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JPMORGAN TO FINANCE BREAKAWAY EUROPEAN SUPER LEAGUE
JPMorgan confirmed on Monday that it is financing the nascent European Super League, a breakaway group featuring 12 of Europe’s biggest football clubs that threatens to shake up the sport.
Six Premier League teams – Arsenal, Chelsea, Liverpool, Manchester City, Manchester United and Tottenham Hotspur – are involved in the deal, alongside AC Milan, Atletico Madrid, Barcelona, Inter Milan, Juventus and Real Madrid.
MORGAN STANLEY FLAGS HIGH PROFITS AND $1 BILLION ARCHEGOS LOSS
Morgan Stanley on Friday disclosed a loss of almost $1 billion from the collapse of private fund Archegos Capital Management, undercutting an otherwise upbeat 150% jump in first-quarter profit.
The Wall Street giant was one of six banks that had exposure to Archegos, a family office fund run by controversial former hedge fund manager Bill Hwang. Last month, Archegos defaulted on margin calls and triggered a stock fire sale.
COINBASE HITS $100 BILLION VALUATION IN NASDAQ DEBUT
Coinbase, the US’s largest cryptocurrency exchange, reached a valuation of over $100 billion on its first day of public trading on Wednesday.
The company was valued at $99.6 billion when trading opened, with stocks priced at $381 apiece. This price would later fall to $328.28, but not before reaching the $100 billion milestone.
GOLDMAN SACHS AND JPMORGAN INVESTMENT BANKING PROFITS SOAR
US stock indexes were set to rise on Wednesday following positive earnings reports from investment banks.
JPMorgan Chase & Co and Goldman Sachs Group Inc both beat analysts’ expectations for first-quarter profit.
Goldman saw its overall investment banking revenue jump 73% to $3.77 billion, the highest amount seen since 2010. The bank managed to effectively capitalise on record global investment banking activity, which Refinitiv data showed as reaching an all-time high of $39.4 billion in the March quarter.
BANKS NEED TO PROTECT CONSUMERS FROM RISING LEVELS OF PAYMENTS FRAUD
Contactless and digital payments have without doubt grown in popularity during the last year, accelerated by the COVID-19 pandemic and consumers trying to avoid using cash to reduce the spread of the virus. As a consequence, the contactless limit in the UK has recently been increased to £100. While a welcome move for both consumers and the payments ecosystem, this increase comes with the inherent risk of more fraud.
POUND REMAINS STABLE AS UK ECONOMY REOPENS
Non-essential shops and services have reopened across England and Wales as lockdown rules are eased across the UK.
Gyms, hairdressers and zoos can now reopen, while pubs and restaurants are able to host customers in outdoor areas. Prime Minister Boris Johnson has urged people taking advantage of the eased restrictions to “behave responsibly” and continue to exercise advised steps to reduce the likelihood of contracting or spreading coronavirus.
MANAGING MONEY WITH AN ONGOING SICKNESS OR INJURY
Being faced with long-term illness or disability is incredibly stressful, and can cause serious implications for your finances. For those who have become financially vulnerable due to ongoing illness, or are looking for ways to plan for unexpected circumstances, business growth consultant Daniel Groves has compiled some the resources that can help.
PROSUS MAKES $14.6 BILLION FROM SALE OF 2% TENCENT STAKE
Amsterdam-based tech investor Prosus NV netted $14.6 billion overnight from the sale of a 2% stake in Tencent, the company announced on Thursday.
A filing from Tencent at the Hong Kong Stock Exchange revealed that Prosus had sold 191.89 million shares at HK$595.00 per share.
“Our belief in Tencent and its management team is steadfast, but we also need to fund continued growth in our core business lines and emerging sectors,” Prosus Chairman Koos Bekker said in a statement on Thursday, hours after the completion of the deal.
PAYSAFE PARTNERS WITH HUAWEI FOR ONLINE CASH PAYMENTS IN THE HUAWEI APPGALLERY
Leading specialised payments platform, Paysafe , today announces a new partnership with Huawei, a leading global provider of information technology and communications technology infrastructure and smart devices. Paysafe’s online cash payment solution paysafecard is now available as an alternative payment method in the Huawei App Gallery in Denmark, Finland, France, Germany, Italy, Norway, Poland, Spain, Sweden and the UK. Plans to continue the rollout throughout most countries where paysafecard is available, will make cash-based online purchases available to millions of customers.
MOODY’S ANALYTICS LAUNCHES ASSET-LIABILITY MANAGEMENT TOOL FOR INSURANCE INVESTMENT
Moody’s Analytics is pleased to announce the launch of RiskIntegrity™ Investment Insight, an asset-liability management (ALM) solution for insurance companies. The new tool combines data and modeling capabilities from across Moody’s Analytics to help insurers to build liability-aware investment portfolios and better evaluate their investment strategies across a range of business metrics.
Insurance companies face a variety of challenges in managing their organization’s investment strategy including understanding the impact of alternative asset classes, reducing the operational risk of maintaining complex data and models, and adapting to regulatory change. Available as a software-as-a-service (SaaS) solution, RiskIntegrity Investment Insight helps insurers’ ALM and investment teams address these challenges by bringing Moody’s Analytics core content and models to life to deliver user-friendly analytics and reports on demand.
KBR ENHANCES ITS CAPITAL STRUCTURE AND FINANCING FLEXIBILITY
KBR announced today that on November 18, 2021, the company successfully closed the fifth amendment to its credit agreement dated April 25, 2018, as previously amended.
Following a strategic shift in the company’s business mix, consistent performance against long-term financial targets, improvement in corporate credit ratings, and the continued resolution of legacy matters, the amendment measurably improves the company’s flexibility and reduces its debt service cost.
COINANALYST LAUNCHES CRYPTO INTELLIGENCE NEWSLETTER GLOBALLY
CoinAnalyst Corp. a company that provides an artificial intelligence-based big data analytics platform (the “Platform”) which delivers detailed AI-powered analysis of market sentiment, fundamentals, and technical indicators to investors in the digital asset sector and other industries, announced today the worldwide distribution of their Crypto Market Letter.
FUTURE FINTECH ANNOUNCES PLANS TO LAUNCH FINANCIAL APP IN THE UK
Future FinTech Group Inc. , a leading blockchain-based e-commerce business and a fintech service provider, announced today that its new subsidiary, FTFT UK Limited (“FTFT UK”), held an inauguration ceremony on November 19, 2021 for the opening of its new office in London, during which FTFT UK announced that it has entered the beta testing phase for its mobile financial app which will enable customers to engage in a comprehensive suite of e-wallet activities. Representatives from the local business and financial sectors, including executives of MasterCard, JP Morgan Chase, China Mobile and Bank of China attended the event.
REMITTER OFFICIALLY PARTNERS WITH VISA READY FOR FINTECH ENABLEMENT CERTIFICATION PROGRAM
Remitter USA Inc., an AI-powered, digital communications and collections platform used to optimize customer engagement and improve collections, is pleased to announce its official partnership with the VISA Ready Fintech Enablement Certification Program.
The Visa Ready program enables partners to accelerate their growth by providing certification guidelines and access to Visa products and go-to-market expertise. The program will allow Remitter to differentiate its solution, establish trust with potential clients and expand its business with the Visa Ready seal of approval.
COMPLYSCI ACQUIRES ILLUMIS, PREMIER TECHNOLOGY PROVIDER TO FINANCIAL SERVICES FIRMS AND AGGREGATOR OF POLITICAL CONTRIBUTION DATA
ComplySci (the “Company”), the leading provider of regulatory technology and compliance solutions for the financial services sector, announced today that it has acquired illumis Inc., a premier data aggregator and technology provider whose solutions are used by financial services firms to identify and mitigate risk from employee political contributions. The transaction is ComplySci’s second acquisition in Q4 2021 and the latest step in the company’s mission to provide private equity firms, hedge funds, broker dealers and other financial services institutions with a comprehensive platform for streamlining and automating employee compliance functions.
WALMART REWARDS MASTERCARD LAUNCHES FIRST-EVER PAYMENT INSTALLMENT PLAN EXPANDING SERVICES AND PAYMENT OPTIONS FOR WALMART CUSTOMERS
Walmart Canada and Duo Bank of Canada are launching the first-ever Walmart Rewards™ Mastercard® Installment Plan to offer Walmart customers even more convenient and flexible payment options.
Customers have said they want more payment flexibility when they shop. The new Installment Plan through the Walmart Rewards Mastercard provides flexible ways to pay for larger ticket items and shopping baskets. Duo Bank is the issuer of the Walmart Rewards Mastercard.