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☆ How the Federal Reserve's rate policy affects mortgages
▼ + stars: | 2024-12-21 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +2 min

This has many Americans waiting for mortgage rates to fall. Mortgage rates can be influenced by Fed policy. This, combined with signals sent from the market for mortgage-backed securities, determine the rates issued within new mortgages. Economists at Fannie Mae say the Fed's management of its mortgage-backed securities portfolio may contribute to today's mortgage rates. This process is known as "quantitative tightening," and it may add upward pressure on the spread between mortgage rates and Treasury yields.

Persons: Jordan Jackson, Jordan, Fannie Mae, Matthew Graham, George Calhoun Organizations: Federal Reserve, Morgan Asset Management, CNBC, Fed, Mortgage News, Financial Systems, Stevens Institute of Technology Locations: Washington

☆ Sovereign debt is the biggest risk to global growth in 2025, Saudi finance minister says
▼ + stars: | 2024-10-31 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

RIYADH — National debt is a major threat to markets in the near future, Saudi Arabia's finance minister said, expressing particular concern over lower income countries as well as what he described as rapidly growing global fragmentation. "I think globally, the serious, serious issue that we need to watch is sovereign debt issues, particularly in low income countries and emerging economies that do not have the fiscal buffers to lean into in case of disruptions in the market," Mohammed Al-Jadaan told CNBC's Dan Murphy Wednesday from the Future Investment Initiative in Riyadh. "And hopefully between the IMF and the G20 we will find a solution, and we will be ready to support the world economy in case of shocks in that area, but it is an area that we need to watch, as global leaders, to make sure that it doesn't surprise us." Global public debt hit a record $97 trillion in 2023, prompting the United Nations to call for urgent reforms for governments and financial systems around the world.

Persons: Mohammed Al, Jadaan, CNBC's Dan Murphy Organizations: Saudi, Future Investment, IMF, Global, United Nations Locations: RIYADH, Riyadh

☆ OpenAI's AI-adjusted earnings numbers have echoes of Groupon and WeWork
▼ + stars: | 2024-10-11 | by ( Alistair Barr | ) www.businessinsider.com time to read: +6 min

Is it OK for an AI company to exclude the cost of training its AI models when it reports earnings? Related storiesFor an AI company like OpenAI, training models will be an ongoing process. The world is constantly evolving, and new data is being generated, which will have to be incorporated into AI models' understanding. Let's call it "AI adjusted earnings" for an AI company. They are a private company," McKenna said.

Persons: we've, Francine McKenna, McKenna, OpenAI, It's, Groupon, WeWork Organizations: Google, Facebook, MarketWatch, Revenue, Big Tech, KPMG Consulting, SAP, Oracle, Securities, Exchange Commission, SEC Locations: It's

I grew up working class and learned good work ethic from my parents. The novelty of cap erasers and Airheads from the school store wore off fast, and money didn't have much luster. In our part of Wisconsin, with its German roots and farm families, work ethic is our moral code. What 'good work ethic' means for your financesBecause it's in my DNA, I can't help but see a strong work ethic as a virtue. What I wish I'd learned about money earlierI'll always be grateful for the work ethic I learned from my parents ... and I wish I'd gotten the nuances of money a bit earlier in life.

Persons: —, didn't, I'd, you've, I'm, fritz, it's, I've Organizations: Service, Quicken Locations: Midwest, Wisconsin

Magistrate Kathy Crittenden accepted that Baker was remorseful and was unlikely to drive after drinking again. Police reported seeing Baker’s Tesla electric car driving erratically in the fashionable Byron Bay region where he lives at 2:11 a.m. July 20. Crittenden said the outage knocked police systems offline and an electronic breath test could not be completed on Baker. She said police resorted to an “old-fashioned sobriety test.”Police reported Baker was unsteady on his feet and smelled of alcohol. “The court has little difficulty in finding that Mr. Baker is remorseful for his offending and it is unlikely he will offend again,” she said.

Persons: Simon Baker, Patrick Jane, ”, Baker, Meryl Streep, Anne Hathaway, Oscar, Kazuo Ishiguro’s “ Klara, Taika, Kathy Crittenden, CrowdStrike, Crittenden, ” Crittenden, “, remorseful Organizations: CBS, of, Police, ” Police Locations: MULLUMBIMBY, Australia, Australian, Mullumbimby, New South Wales, California, Byron Bay

☆ Hedge fund turned to a wargame to plan for a Chinese invasion of Taiwan
▼ + stars: | 2024-09-07 | by ( Michael Peck | ) www.businessinsider.com time to read: +6 min

Related storiesIn the second phase of the game, soon after the Chinese invasion began, US forces were said to have engaged and stopped the Chinese amphibious assault, though China continued to bombard Taiwan. Daniel Ceng/Anadolu via Getty ImagesThis caught the hedge fund players by surprise: they had assumed EU sanctions were unlikely because of the depth of China-Europe trade, which reached $815 billion annually in 2023. The hedge fund "agreed that any room for avoiding a total divestment from China and the South China Sea was now completely lost, and market re-entry was probably many years away." The hedge fund responded by choosing to invest heavily in semiconductors manufactured in regions not affected by the war. "This would provide potential opportunities for new players to emerge in the Global South, particularly if loans can be collateralized," Knightsbridge noted.

Persons: Finley Grimble, liquidating, KSG, Daniel Ceng, Knightsbridge, Grimble, Michael Peck Organizations: Service, Business, Knightsbridge Strategic, Getty, Treasury, Defense, Foreign Policy, Rutgers Univ, Twitter, LinkedIn Locations: British, China, Taiwan, South China, Europe, South America, Japan, South Korea, Australia, Anadolu, South, Ukraine, Africa, East, Southeast Asia, Zimbabwe, Forbes

☆ China economy: Key meeting offers few clues on how to tackle worsening downturn
▼ + stars: | 2024-07-19 | by ( Laura He | ) edition.cnn.com time to read: +8 min

While it offered few clues on how to tackle economic difficulties, the meeting did provide further insight into a shake-up of high-level personnel over the past year. If past sessions are a guide, a more detailed report may be released in the following days, but for now, “the plenum communique is light on specifics,” Evans-Pritchard added. That came days after China released disappointing economic data for the second quarter of this year. Analysts say that the coming months could offer more details on how Xi plans to revive the economy. Emphasizing short-term economic policies is rare in the history of the third plenums, said Larry Hu, chief China economist for Macquarie Group.

Persons: Hong Kong CNN — China’s, Xi Jinping, Xi, ”, Julian Evans, Pritchard, Qin, Li Shangfu, Li Yuchao, Jinming, Evans, “, ” Evans, Mao, Larry Hu Organizations: Hong Kong CNN, Communist Party, Capital Economics, Central, Defense, Liberation Army Rocket Force, of America, National Bureau, Statistics, Analysts, Macquarie Group Locations: Hong Kong, party’s, Beijing, China, policymaking, outflows, United States, Mao China

☆ 8 of the biggest stock market crashes in history — and how they changed our financial lives
▼ + stars: | 2024-07-19 | by ( Rebecca Reisner | Richard Richtmyer | ) www.businessinsider.com time to read: +20 min

While the triggers for stock market crashes vary, the ultimate outcome is always the same: the market recovers. Here's a summary of eight of the most notable stock market crashes in history, their causes, and their fallout. Stock market crash FAQWhat happens when a stock market crashes? Numerous things can cause a stock market to crash, including:PanicNatural or man-made disastersEconomic crisesSpeculationCan a stock market crash be prevented? Unlike a bear market, stock market corrections are often short and usually work themselves out.

Persons: It's, Terry Marsh, Here's, Stocks, Carola Frydman, J.P, Morgan, —, Blair Hull, Alan Greenspan, Marc Chandler, Marsh, weren't, Tyler Muir, Thai bhat, Paula Bronstein, Stringer, Chandler, chipmaker, WebVan.com, Muir, The, Lehman Brothers, NICHOLAS ROBERTS, homebuyers, Bear, Lehman, Fannie Mae, Freddie Mac, Dodd, Frank Wall, Europe —, Italy — Organizations: Federal Reserve System, SEC, FDIC, Haas School of Business, University of California, Federal Reserve, United Copper Company, UCC, Kellogg School of Management, Northwestern University, Federal, System, Dow Jones, Gross, Federal Deposit Insurance Corporation, Securities and Exchange Commission, Dow, Nasdaq, Chicago, Black, Bannockburn Global Forex, UCLA Anderson School of Management, Getty, Asia, International Monetary Fund, chipmaker Qualcomm, The Sarbanes, Oxley, Investors, Financial, Bear Stearns, Lehman Brothers, Nikkei, US, Asset, Frank Wall Street Reform, Consumer, Consumer Financial, Dow Jones Industrial, Center, Budget, Stock, Corrections Locations: University of California Berkeley, AFP, Iran, Bannockburn, Japan, Thai, Asia, Thailand, Malaysia, Indonesia, South Korea, COVID, China, Europe, Italy, Chevron

☆ G7 leaders accuse China of ‘enabling’ Russia war on Ukraine in stark warning
▼ + stars: | 2024-06-14 | by ( Nectar Gan | ) edition.cnn.com time to read: +4 min

CNN —China’s support for Russia is “enabling” its war in Ukraine, leaders of the world’s most advanced economies warned Friday in a hardening of tone against Beijing, while threatening further sanctions against actors that materially support Moscow’s war machine. “China’s ongoing support for Russia’s defense industrial base is enabling Russia to maintain its illegal war in Ukraine and has significant and broad-based security implications,” the G7 leaders said in the communique Friday. The US and European Union have already slapped sanctions on Chinese companies, and this week, the US imposed fresh sanctions on China-based firms supplying semiconductors to Russia. “So it is, in fact, helping Russia.”Leaders of the G7 nations gathered in southern Italy this week, with boosting support for Ukraine top of the agenda. “We express serious concern about the increasing use of dangerous maneuvers and water cannons against Philippine vessels.”

Persons: “, Joe Biden, Filippo Monteforte Organizations: CNN, Beijing, of, European Union, ”, Ukraine, Getty, EU Locations: Russia, Ukraine, Italy, United States, Europe, China, Western, Moscow, Beijing, “ China, AFP, European, East, South China, South

☆ De-dollarized payment systems are cropping up. Here's why they're unlikely to dent greenback dominance.
▼ + stars: | 2024-06-04 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The emergence of new regional payment systems likely won't spur de-dollarization, OMFIF said. According to commentary published Thursday, obstacles are already afflicting new regional payment systems, even as de-dollarization rhetoric creeps up. AdvertisementMeanwhile, efforts to assemble regional financial systems have delivered the Pan-African Payment and Settlement System, OMFIF cited as one example. For instance, it's even launched its own payments infrastructure, the Cross-border Interbank Payment System. But China's efforts to create an alternative system are a defensive ploy for now, OMFIF wrote in a separate note from May.

Persons: OMFIF, —, Julian Jacobs, it's, That's, Zoe Liu Organizations: Service, Monetary, Financial, Forum, United Arab, China, Foreign Relations Locations: China , Hong Kong, United Arab Emirates, Thailand, Russia, Ukraine, Beijing, Taiwan

☆ I quit my job at Goldman Sachs to risk it all on a crypto startup. Then the industry crashed.
▼ + stars: | 2024-05-24 | by ( Lauren Crosmedlicott | ) www.businessinsider.com time to read: +8 min

Luckily, Goldman hadn't filled the role, so I started working for them in November 2018. Working at Goldman Sachs would always be limitingI liked working as a trader at Goldman, but it wasn't fulfilling. I slowly realized that working for Goldman or any company, the end goal is limited to possibly being a partner. At the same time all this was happening, Luna Crypto, followed by the crypto market, crashed. AdvertisementThe crypto industry had been decimated, and I'd lost around two-thirds of my savings in cryptocurrency.

Persons: —, Hong, Goldman Sachs, wasn't, Goldman hadn't, There's, I'd, Matthew, Aaron, He'd, Aron, Goldman, Luna Crypto, I, FTX, We're Organizations: Service, Credit Suisse, Business, Amazon, Goldman Locations: Hong Kong, Canada, Barcelona, Singapore, cryptocurrency

☆ 2 brothers were just charged by the Justice Department over a $25 million crypto heist that took 12 seconds
▼ + stars: | 2024-05-15 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Two brothers were arrested and charged with pulling off a $25 million crypto heist in seconds. The DOJ said the Peraire-Bueno brothers tampered with the ethereum blockchain and funneled money to private accounts. AdvertisementTwo brothers were arrested and charged with a major crypto heist, the Department of Justice said on Wednesday. The pair stole around $25 million worth of crypto in a heist that took about 12 seconds. The Peraire-Bueno brothers were arrested on Tuesday and are set to appear in two separate courts Wednesday afternoon.

Persons: Bueno, —, Anton Peraire, James Peraire, Damian Williams, they've Organizations: DOJ, Service, Department of Justice, New, IRS, Southern, Justice Department Locations: Boston, New York

☆ Oracle's Larry Ellison thinks every government will want to build a 'sovereign' AI cloud in the future
▼ + stars: | 2024-04-07 | by ( Michelle Castillo | ) www.cnbc.com time to read: +8 min

Oracle, which works with Nvidia and Microsoft on generative AI capabilities, has already helped use cloud tech to cut red tape for countries. For the first time, we're beginning to win business for countries," Ellison said. Countries including Serbia are standardizing on Oracle Cloud Infrastructure and using generative AI for processes like automating health care. Cloud and generative AI applications allowing countries to give rural areas internet access could increase educational opportunities and create more economic value. "There's the 'Black Mirror' bad side of it: Big Brother, data wars, AI warfare and all that stuff," Garder said.

Persons: Raimo Lenschow, Ellison, Oracle's Larry Ellison, it's, Elon Musk's, you've, we've, Dan Gardner, Tapan Parikh, Parikh, Garder, Gardner, Simone Bohnenberger, It's, Bohnenberger, there's Organizations: Oracle, Barclays, EU, Nvidia, Microsoft, European, Amazon, Department of Defense, Google, Infrastructure, Oracle Cloud Infrastructure, Cornell University, U.S Locations: Serbia, Albania, European Union, Kenya, Rwanda, U.S, China, TikTok

☆ U.S. and China to hold talks on 'balanced growth' amid overcapacity concerns, Yellen says
▼ + stars: | 2024-04-06 | by ( ) www.cnbc.com time to read: +4 min

US Treasury Secretary Janet Yellen (L) shakes hands with China's Vice Premier He Lifeng in the southern Chinese city of Guangzhou, on April 5, 2024. After two days of economic talks in China's southern export hub of Guangzhou, Yellen said she and He also agreed to start a forum to cooperate on anti-money laundering efforts in their respective financial systems. Beijing also expressed serious concerns about U.S. economic and trade restrictions on China and made a full response to the production capacity issue during the talks, the statement said. The U.S. Treasury official, who spoke on condition of anonymity, said the balanced growth forum was first proposed in February during an economic working group meeting. Yellen also said she had warned Chinese firms faced "significant consequences" if they provided material support to Russia's invasion of Ukraine.

Persons: Janet Yellen, Pedro Pardo, Lifeng, Yellen, Biden, Wendy Cutler Organizations: China's, Afp, Getty, Treasury, U.S . Treasury Locations: Guangzhou, overcapacity, China, U.S, United States, Xinhua, Beijing, Ukraine

☆ Promises Donald Trump has made so far in his campaign for a second term
▼ + stars: | 2024-03-06 | by ( Piper Hudspethblackburn | Piper Hudspeth Blackburn | ) edition.cnn.com time to read: +17 min

Trump also said in that campaign video that he would cut funding for schools that teach critical race theory and gender ideology. Health careLast November, Trump promised to replace the Affordable Care Act, known colloquially as Obamacare, in a series of posts on Truth Social. Trump also vowed in a June 2023 campaign video to reinstate his previous executive order so that the US government would pay the same price for pharmaceuticals as other developed countries. The former president added in a campaign video that he would stop lobbyists and government contractors from pushing senior military officials toward war. We will reverse almost all of them,” Trump said in a campaign video.

Persons: Donald Trump, Joe Biden, Immigration Trump, Trump, ”, “, ” “ We’ll, ” Trump, Education Trump, Obamacare, Biden, ” “, Antonin Scalia, Samuel Alito, Clarence Thomas, ‘ Everybody’s, ’, ‘, he’s, Energy Trump, “ We’re, ” “ It’s, Equity “, CNN’s Tami Luhby, Kate Sullivan, Kristin Holmes Organizations: CNN, Republican, Immigration, Des Moines Register, ATF, FBI, DHS, Hamas, Department of Defense, Education, of Education, of Justice, Department of Education, Health, Trump, Democrats, Trump Administration, Justice, CIA, Department, U.S, Attorneys, Soros District, Marxist, National Guard, Department of Justice, NATO, Cities, Environmental Protection Agency, Energy, Trade, Trump Reciprocal Trade, Economy Trump, Black Conservative, Rifle Association, Legislative Action, Equity Locations: United States, Israel, America, United States of America, State, Washington , DC, Washington, NATO, American, South Carolina, Russia, Ukraine, New Hampshire, New, China, Michigan, Des Moines , Iowa

☆ Over 60% of illegal crypto activity is tied to sanctioned groups or terrorist organizations, report finds
▼ + stars: | 2024-02-29 | by ( Dylan Butts | ) www.cnbc.com time to read: +5 min

The American blockchain analysis firm's "2024 Crypto Crime Report" found that $24.2 billion of illicit cryptocurrency was transferred in 2023, based on already identified illicit crypto wallets. Chainalysis retroactively updates its yearly crypto figures when new illicit wallets come to light. watch nowCrypto to avert sanctionsEntities like the crypto "mixer" Tornado Cash and Garantex took the lion's share of illicit funds in 2023. The amount of crypto transferred to sanctioned entities has climbed in recent years in tandem with a greater share of new trade restrictions specifying crypto wallets. Terrorist financingIllicit crypto volume identified by Chainalysis as terrorist financing accounted for a much smaller proportion than that of transactions to sanctioned entities in 2022.

Persons: Andrea Gacki, cryptocurrency, Chainalysis, Andrew Fierman, Garantex, Tornado Cash, Lazarus, Lazarus Group ., Sinbad.io, Chanalysis's Fierman, Tawfiq Muhammad Said Al, Law's, Hayat Tahrir Organizations: Foreign Assets, U.S . Department of, Treasury, Bloomberg, Getty, Hezbollah, CNBC, Tornado, Lazarus Group, U.S . Office, Foreign, Lazarus, National Bureau for, Iran's Quds Force, Al, ISIS, Hayat Locations: New York, Korean, Chainalysis, China, Latin America, North Korea, Iran, Iran's Quds, Syria, cryptocurrency

☆ Opinion: What the AT&T outage reveals
▼ + stars: | 2024-02-23 | by ( Opinion Bob Kolasky | ) edition.cnn.com time to read: +6 min

CNN —The news Thursday morning of the AT&T service outage — affecting tens of thousands, if not hundreds of thousands of customers — was yet another reminder of the importance of critical infrastructure resilience. By a few minutes after 3 pm ET, about 11 hours after customers’ initial reports of the outage, AT&T said it had restored service to all affected customers. For communications, it can be conceptualized in two different ways: What is the scope and scale of the service outage and what are the cascading consequences of the outage? In a connected world, a widespread communications outage can have a contagion effect. Infrastructure outage incidents can’t be addressed by stove-piping information.

Persons: Bob Kolasky, —, it’s Organizations: Infrastructure Security, Risk Management, CNN, Bob Kolasky Department of Homeland, Federal Communications Commission, White, Communications, AT, Rogers Communications, Chinese Communist Party, Telecommunications, Carnegie Endowment, International Peace Locations: Exiger, Canada, France, Paris, Puerto Rico, Southeast, Gulf

☆ 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

HONG KONG (AP) — A Hong Kong court on Monday ordered property developer China Evergrande Group to liquidate after it was unable to reach a restructuring deal with creditors. The liquidation order is likely to impact China’s financial system, even as authorities try to prevent a selloff in the Chinese stock market. The company first defaulted on its financial obligations in 2021, just over a year after Beijing clamped down on lending to property developers in an effort to cool a property bubble. Real estate drove China’s economic boom, but developers borrowed heavily as they turned cities into forests of apartment and office towers. Others developers including Country Garden, China’s largest real estate developer, have also run into trouble, their predicaments rippling through financial systems in and outside China.

Persons: Linda Chan, Evergrande, Fergus Saurin, ”, Saurin Organizations: China Evergrande Group, Country, Zhongzhi Enterprise Locations: HONG KONG, Hong Kong, Beijing, China

☆ Fmr. CISA Director Chris Krebs explains the potential AI risks on financial systems
▼ + stars: | 2023-12-20 | 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 EmailFmr. CISA Director Chris Krebs explains the potential AI risks on financial systemsChris Krebs, PinnacleOne president and former Cybersecurity and Infrastructure Security Agency director, joins 'Squawk Box' to discuss the the potential risks of AI on financial systems, after the Treasury Department's Financial Stability Oversight Council flagged the use of AI in financial services as a system vulnerability, what it means for financial organizations going forward, and more.

Persons: Chris Krebs, PinnacleOne Organizations: Infrastructure Security Agency, Treasury

☆ Pressure Is Building in China’s Financial Plumbing
▼ + stars: | 2023-12-04 | by ( Nathaniel Taplin | ) www.wsj.com time to read: 1 min

China’s money markets are twitchy following problems in the property sector and the insolvency of asset manager Zhongzhi Enterprise Group. Photo: Bloomberg NewsPlumbing is something most of us take for granted—until there’s a problem, at which point things can get messy fast. Likewise for the “plumbing” of modern financial systems: the money markets, where banks and other financial institutions make short-term loans to each other. So given the strains China’s economy is already laboring under—including a slow-motion property sector implosion and the “serious” insolvency of Zhongzhi Enterprise Group, a large asset manager, in its own words—it isn’t a great sign that China’s money markets have recently been throwing off little blips of distress too.

Organizations: Zhongzhi Enterprise, Bloomberg, Plumbing, Zhongzhi Enterprise Group

HONG KONG (AP) — A Hong Kong court will convene a hearing Monday on troubled Chinese property developer Evergrande’s plans for restructuring its more than $300 billion in debts and staving off liquidation. The company, the world’s most indebted property developer, ran into trouble when Chinese regulators cracked down on excessive borrowing in the real estate sector. The Hong Kong High Court has postponed the hearing over Evergrande’s potential liquidation several times. But others including Country Garden, China's largest real estate developer, have also run into trouble, their predicaments rippling through financial systems in and outside China. Police are investigating Zhongzhi Enterprise Group, a major shadow bank in China that has lent billions in yuan (dollars) to property developers, after it said it was insolvent with up to $64 billion in liabilities.

Persons: Hui Ka Yan, Linda Chan, Evergrande Organizations: Hong, Hong Kong High Court, Police, Zhongzhi Enterprise Group Locations: HONG KONG, Hong Kong, Beijing, China

☆ Sending money both at home and abroad can have its challenges. New innovations are tackling those problems.
▼ + stars: | 2023-11-30 | by ( Sponsor Post | Created Insider Studios With Mastercard | ) www.businessinsider.com time to read: +5 min

Almost half — 47% — of SMEs who have experienced problems with international payments say they have become less confident about sending money across borders and as a result send fewer payments overseas. "The market expectation is that the user experience for domestic payments can be replicated with cross-border payments. However, cross-border payments still face a lot of challenges. "Against this backdrop, it's never been more crucial for cross-border payments to arrive safely. The G20 Roadmap for Enhancing Cross-Border Payments aims to make such transactions "cheaper, faster, more transparent, and more accessible" by 2027.

Persons: Rasika Raina, Mastercard's, Raina, it's Organizations: Mastercard, Research, Insider Studios

☆ U.S. financial regulator talks about AI, blockchain adoption
▼ + stars: | 2023-11-15 | 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 EmailU.S. financial regulator talks about AI, blockchain adoptionCaroline Pham, Commissioner of the U.S. Commodity Futures Trading Commission talks about the adoption of artificial intelligence and blockchain into financial systems.

Persons: Caroline Pham Organizations: U.S . Commodity Futures, Commission

☆ United States falls in measure of providing access to financial services
▼ + stars: | 2023-10-03 | 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 EmailUnited States falls in measure of providing access to financial servicesFinancial inclusion means individuals and businesses have access to useful and affordable financial products. A country's employers, financial systems and governments are the pillars for what makes a system inclusive. The Centre for Economics and Business Research and Principal Financial Group researched 42 markets to create an index of financial inclusion that puts Singapore at the top spot for the second year. The U.S. now ranks fourth, falling from second place last year. CNBC's Sharon Epperson spoke exclusively with Principal Financial Group Chairman and CEO Dan Houston about financial inclusion and the U.S. position.

Persons: CNBC's Sharon Epperson, Dan Houston Organizations: Economics, Business Research, Financial Locations: States, Singapore, U.S

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