MercoPress, en Español

Montevideo, May 24th 2024 - 03:10 UTC

Stories for March 20th 2023

  • Monday, March 20th 2023 - 16:08 UTC

    It’s the Banking Regulations, Stupid

    Silicon Valley Bank had US$ 200 billion in assets, US$ 86 billion of which was in residential mortgage-backed securities that are not due for at least ten years

    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.

  • Monday, March 20th 2023 - 16:05 UTC

    Network of leading Western central banks ready to inject the necessary dollars liquidity

    Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Federal Reserve, and the Swiss National Bank announced the coordinated action

    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.

  • Monday, March 20th 2023 - 16:04 UTC

    Extreme surgery: Swiss government and UBS take over Credt Suisse

    Swiss President Alain Berset said that the Swiss Federal Council welcomed the takeover as it was the “best solution” to restore and strengthen market confidence

    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).

  • Monday, March 20th 2023 - 15:59 UTC

    Moscow extends 60 days Black Sea Grains exports; Putin insists West sanctions on Russian exports must also be lifted

    “The Black Sea Grain Initiative, signed in Istanbul on 22 July 2022, has been extended,” the UN said in a statement

    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.

  • Monday, March 20th 2023 - 15:54 UTC

    Antarctic sea ice hitting historic lows

    Scientists need more time to affirm whether this phenomenon is due to climate change or not

    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.

  • Monday, March 20th 2023 - 15:50 UTC

    IDB forecasts gloomy 2023 for Latin America, Caribbean

    Goldfajn spoke of “overlapping crises”

    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).

  • Monday, March 20th 2023 - 15:47 UTC

    Curfew imposed in Miami Beach after fatal shootings

    “We don't want spring break in our city,” Miami Mayor Dan Gelber said

    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.

  • Monday, March 20th 2023 - 15:14 UTC

    Trump says he will be arrested, calls for nationwide protests

    “TAKE BACK THE NATION”, Trump wrote in upper case on Truth Social

    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.

  • Monday, March 20th 2023 - 14:18 UTC

    Petro declares end of ceasefire for AGC Clan

    The Gulf Clan has other priorities over peace, Petro explained

    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.

  • Monday, March 20th 2023 - 08:53 UTC

    Earthquake kills 14 in Ecuador and 1 in Peru

    “We are going to declare a state of exception,” Ecuadorian President Guillermo Lasso said

    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).