Jpmorgan will tighten the digital squeeze on uk banks

Regional U.S. lender First Citizens BancShares scooped up the assets of failed peer Silicon Valley Bank on Monday, in a vote of confidence for the battered banking sector that prompted a rally in bank shares. SVB’s collapse this month was the trigger for the worst banking shock since the 2008 global financial crisis, sending bank stocks globally on a wild ride and raising fears of systemic stress that could lead to more bank failures. But news of the SVB deal – after previous attempts to sell the bank failed – and a weekend free of fresh troubles helped boost confidence, especially among fragile U.S. regional banks, whose stocks rose sharply on Wall Street on Monday. SVB deal helps to steady banks amid credit crunch concerns Broader indicators of financial market stress were also calmer, with government bond yields rising and the euro higher against the dollar. “The banking sector had been holding its breath over the weekend, wondering whether Monday morning would deliver … [Read more...] about Silicon Valley Bank deal offers beleaguered banking investors relief

Share to Twitter Share to Linkedin MicroStrategy added $150 million worth of bitcoin to its stash at an average price per coin of $23,238 in February and March, generating an 18% gain over the past few weeks. The Tysons Corner, Virginia-based company sold equity to pay for the crypto and also to extinguish debt to Silvergate Bank. The business-software maker and bitcoin investor also freed up 34,619 bitcoins (BTC) of collateral used to back a $161 million term loan, according to a filing with the U.S. Securities and Exchange Commission, by repaying Silvergate, the crypto-focused bank based in La Jolla, California that is winding up its business after a run on deposits. The floating-rate loan was scheduled to mature in March 2025 and bore interest at a rate of 8.27% a year as of Friday, when the payoff was executed. The most recent purchases of 6,455 bitcoins brought MicroStrategy’s holdings to about 138,955 BTC, worth $4.14 billion and acquired at an … [Read more...] about MicroStrategy’s $150 Million Of Bitcoin Purchases Catch Rally, Jump 18%

Share to Twitter Share to Linkedin The cost of living crisis continues to challenge UK shoppers, as prices for food essentials like bread, milk and cheese continue to rise. The stark reality of the impact of food price inflation can be seen in the latest figures from the Department for Work and Pensions (DWP) which tell us that 3 percent of families across the United Kingdom (2.1 million people) used a food bank in the year ending March 2022. In a true north/south divide reality, families in the north of England and Scotland were most likely to interact with a food bank service in the last year. As the appetite for non-essential shopping continues to be suppressed, more consumers are turning to second hand sales platforms and discount retailers as a way to save. UK sales volumes saw a 1.2 percent in February 2023 according to figures from the Office for National Statistics (ONS); the most significant increase since October 2022 but nonetheless subdued. … [Read more...] about Reviving Retail: The Recommerce Revolution Is Helping Cash-Strapped Consumers