Regulators have yet to get a firm handle on the world's $35 trillion shadow banking sector with supervision and data gathering still too patchy for spotting risks properly, the global Financial Stability Board said on Wednesday.
Swift, the vital global financial network that western financial services companies, institutions and banks use for all payments and transfer billions of dollars every day, warned its customers yesterday evening that it was aware of cyber fraud and a number of recent “cyber incidents” where attackers had sent fraudulent messages over its system and $81 million was apparently stolen from a central bank.
Bad debts at Asian banks have climbed to their highest since the global financial crisis and the trend will likely worsen as regional economies battle against China's slowdown and volatile oil and commodities prices, a Reuters data analysis shows.
China's exports likely returned to growth for the first time in nine months in March while the pace of bank lending may have picked up, adding to signs that the world's second-largest economy may be stabilizing. Chinese leaders have pledged to make monetary policy more flexible this year even as it leans more on increased fiscal spending and tax cuts to support economic growth and cushion the pain from structural reforms.
Last week featured two relatively important central bank meetings, with both the Bank of Canada and the European Central bank coming off as relatively dovish relative to the market’s expectations. As we look ahead to central bank action in the coming week, the Federal Reserve and Bank of Japan are looking increasingly likely to sing a similar tune.
Profits have soared since the global financial crisis at the five biggest U.S. banks with market-making dealing operations, New York Federal Reserve economists said in an article released on Wednesday.