COST Financial News

An investing platform backed by the likes of oil giant Saudi Aramco and French soccer player Paul Pogba is launching a novel proposition in the U.K.: a physical branch and bank accounts backed by gold.

A dealmaking slump has forced investment banks to retrench again after a period of frenzied hiring. Job cuts are picking up pace and after last year's hefty bonuses, bankers are being handed doughnuts as fees have tumbled by more than 40%.

HONG KONG—Just when signs point to easing inflation worldwide, China’s economic reopening after years of strict pandemic controls is raising questions about whether it could spur costs higher again.

Japan is inching closer to reforming its strict crypto tax laws for corporations – in a bid to stop an “exodus” of crypto talent and capital from flowing overseas.

On January 23, the leading cryptocurrencies such as Bitcoin and Ethereum were consolidating in narrow ranges as investors seemed to wait for a solid fundamental reason to trigger a breakout. 

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HONG KONG—Just when signs point to easing inflation worldwide, China’s economic reopening after years of strict pandemic controls is raising questions about whether it could spur costs higher again.

SINGAPORE—China’s economy grew at one of its slowest rates in decades last year as repeated lockdowns hammered households and businesses, emphasizing the high cost of zero-tolerance Covid-19 policies that Beijing abruptly abandoned at the end of 2022.

Taking stock of progress, the group maintains that a digital euro should complement, and not replace cash, should be safe and resilient, ensure a high level of privacy, be easy and convenient to use and widely accessible to the public, including in terms of costs for end-users. Ministers also called for considering the environmental implications of the digital euro design.Privacy is emphasised as a key dimension in the design, while at the same time complying with other policy objectives such as preventing money laundering, illicit financing, tax evasion, and ensuring sanctions compliance.

A 30-day Exponential Moving Average of the number of Bitcoins that are “in profit” – i.e. were acquired at a time when the BTC price was lower – hit a 2-month high on the 19th of January, according to crypto data and on-chain analytics firm Glassnode.

SINGAPORE—China’s economy grew at one of its slowest rates in decades last year as repeated lockdowns hammered households and businesses, emphasizing the high cost of zero-tolerance Covid-19 policies that Beijing abruptly abandoned at the end of 2022.

The SEC maintains that Nexo offered an unregistered Earn Interest Product (EIP) to US investors in June 2020, costing $22.5 million in penalties, and then an additional $22.5 million in fines to regulators. As a result of the charges, Nexo has ceased offering the EIP and will go further to stop offering its services in the US.

SINGAPORE—China’s economy grew at one of its slowest rates in decades last year as repeated lockdowns hammered households and businesses, emphasizing the high cost of zero-tolerance Covid-19 policies that Beijing abruptly abandoned at the end of 2022.

Financial News' very own Kristen McGachey braved the cold of Davos to report back on the world elite's priorities for 2023 as they face harsh economic realities.

SINGAPORE—China’s economy grew at one of its slowest rates in decades last year as repeated lockdowns hammered households and businesses, emphasizing the high cost of zero-tolerance Covid-19 policies that Beijing abruptly abandoned at the end of 2022.

The rising interest rates in the US mean that the US government is now paying more in interest repayments on their debt than the entirety of their spending on their armed forces. 

SINGAPORE—China’s economy grew at one of its slowest rates in decades last year as repeated lockdowns hammered households and businesses, emphasizing the high cost of zero-tolerance Covid-19 policies that Beijing abruptly abandoned at the end of 2022.

A report on December U.S. retail sales will show consumers’ appetite for spending on gifts, dining out and big-ticket purchases during the final month of the holiday season.

Silvergate was forced to sell $5.2 billion in assets at a loss to cover the cost and remain liquid - leading to the fourth quarter loss.The bank says that to prepare for a "sustained period of transformation" it will offboard some non-core customers and ditch some of its product portfolio.It has also confirmed that 40% of its workforce - 200 people - have been laid off and that it has written off the $196 million price its paid for the assets of Facebook's digital currency, Diem.Alan Lane, CEO, Silvergate, says: “While we are taking decisive actions to navigate the current environment, our mission has not changed. We believe in the digital asset industry, and we remain focused on providing value-added services for our core institutional customers.

Taking stock of progress, the group maintains that a digital euro should complement, and not replace cash, should be safe and resilient, ensure a high level of privacy, be easy and convenient to use and widely accessible to the public, including in terms of costs for end-users. Ministers also called for considering the environmental implications of the digital euro design.Privacy is emphasised as a key dimension in the design, while at the same time complying with other policy objectives such as preventing money laundering, illicit financing, tax evasion, and ensuring sanctions compliance.

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