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☆ 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

☆ 8 federal government jobs that can pay over $200K
▼ + stars: | 2024-03-13 | by ( Ana Altchek | ) www.businessinsider.com time to read: +6 min

64 federal job categories pay upwards of $200,000, with some reaching $400,000. AdvertisementMany people enter federal roles for job security, not for the money. Data from the US Office of Personnel Management indicates 64 federal job categories have positions that pay over $200,000 — and some pay as much as much as $400,000. AdvertisementThere are currently 55 open positions in this category, with the highest role listed with a starting salary of $180,564. According to OPM, there are currently 319 federal employees in this job category who make over $200,000.

Persons: —, usajobs.gov Organizations: Service, Management, Federal Deposit Insurance Corporation, Department of, IT Management, NASA, FDA, Fish and Wildlife Service, Forest Service, Natural Resources Conservation Service, General Engineering, Marshall Space Flight, HR Management, National Science Foundation

☆ 2024 is the year of the rate cut pivot — here's when the world's central banks will budge
▼ + stars: | 2024-03-13 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +6 min

EIU also expects the Bank of Japan will exit its negative interest rate policy in the second quarter. Markets currently expect the Fed to start with a 25-basis-point rate cut in June. Euro zoneThe European Central Bank last week also held its policy rate at a record high of 4%, signaling that it won't cut rates before June. JPMorgan said in a research note that the Turkish central bank may cut its policy rate in November and December, keeping its year-end policy rate forecast of 45%. IndonesiaIndonesia's central bank kept its benchmark policy rate at 6% in its recent meeting.

Persons: EIU, Jerome Powell, LSEG, Nomura, Perry Warjiyo, CNBC's JP Ong, BOK, Goldman Sachs, Goohoon Kwon, Kwon Organizations: Getty, Economist Intelligence Unit, Bank of Japan, United, United States U.S, Federal, Fed, European Central Bank, ECB, Swiss National Bank, UBS, Bank of Canada, Bank of, JPMorgan, Reserve Bank of, ANZ, New Zealand Auckland Savings Bank, Bank, Bank Indonesia, BMI, Fitch Solutions, U.S, Oxford Economics, Macquarie Locations: Czech, China, Japan, United States, Switzerland Swiss, Bank of Canada, Turkey, Turkish, Reserve Bank of Australia, New, Indonesia, South Korea, Asia

☆ ChatGPT uses 17,000 times the amount of electricity than the average US household does daily: report
▼ + stars: | 2024-03-10 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

ChatGPT uses more than half a million kilowatt-hours of electricity daily, The New Yorker reported. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The publication reported that the average US household uses around 29 kilowatt-hours daily. Dividing the amount of electricity that ChatGPT uses per day by the amount used by the average household shows that ChatGPT uses more than 17 thousand times the amount of electricity. "You're talking about AI electricity consumption potentially being half a percent of global electricity consumption by 2027," de Vries told The Verge.

Persons: —, buzzy, Alex de Vries, de Vries, Vries, OpenAI Organizations: Yorker, Service, New Yorker, Dutch National Bank, Joule, Big Tech, Nvidia —, Cisco, New Street Research, CNBC, Samsung, Microsoft, Consumer Energy Solutions Locations: New, Kenya, Guatemala, Croatia

☆ These 28 regional and community banks exceed regulators' threshold for high commercial real estate concentration risk: here's what's really at stake.
▼ + stars: | 2024-03-09 | by ( Laila Maidan | ) www.businessinsider.com time to read: +12 min

But where banks' exposure to commercial real estate is concerned, locating that fire may be difficult. Rising interest rates quickly increased the cost of borrowing for investors in commercial real estate, including offices and multifamily homes. It doesn't reveal details such as borrowers' track records, said Mark Hillis, a former chief risk officer for commercial real estate at JPMorgan. There's also varying concentration risk: the largest banks with commercial real estate exposure are more diversified, meaning that any losses won't be as devastating, Baker said. "We think very few banks will run into issues just from their commercial real estate exposure," Reidy said.

Persons: Michael Barr, Jerome Powell, Todd Baker, Mark Hillis, Clifford Rossi, Robert H, Rossi, Baker, There's, Hillis, multifamily, haven't, You'll, Banks, you'll, Rebel Cole, NYCB, Matt Reidy, Reidy, Cole Organizations: Federal Reserve, Business, York Community Bank, SEC, Richman Center for Business, Law, Columbia University, JPMorgan, Smith, Smith School of Business, University of Maryland, Mortgage Banker's Association, Bank, Signature Bank, First, Countrywide Bank, Washington Mutual, Citigroup, multifamily, Florida Atlantic University, Federal, Regulators, TCRE, Equity RCRE, Community Bank, Provident Bank NJ, Merchants Bank of Indiana, Apple Bank for Savings, Oceanfirst Bank, Independent Bank, Lakeland Bank NJ, Ozk, Washington Federal Bank WA, Axos Bank, Sandy Spring Bank, Columbia Bank NJ, Farmers, Merchants Bank of CA, Popular Bank, Pacific Premier Bank, United Bank, Trust, Rockland Trust, Umpqua Bank, ServisFirst Bank, Bell Bank, Stellar Bank, National Bank of, National Bank of Florida FL, New York Community Bank Locations: multifamily, Basel, CRE, California, Rockland, National Bank of Florida

☆ Heading platoons, repairing machines and doing twice as much: How the war has changed Ukrainian women
▼ + stars: | 2024-03-09 | by ( Svitlana Vlasova | ) edition.cnn.com time to read: +6 min

Before the war, having a young woman in charge of an all-male Ukrainian military unit might have given the troops pause. She works in a repair department of the Ukrainian Railways in the Poltava region. With women making up 40% of Ukrainian Railways’ employees, she is likely not the only one. Halyna Shevchenko, left, is among the Ukrainian women stepping up during the war to do what have traditionally been seen as "men's jobs." The company has also started training women to be boiler operators – a job women didn’t tend to do before the war.

Persons: Oksana Rubanyak’s, Rubanyak, It’s, ”, “, Halyna Shevchenko, Shevchenko, Natalia Teryakhina, didn’t Organizations: CNN —, CNN, Armed Forces of, ”, National Bank of Ukraine, Ukrainian Railways, Department of Information, Public Strategic Communications Locations: Ukrainian, Ukraine, Russia, Armed Forces of Ukraine, Bakhmut, –, Poltava

☆ NYCB stock tumbles to lowest level since 1996
▼ + stars: | 2024-03-04 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

New York CNN —Shares of New York Community Bank (NYCB) fell 23% Monday, hitting their lowest level since 1996. The issues caused a $2.4 billion loss to shareholders last quarter, NYCB said. That caused the stock to plunge, bringing it to its lowest level since 1997. NYCB’s troubles are having a mixed effect on other regional bank stocks. Shares of Valley National Bank (VLY) closed 5.6% lower on Monday, while Zions Bancorporation (ZION) closed 1% higher.

Persons: NYCB, Alessandro DiNello, Zions Organizations: New, New York CNN, New York Community Bank, Fitch, Moody’s Investors Service, First Republic Bank, Silicon Valley Bank, Signature Bank, National Bank Locations: New York, Silicon, NYCB, ZION

☆ What’s Behind the Turmoil at New York Community Bank?
▼ + stars: | 2024-03-01 | by ( Santul Nerkar | ) www.nytimes.com time to read: +1 min

Shares of New York Community Bank slid more than 25 percent on Friday, a day after the lender said its loss in the fourth quarter was $2.4 billion more than it had previously reported, and also announced the departure of its chief executive and a board member. Shares of other regional banks were also lower: Valley National Bank and Columbia Banking System both fell more than 2 percent. The KBW Regional Bank Index, which tracks performance of U.S. regional banks, fell more than 1 percent. The drop in shares of other banks is a sign investors are still nervous about the potential for wider trouble in the banking sector — nearly a year after several small banks failed. But the fact that the declines in other regional banks were small suggested that NYCB’s problems are seen as unique to it.

Persons: ”, Christopher Marinac, Janney Montgomery Scott Organizations: New York Community Bank, National Bank and Columbia Banking System, Regional

☆ Second largest wildfire in Texas history has scorched 850,000 acres
▼ + stars: | 2024-02-29 | by ( Joe Sutton | Steve Almasy | ) edition.cnn.com time to read: +6 min

A satellite image shows Fritch, Texas in August 2023. Maxar Technologies Satellite images show homes in Fritch, Texas, before the wildfire (in August 2023), and after (on Wednesday). Maxar Technologies Satellite images show homes in Fritch, Texas, before the fire (in August 2023), and after (on Wednesday). A sudden shift of wind direction in the Texas panhandle this week contributed to the explosion in size of the Smokehouse Creek wildfire. Latest developments* The Smokehouse Creek Fire grew from 500,000 acres to 850,000 on Wednesday, according to fire officials.

Persons: Joyce Blankenship, Fritch, ” Frank Probst, ”, “, Adam Turner, Snow, Andy Holloway, Greg Abbott, Kevin Stitt, ” Hutchinson, Tyler McCain, Fritch’s, McCain, Addison, Addison can’t, ” McCain, Windy Deuce, Probst, CNN’s Caroll Alvarado, Amanada Jackson, Monica Garrett, Sharif Paget, Sara Tonks, Lucy Kafanov, Andi Babineau Organizations: CNN, Maxar, M Forest Service, AgriLife, Texas, Oklahoma Gov, Amarillo National Bank, Panhandle Disaster Relief Locations: Texas, Rhode, state’s, Oklahoma, Stinnett ., , Texas, Fritch , Texas, Hemphill, Hemphill County, Canadian, Amarillo, Amarillo ., Hutchinson County, Stinnett, Borger, Fritch

☆ Here’s why regional banks have so much commercial real estate exposure
▼ + stars: | 2024-02-29 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +7 min

New York CNN —It’s no secret that commercial real estate (CRE) has become a source of stress for banks. Regional banks were on high alert recently after New York Community Bancorp (NYCB) reported steeper-than-expected future losses on commercial real estate loans. So why is it that the smaller, regional banks are so much more exposed to commercial real estate? Office real estate is among the bank’s smaller commercial real estate subcomponents. Robbins of Valley National Bank told CNN “we remain comfortable with our diverse and granular commercial real estate portfolio.”Office real estate is just one component of commercial real estate, albeit the most worrisome to banks and economists.

Persons: New York CNN —, Goldman Sachs, Fitch, Banks, BankRegData, Flagstar, “, JPMorgan Chase, —, Michael Brochstein, it’s, Ira Robbins, Robbins, CNN “, Carlos Barria, ” Organizations: New, New York CNN, New York Community Bancorp, Flagstar Bank, Federal Deposit Insurance Corporation, National Bank, JPMorgan, Getty, Valley National Bank, CNN, Fitch, FDIC, Reuters Locations: New York, Morristown , New Jersey

☆ Wall Street gets its biggest investment-banking shakeup in years. Here are the key players making moves.
▼ + stars: | 2024-02-26 | by ( Reed Alexander | ) www.businessinsider.com time to read: +6 min

Read previewWall Street experienced a big shakeup on Monday when two big banks announced new leaders for their investment-banking units. Citi's hire comes just weeks after JPMorgan promoted Raghavan to the sole head of its deals business, forcing America's biggest bank by assets to regroup. Under Raghavan, JPMorgan rose to No. For the last decade, the 59-year-old has been CEO of the bank's commercial bank, dedicated to corporate lending, including to Silicon Valley startups and real-estate investors. In an internal memo announcing his new role, bank executives said he's "significantly" grown revenue in the region since he took over the region in 2019.

Persons: —, Viswas Raghavan, Raghavan, Jamie Dimon, Filippo Gori, Doug Petno, Filippo Gori —, Jane Fraser, Fraser, Merrill Lynch, Andy Sieg, Patrick T, Fallon, Raghavan Raghavan, Doug Petno Petno, Jennifer Piepszak, Troy Rohrbaugh, Piepszak, Marianne Lake, Rohrbaugh, he's, He'll, Sjoerd Leenart, Mary Erdoes, Reed Alexander Organizations: Service, Citigroup, America's, Business, JPMorgan, Citi, Financial Times, Banking & International, Citi Foundation, EMEA, Financial News, JPMorgan's, Corporate Banking Locations: Hong Kong, London, Europe, Africa, Fraser, EMEA, Silicon, Filippo Gori Gori, JPMorgan's Asia, Pacific

☆ European Central Bank posts first annual loss in two decades
▼ + stars: | 2024-02-22 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Rain falls over the finance district and the European Central Bank (ECB) in Frankfurt, Germany. The European Central Bank on Thursday reported its first annual loss since 2004, following hefty payouts due to higher interest rates. The central bank said it will carry forward the loss on its balance sheet to offset against future profits. The central bank began quantitative tightening in March 2023. There is no institution in the economy which can cope with a temporary loss better than the central bank," he told CNBC by email.

Persons: Germany's Bundesbank, Holger Schmieding Organizations: European Central Bank, ECB, Swiss National Bank, CNBC Locations: Frankfurt, Germany, Ukraine

☆ Valley National Bank CEO on NYCB closure and dealings with regulators
▼ + stars: | 2024-02-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailValley National Bank CEO on NYCB closure and dealings with regulatorsIra Robbins, Valley National Bank chairman and CEO, joins 'Power Lunch' to discuss the chief executive's sentiment after hearing news about New York Community Bank, how Robbins would characterize their interactions with regulators, and more.

Persons: Ira Robbins, Robbins Organizations: Bank, National Bank, New York Community Bank

To earn interest on Cash App Savings, you must be at least age 18, have a Cash App personal account, and own a Cash App Card. How Cash App Savings worksYou'll need at least $1 to open Cash App Savings. Cash App Savings FAQsDoes Cash App Savings have interest? Yes, Cash App Savings now pays up to 4.50% APY if you're at least 18 and have a Cash App Card. Money in Cash App Savings is safe if you have a Cash App Card.

Persons: you'll, Cash, There's Organizations: Savings, Cash, FDIC, Wells Fargo Bank, Wells, Milli Bank, First National Bank of, Western Alliance Bank, Western Alliance, Yield, . Western Alliance, BrioDirect, Webster Bank, BrioDirect Savings, Banking, Flagstar Bank Locations: Wells Fargo, First National Bank of Omaha

☆ ASML and more: BofA just got more bullish on these 3 chip stocks, says AI spending is heating up
▼ + stars: | 2024-02-15 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

European semiconductor equipment stocks are likely to outperform as spending on artificial intelligence chips rises over the next decade, according to Bank of America. The continent's chip stocks produce the high-tech machines needed to manufacture the latest generation of chips. ASML ASML , the dominant supplier of lithography equipment used to manufacture advanced logic and memory chips, remains Bank of America's "top pick in EU Semicaps." The bank forecasts strong demand from leading chipmakers using ASML 's extreme ultraviolet lithography machines required to produce next-generation AI accelerators and high bandwidth memory modules. The investment bank said ASM 's exposure to new transistor architectures called "gate-all-around" appears to be critical for improving AI chip performance.

Persons: Didier Scemama Organizations: Bank of America, AMD, Nvidia, EU, America's, Analysts, ASM International Bank of America, ASM International, ASM, BE Semiconductor Industries, HB, Intel, Micron Locations: Europe

NEW YORK (AP) — The Biden Administration is easing its restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals. Millions of unauthorized accounts were opened, severely tarnishing the reputation of Wells Fargo, once among the most sterling in banking. The decision is a major victory for Wells' management and Charles Scharf, who took over as CEO in 2019. There remains in place a Federal Reserve consent order against Wells as well as a requirement by the Fed that Wells grow no bigger than its current size until it fixed its sales culture. The Fed did not immediately respond to comment, but the OCC's decision is likely to pressure the Fed to make its own decision regarding its restrictions on Wells.

Persons: —, Wells, Charles Scharf, ” Scharf Organizations: Biden, Employees, Currency, OCC, Fed Locations: Wells, Wells Fargo

☆ A fugitive who robbed a bank was on the run for 52 years. He told his family the truth, including his real name, shortly before he died.
▼ + stars: | 2024-02-09 | by ( Jane Ridley | ) www.businessinsider.com time to read: +6 min

In 1969, Ted Conrad stole the equivalent of $1.7 million from the bank where he worked. "We were watching TV and he said, 'You know, ladies, when I moved here, I changed my name,'" Randele told Business Insider. Ashley Randele found out her dad, Ted Conrad, was a fugitive when he confessed on his deathbed. Advertisement"When you Google Thomas Randele or Ted Conrad, all you see is a vault teller who stole money and a fugitive who was caught after dying," she said. They don't know the tipster's identity, but someone approached a crime reporter in Ohio with an interested in the case.

Persons: Ted Conrad, —, Thomas Randele, Kathy, Ashley, he'd, Randele, Conrad, Ashley Randele, didn't, they'd Organizations: Service, Business, Society National Bank, US Locations: Cleveland, Boston, Ohio

☆ Societe Generale posts sharp profit drop as net banking income slides
▼ + stars: | 2024-02-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Societe Generale on Thursday reported a sharp decline in fourth-quarter net profit on the back of weaker net banking income, but launched a new 280 million euro ($302 million) share buyback program. The French lender posted a group net income of 430 million euros, slightly above a consensus analyst forecast of 404 million euros, according to LSEG data, but well below the 1.07 billion euros recorded for the final quarter of 2022. It comes after the bank posted posted a group net income of 295 million euros for the third quarter, as resilient investment bank performance offset a sharp downturn in its French retail business. Thursday's result took France's third-largest listed bank's annual net profit to 2.49 billion euros, slightly above analyst expectations of 2.15 billion euros. However, quarterly net banking revenue dropped 9.9% year-on-year to 5.96 billion euros, which the bank attributed largely to a decline in net interest income in French retail, and its private banking and insurance division, along with the negative impacts from unwinding hedges.

Persons: Slawomir Krupa, Krupa, BoursoBank Organizations: Generale, SocGen, Global Banking, Investor Solutions, Retail Banking, Soc Locations: France

☆ A Russian Bank Account May Offer Clues to a North Korean Arms Deal
▼ + stars: | 2024-02-06 | by ( Motoko Rich | ) www.nytimes.com time to read: +1 min

The White House said last month that it had evidence that North Korea had provided ballistic missiles to Russia, and that the North was seeking military hardware in return. Pyongyang also appears to have shipped up to 2.5 million rounds of ammunition, according to an analysis by a British security think tank. While it is unclear whether Russia has given North Korea the military technology it may want, new banking ties would be another sign of the steady advancement in relations between the two countries. The expanding partnership has most likely emboldened the North, as it has issued a stream of belligerent threats in recent months, U.S. officials say. Russia has allowed the release of $9 million out of $30 million in frozen North Korean assets deposited in a Russian financial institution, according to the intelligence officials, money that they say the impoverished North will use to buy crude oil.

Organizations: Ukraine Locations: Russia, Moscow, American, Korea, Pyongyang

NEW YORK (AP) — First National Bank of Pennsylvania discriminated against Black and Latino homebuyers in North Carolina for a period of at least four years, the Justice Department said Monday, the latest in a long list of banks who have been caught redlining. In its complaint, the DOJ alleges that First National closed branches in majority-minority neighborhoods, failed to provide mortgage services to Black and Latino potential borrowers, and ignored entire neighborhoods for potential lending. The case comes from when FNB bought Yadkin Bank, a regional bank in the Carolinas, in 2017. “The playing field isn’t level, and that is not what we want for the people of North Carolina,” said Josh Stein, North Carolina's Attorney General. The DOJ brought the largest redlining lawsuit in history in 2023 against Los Angeles-based City National Bank, which was also found to have discriminated against Black and Latino communities over a similar time period, from 2017 to 2020.

Persons: redlining, FNB, ”, Josh Stein, Biden, General Merrick Garland Organizations: National Bank of Pennsylvania, Justice Department, The Justice Department, Black, DOJ, National, FNB, Yadkin Bank, Biden Administration, Los, National Bank Locations: North Carolina, Charlotte, Winston, Salem, Black, Carolinas, Yadkin, North, Los Angeles

☆ US Accuses Pennsylvania Lender FNB of Redlining in North Carolina
▼ + stars: | 2024-02-05 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - First National Bank of Pennsylvania was sued on Monday by the U.S. Department of Justice and the state of North Carolina, which accused it of lending discrimination known as redlining in the Charlotte and Winston-Salem, North Carolina markets. Redlining occurs when lenders deny or discourage mortgage applications and loans in neighborhoods based on the race, color, or national origin of people who live there. The Pittsburgh-based bank's redlining allegedly included locating and maintaining nearly all branch locations and mortgage loan officers outside these neighborhoods, and relying on majority-white areas for referrals and loan applications. The lawsuit seeks restitution to victims, a civil fine, an injunction against further redlining and other remedies. The lender ended 2023 with about $46.2 billion of assets and 350 branches in seven states plus Washington, D.C.(Reporting by Jonathan Stempel in New York, editing by David Ljunggren)

Persons: FNB, redlining, Salem, Jonathan Stempel, David Ljunggren Organizations: Reuters, National Bank of Pennsylvania, U.S . Department of Justice, Charlotte, Housing, Winston, Washington , D.C Locations: North Carolina, Winston, Salem , North Carolina, Pittsburgh, Salem, Washington ,, New York

☆ Iraq Bans 8 Local Banks From US Dollar Transactions
▼ + stars: | 2024-02-04 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +3 min

By Timour AzhariBAGHDAD (Reuters) - Iraq has banned eight local commercial banks from engaging in U.S. dollar transactions, taking action to reduce fraud, money laundering and other illegal uses of U.S. currency days after a visit by a top U.S. Treasury official. The banks are banned from accessing the Iraqi central bank's daily dollar auction, a main source of hard currency in the import-dependent country that has become a focal point of a U.S. crackdown on currency smuggling to neighbouring Iran. A central bank document verified by an official at the bank listed the banned banks. War in Israel and Gaza View All 194 ImagesThey are: Ahsur International Bank for Investment; Investment Bank of Iraq; Union Bank of Iraq; Kurdistan International Islamic Bank for Investment and Development; Al Huda Bank; Al Janoob Islamic Bank for Investment and Finance; Arabia Islamic Bank and Hammurabi Commercial Bank. Banks banned from dollar transactions are allowed to continue operating and are allowed to engage in transactions in other currencies, the central bank says.

Persons: Timour Azhari, Al Huda, Ashur, Hammurabi, ”, Banks, Brian Nelson, Mohammed Shia, Giles Elgood Organizations: Treasury, Ahsur, Bank for Investment, Investment Bank of Iraq, Union Bank of, Kurdistan International Islamic Bank for Investment, Development, Al, Al Huda Bank, Islamic Bank for Investment, Finance, Arabia Islamic Bank, Hammurabi Commercial Bank, Central Bank of, U.S . Treasury, Huda Bank, Reuters, Iraqi Locations: Timour, Timour Azhari BAGHDAD, Iraq, U.S, Iran, United States, Israel, Gaza, Union Bank of Iraq, Kurdistan, Central Bank of Iraq, Washington, Baghdad

☆ Exclusive: Organic baby food startup Yumi has slashed its valuation after running low on cash
▼ + stars: | 2024-01-31 | by ( Ben Bergman | ) www.businessinsider.com time to read: +3 min

Yumi, a startup backed by a long list of prominent Silicon Valley investors that makes high-end organic baby food, is raising a down round that values the company at around $40 million, Business Insider has learned. The funding represents a substantial discount from Yumi's Series B round in 2021, which valued the company at more than $300 million, according to Pitchbook data. It also means Yumi has burned through more than twice as much cash, nearly $90 million dollars, as it is currently worth. Startup fundraising tumbled to a five-year low in 2023 with funding for e-commerce and shopping startups down 60%, according to Crunchbase data. Convoy, the freight startup that was once called the "Uber for trucking" and raised more than $1 billion, shut down in November.

Persons: Yumi, Evelyn Rusli, Angela Sutherland, Gerber, Sutherland, Rusli, Anne Wojcicki, Gabrielle Union, Warby Parker, Goldman Sachs, Christina Minnis, Kelly Coffey, Masha Drokova, Lauren Dillard Organizations: Business, BI, Walmart, New York Times, Wall Street Journal, New Enterprise Associates, Uber, City National Bank, One Ventures, Nasdaq, Startup, Convoy, Olive Locations: millennials

☆ Man pleads guilty in $1 billion scheme to dodge money laundering rules in New York
▼ + stars: | 2024-01-31 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

A man described as an "experienced anti-money laundering specialist" pleaded guilty on Wednesday to illegally funneling more than $1 billion in lucrative, high-risk transactions through small financial institutions, the U.S. Department of Justice said. The man, 56-year-old Gyanendra Asre of Greenwich, Connecticut, pleaded guilty in Brooklyn federal court to one count of failing to maintain an anti-money laundering program in violation of the Bank Secrecy Act. The U.S. Department of the Treasury's Financial Crimes Enforcement Network, meanwhile, on Wednesday assessed a $100,000 civil penalty on Asre and banned him from participating in any financial institution's affairs for five years. He had previously been employed as a senior vice president at a domestic bank, and was "experienced in international banking and trained in anti-money laundering compliance and procedures," the DOJ said. Asre "represented to the NYSEFCU that he and his businesses would conduct appropriate anti-money laundering oversight as required by the Bank Secrecy Act," according to the DOJ.

Persons: Asre, Attorney Breon Peace Organizations: U.S . Department of Justice, DOJ, U.S . Department, Network, U.S, Attorney, New York, Employees Federal Credit Union, Bank Locations: Greenwich , Connecticut, Brooklyn

The Swiss government on Wednesday selected Stefan Walter, a 59-year-old German national who was director-general of the European Central Bank for the last decade, to head the Swiss financial authority known as FINMA. Swiss authorities feared the collapse of such a major lending institution could further roil global financial markets following the failure of two U.S. banks last year. The troubles at Credit Suisse threatened to unhinge Switzerland's position as a leading financial market, and the takeover left the country with only one internationally important bank: UBS. Political Cartoons View All 253 ImagesA parliamentary panel created after the government-orchestrated merger has been looking into the origins of the deal. Walter, who has a master's degree in international banking from Columbia University in New York, will start the job on April 1, the Swiss government said.

Persons: Stefan Walter, Walter, Urban Angehrn, Angehrn, Mark Branson, Marlene Amstad, ” Amstad, SRF, FINMA Organizations: GENEVA, UBS, Credit Suisse, Swiss, European Central Bank, Federal Council, Columbia University Locations: Swiss, U.S, British, New York

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