Markets

Finally, a genuine bank run in cryptoland. Silvergate Capital on Thursday announced deposits from its digital assets customers fell from about $12bn to just $4bn in the fourth quarter. To fund those withdrawal requests, the California-based bank first relied on borrowings and then turned to…

US stocks and Treasuries slipped on Thursday, while the dollar strengthened, after a stronger than expected jobs report underlined the labour market’s resilience in the face of the Federal Reserve’s aggressive campaign to tackle high inflation.Wall Street’s benchmark S&P 500 fell 1.1 per cent, with…

Clients pulled $8.1bn in deposits from Silvergate during a “crisis of confidence” late last year, forcing the crypto-focused US bank to sell assets and underscoring how the implosion of FTX reached the regulated financial sector. The California-based group’s disclosure on Thursday showing its deposits from…

Norway’s Equinor and Germany’s RWE are to build several new gas power plants that will eventually be run on hydrogen as part of plans by the two countries for an extensive partnership in greener energy.State-controlled oil and gas group Equinor and utility RWE signed an…

Welcome to the first Energy Source of 2023! Energy markets have started the new year sliding on warm winter weather and fears that recession is coming for swaths of the global economy. Brent crude prices yesterday closed at $77.84 per barrel, down 5 per cent.Today’s…

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