Decentralised finance

Shares in Deutsche Bank fell sharply Friday, dragging down other major European banks and leading German Chancellor Olaf Scholz to express confidence in the country’s largest lender after fears about the global financial system sent fresh shudders through the market. Deutsche Bank shares were down 8.8% in late-afternoon trading on the German stock exchange after falling as much as 14%. That followed a steep rise in the cost to insure bondholders against the bank defaulting on its debts, known as credit default swaps. Rising costs on insuring debt were also a prelude to Swiss lender Credit Suisse’s government-backed rescue by rival UBS. That hastily arranged takeover Sunday aimed to stem the upheaval in the global financial system after the collapse of two U.S. banks and jitters about Credit Suisse’s long-running troubles led its shares to tank and customers to pull out their money. Asked whether Deutsche Bank could be the next Credit Suisse, Scholz said, … [Read more...] about What’s happening at Deutsche Bank? Stock drops amid fears that banking crisis will get worse

JOHANNESBURG  -China spent $240 billion bailing out 22 developing countries between 2008 and 2021, with the amount soaring in recent years as more have struggled to repay loans spent building “Belt and Road” infrastructure, a study published on Tuesday showed. Almost 80 percent of the lending was made between 2016 and 2021, mainly to middle-income countries including Argentina, Mongolia and Pakistan, according to the report by researchers from the World Bank, Harvard Kennedy School, AidData and the Kiel Institute for the World Economy. China has lent hundreds of billions of dollars to build infrastructure in developing countries, but lending has tailed off since 2016 as many projects have failed to pay the expected financial dividends. “Beijing is ultimately trying to rescue its own banks. That’s why it has gotten into the risky business of international bailout lending,” said Carmen Reinhart, a former World Bank chief economist and one of the study’s authors. Chinese loans to … [Read more...] about China spent $240B bailing out ‘Belt and Road’ countries, study shows

Globe is setting a new trend with women outnumbering their male counterparts in leadership positions. This comes at a time when most Philippine boardrooms are still dominated by men. Some 52% of Globe’s executive roster are women, with 49 holding the top two ranks in the corporate hierarchy, compared to 45 men as of end 2022. This marks the first time in at least five years that there were more female executives in Globe’s core business. Women ranked managers and directors have also been increasing in the last five years, rising from 958 in 2018 to 1,193 as of end 2022. Even while there are still more men in middle management, the female population is catching up. These figures buck the trend as cited in a March 2019 study by the Makati Business Club that was supported by UN Women, the European Union and Women Empower Asia. The study “Women in the Philippine C-Suite” found that only about three percent of C-Suite positions in business across the country are … [Read more...] about Globe keeps diversity and gender balance strong with women in leadership team

President Ferdinand R. Marcos Jr. lauded Pag-IBIG Fund’s highest dividend rates since the Covid-19 pandemic, as its Regular Savings dividend rate for 2022 reached 6.53 percent and its Modified Pag-IBIG 2 (MP2) Savings surged to 7.03 percent per annum The dividend rates on the members’ savings of the agency were the highlights of the Pag-IBIG Fund Chairman’s Report for 2022, where the president spoke before a gathering of agency members, partners and stakeholders at the SMX Convention Center, Tuesday (March 28). “It makes me proud that your agency’s stewardship of our national savings program has successfully provided affordable shelter financing for our people. Let me thank all of you, the members who are the owners of Pag-IBIG Fund, including concerned housing developers, partners, and other key stakeholders who have been instrumental in fulfilling the Pag-IBIG Fund’s mandate, of serving the Filipino workforce,” the President said. “As the Pag-IBIG Fund was established under the … [Read more...] about PBBM lauds highest Pag-IBIG dividend rates since pandemic: 6.53% for Regular Savings, 7.03% for MP2

Share to Twitter Share to Linkedin Topline Top federal banking regulators will take the stand Tuesday before the Senate’s banking committee, answering questions on what led to the second- and third-biggest bank failures in the nation’s history and ongoing turmoil elsewhere in the banking industry. Key Facts Michael Barr, the vice chairman of the Federal Reserve’s supervision and regulation panel who directly oversees the U.S. central bank’s regulatory policy, will be the most-watched witness in the hearing, which begins at 10 a.m. ET. In prepared testimony released Monday by the Fed, Barr plans to characterize the recent failure of Silicon Valley Bank as a “textbook case of mismanagement.” Barr also blamed bank leadership for failing to “effectively” manage interest rate risks, deflecting blame from the Fed after it raised interest rates at the fastest pace in decades in 2022 and 2023, and failed to identify Silicon Valley Bank’s … [Read more...] about Senate Banking Hearing: Fed Casts Failures As Isolated Management Errors

Share to Twitter Share to Linkedin North Carolina’s First Citizens Bank doubled its size with the stroke of a pen in the early hours of Monday morning with its landmark FDIC-assisted acquisition of Silicon Valley Bank , and nobody will reap the rewards more than the family that has orchestrated its growth for the last century. Chairman and CEO Frank Holding Jr. and his four sisters Olivia Holding, Hope Bryant, Carson Brice and Claire Bristow collectively own about 20% of First Citizens’ stock and have close to 50% voting power in the company, according to SEC filings, for a cumulative stake worth $2.7 billion thanks to Monday’s 54% stock gain following the deal. The surge erased all of the stock’s year-to-date losses in the regional bank selloff stemming from SVB’s failure and contagion fears. Raleigh-based First Citizens and the Holding family have kept a low profile for decades, but the family-owned bank has been on a mission to expand nationwide via … [Read more...] about SVB’s New Owners, The Billionaire North Carolina Family Behind First Citizens, Are Quietly Building A Banking Empire