The status quo of competing payments systems in Peru is untenable, the CBRP wrote, but the introduction of a CBDC, combined with new policies to improve the access and interoperability of existing systems, would help the central bank overcome barriers to financial inclusion and lower costs for transactions. According to the report:Continue Reading on Coin Telegraph More
According to an April 5 report in The Wall Street Journal, Harris made the remarks at the Chainalysis Links conference in New York City. She reportedly described the events leading up to the failure of Signature as a “new-fashioned bank run,” calling the idea that it had any relation to crypto exposure “ludicrous.”Continue Reading on Coin Telegraph More
In an April 5 blog post, McCaul said there was currently no adequate regulatory or supervisory framework for crypto firms but that the collapse of the FTX exchange helped shed light on the problem. She called on policymakers to address potential gaps in existing frameworks that could lead to bank failures, citing the collapses of Silicon Valley Bank and Signature Bank (OTC:SBNY) in the United States.Continue Reading on Coin Telegraph More
Though the identity of the Bitcoin (BTC) creator and thus their birthday remains unknown to the public, crypto enthusiasts took note of when Satoshi’s age increased by one year on their P2P Foundation profile — suggesting a birthday of April 5, 1975. Crypto users have suggested that the date — since Satoshi may represent a group of people rather than an individual — may come from a day in 1933 when United States President Franklin Delano Roosevelt started taking the country off the gold standard, issuing an executive order for all U.S. citizens to return gold coins and gold certificates worth more than $100 to the Federal Reserve.Continue Reading on Coin Telegraph More
I feel as a Millennial that Im part of this generational cohort thats in this very unusual experience of having had an analog childhood and now living a digital future, says Zucker. Continue Reading on Coin Telegraph More
Good morning. Today we start in California, where House Speaker Kevin McCarthy met Taiwan’s president Tsai Ing-wen, becoming the most high-profile US official to meet a Taiwanese president on American soil.Following the meeting, Tsai urged continued support for her country and warned that “democracy is under threat”.“We are stronger when we are together,” Tsai said following the meeting, which included a bipartisan group of 18 lawmakers. The meeting on Wednesday marked a compromise between McCarthy’s and Tsai’s desires for a more high-profile US-Taiwan engagement and efforts to avoid a violent reaction from Beijing. China claims Taiwan is part of its territory and has threatened to annex if Taipei refuses to submit under its control indefinitely. Joe Biden’s administration repeatedly warned China not to use the meeting as a pretext for greater aggression, but hours before the meeting China’s People’s Liberation Army sent its newest aircraft carrier through the Bashi Channel, which separates Taiwan and the Philippines, on its first navigation training in the western Pacific, Taiwan’s defence ministry said. In the latest sign of how deepening geopolitical divisions are worrying corporate leaders, insurance veteran Evan Greenberg has called on the US to “tone down rhetoric and symbolism around Taiwan” and focus on preserving peace and stability in the region.Here’s what else I’m keeping tabs on today:India monetary policy: The Reserve Bank of India will announce its repurchase rate decision today.Xi meets EU leaders: Emmanuel Macron said he would seek to convince Xi Jinping to take “a shared responsibility for peace” in Ukraine, when he and Ursula von der Leyen meet the Chinese president today.As always, thank you for reading FirstFT. Let us know if you have any feedback at [email protected]. Five more top stories1. Kyiv is willing to discuss the future of Crimea with Moscow if its forces reach the border of the peninsula, a top adviser to President Volodymyr Zelenskyy told the FT. The comments by the deputy head of Zelenskyy’s office, are the most explicit statement of Ukraine’s interest in negotiations since it cut off peace talks with the Kremlin last April.More Russia news: The US state department is preparing to declare American journalist Evan Gershkovich wrongfully detained, a designation that will escalate Washington’s efforts to secure his release from Russia.2. A hacking attack at Japan’s largest IT company is spilling across the country’s corporate sector, with cyber security experts warning that it could trigger a surge in attempts by organised criminal gangs to extort hefty ransoms from companies and their customers.3. The Swiss government has cut bonuses for about 1,000 senior bankers at Credit Suisse, with the executive team losing their outstanding variable pay entirely, after the lender’s rescue by its rival UBS last month. The bonuses cut were worth up to a total of SFr60mn ($66.1mn).Related read: Hedge funds took in their biggest haul since the 2008 financial crisis by betting against bank shares during the recent industry crisis.4. Chamath Palihapitiya told investors in his company Social Capital that he has questioned “the purpose of leverage” altogether, after a collapse in share prices put pressure on a stock-backed line of credit. Ortenca Aliaj details Palihapitiya’s annual letter, which opines on the end of zero-interest rate policy.5. Johnson & Johnson has proposed an $8.9bn settlement to resolve tens of thousands of lawsuits alleging its talcum powder caused cancer in what would be the largest product liability settlement in bankruptcy history, according to lawyers. The Big Read
As the Taiwanese president Tsai Ing-wen visited the US, her predecessor Ma Ying-jeou was touring China © FT montage/AP/AFP/Getty Images
Taiwanese president Tsai Ing-wen has delivered a consistent and blunt message: in the face of Chinese threats to annex the country, Taiwan needs to have the US at its back. But her predecessor Ma Ying-jeou has been touring China, pushing a very different agenda. The illusion that Taiwan could have it both ways is over.We’re also reading . . . Opinion: The US risks reversing nine decades of hugely successful policy that lifted tens of millions out of poverty by waging war on trade, writes Martin Wolf. Trump world: From Florida to New York and back, it’s been a surreal two days in Trump world, write FT’s Joshua Chaffin and Joe Miller.🎧 Climate crisis: Who should pay to rebuild Pakistan? In this episode of the Behind the Money podcast, we discuss how Pakistan recovery plans after record-breaking floods.Chart of the day
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After abandoning plans for its own mutual fund company in China in 2021, Vanguard doubled down on a partnership with local financial group Ant. But the US-based $8tn fund manager has struggled to convince country’s investors they need its low-cost passive funds, and now has plans to exit the venture, according to three people familiar with the matter.Take a break from the news
A triceratops skull, $661,500, and a gorgosaurus skeleton, $6.1mn, both sold in 2021 by Sotheby’s © Courtesy of Sotheby’s
Nicolas Cage and Leonardo DiCaprio are known to have bid against one another for the skull of a Tarbosaurus bataar. Others with deep pockets will get their chance this month when Trinity, a 67mn-year-old Tyrannosaurus rex skeleton, goes on sale at Koller Auctions. The reserve suggests that dinosaurs have entered the realm reserved for the most highly prized works of art. Additional contributions from Gordon Smith and Tee Zhuo More
(Reuters) – There will be no Asia Morning Bid on Friday, April 7. It will resume on Monday, April 10.A look at the day ahead in Asian markets from Jamie McGeever.First Australia stood pat, then New Zealand stunned everyone with a 50 basis point hike and the next interest rate decision for Asian markets to zoom in on this week comes from India on Thursday.Chinese services PMI and Australian trade figures are also on the docket Thursday, while remarks from Reserve Bank of Australia governor Philip Lowe on could shed further light on the RBA’s outlook following Tuesday’s policy decision.Another batch of gloomy U.S. data and deepening recession concerns on Wednesday will no doubt darken investors’ mood.The Reserve Bank of India is expected to raise its repo rate by a quarter percentage point to 6.75, according to a Reuters poll, marking the end of the tightening cycle but maybe leaving the door open for one more hike.Economists reckon the RBI will maintain a hawkish stance throughout the year, but rates traders are not so sure – current market pricing points to 15 basis points of easing by the end of the year and a full quarter point cut by next February. GRAPHIC: India inflation and interest rates https://fingfx.thomsonreuters.com/gfx/mkt/dwvkdjrykpm/RBI.jpg It’s a difficult one to call, and after the Reserve Bank of New Zealand’s hawkish surprise on Wednesday, investors would do well to be humble in their predictions.On the one hand, inflation in Asia’s third-largest economy is running at 6.44%, above the central bank’s upper tolerance limit of 6.00%, and the rupee is within touching distance of last October’s record low of 83.26 per dollar.The rupee is expected to weaken further in the coming months too.But wholesale price inflation is declining rapidly, and there are powerful global winds shifting in the opposite direction – U.S. Treasury yields are the lowest since September, pushed down by an expanding batch of weak economic indicators, the latest being ADP private sector jobs data on Wednesday.Wall Street is finally buckling, rates markets are now gunning for almost 100 basis points of Fed rate cuts this year and the dollar is sagging. Maybe the rupee won’t depreciate that much after all.If Friday’s U.S. payrolls report shows signs that the labor market is softening, the doves may soon be out-muscling the hawks – in Washington and beyond.Here are three key developments that could provide more direction to markets on Thursday:- India interest rate decision- RBA governor Philip Lowe speaks- China Caixin services PMI (March) (By Jamie McGeever; Editing by Josie Kao) More
Sebastien Borget, co-founder and chief operating officer of The Sandbox, expressed his excitement about AI at the WOW Summit 2023 in Hong Kong. Speaking to Cointelegraph, Borget said that rather than fearing the technology, it can be used to empower creators to “materialize ideas in seconds.” Continue Reading on Coin Telegraph More
