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☆ Nigeria's Access Bank Group CEO Among Six Dead in California Helicopter Crash
▼ + stars: | 2024-02-10 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +1 min

(Reuters) - Six people, including the group chief executive of one of Nigeria's largest lenders, were killed in a helicopter crash in Southern California on Friday, authorities said. Six people were on board the helicopter when it crashed around 10 p.m. near Nipton, California, the U.S. Federal Aviation Administration said in a statement. Access Bank Group CEO Herbert Wigwe's death was confirmed by Ngozi Okonjo-Iweala, director general of the World Trade Organization, in a post on X, along with that of Nigerian Exchange Group's former Chairman Abimbola Ogunbanjo. "Terribly saddened by the news of the terrible loss of Herbert Wigwe, Group CEO Access Bank, his wife and son as well as Bimbo Ogunbanjo in a helicopter crash," Okonjo-Iweala said on X. The helicopter was headed to Las Vegas when it crashed near a border city between Nevada and California, according to multiple reports.

Persons: Herbert Wigwe's, Ngozi Okonjo, Abimbola Ogunbanjo, Herbert Wigwe, Bimbo Ogunbanjo, Iweala, Surbhi Misra, Jyoti Narayan, Andrea Ricci Organizations: Reuters, U.S . Federal Aviation Administration, Access Bank, World Trade Organization, Exchange, San Bernardino County Sheriff’s Department, FAA, Eurocopter EC, National Transportation Safety Board Locations: Southern California, Nipton , California, San Bernardino County, Halloran, Las Vegas, Nevada, California, Bengaluru

CNN —The CEO of a major Nigerian bank, along with his wife and son, were among six people killed in a helicopter crash in the Mojave Desert near the California-Nevada border late Friday night, according to a World Trade Organization official. Both of the helicopter’s pilots were also killed, according to authorities. The aircraft, which was operated by California-based charter company Orbic Air, took off around 8:45 p.m. PT and crashed just after 10 p.m. near Interstate 15 in Halloran Springs, California, Graham said. The NTSB is investigating the cause of the crash and was on the scene in Halloran Springs, California, Saturday night collecting evidence, Graham said at a news conference. Authorities have yet to publicly identify the people killed but condolences have began pouring in for the Wigwe family and Ogunbanjo.

Persons: Herbert Wigwe, Abimbola Ogunbanjo, Ngozi Okonjo, Iweala, Michael Graham, Graham, Witnesses, Godwin Obaseki, ”, ” “ Wigwe, ” Obaseki, Wigwe Organizations: CNN, California -, World Trade Organization, Access Bank, Nigeria Stock Exchange, WTO, Airbus, National Transportation Safety, Orbic Air, NTSB, Authorities, Bank, San Bernardino County Sheriff’s Department Locations: Nigerian, California, California - Nevada, Palm Springs , California, Boulder City , Nevada, Las Vegas, Halloran Springs , California, Nigeria’s Edo, Nigeria, San Bernardino County, Graham

In volatile trading, the U.S.-listed shares of several cannabis firms rose immediately after the Senate vote. Investors expected it to exit the banking committee. An earlier version of the bill, the SAFE Banking Act, had failed to secure a Senate vote despite being passed seven times by the U.S House of Representatives. As a result, legal cannabis companies are denied access to financial services. To get it through the Senate banking committee is a major achievement," Boris Jordan, billionaire founder of Curaleaf Holdings, said in an interview.

Persons: Chris Wattie, Jesse Redmond, Redmond, We've, it's, Boris Jordan, Jordan, Chibuike Oguh, Suzanne McGee, Michelle Price, Lance Tupper, Bill Berkrot Organizations: Canopy Growth Corporation, REUTERS, U.S, U.S . Senate, Aurora, Cronos, SNDL Inc, Curaleaf Holdings, Tilray, Cannabis ETF, Cannabis, Tower Research, Investors, SAFE, Thomson Locations: Smiths Falls , Ontario, Canada, U.S, New York, Bengaluru

☆ Pot firms surge as US move to ease curbs sparks hopes of legalization
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

Shares of cannabis firms Cronos Group (CRON.TO), OrganiGram Holdings (OGI.TO), Aurora Cannabis (ACB.TO), Canopy Growth (WEED.TO) jumped between 6% and 25%. Verano Holdings (VRNO.CD), Green Thumb Industries (GTII.CD), Cresco Labs (CL.CD) and Curaleaf Holdings (CURA.CD) and Goodness Growth (GDNS.CD) rose between 15% and 37%. "Certainly moving cannabis off of Schedule 1 is the right decision and long overdue. The firm held investments in cannabis retailer and producer Green Thumb, and cannabis data platform Flowhub, according to its website. Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: cagey, Ty Collin, Patrick Rea, Green, Arunima Kumar, Sriraj Organizations: Cronos Group, OrganiGram Holdings, Verano Holdings, Green Thumb Industries, Cresco Labs, Curaleaf Holdings, Cannabis ETF, U.S . Department of Health, Human Services, Drug Enforcement Agency, Banking, Poseidon Garden Ventures, Thomson Locations: U.S, Aurora, Bengaluru

☆ Elizabeth Warren and Ron DeSantis agree on one way student-loan borrowers should get a path to relief: getting rid of debt in bankruptcy court
▼ + stars: | 2023-08-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

DeSantis have expressed support for student loans to be dischargeable in bankruptcy. Borrowers previously had to meet a strict standard to get rid of their debt in court. But a path for student-loan borrowers to get rid of their debt in court might just be that opportunity. When a student-loan borrower finds they cannot afford their monthly payments, they cannot simply declare bankruptcy and be absolved of their debt. Still, both Warren and DeSantis have argued all borrowers should face an easier path to bankruptcy if they are dealing with unaffordable student debt.

Persons: Sen, Warren, DeSantis, It's, Massachusetts Sen, Elizabeth Warren, Ron DeSantis, Joe Biden, we've, General Merrick Garland, Thomas Massie Organizations: Gov, Justice, Service, Florida Gov, Education, Economic, GOP, Education and Justice Department, Consumer Financial Locations: Wall, Silicon, Massachusetts, Florida

July 26 (Reuters) - Mastercard (MA.N) has told financial institutions to stop allowing marijuana transactions on its debit cards, dealing a blow to an industry already on the fringes of the financial system in the United States. Most banks in the country do not service cannabis companies as marijuana remains illegal at the federal level despite several states legalizing its medicinal and recreational use. "The federal government considers cannabis sales illegal, so these purchases are not allowed on our systems," the spokesperson added. Sunburn Cannabis CEO Brady Cobb said in a statement that "this move is another blow to the state-legal cannabis industry and patients/consumers who want to access this budding category." The SAFE Banking Act is a crucial legislation that would make it easier for the cannabis industry to access banking services.

Persons: Brady Cobb, Darren Weiss, John Cornyn, Chuck Schumer's, Niket Nishant, Arun Koyyur, Krishna Chandra Eluri Organizations: Mastercard, Republican, Bloomberg News, Thomson Locations: United States, Washington, Bengaluru

☆ StanChart to sell sub-Saharan Africa business to Access Bank
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

DUBAI, July 14 (Reuters) - Standard Chartered (STAN.L) said on Friday it has reached an agreement to sell its subsidiaries in sub-Saharan Africa to Nigeria's Access Bank, putting into motion a plan announced last year to divest those businesses. Standard Chartered will sell its shareholding in its subsidiaries in Angola, Cameroon, Gambia and Sierra Leone to Access. It will also sell its consumer, private & business banking business in Tanzania to Access Bank, a subsidiary of Access Holdings (ACCESSCORP.LG). "Access Bank will provide a full range of banking services and continuity for key stakeholders including employees and clients of Standard Chartered's businesses across the five aforementioned countries," Standard Chartered said in a statement. The agreement is in line with Standard Chartered's global strategy "aimed at achieving operational efficiencies, reducing complexity, and driving scale," it said.

Persons: Sunil Kaushal, Roosevelt Ogbonna, Yousef Saba, Jason Neely Organizations: Nigeria's Access Bank, Chartered, Access Bank, Access Holdings, Thomson Locations: DUBAI, Saharan Africa, Angola, Cameroon, Gambia, Sierra Leone, Tanzania, Africa, Nigeria

NEW YORK, July 6 (Reuters) - Cronos Group Inc (CRON.TO), the Canadian cannabis producer backed by cigarette maker Altria Group Inc (MO.N), confirmed on Thursday it is in talks with potential buyers to explore a sale of the company, after Reuters reported on the talks. In a statement, Cronos said it "is in the initial stages of reviewing these indications of interest." The future of the cannabis industry is uncertain as more favorable regulatory regimes in North America have fueled fierce competition among more companies. For the first quarter, Cronos posted a net loss of $19.3 million, compared with a loss of $32.7 million a year ago. Cronos has total cash, including short-term investments, of about $836.43 million, according to its first-quarter report.

Persons: Cronos, Curaleaf, Altria, Joe Biden's, Anirban Sen, Abigail Summerville, Leslie Adler, Richard Chang, David Gregorio Our Organizations: YORK, Cronos, Altria, Reuters, Curaleaf Holdings, U.S, Thomson Locations: U.S, Toronto, North America, Cronos, New York

☆ Kenyan, Zambian currencies expected to weaken
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +4 min

[1/2] Kenya Central Bank Governor Patrick Njoroge displays Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi, Kenya, June 3, 2019. One trader at a commercial bank said the currency was expected to float around 141.00 levels. GHANAGhana's cedi is expected to hold steady against the dollar next week on the back of high foreign exchange liquidity following central bank support, traders said. Bid-offer spreads are also expected to tighten further," said Sedem Dornoo, a senior trader at Absa Bank Ghana. UGANDAThe Ugandan shilling is expected to firm in the coming week, drawing support from hard currency inflows from exporters of commodities such as coffee.

Persons: Kenya Central Bank Governor Patrick Njoroge, Baz Ratner, GHANA Ghana's cedi, Sedem Dornoo, Chris Nettey, ZAMBIA Zambia's kwacha, Elias Biryabarema, Chris Mfula, Bhargav Acharya, Elisha Bala, Hereward Organizations: Kenya Central Bank Governor, Central Bank, REUTERS, KENYA, GHANA Ghana's, greenback, Absa Bank, Trading Stanbic Bank, ZAMBIA Zambia's, Access Bank, Bank, Thomson Locations: Nairobi, Kenya, JOHANNESBURG, Ghana, Nigeria, NIGERIA, GHANA, Absa Bank Ghana, Trading Stanbic Bank Ghana, UGANDA, Kampala, ZAMBIA

NEW YORK, July 6 (Reuters) - Cronos Group Inc (CRON.TO), the Canadian cannabis producer backed by cigarette maker Altria Group Inc (MO.N), is exploring options that include a potential sale after attracting acquisition interest, people familiar with the matter said. Shares of Cronos jumped as much as 25% in Toronto on the news, giving the company a market value of C$1.03 billion ($771.13 million). For the first quarter, Cronos posted a net loss of $19.3 million, compared with a loss of $32.7 million a year ago. Cronos has total cash, including short-term investments, of about $836.43 million, according to its first-quarter report. Altria, which holds a 41% stake in Cronos, invested $1.8 billion in the company in 2019.

Persons: Altria, Cronos, Joe Biden's, Anirban Sen, Abigail Summerville, Leslie Adler, Richard Chang Organizations: YORK, Cronos, Altria, Curaleaf Holdings, U.S, Thomson Locations: Toronto, U.S, North America, Cronos, New York

☆ Bitcoin keeps wavering between a store of value and a high-risk asset. How investors square that with their traditional investments.
▼ + stars: | 2023-04-28 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +5 min

"If you make an investment into bitcoin, you understand that this is par for the course, it just is," he told CNBC. "Because bitcoin takes on a lot of asset profiles – risk asset, store of value, VC-like nascent asset class – investing in it is actually really attractive," said Greg King, CEO of investment company Osprey Funds. A very early technology play Looking at the price path on short timeframes, bitcoin will and often does mimic high-risk assets. Ross had a nuanced view, arguing that bitcoin remains a highly volatile asset. New crypto investors often overlook the Bitcoin technology, focusing instead on bitcoin the crypto asset.

☆ BHP's exploration accelerator to open to uranium, lithium finds
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, April 5 (Reuters) - BHP Group's (BHP.AX) programme to support promising minerals explorers will expand beyond copper and nickel to prospective uranium and lithium projects from September, the head of its Xplor program said on Wednesday. For its second year, the programme wants to receive double the number of applications at 500 from the first year as it opens up to more commodities, said Sonia Scarselli, vice president of BHP Xplor. "We will be looking not just at copper and nickel, but at uranium and lithium and so on," Scarselli told a commodities conference in Singapore. Scarselli told Reuters last month BHP saw lithium's demand-supply equation as not as fundamentally stretched as that for copper and nickel. The miner, which produces uranium as a byproduct at its Olympic Dam copper operations in South Australia, has become more vocal about the role of uranium in a new energy world.

☆ 'Inundated with requests': Digital currency firms look to Swiss banks after crypto-friendly lenders fail
▼ + stars: | 2023-03-22 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Crypto firms are scrambling to find institutions to bank with after the collapse of Signature Bank and Silvergate Capital , two lenders that were friendly to digital currency companies. Some of these companies have turned to crypto-friendly Swiss banks, flooding them with requests for banking services, according to multiple industry insiders who spoke to CNBC. This has included blockchain and crypto firms, who have instead had to turn to specialist banks. "We have been inundated with requests," said an advisor at a private Swiss bank, who preferred to remain anonymous due to the sensitive nature of the matter. The advisor said on the Monday after Silvergate and Signature Bank's winddown this month, the private lender had more requests in a single day than ever before.

☆ Crypto founders are running out of bank options after the collapses of SVB and Signature. Here's where they're scrambling to move their money.
▼ + stars: | 2023-03-15 | by ( April Joyner | Morgan Chittum | ) www.businessinsider.com time to read: +5 min

Crypto founders face dwindling banking options after the collapses of Silvergate and Signature Bank. After back-to-back collapses of several crypto- and startup-friendly banks — Silvergate, Signature, and Silicon Valley Bank — crypto founders face a huge void. Silvergate and Signature, in particular, filled a vital role in the financial system for crypto startups, several founders told Insider. Well before the collapse of SVB and downfall of Signature, crypto founders had found banking havens outside the US in locales such as Dubai and Singapore. "It's a recurring conversation that crypto companies have that are based out of the states," she said.

☆ Kenya's Centum Investment H1 pretax loss widens to 1.24 bln shillings
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +1 min

[1/2] Women work at the front desk of the Centum Investment Company Limited in Nairobi, Kenya November 11, 2015. REUTERS/Siegfried Modola/File PhotoNAIROBI, Nov 29 (Reuters) - Kenya's Centum Investment (CTUM.NR) said on Tuesday its pretax loss widened to 1.24 billion shillings ($10.14 million) in the first half of the year to end-September from a loss of 697 million shillings in the same period a year earlier. It said in a statement its company investment and other income fell to 713.4 million shillings from 987 million shillings, while operating and administrative costs dropped to 254.7 million shillings from 328.2 million shillings. Centum, which invests in listed firms and private companies, said company net asset value per share, a key measure of performance for investment firms, fell to 59.77 shillings from 62.10 shillings. In June, Centum said it agreed to sell its 83.4% stake in Kenya's Sidian Bank to Nigeria's Access Bank for 4.3 billion shillings.

☆ Cannabis giant Canopy Growth crafted a complex plan to get into the US and reverse a stock slump. But some analysts say it could backfire.
▼ + stars: | 2022-10-28 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +6 min

It's another consequence of the quasi-legality of the cannabis industry in the US. The Canadian cannabis giant Canopy Growth has long searched for a way to give its stock a much-needed boost. "We continue to have open conversations with the exchanges," Klein said. He added that Canopy's deal could provide a model for other Canadian cannabis companies that want to do business in the US. Jefferies said Nasdaq's objection to Canopy's plan was a key risk and that the rest of the cannabis industry should pay close attention.

☆ Australia's No. 1 health insurer says hacker stole patient details
▼ + stars: | 2022-10-20 | by ( Byron Kaye | ) www.reuters.com time to read: +4 min

SYDNEY, Oct 20 (Reuters) - Australia's biggest health insurer said on Thursday a criminal had apparently stolen customers' medical information as part of a massive breach of data, fuelling concern about a wave of high-profile cyber attacks. The company did not say how many of its 4 million customers were likely to have been affected but warned the number was likely to rise. 2 telco Optus, owned by Singapore Telecommunications Ltd (STEL.SI), revealed a month ago that data of up to 10 million customers may have been stolen. read moreUntil now, most public commentary has focused on the risk that hackers would use stolen data to access bank accounts. Larger Optus rival Telstra Corp Ltd (TLS.AX) has disclosed a small breach of employee data, while No.

☆ Fed's Bowman calls for overhaul of approach to evaluating banking competition
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

Sept 28 (Reuters) - The framework used to assess competition in the banking sector needs to be overhauled to ensure there remains a level playing field that supports consumer choice, Federal Reserve Governor Michelle Bowman said on Wednesday. Bowman pointed to several areas of improvement including more systematically including credit unions and nonbank financial firms in all competitive analyses. To fully capture the impact of nonbank financial firms in some product markets, the deposit-market-based thresholds in current bank merger guidelines could be relaxed, Bowman said. The Fed should also review its approach to defining banking markets to ensure it is updated consistently and reflects the changes in how consumers in a community access banking products and services, Bowman noted. Register now for FREE unlimited access to Reuters.com RegisterReporting by Lindsay Dunsmuir; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

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