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Browsing: Silicon Valley Bank
- The International Monetary Fund (IMF) says global economic growth is set to decline marginally as ongoing banking industry turmoil raises uncertainties.
- IMF’s World Economic Outlook for April 2023 update indicates that global output will fall to 2.8 per cent in 2023 from 3.4 per cent last year, before rising to 3 per cent in 2024.
- Advanced economies to experience a slowdown to 1.3 per cent in 2023 from 2.7 per cent in 2022 as the world economy recovers from the unprecedented upheavals of the last three years.
Global economic growth is likely to decline marginally as the US banking turmoil raises uncertainties in the markets, the International Monetary Fund (IMF) has warned.
IMF’s World Economic Outlook for April 2023 update indicates that global output growth will decrease to 2.8 per cent from 3.4 per cent last year, before rising to 3 percent in 2024,
According to the report, advanced economies …
- Economic experts are of the view that the banking crisis that spooked investors and sent shockwaves around the world could ultimately be beneficial for global financial markets.
- DeVere Group CEO Nigel Green says banking crisis could ultimately prove to be beneficial for global markets.
- The emergency lifelines being thrown to banks by regulators and governments, among others, appear to have now halted contagion within the sector.
The banking crisis that spooked investors and sent shock waves around the world could ultimately be beneficial for global financial markets.
This is according to Nigel Green, the CEO and founder deVere Group, one of the world’s largest independent financial advisory, asset management and fintech organizations who says the banking crisis could trigger a vital intervention from governments to stabilise the markets.
Green says the emergency lifelines being thrown to banks by regulators and governments, among others, appear to have now halted contagion within …
- Nigeria, South Africa, Egypt, Morocco, and Kenya are all expected to raise borrowing costs within the next two weeks
- In contrast, monetary authorities in countries such as Ghana and Angola, where inflation is on a downward trend, are expected to maintain current rate
- US monetary tightening could slow due to banking turmoil, weakening demand for the dollar.
Major central banks in Africa are preparing to raise interest rates in order to combat persistent inflation and prevent a sell-off in their assets exacerbated by an uncertain financial system following the recent collapse of US lender Silicon Valley Bank and stress at Credit Suisse Group AG.
Nigeria, South Africa, Egypt, Morocco, and Kenya are all expected to raise borrowing costs within the next two weeks.
In contrast, monetary authorities in countries such as Ghana and Angola, where inflation is on a downward trend, are expected to maintain current rates. Six smaller African
- Silicon Valley Bank (SVB) was the 16th largest bank in the United States catering for the financial needs of technology companies around the world.
- The risk of a ripple effect impacting the global financial system is high.
- The US government has moved quickly to salvage the bank and safeguard deposits
US-based Silicon Valley Bank (SVB) was the 16th largest bank in the United States catering for the financial needs of technology companies around the world.
SVB’s woes started when the US reserve bank hiked rates to mitigare inflation pressures. The bank had a significant portfolio of government bonds whose prices fall when interest rates are jerked
The Guardian explains that, “If SVB were able to hold those bonds for a number of years until they mature, then it would receive its capital back. However, as economic conditions soured over the last year, with tech companies particularly affected, many of the …