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Shopee Consumer Trends report reveals key digital habits among Singapore shoppers

80% of Singaporean users attest to the usefulness and convenience that e-commerce platforms like Shopee offer as a one-stop shopping platform

SINGAPORE – Media OutReach – 24 March 2023 – Shopee Singapore officially unveils its report, ‘Past the Starting Line: Adapting to Singapore’s Digital Consumers in 2023’. To better understand e-commerce usage and attitudes of consumers, Shopee Singapore conducted an online survey in Singapore on 5 December 2022 among 1,361 Shopee users aged 15 to 70 years old. These data-driven insights will allow businesses to more strategically leverage e-commerce and digital services to stay relevant and achieve their goals in this changing digital landscape.

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Zhou Junjie, Chief Commercial Officer, Shopee said, “As digital consumers continue to shape the future of the digital economy, it is important to be able to identify their evolving needs and preferences while adapting quickly to meet them. This year, we are sharing key trends that we have observed among Singaporean users, which indicate increasing and savvier use of digital services, the rise of more purposeful buyers alongside the growing adoption of e-commerce and online entertainment among older users. This builds on our commitment of helping our partners better engage digital consumers and unlock more opportunities in the long term. We will also continue to adopt a user-centric approach using these insights to create a positive experience for all Shopee users.”

1. Increased and savvier use of digital services

The pandemic has left a lasting impact on online shopping behaviors and the use of digital services. With the availability of a greater variety of items on e-commerce platforms, 87% of respondents shared that e-commerce shopping offers convenience and has made a significant positive impact on their lives. Users are also making more orders and buying more products online, with more than 70% of respondents receiving up to five packages from e-commerce platforms per month.

E-commerce platforms are expected to remain popular among consumers in Singapore. When asked about their general sentiment about shopping on e-commerce platforms, 2 in 3 surveyed users shared that Shopee is now a part of their daily routine. Furthermore, Shopee has also become crucial in users’ entire end-to-end shopping journey, with over 75% of users in Singapore choosing to search, compare and eventually buy a product on Shopee. With consumers turning to Shopee to address their shopping needs, it remains an important platform for brands and sellers to reach and deepen their connection with these digital-first shoppers.

2. The rise of more purposeful buyers

Trust is more important than ever, with consumers in Singapore becoming more discerning of quality. They scrutinise the authenticity of what they buy and the sellers they buy from. They are also actively reading and leaving reviews, to ensure they and others alike can make informed purchasing decisions. In fact, 3 in 4 respondents find customer reviews on Shopee reliable and believe that they help with their purchasing decisions. Besides encouraging more users to leave product and shop ratings, Shopee is also committed to continually improve the shopping experience on the platform, enabling users to shop confidently.

Digital consumers are also turning to Shopee’s diverse Key Opinion Leaders and affiliates for their recommendations on which brands and sellers to buy from. Additionally, over 60% of respondents aged 35 and above shared that product features on Shopee Live are key to influencing their purchase decisions on Shopee. The real-time reviews and recommendations from hosts on Shopee Live and affiliates allow users to get a better understanding of the products, and ultimately influence their purchasing decisions. With Shopee’s existing Affiliate Marketing Solution (AMS) as well as strong network of talent and expertise in content creation on Shopee Live, brands and sellers can strengthen their brands’ reputation, and in turn, increase their sales. This is also another creative way for sellers to communicate their brand story, build awareness of their store promotions, and grow their brand presence.

3. Growing adoption of e-commerce and online entertainment among older users

With the silver generation becoming more tech-savvy in recent years, more older users are coming online to not only shop but to also be entertained. 70% of all silver generation respondents (aged 55 and above) said they have integrated e-commerce into their daily routine, while 84% said they are buying a larger variety of items online, compared to 80% for Gen Z and Gen X.

There is also increasing interest among older users in engaging with Shopee’s in-app games and livestream content. 1 in 2 seniors say that the Shopee app and games have kept them engaged during their free time. For businesses, this presents more opportunity to access this growing user segment, if they are able to tap on the right mix of content at the right time to reach these users.

Hashtag: #Shopee

The issuer is solely responsible for the content of this announcement.

About Shopee

Shopee is the leading e-commerce platform in Southeast Asia & Taiwan. Shopee promotes an inclusive and sustainable digital ecosystem by enabling businesses to digitalise and grow their online presence, helping more people access and benefit from digital services, and uplifting local communities.

Shopee offers an easy, secure, and engaging experience that is enjoyed by millions of people daily. Shopee is also a key contributor to the region’s digital economy with a firm commitment to helping homegrown brands and entrepreneurs succeed in e-commerce.

Shopee is part of Sea Limited (NYSE: SE), a leading global consumer internet company. Sea’s mission is to better the lives of consumers and small businesses with technology through its three core businesses: Shopee, Garena and SeaMoney.

American Express appoints Walter Liu as Head of Asia Region

SINGAPORE/ BANGKOK, THAILAND/ TAIPEI, TAIWAN Media OutReach – 24 March 2023 – American Express has appointed Walter Liu in the newly created position of Head of Asia Region. In this role, Walter is responsible for overseeing American Express’ issuing businesses across the Hong Kong, Taiwan, Singapore and Thailand markets. Based in Hong Kong, he also serves as the Managing Director of the Company’s operations in the market and leads its proprietary business.

Walter is a seasoned business leader and risk management veteran with more than 20 years of experience with American Express. With a track record of building and leading high performing teams, combined with a multi-faceted understanding of the Asia region, Walter is well-positioned to lead the region as American Express furthers its strategy to own and serve the premium segment in Asia.

Walter Liu, Head of Asia Region, American Express comments: “I am delighted to step into the role particularly at such an exciting time for the business. American Express has established a strong brand presence in Asia, which is a region positioned for tremendous growth. Along with this primary asset, I believe that our dedicated colleagues and the experienced country management teams will continue to be the key factors in owning the premium space, in capitalizing on cross-border opportunities, building long-lasting partnerships, and in growing a relevant, scalable, and sustainable business for our future.”

Prior to his current position, Walter was the Chief Executive Officer of Express (Hangzhou) Technology Service Co., Ltd. (“Express Company”) – a joint venture formed between American Express and a leading Chinese FinTech company LianLian Group in Mainland China. Under his leadership, American Express became the first, and so far, only foreign payments network operator licensed by the People’s Bank of China to process renminbi transactions in China. The company now partners with multiple bank issuers, merchant acquirers and strategic partners to operate a thriving network and business for American Express in China.

Walter also previously held the position of Chief Credit Officer – Asia Region and International Commercial Payments at American Express, where he oversaw and developed the end-to-end risk management strategy, network and data capabilities across Asia and across all markets for commercial payments outside of the United States.

Walter holds both Bachelor and Master’s degrees in engineering, as well as a Master of Business Administration from the University of Michigan in the United States. He and his wife, Brenda live with their son Nathan in Hong Kong.

Hashtag: #AmericanExpress

The issuer is solely responsible for the content of this announcement.

“Timeless Leslie Encounter” at Olympian City Pays Tribute to Leslie Cheung in commemoration of 20 years of his legacy with 20 Stories of Encounter, 430-inch Mosaic, Classics on a neon light wall

HONG KONG SAR – Media OutReach – 24 March 2023 – To commemorate 20 years of legacy of iconic pop star Leslie Cheung, Olympian City is organising the “Timeless Leslie Encounter” event from 23 March to 2 April 2023, which narrates 20 stories of encounter with Leslie to help keep his legacy alive. The highlight will be a sharing session on 31 March, during which good friends, collaborators and fans of Leslie will share their stories of interacting with the star, and young singer Mike Tsang will perform his classic song.

Throughout the event period, a 430-inch TV displays 20 precious video clips and a large-scale digital mosaic comprising 3,000 photos collected from Leslie’s fans. Meanwhile, a neon light wall showcases memorable films and songs chosen by fans, and a self-playing grand piano loops the classic songs.

To further engage the public, they may participate in the creation of a physical Leslie mosaic with 3,000 photos and receive a commemorative photo as souvenir afterwards.

Shoppers can also redeem a set of four iron-on embroidered patches, whose designs are inspired by three songs and the event theme “Timeless Leslie”.

Exhibition of memorabilia including “Leslie Cup”

In the exhibition, international renowned design Mr Alan Chan presents the contact sheet used in the making of the cover of Leslie ’89, which is firstly unveiled in the public.

Another highlight is the trophy of “Leslie Cup”, a mahjong competition organised by Leslie in 1993, in which host and DJ Suzie Wong was the winner. In 2021, Wong organised another competition in memory of Leslie and the trophy was awarded to a super fan.

Leslie was not only a local legend, but he was also popular in other parts of the world, especially in Asia, as reflected by the many books released by Korean and Japanese publishers on the Hong Kong star. A super fan from Japan, who is also an illustrator, did many drawings of Cheung’s film characters after she met Leslie in the 1990s Japan tour. Meanwhile, a fan from Korea will be taking part in the “Timeless Leslie Encounter” sharing session on 31 March 2023 and explaining how she began to collect Korean publications featuring the pop star in the 1980s and 1990s.

Hashtag: #OlympianCity #LeslieCheung

The issuer is solely responsible for the content of this announcement.

LG’s Unprecedented Effort in Promoting Digital Art Through A Variety Of Collaborations

A Journey through Multiple Art Exhibitions hosted in Hong Kong, Creating The Best Digital Canvas with its No.1 OLED Screen Technology

HONG KONG SAR – Media OutReach – 24 March 2023 – In recent years, LG has been actively participating in global and local art events. With last year’s participation in Digital Art Fair Xperience Hong Kong as the Exclusive Screen Partner, as well as being the Preferred Screen Partner in Fine Art Asia 2022, LG has been widely recognized for supporting the work of artists and art appreciation among the general public with its use of exceptional display screen technology. Stepping into 2023, LG is about to embark on a new phase of its art journey, joining forces with a group of internationally-renowned art partners to bring a series of digital artworks to art lovers in Hong Kong and around the world. This journey includes a joint collaboration with virtual digital artist MonoC and Rosewood Hong Kong; a visual trek across thousands of years, cultures and media forms at Fine Art Asia Pavilion at Art Basel Hong Kong; and participation in French May Arts Festival 2023 through the launch of a new 2023 OLED TV collection, with the concept “Virtually Versailles”.

LG renews collaboration with virtual digital artist MonoC to present immersive works via LG’s giant LED screen

Following on from the success of last year’s showcase of extraordinary artworks by the world’s first metahuman digital artist MonoC at the Digital Art Fair Xperience Hong Kong 2022, LG has once again joined forces with her to unveil an awe-inspiring digital artwork at Rosewood Hong Kong, in celebration of the hotel’s fourth anniversary. The anchor artwork of “Rosewood Artistry” programme features four distinct flowers representing the different qualities of the hotel, artistically rendered by MonoC and displayed on the stunning new large-format LG 136″ LED All-in-One Smart Screen.

Through this collaboration, LG aims to transport viewers into a captivating “Rhapsody in Bloom” where the intricate and graceful details of each flower are perfectly captured on a 136″ LED screen with unrivalled picture quality. Moreover, guests can engage with MonoC’s works in real-time, shattering the notion that art and life exist in mutually distinct worlds. The artwork has been on display from March 18th to March 27th at the Rosewood Hotel in Hong Kong, offering a unique opportunity for art enthusiasts to experience the future of digital art.

Partnering with Fine Art Asia to present exquisite antique artworks at Art Basel Hong Kong

LG will continue its partnership with Fine Art Asia to present a group exhibition entitled “Otherworldly” with LG OLED TVs at Art Basel Hong Kong. Once again, the top-spec OLED self-lit technology is platformed into the artistic realm, wherein three exhibition areas are constructed to display animations and artificial intelligence (AI)-based visuals. LG will unveil the World’s Largest 97-inch OLEDevo Gallery Edition G2 TV to showcase the animations and AI visuals, combining traditional and contemporary art displays. Its LG OLED technology will display outstanding color performance and in minute detail and clarity, exhibiting fine lines and impeccable contrast, while taking the audience into a visual world across thousands of years and across cultures. This year marks the third edition of The Fine Art Asia Pavilion at Art Basel Hong Kong, which takes place from 21–25 March at Booth 3E18, Level 3, Hong Kong Convention and Exhibition Centre.

First participation in the French May Arts Festival, LG will join “Virtually Versailles” with the latest 2023 OLED TV collection

In addition to joining these two exciting art events, LG will also participate in the 2023 French May Arts Festival as an official digital display partner, creating a virtual journey through the Palace of Versailles with the latest 2023 LG OLEDevo TV collection. The audience will be able to explore the luxury and magnificence of this world heritage site through ultra-fine screen imaging, and enjoy the wonders of the world as part of this dynamic visual event highlight. The exhibition will be held at the Hong Kong Heritage Museum from April 19th to July 9th, with the three-month event period offering an inclusive opportunity for members of the public to join in the art appreciation journey.

Hashtag: #LG

The issuer is solely responsible for the content of this announcement.

About LG Electronics, Inc.

LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country and an international workforce of more than 74,000. LG’s four companies – Home Appliance & Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions – combined for global revenue of over KRW 80 trillion in 2022. LG is a leading manufacturer of consumer and commercial products ranging from TVs, home appliances, air solutions, monitors, service robots, automotive components and its premium LG SIGNATURE and intelligent LG ThinQ brands are familiar names world over. Visit for the latest news.

Solomon Systech Announces 2022 Annual Results

Maintained a Steady Growth Momentum with Revenue Up 13.5% Mobile Display and Mobile Touch ICs Delivered Outstanding Performance

Financial Highlights:

  • Sales revenue increased by 13.5% to US$ 190.8 million
  • Gross profit was US$ 65.5 million with a 34.3% gross margin
  • Profit attributable to owners of the parent increased by 16.8% to US$ 27.8 million
  • Shipment volume reached 312.9 million units in 2022
  • Earnings per share increased by 10% to 1.1 US cents (Equivalent to HK 8.6 cents)

HONG KONG SAR – Media OutReach – 23 March 2023 – Solomon Systech (International) Limited (“Solomon Systech” or the “Company”; Stock Code: 2878) announced its annual results of the Company and its subsidiaries (collectively, the “Group”) for the year ended 31 December 2022 (the “Year”).

In 2022, the recovery of global economic activities was challenging. Suffering from a slowdown in demand for consumer electronics in the second half of the Year, the semiconductor industry entered a destocking phase. The Group maintained a steady growth momentum by leveraging its pioneering technologies and timely adjusting operating strategies. With the outstanding performance of New Display ICs as well as Mobile Display and Mobile Touch ICs, the Group’s sales revenue reached US$190.8 million, representing a year-on-year increase of 13.5%. The profit attributable to owners of the parent during the Year increased by 16.8% to US$27.8 million. Benefiting from the stable market demand for the Group’s products, the shipment volume for the Year reached 312.9 million units. Earnings per share were 1.1 US cents, representing an increase of 10% over that in 2021. The Board resolved not to declare any final dividend for the year ended 31 December 2022.

The provision for obsolete inventory in 2022 was approximately US$ 12 million, resulting in a decrease of 5.7 percentage points in gross margin to 34.3% for the Year. In response to the change of market environment, the Group adjusted the average selling price of some products in 2022 to maintain its competitiveness. The Group will continue to boost its competitive edges and maintain a reasonable profit by ensuring its stable supply chain, stringent inventory control and product innovation.

Business Review

New Display ICs
During the Year under review, New Display IC products showed a steady growth in both sales revenue and shipment quantity, maintaining the Group’s leading position and pioneering technologies in the New Display IC sector. The Group’s sales of Electronic Shelf Labels (ESL) in the European and North American markets remained stable as ESL has become more and more prevalent. The Group’s customers include many of the world’s top-ranked supermarkets. To further tap into the market of e-Signage and e-Reader applications, the Group commenced mass production of the AMEPD driver IC for Advanced Colour e-Paper (ACeP) products in 2022. Moreover, the Group is committed to expanding the application of IC products to other areas, such as translators and large retail signage applications.

OLED Display ICs
The Group is the world’s number one PMOLED display driver IC player with a dominant market share in terms of unit of shipment in 2022. Furthermore, the Group’s mini-LED DDI solutions for 50-inch to 100-inch indoor signage display have been in mass production since 2018 and are widely used in the curved signage display in the underground and subways in the United Kingdom and the United States. As the global high-end consumer electronics market continues to expand, the orders for mini/micro-LED IC products grew during the Year as compared to that in 2021.

Mobile Display and Mobile Touch ICs
Benefiting from the robust growth in demand for game console controller ICs, the Mobile Display and Mobile Touch ICs products reported a 55.4% increase in sales revenue. During the Year, the Group continued to expand its product portfolio, including In-Cell Touch Display Driver IC, TFT Display Driver IC, STN Display Driver IC, MIPI Bridge IC and Display Controller IC, which widely support industrial and consumer applications spanning smartphones, tablets, wearables, gaming devices and IoT devices.

Large Display ICs
During the Year, the market of large screens was affected by the COVID-19 pandemic, which led to sluggish demand. Panel manufacturers suffered losses against the backdrop of high inventory. Thus, the sales performance of the Group’s large display IC business segment was not satisfactory. However, the Group was able to launch the successful mass production of driver ICs for the 165Hz high-refresh-rate gaming monitor of 27/23.8 inches and 43-inch smart HDTV with the panel makers and the international brands, satisfying the needs of the high-end entertainment market.

New Technology and Product Highlights
With the increasingly fierce technology competition in the world, it is extremely important to achieve independent innovation and improve R&D capabilities. The Group supported E Ink in developing the Display IC Solutions for Spectra™ 3100, a next-generation specialised platform for ESL and retail signage application, in 2021. This is a significant technological break-through that enables a four colour spectrum display. Spectra™ 3100 is expected to be launched in 2023, enabling a high growth potential for the Group’s New Display IC business in the future.

In addition, the Group expects to launch the world’s first PM-MicroLED Display Driver SSD2363 in 2023, which can be applied to next-generation high-brightness displays of three inches or less for wearable devices, home appliances and industrial appliances. The Group will further promote this product to first-tier customers to increase possible applications.

Riding on the highly sought after high-end game console controllers by consumers, the Group strives to provide players with a smooth gaming experience through game console controller ICs. Besides, the Group will focus on forward-looking development of AR and VR fields to capture the opportunities of the Metaverse aggressively by leveraging its capabilities in high-speed and high-resolution display IC technology.

Outlook and Strategies
The semiconductor industry is experiencing the rebound effect caused by the overheating of the electronics industry in the past two years, and the slow pace of development is inevitable in the short term. However, there will be more opportunities for cooperation with downstream to develop products in the second half of 2023 as the epidemic winds down in the mainland China. While supply chain problems have been eased with the removal of pandemic travel restrictions, chips are no longer scarce, however, raw material costs remain under rising price pressure.

Looking ahead, Mr. Wang Wah Chi, Raymond, Chief Executive Officer of Solomon Systech said, “In the second half of 2022, the semiconductor industry entered a destocking phase. It may need to go through a period for a normalised supply-demand balance. The future will be more volatile and uncertain than ever before, yet we believe we are facing opportunities and challenges at the same time, through our deep experience in the industry. The Group will make concerted efforts to strive for excellence, by formulating long term development strategies as well as empowering our R&D capabilities and technical level, aiming to unlock the value and potential of our business. We will strive to control costs, continue to focus on developing technology, improve product portfolio and endeavor to develop high value-added products, resulting in higher effectiveness and resilience of the operation. Looking forward to the gradual recovery of the global economy and the tremendous opportunities brought about by a new era of technology, the Group aims to achieve an ideal and sustainable business growth, creating fruitful returns to our shareholders.”

Hashtag: #SolomonSystech

The issuer is solely responsible for the content of this announcement.

About Solomon Systech

Solomon Systech is a leading semiconductor group providing display IC products and system solutions. Adopting a “fabless” business model, the Group specialises in the design, development and sales of IC products and system solutions that enable a wide range of display and touch applications for smartphones, tablets, TVs/monitors, notebooks and other smart devices, including wearables, Electronic Shelf Labels, healthcare devices, smart home devices, as well as industrial appliances. The Group has a high caliber and experienced design team to develop its own Intellectual Properties (IP) for highly integrated display IC products and total system solutions. Solomon Systech headquarters in Hong Kong and has offices in China and Taiwan with technology centres in Hong Kong, Nanjing, Shenzhen and Taiwan and a worldwide sales network.

VinFast will deliver the first VF 9 batch on March 27, 2023

HANOI, VIETNAM – Media OutReach – 23 March 2023 – VinFast announced it will officially deliver the first batch of full-size VF 9 SUVs to customers on March 27, 2023. The delivery ceremony will be held simultaneously in Hanoi, Da Nang, and Ho Chi Minh City, and deliveries will be continued at all VinFast stores across Vietnam in the following days.

Belonging to the E segment, VF 9 is the largest SUV in VinFast’s current electric vehicle lineup with overall dimensions (LxWxH) of 5,118 x 2,254 x 1,696 (mm). Its wheelbase of up to 3,150 mm and refined structure allow ample interior space, optimal for full-size 7-seater or 6-seater configurations (Captain Seat options).

The VinFast VF 9 also has two trims, the Eco and Plus. The first VF 9 batch, produced for the Vietnamese market, is equipped with electric motors that boast a maximum power of 300kW (402 hp), maximum torque of 620Nm, and usable battery capacity of 92kWh enabling a target estimate of range per full charge of 438km for the Eco and 423km for the Plus (WLTP). VinFast VF 9’s fastest charging time, from 10% to 70%, is 26 minutes.

As VinFast’s most premium EV model, the VF 9 comes with high-class amenities such as two front seat rows integrated with massage, ventilation, and heating features (Plus trim), a 15.6-inch infotainment screen, an 8-inch rear screen on the center console for the second seat row (Plus trim), windshield heads up display (HUD), panoramic glassroof (Plus trim), outside rearview mirror with auto-dimming (Plus), 11 airbags, and more. The VF 9 is also integrated with a wide range of advanced technologies, including the Advanced Driver Assistance System (ADAS) and Smart Services. In addition, the regular firmware over-the-air (FOTA) updates will also continuously enhance vehicle functionality and performance to provide customers with more enjoyable experiences.

The first delivery ceremonies will be held simultaneously on March 27, 2023, in the Northern – Central – Southern regions of Vietnam at different VinFast stores, including VinFast Ocean Park (Hanoi), VinFast Ngo Quyen (Da Nang), and VinFast Landmark 81 (Ho Chi Minh City). The VF 9 delivery will be continued at other VinFast stores and dealers’ showrooms or through a home-delivery service across Vietnam according to the order of the reservations in the following days.

Madam Le Thi Thu Thuy, Vice Chairwoman of Vingroup and CEO of VinFast Holdings, said: “Following VF e34 and VF 8, the VF 9 delivery, as planned and committed to customers, has affirmed VinFast’s capabilities in applying technologies and optimizing vehicle development and production process. I believe that, along with VinFast’s attractive initial ownership cost and outstanding after-sale services, the VF 9 will win the hearts of those who have put trust in VinFast through their reservations and waiting for more than a year.

Following the Vietnamese market, VinFast expects to roll out the export plan of the first VF 9 batch to international markets in the upcoming time. In addition, VinFast is in preparation for its VF 5 Plus delivery in April 2023, according to its initial plan.

Hashtag: #VinFast

The issuer is solely responsible for the content of this announcement.

About VinFast

VinFast – a member of Vingroup – envisioned to drive the movement of global smart electric vehicle revolution. Established in 2017, VinFast owns a state-of-the-art automotive manufacturing complex with globally leading scalability that boasts up to 90% automation in Hai Phong, Vietnam.

Strongly committed to the mission for a sustainable future for everyone, VinFast constantly innovates to bring high-quality products, advanced smart services, seamless customer experiences, and pricing strategy to inspire global customers to jointly create a future of smart mobility and a sustainable planet. Learn more at:

The Fed raises interest rates despite the ongoing banking crisis

  • On Wednesday, 22 March 2023, the Federal Reserve continued its fight against inflation and once again raised interest rates by 0.25%. This move causes concern because the present banking crisis has developed precisely because of rising interest rates.

KUALA LUMPUR, MALAYSIA – Media OutReach – 23 March 2023 – On Wednesday, 22 March 2023, the Federal Reserve continued its fight against inflation and once again raised interest rates by 0.25%. This move causes concern because the present banking crisis has developed precisely because of rising interest rates.

So far, the Federal Reserve’s (Fed) successful strategy for fighting inflation has been to raise the key rate and reduce the balance sheet. This negatively impacted the value of U.S. Treasury bonds and other securities, which are an important source of capital for most U.S. banks. Silicon Valley Bank was the first to fail—it was forced to quickly sell the cheaper bonds at a significant loss, leading to a liquidity crisis and eventual collapse. This was followed by Signature Bank and Credit Suisse, which had to sell-off, and First Republic, which received a lifeline.

The U.S. Federal Reserve recognised its mistake and took emergency measures to support the banking system. It provided $303 billion of liquidity to banks through the Discount Window and Bank Term Funding Program (BFTP), thereby curbing the banking crisis locally.

The crisis also spread to the eurozone, with Credit Suisse failing after a 166-year run. To prevent a complete collapse, the Swiss National Bank (SNB) opened a credit line for Credit Suisse, which enabled it to take a $53.7 billion loan and stay afloat. However, it ultimately failed.

Just hours after opening the credit line, the European Central Bank (ECB) President Christine Lagarde announced a rate hike, doubling it by 50 basis points at a scheduled meeting. While investors viewed this as a positive signal for European economic stability, the rate hike decision appeared hasty and could potentially lead to an aggressive rate hike by the Fed.

At Wednesday’s meeting, the Fed showed great restraint by adhering to its baseline and raising the key rate by 25 bps, while looking to reduce the balance sheet further. The press release on the situation with the banks stated the following:

“The U.S. banking system is sound and resilient. Recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring, and inflation. The extent of these effects is uncertain. The Committee remains highly attentive to inflation risks.”

Jerome Powell reported the need for continued balance sheet cuts. Commenting on the issue, the OctaFX financial market analyst Kar Yong Ang said: ‘It is commendable that the Fed did not cave to market pressure and maintained the course to suppress inflation. This is a crucial step that will help them curb inflation and perhaps even avoid a recession.’

However, there were dovish signals in the Fed’s dot plot, including a rate cut of 75 bps next year. Seeing only the growing liquidity flow, the market interpreted it as the end of the tightening monetary policy cycle, with swap markets betting that the U.S. Fed rate will fall to 4.19% at the end of this year.

The banking sector is facing great risks, and the regulators’ fight against inflation could make it more unstable, ultimately dragging the rest of the economy down the chain and potentially causing a global recession. Only time will tell whether this happens.

The issuer is solely responsible for the content of this announcement.

About OctaFX

is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services already utilised by clients from 180 countries with more than 21 million trading accounts. Free educational webinars, articles, and analytical tools they provide help clients reach their investment goals.

The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.

OctaFX has also won more than 60 awards since its foundation, including the ‘Best Online Broker Global 2022’ award from World Business Outlook and the ‘Best Global Broker Asia 2022’ award from International Business Magazine.

Bybit Goes Live With ARB Token and a $400K Prize Pool

DUBAI, UNITED ARAB EMIRATES – Media OutReach – 23 March 2023 – Bybit, the world’s third most visited crypto exchange, is proud to list the Arbitrum (ARB) token — along with a massive prize pool of $400K to celebrate. Today, users will be able to deposit ARB and trade newly created ARB spot pairs, perpetual contracts, and trading bot pairs.

Arbitrum is the biggest player in Ethereum’s layer 2 scaling landscape, designed to boost Ethereum’s speed and scalability while adding additional privacy features. The release of ARB (which includes “airdropping” 12.75% of the entire supply to the chain’s early users) is one of the most highly-anticipated events in the cryptocurrency industry this year.

To celebrate this occasion, Bybit has launched a series of campaigns that offers ARB traders a chance to win part of its massive $400K prize pool.

Firstly, all users who deposit 250 ARB will receive a gift of 25 USDT, and new users who have used the Arbitrum-native trading platform GMX, can claim a further 0.5 GMX with a deposit of 500 ARB. Also, Bybit’s official Twitter account will be giving away GMX and USDT in a lucky draw to 400 users who like or retweet its tweets, or follow the official Twitter account.

Bybit offers a range of trading bots, which allow users to automate strategies, backtest them, and trade the markets 24/7. Their bots are easy to configure, so even beginners can benefit from automated trading.

As part of the ARB celebration, users who trade ARB via Bybit’s spot grid bots will share in a $20K prize pool. Another launchpool campaign for ARB subscribers will unlock a total of $150K in rewards. Finally, a high APY ARB fixed-term product is available via Bybit Earn, allowing traders to earn even more rewards from their investments.

“At Bybit, we recognize our responsibility to provide forward-thinking opportunities for our users and lead the way in supporting the proliferation of cryptocurrency and blockchain technology,” said Ben Zhou co-founder and CEO of Bybit. “I am delighted to see that we are offering an ARB token listing, which promises unique rewards for those who make use of it. We are eager to see how our users leverage this powerful new asset and await their feedback with enthusiasm.”

Further Information and Resources

Hashtag: #Bybit #NextLevelOpportunities

The issuer is solely responsible for the content of this announcement.

About Bybit

Bybit is a cryptocurrency exchange established in 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions, the Oracle Red Bull Racing team, esports teams NAVI, Astralis, Alliance, Made in Brazil (MIBR), and Oracle Red Bull Racing Esports, and association football (soccer) team Borussia Dortmund.

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