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Tag: Deutsche Bank

  • Deutsche Bank: US Headed For Recession in 2023

    Deutsche Bank has issued a warning for the US, saying its economy is headed for recession in 2023.

    The Federal Reserve raised interest rates by a quarter percentage point in mid-March, and said it plans to raise interest six more times by the end of the year. According to Business Insider, Deutsche Bank has become the first major bank to warn the result could be a recession.

    “A mild recession will be needed to take sufficient steam out of the economy and labor market to bring inflation back down,” wrote the bank’s analysts

    The measurement Deutsche Bank is using is the yields on government bonds. Yields on 2-year Treasury notes have surpassed yields on 10-year notes a number of times over the last week.

    “Every time the 10-year-2-year Treasury yield curve has gone negative, recession has followed roughly within a year or two,” Deutsche Bank’s chief US economist Matthew Luzzetti wrote.

    The US economy, along with the rest of the world, is still recovering from the pandemic. A recession could significantly impact that recovery.

  • Financial Network, Inc. Leaves Oracle In Favor Of MariaDB SkySQL

    Financial Network, Inc. Leaves Oracle In Favor Of MariaDB SkySQL

    Financial services firm Financial Network, Inc. (FNI) is leaving Oracle’s platform in favor of MariaDB SkySQL.

    MariaDB was forked from MySQL when Oracle acquired the database engine in 2009. Developers were concerned about the future of MySQL under Oracle, and wanted a version of the database that would remain independent of Oracle, while at the same time maintaining full compatibility.

    MariaDB Corporation pairs the database with SkySQL for “the first and only database-as-a-service (DBaaS) to bring the full power of MariaDB Platform to the cloud, combining powerful enterprise features and world-class support with unrivaled ease of use and groundbreaking innovation.”

    SkySQL is offered as a DBaaS on Google Cloud Platform, and MariaDB is used by Google, Mozilla, Deutsche Bank, DBS Bank, Nasdaq, Red Hat, ServiceNow, Verizon and Walgreens. Now, FNI is leaving Oracle in favor of MariaDB and SkySQL.

    “MariaDB has been a true collaborative partner for us in our journey to the cloud,” said Bryan Bancroft, lead database administrator at FNI. “With SkySQL, we don’t have to bother with containers or managing the database, that’s left to the database professionals at MariaDB. We also have the option of easily expanding our applications to leverage blended transactions and analytics when the time is right. Moving to MariaDB from Oracle was a key strategic business decision for us and has ultimately saved us up to 80% in database costs – allowing us to reinvest the savings into delivering new, critical solutions for our customers.”

    The announcement is a big win for MariaDB and a loss for Oracle, just as the company is doubling down in an effort to take on its bigger cloud rivals.