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January 30th - A depreciating dollar could cause trouble for Trump and the Federal Reserve. A significant depreciation of the dollar could put the US at risk of effectively "importing" inflation. Joe Kalish, chief macro strategist at Ned Davis Research, wrote, "Trumps disregard for the dollar could backfire, undermining his economic plans and causing Republicans to lose their majority in the House." On Wednesday, Powell stated that the Fed would not discuss the dollar, adding that "the Treasury is the one that regulates the currency." Ironically, however, if inflation worsens, it might be the Feds actions that help defend the dollar. Further inflation caused by a continued dollar depreciation could prevent the Fed from lowering interest rates as Trump desires, and could even lead to rate hikes.On January 30th, the Japanese government released data on the 29th showing that, driven by soaring rice prices in the domestic market, Japans private rice imports in 2025 are projected to increase more than 90 times compared to the previous year. Data from the Ministry of Finance shows that private rice imports in Japan last year reached approximately 96,800 tons, the highest since comparable data became available in 2000, roughly 95 times the import volume in 2024. The largest source of rice imports was the United States, accounting for nearly 80%. By month, July saw the highest import volume, exceeding 26,000 tons. Over the past year, Japanese rice prices have surged, repeatedly breaking records. Data from Japanese supermarket rice price monitoring shows that in the week ending January 18th, the average price of a 5kg bag of rice was 4,283 yen (approximately 194 yuan), exceeding the previous weeks average price and remaining above 4,000 yen (181 yuan) for 20 consecutive weeks.January 30th - An explosion occurred at the Tupraş Izmit oil refinery in Kocaeli Province, northwestern Turkey, on the evening of January 29th local time. The explosion took place in a gasoline storage tank area of the refinery, subsequently triggering a large fire. Thick smoke billowed from the scene, flames were visible several kilometers away, and strong tremors were felt, causing panic among local residents. Following the incident, the refinery immediately activated its emergency response plan. For safety reasons, a large number of refinery employees were evacuated. Currently, local fire and safety rescue teams are working to extinguish the fire, and the situation remains under control.January 30th - According to sources in Israel, as US President Trump "is about to make a decision on action against Iran," Israeli security agencies have recently significantly enhanced their defensive and offensive preparedness, closely monitoring regional developments and focusing on how to provide timely warnings to the public in the event of an Iranian attack. On the same day, senior IDF officials and security officials held their weekly situation assessment meeting, with the Iranian issue being a key focus of discussion. Israeli security officials stated that, given President Trumps recent statements and the increased US military presence in the Middle East, the US appears unwilling to allow the status quo regarding Iran to continue. Israel believes Trump may seek larger-scale action, and the Pentagon has developed related plans, with US Central Command continuing to increase troop deployments to the Middle East. An Israeli official stated that the US and Israeli militaries are maintaining coordination.According to Punchbowl, Republican senators plan a potential vote tonight to finalize the appropriations package and the Department of Homeland Securitys temporary funding bill—a sign that an agreement is imminent. While far from certain, this is undoubtedly a positive sign. It requires the cooperation of all 100 senators. An amendment vote will likely be necessary.

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

Jimmy Khan

Jan 18, 2023 15:50

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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.


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