Finance

Evergrande Is Only The Beginning Part 2: The Domino Effect

After years of systemic support to aid China’s overheated hobbling real estate market, it is now more than evident the market is collapsing in real time. In any other place other than the People’s Republic of China, we would be referring to the collapse in its past tense, collapsed, however there is nothing normal about how markets work in the PRC. State support in nearly all sectors of the Chinese economy relevant to party goals will continue, that is as long as the dam doesn’t break

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HSBC Telling Investors to Avoid European Stocks

Investors should avoid allocating to Europe in the hunt for value stocks, as the continent’s energy crisis means the risk-reward is still not there, according to Willem Sels, global CIO at HSBC Private Banking and Wealth Management.

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Bad Year for SoftBank

SoftBank got hit hard as the company reported a net loss of $23 billion after diminishing technology valuations and a weak yen. The company is now looking for ways to drastically cut costs in the coming months.

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Goldman Banker Implicated In Squash Court Insider Trading Ring

An Ex-Goldman Sachs banker was accused of passing insider trading information to a squash buddy, part of a group of nine people charged Monday by federal prosecutors in New York.

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Credit Suisse in Hot Water

The fall of Greensill Capital is spelling trouble for Credit Suisse and its customers as the company is expecting to lose $2 billion of a $10 billion investment into the company.

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Chinese Government Manipulated its Health App During Bank Runs

Angry bank customers who traveled to the Chinese city of Zhengzhou to retrieve their savings from troubled rural banks have been stopped by a health app on their cellphone amid a run on several banks. The banks froze millions of dollars worth of deposits in April, telling customers they were upgrading their internal systems. The banks have not issued any communication on the matter since, depositors said.

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Credit Suisse Implicated in Laundering Cocaine Money

Credit Suisse is in hot water after evidence has arisen that the Swiss bank failed to identify and prevent acts of Bulgarian money laundering associated with a cocaine ring. The first major drug-related money laundering implication of a global bank since HSBC in 2012.

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Chinese Banks Are Begging For Borrowers

Chinese authorities are facing an uphill battle in convincing companies and households to boost borrowing as long as Covid outbreaks and lockdowns continue to crush confidence

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DWS Facing Fraud Allegations Over "False" ESG Statements

German banks DWS and its majority owner Deutsche Bank were raided by law enforcement on Tuesday morning due to allegations of greenwashing.Around 50 officers arrived at the two locations in Frankfurt Tuesday morning and held meetings with the staff as part of the probing process

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DiDi Delisted from NYSE

Chinese ride-hailing company Didi has stated that it will continue to move forward with its plans to delist from the New York Stock Exchange due to a cybersecurity probe that has left the company to remove its app from online marketplaces

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Subprime Auto Loans Hitting Record Delinquencies

Consumers with low credit scores are falling behind on payments for car loans, personal loans and credit cards, a sign that the healthiest consumer lending environment on record in the U.S. is coming to an end

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Goldman Sachs Abandons SPAC Business

Goldman Sachs is pulling out of working with most SPACs it took public, spooked by new liability guidelines from regulators and throwing into doubt the fate of billions raised for those blank-check vehicles

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Credit Suisse Sued Over Business Dealings with Russian Oligarchs

A group of people and entities have filed a class action lawsuit against Credit Suisse alleging that the Swiss bank misled investors over business dealings related to Russian oligarchs, law firm Pomerantz LLP said

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Bank of America Forecasts Positive Market Outlook

Bank of America gave a bullish revenue outlook as the second-largest US lender reported better than expected earnings and brushed off recession concerns heightened by the war in Ukraine

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What to Learn from the JPMorgan’s First-Quarter Earnings Report

JPMorgan Chase started off this year’s earnings season with some less than welcome news: The bank’s first-quarter profit fell 42% from a year ago, driven lower by Russia’s invasion of Ukraine, high levels of inflation, and increasing supply chain problems

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Starbucks Suspends Stock Repurchasing

Starbucks has suspended the repurchasing of stocks as the company’s CEO Kevin Johnson has decided to step down and allow for the position to be taken by Starbucks’ old CEO Howard Schultz

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Japanese Yen Drops to 7-Year Low

On Monday the value of the Yen dropped even further in comparison to the USD with $1 being worth roughly 125 Yen. Much of the decrease in value can be attributed to the continued widening interest rate differences between the two countries, however, both countries are happy with the weaker Yen as it has allowed Japan to be more competitive throughout the global market

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Russia-Ukraine Conflict Triggers Capital Flight from China

Beijing’s close ties with Moscow may further be rattling foreign investors. A study by the Institute of International Finance found that China has been experiencing “unprecedented” capital flight since Russia invaded Ukraine. The study found no similar outflows from other emerging markets, adding insult to injury

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The Sudden Rise of Stock & Treasury Yields

News of potential peace talks between Russia and Ukraine, Chinese stimulus, and an upcoming U.S. interest rate hike has boosted stocks and U.S. Treasury yields recently. Russia and Ukraine have both shown an interest in compromise lately as peace talks were set to resume three weeks into a Russian assault that has failed to achieve any meaningful objectives for the Russian government, and China’s Vice Premier Liu He has stated that Beijing will develop and implement more measures to provide a boost in the Chinese economy, as well as favorable policy steps for capital markets

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SEC Pushing Mandatory Disclosures of Climate Change Risk

The Federal Government proposed stringent requirements for publicly traded companies to report information on greenhouse-gas emissions and risks related to climate change, in one of the Biden administration’s potentially most significant environmental actions to date

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Tencent Faces Fines for Massive AML Violations

Chinese tech giant Tencent is facing potential record fines for violations of some central bank regulations by its WeChat Pay mobile network, as Beijing toughens its compliance for fintech platforms

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Ackman The Railroad Barron

Hedgefund Titan Bill Ackman acquired a stake in Canadian Pacific Railway as the railroad seeks regulatory approval for its proposed $27 billion merger with Kansas City Southern

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Britians Oligarch Financial Crackdown Has Broad Implications

VTB Capital, the investment banking arm of VTB, Russia's second-biggest bank last week lowered a large Russian flag at its palatial building opposite the Bank of England in London's financial district, signaling a retreat from one of the main global centers for money flows

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Citigroup Has $10 Billion in Russian Exposure

Recent Russian sanctions targeted at domestic banks, oligarchs, and companies following the country's invasion of Ukraine have created issues for Citigroup as the global bank has announced that it had $10 billion in Russian exposure come to the end of 2021

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Sanctions Hammer Russian Ruble

Western sanctions as well as a deplatforming of key Russian financial institutions from SWIFT have rocked Russia’s financial system and triggered a spiral in the ruble, drawing the central bank into an emergency doubling of key interest rates

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Blood Money: The Zürich Papers

For centuries Switzerland was the center for global banking secrecy, conjuring up visions of vast riches safely held in mountain vaults attached to numbered bank accounts with global access. It’s a brand — one Switzerland’s government does everything it can to protect

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Salomon Brothers is Back

The legendary Salomon Brothers is coming back as a group of former employees is reviving the storied name, hoping to use it as they ramp up a new firm. The “full-service investment bank” will cater to businesses in New York State seeking $3 million to $300 million in equity capital, the company said in a statement. The firm said it intends to hire hundreds of staff in the coming years

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Goldman Sachs Consumer Banking Grows

Goldman Sachs Group announced a new credit card with General Motors adding another Main Street brand to its consumer business. Since Goldman transitioned from an investment bank into a full-service financial institution with a consumer bank facing business, Goldman has been quietly pursuing a unique customer acquisition strategy. Partnering directly with America’s largest brands in an entirely new way

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Jefferies Joins List of Banks Returning to WFH

Jefferies is asking its employees to work from home until at least Jan. 31 as the rise in Covid cases continues at the start of the new year

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Stocks Looking Good for 2022

Markets have started the new year with optimism with the S&P 500 climbing ever higher, with NASDAQ and the Dow Jones Industrial Average also up above 2021 closing highs

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Tencent Distributes $16 Billion of JD.com Shares

Tencent has announced that the company will be distributing $16 billion worth of shares for the e-commerce group JD.com to shareholders

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JP Morgan Faces $200 Million Fine Over Employee Texts

JPMorgan Chase & Co. is nearing a deal to pay a $200 million fine and admit that it failed to properly monitor employees’ messages, the first settlement to emerge from a regulatory sweep into how banks oversee traders’ chats

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Tesla Rally Hits Wall

Tesla has experienced significant drops in its stock price after passing the $1 trillion mark. The company has experienced notable growth throughout the year 2021, however, due to a probe by the Security and Exchange Commission, investigations from the National Highway Traffic Safety Administration, and fears over the Omicron Covid-19 variant Tesla has seen a drop in stock price of 6.4% falling below the $1 trillion mark

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Lucid Under Review by SEC

Lucid has received a subpoena from the Securities and Exchange Commission related to the SPAC deal that took the electric-vehicle company public this summer

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SoftBank Loses $54 Billion from China Tech Crackdown

China’s tech crackdown is causing more financial stress for companies around the globe. Tokyo’s SoftBank Group took a significant hit as China’s firm grip on internet companies resulted in an estimated loss of $54 billion for SoftBank in just three months

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Barclays CEO Jes Staley Stepping Down Over Epstein Ties

Jes Staley, CEO of Barclays, has stepped down due to pressure from Jes Staley’s relationship with Jeffrey Epstein

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Goldman Sachs China

Chinese regulators have just approved Goldman Sachs application to take complete ownership of a key local unit, another step in China’s gradual opening of its financial system to major players from the United States and Europe

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Evergrande

At the dawn of America’s Great Financial Crisis of 2008, China began laying the groundwork for the largest property bubble in history, and perhaps a bubble that will continue to expand long into the foreseeable future

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Warren Buffett Keeps Buying His Own Stock

Warren Buffett's Berkshire Hathaway, like the rest of Corporate America, had a miserable first half of 2020 due to the Covid-19 pandemic. But as the stock market and economy has rebounded, so have the fortunes of the Oracle of Omaha's massive conglomerate

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Goldman Folds

Goldman Sachs is increasing base pay for its entry-level employees—first-year analysts—to $110,000, a nearly 30% increase from the previous starting salary of $85,000, according to a person familiar with the matter. Second-year analysts are set to make $125,000, up from $95,000. Salaries for first-year associates will jump to $150,000 from $125,000. So much for the firm's “no mercenaries” approach

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Dow Drops 800 Points as Investors Into Bonds

Stocks, oil prices, and government bond yields slid today as anxiety mounted over the spread of the Delta coronavirus variant and its potential impact on the global economy. The Dow Jones Industrial Average slumped 830 points, or 2.4%, in midday trading, putting the index on track for its worst one-day drop since October

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PRC's DiDi Probe

China continues its crackdown on big tech as the Didi Group Inc. was forced to remove its app from the app store just days after a $4.4 billion public offering in New York

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Kraft Heinz Paying Down $2.8B in Debt

Kraft Heinz is buying back as much as $2.8 billion of its bonds as the junk-rated company looks to further cut its debt load after closing on the sale of its nuts business. The company launched a tender offer Monday to repurchase as many as 10 individual notes with maturities ranging from 2028 to 2042. It’s at least the second debt buyback for the company this year, after a $1 billion booked transaction in March

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New York AG Pursues Insider Trading at Kodak

New York State Attorney General Letitia James asked a New York court to order that Eastman Kodak and its CEO James Continenza, to turn over evidence in advance of a planned insider-trading lawsuit against them

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China's Crackdown In Micro-Loans

China’s tech giants have been expanding what was once just a simple payment platform into a complex system that is now offering several financial services that range from personal loans to insurance policies, but China’s central bank has caught wind of this operation and is now making a push to stop the tech giants from offering financial services outside of the central bank’s umbrella

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Wall Street Has Taken The Green Pill

ESG Investment Efforts Near $4 Trillion In Commitments as Banks Are Betting Heavily On Sustainability - Since the turnover of the White House and a new emphasis by the SEC to promote environmental social and governance and sustainable investment Wall Street has not only sought to comply but is full-on embracing the movement. The street is now mobilizing trillions of dollars in investment towards clean energy investing and sustainability finance. Big banks have the room and are now piling in from advisory to, investment, to bond and credit financing instruments

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Archegos Bites The Dust

Multinational Investment Banks Credit Suisse and Nomura found themselves turmoil today after losses at Tiger Cub Bill Hwang’s hedge fund Archegos Capital triggered a book liquidation. As the fund’s prime brokers find themselves in the middle of a fire sale, the firms have both warned investors that they may book a loss on the quarter ending in 2 days

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TikTok Competitor Has Blockbuster IPO

02.08.21 - Kuaishou, the perceived chief competitor to TikTok in China, raised more than $5.3 billion in its IPO. The company priced its shares at about $14.80 and its stock opened at $43.60, about 194 percent higher. Kuaishou is backed by investors Tencent and DCM

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SoftBank Still Wins

02.08.21 - SoftBank has been making huge gains on their massive tech funds recently, largely on the back of investment gains at its $100 billion Vision Fund and its $10 billion successor

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Robinhood Has Raised $3.4 Billion Since Thursday

02.01.21 - Robinhood raised another $2.4 billion from shareholders, days after investors agreed to pump $1 billion into the online brokerage to help it ride-out a trading frenzy in popular stocks

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Wall Street Halts Political Donations

01.11.21 - JPMorgan Chase, Goldman Sachs and Citigroup were among the first major financial firms to say they put a hold on political donations after rioters laid siege to the U.S. Capitol last week

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Potential Shake Up at Goldman Sachs

12.07.20 - Goldman Sachs is considering plans for a new Florida hub of operations to house one of the key divisions within the company. Executives from Goldman recently have been scouting for office space in South Florida, speaking with several local officials to seek tax advantages for their potential move of Goldman’s asset management arm

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Nikola Motors Continues Downward Plummet

11.30.20 - Nikola shares plunged more than 20% after news broke that General Motors is giving up its equity stake in Nikola Motors and scrapping plans to build the electric truck maker's Badger pickup as part of a new, scaled-back deal between the companies

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S1 Tsunami to Close Out Year

11.23.20 - Following our coverage of the Airbnb and Roblox IPO announcements, three more companies have filed to go public. The credit Fintech start-up Affirm, Artificial Intelligence start-up C3.ai, and eCommerce platform Wish, that boasts over 500 million users

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The Rise of PNC

11.16.20 - PNC is spending billions to earn its spot among America's largest banks and financial institutions. The Pittsburgh-based commercial bank is buying the American unit of Spanish financial group BBVA for $11.6 billion, the two companies recently announced

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Apple Beats Earnings Projections but Stocks Fall Anyways

11.02.20 - Apple was just able to achieve a modest revenue gain during the three months ending September 30, beating many analyst projections that sales would fall during this last quarter

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IPO Frenzy

09.21.20 - Private companies have been in an absolute mad dash to make their debuts on the New York Stock Exchange recently. The market has been sizzling hot for initial public offerings, and cloud companies Snowflake and JFrog, as well as the gaming tool developer Unity Software, have demonstrated the strong demand for new stocks this past week. Many experts suggest that the Federal Reserve's decision to keep interest rates at near-zero for the foreseeable future has assisted in building this demand for IPOs and the stock market overall

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Nikola or EVron?

09.21.20 - We previously discussed the short-seller activist research report released by Hindenburg Research sounding the alarm around potential fraud at the EV company Nikola. The previous piece we wrote was to just bring awareness to the report and that several hedge funds most recent 13F filings had revealed large short positions against the company prior to the release of the report

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With Love from Goldman Sachs, Bet You Wish You Had This List

09.07.20 - Several Covid-19 vaccines are in Phase 3 trials and preliminary data on the vaccines is due at the end of the month, so Goldman Sachs is preparing its clients for a rebound in certain stocks and recommending tweaks to client portfolios

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Yosemite Sam is Running Risk Management at SoftBank

09.07.20 - Softbank took a massive bet on Nasdaq tech stocks purchasing billions of dollars of equity options betting on a continued market rally. The looming question now is what exactly happened? The Financial Times had reported last week that the Japanese Conglomerate's new trading arm cleared $4 billion in trade gains. As the market turned last week, it is unknown how large SoftBank’s exposure is to these wild derivative bets the number could in the tens of billions

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SoftBank Clearance Sale - Everything Must Go

08.31.20 - SoftBank, one of the biggest tech investors in the world, is now acquiring billions of dollars in cash by selling off assets in an effort to protect itself from the possibility of another emerging wave of the COVID-19 pandemic

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Warren Buffet Bets Big On Japan

08.31.20 - Warren Buffett, the famous investor and business tycoon, has just turned ninety but is showing little signs of slowing down as he mostly recently has set his sights on Japan

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HSBC Accused of Colluding With The US

07.27.20 - HSBC recently issued a statement denying emerging claims that it somehow "framed" Huawei to assist the US government. In a statement posted on the Chinese platform WeChat, the company assured that it does not have any hostility harbored against the Chinese tech giant

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The "NASDAQ of the East" Has Rough First Day

07.27.20 - Trading on Hong Kong's new technology index got off to a shaky start recently, while stocks globally were muted based off of concerns about a resurgence in the COVID-19 pandemic that could cause the economic recovery to falter

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Ant Group Selects China for IPO

07.20.20 - Ant Group announced on Monday that it is planning "a concurrent initial public offering" in Hong Kong and on Shanghai's Star Market, China's answer to the Nasdaq while giving a cold shoulder to Wall Street where Chinese companies are facing heightened scrutiny because of rising geopolitical tensions

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Robinhood is Nothing Like The Folklore

07.13.20 - Robinhood has been a frequent discussion as of late at Brookfield Brief since the tragic suicide of a 20-year student day trader this June after seeing a negative $730,000 account balance made in error.

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Warren Buffets New Groove

07.06.20 - Warren Buffett's Berkshire Hathaway reclaimed a glimpse of its former glorious self by putting some cash to work with its purchase of natural gas assets from Dominion Energy. Many believe that this deal could spark a broader turnaround for the “Oracle of Omaha”, who is approaching his 90th birthday this August

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The Kuwait Connection, The 1MDB Saga Continues

07.06.20 - The 1MDB scandal, one of the largest frauds of the century Last September, fugitive Malaysian financier Jho Low traveled to Kuwait, under the radar of international authorities, authorities in the U.S. and Malaysia pursuing him for his alleged role in a multibillion-dollar fraud. Mr. Low entered Kuwait despite red notices from international police agency Interpol

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Federal Reserve Discloses Corporate Bond Purchases

06.29.20 - The Federal Reserve disclosed the names of 749 companies the central bank began purchasing investment-grade corporate bonds from this month, among them are primarily automakers and technology firms. Among the names were; Apple, AT&T, Verizon, Volkswagen, Toyota, and Daimler (Mercedes). Those listed names accounted for approximately 10% of debt purchased by the central bank for the broader list

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Wirecard - What On Earth is Going On?

06.22.20 - Scandal-plagued German digital payments company Wirecard has stated that $2.1 billion its auditors were unable to locate probably never even existed in the first place - deepening an already serious crisis within the company

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IPO Market Heats Up Again

06.15.20 - A sign of renewed market confidence has been signaled with companies once again seeking to go public. On the heels of Warner Music Groups' announcement to proceed forward with their IPO despite the COVID-19 Pandemic, two other notable companies have dropped S1 filings - Quicken Loans and Lemonade

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Optimism

05.18.20 - Among the vast noise of public voices, each vying to be heard over the others, there seems to be a striking lack of a little thing called optimism. Currently the US and global economy as a whole are going through an unprecedented recession as stay-at-home orders have been issued around the world. Enter in Jerome Powell, the current Chairman of the Federal Reserve

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Stocks Rally As Vaccine Front-Runners Emerge

05.18.20 - Stocks rallied this morning as governments and drugmakers are weighing how to roll out coronavirus vaccines, including reserving the first batches for health-care workers, as several shots race to early leads. The Dow Jones Industrial Average jumped 835 points or 3.5%, the S&P 500 rose 3.1% and the Nasdaq Composite added 2.5%

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How To Make $800 Million Disappear

04.20.20 - Lim Chee Meng, the only son of the legendary founder of Hin Leong (Lim Oon Kuin), recently stated his father had hid about $800 million in losses accumulated in futures trading. The allegations of a hole in the company’s finances correlates with the downfall of Hin Leong Trading Ltd. as a consequence of the Saudi-Russian price war throughout the current outbreak of the novel coronavirus pandemic

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Emerging Markets Searching For Salvation

04.13.20 - Whether or not emerging markets extend across-the-board gains will largely depend on institutions such as the IMF (International Monetary Fund). The coronavirus has hit the global economy hard as large regions have completely shut down outside of personnel that have been labeled essential by local officials. Even if the IMF were to offer a lifeline to emerging markets in what has been described as one of the largest global crises in the post-war period, there still are manifold risks

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Credit Markets Stabilizing After Fed Intervention

04.06.20 - Key parts of the U.S. debt markets are functioning again, a sign the Federal Reserve’s extraordinary steps are easing a credit market crunch.Investors say the Fed has reduced disruptions in the $17 trillion U.S. Treasurys market that had sent shock waves through the financial system. Large businesses such as Oracle Corp. and CVS Health Corp. CVS +1.67% are borrowing money at a breakneck pace

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You're Trading The Wrong Zoom...SEC Halts Trading

The Securities and Exchange Commission suspended trading of Zoom Technologies on Thursday, partly because investors are confusing it with Zoom Video, which has seen a surge share price due to COVID-19. It will resume trading April 9

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Disney to Raise $6 Billion in Debt

03.23.20 - Walt Disney Co. is looking to sell $6 billion in bonds, to boost its cash reserves as it deals with the coronavirus-triggered economic crunch in multiple aspects of its business.‍Disney disclosed the planned bond sales in a recent securities filing

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Fed Announces "Unlimited" QE

03.23.20 - The Federal Reserve has announced unprecedented measures in an attempt to calm markets. The Fed is now living with no limits to backstop credit markets. The COVID-19 virus has pushed the Federal Reserve to do whatever is necessary to stop the bleeding. As American households and businesses are being crushed by economic shut down the Fed will now purchase treasury’s and mortgage-backed securities and other debt securities “in the amounts need to support smooth market functions” in an effort to prevent another Great Recession

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Fed Cuts Rates To Zero

03.16.20 - In an emergency announcement on Sunday the Fed has decided to cut it’s benchmark interest rate to zero along with the announcement of an asset purchase program of $700B to buy government and mortgage bonds. This action was made amid liquidity fears in money markets due to increasing economic uncertainty. The move comes on the heels of a $1.5 Trillion repurchase announcement on Thursday March 12th

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Dow Drops 2,000 points Trading Halted

03.09.20 - After an already bloody two weeks on Wall Street this morning, the Dow fell 2,000 points with the S&P 500 falling more than 7% triggering a mandatory halt in trading. The Corona Virus is only a partial cause of this, it's an all-out OPEC price war combined with a stagnant China stirring fears of global market uncertainty. Goldman Sachs is indicating that price per barrel may go below $20 to their extraction margin cost

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HSBC is Trimming the Fat After 33% Drop in Profits

02.24.20 - The 155-year-old institution is cutting 15% of its workforce amounting to 35,000 jobs being eliminated. The British multinational bank the Hong Kong Shanghai Banking Corporation founded in 1865 in a Hong in Hong Kong operates across 50 countries and employs 235,000 people. It is the largest European bank and the 7th largest bank in the world with assets in excess of $2.5 Trillion

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Big Banks Getting Bigger?

01.27.20 - In an era of ultra-low interest rate banks are struggling to make money, who knew that knew that lower rates would mean lower margins on loans. The European Central Bank’s regulatory arm is clearing the path for mergers of a number of European banks specifically Liberbank SA and Unicaja Banco SA in Spain as well as Deutsche Bank AG and Commerzbank AG

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Central Bankers Are Seeing Green

01.06.20 - The suits and ties at the world’s leading central banks (save one…) are increasingly pondering their role in dealing with the risks wrought by a rapidly changing climate. As The Economist put it, some see this move by central bankers as mission-critical, while some see it as mission creep

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A New Year, A New Crisis

01.06.20 - If, in China, 2019 was the year of trade risk, 2020 might be the year of debt risk. Even Bloomberg News, whose sister company is set to launch a Bloomberg / Barclays index fund (and receive undisclosed fees for the service) that includes Chinese policy-bank and troubled local government bonds, weighed in on the trending topic of China’s growing debt defaults to express their belief that the extent of the problem is “big” (a welcome departure from their troubled history of suppressing news that might upset the Chinese Communist Party)

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