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Global Financial News

Mastercard CEO Teases CBDC Panel: SWIFT May Not Exist in 5 Years

Michael Miebach joined a panel on central bank digital currencies during the World Economic Forum’s annual meeting. DAVOS, Switzerland — Mastercard (MA) CEO Michael Miebach made people gasp. He answered “no” when asked if SWIFT, the current interbank messaging system that allows for cross-border payments, will exist in five years’ time. He smiled during his …

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Asia markets gain as Hong Kong’s Hang Seng jumps 2%

KEY POINTS Shares in the Asia Pacific markets rose on Friday, with Hong Kong’s Hang Seng index leading gains. Chinese electric vehicle maker Nio started trading in Singapore, the third exchange its shares are listed on. China kept its one-year benchmark lending rate on hold at 3.7%, but cut its five-year loan prime rate by …

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India isn’t the only one banning food exports. These countries are doing the same

KEY POINTS The war has triggered a huge spike in wheat prices, with Russia and Ukraine among the biggest exporters of the commodity. Many countries have banned wheat, as well as other food exports as a result of the Ukraine crisis. “As the war continues, there is a growing likelihood that food shortages, particularly of …

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UK inflation jumps to 40-year high of 9% as food and energy prices spiral

KEY POINTS The 9% rise in the consumer price index is the highest since records began in 1989, outstripping the 8.4% annual rise posted in March 1992 and well ahead of the 7% seen in March of this year. A quarter of Britons have resorted to skipping meals as inflationary pressures and a food crisis …

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Global Payments Partners with Bakkt, Offering Crypto and Loyalty Programmes

Bakkt Holdings, Inc – a fintech firm that provides crypto solutions – announced on Monday a strategic alliance with Global Payments Inc – a US firm that offers payment technology and services to merchants, issuers and consumers – to expand use cases of cryptocurrencies. The strategic partnership will see Global Payments enable crypto redemption to …

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What are inflation expectations? Why do they matter?

WHY ARE INFLATION EXPECTATIONS IMPORTANT? Inflation expectations are simply the rate at which people—consumers, businesses, investors—expect prices to rise in the future. They matter because actual inflation depends, in part, on what we expect it to be. If everyone expects prices to rise, say, 3 percent over the next year, businesses will want to raise …

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Price of corn hits 9-year high as surge in commodities continues

KEY POINTS The contracts for July corn futures were trading above $8 per bushel on Monday, the highest level since September 2012. Corn is just one of several agriculture commodities that has seen surging prices in recent weeks, in part due to the war in Ukraine. Even prior to the war, agricultural commodities were seeing …

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Crypto Exchange EXMO Withdraws From Russia

The UK-based cryptocurrency exchange EXMO has terminated services to Russian, Belarusian, and Kazakh customers. EXMO takes unsubtle jab at Ukraine invasion Only recently, EXMO established a regional team in Russia and Belarus. The exchange has now decided to withdraw, citing regulatory reasons: It’s been a tough decision for us, since we have spent over eight …

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Shinhan bank Opens Door to Corporate Crypto Accounts, Paving the Way for Institutional Adoption

As the first domestic lender on South Korean soil, Shinhan Bank has rolled out real-name corporate accounts to enable transactions from cash to crypto-based on its partnership with cryptocurrency exchange Korbit. Local regulations made this venture a reality by allowing bank-partnered and licensed crypto exchanges to render cash-to-crypto services. Furthermore, the passage of the Reporting and Use …

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China’s Central Bank Adds More Digital Yuan Pilot Cities

China’s central bank, the People’s Bank of China, has added more cities to test its digital currency. According to the latest official data, the digital yuan has more than 261 million users. PBOC Adds More Cities to Test Its CBDC The Chinese central bank, the People’s Bank of China (PBOC), said Saturday that it is …

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