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UPDATE1 ECB says Bitcoin is artificially backed, should not be legitimized

UPDATE1 ECB says Bitcoin is artificially backed, should not be legitimized

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FRANKFURT, Nov 30 (Reuters) – Bitcoin is artificially backed and should not be legitimized by regulators or financial firms as it is more akin to gambling, the European Central Bank said on Wednesday. Bitcoin and other cryptocurrencies have been variously touted as an alternative form of money and a shield against inflationary policies pursued by …

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ECB warns of losses as it pays the price for a decade of money printing

ECB warns of losses as it pays the price for a decade of money printing

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FRANKFURT, Nov 29 (Reuters) – The European Central Bank warned on Tuesday it could suffer losses as high inflation forces it to raise interest rates and foot the bill for a decade of aggressive money printing . After raising interest rates to combat runaway prices, the ECB must pay huge interest to commercial banks on …

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US labor market little affected by pandemic, researchers say

US labor market little affected by pandemic, researchers say

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BOSTON, Nov 19 (Reuters) – Despite all the tumult and disruption of the coronavirus pandemic, U.S. labor markets have come out the other side not far from strong pre-crisis conditions, a paper presented at a conference a Boston Fed research conference said. Almost all of the hit the U.S. job market took in 2020 when …

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NY Fed: Bank liquidity could be tighter than expected, with policy implications

NY Fed: Bank liquidity could be tighter than expected, with policy implications

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Nov 18 (Reuters) – The way the banking system manages its cash suggests the financial system may not be as bountiful as many now believe, and that could have implications for how the Federal Reserve manages the size of its balance sheet, a document from the Federal Reserve Bank of New York announced on Friday. …

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Big Tech layoffs are a dystopian labor market fiction

Big Tech layoffs are a dystopian labor market fiction

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NEW YORK, Nov 18 (Reuters Breakingviews) – Layoffs at tech giants such as Twitter, Amazon.com (AMZN.O) and Meta Platforms (META.O) mark the first large-scale job cuts since the beginning of 2020. After years of falling unemployment in the United States, it might seem that Silicon Valley foreshadows the start of a dystopian future for workers. …

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ECB begins major cash clean-up as banks repay 296 billion euros in loans

ECB begins major cash clean-up as banks repay 296 billion euros in loans

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Reimbursement much lower than expected The key money market rate drops after the announcement Moving seen as a first step towards the unwinding of obligations FRANKFURT, Nov 18 (Reuters) – Eurozone banks are expected to repay nearly 300 billion euros ($310 billion) in loans to the European Central Bank next week, the ECB said on …

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Britain's Hunt says he needs to raise taxes to get the economy back on track

Britain’s Hunt says he needs to raise taxes to get the economy back on track

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UK finance minister says tax hikes are coming “You must do what is good for the country” – Hunt New forecasts will announce a coming recession The priority is to reduce inflation – Hunt LONDON, Nov 12 (Reuters) – Britain’s Finance Minister Jeremy Hunt has said he will have to raise taxes in next week’s …

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Column: Ukraine endgame could electrify global markets

Column: Ukraine endgame could electrify global markets

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LONDON, Nov 11 (Reuters) – Defusing this year’s biggest shock to the global economy could catalyze a rebound in global markets that many investors believe is too late – but could also raise other uncomfortable puzzles. Whispers about an endgame to Russia’s 9-month-old invasion of Ukraine – suggestions ranging from ‘talking talks’ to a brokered …

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EU could breach global banking rules, regulators warn

EU could breach global banking rules, regulators warn

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Regulators warn of weakening ‘minimum safety net’ EU states and lawmakers expected to approve looser rules Britain and the United States have yet to submit proposals Banks say tougher capital rules could hamper lending FRANKFURT/LONDON, Nov 4 (Reuters) – The European Union could breach international banking standards designed to prevent a repeat of the global …

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Bank of England raises rates to highest since 1989 even as long recession looms

Bank of England raises rates to highest since 1989 even as long recession looms

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The central bank raises its discount rate to 3% from 2.25% BoE tells investors their bets on rate hikes look too big The British pound falls nearly 2% against the US dollar New forecasts show recession will last until 2024 The government is due to present its budget plans on November 17 LONDON, Nov 3 …

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