Markets

Regulators have ordered one of Wirecard’s key businesses to stop all activities and frozen customer funds amid its $2 billion accounting scandal

Wirecard’s UK-subsidiary Wirecard Solutions Limited was ordered Friday by the UK regulator, the Financial Conduct Authority, to immediately halt all regulated activities. The firm has also been prohibited from offloading any assets or funds and customers’ money has been frozen, the FCA said. The FCA said: “Our primary objective is […]
Regulators have ordered one of Wirecard’s key businesses to stop all activities and frozen customer funds amid its $2 billion accounting scandal
Markets

Fed’s Powell says bank’s corporate-credit ETF purchases will give way to individual bond buying

The Federal Reserve’s corporate-credit relief will move from exchange-traded fund purchases to taking in individual bonds, chairman Jerome Powell said Wednesday. Targeted bond purchases are “a better tool for supporting liquidity and market functioning,” Powell told the House Financial Services Committee. The statement follows the central bank announcing Monday it […]
Fed’s Powell says bank’s corporate-credit ETF purchases will give way to individual bond buying
Tech

Trump plans to sign an executive order ‘pertaining to social media’ on Thursday, shortly after he accused Twitter of squashing free speech

The White House press secretary, Kayleigh McEnany, has said President Donald Trump plans to issue an executive order “pertaining to social media,” several White House reporters aboard Air Force One tweeted on Wednesday. McEnany gave no details about what Trump’s order would do but said it would be signed Thursday, […]
Trump plans to sign an executive order ‘pertaining to social media’ on Thursday, shortly after he accused Twitter of squashing free speech
Markets

The Fed scolded Deutsche Bank for money-laundering protections, new report says

The Federal Reserve recently reprimanded Deutsche Bank over its money-laundering controls, The Wall Street Journal reported Thursday. The bank is in the middle of a major overhaul and working to regain trust among investors and regulators after numerous investigations for weak money-laundering protections. The Fed also scolded Deutsche Bank for […]
The Fed scolded Deutsche Bank for money-laundering protections, new report says
Markets

The Fed won’t use negative interest rates to counteract the coronavirus recession, chairman Jerome Powell says

The Federal Reserve remains averse to negative interest rates despite the gloomy economic backdrop, Chairman Jerome Powell said Wednesday. The US economic trajectory is still “highly uncertain and subject to significant downside risks,” and additional aid is likely necessary stage a recovery, Powell added in a videoconference with the Peterson […]
The Fed won’t use negative interest rates to counteract the coronavirus recession, chairman Jerome Powell says
Markets

Morgan Stanley fined $5 million by the SEC over trading fees

Morgan Stanley will pay a $US5 million fine to the Securities and Exchange Commission over allegedly misleading some customers and charging hidden trading fees. The bank’s Smith Barney unit sold clients a “wrap fee” meant to cover investment advice and brokerage services. The SEC alleges that, from October 2012 to […]
Morgan Stanley fined $5 million by the SEC over trading fees
Markets

The world’s major central banks bought $1.4 trillion of assets in March — 5 times the last record set after the financial crisis

G-7 central banks bought nearly $US1.4 trillion of financial assets in March, Bloomberg reported Tuesday, roughly five times the last monthly record notched in April 2009. The Federal Reserve led the group with $US1.1 trillion in purchases. Central banks of Canada, New Zealand, and Australia started their first quantitative easing […]
The world’s major central banks bought $1.4 trillion of assets in March — 5 times the last record set after the financial crisis
Markets

The White House stalls tariff payments for pandemic-battered firms while keeping taxes against China unchanged

The US willdefer=”defer”tariff payments for companies battered by the coronavirus pandemic, the Treasury Department and Customs and Border Protection announced Sunday. Importers facing “significant financial hardship” from the outbreak will have a 90-day delay option for all fees, duties, and taxes, a statement said. The temporary policy doesn’t apply to […]
The White House stalls tariff payments for pandemic-battered firms while keeping taxes against China unchanged
Markets

The Fed estimated a ‘more adverse’ coronavirus outbreak would plunge the US into a year-long recession, meeting minutes reveal

The Federal Reserve’s directors envisioned two economic scenarios of differing intensity as the coronavirus began driving business shutdowns and layoffs, Federal Open Market Committee meeting minutes released Wednesday showed. A short-lived outbreak would bring an economic recovery in the second half of the year, the board said in the emergency […]
The Fed estimated a ‘more adverse’ coronavirus outbreak would plunge the US into a year-long recession, meeting minutes reveal
Markets

The SEC stopped trading on an over-the-counter stock because people were confusing it with Zoom Video, which has soared amid the coronavirus lockdown

Enough traders mixed up Zoom Video stock with Zoom Technologies that the Securities and Exchange Commission halted trading of the latter’s shares. The agency cited “concerns about investors confusing this issuer with a similarly-named NASDAQ-listed issuer” in a Thursday statement. Zoom Video shares have soared through 2020 as increased work-from-home […]
The SEC stopped trading on an over-the-counter stock because people were confusing it with Zoom Video, which has soared amid the coronavirus lockdown
Markets

‘A new risk to the global growth outlook’: Here’s what the Fed said about the coronavirus outbreak at its last meeting

The Federal Reserve deems its current policy stance and interest rate “appropriate” amid the growing coronavirus threat, minutes from January’s Federal Open Market Committee meeting revealed Wednesday. The meeting took place days after coronavirus fears fuelled a sharp downtrend in US stocks. Participants cited the outbreak as “a new risk […]
‘A new risk to the global growth outlook’: Here’s what the Fed said about the coronavirus outbreak at its last meeting
Tech

Google says the EU’s hardline antitrust punishments threaten internet innovation as it starts the first of three legal battles against $9 billion in EU fines

Google says the EU’s policy of imposing large fines over antitrust concerns threatens internet innovation, as it starts a legal challenge against the first of three fines which total more than $US9 billion. The US tech giant is currently contesting a €2.4 billion ($US2.62 billion) fine handed to it by […]
Google says the EU’s hardline antitrust punishments threaten internet innovation as it starts the first of three legal battles against $9 billion in EU fines
Markets

A former Fed chief lays out his grand solution to stabilise the repo market

The Federal Reserve should implement a standing repurchase-agreement, or repo, facility to better stabilise overnight lending markets, former New York Fed chair William Dudley wrote in a Bloomberg Opinion column. The former central bank president argued that, though the Fed’s capital injections have pulled its key lending rate back into […]
A former Fed chief lays out his grand solution to stabilise the repo market
Markets

Robinhood just got fined $1.25 million by its regulator for how it executed trades — and it highlights the issues that can arise with payment for order flow

Trading platform Robinhood was hit with a $US1.25 million fine by the Financial Industry Regulatory Authority on Thursday after the agency charged the brokerage with not following “best execution” practices. The regulator found Robinhood routed non-directed stock orders to four broker-dealers that then paid it for the trades. The practice […]
Robinhood just got fined $1.25 million by its regulator for how it executed trades — and it highlights the issues that can arise with payment for order flow
Strategy

The rise of Recess, a New York startup that could be the White Claw of sparkling CBD drinks — if the country’s uneven hemp regulations don’t get in the way

Recess is a sparkling CBD beverage geared towards anxious, aesthetic-obsessed millennials. Founder and CEO Ben Witte launched Recess in October 2018 with a brand-marketing-first approach. While Recess has skyrocketed in popularity on social media, the company has been navigating unclear CBD regulations behind the scenes. Visit Business Insider’s homepage for […]
The rise of Recess, a New York startup that could be the White Claw of sparkling CBD drinks — if the country’s uneven hemp regulations don’t get in the way
Markets

Pharma stocks plunged after federal prosecutors launched a criminal probe into their role in fuelling the opioid crisis

Drug stocks plunged on Tuesday after the Wall Street Journal reported that federal prosecutors have launched a criminal probe into whether pharmaceutical companies purposely allowed painkillers to spread through US communities, fuelling the opioid crisis. Teva slumped 8%, Amneal dropped 10%, and Mallinckrodt, McKesson, and AmeriSourceBergen all fell by more […]
Pharma stocks plunged after federal prosecutors launched a criminal probe into their role in fuelling the opioid crisis
Markets

Bitcoin plunges below $8,000 after 7 straight days of declines

Bitcoin plunged below $US8,000 on Thursday, hitting its lowest level in nearly a month. The biggest cryptocurrency has dropped for seven straight days as investors funneled money into stocks, bonds, gold, and other assets. “The downward pressure is being caused by a divergence of investment strategy across all asset classes, […]
Bitcoin plunges below $8,000 after 7 straight days of declines
Markets

The Fed has been injecting hundreds of billions into markets since September’s rate crisis. Here’s why it might not be enough to calm lending conditions.

The Federal Reserve has been boosting liquidity since mid-September when a spike in the overnight lending rate shocked the financial system. The central bank is using market repurchase agreements – or repos – and Treasury bill purchases to inject capital into money markets. But many find the actions are ineffective […]
The Fed has been injecting hundreds of billions into markets since September’s rate crisis. Here’s why it might not be enough to calm lending conditions.
Tech

Facebook CEO Mark Zuckerberg is about to testify in front of Congress for the first time in over a year — here’s how to watch

Facebook CEO Mark Zuckerberg is facing questions from lawmakers on Wednesday in a publicly streamed hearing. Zuckerberg faces the US House of Representatives Committee on Financial Services in a meeting titled, “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.” It’s his first time answering […]
Facebook CEO Mark Zuckerberg is about to testify in front of Congress for the first time in over a year — here’s how to watch
Tech

Apple CEO Tim Cook met with a Chinese state regulator days after controversially booting a Hong Kong map app from the App Store

Apple CEO Tim Cook met with the chief of China’s market regulator on Thursday in Beijing. Cook and Xiao Yaqing, the head of China’s State Administration for Market Regulation, discussed topics including Apple’s investment in China, consumer rights protection, and corporate social responsibility, the regulator said. Apple has come under […]
Apple CEO Tim Cook met with a Chinese state regulator days after controversially booting a Hong Kong map app from the App Store
Markets

Juul halts US sales of its fruity-flavored vaping pods as regulators investigate it for marketing to minors — just hours after Philip Morris said its rival product targets adults

Juul Labs halted all US sales of its fruity-flavored e-cigarette pods on Thursday under mounting regulatory pressure to stop marketing them towards minors. Hours earlier, rival Philip Morris took pains to distinguish IQOS – its alternative to conventional cigarettes – from Juul, and emphasise it’s targeted at adult smokers. “When […]
Juul halts US sales of its fruity-flavored vaping pods as regulators investigate it for marketing to minors — just hours after Philip Morris said its rival product targets adults
Tech

Elizabeth Warren rips into Facebook and Mark Zuckerberg on Twitter, saying the company’s apps should be split up so they ‘outdo each other to protect your privacy’

2020 US presidential candidate Sen. Elizabeth Warren is going after Mark Zuckerberg and his company, Facebook. Warren argues that Facebook is in violation of antitrust laws, and should be broken up to encourage competition in the market. In a leaked audio recording of a meeting from July,Zuckerberg said he would […]
Elizabeth Warren rips into Facebook and Mark Zuckerberg on Twitter, saying the company’s apps should be split up so they ‘outdo each other to protect your privacy’
Markets

The Fed has pumped hundreds of billions into the market through ‘repo’ offerings. Here’s what they are, and why they’re back for the first time since the financial crisis.

The Federal Reserve Bank of New York has been offering market repurchase agreements for more than a week now, with several more operations scheduled for throughout the fall. Repos are one of the several policy tools the central bank uses to calm money markets and maintain steady interest rates. Here’s […]
The Fed has pumped hundreds of billions into the market through ‘repo’ offerings. Here’s what they are, and why they’re back for the first time since the financial crisis.
Tech

Google CEO Sundar Pichai warns against ‘rushing’ into regulating AI, which happens to be vital to Google’s future growth

Google CEO Sundar Pichai has told the Financial Times that governments should be wary of “rushing” into broad regulation of artificial intelligence. The Google chief argued that existing laws could be repurposed to regulate AI sector by sector and cautioned that hastily drawn-up laws could hinder “innovation and research.” Pichai […]
Google CEO Sundar Pichai warns against ‘rushing’ into regulating AI, which happens to be vital to Google’s future growth
Markets

JPMorgan traders charged by DOJ, accused of rigging metal markets

Two current and one former JPMorgan traders were charged with market manipulation in precious metals trading, according to the US Department of Justice. An unsealed indictment alleges the traders used “deceptive orders” to drive up the price and liquidity of trades they sought on the opposite side of the market. […]
JPMorgan traders charged by DOJ, accused of rigging metal markets
News

Cannabis regulation in Australia could be about to become way less complex — but an industry expert says the devil will be in the detail

A report into the Narcotic Drugs Act has been tabled in Parliament, recommending a number of changes to the licensing regime regulating the business of medical marijuana and other cannabis products in Australia. The report acknowledged the complexity of the current regulations. Of the 246 cannabis cultivation or research licence […]
Cannabis regulation in Australia could be about to become way less complex — but an industry expert says the devil will be in the detail
Tech

Amazon, Facebook, Twitter, and YouTube are all facing moderation issues — here’s how America’s tech giants are struggling to police their massive platforms

The Wall Street Journal published an investigation on Friday into Amazon‘s “struggle to police its site.” The report found that Amazon is allowing thousands of “banned, unsafe, or mislabeled” items to be sold on its marketplace. YouTube,Facebook, and Twitter similarly struggle to moderate content, illustrating the larger issue of tech […]
Amazon, Facebook, Twitter, and YouTube are all facing moderation issues — here’s how America’s tech giants are struggling to police their massive platforms
Tech

We talked to the professor who fought Cambridge Analytica to get his data back in Netflix’s ‘The Great Hack’ about why privacy rights in the US are lagging behind the rest of the world

A new Netflix original documentary, “The Great Hack,” provides an inside look into the Cambridge Analytica scandal as it unfolds, with exclusive interviews from whistleblowers and journalists. The film also follows David Carroll, a Parsons professor who fights to get his own data back from Cambridge Analytica and has become […]
We talked to the professor who fought Cambridge Analytica to get his data back in Netflix’s ‘The Great Hack’ about why privacy rights in the US are lagging behind the rest of the world