Goodbye, LIBOR. Hello, SOFR. The US Dollar LIBOR bank panel has ceased to exist on 30 June 2023. Now the Daily SOFR as published by the Fed and Term SOFR by CME Group, so check your tenors and your floating rates, as we look into ACCR’s response to the criticisms to using SOFR.
The role of audit is often seen as boring and tedious, which is often true. However, recent collapses in the financial sector (SVB, First Republic, and Signature Bank) is making audit a little bit more interesting as KPMG issued unqualified audit opinions on the accuracy and truthfulness of their financial statements days before their collapse. Is KPMG a victim of their own success by auditing the majority of Banks in the US and having higher odds of having Banks fail as they audit them? Surely, they should be held accountable for something, let’s take a look at Audit’s role in this fiasco and find out.
With inflation being a concurrent problem in most economies, Argentina’s presidential hopeful is using dollarization as a platform to solve their monetary problems. Will it help the U.S. though?
The possibility of a credit rating downgrade for the United States has heightened concerns as Fitch places the country on their negative watch list during the ongoing debt ceiling discussions. This move signifies the potential risk of unpaid debt instruments and prompts questions about the impact on the pricing of Treasury securities. Drawing parallels to the 2011 downgrade by S&P.
With BBBY failing to match the GameStop frenzy and the resurgence of AMC Entertainment Holdings in 2021. The hunt for Gamestop 2.0 continues, too bad BBBY didn’t mention AI a couple of months ago, maybe that was the catalyst the apes are hoping for.
With layoffs, debt ceiling, and recession fears mounting, are you secure with your revenue stream? The gig economy looks to be up for the challenge as it continues to grow post pandemic.