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☆ Here's why Capital One is buying Discover in the biggest proposed merger of 2024
▼ + stars: | 2024-02-21 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

It's a chess move by one of the savviest long-term thinkers in American finance, Capital One CEO Richard Fairbank. Fairbank, who became a billionaire by building Capital One into a credit card giant since its 1994 IPO, is betting that buying rival card company Discover will better position the company for global payments' murky future. The deal, if approved, enables Capital One to leapfrog JPMorgan as the biggest credit card company by loans, and solidifies its position as the third largest by purchase volume. By 2027, the bank expects to add at least $175 billion in payments and 25 million of its cardholders onto the Discover network. The Discover network alone would be worth up to $6 billion if sold to Alphabet, Apple or Fiserv , Sakhrani wrote Tuesday in a research note.

Persons: Richard Fairbank, Marvin Joseph, It's, Fairbank, Sanjay Sakhrani, Sakhrani Organizations: Washington Post, Getty, Capital, Discover Financial, U.S, JPMorgan Chase, Independence, Discover, JPMorgan, Visa, Mastercard, American Express, One's, PayPal Locations: Wall, U.S

☆ ‘We’re All Climate Economists Now’
▼ + stars: | 2024-01-23 | by ( Lydia Depillis | More About Lydia Depillis | ) www.nytimes.com time to read: +2 min

There were papers on the local economic impact of wind turbine manufacturing, the stability of electricity grids as they absorb more renewable energy, the effect of electric vehicles on housing choices, how wildfire smoke strains household finances. Janet Currie, the incoming president of the American Economic Association, chose an environmental economist, Michael Greenstone of the University of Chicago, to deliver the conference’s keynote lecture. He focused on the global challenge of shifting to renewable energy and the corresponding potential to alleviate air pollution that is particularly deadly in developing countries like India and Indonesia. “This isn’t just a series of topics, but it’s a big, interrelated problem,” Dr. Currie said. “Not only economists but everybody else is realizing that this is a first-order problem, and it’s affecting most people in some way.

Persons: Monika Piazzesi, Janet Currie, Michael Greenstone, Dr, Currie, “ Organizations: American Finance Association, American Economic Association, University of Chicago Locations: Venice, India, Indonesia

☆ Emirati Fund to Invest Billions in U.S. Firms for Climate Projects
▼ + stars: | 2023-11-30 | by ( David Gelles | More About David Gelles | ) www.nytimes.com time to read: 1 min

An Emirati financial firm is planning to invest at least $30 billion in a new climate fund in partnership with some of the biggest names in North American finance, according to three people familiar with the plans. The move comes as the United Arab Emirates, this year’s host of the annual United Nations climate talks that opened in Dubai on Thursday, is under pressure to prove it is committed to tackling global warming despite the fact that its economy is based on oil production. Lunate Capital, a new financial firm overseen by the Abu Dhabi royal family, launched just months ago with at least $50 billion in assets. On Friday, Lunate is expected to announce it will set up the new climate fund with a handful of prominent asset managers including TPG, BlackRock and Brookfield Asset Management, the three people said.

Persons: Abu, Lunate Organizations: United Arab, United Nations, Lunate, TPG, Brookfield Asset Management Locations: American, United Arab Emirates, United, Dubai, Abu Dhabi, BlackRock

☆ The Betting on the Presidential Election Has Begun
▼ + stars: | 2023-11-10 | by ( Jeff Sommer | More About Jeff Sommer | ) www.nytimes.com time to read: +1 min

Financial journalists love Wall Street aphorisms. “The stock market climbs a wall of worry” is useful whenever investors are fretting. That hallowed saying could be repurposed today, except for a formidable problem. It refers to the betting on elections that took place on Wall Street, which was commonplace back then — and covered extensively in The Times and other major newspapers, as an important source of information about national, state and local political contests. Today, except for indirect and elaborate financial hedges on the policy implications of election outcomes, outright betting on elections is no longer a core part of American finance.

Persons: “ Don’t Organizations: Wall, The New York Times, The Locations: The Times

☆ Native American populations are ‘invisible’ to banks. That needs to change
▼ + stars: | 2023-10-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +13 min

Before the Bell: What do investors need to know about investing in Native American and Alaskan Native communities? Dawson Her Many Horses: Native American and Alaskan Native communities are more than an ethnic group or racial category. The National League Gaming Commission, which is the regulator for Native American casinos, publishes a yearly report on gross gaming revenues for casinos. When you look at some of the research that gets done, Native American and Alaskan Native households are almost always the most underbanked. People like to focus on what I call the ‘poverty porn’ aspects of Native American and Alaskan Native communities.

Persons: Dawson, “, “ I’ve, ”, Bell, Banks, Wells, That’s, we’ve, Wells Fargo, they’re, Danielle Wiener, Bronner, Kit Kat, ” Hershey, Michele Buck, It’s, Dan Sadler, Covid shutdowns Organizations: CNN Business, Bell, New York CNN, CNN, Wells, Rosebud Sioux, The National League Gaming Commission, Bank of America, Federal, American Finance, Silicon Valley Bank, Hershey, Consumers, Dow, Federal Reserve, Apple Locations: New York, Rosebud, South Dakota, Wells Fargo, United States, Federal Government, Silicon, New York City, Alaska, Oklahoma, confections

☆ $10,000 bill from Great Depression era sells for $480,000 at auction
▼ + stars: | 2023-09-20 | by ( Amarachi Orie | ) edition.cnn.com time to read: +2 min

CNN —A rare $10,000 bill dating back to the Great Depression has sold for $480,000 at auction. Issued in 1934, the Federal Reserve note was certified by Paper Money Guaranty (PMG) and was Exceptional Paper Quality (EPQ) graded, according to Dallas-based auction house Heritage Auctions. A rare 1899 double eagle $20 gold coin featuring a portrait of the head of Liberty topped the Coins auction. Heritage AuctionsTopping the house’s parallel coins auction was a rare 1899 double eagle $20 gold coin featuring a portrait of the head of Liberty. Only 84 coins of its kind were issued, and only about 30 are thought to still be around, according to the auction house.

Persons: Lincoln’s, Salmon, “, ”, Dustin Johnston, ” Johnston, Todd Imhof Organizations: CNN, Money Guaranty, Treasury, Heritage, Federal, Museum of American Finance, US, of Engraving, Liberty Locations: Dallas, Boston

☆ Banks scramble to find leaders equipped for today’s economic realities
▼ + stars: | 2023-09-19 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

That means most current executives, who came up in the era of easy money, are unfamiliar with the complexities of running a bank under today’s conditions. Some CEOs are deciding that they need to make drastic, expensive and often unpopular institutional changes to help them keep up. Banks currently have strong managers, but not a lot of strong leaders, said David Schiff, senior partner at West Monroe. Prior to the current interest rate hikes, banks had been operating with low-interest, stable rates for nearly two decades, he said. It has not had a strike in its Canadian operations since 1990 and had not had a US strike since 1978.

Persons: Jane Fraser, Fraser, Mike Santomassimo, Truist, Venkatakrishnan, Goldman Sachs, It’s, Roger Hochschild, Morgan Stanley, James Gorman, Banks, David Schiff, That’s, aren’t, ”, Schiff, “, “ There’s, Chris Isidore, Unifor, ” Ford, Lana Payne, Clorox, Jordan Valinsky Organizations: CNN Business, Bell, New York CNN, Citigroup, Citi, Wells, Reuters, Barclays, C.S, CNBC, Discover, Canadian, Ford, Ford Motor Company, United Auto Workers, General Motors, Jeep, Dodge, Chrysler Locations: New York, West Monroe, Canada, Clorox

An aerial view shows trees as the sun rises at the Amazon rainforest in Manaus, Amazonas State, Brazil October 26, 2022. REUTERS/Bruno Kelly/File Photo Acquire Licensing RightsSANTIAGO DE COMPOSTELA, Spain, Sept 15 (Reuters) - The European Union on Friday threw its weight behind a plan to protect the Amazon rainforest, pledging to coordinate financial contributions from EU members and making sure the money was spent as intended under its Global Gateway investment scheme. On top of that, the EU will add an undisclosed amount to protect the forest from logging from the EU's Global Gateway scheme of investment in Latin America, where Amazon rainforest protection is one of the flagship projects. More than half of global destruction of old-growth tropical rainforests has taken place in the Amazon and bordering forests since 2002. Rainforests, in particular the Amazon, absorb vast amounts of carbon dioxide and are key in shaping the Earth's climate, making them vital to prevent climate change.

Persons: Bruno Kelly, Belén Carreño, Jan Strupczewski, Mark Potter Organizations: REUTERS, SANTIAGO DE, European Union, Friday, EU, Global, Team Europe, European Investment Bank, Inter, American Development Bank, Santiago de, Thomson Locations: Manaus, Amazonas State, Brazil, SANTIAGO, SANTIAGO DE COMPOSTELA, Spain, Italy, Sweden, France, Germany, Netherlands, Latin America, America, Santiago de Compostela, Santiago

☆ What I Learned About ‘Woke’ Capital and Milton Friedman at the University of Chicago
▼ + stars: | 2023-06-09 | by ( James Mackintosh | ) www.wsj.com time to read: 1 min

Saieh Hall for Economics at the University of Chicago. Photo: Beata Zawrzel/Getty ImagesAhead of three months studying in Chicago, the home of Milton Friedman, I expected to be surrounded by anti-ESG, pro-capitalist supporters of the status quo in American finance. The University of Chicago has such a reputation as the bastion of free markets that the pure capitalism it espoused was dubbed “freshwater economics” for the lakeside location.

Persons: Saieh, Beata Zawrzel, Milton Friedman Organizations: for Economics, University of Chicago, The University of Chicago Locations: Chicago

☆ To Get Politics Out of Business, Get Business Out of Politics
▼ + stars: | 2023-06-09 | by ( James Mackintosh | ) www.wsj.com time to read: 1 min

Persons: Saieh, Beata Zawrzel, Milton Friedman Organizations: for Economics, University of Chicago, The University of Chicago Locations: Chicago

☆ The Allure of Ryan Cohen
▼ + stars: | 2023-06-02 | 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 EmailThe Allure of Ryan CohenThe online frenzy around GameStop transformed Ryan Cohen into an icon for a generation of individual investors hell-bent on turning American finance upside-down. Watch Making of the Meme King Tuesday, June 6 at 10pm ET on CNBC.

Persons: Ryan Cohen Organizations: GameStop, CNBC

☆ In praise of American finance’s regulatory mess
▼ + stars: | 2023-03-09 | by ( John Foley | ) www.reuters.com time to read: +8 min

NEW YORK, March 9 (Reuters Breakingviews) - There are many issues on which China and the United States are far apart. The People’s Republic this week proposed combining financial regulatory functions into a new super watchdog to govern its financial sector more effectively. China’s proposed new National Financial Regulatory Administration is roughly in this mold. Since 2008, officials in Beijing have criticized the United States’ financial excesses and its “warped conception” of financial discipline. The new National Financial Regulatory Administration would sit directly under the State Council, which serves as China’s cabinet.

☆ WW International Says Chief Financial Officer to Depart
▼ + stars: | 2022-11-30 | by ( Stephen Nakrosis | ) www.wsj.com time to read: 1 min

WW International Inc. on Wednesday said Amy O’Keefe will step down from her role as chief financial officer effective Dec. 2, but will remain with the company through the end of the year to support the finance team. Heather Stark, a 12-year veteran of the company who most recently served as head of North American Finance, will assume the role of interim principal financial officer, the company said. Also on Wednesday, the company, also known as WeightWatchers, said Tiffany Stevenson will join the company in January and assume the role of chief people officer. Most recently, she was chief people officer of Patreon, and before that spent 12 years at Sephora, WW said. The company also appointed David Cohen as chief data officer.

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