Saudi Arabia's petro-dollar exit: A global finance paradigm shift... The financial world is bracing for a significant upheaval following Saudi Arabia's decision not to renew its 50-year petro-dollar deal with the United States, which expired on Sunday, 9 June, 2024. Source: The lapsed security agreement - signed by the United States and Saudi Arabia on 8 June 1974 - establishes two joint commissions, one on economic co-operation and the other on Saudi Arabia's military needs, and was said to have “heralded an era of increasingly close co-operation" between the two countries.
Saudi Arabia joins BIS- and China-led central bank digital currency project... LONDON, June 5 (Reuters) - Saudi Arabia has joined a China-dominated central bank digital currency cross-border trial, in what could be another step towards less of the world's oil trade being done in U.S. dollars. The move, announced by the Bank for International Settlements on Wednesday, will see Saudi's central bank become a "full participant" of Project mBridge, a collaboration launched in 2021 between the central banks of China, Hong Kong, Thailand and the United Arab Emirates.
XRP Ledger Ready to Adopt Tokenized Gold, Silver in Q3, 2024... Meld Gold brings Gold- and Silver-backed assets to XRPL in coming months
China writes off interest-free loans given to Zimbabwe... China has written off an unspecified amount of Zimbabwe's interest-free loans and pledged to help the Southern African country find a way out of its debt crisis, even as activists warned of a permanent debt trap. As of September 2023, Zimbabwe's publicly guaranteed debt stood at $17.7 billion, of which $12.7 billion was external and $5 billion domestic. Most of the foreign debt was purchased from China, as the country is ineligible for loans from multilateral creditors such as the World Bank and the International Monetary Fund (IMF) after defaulting on repayments since the turn of the millennium. Since the fall of long-time ruler Robert Mugabe six years ago, Zimbabwe has been struggling to reach an agreement with creditors to restructure its unsustainable debt.
$517,000,000,000 in Unrealized Losses Hit US Banking System, FDIC Says 63 Lenders on Brink of Insolvency... The FDIC reveals $517 billion in unrealized losses within the US banking system, with 63 lenders on the brink of insolvency. Learn about the causes, implications, and strategic recommendations to navigate this financial storm. In a dramatic revelation that threatens to reshape the financial landscape, the Federal Deposit Insurance Corporation (FDIC) has sounded the alarm on an astonishing half-trillion dollars in unrealized losses within the US banking system. This staggering figure underscores the perilous state of the banking sector, with 63 lenders teetering on the edge of insolvency. The Grim Reality: A Surge in Unrealized Losses. According to the FDIC’s latest Quarterly Banking Profile report, the banking industry is now burdened with $517 billion in paper losses. These unrealized losses, primarily stemming from the residential real estate market, represent the chasm between the purchase price of securities and their current market value. This financial abyss is deepening as banks grapple with higher mortgage rates and the ensuing depreciation of residential mortgage-backed securities.
Basel IV is coming: What you need to know... The purpose of Basel IV is to level the playing field and harmonize how banks calculate risks, not to increase the level of capital in banks on a global level, explains Sonebäck. However, the reforms will likely have a disparate impact in different regions, due to regional differences in banks’ use of internal models for calculating risk. Globally, the impact on banks’ required capital will be limited, he says. The impact will be larger in Europe and the Nordics, where banks tend to be heavier users of internal risk models. The European banking system, for example, will need an estimated 19% of additional Tier 1 capital in their capital buffer, while Swedish banks will need an additional 28%. That compares to an estimated 2% additional Tier 1 capital for US banks. For the European banking system, that means having to find an additional 52 billion EUR of capital, based on current lending volumes.
Will there be a crypto pump in September?...
Bank of America, PNC, Citizens and Chase behind latest branch closures ... US banks notified their regulator of 10 planned branch closures in a single week this month. Among those shutting locations were Bank of America, PNC and Citizens - each of which announced the closure of two locations. Meanwhile, Chase, Capitol Federal Savings Bank in Kansas, First National Bank of Middle Tennessee, and State National Bank of Groom in Texas reported one each in the week between April 14 and April 20.
Ripple Joins Forces with HashKey DX to Introduce XRP Ledger-Powered Enterprise Solutions in Japan... SBI Group companies will be the first Japanese corporations to utilize solution in Japan Ripple, the leading provider of enterprise blockchain and crypto solutions, has entered into a strategic partnership with HashKey DX, the Tokyo-based specialized consulting company of the HashKey Group, to introduce XRP Ledger (XRPL)-powered enterprise solutions to the Japanese market. HashKey Group has achieved significant success with its blockchain-powered supply chain finance solutions, which have seen widespread adoption in mainland China. The solution was launched in July 2019, and currently has more than 4,000 companies registered, including 23 banks and 4,300 suppliers. The total trade amount recorded exceeds 7 billion USD, with financing transactions nearing 3 billion USD within the solution.
SUPREME COURT OF THE UNITED STATES Syllabus CANTERO ET AL., INDIVIDUALLY AND ON BEHALF OF ALL OTHERS SIMILARLY SITUATED v. BANK OF AMERICA, N. A. CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR THE SECOND CIRCUIT No. 22–529. Argued February 27, 2024—Decided May 30, 2024...
In a shocking and devastating move, Russia's Moscow Stock Exchange has immediately suspended all trading in U.S. dollars and euros, delivering a major blow to the U.S. currency....
US Banks Dumping Exposure To $2,500,000,000,000 Market Before ‘Inevitable Losses’ Hammer Balance Sheets: Report...
VIDEO How The Federal Reserve Bank Works…... Bottomline We Are All Salves. 🔺
In case you’re wondering why the whole internet is talking about $GME today.... Can’t stop Won’t stop #GameStop
VIDEO Here’s an explanation of the actual market wide criminal conspiracy that GameStop exposed and how and why short sellers could actually blow up the entire global economy. Cameos by @blockbuster and @ToysRUs No exaggeration....
