Tag: Bank

UK Inflation Holds for September Following as Bank of England Suspends Further Interest Rate Hikes

The UK Chancellor of the Exchequer Jeremy Hunt is optimistic that inflation would ease. UK inflation came in for September at 6.7%, higher than expectations set by analysts. Also, inflation in the UK remained unchanged from August. While inflation remained unaltered, the UK’s headline consumer price index (CPI) met expectations from economists polled by Reuters. The economists predicted a monthly increase of 0.5% and an annual 6.6%. For core CPI, the UK’s figure fell to 6.1% year-on-year (YoY), higher than the 6% expected but lower than the 6.2% in August.…

Bank of America Beats Expectations with Strong Q3 2023 Profit

Bank of America, once expected to be a major beneficiary of rising interest rates, has faced unexpected challenges in 2023. In a recent earnings report, Bank of America Corp (NYSE: BAC) showcased its resilience and financial strength, surpassing analysts’ expectations for the third quarter of the year (Q3 2023). Exceeding Earnings Expectations The North Carolina-based banking giant reported robust earnings per share and impressive revenue figures, further cementing its reputation as one of the leading financial institutions in the United States. One of the standout achievements for Bank of America…

Saudi Central Bank urges IMF to address crypto-related risks

Ayman Alsayari, the governor of the Saudi Central Bank (SAMA), is encouraging the International Monetary Fund (IMF) to regulate cryptocurrency. “We need good supervision, regulation, and coordination of crypto currency activities,” Alsayari said at a recent event in Marrakech, Morocco, where the IMF Annual Meetings were held from Oct. 9-15. “In this context, we support the work and relevant roadmap of the IMF and the Financial Stability Board to address risks related to crypto currencies.” According to Saudi Gazette, the G20 Roadmap — unveiled at the G20 Finance Ministers and…

XRP role in Swiss bank; Shiba Inu and InQubeta rising prominence in crypto

TLDR InQubeta’s fractional investment protocol can open new opportunities for venture capital investors. Despite the token’s struggling prices, Shiba Inu’s burning program and Shibarium look promising Despite not being their reference token, XRP showed potential benefits to the Swiss Bank. At the Sibos 2023 conference, Switzerland said it plans to incorporate its Central Bank Digital Currency (CBDC) into live transactions. It was initially believed that they would adopt XRP for settlement, but this was incorrect. XRP remains under pressure at spot rates. Despite this, InQubeta (QUBE) and Shiba Inu (SHIB)…

Caroline Ellison desired to step down but feared a bank run on FTX

boss

Ellison spent over ten hours testifying during Bankman-Fried’s trial this week, notably entering through the front doors of the federal court in Manhattan, joined by her attorneys. According to Ellison, she had not seen Bankman-Fried since the crypto empire failed in November last year. But their communication eroded even months before. In April 2022, their romantic relationship came to an end, and Caroline started avoiding meetings with Bankman-Fried, even though they still lived in the same luxurious apartment in the Bahamas. Alameda’s growing liabilities with FTX and the breakup made…

Bank of Russia to support CBDC development

The Bank of Russia has announced changes to regulating its central bank digital currency (CBDC), the digital ruble. The central bank will allow foreign banks to open digital ruble accounts from Jan. 1, 2025 to promote cross-border payments and financial inclusion. The digital ruble is a digital form of the national currency that will coexist with cash and non-cash rubles. It will be issued and controlled by the Bank of Russia and will have the same legal status and value as other forms of the currency. The central bank plans…

US Mega Bank JPMorgan Predicts Harsh Drop In This Bitcoin Metric

boss

In a recent research report from JPMorgan, the financial firm has predicted a harsh drop for one Bitcoin metric, forecasting a potential decline of the Bitcoin Network Hash Rate by 20% leading up to the Bitcoin halving in April 2024. JPMorgan Expects Bitcoin Hash Rate To Drop In the report, JPMorgan stated that the Bitcoin mining industry is at a crucible stage leading all the way to the Bitcoin halving in April 2024 and beyond. This is because the approval of a Spot BTC exchange-traded fund (ETF) could spark a…

Crypto Bank Xapo Granted European License to Trade Stocks

Xapo is also expected to expand beyond its Bitcoin-only by allowing customers to trade Ether as well. Crypto-friendly bank Xapo has been granted a securities broker license that allows it to offer its European clients the ability to trade S&P 500 stocks like Apple along with its crypto asset management offering. Markets in Financial Instruments Directive (MiFID) license will enable the bank to expand beyond the speculative trading strategies used in crypto into more long-term investment strategies. Commenting on the news, Xapo CEO Seamus Rocca said in an interview: “Our…

First Abu Dhabi Bank completes cross-border payments testing on JPMorgan Onyx

boss

JPMorgan’s Onyx Coin Systems has scored another win in the Middle East with the completion of a blockchain-based cross-border payments pilot project with First Abu Dhabi Bank (FAB). The pilot phase was “executed seamlessly with satisfactory response times,” according to a statement. The FAB pilot wound up weeks after a similar test in Bahrain, where Bank ABC had been testing the Onyx system and proceeded to a limited launch of services. FAB said it was continuing to explore the opportunities the system offers. JPMorgan’s permissioned distributed ledger was launched in 2020…

Crypto Bank Xapo Snags European Broker License, Will Offer Stocks Like Apple

Starting out with a wallet, a cold-storage custody vault and a reserve of 30,000 bitcoin (BTC) back in 2013, Xapo later set up in Gibraltar under its virtual asset service provider (VASP) framework. Since beginning the process in 2019, Xapo has been granted a banking license, obtained principal membership with Visa and Mastercard as well as membership in SWIFT (the global system through which banks send money to each other). This means the firm can engage directly with correspondent banks, not via payment companies or third parties, and have access…