Russia is poised to default on its debt – so what does that mean?

Russia is poised to default on its foreign debt for the first time since the 1917 Bolshevik Revolution, further alienating the country from the global financial system following sanctions imposed over its war in Ukraine. The country faces a Sunday night deadline to meet a 30-day grace period on interest payments originally due May 27. … Read more

Why BlackRock is bullish on blockchain, but not bitcoin

BlackRock has no plans to launch a bitcoin product, but is bullish on the blockchain technology that underpins cryptocurrencies, according to one of its most senior executives. “In terms of the underlying technology of blockchain, it is incredibly innovative and incredibly disruptive,” Salim Ramji, global head of iShares and index investments at BlackRock told Financial … Read more

Bitcoin’s nosedive through the $ 20,000 mark is a Minsky Moment for crypto: ‘Psychologically for a lot of people, this is galling’

Is bitcoin BTCUSD, + 4.97% facing a breaking point? That’s what some investors, acolytes and otherwise, might be contemplating, as the cryptocurrency’s descent accelerates over the weekend. The world’s No. 1 digital asset was last trading at $ 18,654, down more than 70% from its peak of around $ 65,000, with the broader crypto market … Read more

Dame Meg Hillier: ‘Whitehall struggles to implement more than a slogan’

Energy bills are soaring. A cost of living crisis threatens millions of households. The government’s coffers are still depleted from Covid-19 lockdowns. The Ukraine war and the fallout from Brexit are piling even more pressure on public finances. Against such a backdrop, few jobs are more important than making sure that the government actually spends … Read more

The Fintech Files: BoE steps in on stablecoins, while Lord Agnew and Starling spat

The implosion of the stablecoin TerraUSD and its paired cryptocurrency luna sent shockwaves through financial markets – and turned some heads in the British government, too. But not everyone is a fan of the idea. “I’d question the timing, post-Terra blow up,” Ian Taylor, chief executive of industry body CryptoUK, said of the consultation. “I … Read more

FCA struggles to lure various candidates for chair role

Just one candidate applying to chair the Financial Conduct Authority disclosed that they were from a Black, Asian or minority ethnic background, Financial News has learned. The markets watchdog received 17 applications for the recently vacated chair role, according to figures disclosed under the Freedom of Information Act. Thirteen came from white individuals, with just … Read more