says
The U.S. banking system remains sound and Americans can feel confident that their deposits are safe, Treasury Secretary Janet Yellen said on Thursday, but she denied that emergency actions ...
Investors brace for hard landing as banking woes stoke recession fears
Fears of a recession are growing on Wall Street, as stress in the banking sector following the collapse of Silicon Valley Bank and worries over the fate of Credit Suisse ...
Cypriot banks say no exposure to Credit Suisse (Updated)
President Nikos Christodoulides and Finance Minister Makis Keravnos are in constant contact with the governor of the Cyprus Central Bank as of Thursday, following a 30 per cent slump in shares ...
Euro, Swiss franc recover a touch as market mood improves, traders await ECB meet
The euro and Swiss franc regained some lost ground on Thursday, as markets reacted positively to the Swiss central bank’s support for Credit Suisse, ahead of a difficult meeting ...
Kedipes reports record inflows of €439 mln for 2022
State-owned Cyprus Asset Management Company (Kedipes) on Wednesday reported record cash inflows of €439 million for 2022, as well as a state aid repayment amount of €310 million, since the company’s creation ...
Credit Suisse secures $54 bln lifeline as authorities rush to avert global bank crisis
Credit Suisse CSGN.S on Thursday said it would borrow up to $54 billion from the Swiss central bank to shore up liquidity and investor confidence after a slump in its ...
Four CySEC licensed companies banked with SVB and Signature Bank
Four companies licensed by the Cyprus Securities and Exchange Commission (CySEC) banked with Silicon Valley Bank (SVB) and Signature Bank, the two US banks which recently collapsed, according to statements ...
SVB collapse: risk of contagion to Cypriot economy is limited
The collapse of Silicon Valley Bank has reverberated around the world, sending shockwaves through the global economy, with numerous companies in the US, Europe and the Asia-Pacific region being directly ...
NatWest limits customers’ crypto transfers, citing scam concerns
Britain’s NatWest (NWG.L) has imposed new limits on the daily and monthly amount customers can send to cryptocurrency exchanges, seeking to protect consumers from “crypto-criminals”, the bank said ...
SVB collapse unleashes Treasury volatility, whiplashing investors
Extreme volatility is rattling US Treasury markets in the wake of Silicon Valley Bank’s (SIVB.O) collapse and investors fear a prolonged bout of gyrations before calm returns to ...
US bank regulators may take wait-and-see approach before intervening again
US regulators are likely to let emergency measures announced Sunday to shore up investor confidence in the banking sector sink in and increase scrutiny of the industry before intervening with ...
Global bank stock rout deepens as SVB collapse fans crisis fears
Shockwaves from the collapse of Silicon Valley Bank further pounded global bank stocks on Tuesday as assurances from President Joe Biden and other policymakers did little to calm markets and ...
Factbox: Which companies are affected by SVB collapse?
Startup-focused lender SVB Financial Group (SIVB.O) last week became the largest bank to fail since the 2008 financial crisis, sending ripples across the globe as billions of dollars belonging to ...
Hedge funds stand to lap up bearish profits from bank stock rout
Hedge funds ended last week positioned to scoop up winning profits from bearish positions on bank stock falls, according to a note by Goldman Sachs sent to clients late on ...
First Republic tumbles as fresh financing fails to soothe deposit outflow fears
First Republic Bank’s shares (FRC.N) more than halved in premarket trading on Monday as news of fresh financing failed to reassure investors days after SVB Financial Group’s (...