Australian Treasurer Chalmers: Banks are well-capitalized
Following the recent collapse of Silicon Valley Bank (SVB), the Australian Treasurer, Jim Chalmers, has reassured the public that the country’s banking sector remains stable and well-capitalized. He further stated that the situation was under control and being closely monitored by the regulators. The Australian banking sector has long been recognized as one of the […]
Sterling Bancorp to plead guilty to fraud, DOJ says
Sterling Bancorp Inc., the Michigan-based holding company for wholly owned subsidiary Sterling Bank and Trust F.S.B., has pleaded guilty to securities fraud. The Justice Department announced on Wednesday that Sterling Bancorp filed “false” securities statements regarding its 2017 initial public offering and 2018 and 2019 annual filings. The accusation came after Sterling Bancorp was found […]
WTI holds down near lowest closing price since Dec 2021
On Tuesday, crude oil prices fell sharply in a wave of technical selling as well as due to increased financial market risks. The US crude prices dipped by 5.2% to $68.20 a barrel, which is the lowest closing price since the start of December 2021. This has been the largest one-day percentage decline in over […]
Blame traditional finance for the collapse of Silicon Valley Bank
Silicon Valley Bank (SVB), a well-known provider of financial services to start-ups and venture capital firms, failed due to a liquidity crisis that had widespread effects on the startup ecosystem. The story of SVB highlights the many inherent risks that banks face, including mismanaging the economic value of equity (EVE), failing to hedge interest rate […]
U.S. demands Chinese owners of TikTok sell stake to avoid ban of service: report
The popular video-sharing platform TikTok, owned by Beijing-based ByteDance Ltd. has been the subject of controversy and scrutiny for the past year. In the latest development, The Wall Street Journal reported that President Joe Biden’s administration has told Chinese owners of TikTok that they must sell their stakes in the company or face a ban […]