Tag Archives: Story of the Day

Chinese e-commerce giant Alibaba has confirmed plans to split into smaller groups to allow each one pursue independent IPO. Alibaba Group Holding Limited (NYSE: BABA) recently announced plans to split into 6 business units, each capable of pursuing an IPO. According to the Chinese e-commerce giant, the move seeks to “unlock shareholder value and foster market competitiveness.” The Alibaba IPO-focused split also represents the most significant reorganization in the Hangzhou-based...

First Citizens has acquired failed bank Silicon Valley and will open former SVB branches today as First Citizens Bank and Trust Company. According to the Federal Deposit and Insurance Corporation, First Citizens Bank is set to acquire the embattled state-chartered commercial bank Silicon Valley Bank (SVB). In a recent statement, the FDIC revealed that the bank holding company would acquire all deposits and loans of SVB. According to the deal, 17 former SVB branches will reopen as...

Some crypto industry insiders believe that BTC price can surge to its previous all-time high of $69,000 and even beyond to $100,000. The world’s largest cryptocurrency Bitcoin (BTC) has already delivered a solid performance this year so far outperforming all other asset classes by a considerable margin. Currently, Bitcoin is trading at $27,708 with a market cap of $535 billion. At this current price, the BTC price is up already 70% from January 1, 2023. The fact that this Bitcoin...

According to the Swiss National Bank, additional interest rate hikes should not be ruled out in the mid to long term. The apex bank of Switzerland, the Swiss National Bank (SNB) has announced its latest interest rate hike by 50 basis points or 0.5%. According to the press release published by the SNB earlier today, the benchmark interest rate is now pegged at 1.5% in what the regulator tagged as its attempt to stem the soaring inflation rate. “The SNB is tightening its monetary policy...

Irrespective of its current leanings, the Federal Reserve will implement additional rate hikes to correct the strain that is still being felt in the economy by the average consumer. The United States Federal Reserve through the Open Market Committee (FOMC) has increased its interest rate by 25 basis points (0.25%). The rate hike was as expected and it was implemented despite the recent bank failures that have caused a crisis of confidence in the financial sector. The days leading up to...

The FDIC and Fed are looking for ways the US government can guarantee all bank deposits amounting to $17 trillion should the financial turmoil worsen. The US government is considering ways to guarantee bank deposits if the current banking crisis worsens. According to reports, the Federal Deposit Insurance Corporation (FDIC) and Federal Reserve are exploring a potential guarantee of all US bank deposits. Officials from both parastatals embarked on this scheme on advice from a banking...

A Goldman Sachs economist anticipates that the Fed would suspend its forthcoming rates hike due to “stress in the banking system.” Goldman Sachs (NYSE: GS) believes the US Fed would not hike rates as planned due to prevailing macroeconomic circumstances. In a note published Monday morning, the banking giant’s economist David Mericle pointed to the ongoing banking crisis as a deterrent. According to Mericle, the recent collapses of Silicon Valley Bank (SVB) and Signature Bank make any...

UBS and Credit Suisse both saw their shares spiral after the former agreed to an emergency rescue of the latter.  Shares of Swiss banking giants UBS and Credit Suisse plunged substantially following a takeover of the latter. On Monday morning, UBS secured a 3 billion Swiss franc ($3.2 billion) bailout of its troubled domestic rival amid the global banking crisis. Swiss authorities had assisted in facilitating the “emergency rescue” to preempt a contagion risk to the global banking...

Leading crypto Bitcoin climbed to $27K Friday, extending its 2023 bullish run amid intensified talks of a $100K price level.  Bitcoin (BTC) has extended its recent bullish momentum, recently hitting $27K for the first time since June last year. On Friday, the dominant digital currency climbed to $27,028, marking a 6.5% increase in 24 hours. This latest 6.5% price spike also saw BTC’s market cap swell within the same period to $549,070,761,254. However, Bitcoin has sustained marginal...

As the Fed intervenes in order to prevent a crisis in the US banking system, analysts answer whether the Fed has chosen to pivot from its quantitative tightening measures. The banking crisis last week in the US pushed Wall Street to the edge giving glimpses of yet another 2008-like financial crisis. However, the Fed and other agencies intervened pumping a fresh $300 billion into the economy and thus increasing its balance sheet. This has served as a temporary oxygen to the global...