A recent agreement between the Inter-American Development Bank (IDB) and the Central Bank of Paraguay (BCP) will allow for sustained progress toward the modernization of the country’s financial system through the adoption of International Financial Reporting Standards (IFRS).

The South American country signed this agreement with the goal of “strengthening financial transparency, aligning the accounting practices of the Paraguayan banking system with international standards, and facilitating integration with global markets.”

The project, with an estimated duration of 18 to 24 months, includes a technical assessment to identify accounting, regulatory, and technological gaps. It also includes training for strategic staff, public-private discuss tables, and simulations of the impact on financial statements.

Ultimately, the project will be able to design a strategic roadmap for a gradual and sustainable transition to IFRS, an initiative framed within the IDB’s Capacity Building, Asset Management, and Advisory Services (CAsA) Program, effective July 2024, which supports central banks in Latin America and the Caribbean through technical assistance and institutional strengthening.

The Central Bank of Paraguay will be responsible for developing two complementary projects: “the adoption of IFRS, led by the Superintendency of Banks, and the implementation of a Risk-Based Supervision approach, led by the Superintendency of Securities,” aimed at “maximizing synergies in modernizing the regulatory framework and strengthening the technical supervisory capacity of the financial system.”

M.Pino

Source: finanzasdigital

(Reference image source: Tobias Meza on Unsplash)

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La entrada Paraguay receives IDB support in financial modernization process apareció primero en Bitfinance.

The communications professional, Alberto Camardiel, was appointed Executive Director of Marketing, Channels and Payment Methods of Bancamiga, a position that will allow him to continue promoting financial facilities for the benefit of the institution’s clients and the banking system in general.

Graduated from the Central University of Venezuela (UCV), he entered the financial system in 2012 to become today a key player in the growth and development process of Bancamiga. He firmly believes that achievements are the result of teamwork and a collective purpose.

Bancamiga: Always working in favor of clients or users and for the benefit of the banking system

His discipline, dedication and connection with sports and photography, as well as his status as a nature lover, have become values ​​that he reflects in his daily work at the institution.

When announcing his promotion, the President of the Board of Directors of Bancamiga, José Simón Elarba, praised Camardiel’s professional and personal qualities, who has been a key element in the launch of innovative products and services in the market, and is a fundamental pillar in the communication and marketing initiatives that position Bancamiga in the country.

With information and reference image from Bancamiga Banco Universal

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La entrada Alberto Camardiel appointed Executive Director of Bancamiga apareció primero en Bitfinance.

WhatsApp replicated the improved multi-device mode in its version for companies, WhatsApp Business, in such a way that firms can enable up to four employees to connect to the same account in the messaging application.

Meta announced last week that it was already possible to link a WhatsApp account on up to four different smartphones (one main and three additional), which will make it easier for the user to switch devices without having to close the main session, and resume chat messages from where they were saved on the previous device used.

This novelty for Meta’s general messaging service is also replicated in the WhatsApp Business application, as the company itself has confirmed on Twitter. In this case, companies can allow up to four employees to connect to the same account, directly from their smartphones, thus being able to “better serve their customers.”

This novelty expands the options of the multi-device mode that the company launched with early access in July of last year to use the same account on up to four different computers, of which only one could be a mobile device, and without the need to have a smartphone connected to the Internet when using it.

Source: dpa

(Reference image source: Dima Solomin, Unsplash)

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La entrada WhatsApp Business can also be linked on 4 devices apareció primero en Bitfinance.

The US investment bank Morgan Stanley plans to eliminate approximately 3,000 jobs by the end of June, according to the US network CNBC, citing a source with knowledge of the entity’s plans.

The adjustment would equate to about 5 % of the bank’s workforce excluding financial advisors and support staff, who will be spared the cuts, and would come on top of the 2 % headcount reduction announced last month. December by the entity.

In this sense, according to Bloomberg, the layoffs are expected to affect the banking and commercial staff of Morgan Stanley to a greater extent.

After the historic boom in the markets during the pandemic, the rate hikes undertaken by the Federal Reserve to stop the overheating of the economy have caused an abrupt collapse in the activity of mergers and acquisitions and in IPOs.

In this way, numerous firms on Wall Street, including banks such as Goldman Sachs, Bank of America, Citigroup or Lazard, have been pushed to reduce costs through workforce adjustments with a view to positioning themselves for a future upturn in activity.

Morgan Stanley closed the first quarter of 2023 with a net attributable profit of $2.98 billion, which is equivalent to a decrease of 18.7 % compared to the earnings of the same period last year, while quarterly revenue suffered a drop of 1.9 %, up to 14,517 million dollars.

K. Tovar

Source: CNN

(Reference image source: Sven Piper, Unsplash)

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La entrada Morgan Stanley plans to cut 3,000 jobs apareció primero en Bitfinance.

The Swiss bank UBS announced an offer to repurchase the debt securities with maturity of 2028 and 2032 issued last Friday, just a couple of days before the agreement for the acquisition of Credit Suisse, whose aggregate amount amounts to 2,750 million euros.

In this way, UBS wants to acquire the 1,500 million euros in bonds with fixed interest at 4.625% and maturing in March 2028, as well as the 1,250 million euros in debt with interest of 4.750% and maturing in March 2032, which were issued in both cases on March 17, 2023.

“The issuer offers to purchase the Notes at their respective reoffer price in light of the exceptional corporate actions announced on March 19, 2023, shortly after the issue date,” Switzerland’s largest bank said.

In this regard, UBS decided to launch this offering as a result of a prudent assessment of recent developments and its long-term commitment to its credit investors.

The offers will begin this Wednesday with an early expiration date of March 28, 2023, and a final expiration date of next April 4, unless extended, withdrawn or terminated at the sole discretion of the issuer.

K. Tovar

Source: Bloomberg

(Reference image source: file)

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La entrada UBS launches offer to repurchase Credit Suisse bonds apareció primero en Bitfinance.

The United States Federal Reserve (FED), along with other regulators in the region, issued a statement in which they discussed the risks involved in the use of cryptocurrencies in banking systems.

Others involved include the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), who made a general call for caution regarding the use of this type of asset.

“Given the significant risks highlighted by the recent bankruptcies of several large crypto asset companies, the agencies continue to take a careful and cautious approach related to cryptocurrency-related activities and exposures and current proposals at each banking organization,” reads part of the statement. .

On the other hand, they talked about the issuance and safeguarding of digital tokens, describing it as an “act inconsistent with safe and sound banking practices“, a representative motto of this industry.

Although this would be the first time that these regulators have ruled on the sector in 2023, the truth is that all of them have expressed their reservations regarding cryptocurrencies on several occasions.

K.Tovar

Source: Diariobitcoin

(Reference image source: rtve, via web)

La entrada FED again issues comments on cryptocurrencies apareció primero en Bitfinance.