#iab-business banking & finance

[neyatimes]

Britain's pound is beating every other major currency this year

London CNN  —  The British pound crashed to a record low last fall as investors rebelled against budget plans by former Prime Minister Liz Truss. Now, it’s enjoying a comeback. Sterling hit its highest level against the US dollar in 10 months on Tuesday, topping $1.25 for the first time since June 2022. The pound, which has advanced about 3.3% versus the greenback since the start of 2023, is…

[reportwire]

China's Andon Health says it has full access to funds parked at collapsed lender SVB | CNN Business

Hong Kong CNN  —  China’s Andon Health, a maker of medical devices, says it has full access to funds parked at Silicon Valley Bank, after the US government intervened to backstop all the deposits at the failed lender. The Tianjin-based company, which manufactures consumer health devices and supplied Covid test kits to the United States during the pandemic, has cash deposits at SVB worth 5% of…

[vishal-kumarmaurya]

[masr356]

House Oversight chairman seeks Biden family financial transaction data | MASR356

House Oversight chairman seeks Biden family financial transaction data | MASR356

Rep. James Comer, in one of his first strikes as Home Oversight Chairman, is looking for info from the Treasury Division concerning the Biden household’s monetary transactions and calling on a handful of former Twitter executives to testify at a public listening to. The brand new spherical of letters from the committee comes as Home Republicans wish to flex their investigative would possibly and…

[fuzzytimes1]

In Japan, pet fish playing Nintendo Switch charges the owner's credit card

CNN — Here’s something you don’t see every day. Pet fish playing a video game Japan managed to log into the Nintendo Switch Store, change their owner’s avatar, set up a Pay Pal account, and collect a credit card bill. And everything seemed to be streamed live in real time on the internet. The fish in question belong to a YouTuber named Mutekimaru, whose channel is popular with the gaming…

[reportwire]

HSBC is buying SVB's UK business for just over $1 | CNN Business

Hong Kong/London CNN  —  HSBC has scooped up the UK arm of Silicon Valley Bank for £1 ($1.2), just days after its business in the United States collapsed in stunning fashion. SVB UK would have been placed into insolvency by the Bank of England following the failure of its parent, had a buyer not been found. In a statement, the Bank of England said it “can confirm that all depositors’ money…

[worldspotlightnews]

Parisian streets littered with trash after wave of strikes | CNN

Paris CNN  —  The City of Lights has a garbage problem. Massive strikes in Paris against pension reform this week are affecting trash pickup services in the French capital, with piles of waste sitting on many of the city’s normally picturesque streets, including those just steps from monuments like the Eiffel Tower and the Arc de Triomphe. As of Saturday, about 4,400 tonnes of trash were…

[reportwire]

Credit Suisse delays annual report after 'late call' from the SEC | CNN Business

London CNN  —  Credit Suisse can’t catch a break. In the latest piece of troubling news, the beleaguered Swiss bank has delayed the publication of its 2022 annual report following a “late call” from the US Securities and Exchange Commission on Wednesday evening. The SEC got in touch over revisions the bank had previously made to its cash flow statements for 2019 and 2020, Credit Suisse (CS)…

[reportwire]

Buying bank stocks before a recession used to be madness. Not anymore | CNN Business

London CNN  —  Investors are bucking tradition this year by piling into big bank stocks just as major economies are expected to either slow down or fall into recession. The Stoxx Europe 600 Banks index, a group of 42 big European banks, climbed 21% between the start of the year and late February — when it hit a five-year high — outperforming its broader benchmark index, the Euro Stoxx…

[reportwire]

Senate votes to overturn Biden administration retirement investment rule Republicans decry as 'woke' | CNN Politics

CNN  —  The Senate passed a politically charged resolution on Wednesday to overturn a Biden administration retirement investment rule that allows managers of retirement funds to consider the impact of climate change and other environmental, social and governance factors when picking investments. Republicans complain the rule is “woke” policy that pushes a liberal agenda on Americans and will…

[reportwire]

Biden administration tells student loan forgiveness applicants it is 'confident' in face of Supreme Court skepticism | CNN Politics

CNN  —  The Biden administration is projecting confidence about the fate of President Joe Biden’s student loan cancellation program in a message to applicants, even in the face of skepticism from conservative Supreme Court justices in Tuesday’s high-stakes oral arguments. Education Secretary Miguel Cardona said in an email sent to millions of borrowers who applied for debt cancellation that the…

[reportwire]

Standard Chartered plans hiring spree in Hong Kong as city reopens to China | CNN Business

Hong Kong CNN  —  Standard Chartered is going on a hiring spree in Hong Kong this year, in a sign of renewed confidence in its biggest market as the city reopens its border with mainland China. The British bank said it would add 300 to 500 employees to its ranks of roughly 5,500 to 5,800. That would lift its current headcount in the city by up to 9%. The move comes as the lender’s business in…

[theusarticles]

US lawmakers set to grill Sam Bankman-Fried on the collapse of FTX | CNN Business

US lawmakers set to grill Sam Bankman-Fried on the collapse of FTX | CNN Business

New York CNN  —  With his vast crypto empire in ruins, Sam Bankman-Fried is preparing to be grilled by US lawmakers who are demanding answers about how his digital asset exchange, FTX, came unraveled, leaving at least a million customers unable to access their funds. Bankman-Fried tweetedf Friday that he was willing to appear Tuesday before the House Financial Services Committee, which is…