Russian Banks Set for Record Profits This Year, Central Bank, Rating Agency Say

Russian Banks Set for Record Profits This Year, Central Bank, Rating Agency SayBank of Russia raised its forecast for the profits of Russian banks in 2023, expecting results that may break the 2021 record. This year’s high numbers are coming after 2022 became the worst annual period in seven years for the sanctioned Russian banking sector in terms of financial outcome. Banks in Russian Federation Headed for […]

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Crypto AI Economy Suffers $730 Million Loss in 2 Months as Interest Wanes

Crypto AI Economy Suffers $730 Million Loss in 2 Months as Interest WanesLess than two months ago, a collection of 74 listed cryptocurrencies centered around artificial intelligence (AI) amassed an impressive $4 billion valuation. However, the intervening weeks have seen a sharp decline in crypto-AI economy gains, with losses of $730 million. The three most prominent AI-driven crypto projects have all suffered double-digit losses, ranging from 10% […]

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First Citizens Bank Acquires Silicon Valley Bank, Costing FDIC Deposit Insurance Fund an Estimated $20B

According to the Federal Deposit Insurance Corporation (FDIC), the troubled bank Silicon Valley Bank (SVB) was acquired by First Citizens Bank & Trust Company, which is based in Raleigh, North Carolina. First Citizens acquired all deposits and loans from SVB, as well as the 17 branches that SVB owned across the United States. Silicon Valley […]

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Experts Predict More Bank Failures in the US Following Interest Rate Hike and Unsettled Banking Crisis

Experts Predict More Bank Failures in the US Following Interest Rate Hike and Unsettled Banking CrisisAfter the recent bank collapses in the U.S., a number of people believe that more failures are coming following the Federal Reserve’s increase of the benchmark interest rate by 25 basis points (bps). American journalist Charles Gasparino insists that Wall Street’s “low-rate” junkies are ignoring the U.S. banking crisis. Quill Intelligence CEO Danielle DiMartino Booth […]

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Flagstar Bank Acquires Signature Bank’s Assets and Branches, Excluding Cryptocurrency Operations

On Monday, about a week after the collapse of Signature Bank, the Federal Deposit Insurance Corporation (FDIC) announced that Flagstar Bank, a wholly owned subsidiary of New York Community Bancorp, acquired 40 former branches of Signature and its assets. Flagstar assumed nearly all of Signature’s deposits, except for $4 billion of deposits related to the […]

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UBS Considers Acquiring Credit Suisse, Requests Government Backstop in Deal

UBS Considers Acquiring Credit Suisse, Requests Government Backstop in DealAfter Credit Suisse Group AG announced it would borrow 50 billion Swiss francs from the Swiss National Bank, UBS Group AG is reportedly considering acquiring the banking giant. However, UBS is requesting that the government issue a backstop to protect against any losses if it purchases Credit Suisse. According to unnamed sources familiar with the […]

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Metaverse, AI, and Liquid Staking Tokens Lead Year-to-Date Crypto Asset Gains Among Top 125

Metaverse, AI, and Liquid Staking Tokens Lead Year-to-Date Crypto Asset Gains Among Top 125In 2023, the leading crypto assets, such as bitcoin and ethereum, have captured decent gains. Bitcoin has increased 17.2% over the last 30 days, and ethereum has risen 9.3% in the same timeframe. However, year-to-date statistics show that bitcoin is down 38.3%, and ethereum has lost 39.3% against the U.S. dollar. The following presents a […]

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Banks in Russia to Lose $700 Million a Year Due to Digital Ruble, Experts Say

Banks in Russia to Lose $700 Million a Year Due to Digital Ruble, Experts SayRussian banks may be the main losers from the introduction of a digital ruble while retailers will save on acquiring fees, analysts have predicted. The benefits for consumers using the new digital currency are not that obvious as they may not be paid any interest or cashback. Launch of Russia’s Digital Ruble Said to Result […]

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Federal Reserve Raises Benchmark Interest Rate by 0.25%, Disinflationary Process ‘Early,’ Says Powell 

Federal Reserve Raises Benchmark Interest Rate by 0.25%, Disinflationary Process 'Early,' Says Powell The U.S. Federal Reserve raised its benchmark federal funds rate by 0.25% on Wednesday after markets priced in near 100% certainty the Federal Open Market Committee (FOMC) would codify the quarter-point increase. The FOMC statement further detailed that ongoing rate increases are anticipated to bring inflation down to the target range of 2%. FOMC Outlines […]

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