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Ghana’s move to restructure its local-currency and overseas debt has resulted in the first loss on record for two of the West African nation’s top banks. GCB Bank Plc, the country’s largest lender by assets, posted a 593.4 million cedis ($50.5 million) net loss for the year to end-December, its first since 1993 when Bloomberg started maintaining […]
US credit rating agency Fitch has upgraded eight Saudi banks’ long-term issuer default ratings to “A-” from “BBB+,” with a stable outlook, according to a press statement. The eight Saudi banks are Riyad Bank, Saudi Awwal Bank, Banque Saudi Fransi, Arab National Bank, Alinma Bank, The Saudi Investment Bank, Bank Aljazira and Gulf International Bank […]
Global central bank gold reserves increased by an additional 52 tons in February, representing the eleventh consecutive month of net purchases of the yellow metal, new data show. According to the latest figures from the World Gold Council (WGC), China was the biggest gold buyer in February, acquiring 24.9 tons. The People’s Bank of China (PBoC) […]
As the global banking crisis stretches into its third week, President Joe Biden has turned to a familiar playbook — lay low and point the finger at Congress. Publicly, aides and top White House officials say lawmakers have a responsibility to intervene. Unprecedented executive actions are being discussed behind closed doors, but Biden’s spokespeople are […]
US officials are studying ways they might temporarily expand Federal Deposit Insurance Corp. coverage to all deposits, a move sought by a coalition of banks arguing that it’s needed to head off a potential financial crisis. Treasury Department staff are reviewing whether federal regulators have enough emergency authority to temporarily insure deposits greater than the current $250,000 […]
Stocks climbed as regulators worldwide rushed to shore up market confidence over the weekend, with the recent financial turmoil spurring speculation on a slower pace of tightening from major central banks. As the earlier flight-to-safety bid waned, financial shares led gains in the S&P 500 and giants like JPMorgan Chase & Co. and Citigroup Inc. drove a gauge of […]
A coalition of midsize US banks asked federal regulators to extend FDIC insurance to all deposits for the next two years, arguing the guarantee is needed to avoid a wider run on the banks. “Doing so will immediately halt the exodus of deposits from smaller banks, stabilize the banking sector and greatly reduce chances of […]
Berkshire Hathaway Inc.’s Warren Buffett has been in touch with senior officials in President Joe Biden’s administration in recent days as the regional banking crisis unfolds. There have been multiple conversations between Biden’s team and Buffett in the past week, according to people familiar with the matter, who asked not to be identified because the […]
UBS Group AG is exploring an acquisition of all or parts of Credit Suisse Group AG at the urging of Swiss regulators after its smaller rival was pummeled by a crisis of confidence, according to people with knowledge of the matter. Swiss officials are pushing UBS to look at various ways it could be involved with a solution […]
South Africa’s government has contingency plans in place to safeguard key food-production facilities against an escalation in power cuts…
US credit rating agency Fitch has upgraded eight Saudi banks’ long-term issuer default ratings to “A-” from “BBB+,” with…
LONDON: Premier League side Chelsea completed the signing of Argentina midfielder Enzo Fernandez from Benfica for a British record…
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