Bank report vs bank statement

Chairman Thomas Jordan of the Swiss National Bank (SNB) attends a news conference in Zurich, Switzerland, March 23, 2023. REUTERS/Denis Balibouse ZURICH  -The Swiss National Bank raised its benchmark interest rate by 50 basis points on Thursday and declared that measures to support Credit Suisse had “put a halt to the crisis”. The central bank said that additional rate rises could not be ruled out and that it was willing to be active in the foreign exchange market if necessary. “The measures announced at the weekend … have put a halt to the crisis,” it said in a statement. “The SNB is providing large amounts of liquidity assistance in Swiss francs and foreign currencies.” The rates increase was the SNB’s fourth hike in succession as the central bank maintained its fight against Swiss inflation, which remains stubbornly outside the SNB’s target band of 0 -2 percent. “The growth outlook for the global economy in the coming quarters remains subdued,” said the SNB in a … [Read more...] about Swiss National Bank raises rates, says bank crisis stopped

TAIPEI  -Taiwan’s central bank raised its policy rate on Thursday in a surprise move reflecting concerns about inflation despite recent market turmoil caused by U.S. and European bank failures, which could play into further rate decisions this year. The central bank, in a unanimous decision, raised the benchmark discount rate by 12.5 basis points (bps) to 1.875 percent – the fifth hike since it began the current round of tightening in March last year. Governor Yang Chin-long told a news conference after the meeting that the rate hike was mainly because of inflation concerns and that their monetary policy goal was to maintain the stability of domestic prices. Taiwan’s rate hikes are mild and gradual, and while this move was not what the market expected, the central bank cannot be called hawkish, he added. Asked if this would be the last rate rise this year, Yang said: “The uncertainty is very big, particularly the confidence and contagion effect on the public from the U.S. … [Read more...] about Taiwan central bank unexpectedly raises rates on inflation concerns

Share to Twitter Share to Linkedin DOJ’s 2022 Year In Review Report released last month not only recounts its Fraud Section’s activity and “accomplishments” for the preceding year, but also allows practitioners and in-house counsel responsible for helping companies and their executives navigate the shoals of corporate compliance anticipate the government’s likely future focus. This year’s Report first suggests that in the upcoming years DOJ will continue to focus on individual accountability for corporate malfeasance particularly in the area of financial fraud and market manipulation. In fact, the Report was released at the same time that DOJ leadership was commending the Department’s convictions of individuals such as Elizabeth Holmes and Sunny Bulwani . Second, the Report also foreshadows an increase in independent compliance monitorships in corporate resolutions, a practice previously avoided under a Trump-era policy . Again, public comments, including … [Read more...] about Fraud Section Report Helps Companies’ Counsel Navigating DOJ’s Seas

MANILA  -Philippine stocks followed Wall Street lower as the US Federal Reserve and Bangko Sentral ng Pilipinas (BSP) hiked interest rates anew to tamp down stubborn inflation. By the closing bell, the benchmark Philippine Stock Exchange index (PSEi) slumped 0.15 percent, or 9.91 points, to 6,536.36 while the broader All Shares index shed 0.21 percent, or 7.20 points, to 3,492.77. US stocks tumbled overnight after the US central bank raised the benchmark rate by another 25 basis points while US Treasury Secretary Janet Yellen said they were not looking to provide blanket insurance for bank deposits after doing so for failed lenders Silicon Valley Bank and Signature Bank. Yellen says not considering ‘blanket insurance’ for all U.S. bank deposits Philippine central bank raises key policy rate by 25 bps After trading hours, the BSP announced it would also hike the domestic benchmark rate by 25 basis points. Trading volume stayed relatively weak as investors … [Read more...] about PSEi ends lower as battle vs inflation continues

Department of Justice (DOJ) MANILA, Philippines — The Bureau of Customs (BOC) on Thursday said the complaints against sugar traders who allegedly violated Customs laws had been set for formal investigation before the Department of Justice (DOJ). The BOC told INQUIRER.net that the complaints were filed on March 17, through the Bureau’s Action Team Against Smugglers, and are currently set for preliminary investigation. However, no specific schedule has been determined yet. According to the BOC in a statement, one of the complaints was against an importer and a customs broker for illegally importing 13 containers of refined sugar at the Manila International Container Port. Meanwhile, the other two criminal complaints were filed against another importer and their customs broker for the alleged illegal importation of 58 containers of refined sugar at the Port of Subic. The respondents are facing numerous counts of violation of the Anti-Agricultural Smuggling Act of 2016. … [Read more...] about BOC complaints vs sugar traders set for formal probe

Share to Twitter Share to Linkedin Topline Goldman Sachs revealed that the company is using generative AI tools to aid its software developers in writing and testing code, just weeks after reports of major U.S. banks—including Goldman—restricting staffers’ use of ChatGPT. Key Facts The bank’s use of generative AI was only a “proof of concept,” Marco Argenti, Goldman’s chief information officer told CNBC Tuesday. The AI tool has been used by the company’s software developers to write “as much as 40%” of code in some cases, the report said. The tool does not intend to fully replace human coders, but rather make them “more productive,” Argenti said. Argenti did not disclose which generative AI tool is being used by the investment bank Key Background Last month, the Telegraph and Bloomberg reported that JPMorgan Chase had restricted the use of ChatGPT by its staff. The reports suggested that the ban wasn’t a result of any … [Read more...] about Goldman Is Reportedly Using AI To Write Code As Banks Crack Down On ChatGPT Use

Bailey, Governor of the Bank of England, attends the Bank of England Monetary Policy Report Press Conference, at the Bank of England, London, Britain, Feb 2, 2023. Yui Mok/Pool via REUTERS/File photo LONDON  -The Bank of England is expected to raise interest rates for the 11th time in a row on Thursday after a surprise jump in inflation dashed speculation that it might have been about to take a pause. The BoE is trying to reconcile Britain’s weak economic outlook and recent worries about global banks with stubbornly high price growth, and is due to announce its latest decision on rates at 1200 GMT. Most economists had believed inflation was on course to fall steadily, after hitting a 41-year high above 11 percent in October. But Wednesday’s data showed inflation rose to 10.4 percent in February rather than continuing its descent and immediately turned Thursday’s announcement into an almost one-way bet on a quarter percentage-point increase in Bank Rate. UK inflation … [Read more...] about Inflation shock puts Bank of England on course to raise rates again

Share to Twitter Share to Linkedin Bitcoin BTC and cryptocurrencies have rocketed higher over the last week as the Silicon Valley Bank-led banking crisis sparks worrying hyperinflation fears . Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market rollercoaster The bitcoin price has added almost 50% since early March, helping the ethereum price and other cryptocurrencies rally, due to rising expectations the Federal Reserve will pivot from its hawkish stance in the face of slowing inflation and bank collapses . Now, Tesla billionaire Elon Musk has waded into the debate, sending a warning to U.S. president Joe Biden after the Federal Reserve raised interest rates again. It's at the beginning of a bull run you need up-to-date information the most! Sign up now for the free CryptoCodex — A daily newsletter for traders, investors and the crypto-curious that … [Read more...] about ‘Banks Are Melting’—Elon Musk Sends Warning To Joe Biden And The Fed Amid Wild Bitcoin, Ethereum And Crypto Price Swings

MANILA  – The Monetary Board as expected raised the Bangko Sentral ng Pilipinas key policy rate by 0.25 percentage point (or 25 basis points) to 6.25 percent as inflation remained high in February Asked whether this was the last hike in the current monetary policy tightening cycle, MB chair and BSP Governor Felipe Medalla said in a press briefing that the decision in upcoming meetings would depend on data that would come in. “It would really depend on our assessment of the inflation picture in the Philippines,” Medalla said. BSP Deputy Governor Francisco Dakila Jr. said the MB revised downward the forecast for average inflation in 2023 to 6 percent from 6.1 percent, and for 2024 to 2.9 percent from 3.1 percent. This was after the annual inflation slightly slowed to 8.6 percent in February. The move, which was predicted by all but one of 24 economists in a Reuters poll, brought to 425 basis points the total hikes the central bank has delivered since May 2022. The BSP … [Read more...] about Philippine central bank raises key policy rate by 25 bps

Share to Twitter Share to Linkedin Yesterday’s announcement by Jerome Powell of the Federal Reserve’s decision on interest rates was the Washington equivalent of a circus performer walking a “tightrope between inflation and bank turmoil”as the Wall Street Journal put it. Washington and the financial sector held their breath: one false step could have led to disaster. In the result, Powell got both the headline he wanted “Federal Reserve presses ahead with quarter-point rate rise despite banking turmoil” ( Financial Times ) and a stock market decline in the S&P500 by almost 2%. As usual, there were two parts to the session. Powell began with a carefully prepared statement which portrayed the confident policy maker who had consulted the data and reached seemingly clear conclusions, albeit expressed in subtle shifts in phraseology from “ongoing increases in interest rates” to “policy firming.” It was followed by a frank Q&A session, which Powell … [Read more...] about How The Federal Reserve Chair Got What He Wanted