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☆ If this is a stock market correction, here's how history says it will unfold
▼ + stars: | 2024-04-16 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

The recent retreat in the stock market has made many worried about a deeper correction. Lingering inflation concerns, rising Treasury yields and a shifting outlook for Federal Reserve interest rate policy prompted a market pullback, with the S & P 500 almost 4% off its 52-week high as of Tuesday. A correction is defined as a 10% decline in one of the major U.S. stock indexes, typically the S & P 500 or Dow Jones Industrial Average, from a recent 52-week high close. .SPX 1Y mountain S & P 500 More to go? The heightened geopolitical risk led U.K. investment bank Liberum Capital to call for oil to surge to $100 and a stock market correction as big as 10%.

Persons: Sam Stovall, it's, Stovall, Jonathan Krinsky, Krinsky, Marko Kolanovic Organizations: Federal Reserve, CFRA Research, Dow Jones Locations: U.S

☆ British investment bank says buy defense stocks, brace for $100 oil and 10% stock market correction
▼ + stars: | 2024-04-15 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Oil prices were slightly lower Monday as Israel, aided by the U.S., fended off Iran's aerial barrage. The investment bank believes aerospace and defense stocks could outperform in the short run in light of growing geopolitical risks. The biggest ETF in the industry is the iShares U.S. Aerospace & Defense ETF (ITA) , with about $5 billion in assets under management. Invesco Aerospace & Defense ETF (PPA ) and SPDR S & P Aerospace & Defense ETF (XAR) are two other popular offerings. To be sure, Liberum thinks the stock market could quickly reverse any losses as soon as the tensions in the Middle East ease.

Persons: Israel retaliating, Liberum, — CNBC's Michael Bloom Organizations: Liberum, U.S ., Federal Reserve, West Texas Intermediate, May, U.S . Aerospace & Defense ETF, ITA, Invesco Aerospace & Defense ETF, P Aerospace & Defense ETF Locations: Iran, Israel, Damascus, Syria, U.S

☆ Wells Fargo kicks off our bank earnings Friday. Rate cuts and dealmaking will be in focus this season
▼ + stars: | 2024-04-11 | by ( Morgan Chittum | ) www.cnbc.com time to read: +11 min

Club holding Wells Fargo will post quarterly results on Friday, followed by our other financial holding, Morgan Stanley, on Tuesday. In theory, higher borrowing costs mean Wells Fargo can generate more money from those interest-earning assets, but it's not that simple. It's hard to say with the fluid inflation and rate expectations whether Wells Fargo might change its NII outlook when it reports on Friday. Wells Fargo also has a key long-term growth prospect in the potential removal of its $1.9 trillion Fed-imposed asset cap. A woman walks past Wells Fargo bank in New York City, U.S., March 17, 2020.

Persons: Morgan Stanley, We're, Jim Cramer, Wells, Wells Fargo's, Mike Santomassimo, Santomassimo, Jim said, Jim, Wells Fargo, Charlie Scharf, Charlie's, He's, Morgan, there's, Jefferies, Reddit's, James Gorman, Ted Pick, Jim Cramer's Organizations: Club, Silicon Valley Bank, UBS, Investment, JPMorgan, Jefferies, Discover, Wall Street, Amer Sports, Astera Labs, Reddit's, New York Stock Exchange, Street Journal, CNBC Locations: Wells, Silicon, Wells Fargo, Capital, Wilson, Morgan, New York City, U.S

☆ U.S. to award Samsung up to $6.6 billion chip subsidy for Texas expansion: Reuters
▼ + stars: | 2024-04-09 | by ( ) www.cnbc.com time to read: +1 min

The Biden administration plans to announce it is awarding more than $6 billion to South Korea's Samsung next week to expand its chip output in Taylor, Texas, as it seeks to ramp up chipmaking in the U.S., two people familiar with the matter said. The Biden administration plans to announce it is awarding more than $6 billion to South Korea's Samsung next week to expand its chip output in Taylor, Texas, as it seeks to ramp up chipmaking in the U.S., two people familiar with the matter said. It will also include an investment in another undisclosed location, the source said, adding that Samsung will more than double its U.S. investment to over $44 billion as part of the deal. Texas Governor Greg Abbott's office did not respond to requests for comment. One of the sources said it would be the third largest of the program, just behind Taiwan's TSMC , which was awarded $6.6 billion on Monday and agreed to expand its investment by $25 billion to $65 billion and to add a third Arizona factory by 2030.

Persons: Biden, Gina Raimondo, Greg Abbott's, Taiwan's Organizations: Biden, South, Samsung, Commerce, Commerce Department Locations: Taylor , Texas, U.S, Taylor, Texas, Arizona

☆ Loads of analysts just hiked price targets for these 6 stocks — giving one 82% upside
▼ + stars: | 2024-04-05 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Analysts have become more bullish on six stocks from around the world this week, raising their price targets. The price target changes come ahead of the next earnings season covering the first quarter of this year. CNBC Pro screened for global stocks that have received price target upgrades from five or more analysts in the past seven days and have a potential upside of over 25%. MacroGenics Investment banks raised their price target for the biopharmaceutical firm MacroGenics this week, giving the stock upside potential of 83% over the next 12 months. Tuerkcan — one of the most cautious analysts on the stock — has a price target of $22, pointing to upside of 22% for the stock.

Persons: MacroGenics —, Silvan Tuerkcan, Peter Heckmann, DA Davidson, Jared Issacman's, Dan Dolev Organizations: Formula One, Hyundai Motor, CNBC Pro, Leerlink Partners, FactSet, Investment, DA, Visa, MasterCard, U.S, Mizuho Securities, Mar Locations: Korean, Rockville , Maryland, MacroGenics, York

☆ Retailers like Peloton and Saks keep paying vendors late, signaling possible 'financial distress'
▼ + stars: | 2024-04-04 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +13 min

To be sure, late payments don't always signal financial troubles. Creditsafe spokesperson Ragini Bhalla said payment data is only one factor the firm considers when assessing a company's financial health. Though the data "doesn't represent a company's total trading behavior, analysis has proven that it is hugely predictive of a company's financial health and creditworthiness," Bhalla said. "When the number of late payments increases like this, it's often indicative of financial challenges and poor cash flow forecasting," Creditsafe said. While Saks often made late payments last year, its on-time payments have dropped significantly since October 2023, the firm said.

Persons: Saul Loeb, Perry Mandarino, Mandarino, Creditsafe, Ragini Bhalla, Bhalla, Barry McCarthy, Simeon Siegel, Siegel, he's, Peloton's DPO, Marc Metrick, Metrick, Mark Still, Stewart Glendinning, Tim Baxter Organizations: Saks, Washington , D.C, AFP, Getty, Bed, RadioShack, CNBC, Retailers, Body, Body Works, Riley Securities, BMO Capital Markets, Business of Fashion, HBC, Express, Street, Creditsafe, Economic Security, IRS, New York Stock Exchange, Bath Locations: Washington ,, Express, Creditsafe, U.S

☆ Why the stock market sold off Tuesday and how investors can decide when to buy
▼ + stars: | 2024-04-03 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

He mentioned a handful of stocks that are nearing buy levels but bigger declines would need to bigger. So, with stocks selling off and cash at the ready, the question is, when do we step in? The fourth quarter was a pretty great one for Club stocks. When a stock is trading above these levels, then investors will look to these levels as support (meaning levels that might serve as a near-term floor). Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Tuesday's selloff, annualized, Jim Cramer, Jim, haven't, we've, We've, Jim Cramer's, Timothy A, Clary Organizations: CME, Federal Reserve, Abbott Laboratories, Palo Alto Networks, Investment, Fed, NYSE, Jim Cramer's Charitable, CNBC, New York Stock Exchange, Getty

While occupying very different corners of the technology market, Reddit and Astera were the first notable venture-backed tech companies to go public in the U.S. since Instacart and Klaviyo in September. Morgan Stanley was the big winner among banks, having captured the coveted lead left spot on both IPOs. Goldman Sachs led last year's only two big venture-backed offerings, meaning it had been a long dry spell for Morgan Stanley. In the past two years, there have only been 15 tech IPOs total, according to research provided by University of Florida finance professor Jay Ritter. That came after a booming market in 2021, when 121 tech companies went public, the most since the dot-com bubble in 2000.

Persons: hadn't, Morgan Stanley, Goldman Sachs, Jay Ritter, Eric Juergens, Debevoise, Plimpton, Lynn Martin Organizations: New York Stock Exchange, Inc, Astera Labs, University of Florida, Investment, . New York Stock Exchange, CNBC Locations: U.S, Klaviyo, IPOs, .

☆ A bunch of analysts just hiked price targets for these 2 stocks, giving them over 65% upside
▼ + stars: | 2024-03-20 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Eight analysts upgraded their target prices on two Canadian stocks in the past week, giving both more than 65% upside potential. Wedbush Securities analysts Gerald Pascarelli and Antoine Legault hiked their price target for the stock's U.S.-listed shares to $2.50, giving it an upside of 18%. Investment banks Beacon Securities and Alliance Global Partners are significantly more bullish on the stock, giving it upside of 110% and 75%, respectively. VerticleScope reported revenue of $17.9 million, compared to $16.6 million expected by analysts. However, analysts believe the worst is behind it, as all eight covering the stock raised their price targets after the company's earnings.

Persons: Gerald Pascarelli, Antoine Legault, Nick Anderson, MKM Roth, Anderson, Canaccord Genuity, Aravinda Galappatthige Organizations: CNBC, Cresco Labs, Wedbush Securities, Mar, Investment, Beacon Securities, Alliance Global Partners, Capital Markets, National Bank Financial Locations: Mar, U.S

☆ EU-China trade relations are in a 'slow-motion train accident,' business group says
▼ + stars: | 2024-03-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

"What we see right now is the unfolding of a slow-motion train accident," he told reporters at a briefing last week. "That's when trade becomes a security question and I think that is perhaps not fully appreciated in China just yet." There needs to be an honest conversation between Europe and China about what this is going to mean. The EU was China's largest regional trading partner until Southeast Asia recently surpassed it. The U.S. is China's largest trading partner on a single-country basis.

Persons: Jens Eskelund, Eskelund, I've, Markus Herrmann Chen Organizations: Future Publishing, Getty, European Union Chamber of Commerce, EU, of Commerce, Investment, China Macro Locations: Hefei, Anhui province, BEIJING, Europe, Beijing, China, Southeast Asia, U.S

☆ China kicks off the year on strong note as retail, industrial data tops expectations
▼ + stars: | 2024-03-18 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Retail sales rose 5.5%, better than the 5.2% increase forecast in a Reuters poll, while industrial production climbed 7%, compared with estimates of 5% growth. Investment into real estate fell by 9% in the first two months of the year from a year ago. National Bureau of Statistics Spokesperson Liu Aihua said that real estate remains in a period of "adjustment," according to a CNBC translation of his statement in Mandarin. New loans in February missed expectations and fell from the prior month, "even after adjusting for seasonality," Goldman Sachs analysts said in a report Friday. Chinese authorities did not reveal significant new support for the massive real estate sector during an annual parliamentary meeting that ended last week.

Persons: Liu Aihua, Liu, Ting Lu, Goldman Sachs, Pan Gongsheng, Goldman Organizations: Pudong New, Investment, National Bureau of, CNBC, China, People's Bank of China, Reuters Locations: Dongyu, Qiantan, Pudong, Pudong New Area, Shanghai, China, BEIJING, Real, Beijing

☆ British retailer Currys drops 10% after U.S. investment firm Elliott pulls out of takeover race
▼ + stars: | 2024-03-11 | by ( Matt Clinch | ) www.cnbc.com time to read: 1 min

LONDON — Elliott Investment Management said Monday it had decided not to make another takeover bid for British electrical retailer Currys after repeatedly being rejected. Shares of Currys were down 10% in early deals Monday after the news. The U.S. investment firm, via its affiliate Elliott Advisors, said Monday that following "multiple attempts to engage with Currys' Board, all of which were rejected," it was not making an improved offer for the U.K. company.

Persons: Currys Organizations: Elliott Investment Management, Elliott Advisors, . Locations: U.S

Investing apps that encourage you to invest like the rich are focused on active trading. The wealthiest 10% of US households own nearly 67% of the wealth in our stock market, according to data from the Federal Reserve. Investment apps are made for trading, not savingI put investors into two buckets: traders and savers. Most investment apps are designed to make users act like traders: They encourage you to pick individual stocks, trade them frequently and keep a close eye on their performance. Unless you're investing for the thrill of big wins and losses, stop seeking get-rich investment strategies from people who were already rich.

Persons: —, Michael Jordan, Read, Stephen King, Gary Vee, I'm, Rich Organizations: Service, TikTok, Echo Trade, Federal

☆ China EV shares are feeling the heat as price war concerns grow
▼ + stars: | 2024-03-05 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +3 min

While consumer interest is improving, the "wait for a better price" sentiment continues to constrain sales volumes for EV makers, Ding said. watch nowAt least 30% of China's entire auto market is made up of electric vehicles, with most of those EVs coming from homegrown brands. Hong Kong-listed shares of Li Auto fell 3.9%, while Nio shares dropped 3.6% and Xpeng was down 1.8%. BYD shares were up 0.4%. Despite price cuts announced earlier, Tesla still lost market share in China in January, mainly in the large cities, according to Morgan Stanley.

Persons: Tesla, Yuqian Ding, Ding, Xpeng, Morgan Stanley, Li, Li Auto, SCMP, Zhu Jiangming, Nio, BYD, Bernstein Organizations: Getty, HSBC Qianhai, CNBC, Li Auto, China Morning, Reuters Locations: Hong Kong, China, Stellantis

☆ Goldman says the bear market for battery metal prices is far from over
▼ + stars: | 2024-03-05 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Goldman Sachs finds it is too early to call an end to a battery raw materials price plunge, warning that significant supply pipelines and Western electric vehicle headwinds could keep prices lower for longer. Goldman Sachs said the outlook appeared bearish for nickel, lithium and cobalt. On a 12-month basis, analysts at Goldman said the Wall Street bank is targeting a 12%, 15% and 25% downside in cobalt, nickel and lithium carbonate, respectively. Lithium prices are down nearly 70%, compared to the same period last year. Nickel prices on the London Metal Exchange (LME) were last trading at $17,945 per metric ton on Tuesday, while cobalt prices on the LME stood at $28,550 per metric ton.

Persons: Goldman Sachs, Nicholas Snowdon, Goldman Organizations: Western EV, London Metal Exchange Locations: China

☆ 'Exciting idea': Fund manager loves this pharma stock — and analysts see more upside ahead
▼ + stars: | 2024-02-29 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

But one firm in the wider ecosystem that's perhaps lesser known stands out to fund manager Freddie Lait, which is McKesson Corp — the U.S. pharmaceuticals distribution company. Calling the company an "exciting idea," Lait noted that the 100-year-old business is "very defensive and very diversified." Lait manages over $750 million collectively between two funds — the Latitude Horizon Fund and the Latitude Global Fund . Of the 19 analysts covering the stock, 14 give it a buy or overweight rating, while three have hold ratings and one has a sell rating. The average price target on the stock is $550.25, according to FactSet data, giving it potential upside of 6%.

Persons: Eli Lilly, Freddie Lait, Lait, —, That's, … It's, McKesson, MCK, — CNBC's Michael Bloom Organizations: Novo Nordisk, Latitude Investment Management, CNBC, U.S, Cardinal Health, McKesson Corp, JPMorgan, Rite Aid, receivables, Leerink Partners, pharma

☆ Zero-carbon energy generated a record 41% of US power in 2023
▼ + stars: | 2024-02-22 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +5 min

A record amount of renewable energy, led by solar, was added to the grid. It was the opposite story for wind power. They generated a record 41% of US power in 2023. Rowlands-Rees said that falling gas prices made it the cheapest form of energy in 2023. The power sector, as recently as 2016, was the top emitter.

Persons: BloombergNEF, Tom Rowlands, Rees, BloombergNEF's, Rowlands, —, Biden, Jeannie Salo Organizations: Service, Investments, Business, Companies, Industry, Schneider Electric, Toyota Locations: China, America, Japan, Southeast Asia, Coast, New York, Massachusetts, Georgia, North Carolina, Business

☆ Early recruitment for investment-banking internships left students scrambling this year. Here are 15 ways to get ahead of the ultra-competitive process.
▼ + stars: | 2024-02-22 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +22 min

But never had one come this early — one year and eight months ahead of said internship’s start date. While it has always been competitive, the investment banking summer internship process has gotten increasingly premature. As a result, wannabe financiers may want to start getting ready for the process as early as their freshman year. The Internship movieNetwork with upperclassmen firstNetworking is one of the most important aspects of getting a competitive investment banking internship. “A lot of kids don't realize they don't want to do it until they’ve done it for 10 weeks after the internship,” Sibley said.

Persons: Steve Sibley, ” Sibley, Goldman Sachs, Sibley, ”, —, they’re, it’s, you’ll, “, ’ inboxes, You’ll, ‘, ’, Goldman, Don’t, Carlo Allegri, don’t, there's, might’ve, “ I’m, Sturti, you’re, It’s, you'll, would've Organizations: Indiana University’s Kelley School of Business, Business, “, Finance, Bank of America, Citi, BI, Investment, Excel, IB, LinkedIn, Goldman, Getty, Lazard, Reuters, I’m Locations: “, New York City, Manhattan, Chicago, Charlotte, Atlanta, Houston, New York

☆ How 3 stocks are navigating the economic tug-of-war between the U.S. and China
▼ + stars: | 2024-02-21 | by ( Morgan Chittum | ) www.cnbc.com time to read: +6 min

Just consider three core holdings in the portfolio: Apple , Starbucks , and Nvidia . Nvidia generates 21% of its overall revenue from Mainland China, while Apple gets 19%, and Starbucks 9%. Xiamen-based Luckin Coffee, for example, overtook Starbucks in market share in China during 2023, with double the retail locations there. However, Nvidia still dominates the AI chip market in China, and it's difficult to see its rivals catching up anytime soon. The company has twice re-engineered chips for the Chinese market to comply with U.S. rules.

Persons: Joe Biden's, Xi Jinping, Oppo, Jefferies, Tim Cook, Laxman Narasimhan, Tencent, Jim Cramer's, Jim Cramer, Jim Organizations: U.S, Apple, Nvidia, Starbucks, Competition, Huawei, International Data Corporation, IDC, CNBC, Luckin, China, Management, Tech Locations: China, Beijing, Washington, U.S, Mainland China, People's Republic, India, Xiamen

☆ Bitcoin stages a $1 trillion comeback
▼ + stars: | 2024-02-20 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Bitcoin is back with a $1 trillion dollar bang. In contrast to traditional currencies, the supply of bitcoin is limited and is expected to peak in 2140, according to the price-tracking website for cryptocurrencies. The value of bitcoin has risen nearly 13% since January 10, when US regulators gave the green light to investment firms wishing to offer such funds. In January, before approving bitcoin exchange-traded funds, Gary Gensler, chair of the US Securities and Exchange Commission, said on X: “A number of major platforms & crypto assets have become insolvent and/or lost value. Investments in crypto assets continue to be subject to significant risk.”

Persons: London CNN — Bitcoin, ” Gareth Rhodes, Gary Gensler, ” Organizations: London CNN, cryptocurrencies, CNN, New York State Department of Financial Services, US Securities and Exchange Commission Locations: CoinMarketCap, bitcoin

WASHINGTON (AP) — The Biden administration is stepping up efforts to stop dirty money from flowing through the U.S. financial system with a slew of new rules aimed at increasing corporate transparency and regulating occupations that are exploited for money laundering. “We are undertaking a concerted effort to address the systemic deficiencies in the United States’ anti-money laundering and countering the financing of terrorism framework," Nelson said. The international community is expecting the U.S. to improve its corporate transparency rules in order to maintain its status as a safe haven for investment. “We have identified numerous cases involving criminals and U.S. adversaries seeking to operate with anonymity using opaque corporate structures,” Nelson said. Anonymous companies are a favorite tool for bad actors seeking to conceal their activities and their funds,” Nelson said.

Persons: —, Biden, Brian Nelson, Nelson, ” Nelson, “, ” Organizations: WASHINGTON, Hamas, Force, Atlantic Council, Treasury Locations: Ukraine, Gaza, U.S, Russia, Iran, Paris, United States

☆ Here’s what you should know about adding emerging markets bond exposure to your portfolio
▼ + stars: | 2024-02-14 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

It may be time to consider adding emerging markets bonds to your fixed-income portfolio. His Vanguard Emerging Markets Bond Fund (VEGBX) is rated five stars by Morningstar. BlackRock also likes emerging markets, specifically external currency debt. Often issued in U.S. dollars, hard currency EM debt is also cushioned from EM currency weakness as EM central banks cut rates," she wrote. He suggests working with an advisor if you want to add EM bonds to your portfolio.

Persons: shying, Daniel Shaykevich, Morningstar, you'd, Shaykevich, Wei Li, Vanguard's Shaykevich, It's Organizations: Vanguard, Emerging Markets Bond Fund, BlackRock, U.S, BlackRock Investment Locations: Treasurys, America, Mexico, Brazil, Saudi Arabia

WARSAW, Poland (AP) — Poland’s president has met the CEO of U.S. manufacturer Lockheed Martin about strengthening security in the region and continued U.S. investment in Poland’s military weapons and equipment, the country's National Security Bureau said Wednesday. The bureau in a post on X, formerly Twitter, said the talks between President Andrzej Duda and Jim Taiclet included “securing the participation of Poland's defense sector" in deliveries and maintenance of U.S. weapons such as jet fighters, Javelin missiles and elements of the High-Mobility Artillery Rocket System (HIMARS). Lockheed Martin makes Javelins, HIMARS and some jet fighters. More than 10,000 U.S. troops are stationed in Poland, on NATO's eastern flank, mostly in the Rzeszow region near the border with Ukraine during Russia's full-scale invasion there. This material may not be published, broadcast, rewritten or redistributed.

Persons: —, Lockheed Martin, Andrzej Duda, Jim Taiclet Organizations: National Security Bureau, Javelin, - Mobility, Lockheed, Associated Press Locations: WARSAW, Poland, U.S, Rzeszow, Ukraine, Russia's

☆ Ukraine Aid Bill Faces Hurdles in the House Amid G.O.P. Opposition
▼ + stars: | 2024-02-13 | by ( Catie Edmondson | Karoun Demirjian | ) www.nytimes.com time to read: +1 min

A buzz saw of Republican opposition in the House is threatening to kill the $95 billion aid package for Ukraine and Israel that the Senate overwhelmingly passed early Tuesday, leaving proponents of the emergency aid legislation scrounging for unorthodox ways to push the bill over the finish line. Hours before the Senate approved the bill in a lopsided 70-to-29 vote, Speaker Mike Johnson suggested he would not allow the aid package to receive a vote on the House floor. The measure would provide an additional $60.1 billion for Kyiv — which would bring the total U.S. investment in the war effort to more than $170 billion — as well as $14.1 billion for Israel’s war against Hamas and almost $10 billion for humanitarian aid for civilians in conflict zones, including Palestinians in Gaza. “House Republicans were crystal clear from the very beginning of discussions that any so-called national security supplemental legislation must recognize that national security begins at our own border,” Mr. Johnson said in a statement on Monday night, adding: “In the absence of having received any single border policy change from the Senate, the House will have to continue to work its own will on these important matters.”Earlier this month, Mr. Johnson rejected a bipartisan border bill crafted in the Senate, saying the crackdown at the U.S.-Mexico border needed to be more severe.

Persons: Mike Johnson, Mr, Johnson Organizations: Kyiv, Hamas, Republicans, Senate Locations: Ukraine, Israel, Gaza, “, U.S, Mexico

WASHINGTON (AP) — The Biden administration is rolling out new recordkeeping rules for U.S. investment advisers in its continued effort to clamp down on money laundering, illicit finance and fraud in the American financial system. The Treasury Department's Financial Crimes Enforcement Network — known as FinCEN — proposed a regulation on Tuesday that would require investment advisers to develop anti-money laundering programs and file reports with the government when suspicious activity is detected by clients, among other things. Treasury last week proposed a rule that would require real estate professionals to report information to the agency about non-financed sales of residential real estate to legal entities, trusts and shell companies. All-cash purchases of residential real estate are considered at high risk for money laundering. The risk assessment also identified cases of Chinese and Russian individuals using investment advisers to access sensitive information and emerging technology, Treasury said.

Persons: —, Biden, ”, Andrea Gacki, Janet Yellen Organizations: WASHINGTON, Treasury, House Locations: U.S, United States

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