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Swiss banks reveal how much Russian money they hold

Swiss banks, prized for their anonymity and safety, made a rare estimation of holdings by Russian clients amid sanctions slapped on Moscow due to the military operation in Ukraine. The country’s Bankers Association (SBA) said on Thursday that there are between 150 and 200 billion Swiss francs ($160-$213 billion) of …

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EU banks get Russia warning

The European Central Bank (ECB), the EU body tasked with regulating the eurozone, has warned financial institutions that they may become targets of Russian-sponsored cyberattacks as tensions with Ukraine continue to mount. Speaking at a news conference to present its annual review, the chair of the ECB Supervisory Board, Andrea …

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Food banks struggle to feed hungry Americans

California’s Alameda County Community Food Bank had been forced to “make a lot of really tough choices” due to inflation and the rising costs of food, its executive director Regi Young told NPR on Saturday. With prices spiking for some “core food items,” such as fruit, vegetables, and canned meats, …

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Global banks bracing for losses amid US hedge fund collapse

The sudden liquidation of the New York-based billionaire Bill Hwang’s Archegos Capital Management ignited a fire sale of more than $20 billion in assets that has left some of the world’s biggest investment banks bearing billions of dollars of losses. According to billionaire investor Mike Novogratz, the collapse of Hwang’s …

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