The Biden administration has told key lawmakers it is sending a new package of more than $1 billion in arms and ammunition to Israel, three congressional aides said Tuesday. It’s the first arms shipment to Israel to be announced by the administration since it put another arms transfer — consisting of 3,500 bombs — on hold this […]
FRANKFURT, May 15 (Reuters) – The use of artificial intelligence in finance is still in its infancy but it needs to be monitored and possibly regulated to prevent harm to consumers and ensure the proper functioning of markets, the European Central Bank said on Wednesday. The ECB saw a number of opportunities from the use […]
FRANKFURT/VIENNA, May 15 (Reuters) – Raiffeisen Bank International (RBIV.VI), opens new tab was warned by the U.S. Treasury in writing that its access to the U.S. financial system could be curbed because of its Russia dealings, according to a person who has seen the correspondence. On May 6, Deputy Secretary of the Treasury Wally Adeyemo sent a […]
May 13 (Reuters) – Zest Protocol, a bitcoin lending startup with just six employees, has secured $3.5 million in a funding round led by billionaire investor Tim Draper. Besides venture capital firm Draper Associates, nearly a dozen investors participated in the round, including Binance Labs and Flow Traders, the company said on Monday. WHY IT’S […]
May 13 (Reuters) – Melinda French Gates is leaving the charitable foundation she co-founded with former spouse Bill Gates more than 20 years ago and will get $12.5 billion for her own work to uplift women and families, she said on Monday. The billionaire benefactors parted ways in 2021 after 27 years of marriage but had pledged […]
The Biden administration announced stiff new tariff rates Tuesday on $18 billion worth of Chinese imports. The White House said the tariff hikes were necessary to protect American industries from unfair competition. Starting this year, President Joe Biden will quadruple tariffs on imported Chinese electric vehicles, from 25% to 100%. The import tax on Chinese solar cells will double, […]
The Reserve Bank of India’s (RBI) proposed norms to tighten project financing, which has recommended an increased standard asset provisioning of up to 5 per cent on loans, is likely to result in an additional provisioning of 0.5-3 per cent of banks net worth. Last week, the RBI released a draft framework for lenders who […]
Fosun International, one of China’s largest private-sector conglomerates, has agreed to sell an 8.2 per cent stake in Belgian insurer Ageas to BNP Paribas for about €670 million (US$714 million) as part of an effort to reduce its debt amid economic turbulence. A deal involving the sale of 15.4 million shares of Ageas was concluded […]
TAIPEI — The Taiwanese financial conglomerate SinoPac Holdings is entering the Cambodian banking industry by acquiring a local institution that is majority-held by Western investors, the latest example of the diversification of Taiwanese investment into Southeast Asia. SinoPac announced over the weekend that its subsidiary Bank SinoPac will acquire 100% of Amret, Cambodia’s largest microfinance […]
LONDON/HONG KONG — Concerns by shareholders of an HSBC split with Asia resurfaced at the annual meeting on Friday after HSBC Chief Executive Noel Quinn’s abrupt resignation this week. One shareholder asked about the possibility of another attempt to spin off the Asian business of Europe’s largest bank — a question quickly dismissed by Chairman Mark […]