By Antonio Floglia (*), LONDON – Rather than developing a robust understanding of the errors that led to the 2008 global financial crisis, politicians and the public demanded that supervisory authorities simply double down on regulation. So, that is what they did, and we are now seeing the results with the sudden collapse of Silicon Valley Bank.
Leading central banks of the West announced on Sunday a coordinated action to provide liquidity to the financial system through the US swap liquidity line arrangements. The statement was signed by Secretary of the Treasury Janet L. Yellen and Federal Reserve Board Chair Jerome H. Powell and becomes effective Monday 20 March.
The Swiss National Bank said at a press conference in Bern on Sunday evening that UBS would be taking over embattled lender Credit Suisse. The deal will see UBS acquire Credit Suisse for 3 billion Swiss francs (US$ 3.23 billion).
The United Nations announced on Saturday that a deal allowing for the safe export of grain from Ukrainian reports had been extended. The UN did not specify the length of the renewal, while Russia and Ukraine issued conflicting statements on the matter.
A website specialized in weather news published this past weekend a report stating that Antarctic sea ice reached another historic low after a trend of ice loss in recent years seems to have come to stay because while Antarctic sea ice shows an almost flat trend, the minima appear to have gained on that trend.
The Interamerican Development Bank (IDB) has issued a report forecasting growth for the region in 2023 will barely stand at 1%, much lower than similar studies from the Economic Commission for Latin America and the Caribbean (ECLAC) and the International Monetary Fund (IMF).
Miami Beach authorities declared a state of emergency and imposed a curfew after two nights of Spring Break shootings that left two dead and two wounded, it was reported.
Law enforcement sources have not ruled out any deployment next Tuesday should former President Donald Trump be arrested as he has forecast on Truth Social, the network he founded after he was banned from Facebook and Twitter.
Colombian President Gustavo Petro Sunday announced he was suspending the bilateral ceasefire with the so-called Clan del Golfo outlaw group following a mining strike that the criminal organization was promoting in the northwest region.
At least 15 have died after an earthquake of magnitude 7.0 shook northern Peru and southern Ecuador at 12.11 pm on Saturday, it was reported. The epicenter was said to be in Ecuadorian territory, 85 kilometers northeast of Zarumilla, in the Tumbes region, and 78 kilometers deep, according to the Geophysical Institute of Peru (IGP).