Regulators are looking for ways to prevent another run on fund holdings like the one that happened at the start of the pandemic. Bank of America runs down the options.
The head of Japan's financial watchdog said he was disappointed by the global fallout from the collapse of investment fund Archegos Capital Management despite past regulatory reforms. "Although the problem didn't result in the collapse of financial system, it's very disappointing such a major incident happened," Ryozo Himino, Financial Services Agency (FSA) Commissioner, said in an online speech. Global banks including Credit Suisse and Nomura Holdings Inc reported losses from Archegos, taking the total hit beyond $10 billion.
David Cumming, chief investment officer for equities at Aviva Investors, is to leave the firm, and other roles in the equity fund management team are also at risk, the fund management unit of the British insurer said on Monday. The shake-up follows the appointment in January of Mark Versey as Aviva Investors' chief executive officer. "We have taken the decision to focus our equities business on sustainable outcomes and core strategies where there is clear client demand, namely UK and global equities, while retaining sufficient coverage to support our multi-asset strategies," Aviva Investors said in an emailed statement.
The IRS unveiled the tool Monday for people who made too little to file a tax return.
Mario Ho Yau-kwan, the youngest son of the late Macau casino tycoon Stanley Ho Hung-sun, has set up a family office platform to help wealthy families tap opportunities in the fast-growing Greater Bay Area. Ho, 26, a maths whizz and the youngest finance graduate ever from the Massachusetts Institute of Technology, has launched MSI Finance Management Company (MSI). Ho, who is the co-founder and vice-chairman of MSI, has been joined by four other investors, including chairman Leo Kei and well-known
(Bloomberg) -- More and more, investors are wondering whether the Federal Reserve will tweak its monetary policy toolkit to help out money markets that are starting to drown in a sea of cash.The Fed’s existing facilities have helped alleviate the impact of the growing dollar glut in short-term funding markets that’s outstripping the supply of investable securities and weighing down front-end rates. But officials can only continue to do so if money-market funds, which help funnel more than $4 tri
EV Aircraft company Vertical Aerospace announced last week that they would go public via a SPAC merger.
The mall owner had to cut rents during the Covid-19 pandemic, keeping tenants out of bankruptcy but hurting its business.
You're living inside a giant piggy bank now — and have options for shaking out some cash.
(Bloomberg) -- Grab Holdings Inc. Chief Executive Officer Anthony Tan said he’s confident the merger of the ride-hailing and food-delivery giant and a U.S. blank-check company will be completed by year-end, following a delay caused by a review of its financials.The Singapore-based startup last week postponed the expected completion of the deal with Altimeter Growth Corp. -- set to be one of the largest-ever mergers with a special purpose acquisition company -- to the fourth quarter as it works o
California says it is opening up from COVID-19 restrictions on Tuesday, but tech companies and other offices are not changing as fast as Disneyland, gyms and stores. Here is what's changing for California offices, and what's not. Governor Gavin Newsom issued an executive order to reopen the state on June 15, a decision ending physical distancing, mask requirements and capacity limits for restaurants, stores and other businesses that cater to consumers.
Banking giant JPMorgan is sitting on a near half-trillion-dollar stockpile of cash, waiting to invest in higher rates in the coming months, instead of buying Treasurys or other securities, Chief Executive Jamie Dimon said Monday at a virtual banking conference.
(Bloomberg) -- The European Union’s debut bonds are set to raise 20 billion euros ($24 billion) to fund the region’s recovery, as the bloc takes advantage of investor clamor for its triple A-rated securities to create the biggest-ever sovereign deal.The bloc is selling double the volume of 10-year bonds initially indicated, as it pulled in over 142 billion euros of orders -- just short of a record set last year for a similar-dated EU social bond. That kicks off a program of issuance that could t
(Reuters) -The European Union on Monday began selling the first bond backing its recovery fund, according to a lead manager, a crucial step in financing members states' economic recovery from the coronavirus pandemic. The sale of the 10-year bond is the start of up to 800 billion euros of debt issuance between now and 2026 that will back grants and loans to member states - an unprecedented act of fiscal solidarity on the EU's part that may transform it into a leading European borrower. The sale should be completed on Tuesday, EU Budget and Administration Commissioner Johannes Hahn said.
CEO optimism is nearing all-time highs, according to Business Roundtable’s quarterly CEO economic outlook survey released on Tuesday.
Mandatory Credit: Photo by STEPHANIE LECOCQ/POOL/EPA-EFE/Shutterstock (12072947bw) US President Joe Biden meets with NATO Secretary General Jens Stoltenberg (not pictured) during a NATO summit at the North Atlantic Treaty Organization (NATO) headquarters in Brussels, Belgium, 14 June 2021. The 30-nation alliance hopes to reaffirm its unity and discuss increasingly tense relations with China and Russia, as the organization pulls its troops out after 18 years in Afghanistan. NATO Summit in Brussel
Scott, former wife of Amazon CEO Jeff Bezos, has donated a total of $8.5 billion since July 2020.
(Bloomberg) -- Brazil is set to flood the world market with sugar as the transition to electric vehicles slashes demand for crop-based biofuels, according to a study led by an influential industry executive.Demand for ethanol, made mostly from sugar cane in Brazil, will likely start to decline in 2030 as EVs become more widespread, said Soren Jensen, the former chief operating officer of top sugar trader Alvean, who authored the study together with Mariana Perina Jirousek. That will leave miller
If you recently started receiving Social Security benefits, here are three reasons you may be getting less than you expected.
The Indian rupee depreciated against the U.S. dollar for the fifth straight day on Monday as rising oil prices weighed on the currency despite strength in domestic equity markets.
Following Ma's criticism of China's regulatory system last year, Beijing came down heavily on the company, leading to the shelving of financial affiliate Ant Group's $37 billion initial public offering and an enforced restructuring of Ant. Ma, China's best-known entrepreneur, has been largely out of public view since.