Bitcoin and other digital currencies plunged on Friday as a proposed capital gains tax hike from U.S. President Joe Biden led to a wave of selling. Bitcoin was down 7.3% at $49,730, according to Coin Metrics data. It’s the first time bitcoin has traded below $50,000 since early March. Ether fell to $2,320, down 8%. XRP, the fifth-biggest cryptocurrency, […] Read more
HSBC has partnered with HKTVmall, a Hong Kong-based online shopping and entertainment platform, to provide a new digital trade finance solution to e-commerce sellers. The collaboration will enable HKTVmall’s vendors, which include electronic appliance sellers, fashion retailers, and consumer goods providers, to access finance without having to provide collateral or financial documents. Instead, HSBC will […] Read more
The South African rand will see a significant appreciation against the U.S. dollar by the end of the year, as much of the macroeconomic risk facing the country is already priced in, according to Absa CIB Head of Currency Strategy Mike Keenan. The currency plummeted in late March as the coronavirus began to spread throughout the world, sending riskier markets […] Read more
A lawsuit filed in a New York court against Credit Libanais and two smaller banks is alleging that all three banks, separately, have issued bad checks and misrepresented their situation. At the time of the lawsuit, the plaintiffs had $5.4 million on deposit at Credit Libanais, $7.5 million at BLC Bank, and $5.8 million at […] Read more
THE POUND to euro exchange rate has shown a marginal decrease since yesterday morning. On Tuesday, GBP showed little reaction to MPs voting in favour of an early UK general election. What does this mean for your holidays and travel money? The pound to euro exchange rate “held steady” on Tuesday as MPs voted in […] Read more
The Federal Reserve likely will cut interest rates next week, but in doing so will make a pair of adjustments aimed at signaling that the current easing cycle could be over, according to a Goldman Sachs forecast. Markets widely expect the policymaking Federal Open Market Committee to approve a quarter-point reduction at the Oct. 29-30 […] Read more
The Federal Reserve likely will cut interest rates next week, but in doing so will make a pair of adjustments aimed at signaling that the current easing cycle could be over, according to a Goldman Sachs forecast. Markets widely expect the policymaking Federal Open Market Committee to approve a quarter-point reduction at the Oct. 29-30 […] Read more
India’s central bank on Friday cut its benchmark repurchase rate for the fifth consecutive time this year as it continues a concerted push to reinvigorate a stuttering economy. The Reserve Bank of India (RBI) lowered the repo rate by 25 basis points to 5.15% with five members of its Monetary Policy Committee voting in favor, […] Read more
The U.S. trade deficit narrowed less than expected in July as the trade war between the United States and China drags on. The Bureau of Economic Analysis (BEA) said Wednesday the U.S. international trade deficit came in at $54 billion for July. Economists polled by Dow Jones expected the deficit to narrow to $53.48 billion. […] Read more
American and Chinese investors’ appetite to deploy capital into each other’s projects and deals has dropped to a five-year low as trade tensions propelled the decoupling of the two economies. Investment between the United States and China plunged 18 per cent to US$13 billion in the first six months of 2019 and reached the lowest […] Read more
