Share to Twitter Share to Linkedin Coinbase, a leading United States-based cryptocurrency exchange, is considering diversifying its risk by establishing a trading platform in another country, according to Bloomberg . The Securities and Exchange Commission’s Crypto Assets and Cyber Unit in the Division of Enforcement plans to grow its division to about 50 dedicated positions from 30 white-collar regulatory officials. The new headcount will be tasked with investigating, auditing, examining and potentially prosecuting securities law violations related to crypto-related products and trading activities. In the wake of the spectacular implosion of crypto exchange FTX, led by its now-disgraced founder Sam Bankman-Fried, followed by the shuttering of crypto-friendly Silvergate Bank and Signature Bank and somewhat adjacent Silicon Valley Bank, it looks like the SEC is planning to vigorously scrutinize this sector more closely. If digital asset companies … [Read more...] about Coinbase Is Considering Diversifying Its Regulatory Risk By Moving A Trading Unit Outside Of The U.S.
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First Republic Stock Slumps Anew on S&P Debt Downgrade
First Republic ( FRC ) shares tumbled anew on Monday after Standard and Poor's cut its credit rating on the troubled lender, even as the broader market stabilized from last week's chaos and UBS Group ( UBS ) absorbed ailing Credit Suisse ( CS ). Key Takeaways S&P downgrades First Republic Bank due to 'liquidity stress' and outflows. Stocks higher despite a rollercoaster start as UBS absorbs rival Swiss bank Credit Suisse. The Federal Reserve announced coordinated action on U.S. dollar liquidity. S&P Says $30 Billion Injection ‘May Not Solve’ Woes First Republic, whose stock fetched more than $100 earlier this month, lost almost a quarter of its market value, extending its slide from last week to about $17 by 1:30 p.m. New York time. The San Francisco-based bank secured a $30bn liquidity commitment from some of the largest U.S. banks last week, including JP Morgan Chase Inc. ( JPM ) and Bank of America ( BAC ). First Republic is also … [Read more...] about First Republic Stock Slumps Anew on S&P Debt Downgrade
GITA: Gold Is The Alternative
Share to Twitter Share to Linkedin For the decade that preceded 2022, the acronym TINA (There Is No Alternative) applied well to stocks . As central banks used every excuse to flood the system with liquidity, yields were driven to zero, and it seemed that the only way to get any return was to buy stocks. Investors gorged on index funds, and passive ETFs overtook actively managed investments. Alas, as central banks realized that inflation, long thought dead, was a real problem, and raised interest rates aggressively, yield curves inverted to historic levels, making short duration Treasury Bills the only safe, viable investment alternative, leading to “TINAC” (There Is No Alternative To Cash). But inverted yield curves are not a stable healthy state of affairs for economies, and as expected, have eventually resulted in financial market breakage which we have been observing for the last two weeks and especially this weekend as Credit Suisse, once my employer, has … [Read more...] about GITA: Gold Is The Alternative
Korea’s exports down 17.4 percent during first 20 days of March
Cranes unload containers from carriers at Busan Port on March 13. [YONHAP] Korea's exports fell 17.4 percent on year in the first 20 days of March, data showed Tuesday, amid the protracted downcycle in the global semiconductor industry. The country's outbound shipments stood at $30.9 billion between March 1 and March 20, compared with $37.4 billion a year earlier, according to the data from the Korea Customs Service. Imports decreased 5.7 percent on year to $37.3 billion during the period, resulting in a trade deficit of $6.3 billion. By sector, exports of chips plunged 44.7 percent on year to reach $4.32 billion. Outbound shipments of petroleum and steel products also dipped 10.6 percent and 12.7 percent, respectively, to $2.9 billion and $2.6 billion. Overseas sales of automobiles, on the other hand, jumped 69.6 percent to hit $3.45 billion over the period. By destination, exports to China decreased 36.2 percent to $6.18 billion despite hopes over the reopening of … [Read more...] about Korea’s exports down 17.4 percent during first 20 days of March
The IMF’s Asia Forecast Misses A Lot
Share to Twitter Share to Linkedin A bright picture of 2023 growth in Asia has just emerged from the International Monetary Fund (IMF). Responding to a surge in Chinese consumer spending now that Covid restrictions have lifted, the analysts at the Fund have revised up their real growth expectations for China and emerging Asia generally. This enthusiasm nonetheless seems wholly unwarranted. Though there can be little doubt that China’s reopening will act as a spur to growth there and elsewhere in Asia, this forecast seems to dismiss the ill effects of inflation and fails entirely to consider the drag on Chinese and Asian exports from tightening monetary policies in the west. The IMF’s figures are striking. China has received the most dramatic upgrade. Whereas last October, the Fund looked for 4.4% real growth in 2023, it now expects an expansion of 5.2%. The revisions are more modest for the rest of emerging Asia but across the board the expected growth can … [Read more...] about The IMF’s Asia Forecast Misses A Lot
The Trailblazers: Introducing Foresight
Share to Twitter Share to Linkedin Center-stage startups may soon become gamechangers; meanwhile their journey could already contain a valuable lesson for us all Innovation Spotlight The journey of each start up is unique, yet the challenges they encounter are not. The ways they choose to overcome obstacles on their path, the creativity it takes to maneuver and prevail along the way and their ultimate recipes for success can all fill chapters in a potential guidebook for new starts up. Each company has something to contribute to this vast shared pool of collective knowledge. Foresight Autonomous Holdings (Nasdaq and TASE: FRSX) is an innovator in automotive vision systems; it develops smart multi-spectral vision software solutions and cellular-based applications. Startup’s founder and CEO, Haim Siboni, explains: “Our vision solutions vary. They include modules of automatic calibration and a dense three-dimensional (3D) point cloud that can be … [Read more...] about The Trailblazers: Introducing Foresight
Why 186 Other Banks Could Go The Way Of Silicon Valley Bank
Share to Twitter Share to Linkedin There were no new bank failures over the weekend. But the global banking system is not in the pink of health. There are two reasons for continued concern: A March 13 study by four economists reveals that 186 banks are at risk of “impairment” of $300 billion worth of insured deposits A March 19 New York Times report reveals that the Federal Reserve began warning Silicon Valley Bank (SVB) of financial risks in 2021 — over a year before it cratered — yet SVB management did nothing. What’s more Moody’s warned SVB’s management of an imminent downgrade about a month before it announced its emergency capital raise. Shares of First Republic Bank FRC are trading well below where they were after it received $30 billion in deposits from other banks on March 16. It seems only a matter of time before more rot in the banking system comes to light. (I have no financial interest in the securities mentioned in this … [Read more...] about Why 186 Other Banks Could Go The Way Of Silicon Valley Bank
How Archetypes Can Help Women Tap Their Leadership Capacity
Share to Twitter Share to Linkedin Much has been said—and continues to be said—about the issues facing women in the workplace. While struggling with pay inequity, harassment, and work-life balance, many women still lament the metaphorical glass ceiling. That’s the invisible barrier preventing a given demographic (often understood to be females) from rising beyond a certain level in a hierarchy. Prize-winning filmmaker Ava DuVernay believes that focus is counterproductive. “Ignore the class ceiling and do your work,” she says. “If you’re focusing on the glass ceiling, focusing on what you don’t have, focusing on the limitations, then you will be limited.” That’s reminiscent of Shirley Chisholm, the first Black woman to serve in the U.S. Congress. “We must reject not only the stereotypes that others hold of us,” she said, “but also the stereotypes we hold of ourselves.” And then there was British prime minister Margaret Thatcher who famously said, … [Read more...] about How Archetypes Can Help Women Tap Their Leadership Capacity