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☆ A 'small allocation' to China makes sense right now: Standard Chartered
▼ + stars: | 2024-01-26 | 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 EmailA 'small allocation' to China makes sense right now: Standard CharteredManpreet Gill of Standard Chartered Bank discusses China's recent policy measures, what they mean for stock markets, and whether it's worth buying China right now.

Persons: Manpreet Gill Organizations: Standard Chartered Bank Locations: China

☆ This Swiss auto parts maker's stock could soar by 75%, Vontobel says
▼ + stars: | 2024-01-24 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Switzerland-listed car parts manufacturer Autoneum's share price could increase by over 70% in the next year, according to Vontobel. The investment bank raised its price target on Autoneum to 215 Swiss francs ($248), representing a potential 74% upside from the current share price of 123.80 francs. However, Autoneum's organic sales grew only 7.2%, lagging the broader recovery, according to the car parts maker's full-year revenue results, released Monday. CHF= 1Y line When excluding negative currency effects that lowered sales by 7.2%, Autoneum's 2023 revenue was 2.43 billion Swiss francs, meeting the company's own guidance. In contrast to Vontobel's bullish outlook, Swiss bank UBS has a neutral view of the stock, with a price target of 110 CHF — 10% below the current share price.

Persons: Vontobel, Arben Hasanaj Organizations: BMW, Ford, Renault, Mercedes, GM, Volvo, UBS, — Locations: Switzerland, Zurich, Asia, Swiss

☆ StanChart discusses what's behind China's weak consumer confidence
▼ + stars: | 2024-01-16 | 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 EmailStanChart discusses what's behind China's weak consumer confidenceEric Robertsen, global head of research at Standard Chartered Bank, says "with real estate prices down quite a bit, equity prices down, and China's interest rates all below 3% now, the vehicle, or the avenue, for accumulating savings, I think, looks impaired."

Persons: StanChart, Eric Robertsen Organizations: Standard Chartered Bank

☆ Trump has laid the groundwork for a US Supreme Court challenge in his NY civil fraud case: experts
▼ + stars: | 2024-01-13 | by ( Laura Italiano | ) www.businessinsider.com time to read: +11 min

On their way to the US Supreme Court, Trump's lawyers would first need to exhaust their New York state appellate options. AdvertisementNew York Supreme Court Justice Arthur Engoron presided over closing arguments in the Trump civil fraud trial. Shannon Stapleton/ReutersThrowing the case to the US Supreme Court could, at the least, delay the imposition of penalties, Scholl said. It's unlikely the US Supreme Court would throw out New York's executive law in its entirety, he predicted. But the court could quite possibly pare back, at least in Trump's case, its most severe penalties.

Persons: —, Donald Trump, Letitia James's, Trump, Shannon Stapleton, SCOTUS, Marc Frazier Scholl, Trump's, Scholl, Lewis Baach Kaufmann Middlemiss, Jane Rosenberg, it's, James, Arthur Engoron, pare, Letitia James, Christopher Kise, Donald Trump's, Kise, Alina Habba, Clifford Robert . Pool, Adam S, Kaufmann, There's, President Trump Organizations: Service, York, New York, Trump, Business, Court, Reuters, Manhattan, Attorney's, New, Appeals, Trump Organization, US, Fifth Locations: Manhattan, New York, York, Florida

☆ Dollar pares gains on soft U.S. inflation data
▼ + stars: | 2024-01-12 | by ( ) www.cnbc.com time to read: +3 min

The dollar index pared gains on Friday after U.S. producer prices unexpectedly fell in December, raising expectations of an early U.S. rate cut. That led traders to add to bets for a rate cut in the coming months. Fed funds futures now imply a 79% chance of a March rate cut, up from 73% on Thursday, according to the CME Group's FedWatch Tool. Traders maintained their view that a March rate cut is likely even after consumer price inflation data on Thursday came in above economists' expectations. The dollar index was last up 0.19% at 102.40.

Persons: Steve Englander, Englander, Martin Luther King Jr, Sterling, bitcoin Organizations: U.S, British, Global, Research, Standard Chartered Bank, Branch, Traders, U.S . Securities, Exchange Commission, Wednesday Locations: Yichang, Hubei province, U.S, Yemen, America, Zealand, Iran, Red, Gaza

☆ Climate tech in 2023: More grants, experienced founders, and new laws help sector to standout year
▼ + stars: | 2023-12-29 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +6 min

While much of Europe's startup ecosystem has been hobbled by the rocky macroeconomic environment and soaring interest rates, climate tech has continued to lure funds from venture capitalists. Many climate tech companies work with hardware, meaning debt financing is also an attractive non-dilutive option for working capital between funding rounds. Global private market equity and grant funding for climate tech startups is actually down – it slid 40% to $65 billion in the 12 months ending September 30, according to PwC. Some smaller climate tech companies have made cuts, including vertical farming company InFarm, which retreated from Europe and was declared bankrupt in the Netherlands. Generally, however, layoffs have been a boon for climate as big tech talent has moved into or launched climate tech startups.

Persons: —, Siobhan Brewster, Atomico, Brewster, Piotr Bukanski, Mike Schroepfer, Greg Sandoval, retrofits, Barcelona's, Balderton Capital's Magda Lukaszewicz, Stuart Ferguson, Schroepfer, Warner, Aenu's Brewster Organizations: Service, Business, Venture, Energy, Beringea, Gigascale, Sustainable Ventures, Silicon Valley Bank, Global, Ada Ventures Locations: London, Europe's, Ukraine, United States, Europe, Silicon, Netherlands

Bitcoin coins are seen at a stand during the Bitcoin Conference 2023, in Miami Beach, Florida, U.S., May 19, 2023. Crypto companies spent $18.96 million in the first three quarters of 2023 on lobbying, compared with $16.1 million during the same period in 2022. That was despite last year's spectacular meltdown of crypto exchange FTX, which had been a top-ten spender. Coinbase (COIN.O), the largest U.S. crypto exchange, led the pack again, spending $2.16 million, followed by Foris DAX, which operates Crypto.com, the Blockchain Association and Binance Holdings. Although those bills have yet to advance further, crypto lobbyists are not letting up.

Persons: Marco Bello, spender, FTX, Foris DAX, Kristin Smith, Sam Bankman, Fried, Coinbase, Binance, Crypto.com, Hannah Lang, Michelle Price, Matthew Lewis Organizations: REUTERS, Rights, Blockchain Association, Binance Holdings, U.S . Securities, Exchange Commission, SEC, Thomson Locations: Miami Beach , Florida, U.S, Washington, Manhattan, Binance

☆ Wells Fargo CEO expects severance expenses to exceed $750 million
▼ + stars: | 2023-12-05 | by ( Nupur Anand | Thomson Reuters | Nupur Anand Is A U.S. Banking Correspondent At Reuters In New York. She Focuses On Jpmorgan Chase | ) www.reuters.com time to read: +2 min

Charlie Scharf, CEO, Wells Fargo, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsNEW YORK, Dec 5 (Reuters) - Wells Fargo (WFC.N) CEO Charlie Scharf told investors on Tuesday he expects to book higher-than-anticipated severance expenses between $750 million to a little less than $1 billion in the fourth quarter. The bank has reduced its workforce since the third quarter of 2020 and it stood at 227,363 at the end of third quarter of this year. Wells Fargo set aside $359 million for potential credit losses on office real estate in the third quarter, bringing total allowances to $2.6 billion for the first nine months of 2023. Wells Fargo has reduced its origination in auto loans and has also been reducing the size of its mortgage servicing portfolio.

Persons: Charlie Scharf, Wells, Mike Blake, Scharf, Goldman Sachs, " Scharf, Wells Fargo, Nupur Anand, Lananh Nguyen, Chizu Organizations: Milken, Global Conference, REUTERS, San, . Financial Services Conference, U.S, Thomson Locations: Wells Fargo, Beverly Hills , California, U.S, San Francisco, Wells

☆ Big bank executives will assure lawmakers the industry's crisis is over, KBW CEO Thomas Michaud predicts
▼ + stars: | 2023-12-05 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +1 min

Big bank CEOs will likely convey deposits and earnings are stable to lawmakers on Wednesday, according to a major financial services executive. Thomas Michaud, CEO of Stifel company Keefe, Bruyette & Woods, thinks the hearing before the Senate Banking Committee will successfully provide assurance to Washington and Wall Street. "The targeted approach to change deposit insurance to reduce the 'too big to fail' thinking, so depositors don't run like that. He thinks action is needed to keep mid-sized banks competitive with the big banks — starting with lifting Federal Deposit Insurance Corp coverage limits for small businesses. "If deposit insurance reform in my opinion doesn't happen, there's going to be tremendous pressure on those [mid-size] banks to consolidate," Michaud said.

Persons: Thomas Michaud, Keefe, Jamie Dimon, Goldman Sachs, David Solomon, " Michaud, He's, Michaud Organizations: Wall, . Banking, Silicon Valley Bank, Signature Bank, First, Federal Deposit Insurance Corp Locations: Washington, Silicon, First Republic

☆ More US home buyers willing to purchase despite high rates -BofA study
▼ + stars: | 2023-12-04 | by ( Nupur Anand | Thomson Reuters | Nupur Anand Is A U.S. Banking Correspondent At Reuters In New York. She Focuses On Jpmorgan Chase | ) www.reuters.com time to read: +2 min

REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsNEW YORK, Dec 4 (Reuters) - U.S. home buyers are becoming more willing to purchase properties even as interest rates stay high, according to a study by Bank of America (BAC.N) published on Monday. That compares with average 30-year fixed mortgage rates that surged to 8% in October, the highest in more than two decades, which deterred buyers. They also sold their homes for career or family reasons or to seek a lower cost of living. New-home sales dropped 5.6% to a seasonally adjusted annual rate of 679,000 units last month as mortgage rates squeezed out buyers. Reporting by Nupur Anand in New York; Editing by Lananh Nguyen and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Sarah Silbiger, Matt Vernon, “, ”, Vernon, Nupur Anand, Lananh Nguyen, Leslie Adler Organizations: REUTERS, Bank of America, Reuters, Federal Reserve, Homeowners, U.S, Wall, Thomson Locations: Washington , U.S, U.S, Vernon, New York

But is there a way to figure out exactly how much you should save each month? Around 20% of your income (after taxes) is a good amount to save each month, according to the 50-30-20 budget and 70-20-10 budget. Over time, you can may find that you can save more each month — going from $20 to $30, and so forth. A person with that income would need to save around $660.50 per month if they are using the 50-30-20 budget rule. The amount each person should save per month will likely depend on their savings goals and current budget, though.

Persons: Patrina Dixon, Dixon, You'll Organizations: Quicken, Fidelity Investments, United States Census Bureau, Consumer Finances Locations: CFEI, U.S

Bitcoin coins are seen at a stand during the Bitcoin Conference 2023, in Miami Beach, Florida, U.S., May 19, 2023. REUTERS/Marco Bello/File Photo Acquire Licensing RightsNov 29 (Reuters) - The U.S. government will cut off cryptocurrency companies from the broader U.S. economy if they fail to block and report illicit money flows, Deputy Treasury Secretary Wally Adeyemo warned the industry on Wednesday. The Biden administration on Tuesday sent a letter to Congress, requesting new legislation that would grant Treasury the authority to police crypto marketplaces used by actors the U.S. government deems illicit, Adeyemo said. Binance said in response that it had worked hard to make the platform "safer and even more secure." Reporting by Hannah Lang in Washington; Editing by Michelle PriceOur Standards: The Thomson Reuters Trust Principles.

Persons: Marco Bello, Wally Adeyemo, Adeyemo, Biden, Changpeng Zhao, Binance, Hannah Lang, Michelle Price Organizations: REUTERS, U.S, Blockchain Association, Treasury, Palestinian, Prosecutors, Islamic, Thomson Locations: Miami Beach , Florida, U.S, Israel, Gaza, al Qaeda, Islamic State, Iraq, Syria, Washington

You can keep your Apple Savings Account until we know what happens next or switch to another high-yield savings account. How the end of this partnership impacts Apple Savings Account usersIf Apple and Goldman Sachs part ways, Apple would need to partner with a new financial institution to continue to offer the Apple Savings Account. You might prefer an alternative high-yield savings account if you need to take money out of your savings account often. The Apple Savings Account only lets you transfer money through Apple Cash or an external bank account, which could take a few business days. The best high-yield savings accounts pay significantly more than standard savings accounts, and some pay more than the Apple Savings Account.

Persons: Apple, Goldman Sachs, Apple Cash Organizations: Apple, Wall Street, Apple Savings

☆ JPMorgan says its UK bank Chase may break even around 2025
▼ + stars: | 2023-11-28 | by ( Nupur Anand | Thomson Reuters | Nupur Anand Is A U.S. Banking Correspondent At Reuters In New York. She Focuses On Jpmorgan Chase | ) www.reuters.com time to read: +1 min

Daniel Pinto, President and chief operating officer of JPMorgan Chase & Co, speaks during the Global Financial Leaders' Investment Summit in Hong Kong, China November 2, 2022. REUTERS/Tyrone Siu Acquire Licensing RightsNEW YORK, Nov 28 (Reuters) - JPMorgan Chase (JPM.N) President and Chief Operating Officer Daniel Pinto said he expects its Chase UK consumer bank to break even in the next 12 to 18 months. The largest U.S. lender opened the digital bank in the UK in 2021, its first foray into international retail business. Chase UK is doing better than expected, Pinto said, and the company plans to grow in other global consumer markets over time. Brazilian digital bank C6, in which JPMorgan has 46% stake, is expected to break even "very soon," Pinto said.

Persons: Daniel Pinto, Tyrone Siu, JPMorgan Chase, Pinto, Jamie Dimon, Nupur Anand, Lananh Nguyen, Sharon Singleton Organizations: JPMorgan Chase &, Global Financial, Investment, REUTERS, Tyrone, JPMorgan, Chase, Financial, Thomson Locations: Hong Kong, China, United Kingdom, U.S, Basel, New York

☆ Sima Sistani says its time for WeightWatchers to embrace Ozempic. Will its users agree?
▼ + stars: | 2023-11-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Sima Sistani, the 44-year-old CEO of WeightWatchers, is aware of this, and she recognized WeightWatchers had to evolve – or else. She also landed a massive deal to buy a telehealth business that can issue virtual prescriptions to patients for these weight loss drugs. Semaglutide was approved by the US Food and Drug Administration to treat type 2 diabetes as Ozempic, but it was also used off-label for weight loss. Some longtime users of the program feel betrayed by the pivot away from in-person meetings and toward medication-based solutions. “Sadly, they don’t want to do the work,” she said, of tracking food or exercising to achieve weight loss goals.

Persons: New York CNN —, Sima Sistani, WeightWatchers, she’s, Sistani, “, ” Sistani, Erica Shroeder, ”, Jaap Arriens, ” Goldman Sachs, Jenny Craig, Adam Rockmore, Ged, Angela Weiss, Variety Sistani, there’s, Semaglutide, aren’t, “ there’s, Oprah Winfrey, Jamie Yonash, influencers, Velanti, Michael Nagle, We’re Organizations: New, New York CNN, Walmart, CNN, WeightWatchers, Variety, US Food and Drug Administration, Bloomberg, Getty Locations: New York, Cola, Wegovy

☆ Rates may have hit their peak. How to get the biggest bang out of cash heading into 2024
▼ + stars: | 2023-11-27 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

"It's important to keep sharing this idea to do something with your cash; these rates won't be here forever." Municipal money market funds Rather than tying up money in CDs or T-bills, Sachs prefers municipal money market funds for investors in the highest income tax brackets. Vanguard's Municipal Money Market Fund (VMSXX) has a 7-day SEC yield of 3.53% and carries an expense ratio of 0.15%. Residents in high-tax locales may also want to consider state-specific muni market funds, which have the additional benefit of providing income that's free of state taxes. For instance, there's the Vanguard California Municipal Money Market Fund (VCTXX) and the Fidelity New York Municipal Money Market Fund (FSNXX) .

Persons: –, Catherine Valega, Sallie Mae, Jeremy Keil, Keil, There's, Charles Sachs, Kaufman, Sachs, Michael Bloom Organizations: Federal, Green Bee, Synchrony, Financial, Keil Financial Partners, Federal Deposit Insurance Corp, FDIC, ., CFP, Money Market Fund, SEC, Residents, Vanguard, Fidelity New York Municipal Money Market Fund Locations: Winchester , Massachusetts, New Berlin , Wisconsin, Miami, Vanguard California

☆ Standard Chartered Bank China starts digital yuan exchange services
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: 1 min

Healthcare & Pharmaceuticals category · November 27, 2023 · 11:26 AM UTC · ago · agoGSK said on Monday that its blood cancer drug Blenrep had reached a key goal in a late-stage trial, as the British drugmaker looks to bolster its oncology business after a series of setbacks.

Persons: Blenrep Organizations: Pharmaceuticals, GSK Locations: British

A friend suggested substitute teaching as a way to get extra income in a way that fits my schedule. The pay isn't great, but every little bit helps, and it's nice getting involved in my kids' schools. Substitute teaching is the perfect side hustle for meA friend suggested substitute teaching to me this summer when I was spinning in pre-holiday financial anxiety. But the difference is that, unlike volunteer PTA work, substitute teaching will also pay for my family's Christmas. I'm sure I'll have less time and more money someday, and substitute teaching will be the necessary trading card.

Persons: —, I've, it's, we've, you've, we'll, I'm Organizations: Service, PTA

☆ Citigroup asks employees to speak up about inappropriate behavior
▼ + stars: | 2023-11-22 | by ( Tatiana Bautzer | Thomson Reuters | Tatiana Bautzer Is A U.S. Banking Correspondent At Reuters In New York. She Previously Covered Banks In Brazil | ) www.reuters.com time to read: +2 min

A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsCompanies Citigroup Inc FollowNEW YORK, Nov 22 (Reuters) - A top Citigroup (C.N) executive asked employees to speak up if they see inappropriate behavior after a managing director sued the company this week, alleging she was sexually harassed by a manager in equities. "No colleague should ever be discriminated against or harassed," Andy Morton, Citigroup's global head of markets, wrote in the memo sent on Tuesday, which referenced a recently filed lawsuit. "Part of everyone's role in creating a culture of the highest standards involves stepping in at the moment we see something wrong," Morton wrote. "If you experience or witness inappropriate behavior, you can raise your concerns through official channels without fear of retaliation," including with managers, human resources or the company's ethics hotline.

Persons: Brendan McDermid, Andy Morton, Citigroup's, Ardith Lindsey, Mani Singh, Lindsey, Singh, Lindsey's, Morton, Tatiana Bautzer, Lananh Nguyen, Daniel Wallis Organizations: Citi, Citigroup, New York Stock Exchange, REUTERS, Bloomberg, North America Markets, Thomson Locations: New York

☆ Silvergate Capital fully repays deposit liabilities
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +1 min

Nov 22 (Reuters) - Crypto-focused bank Silvergate Capital said on Wednesday it had fully repaid all remaining deposit liabilities, following the bank's decision earlier this year to wind down operations. Silvergate, which now holds less than $10,000 according to the statement, said in March it intended to voluntarily liquidate after being hit with losses following the dramatic collapse of crypto exchange FTX. "Silvergate continues to focus on implementing the Bank Liquidation," it said in a statement on Wednesday. California-based Silvergate, once among the crypto industry's favored banks, had reported a $1 billion quarterly loss before the winding down decision, as investors spooked by the FTX debacle pulled out more than $8 billion in deposits. Reporting by Pritam Biswas in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Silvergate, Pritam Biswas, Devika Organizations: Silvergate, Bank, Thomson Locations: . California, Bengaluru

Citi announced plans to cut management layers from 13 to eight as part of its biggest overhaul in decades. Citigroup declined to comment on all the personnel moves, and none of the leaders named responded to requests for comment. The full reorganization could involve thousands of layoffs, according to a source familiar with the situation who was not authorized to speak publicly. Preparations for Monday's announcements were communicated verbally in meetings last week, according to another source familiar with the situation. Final announcements related to the overhaul will be made early next year, Fraser said in a memo to employees.

Persons: Jane Fraser, Eduardo Martinez Campos, Andy Sieg, Andrew Kelly, Valentin Valderrabano, Patricia Dorosz, Nacho Gutiérrez, Carmen Haddad, Fahad Aldeweesh, Haddad, Jose Miguel Salvador Nasur, Peter Babej, Ernesto Torres Cantú, Brad Wayman, Chris McCullough, Wayman, Patrick Gallagher, Lucy Baldwin, Sandeep Arora, Fraser, Mark Mason, Tatiana Bautzer, Lananh Nguyen, Andres Gonzalez, Saeed Azhar, Bayliss, Echo Wang, Isla Binnie, Nick Zieminski, Stephen Coates, Marguerita Choy Organizations: Citigroup, Citi, Citi Wealth Services, Citibank, New York Stock Exchange, REUTERS, Svea Herbst, Thomson Locations: Manhattan , New York City, U.S, Europe, Saudi Arabia, Chile, New York, London, Svea

☆ Bankrupt WeWork enters financing agreements with certain lenders
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

A WeWork logo is seen outside its offices in the Queens borough of New York City, U.S., November 7, 2023. WeWork, once the most valuable U.S. startup, struggled to achieve profitability as a rise in work-from-home trends following the pandemic soured demand for its shared office spaces. The financing could be as much as $682.5 million but it could also be smaller than that depending on other conditions, WeWork said, adding that the parties have agreed to provide the financing individually and not jointly. The company also said the financing agreement was dependent on fulfilling certain conditions, including the approval of the Bankruptcy Court. WeWork entered bankruptcy with about $164 million of cash on hand, according to court filings.

Persons: Shannon Stapleton, WeWork, Bhanvi, Devika Organizations: REUTERS, Goldman Sachs International Bank, JPMorgan Chase Bank, SoftBank, Thomson Locations: Queens, New York City, U.S, Bengaluru

U.S. oversight of Big Tech financial services is fragmented. The CFPB rule would toughen up supervision, requiring Big Tech to comply with its rules on privacy protections, executives' conduct and unfair and deceptive practices. Without regulatory scrutiny, they could leverage their growing dominance of consumer payments to capture other services like lending and card issuing, analysts said. 'LEG UP'Representatives for Big Tech have accused the CFPB of trying to protect traditional lenders. While Big Tech companies have deep pockets and plenty of resources to handle the new scrutiny, the rule could limit how they use and protect consumer data.

Persons: Dado Ruvic, Rohit Chopra, Todd Phillips, Dodd, Frank, It's, Paige Pidano Paridon, Chopra, John Coleman, Hannah Lang, Stephen Nellis, Michelle Price, Richard Chang Organizations: Apple, REUTERS, Wall, Big Tech, Consumer Financial Protection Bureau, Google, Georgia State University, PayPal, Federal, McKinsey, Bank, BPI, Banks, Representatives, Big, Herrington, Thomson Locations: U.S, Washington

Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. The surge in their borrowing from Chinese banks has catapulted the yuan past the euro into becoming the second-biggest currency used in global trade finance, providing a fillip to Beijing's ambitions to internationalize the yuan. "Panda bonds are steadily promoting the renminbi's function as a funding currency", the People's Bank of China (PBOC) said a report last month. German automaker Volkswagen Group (VOWG_p.DE) told Reuters it will use its inaugural 1.5 billion yuan panda bond proceeds only for its onshore China business. ($1 = 7.2421 Chinese yuan renminbi)Reporting by Samuel Shen and Rae Wee Editing by Vidya Ranganathan and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Yuan, Dado Ruvic, Fiona Lim, Lim, SWIFT, Mercedes, Yuan internationalisation, Mark Williams, It's, Maybank's Lim, Williams, Samuel Shen, Rae Wee, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Rights, BMW, Crédit Agricole S.A, National Bank of Canada, People's Bank of China, Standard Chartered Bank, Bank of China's, Volkswagen Group, Reuters, Benz Group, Capital Economics, Thomson Locations: Rights SHANGHAI, SINGAPORE, China, Hong Kong, Asia, Russia, Argentina, Pakistan, Nigeria

Nov 16 (Reuters) - Digital wealth management provider Wealthfront, a pioneer in automated investing, now oversees more than $50 billion in assets and is set to grow revenue by more than 140% this year, the company said on Thursday. Wealthfront was founded in 2008 by Andy Rachleff and Dan Carroll and launched automated investing services in 2011. It is a pioneer in using artificial intelligence to craft low-cost investment portfolios for Americans. The U.S. Securities and Exchange Commission (SEC) recently proposed a rule aimed at managing how AI is used to provide investment advice. "We're trying to take the best investment advice that we can through academic research and make that available at low cost to as many clients as we possibly can," he said.

Persons: Wealthfront, David Fortunato, Fortunato, Andy Rachleff, Dan Carroll, Hannah Lang, David Gregorio Our Organizations: Wealthfront, UBS, Reuters, U.S . Securities, Exchange Commission, SEC, Google, Thomson Locations: Washington

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