Brussels wants to put more of Europeans’ €10tn in savings to use by urging member states to offer tax incentives for investment accounts — part of a push to deepen the EU’s shallow and fragmented capital markets. Historically, Europeans have saved a higher proportion of their income compared with Americans. But owing to a mix...Read More
It’s an overcast day in Paris, which is slowly coming back to life after the August exodus. The leaves have already begun to fall off the Champs-Élysées trees, covering the boulevard in a light autumnal carpet. French politicians are being very French. “La tragédie française” is the headline of Le Point, amid the collapse of...Read More
BNP’s Sudan troubles are far from over When BNP Paribas paid a mammoth $8.9bn penalty to US authorities in 2014, it might have looked like justice had been done on behalf of the victims of atrocities in Sudan’s western Darfur region. The French bank — the EU’s biggest by assets — admitted deliberately violating US...Read More
Digital tokens perceived as safe assets come with hidden risks for retail investors, says Professor Jean Tirole. Jean Tirole, a Nobel Prize-winning economist, has warned about “insufficient supervision” of stablecoins and the possibility that governments will be forced into multibillion-dollar bailouts should the tokens unravel in a future financial crisis. In an interview with the...Read More
Money is clever, weird stuff. While entirely abstract, it also reifies our social power structure. It’s a form of memory, a way to organise strangers, and a utilitarian means by which the value to society of incommensurable things is plutocratically triangulated. More than that, it’s the stuff we use to pay the window cleaner. Being...Read More
Financial Times,JPMorgan explores lending against clients’ crypto holdingsJPMorgan Chase is exploring lending against clients’ cryptocurrency holdings, in the latest sign that the biggest US banks are endorsing the move of digital assets into the mainstream. The policy would mark a big shift for JPMorgan’s chief executive Jamie Dimon, who eight years ago branded bitcoin a...Read More
For Nkiru Uwaje, co-founder and chief operating officer of trade payments group Mansa, stablecoins are an integral part of her daily corporate life. The tokens, a form of cryptocurrency that acts like cash, account for 90 per cent of business activities at the group, which helps small businesses in Africa, south-east Asia and South America....Read More
Report highlights how direct lenders are forging increasingly close ties to more tightly regulated financial groups Bank lending to the $1.6tn private credit industry may pose systemic risks to the US financial system during an economic downturn, the Federal Reserve’s Boston branch warned on Wednesday. Boston Fed economists said in a paper that US lenders...Read More
Industry may become a ‘locus of contagion’ during market upheaval, report from US officials and bankers says Private credit is now so intertwined with big banks and insurers that it could become a “locus of contagion” in the next financial crisis, a group of economists, bankers and US officials has warned. Researchers from Moody’s Analytics,...Read More
