Economics and Finance | FinTelegram News

Category: Economics and Finance

March 20, 2023

Our 10 Cents On Crypto: The Sudden Death Virus And The Banking Collapse Pandemic!

Times in the global financial markets could hardly be more turbulent. Since 2022, we are experiencing the spreading of the Sudden Death Virus in the financial industry. First, the crypto segment was hit by the collapse of the Terra-Luna stablecoin scheme and the resulting bankruptcies from Three Arrows Capital to FTX. The virus jumped to the legacy banking system and we saw the collapse of Silicon Valley Bank and Signature Bank in the U.S. and now Credit Suisse in Switzerland.

March 19, 2023

Broken Banks! UBS Agrees To Takeover Struggling Credit Suisse In A Dirty All-Share Deal!

A few minutes ago, Bloomberg announced that UBS is buying troubled rival Credit Suisse for the equivalent of $2 billion in a deal brokered by the Swiss government. The transaction is probably rightly being called hístorical. The Credit Suisse crisis has nothing to do with crypto like the U.S. collapsed Silicon Valley Bank or Signature Bank. Credit Suisse perfectly represents the broken traditional banking system.

March 19, 2023

Bank Crisis! The Credit Suisse Bail-Out Plans Allegedly Announced Later Today!

While the crypto sector has seen a view strong days, the legacy banking system is still fighting a global bank crisis. In Switzerland, banks, authorities, and government officials are under intense time pressure to discuss the rescue of the struggling Credit Suisse. All sides want UBS to takeover Credit Suisse before the stock exchanges open on Monday. Credit Suisse has allegedly rejected an offer from UBS and may be nationalized.

Economics and Finance

March 17, 2023

Why? Malta’s Calamatta Cuschieri Selling Its Offices As Restructuring Is Delayed!

CC Finance Group plc reported heavy losses in its financial statements ending June 2022, as reported by Fintelegram. It now transpires that CC Finance Group, the company behind Calamatta Cuschieri, has entered into a promise of sale agreement to sell its offices in Valletta for € 3.15 million. No reason was given behind the sale of this building in Malta’s capital city. It was announced that a board of directors meeting shall be convened on 21 April 2023.

March 11, 2023

Death Spiral! Collapse Of Silicon Valley Bank Will Trigger More Startup And Crypto Bankruptcies!

The death spiral in the fintech and crypto sector continues to spin. It started in 2022 with the collapse of the crypto sector last year, which also dragged down the FinTech sector. On 10 March, Californian Silicon Valley Bank (SVB) was taken over by the regulator due to a bank run resulting in lethal liquidity issues. The shutdown of the bank, systemically critical to the U.S. startup and crypto scene, will most certainly trigger more bankruptcies among their clients.

Economics and Finance

March 10, 2023

Brace, Brace! U.S. Silicon Valley Bank Needs Cash Infusion To Finance Billion-Dollar Losses!

First, it hit the Californian Silvergate Bank. Now, shares of SVB Financial (SIBV), which owns Silicon Valley Bank, the 16th largest bank in the US, plunged 60.41% after the company announced it was raising more than $2 billion in new capital to offset $1.8 in losses. The shares are now down 84% from November 2021 high. Silicon Valley Bank is heavily involved with all aspects of the U.S. startup scene, including crypto.

January 25, 2023

U.S. Justice Department Filed Antitrust Suit Against Google For Monopolizing Ad Technology!

The U.S. Justice Department filed a civil antitrust suit against Google for monopolizing multiple digital advertising technology products in violation of the Sherman Act. The complaint alleges that Google monopolizes key digital advertising technologies that website publishers rely on to sell ads and that advertisers rely on to buy ads and reach potential customers. This monopolization lawsuit is an attempt to restore competition.

January 13, 2023

Beleaguered Crypto Bank Silvergate Reduced Workforce By 40%!

Silvergate Bank, a state-chartered bank specializing in providing financial infrastructure to the crypto industry, filed a WARN Act on job cuts that reduced its workforce by 40%, The San Diego Union Tribune reports. To reset its business after a massive run on deposits last quarter, crypto-bank Silvergate has slashed 181 jobs at its local headquarters. The bank was most recently in the spotlight during the collapse of the crypto exchange FTX, for which it handled extensive FIAT transactions.

Economics and Finance

November 9, 2022

Bad Times! Huge Losses For Maltese CC Finance Group!

The Maltese CC Finance Group plc, which includes Moneybase and Calamatta Cuschieri Investments Services Limited, registered a loss of €869,000 for the year ended 30th June 2022. This has definitely been a bad year for the Calamata Cuschieri Group. After the year-end, Calamatta Cuschieri Investments Services was found guilty of not meeting the relevant regulatory obligations and ordered by the Maltese court to refund an investor more than €100,000.

November 7, 2022

Brace For Recession: Large-Scale Layoffs At Meta Continues The Twitter Path!

Following the takeover by Elon Musk, Twitter announced the layoff of 50% of its 7,500-strong workforce. We forecasted that this would only be the beginning of a layoff tsunami on the road to a global recession. According to WSJ, Meta Platforms Inc., the parent company of Facebook and WhatsApp, is planning to begin large-scale layoffs this week. It could be the largest round in a recent spate of tech job cuts after the industry’s rapid growth during the pandemic.

November 5, 2022

Brace For Tech Winter! Massive Layoffs On The Road To Global Recession!

One of the clearest indicators that an economic downturn, if not a recession, is knocking at the door is when companies start with layoffs. Twitter was this week just the last tech giant that announced and executed a massive layoff, allegedly firing half of its staff. Stripe CEO Patrick Collison announced the layoffs of over 14% of its workforce, amounting to more than 1,000 jobs. Raid-hailing operator Lyft announced the layoff 13% of its workforce, or nearly 700. Brace for the Tech Winter.

Economics and Finance

November 4, 2022

Elon Musk’s Tough Play For Twitter Profitability – Lock-Out And Mass Layoff

Elon Musk just last week acquired Twitter in a $44 billion deal after a long battle and has since fired much of its management. Among them are the CEO, Parag Agrawal, the chief financial officer, Ned Segal, and the legal affairs and policy chief, Vijaya Gadde. This Friday, the remaining employees will be locked out of the office. This happens against the background of a mass layoff. Allegedly, half of the approximately 7,500 employees will be terminated to make Twitter profitable.