Credit Suisse Group and Nomura Holdings said they could suffer significant financial losses because of problems with one of their US clients. None of the financial companies would specify the name of the client, but The Wall Street Journal linked the companies' problems to Bill Hwang's family fund, Archegos Capital Management. It was previously reported that he was behind a massive sell-off of...

The jam in the Suez Canal will cost the global economy $6-10 billion a week, experts at insurance company Euler Hermes have estimated. The daily round-trip traffic through the canal is estimated at more than $9 billion, so stopping ships could reduce global trade growth this year by 0.3 percentage points for every week of Suez "downtime".  Last week, container operator Evergreen's large...

Family investment office Archegos Capital Management, founded by former Tiger Management analyst Bill Hwang, is responsible for a major stock sell-off on 26 March, Bloomberg and the Financial Times reported, citing sources. Bloomberg specifies that Goldman Sachs allowed Bill Hwang to become a key financier, even though he pleaded guilty to fraud in 2012. Bill Hwang was the manager of the Tiger...

China's CSI 300 stock index has lost 15% since mid-February after central banks around the world began gradually cutting support to financial markets by raising benchmark interest rates. "The Chinese stock market could become an example of the consequences of stimulus cuts - given that during the pandemic, the Chinese market was already the earliest indicator of what was happening," Bloomberg...

Americans for Tax Fairness organisation and the Institute for Policy Studies (IPS) released a report which says that over the past 12 months, i.e. from the beginning of the COVID-19 pandemic, American billionaires in the USA have increased their wealth by a total of $1.3 trillion, or 44.6% compared to the pre-pandemic level. Meanwhile, the report notes that 29 million Americans contracted the...

By June, International Monetary Fund (IMF) Managing Director Kristalina Georgieva will make a formal proposal to the fund's executive board to create $650 billion in reserve assets to help the world recover from the coronavirus pandemic. Ms. Georgieva called the preliminary discussion "very encouraging." "I intend to submit a formal proposal for a new allocation of $650 billion to the board of...

Bitcoin could reach $300,000 as early as 2021, according to Bobby Lee, founder of cryptocurrency exchange BTCC. However, after a sharp rise, the cryptocurrency will decline for several years, causing its value to drop by 80-90%, he added. The value of bitcoin could rise to $300,000, after which it would go down, BTCC co-founder and former cryptocurrency exchange CEO Bobby Lee forecasted in an...

Container shipping spot rates, which have soared several times in the past six months, have begun to fall as supply is increasing. Container spot rates, which have soared several times in recent months, have started a slow decline. The World Container Index, calculated by Drewry, fell 1.7% to $4,94,000 per 40-foot container (FEU) in the week ended March 19.  The price has been slowly...

Morgan Stanley will only allow its richest clients to invest in bitcoin funds. They will be able to invest no more than 2.5 per cent of their capital in cryptocurrency assets, and the first investments could be made as early as April. Investment bank Morgan Stanley will be the first major US bank to offer its wealthy clients investments in bitcoin funds. It will open door to the three funds to...