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Palestinians Claim Banksy Painting Ripped From West Bank Wall Was Stolen After Turning Up in Israel

August 5, 2022 by www.thedailybeast.com Leave a Comment

After mysteriously vanishing from the occupied West Bank, a painting by the secretive artist Banksy has resurfaced in an art gallery in Israel in equally mysterious circumstances. Palestinian officials say the graffiti artwork was stolen.

The street artwork—which shows a rat holding a slingshot in an apparent satire of the Israeli occupation—was created by the inscrutable British artist around 2007. It appeared on a concrete block used in an abandoned Israeli army position in the West Bank city of Bethlehem near Israel’s separation barrier. Banksy has also painted several works on the huge concrete wall itself, which he’s previously said “essentially turns Palestine into the world’s largest open prison.” But now, the rat has found its way to the other side of the huge barrier and into the Urban Gallery in Tel Aviv, some 43 miles from where it first appeared.

“This is theft of the property of the Palestinian people,” Jeries Qumsieh, a spokesperson for the Palestinian tourism ministry, told the Associated Press . “These were paintings by an international artist for Bethlehem, for Palestine, and for visitors to Bethlehem and Palestine. So transferring them, manipulating them and stealing them is definitely an illegal act.”

Unsurprisingly, the Israeli art dealer who bought the 900-pound concrete slab daubed with the artwork sees the situation somewhat differently. “We brought it to the main street of Tel Aviv to be shown to the audience and to show his messages,” Abergel told the AP. “He should be happy with it,” Abergel said, referring to Banksy, who has not commented on the artwork’s relocation.

Exactly how the extremely heavy lump made it out of Palestine is unclear. It would have had to go through at least one military checkpoint to get out of the West Bank. Abergel would not reveal how much he paid for the piece or name the person he bought it from, but he insisted the deal was completely legal. He added that Palestinian residents cut the roughly 2 square yard section out of the block and kept it in private residences until earlier this year.

Careful restoration work was undertaken to remove an acrylic paint message reading “RIP Banksy Rat” which had been scrawled over the artwork. The giant slab was then encased in a steel frame so that it could be loaded onto a truck and brought through the checkpoint before arriving in Tel Aviv in the dead of night.

Abergel’s account of the artwork’s journey has not been verified. He claims that the Israeli military was not involved in its removal and that it was his unnamed Palestinian associates who had arranged for the piece to move into Israel. He says he doesn’t have plans to sell the piece, which could be worth a fortune.

This isn’t the first time Banksy’s artworks have been removed from the West Bank. In 2008, his paintings “Wet Dog” and “Stop and Search” were cut out of the walls of a bus shelter and butcher shop in Bethlehem and eventually sold to galleries in the U.S. and Britain.

Filed Under: Middle East Israel, Banksy, West Bank, Palestine, world, israel unveils 9 000-year-old mask from the west bank, banksy hotel west bank, israel what is the west bank, why doesn't israel annex the west bank, banksy at the west bank barrier, why israel deserves the west bank, palestinian american travel to west bank, israel gaza west bank, israel to west bank, land grab israel's settlement policy in the west bank

EU banking regulator warns sector still at risk – Handelsblatt

March 27, 2023 by economictimes.indiatimes.com Leave a Comment

Synopsis

Campa added that rising interest rates continued to weigh on financial markets and that the European Union regulator was monitoring unrealised losses in banks’ balance sheets closely.

The head of the European Banking Authority (EBA) warned that the banking sector remained very vulnerable even after measures to stem the fallout of crises at Silicon Valley Bank and Credit Suisse , in comments to the Germany’ s Handelsblatt newspaper.

“The risks in the financial system remain very high,” EBA chair Jose Manuel Campa said in an interview published on Monday.

Campa added that rising interest rates continued to weigh on financial markets and that the European Union regulator was monitoring unrealised losses in banks’ balance sheets closely.

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Filed Under: Uncategorized silicon valley bank, s handelsblatt, european union, european banking authority, credit suisse, campa, european..., eu blocking regulation, banking regulation act 2017, how banks can reduce the risks of bad loans, eu roaming regulation wholesale caps, warnings and risk communication, vulnerabilities in the eu residential real estate sector, rbi under section 26a of banking regulation act, why banking is growing sector, government banking regulations, bank regulation reform

Banks lead stock gains after First Citizens buys SVB assets

March 27, 2023 by economictimes.indiatimes.com Leave a Comment

Synopsis

Stocks are increasing as bank stocks show some strength following the takeover of failed Silicon Valley Bank by First-Citizens Bank & Trust, which could help ease market concerns over troubled banks. Stocks in the Dow Jones Industrial Average and S&P 500 each climbed 0.8% in early Monday trading, whilst Nasdaq-traded First Citizens BancShares rose 40% in premarket trading. However, the risks of a recession persist due to the high interest rates squeezing lenders. The managing director of the International Monetary Fund, Kristalina Georgieva, said that financial stability risks are rising as interest rates increase to combat inflation.

Stocks are rising on Wall Street Monday as battered bank stocks show more strength, at least for now. The S&P 500 was 0.6% higher in early trading Monday. The Dow and the Nasdaq composite also rose. Markets have been in turmoil following the second-and third-largest U.S. bank failures in history earlier this month. Investors have been hunting for what banks could be next to fall as the system creaks under the pressure of much higher interest rates. First Citizens’ stock soared after saying it would buy most of Silicon Valley Bank, whose failure sparked the industry’s furor earlier this month.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

U.S. futures shot higher early Monday, with bank stocks mostly gaining after the Federal Deposit Insurance Corp. said it had agreed to the sale of troubled Silicon Valley Bank to North Carolina-based First-Citizens Bank & Trust Co.

Futures for the Dow Jones Industrial Average and S&P 500 each climbed 0.8% early Monday.

The FDIC took control of Silicon Valley Bank after it collapsed on March 10, promising to protect all depositors. Nasdaq-traded stock of First Citizens BancShares, Inc., parent company of First-Citizens, jumped 40% in premarket trading early Monday.

The acquisition of Silicon Valley Bank lender could raise confidence in the troubled banking industry after failures at SVB and two other banks rattled investors, driving bank shares sharply lower.

But concerns persist that higher interest rates that are squeezing lenders could increase the likelihood of a recession. Earlier this month, shares of and faith in Credit Suisse , which has its own unique set of troubles, fell so much that regulators brokered a takeover of the Swiss bank by rival UBS.

Deutsche Bank, whose stock tumbled 8.5% in Germany on Friday on concerns over its financial health, gained 3.2% in early trading Monday.

“So far, regulators and lawmakers have worked together to keep the crisis under control, and they have used all the help they could to do so,” Naeem Aslam of Zaye Capital Markets said in a commentary. “This particular element is keeping the hope alive that whatever the issue was with Deutsche Bank, lawmakers are going to address it, as there is simply too much to lose if things are left alone.”

Germany’s DAX jumped 1.4% and the CAC 40 in Paris surged 1.2%. Britain’s FTSE 100 climbed 1%.

The managing director of the International Monetary Fund, Kristalina Georgieva, told a conference in Beijing on Sunday that risks to financial stability have risen as interest rates are raised to fight inflation. She said actions by central banks and other regulators have helped to ease strains on markets, “but uncertainty is high, which underscores the need for vigilance.”

Chinese markets declined after the government reported that industrial profits fell nearly 23% in the first two months of the year from a year earlier.

Hong Kong’s Hang Seng skidded 1.8% to 19,567.69 and the Shanghai Composite index lost 0.4% to 3,251.40.

Tokyo’s Nikkei 225 added 0.3% to 27,476.87 and the Kospi in Seoul shed 0.2% to 2,409.22. Australia’s S&P/ASX 200 edged 0.1% higher, to 6,962.00 and the Sensex in Mumbai gained 0.7%. Shares edged higher in Bangkok.

On Friday, the S&P 500 rose 0.6%, marking its second straight weekly gain, and the Dow industrials added 0.4%. The Nasdaq composite climbed 0.3% while the Russell 2000 index rose 0.9%.

Investors are focused on what the Federal Reserve and other central banks will do with interest rates going forward after the recent spate of turmoil in the banking sector.

The failures of Silicon Valley Bank and at New York-based Signature Bank have cast a harsh spotlight across the entire industry. Investors have zeroed in on smaller and midsized banks, the ones below in size of the “too-big-to-fail” banks and seen as riskier.

Pressure on lenders could hinder lending to small and midsized businesses across the country. That in turn could lead to less hiring, a weaker economy and a higher potential for a recession that many economists already saw as likely.

In other trading, U.S. benchmark crude oil advanced 85 cents to $70.11 per barrel in electronic trading on the New York Mercantile Exchange. It lost 70 cents to $69.26 on Friday.

Brent crude, the pricing basis for international trading, gained 92 cents to $75.51 per barrel in London.

The U.S. dollar rose to 131.48 Japanese yen from 130.57 yen. The euro inched up to $1.0778 from $1.0774.

Kurtenbach reported from Bangkok, Ott reported from Silver Spring, Maryland.

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Troubled Silicon Valley Bank acquired by First Citizens

March 27, 2023 by economictimes.indiatimes.com Leave a Comment

Synopsis

Customers of SVB will automatically become customers of First Citizens, which is headquartered in Raleigh, North Carolina. The 17 former branches of SVB will open as First Citizens branches Monday, the FDIC said.

NEW YORK: First Citizens will acquire much of Silicon Valley Bank , the tech-focused financial institution that collapsed this month, setting off a chain reaction that caused a second bank to fail and tested faith in the global banking sector.

The Federal Deposit Insurance Corp. and other regulators had already taken extraordinary steps to head off a wider banking crisis by guaranteeing that depositors in SVB and failed Signature Bank would be able to access all of their money.

While more than half of Silicon Valley’s assets will remain in US receivership, the First Citizens deal announced late Sunday, at least initially, seemed to achieve what regulators have sought: a shoring up of trust in U.S. regional banks.

At the opening bell Monday, shares of midsized banks like Keycorp, Zions and First Horizon rose 8%. First Republic Bank, which received a $30 billion rescue package from 11 of the biggest banks in the country as it teetered in the wake of the Silicon Valley collapse, jumped 23%.

Customers of SVB will automatically become customers of First Citizens, which is headquartered in Raleigh, North Carolina. The 17 former branches of SVB will open as First Citizens branches Monday, the FDIC said.

European shares opened higher Monday, with German lender Commerzbank AG up 2.4% and BNP Paribas up 1.2%. Anxiety over contagion in the banking sector quickly spread to Europe this month and regulators there brokered a takeover by UBS of troubled Swiss bank Credit Suisse.

Shares of Deutsche Bank tumbled 8.5% Friday for similar reasons, rising interest rates, but stock in the German bank bounced back 3.6% Monday.

Silicon Valley, based in Santa Clara, California, collapsed March 10 in a bank run after customers rushed to withdraw money due to fears over the bank’s solvency. It was the second-largest bank collapse in U.S. history after the 2008 failure of Washington Mutual. Two days later, New York’s Signature Bank was seized by regulators in the third-largest bank failure in the U.S.

In both cases, the government agreed to cover deposits , even those that exceeded the federally insured limit of $250,000, so depositors were able to access their money.

New York Community Bank agreed to buy a significant chunk of Signature Bank in a $2.7 billion deal a week ago, but the search for a buyer for SVB took longer.

The sale of Silicon Valley Bank involves the sale of all deposits and loans of SVB to First-Citizens Bank and Trust Co., the FDIC said.

The acquisition gives the FDIC shares in First Citizens worth $500 million. Both the FDIC and First Citizens will share in losses and the potential recovery on loans included in a loss-share agreement, the FDIC said.

The FDIC will retain about $90 billion of Silicon Valley Bank’s $167 billion in total assets, as of March 10, while First Citizens will acquire $72 billion at a discount of $16.5 billion, the FDIC said. It said it estimates Silicon Valley Bank’s failure will cost its industry-funded Deposit Insurance Fund about $20 billion.

First Citizens Bank was founded in 1898 and says it has more than $100 billion in total assets, with more than 500 branches in 21 states as well as a nationwide bank. It reported net profit of $243 million in the last quarter. It is one of the top 20 U.S. banks and says it is the largest family-controlled bank in the country.

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Filed Under: Uncategorized svb- first citizens deal, svb crisis, silicon valley bank, svb collapse, first citizens stock update, svb..., silicon valley bank careers, silicon valley bank stock, silicon valley bank glassdoor, silicon valley bank login, leerink silicon valley bank

World Bank warns of ‘lost decade’ in global growth without bold policy shifts

March 27, 2023 by economictimes.indiatimes.com Leave a Comment

Synopsis

Average potential global economic growth will slump to a three-decade low of 2.2% per year through 2030, ushering in a “lost decade” for the world’s economy, unless policymakers adopt ambitious initiatives to boost labor supply, productivity and investment, the World Bank warned on Monday.

Average potential global economic growth will slump to a three-decade low of 2.2% per year through 2030, ushering in a “lost decade” for the world’s economy, unless policymakers adopt ambitious initiatives to boost labor supply, productivity and investment, the World Bank warned on Monday.

Failure to reverse the expected broad-based slowdown in potential gross domestic product (GDP) growth would have profound implications for the world’s ability to tackle climate change and reduce poverty, it said in a new report.

But concerted efforts to boost investment in sustainable sectors, cut trade costs, leverage growth in services, and expand labor force participation could boost potential GDP growth by up to 0.7 percentage point to 2.9%, the report said.

“A lost decade could be in the making for the global economy,” said World Bank chief economist Indermit Gill , adding that policies which incentivized work, increased productivity, and accelerated investment could reverse the trend.

The average GDP growth rate is a sort of “speed limit” for the global economy, charting the maximum long-term rate at which it can grow without sparking excess inflation.

The report said the overlapping crises of the past few years, including the COVID-19 pandemic and Russia ‘s invasion of Ukraine , had ended nearly three decades of sustained economic growth, adding to building worries about slowing productivity, which is essential for income growth and higher wages.

As a result, average potential growth in GDP was seen dropping to 2.2% from 2022-2030, down from 2.6% in 2011-21, and nearly a third lower than the 3.5% rate seen from 2000-2010.

Low investment will also slow growth in developing economies, with their average GDP growth dropping to 4% for the rest of the 2020s, from 5% in 2011-2021 and 6% from 2000-2010.

Rising productivity, higher incomes and declining inflation helped one out of four developing countries reach high-income status over the past three decades, but those economic forces are now in retreat, the report said.

It said productivity was likely to grow at its slowest clip since 2000, investment growth in 2022-2024 would be half the rate seen in the last 20 years and international trade was growing at a much slower rate.

To change the trajectory and attract more investment, policymakers should prioritize taming inflation, ensuring financial-sector stability and reducing debt.

Increased climate-friendly investment in transportation and energy, climate-smart agriculture and manufacturing, and land and water systems could boost potential growth by up to 0.3 percentage point per year, it said.

Lowering the costs associated with shipping, logistics, and regulations could boost trade, it said, calling for changes to remove the current bias toward carbon-intensive goods inherent in many countries’ tariff schedules and eliminate restrictions on access to environmentally friendly goods and services.

Boosting exports of digital services could result in big productivity gains, while raising labor force participation rates for women and others could raise global potential growth rates by as much as 0.2 percentage point a year by 2030.

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    PSBs to Submit Plan to Deal with Key Biz Risks PSBs to Submit Plan to Deal with Key Biz Risks

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Filed Under: Uncategorized world bank, indermit gill, ukraine, russia, covid 19, world bank gdp growth, world bank global economic prospects, world bank quarterly gdp growth, world bank r&r policy, world bank/who uhc global monitoring report, world bank/who global burden of disease study, world bank about globalization, imf warns global economic growth will slow by 2020, policies of world bank

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