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 …
Read More »Big banks pump billions into fossil fuels despite net zero pledges – climate group
Large global banks are spending billions on oil and gas projects despite their participation in the Net Zero Banking Alliance (NZBA), which claims to take steps to achieve net-zero emissions goals, ShareAction climate campaigners have found. “NZBA [24] members provided at least $44.6 billion in financing to the top upstream …
Read More »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 …
Read More »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, …
Read More »Global central banks to boost share of Chinese yuan while reducing US dollar holdings – survey
According to the Global Public Investor survey, published by the London-based Official Monetary and Financial Institutions Forum (OMFIF), 30% of central banks plan to increase their yuan holdings over the next 12-24 months, up from only a 10% increase last year. OMFIF claims the yuan’s rise is likely to be …
Read More »Dozens of bodies, many of them buried Covid victims, are washed from banks of India’s Ganges by seasonal floods & float downriver
Grim footage from the last few days shows wrapped corpses surfacing in the waters and being carried down the Ganges, a river Hindus honor as holy. Many of the bodies laid to rest on the banks of the river are reported to be from poor families, whose relatives could not …
Read More »Too little too late: Central banks are about 10 years behind the times with their crypto plans, economist tells RT’s Boom Bust
“What’s interesting about this whole question of efficiency of cryptocurrency is its energy consumption or inefficiency that actually minimizes the amount of units that can be created in the cryptocurrency world,” Tucker told Boom Bust. “And we know that central banks have specialized, especially in the last 15 months, in …
Read More »Australian banks ‘urgently investigating’ after online banking apps stop working
Commonwealth Bank, Westpac, and ANZ are working to restore online banking services that have reportedly stopped functioning across the country. “We’re aware some of you are experiencing difficulties accessing our services and we’re urgently investigating. We apologise and thanks for your patience, we’ll provide an update soon,” Commonwealth Bank tweeted …
Read More »‘Know your customer’ indeed! Banks deploy AI systems to monitor customers & employees alike
Speaking to Reuters earlier this week, City National’s chief information security officer Bobby Dominguez tried to put a positive spin on the dystopian step forward when interviewed by Reuters about the phenomenon on Thursday. noting “we’re already leveraging facial recognition on mobile. Why not leverage it in the real world?” …
Read More »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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