TL;DR Breakdown Bank of America is facing a substantial $100bn bond market loss due to decisions made during the pandemic to invest heavily in low-yield bonds. BofA’s loss accounted for one-fifth of the total $515bn unrealized losses in the securities portfolios of nearly 4,600 U.S. banks. The bank’s financial performance has been impacted, as shown by a 15% drop in its share price this year and a decrease in its net interest margin compared to competitors. Description In the wake of the Covid-19 pandemic, U.S. banking giant Bank of America (BofA) finds itself reeling from a staggering $100bn bond market blunder, reflecting the risks taken during unprecedented times. The decision to invest a majority of the $670bn pandemic-era deposit inflow into bonds at a time of low yields and inflated prices has … Read more In the wake of the Covid-19 pandemic, U.S. banking giant Bank of America (BofA) finds itself reeling from a staggering $100bn bond market blunder, reflecting the risks taken during unprecedented times. The decision to invest a majority of the $670bn pandemic-era deposit inflow into bonds…

TL;DR Breakdown U.S. GDP grew at a 2% annual rate from January to March, showing resilience against higher interest rates. This revised figure by the Commerce Department indicates a stronger Q1 growth than the previously estimated 1.3%. Consumer spending, which represents about 70% of the economy, rose at a 4.2% annual rate in the first quarter. Description Withstanding the test of elevated interest rates, the U.S. economy demonstrated its mettle, registering a 2% annual growth rate from January through March. This growth narrative, supported by the most vigorous consumer spending witnessed in nearly two years, contributes a new chapter to the American economic story. Decoding the upgraded growth estimate of U.S. economy … Read more Withstanding the test of elevated interest rates, the U.S. economy demonstrated its mettle, registering a 2% annual growth rate from January through March. This growth narrative, supported by the most vigorous consumer spending witnessed in nearly two years, contributes a new chapter to the American economic story. Decoding the upgraded growth estimate of U.S. economy The latest figures from the Commerce Department provide an optimistic…

TL;DR Breakdown Mastercard has announced plans to launch its multi-token network blockchain this summer. The company wants to prioritize security in its test version. Description Mastercard, the renowned payment processor, has announced its foray into blockchain technology with the upcoming launch of a test version of its Multi-Token Network (MTN) this summer. The beta release of MTN is set to take place in the United Kingdom, marking a significant step in Mastercard’s blockchain push. Mastercard is set to launch the … Read more Mastercard, the renowned payment processor, has announced its foray into blockchain technology with the upcoming launch of a test version of its Multi-Token Network (MTN) this summer. The beta release of MTN is set to take place in the United Kingdom, marking a significant step in Mastercard’s blockchain push. Mastercard is set to launch the test network in the summer Raj Dhamodharan, the head of crypto and blockchain products at Mastercard, expressed in a letter that MTN would serve as a testbed for developing live pilot applications and use cases in collaboration with financial institutions, fintech, and…

TL;DR Breakdown According to research, an AI-written piece of disinformation could have more of an impact on the general public. Respondents in the survey could not differentiate between tweets sent by GPT-3 and those generated by humans. In addition, the majority of respondents thought the AI-generated tweets were more credible. Description A study found that when AI language models write tweets, people regard them to be more credible. At least, that’s how it looked in a recent research contrasting language produced by OpenAI’s GPT-3 model with content written by people. Scientists polled people in the newest investigation to see if they could distinguish if a tweet … Read more A study found that when AI language models write tweets, people regard them to be more credible. At least, that’s how it looked in a recent research contrasting language produced by OpenAI’s GPT-3 model with content written by people. Scientists polled people in the newest investigation to see if they could distinguish if a tweet were posted by a human or GPT-3. How so? Nobody could do it. Participants were also…

TL;DR Breakdown Due to increased digital payments, developing crypto infrastructure, and the emerging role of CBDCs, the MENA area offers numerous potential for crypto Web3 marketers. The region’s transition toward digital transactions and super-app growth provides a broad canvas for novel consumer engagement and retention techniques. Exploring CBDCs by 86% of global central banks could transform digital finance and give marketers a larger, more technologically aware audience. Description As more and more crypto Web3 marketers turn their attention to the Middle East and North Africa (MENA) areas, the fintech industry is undergoing a fascinating transition. This tactic is not chosen at random. It is supported by three crucial elements: the rise of digital payments, the development of the crypto infrastructure, and the new … Read more As more and more crypto Web3 marketers turn their attention to the Middle East and North Africa (MENA) areas, the fintech industry is undergoing a fascinating transition. This tactic is not chosen at random. It is supported by three crucial elements: the rise of digital payments, the development of the crypto infrastructure, and the…

TL;DR Breakdown The UK has officially passed a bill, the Financial Services & Markets Act 2023, that regulates cryptocurrency. The bill, initially focused on stablecoins, now treats all cryptocurrencies as regulated activities after approval from both Houses of Parliament and King Charles. The bill empowers key UK regulatory bodies to enforce rules on the crypto sector, aligning with the government’s aim to become a global crypto hub. Description The United Kingdom has taken a significant step towards embracing the digital economy by passing a bill recognizing cryptocurrency as a regulated financial activity. Approved by King Charles, marking the last formal stage of the bill becoming law, the move signals an important shift in the country’s approach to digital currencies and promises to usher … Read more The United Kingdom has taken a significant step towards embracing the digital economy by passing a bill recognizing cryptocurrency as a regulated financial activity. Approved by King Charles, marking the last formal stage of the bill becoming law, the move signals an important shift in the country’s approach to digital currencies and promises to…

TL;DR Breakdown Slovakia approves amendment reducing taxes on cryptocurrency income, creating a more favorable environment for crypto investors. New legislation lowers individual income tax on crypto gains to 7% for assets held for at least a year. Exemptions were introduced for cryptocurrency payments up to 2,400 euros, relieving individuals of tax burdens. Description In a significant move towards embracing the digital revolution, the National Council of Slovakia, the country’s legislative body, has approved an amendment that will reduce taxes on cryptocurrency income. This decision is expected to create a more favorable environment for crypto holders, enticing them to invest in digital assets. The approved change, passed on June … Read more In a significant move towards embracing the digital revolution, the National Council of Slovakia, the country’s legislative body, has approved an amendment that will reduce taxes on cryptocurrency income. This decision is expected to create a more favorable environment for crypto holders, enticing them to invest in digital assets. The approved change, passed on June 28th, substantially reduces individual income tax on cryptocurrency gains. Under the new legislation, individuals…

TL;DR Breakdown OpenAI, creator of the AI tool ChatGPT, faces a class-action lawsuit over alleged unauthorized data scraping. The suit alleges that the company trained its AI using data from social media, blogs, and other sources without users’ consent. The plaintiffs claim OpenAI violated the Computer Fraud and Abuse Act, which has precedent for web-scraping cases. Description OpenAI, the renowned artificial intelligence firm, stands accused of data privacy breaches in a significant class-action lawsuit. The suit asserts that OpenAI, creator of the famed AI tool ChatGPT, mined private user data across the internet without express permission. This litigation has ensnared the tech titan, suggesting far-reaching implications for the digital sphere. First-ever accusations … Read more OpenAI, the renowned artificial intelligence firm, stands accused of data privacy breaches in a significant class-action lawsuit. The suit asserts that OpenAI, creator of the famed AI tool ChatGPT, mined private user data across the internet without express permission. This litigation has ensnared the tech titan, suggesting far-reaching implications for the digital sphere. First-ever accusations of scraping private data The suit alleges OpenAI utilized data…

TL;DR Breakdown Binance’s current euro banking partner, Paysafe Payment Solutions, is ending support after September 25, 2023. Binance will be shifting to a new service provider for euro transactions. Despite the changes, all other deposit and withdrawal services at Binance.com remain unaffected. Description The global cryptocurrency scene is evolving at a rapid pace, and with that evolution, adjustments and shifts in alliances are inevitable. Today, we delve into the recent developments involving one of the world’s biggest cryptocurrency exchanges, Binance. The latest news revolves around Binance‘s current banking partner for euro transactions, Paysafe Payment Solutions, deciding not to … Read more The global cryptocurrency scene is evolving at a rapid pace, and with that evolution, adjustments and shifts in alliances are inevitable. Today, we delve into the recent developments involving one of the world’s biggest cryptocurrency exchanges, Binance. The latest news revolves around Binance‘s current banking partner for euro transactions, Paysafe Payment Solutions, deciding not to renew its support. A shift in euro operations Users of Binance recently received emails regarding the termination of Paysafe’s euro support after September 25,…

TL;DR Breakdown U.S. banks could survive a hypothetical $541bn loss, according to Federal Reserve’s annual stress tests. The tests gauge banks’ ability to meet capital requirements under extreme economic scenarios. Banks exceeding requirements can allocate capital to dividends and buybacks freely. Description The financial colossi of the United States could weather a $541 billion loss in a hypothetical economic apocalypse. This is the outcome of the annual stress tests carried out by the Federal Reserve, putting stalwarts like JPMorgan Chase and Goldman Sachs in a favorable light, allaying Wall Street fears regarding the systemic importance of banks … Read more The financial colossi of the United States could weather a $541 billion loss in a hypothetical economic apocalypse. This is the outcome of the annual stress tests carried out by the Federal Reserve, putting stalwarts like JPMorgan Chase and Goldman Sachs in a favorable light, allaying Wall Street fears regarding the systemic importance of banks amidst heavy losses. The silver lining amidst a financial catastrophe According to the Fed’s stress tests, U.S. banks emerged victorious with their capital reserves surpassing…