Walking past the International Monetary Fund (IMF) headquarters in Washington DC on October 5, 2023, pedestrians couldn’t ignore the billboard announcing the annual meetings of the World Bank Group and IMF. The significance of this event was not lost on top economists and central bankers, who find themselves in agreement about one thing: interest rates …
The U.K.’s embattled Metro Bank has launched talks to sell a third of its mortgage book in an urgent attempt to shore up its balance sheet. Matthew Horwood | Getty Images News | Getty Images LONDON — According to analysts, the U.K.’s Metro Bank will face challenges in raising fresh capital to strengthen its balance …
Brian Armstrong, chief executive officer of Coinbase Global Inc., speaks during the Messari Mainnet summit in New York, on Thursday, Sept. 21, 2023. Michael Nagle | Bloomberg | Getty Images Coinbase CEO Brian Armstrong is unhappy with JPMorgan Chase’s decision to block crypto-related transactions at its U.K. digital banking subsidiary, Chase UK. Chase UK earlier …
Skyscrapers in the Canary Wharf financial, business, and shopping district in London, UK. Bloomberg | Bloomberg | Getty Images LONDON — London’s office market is currently facing a “rental recession,” according to financial services company Jeffries. They reported that the vacancies in the capital’s business hub have reached a 30-year high. Jeffries analysts estimated that …
The co-founders of Silent Eight, from left to right: Michael Wilkowski, Julia Markiewicz, and Martin Markiewicz. Silent Eight WARSAW — Financial institutions are often “one decision away from a huge mess” when it comes to financial crime, according to Martin Markiewicz, CEO of Silent Eight. The risk of fines and reputational damage is significant if …
In the Central district of Hong Kong on July 26, 2021, individuals were seen standing in front of an electronic display showing the Hang Seng Index. Stocks experienced a significant decline as China’s decision to reform the private education sector and prohibit tuition firms from making profits took its toll. This development resulted in Hong …
Japanese yen and U.S. dollar banknotes are strategically arranged for a photograph in Tokyo, Japan. The U.S. dollar has surged to a new two-decade high against its major counterparts due to the Federal Reserve’s hawkish stance on interest rates. Image source: Tomohiro Ohsumi | Bloomberg | Getty Images Stock Chart Icon Stock chart icon
An HSBC Holdings bank branch in Hong Kong on May 24, 2022. A Hong Kong-based trade platform launched by HSBC Holdings three years ago with much fanfare has shut down after failing to build a commercially viable business. Bertha Wang | Bloomberg | Getty Images HSBC exceeded analysts’ expectations by reporting an 89% surge in …
China is implementing a requirement for foreign-owned companies, including those from the U.S., to establish monitoring groups that ensure compliance with Chinese Communist Party (CCP) principles, according to FBI Director Christopher Wray’s testimony before the House Judiciary Committee. Wray described this as a tactic used by the Chinese government to gather confidential information from joint …
Hong Kong observation wheel, and the Hong Kong and Shanghai Bank, HSBC building, Victoria harbor, Hong Kong, China. Ucg | Universal Images Group | Getty Images According to HSBC Asset Management, the U.S. is expected to enter a downturn in the fourth quarter, followed by a “year of contraction and a European recession in 2024.” …