EUR/USD 1.14746
-0.098%
Gold 4357.56
-0.433%
Oil 93.707
-1.846%
USD/JPY 157.045
0.204%
GBP/USD 1.33806
-0.096%
GBP/JPY 210.142
0.106%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On September 21, the National Medical Products Administration and the General Administration of Customs issued an announcement stating that, in order to further promote the digitalization of government services and improve the efficiency and facilitation of customs clearance services for imported medicines (including medicinal materials), a pilot program for electronic customs clearance of imported medicines (including medicinal materials) will be launched at Beijing ports, effective from the date of the announcement. Electronic customs clearance documents for imported medicines (including medicinal materials) have the same legal effect as paper documents. During the pilot period, existing paper documents remain valid, and enterprises can use them normally in accordance with relevant regulations.According to Afghanistans TOLOnews, local officials say a Pakistani airstrike in Afghanistans Kunar province has killed at least three people.The China Earthquake Networks Center officially reported that a magnitude 3.2 earthquake occurred at 10:59 a.m. on September 21 in Xinghai County, Hainan Prefecture, Qinghai Province (35.36 degrees north latitude, 99.56 degrees east longitude), with a focal depth of 10 kilometers.On September 21, in response to recent reports from quality inspections and media outlets regarding falsified inspection and testing reports in various sectors, the State Administration for Market Regulation (SAMR) launched a comprehensive campaign to rectify and strengthen the supervision of the entire inspection and testing chain, including pre-event, during-event, and post-event procedures. The campaign aims to thoroughly address irregularities in the inspection and testing industry, adhering to a problem-oriented, goal-oriented, and results-oriented approach. It will integrate system building, reform efforts, and innovation, combining immediate rectification with long-term institutional development, and managing both institutions and personnel. While strictly controlling qualification requirements, the campaign will focus on addressing shortcomings in the entire regulatory chain, strengthening the application of smart technologies, and improving collaborative governance mechanisms to continuously enhance regulatory effectiveness.On September 21, it was reported that on September 20, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) held a special meeting. The meeting emphasized that state-owned enterprises should focus on key areas and crucial links, striving for "advanced" technologies to continuously improve the innovation, competitiveness, and overall strength of the manufacturing industry. This includes becoming more technologically advanced by systematically undertaking a number of new national major science and technology projects, implementing a number of landmark major science and technology tasks, promoting the construction of a number of pilot-scale experimental platforms, and achieving more advanced and independent technological routes; becoming more technologically advanced in industrial structure by expanding the incremental growth of emerging industries, cultivating future industrial variables, optimizing the existing stock of traditional industries, and continuously moving towards the high end of the industrial chain and value chain; and becoming more technologically advanced in production methods by adhering to the mutual promotion of pollution reduction and carbon reduction with quality and efficiency improvement, and accelerating the formation of an industrial structure and production methods with high technological content, low resource consumption, and minimal environmental pollution.

Silvergate Capital reports net loss of $1 billion for the fourth quarter

Jimmy Khan

Jan 18, 2023 15:50

微信截图_20230118094738.png


After revealing earlier this month that investors scared off by the collapse of cryptocurrency exchange FTX withdrew more than $8 billion in deposits in the last three months of 2022, Silvergate Capital Corp. recorded a net loss of $1 billion in the fourth quarter.


The bank's stock increased by about 4% in pre-market trading.


The bank with a cryptocurrency concentration earlier said it will reduce its personnel by 40%, or approximately 200 people, as it strives to control expenses in the midst of a worsening crypto slump.


In a preliminary financial report published on Jan. 5, Silvergate said that total deposits from users of digital assets had decreased to $3.8 billion at the end of December from $11.9 billion at the end of September. In order to retain liquidity, the corporation sold debt instruments worth $5.2 billion at a $718 million loss in the fourth quarter.


The catastrophic financial report illustrates the full depth of the damage caused by the bankruptcy of crypto exchange FTX in November after it failed to pay for client withdrawals, a startling turn of events for what was once one of the largest crypto exchanges in the world.


Silvergate had originally claimed that it had no outstanding debts or interests in FTX, but since the exchange's breakdown, which caused a massive crypto sell-off, its shares had lost 69% of their value.


Slowing down company growth, a La Jolla, California-based Additionally, Silvergate said earlier this month that it would postpone the rollout of a blockchain-based payment system it had last year bought from Diem Group, which was funded by Meta Platforms Inc.


The bank said that it will incur a $196 million impairment charge in the fourth quarter for assets bought for the payment solution partnership.


1988-founded Silvergate entered the cryptocurrency market in 2013. Major exchanges like Coinbase Global Inc. and Kraken are among the bank's clients.


The bank had previously run a mortgage warehousing company, but it stated in December that it would be closing that section due to the climate of increasing interest rates and declining mortgage activity. According to corporate documents, the bank got advances totaling $4.3 billion in the fourth quarter from the Federal Home Loan Bank of San Francisco.


Suggestion