For most of last week, the following banks have been in the news in the United States: Silvergate Bank, Silicon Valley Bank (SVB) and Signature Bank.
Silvergate Bank is in the process of being liquidated or wound up.
Why? The company had seen a huge outflow of deposits. Most of those deposits came from crypto. It was a regular bank that doubled down on the crypto space and so got a massive amount in deposits.
Explainer: Ghana’s Debt Crisis
Ghana has announced that investors in its domestic bonds will suffer coupon losses.
This is the consequence of the government’s plan to restructure its debt to restore stability to its finances and the economy with the help of the International Monetary Fund (IMF). The IMF bails out countries who are in trouble and Ghana is a frequent customer.
This might be confusing for a lot of us, but before we explain, let us first introduce you to the world of government borrowing.
First thing first, make a list of the things you will need to get during the festive season. This could range from food, decorations and gifts you plan to give family and friends.
Have a special savings account for the festive period:
If you know how much you’re likely to spend during the festive period, then decide what you will be saving from now till the time comes.
Rapper, record executive and hip hop's first billionaire, Shawn Corey Carter (aka Jay-Z), turns 53 today. Here are a few business lessons we can learn from hip hop’s first billionaire.
Aim high:
A few lines from Jay-Z's song, "You Don't Know," says it all:
I tell you the difference between me and them, They trying to get they ones, I’m trying to get them M’s
Jigga, as he is known, has always aimed high in his career.
What is the Russia-Ukraine crisis?
Shortly after the global economy started to pick up from the losses caused by Covid-19, Russia invaded Ukraine, causing even more tension to the global economy.
On February 24, 2022, Russia launched an invasion (or "special military operation" as coined by Russia) in Ukraine. According to Vladimir Putin, Russia's president, Ukraine's joining the Western defensive alliance (NATO) would pose a threat to the safety of Russia.
CBN Obtains Court Order to Freeze Fintechs' Bank Accounts
Yesterday, news broke out that a Nigerian Federal High Court had given permission to CBN to freeze the Nigerian bank accounts of Risevest, Bamboo, Chaka and Trove for 6 months.
Why did the CBN request this?
The Central Bank of Nigeria (CBN) requested to freeze these accounts because it is investigating them for illegal foreign exchange transactions, and needed time to complete the investigations.