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Cyberattack at a US Subsidiary of ICBC Highlights Payment Interruption Risks
The recent cyberattack at ICBC Financial Services (ICBC FS), a wholly-owned subsidiary of the Industrial and Commercial Bank of China Limited (ICBC, A/Stable/bbb), highlights financial institutions’ growing exposure to payment interruption risk arising from cybersecurity incidents as they become more frequent and severe, says Fitch Ratings. We do not expect the incident to have any immediate impact on the parent bank’s Viability Rating, nor will the bank’s Issuer Default Rating change as it remains driven by our expectation of support from the Chinese sovereign (A+/Stable). US-based ICBC FS primarily engages in ... (full story)
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- From @financialjuice|Nov 16, 2023
post:
FED'S COOK: SMALL BUSINESS CONDITIONS, HOUSING SECTOR, LOWER-INCOME HOUSEHOLDS MAY BE SIGNALING BROADER STRESS AHEAD. post:
FED'S COOK: THERE'S A RISK THAT CONTINUED DEMAND MOMENTUM COULD SLOW THE PACE OF DISINFLATION. post:
COOK: FED'S RATE HIKES, BALANCE SHEET RUNOFF HAVE TIGHTENED U.S. FINANCIAL CONDITIONS, HELPED REDUCE INFLATION
COOK: INCREASED MULTIFAMILY HOUSING SUPPLY WILL CONTRIBUTE TO THE EXEPECTED FURTHER REDUCTION IN INFLATIONCook: Global Linkages - Supply, Spillovers, and Common Challenges Thank you, Sylvain, and thank you for the opportunity to speak to you today.1 It is fitting and timely that today we are gathered here to talk about global linkages. It is fitting not only because we are beside the Golden Gate—where, just a few blocks away, one can marvel at the massive cargo ships making their way to port—but also because this conference has once again brought together scholars and friends from as far away as Shanghai, Atlanta, and Fontainebleau. And it is timely because the discussion of the ties that bind us is as important as ever. To start off this conference on global linkages, I am going to discuss supply shocks, policy spillovers, and common challenges faced by monetary policymakers in recent years and going forward. When the global pandemic hit in the spring of 2020, economies around the world shut down or sharply limited activity, especially for in-person services. Also, it quickly became apparent that shutdowns in any one economy were exacerbated by reduced availability of supplies from other economies. Policymakers around the world faced the common challenge of supporting incomes and limiting the scarring from temporary shutdowns in activity. The response was similar across countries: fiscal support, particularly to help those most in need, although the magnitude differed, in part because of differences in fiscal space. Initially aimed at preventing sharp financial and economic deterioration, monetary policy easing was later extended to support the nascent economic recovery. Policy rates were cut to or held near zero in both advanced and emerging market economies. A wide range of central banks also bought assets to support market functioning and provide stimulus once overnight policy rates hit their effective lower bounds. As economies gradually reopened, demand surged, especially for goods. But supply chains were slower to recover, leading to a global surge in inflation. That surge was followed by a further upswing in inflation after February 2022, when Russia's invasion of Ukraine caused a shock to global supplies of commodities, including oil and natural gas, food and fertilizers, and numerous manufacturing inp
- From bnnbloomberg.ca|Nov 16, 2023
Continuing applications for US unemployment benefits rose to the highest level in almost two years, underscoring the increasing challenges unemployed workers are facing in finding ...
- From s14085.pcdn.co|Nov 16, 2023
The price of Bitcoin will test its former all-time highs in 2024. We forecast that the price of Bitcoin will exceed $60,000 USD in 2024, testing the area $66,000 to $69,000. ...
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- Posted: Nov 16, 2023 12:29pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 149