The US Senate Finance Committee has accused Credit Suisse of aiding wealthy Americans in concealing their assets from tax authorities, even after a unit of the Swiss bank had pleaded
Allegations of tax fraud have led to the raiding of French banks
As part of an investigation into tax fraud and money laundering related to dividend payments, some of France’s largest banks were raided by the country’s financial prosecutor.
Investor fears were alleviated as a deal for the collapsed Silicon Valley Bank was secured, causing a surge in bank shares
US markets opened higher as a result of the takeover of Silicon Valley Bank, which helped to restore investor confidence following concerns over a possible global financial crisis.
Amidst the turmoil in the banking industry, a rival has acquired Silicon Valley Bank
After its sudden collapse earlier this month, a buyer has been found for troubled US regional lender Silicon Valley Bank. First Citizens has agreed to purchase all loans and deposits
Credit Suisse and UBS reportedly face an investigation by US authorities for Russian sanctions evasion
American prosecutors are set to investigate the services provided by banks to clients with connections to the Kremlin.
The US Treasury Secretary to hold emergency meeting with US financial regulators
Today, in the midst of the recent banking turmoil, the US Treasury Secretary, Janet Yellen, will chair an impromptu meeting with the leaders of America’s financial regulatory bodies.
If companies increase prices, Andrew Bailey cautions that interest rates will once more increase.
The Governor of the Bank of England cautioned that businesses could worsen inflation by persisting with price hikes.
The Bank of England has increased its interest rates for the eleventh consecutive time.
As predicted, the Bank of England has raised its interest rates to 4.25pc, with a 25 basis point increase. The hike was approved by a majority of 7-2 in the
Markets are confident the Bank of England will increase interest rates tomorrow
The Bank of England’s decision to raise interest rates this week seems certain as markets react to the unexpected surge in inflation last month.
In February, UK inflation has surged to 10.4%, surprising many who held different expectations.
In February, UK inflation exceeded expectations by rising to 10.4% from 10.1% in January, defying predictions of a decrease to 9.9%.
The US Treasury Secretary attributes the current turmoil to contagious bank runs.
According to the US Treasury Secretary, Janet Yellen, the recent turmoil in the world’s financial system can be attributed to “contagious bank runs”.