Author: News Room

Remittances have seen significant digital advances over the past decade, but the industry is still in the midst of a generation-long shift. If you live in a major city, there’s a good chance that you are starting to see cash use as a thing of the past. The rise of card and mobile wallet-based payments, as well as the rejection of cash during the pandemic, has increasingly seen digital payments take the lead in numerous parts of the world. Many people now go weeks or months without handling cash at all. However, in the world of consumer remittances, the digital…

As much as $42 billion in cash was withdrawn from Silicon Valley Bank on Thursday, March 9, 2023, an additional $90 billion was withdrawn from First Republic Bank FRC a week later, and today, March 20, 2023, we hear of UBS being forced to buy Credit Suisse. Not only are cash deposits being withdrawn, but presumably assets being managed by their wealth management departments also are departing. Many depositors will flee to the safety of banks like Citigroup C , Bank of America BAC , Bank of New York Mellon or any of the other banks that are “too big…

BERLIN (Reuters) – German companies active in eastern European have called on the government in Berlin to take on more risk and provide increased security for business in Ukraine, particularly for transport. The situation is especially acute when it comes to transport liability insurance as reinsurers have withdrawn from the market, which poses a problem for logistics companies, said Michael Harms, managing director of the German Eastern Business Association. “The federal government has to take on more risk than usual,” Harms said, and it “shouldn’t relieve companies of business risk but should help with creative instruments.” The association’s demand follows…

By Yasin Ebrahim Investing.com – The dollar bears have been beating the Federal Reserve rate-cut drum, dragging the greenback lower but that tune may soon be out of rhythm should the economic impact from the banking crisis remain modest. The , which measures the greenback against a trade-weighted basket of six major currencies, fell by 0.45% to 101.72. More evidence pointing to economic stress and tightening in lending conditions — following the banking crisis — is needed to justify pricing in further dollar weakness on expectations for a less hawkish Fed, Goldman Sachs said. “We think we are approaching the…

By Ambar Warrick Investing.com — Gold prices rose slightly on Wednesday, moving further towards a 2020 record high as more signs of slowing economic growth fed into safe haven demand for the yellow metal. Markets largely brushed off comments from Federal Reserve Bank of Cleveland President Loretta Mester that U.S. interest rates will keep rising despite weakness in the economy. Mester also suggested that rates will remain above the 5% mark for longer. But data, coupled with signs of cooling in the U.S. jobs market, saw investors doubt just how much economic headroom the Fed will have to keep raising…

© Reuters. FILE PHOTO: A electric vehicle charger is seen as a vehicle charges in Manhattan, New York, U.S., December 7, 2021. REUTERS/Andrew Kelly By David Shepardson WASHINGTON (Reuters) – Used electric vehicle sales in the United States rose 32% in the first three months of 2023 as prices fell, data provider Cox Automotive said on Friday. The group said the average retail listing prices for used EVs was around $43,400, down 4% from the same quarter last year and significantly below the average new EV price of about $59,000. The group said used EV prices were probably cut due…

In the wake of the collapse of Silicon Valley Bank, conventional wisdom has been that banks will cut lending, known as a credit crunch, that will damage the economy. On Thursday, St. Louis Federal Reserve President James Bullard said he was “less enamored’ with this forecast. “Only about 20% of lending is going through the banking system and only a fraction of the banks are small or regional banks “I just don’t think it is big enough by itself to send the U.S. economy into recession,” Bullard said. Bullard said he doubted there would be a pullback of lending by…

Dear Tax Guy, I just started renting my house out on Airbnb. I started a limited liability company to keep the expenses separate from personal ones. I am trying to figure out what would be considered tax deductions in this scenario? I had my own marketing research LLC for around 25 years, so I know a lot — just not with renting out my house. Can somebody count part of the mortgage as a deduction? What about utilities and cable? I would think so. Travel & TaxesDear Travel & Taxes, Your question about the crossroads of hospitality and regulations has…

First Republic Bank FRC, +4.39% on Friday said it would halt paying quarterly cash dividends on its preferred stock. In a filing, the company said the move to suspend those payments, made on Thursday, was “a measure of prudent oversight.” The move for the struggling bank, which teetered as its wealthy clients raced to get their money out following the collapse of Silicon Valley Bank and Signature Bank, comes after it suspended its common-stock dividend last month. The bank received $30 billion in deposits last month from the nation’s largest financial institutions in an effort toward stabilizing the company. Read…

The Biden administration will likely tighten emissions rules this coming week. For investors, that could mean more electric vehicles on roads sooner than expected. There are endless EV numbers to track, and following multiple governments’ and companies’ goals is no easy task. Investors will have to try, however, if they hope to pick automotive winners and losers in coming years—and there are a few potential standouts already. Environmental Protection Agency officials are set to reveal new pollution standards on Wednesday in Detroit, The New York Times reported on Saturday . The practical impact of the standards would mean that two-thirds…