Is titled concern continued oversight on Regional Bank failures. Without objection, all members will have five legislative days to submit extraneous materials to the chair for inclusion in the record. Without objection, the chair is authorized to declare a recess of the committee at any time. With that, i now recognize myself for four minutes. Todays hearing will help the Financial Services committee learn more about recent Bank Failures, including management missteps, supervisory failures, and rapid fire bank runs in the age of social media. I think our witnesses for testifying today. The recent banking crisis was fueled by failed Bank Management, lack of hedges against Interest Rate risks, failed military policy, failed supervision, and overspending by the administration and democrats that led to historic inflation, prompting increased Monetary Policy action. Today, we will hear about what went wrong from the Bank Management themselves in state regulators. This is important, as the c
Wed love to hear what you have to say. Send your views and post your comments by visiting gb news at com. Youre say sorry. I always get that wrong. But first we want to talk about yes we do. Student. That student who was nearly booted out of university, robert ivinson, overheard in his room saying veganism stupid. Why cant you say that in university anymore . Its actually first though. Headunes its actually first though. Headlines ray addison. Thanks, guys. Good morning. Its 931. Our top stories. The Prime Minister will try to convince peers to back his controversial rwanda plan later, after months of debate and delay, rishi sunak will hold a press conference this morning to underline why he believes its vital to stop small boats crossing the english channel. Piers have repeatedly blocked the legislation with a series of amendments, but parliament is expected to reject them again in a series of crunch votes, which could stretch late into the night. The met police night. The met Police
Brussels today for a Council Meeting with fellow european financial leaders. He hopes to use the opportunity to build on the momentum of brexit talks and for the u. K. To make its message clear at the World Economic forum in dollhouse davos. Open for business and we are keen to discuss with about future relationships and britains role in the Global Economy in particular, londons role in the financial economy. He admitted that brexit was caused because of future trading with european partners. Mark global news, 24 hours a day, powered by more than 2,700 journalists and analysts in more than 120 countries. I am mark crumpton. This is bloomberg. Shery i am shery ahn. Vonnie and i am vonnie quinn, welcome to Bloomberg Markets. From bloomberg world headquarters, here are the top stories around the world that we are following. Live from davos at this hour, what he expects from nafta talks in montreal. And are we heading towards another financial crisis . We get insight from to bank giants. P
I think what is different today is coming out the crisis, what youve seen banks do, is go back to their basics or go back to the areas they believe they have a competitive advantage. And that competitive advantages oftentimes steeped in scale. When we think of scale and whether scales in markets or Business Bank its or many business. Todays age of Slower Growth and more regulation, if you dont have scale, the odds are you cant buy it. You are not seeing big banks get bigger through acquisition. You have to build it. Slower growth, its tougher to do. ,hat weve seen is the industry in many ways, pull back to areas of strengths. Youve ended up with very different Business Models, which in itself are far more resilient. We can use different examples of firms out there in terms of how they change. Examples, cities as we are not an insurance company. We are not an asset manager. Were not a hedge fund. We are not any of those things. Were simply a bank. Thats the scale that we have pulled bac
The selloffs. Selloffs. The euro is gaining strength, gaining momentum as the dollar falls lower. The bets are off when it comes to the federal rate reserve hike. Many are feeling that lists in september will be have will have less than 30 chance. December, we are likely to see 55 chance of a rate hike, that is what the market is factoring in. People are delaying the Federal Reserve hiked because wha of wht is happening. Keep an eye on some of these emergingmarket currencies, because we are seeing the selloff continuing. The south africa is losing value against the u. S. Dollar. We are still seeing the pain in the emerging markets, and of worst, commodities the bloomberg Commodity Index number wincing in 16 years. Copper is continuing to trade lower. The lowest growth in china since 1990. Grains are selling off, metals are selling off, because oil is selling off. And this, interestingly is blended the first time below 45 per barrel since 2009. Clearly the market is worried about global