Category: Business & Economy

Reportedly, one document is a statement on plans for economic cooperation, and the other is a statement on plans to deepen the partnership.

In addition, Russian sources say that Putin “supported the development of sporting links between the Russian Federation and China and the establishment of a sports association within the framework of the Shanghai Cooperation Organisation”.

He explained that this is necessary because the West “uses sport as an instrument of pressure”.

Paris police clashed with demonstrators for a third night on Saturday as thousands of people marched throughout the country amid anger at the government pushing through a rise…

German and US authorities, supported by Europol, have targeted ChipMixer, a cryptocurrency mixer used to keep crypto transactions private. The investigation was also supported by Belgium, Poland and Switzerland. On 15 March, national authorities took down the infrastructure of the platform, seizing 4 servers, and also seizing about 1909 Bitcoins in 55 transactions (approx. EUR 44.2 million) and 7 TB of data.

While Silicon Valley Bank was seized by the Federal Deposit Insurance Corporation after its value collapsed following a bank run last Friday, the rest of SVB Financial Group will be sold off in an effort to repay creditors and large depositors, though it will not cover everyone who lost money in the collapse. A legal battle is expected to follow. Earlier this week, a shareholder lawsuit filed in the US district court for the Northern District of California alleged that several of SVB’s quarterly and annual financial reports had not fully disclosed the risks being communicated by the Federal Reserve that looming interests rate hikes “had the potential to cause irrevocable damage to the company.” 

While the FDIC only covers customer deposits under $250,000, the administration of President Joe Biden stepped in after SVB’s collapse to guarantee those exceeding that amount, rankling critics who see it as a bailout masquerading as a regulatory action. An inordinately large percentage – 94% – of SVB’s deposits exceeded the $250,000 cutoff, about twice the typical share at other banks. Senate Republicans pointed out that the banks that didn’t fail would be unfairly penalized when their own rates increased to cover the hefty payouts to depositors, costs which would ultimately be passed onto the taxpayer, putting them on the hook for a bailout after all. New York-based Signature Bank collapsed just days after SVB, triggering fears of a wider contagion even as the president attempted to reassure Americans that their finances were safe. Similar to SVB, 90% of its deposits exceeded the FDIC cap.

Angry protesters took to the streets in Paris and other cities for a second day on Friday, trying to pressure lawmakers to bring down French President Emmanuel Macron’s government and doom the unpopular retirement age increase he’s trying to impose without a vote in the National Assembly.

A day after Prime Minister Elisabeth Borne invoked a special constitutional power to skirt a vote in the chaotic lower chamber, lawmakers on the right and left filed no-confidence motions to be voted on Monday.

At the Place de Concorde, a protest by several thousand degenerated into a scene echoing the night before. Riot police charged and threw tear gas to empty the huge square across from the National Assembly after troublemakers climbed scaffolding on a renovation site, arming themselves with wood. They lobbed fireworks and paving stones at police in a standoff.

Eleven of the biggest banks in the U.S. agree to provide funds to shore up First Republic as shares plummet by as much as 70 per cent over the past week.

San Francisco-based First Republic is caught in the fallout from Silicon Valley Bank’s collapse last Friday. Its shares have plummeted as much as 70 per cent over the past week. Much like SVB, First Republic has not reported any sudden loan losses or writedowns. But clients nervous about its stability have been pulling deposits and transferring them to larger institutions, something known as a flight to quality.

With First Republic looking like the next domino to fall in a cascade of bank failures, the larger lenders and investment banks are hoping their deposits will keep it standing, and prevent the situation from spiralling out of control.

It is an unusual approach.

Total spending was flat in February after rebounding in January, with total spending lifting 1.7% over the past three months and 10.3% year-on-year, according to NAB’s latest Monthly Data Insights. Retail spending was flat, with goods retail slipping 0.1% and hospitality rising marginally by 0.2%. Total retail spending increased 0.5% over the past three months and 5.8% year over year….

Latitude Financial has revealed it has been hit by a sophisticated and malicious cyberattack that has compromised a total of 328,000 separate pieces of data that it had sourced from its customers. The loans, credit card and insurance provider said it had detected unusual activity on its systems over the last few days that was believed to have originated from a major vendor used by Latitude.

The company said the attacker appeared to have used employee login credentials to steal personal information that was being held by two other of Latitude’s service providers. In a statement to the ASX on Thursday morning, Latitude said approximately 103,000 identifications documents – 97% of which were drivers’ licences – were stolen from the first service provider, while 225,000 customer records were stolen from a second service provider.

Regulators, policymakers and bankers are looking at the role that digital messaging and social media may have played in the collapse, and whether banks are entering an age when the psychological behavior behind a bank run — mass fear from depositors of losing their savings — may be amplified and go viral quicker than bank officers and regulators can successfully respond.

Samsung Electronics said Wednesday it expects to invest 300 trillion won ($230 billion) over the next 20 years as part of an ambitious South Korean national project to build the world’s largest semiconductor manufacturing base near the capital, Seoul.

The chip-making “mega cluster,” which will be established in Gyeonggi Province by 2042, will be anchored by five new semiconductor plants built by Samsung. It will aim to attract 150 other companies producing materials and components or designing high-tech chips, according to South Korea’s Ministry of Trade, Industry and Energy.

The Japan Securities Dealers Association said Wednesday it has imposed a penalty of 300 million yen on SMBC Nikko Securities Inc for market manipulation, matching the highest fine previously issued by the organization.

According to the JSDA, SMBC Nikko illegally propped up the prices of 10 individual stock issues to stabilize them last year in “block offering” transactions.

The fine imposed on the brokerage by the JSDA is equal to that issued to Nomura Securities Inc. in connection with an insider trading scandal in 2012.

Shares of Swiss bank lose more than a quarter of their value in one day, dragging down European and US markets.

Silicon Valley Bank’s parent company and two senior executives are facing a class-action lawsuit in the United States, where shareholders have accused the financial institution of failing to disclose the risks that anticipated interest rate hikes would have on its business.

The lawsuit, filed in federal court in the Northern District of California on Monday, is seeking unspecified damages from SVB Financial Group and its Chief Financial Officer Daniel Beck, as well as the bank’s Chief Executive Officer Greg Becker.

The bank collapsed and its assets were seized by the US government late last week after a mass withdrawal of funds by customers.

The lawsuit, which accuses SVB of violating federal securities laws, noted that the Federal Reserve, the US central bank, had signaled as early as 2021 that it would increase interest rates to tame inflation.

Credit Suisse shares tumbled more than 20% in pre-market trading on Wednesday after its biggest backer ruled out investing any more into the troubled Swiss bank. 

“The answer is absolutely not, for many reasons outside the simplest reason, which is regulatory and statutory,” Saudi National Bank Chairman Ammar Al Khudairy said in a Bloomberg interview, responding to whether the Gulf lender would dole out more money. 

Shares in Credit Suisse slid 21.91% to $1.96 in pre-market trading in US-listed shares. Meanwhile, in Zurich, it’s stock fell 19% to $1.79, marking a new record low on Switzerland’s stock exchange. The bank’s stock is down about 24% since the start of the year.

US stocks tumbled Wednesday, as the banking sector saw renewed turmoil — but this time focused on Europe. US-listed shares of Credit Suisse plunged more than 20%, as Saudi backers ruled out further investment in the embattled lender.

Since regulators shut down Silicon Valley Bank on Friday, investors have been concerned about another 2008-style financial crisis. On Tuesday, Moody’s cut its outlook for the entire US banking system. Meanwhile, the Labor Department reported wholesale prices posted a monthly decline of 0.1% in February, versus expectations for a 0.3% increase.

Privacy technology company OneTrust announced a series of changes to its board of directors and governance structure Wednesday, which it says positions the company for future growth. 

Under the revised governance arrangement, CEO Kabir Barday, CIPP/E, CIPP/US, CIPM, CIPT, FIP, will be joined by Coatue Management’s Thomas Laffont and Insight Partners’ Richard Wells. Current board members Alan Dabbiere, David Dabbiere and John Marshall will depart from the board, which now seeks “four new independent board members resulting in a majority-independent board of seven people,” according to the company’s press release. 

“Today, we have a clear path forward, strong investor demand, and the capital to support this last phase as a private company,” Barday said in comments provided to The Privacy Advisor.