DIRS.INFO The most relevant business & tech news

☆ Singapore's central bank looking into banks' role in $1.8 bln money laundering case
▼ + stars: | 2023-09-26 | by ( Yantoultra Ngui | Thomson Reuters | Yantoultra Ngui Is A Southeast Asia Deals Correspondent With Reuters In Singapore | ) www.reuters.com time to read: +2 min

SINGAPORE, Sept 26 (Reuters) - Singapore's central bank said on Tuesday it was looking into whether banks involved in a S$2.4 billion ($1.75 billion) money laundering scandal in the global wealth hub had taken all reasonable steps to mitigate risks. The Monetary Authority of Singapore (MAS) will take action if its findings reveal shortcomings in the banks' controls, a spokesperson said in an emailed statement. Singapore police last month arrested and charged 10 foreigners including from China, in one of the biggest anti-money laundering swoops. The scandal has raised questions on whether the banks are strictly following the city-state's stringent anti-money laundering rules. ($1 = 1.3677 Singapore dollars)Reporting by Yantoultra Ngui; Editing by Sumeet Chatterjee and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Yantoultra Ngui, Sumeet Chatterjee, Anil D'Silva Organizations: Monetary Authority of Singapore, Singapore, MAS, FIs, Thomson Locations: SINGAPORE, China, Singapore, Asia

☆ Rosalind Brewer Steps Down as Walgreens Chief After a Short Tenure
▼ + stars: | 2023-09-01 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +3 min

Walgreens has been shifting away from pharmacy and retail to focus more on health care services, with mixed results. “While the wisdom of this move is debatable, health care is not Ms. Brewer’s forte.”Before joining Walgreens, Ms. Brewer was the chief operating officer of Starbucks and previously served as chief executive of Sam’s Club, a division of Walmart. As Walgreens leans more into the health care business, it faces several hurdles, industry experts said. It is rare for a woman to replace another female chief executive.

Persons: ” Neil Saunders, GlobalData, Brewer, Brewer’s, ”, James Kehoe, “, Walgreens, Stefano Pessina, Graham, Ms, Eli Lilly Organizations: Walgreens, Starbucks, Sam’s, Walmart, Deutsche, Deutsche Bank analysts, Amylin Pharmaceuticals, Guidant Corporation

☆ Singapore arrests 10 foreigners, seizes S$1 bln assets in money laundering probe
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Caroline Chia/File Photo Acquire Licensing RightsSINGAPORE, Aug 16 (Reuters) - Singapore police have arrested 10 foreigners for alleged money laundering and forgery offences, in a case involving about S$1 billion ($737 million) of cash, properties, luxury cars and other assets. Other seizures included bank accounts, cash, luxury bags, jewellery, watches, electronic devices and some documents with information on virtual assets. The foreigners were aged between 31 and 44, and their nationalities include Chinese, Turkish, Cypriot, Cambodian and Ni-Vanuatu, Singapore police said. In a separate statement, the Singapore central bank said it has been "in touch with the financial institutions (FIs) where the potentially tainted funds have been identified. ($1 = 1.3572 Singapore dollars)Reporting by Chen Lin in Singapore; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Caroline Chia, Chen Lin, Alison Williams Organizations: REUTERS, Rights, Singapore, Cypriot, FIs, Thomson Locations: Singapore, Vanuatu

By increasing the degree of risk attributed to certain assets, the proposed rules would require banks to hold proportionately more capital, potentially eating into returns on equity and profits. Making such lending more expensive will shrink credit available to historically under-served borrowers, something the industry is likely to fight, he said. Chen Xu, an attorney in the financial institutions group at Debevoise & Plimpton, said the new rules viewed high-revenue business lines as higher risk. Morgan Stanley (MS.N) analysts say the largest banks may take up to four years to set aside profits to comply with the new capital rules. Dennis Kelleher, head of the financial reform advocacy group Better Markets, said the banking industry had made similar complaints in the past which he believed had proven unfounded.

Persons: Mike Segar, Joe Saas, Chen Xu, Plimpton, Michael Barr, JPMorgan Chase, Jamie Dimon, Wells Fargo, Kevin Stein, Morgan Stanley, Richard Ramsden, Goldman Sachs, Ramsden, Dennis Kelleher, Douglas Gillison, Tatiana Bautzer, Nupur Anand, Saeed Azhar, Megan Davies, Anna Driver Organizations: Wall, New York Stock Exchange, REUTERS, Industry, Financial Services, Bank Policy Institute, Securities Industry, Financial Markets Association, Debevoise, JPMorgan, CNBC, Citigroup, Bank of America, Klaros Group, Banking Supervision, Better, Thomson Locations: Manhattan, New York City , New York, U.S, Washington, Wells, Basel

☆ Payments processor FIS to sell stake in merchant unit to GTCR for $11.7 bln
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

July 6 (Reuters) - Fidelity National Information Services (FIS.N) is selling a majority stake in its merchant business to private equity firm GTCR, the payments processor said on Thursday, in a deal that will fetch $11.7 billion. The company built its merchant business through a $43-billion purchase of Worldpay in 2019. As part of the deal, the private equity has committed an additional investment of up to $1.25 billion in Worldpay. Reuters had earlier this week reported that GTCR was in advanced talks for a majority stake in the merchant business. Charles Drucker, former CEO of Worldpay, will lead the merchant business after the spinoff, FIS said.

Persons: GTCR, Charles Drucker, Niket Nishant, Manya, Arun Koyyur Organizations: Fidelity National Information Services, FIS, GTCR, Reuters, Manya Saini, Thomson Locations: Worldpay, Bengaluru

SummarySummary Companies Tesla jumps on upbeat Q2 vehicle deliveriesChinese automakers climb on strong June salesOil stocks up as Saudi Arabia, Russia announce supply cutsFutures: Nasdaq up 0.18%, Dow down 0.14%, S&P flatJuly 3 (Reuters) - Nasdaq futures rose on Monday as Tesla shares extended gains after the electric-vehicle maker reported record vehicle deliveries in the second quarter. Tesla (TSLA.O) gained 6.6% in premarket trading, a day after the company's quarterly vehicle deliveries topped market estimates on the back of incentives and steeper discounts. ET, Dow e-minis were down 49 points, or 0.14%, S&P 500 e-minis were up 1.5 points, or 0.03%, and Nasdaq 100 e-minis were up 27.5 points, or 0.18%. Trading volumes are expected to be thin with markets open for just half the day, ahead of the Independence Day holiday on Tuesday. U.S.-listed shares of Chinese carmakers Xpeng , Li Auto and Nio rose between 5.8% and 9.1% after the companies reported a surge in June vehicle deliveries compared with a year earlier.

Persons: Tesla, Susannah Streeter, Hargreaves Lansdown, Investors, Li Auto, Bansari Mayur Kamdar, Johann M, Pooja Desai, Vinay Dwivedi Organizations: Nasdaq, Dow, Hargreaves, Investors, Dow e, Chevron, Exxon Mobil, Fidelity National Information Services, Financial, Thomson Locations: Saudi Arabia, Russia, Worldpay, Bengaluru

Tesla (TSLA.O) gained 7.4% to hit a nine-month high, a day after its car deliveries topped market estimates on the back of incentives and steeper discounts. The consumer discretionary sector (.SPLRCD) that includes Tesla rose 1.5%, leading gains among the top 11 S&P 500 sectors, while healthcare stocks (.SPXHC) declined. Fidelity National Information Services (FIS.N) added 5.4% as buyout groups weighed bids for a majority stake in Worldpay, co-owned by the financial services firm, according to a Financial Times report. Advancing issues outnumbered decliners by a 2.02-to-1 ratio on the NYSE and a 1.53-to-1 ratio on the Nasdaq. The S&P index recorded 12 new 52-week highs and no new low, while the Nasdaq recorded 42 new highs and 33 new lows.

Persons: Hogan, Investors, Li Auto, Bansari Mayur Kamdar, Johann M, Pooja Desai, Vinay Dwivedi Organizations: Dow, Nasdaq, Riley, General Motors, Ford, EV, Rivian Automotive, Traders, Apple, Microsoft, Dow Jones, Fidelity National Information Services, Financial, NYSE, Thomson Locations: Worldpay, Bengaluru

Worldpay comprises the bulk of the FIS merchant business, which processes payments for companies. GTCR's offer prevailed over Advent International, another buyout firm that was also vying for the business, the sources said. If the negotiations conclude successfully in the coming days, FIS plans to keep a minority stake in the business, the sources said. FIS, which started in 1968 and serves big financial services corporations, has cut thousands of jobs since the review began. Chicago-based GTCR manages more than $35 billion in assets and invests across sectors, including financial services.

Persons: GTCR, Johnson, Kellogg, Shaw, Jana, Anirban Sen, David French, Milana, Greg Roumeliotis, Richard Chang Organizations: YORK, GTCR, Fidelity National Information Services, FIS, International, Financial Times, General Electric Co, Toshiba Corp, Jana Partners, Reuters, Black Knight Inc, Global, Service, Thomson Locations: Worldpay, Jacksonville , Florida, Chicago, New York

Artificial intelligence algorithms are increasingly being used in financial services — but they come with some serious risks around discrimination. And the problem of amplifying existing biases can be even more severe when it comes to banking and financial services. As for financial services, Manji said a lot of the backend data systems are fragmented in different languages and formats. "Individuals have little knowledge of how AI systems work and that their individual case may, in fact, be the tip of a systems-wide iceberg. Among the top worries industry insiders expressed are misinformation; racial and gender bias embedded in AI algorithms; and "hallucinations" generated by ChatGPT-like tools.

Persons: Nabil Manji, Manji, they've, we're, You've, Banks, Banking's, Rumman Chowdhury, Twitter's, Chowdhury, Angle Bush, Bush, Frost Li, Li, Niklas Guske, Guske, it's, Goldman Sachs, Kim Smouter, Smouter, ethicists Organizations: Photodisc, Getty, Deloitte, CNBC, Microsoft, Google, Black, Artificial Intelligence, Tokyo University, Apple, New York Department of Financial Services, European Network, United Nations Locations: AMSTERDAM, Worldpay, Amsterdam, Chicago, Loup, United

MAS imposed penalties of S$2.6 million ($1.93 million) for DBS, S$600,000 for OCBC, or Oversea-Chinese Banking Corp, S$400,000 for Citibank and S$200,000 for Swiss Life. Asked whether illicit activities had taken place involving the institutions, MAS said its checks focused on compliance with its requirements. DBS failed to adequately inquire into the background and purpose of "unusually large transactions", it said. A Swiss Life spokesperson said it had terminated a client relationship in 2020 after being approached by authorities about a contract. "Since then, and in close cooperation with the authorities, additional measures have been implemented within Swiss Life (Singapore) to detect client misconduct more effectively."

Persons: Wirecard, OCBC, Chen Lin, Yantoultra, Selina Li, Martin Petty, Conor Humphries Organizations: Citibank, DBS, Swiss, Monetary Authority of Singapore, Chinese Banking Corp, MAS, FIs, Singapore police, Thomson Locations: SINGAPORE, Singapore

☆ Patrick Gasienica: Olympic ski jumper dies at 24
▼ + stars: | 2023-06-15 | by ( Amy Woodyatt | ) edition.cnn.com time to read: +1 min

CNN —Olympic ski jumper Patrick Gasienica died at the age of 24 on Monday, USA Nordic has announced. A GoFundMe page shared by USA Nordic, who confirmed his death Wednesday, said he died in a motorcycle crash returning from work. Gasienica, who was born in Mchenry, Illinois, represented the USA in his first Olympic Winter Games in Beijing 2022. He made his International Ski Federation (FIS) Ski Jumping debut in 2015, and went on to represent the United States at FIS Junior World Ski Championships in 2016 and 2017, and the 2019 FIS Nordic World Ski Championships in Seefeld, USA Nordic said in a statement published by U.S. “USA Nordic and the Ski Jumping community are saddened to hear about the passing of Patrick Gasienica,” USA Nordic said in a statement on Twitter.

Persons: Patrick Gasienica, Gasienica, “, Patrick, ” Organizations: CNN, Olympic, USA Nordic, USA, Games, Ski Federation, United States, FIS, U.S, Snowboard, Nordic, Twitter, ” CNN, McHenry Police Department, Bull Valley Police Department Locations: USA, Mchenry , Illinois, Beijing, United, Seefeld

☆ Fintech Finix is now a payments processor. The startup's CEO details how it wants to upend the industry and take on industry giants like Fiserv and FIS.
▼ + stars: | 2023-05-04 | by ( Paige Hagy | ) www.businessinsider.com time to read: +4 min

Finix is now a payments processor, Insider has learned. The financial-technology startup is now a payments processor in addition to being a payments facilitator, Insider has learned. By becoming a payments processor, Finix is reducing the number of third-parties in a given transaction as it looks to compete against legacy processors such as Fiserv and FIS. As a processor, Finix can own yet another portion of the payments' lifecycle. And while a legacy processor can take up to 24 hours to test new code, Finix takes 30 minutes.

☆ This is the banking crisis that doesn't end
▼ + stars: | 2023-05-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

This is the banking crisis that doesn't end. So, about that banking crisis being over. The ink is barely dry on JPMorgan's agreement with regulators and it seems more regional banks are feeling the pain. Customers of regional banks are starting to ask questions about how safe their local lender is, the Financial Times reports. Here's more on how regional banks are still getting slammed despite JPMorgan's Jamie Dimon calling an end to the bank crisis.

☆ Fintech Finix just became a payments processor as the startup looks to compete with industry giants like Fiserv and FIS
▼ + stars: | 2023-05-02 | by ( Paige Hagy | ) www.businessinsider.com time to read: +4 min

First Republic reported a more than $100 billion plunge in deposits in the quarter in the aftermath of the biggest turmoil to hit the banking sector since 2008. Regional bank PacWest Bancorp (PACW.O) fell 9%, Western Alliance Bancorporation (WAL.N) 6%, Zions Bancorp (ZION.O) 5% and brokerage Charles Schwab Corp (SCHW.N) was down 4%. First Republic said on Monday it was "pursuing strategic options" to quickly strengthen the bank, without providing details. Options include an asset sale of up to $100 billion, a source familiar with the situation said on Tuesday. "So it's tough to even describe it as good asset and bad asset," Chiaverini said.

☆ Here's the 13-page pitch deck Stratyfy, a fintech using AI to help lenders work with the underbanked, used to raise $10 million
▼ + stars: | 2023-04-10 | by ( Bianca Chan | ) www.businessinsider.com time to read: +4 min

Stratyfy uses AI to help lenders extend more credit to underbanked communities. Here's the 13-page pitch deck Stratyfy used to raise its so-called "institutional seed." Stratyfy works to help lenders eliminate biasStratyfy uses machine-learning algorithms to help lenders remove sharp cutoffs — like those based on credit history lengths or current income — that are often used in their credit decisioning. The core engine uses a lender's traditional credit data, in addition to alternative data, to offer a breakdown of factors in a given borrower's profile. Here's the pitch deck Stratyfy used to raise $10 million.

☆ Shiffrin ends season on a high with another record in giant slalom win
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

[1/5] Alpine Skiing - FIS Alpine Ski World Cup - Women's Giant Slalom - Soldeu, Andorra - March 19, 2023 Mikaela Shiffrin of the U.S celebrates with the globe trophy after winning the women's Slalom REUTERS/Albert GeaMarch 19 (Reuters) - Mikaela Shiffrin extended her record to 88 World Cup victories after dominating the season-ending giant slalom in Soldeu on Sunday to win her 14th event of the season. Victory also gave the American her 138th podium to break the women's record she shared with compatriot Lindsey Vonn after finishing third in Saturday's slalom. Sweden's Ingemar Stenmark holds the men's record for most podiums with 155. Shiffrin, who broke Stenmark's record of 87 wins earlier this month, had already won the slalom and giant slalom titles along with the overall crystal globe. Pre-race favourites, including last year's Olympic champion Sara Hector of Sweden, Italy's Federica Brignone and Saturday's slalom winner Petra Vlhova, did not finish their first run after crashing through gates.

☆ Why this could be the 'best time' to contribute to a retirement plan, according to an advisor
▼ + stars: | 2023-03-16 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

said Louis Barajas, CEO of International Private Wealth Advisors, a certified financial planner and member of CNBC's Advisor Council. In fact, "this is the best time to continue to contribute." "Everybody wants to get out when there's uncertainty," Barajas said. 'Everyone is feeling pressure financially'After a tumultuous stretch, many older Americans are concerned about their retirement security. "We've had almost 12 years of a boom market, all they've seen is markets go up," Barajas said.

☆ Retirement savers can position for a ‘comeback’ after 2022 losses, says advisor. Here’s how
▼ + stars: | 2023-03-07 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

"It's important to remember that as long as you haven't sold those investments, you haven't realized the loss, either, and there is a potential for a comeback." It's reasonable to expect that portfolios will continue to improve in the next year, or even by year-end, she said. More from Personal Finance:Why Social Security retirement age, payroll tax may changeExperts argue Social Security retirement age shouldn't pass 67Return on waiting to claim Social Security is 'huge' Even if one sector of the financial markets performed well, you can't assume that will continue. After a tumultuous year, many older Americans are concerned about their retirement security. Nearly half, or 48%, of retired Americans believe they'll outlive their savings, a separate report by Clever Real Estate found.

☆ Retirees lost 23% of their 401(k) savings in 2022, Fidelity says
▼ + stars: | 2023-02-23 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

In this article FIS Follow your favorite stocks CREATE FREE ACCOUNTFluxfactory | E+ | Getty ImagesIn a year marked by stiff economic headwinds, retirement savers paid the price. Although the average 401(k) balance rose in the fourth quarter of last year, balances ended 2022 down 23% from a year earlier to $103,900, according to a new report by Fidelity Investments, the nation's largest provider of 401(k) plans. The financial services firm handles more than 35 million retirement accounts in total. "It's clear that the less-than-optimal economy, including historically high inflation coupled with rising interest rates, has taken a double-edged toll on Americans," said Mark Hamrick, senior economic analyst at Bankrate. Many retirees expect to outlive their savings

☆ Shiffrin wins first giant slalom gold at world championships
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

[1/4] Alpine Skiing - FIS Alpine Ski World Cup - Women's Giant Slalom - Meribel, France - February 16, 2023 Mikaela Shiffrin of the U.S. poses with the United States flag after winning the Women's Giant Slalom REUTERS/Leonhard FoegerFeb 16 (Reuters) - American favourite Mikaela Shiffrin claimed victory in the giant slalom in Meribel, France on Thursday to take her career world championships gold medal haul to seven. The 27-year-old Alpine skier bagged her first giant slalom gold at the world championships. She had previously won four slalom world titles, one in super-G and one in combined. Shiffrin has now struck gold at each of the last six world championships, with an overall tally of 13 medals at the event. Shiffrin could increase her tally on Saturday when she competes in the slalom.

☆ FIS’s Worldpay Spinoff Is Jumbled by Tough Outlook
▼ + stars: | 2023-02-14 | by ( Telis Demos | ) www.wsj.com time to read: 1 min

The plan seeks to help Worldpay make necessary investments or acquisitions. Fidelity National Information Services is splitting into two parts. Both have their challenges. FIS said Monday that it plans to do a tax-free spinoff of its merchant-solutions business, which facilitates payments for sellers such as retailers, within the next 12 months. The move would unwind a previous merger to create two companies: Worldpay for payments; and FIS, which provides banks and capital-markets firms with software and other services.

☆ Stocks making the biggest moves premarket: Palantir, Coca-Cola, Marriott and more
▼ + stars: | 2023-02-14 | by ( Jesse Pound | ) www.cnbc.com time to read: +4 min

Here are the stocks making notable moves before the opening bell on Tuesday, Feb. 14. Palantir — Shares of the software company surged 18% in extended trading after Palantir reported it made a profit in the fourth quarter, the first GAAP profit in the company's history. Marriott — The hotel stock rose nearly 2% in premarket trading after Marriott beat estimates on the top and bottom lines for the fourth quarter. Cadence Design Systems — The electronics design stock rose 5% premarket after Cadence beat estimates on the top and bottom lines for the fourth quarter, according to StreetAccount. Amkor Technology — The semiconductor stock fell about 3% premarket after Amkor's fourth quarter earnings per share came in at 67 cents, three cents below estimates, according to StreetAccount.

☆ United States win gold in team parallel at world championships
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +2 min

[1/5] Alpine Skiing - FIS Alpine Ski World Cup - Team Parallel - Meribel, France - February 14, 2023 Gold medallist team United States celebrate on the podium after winning the Team Parallel final REUTERS/Denis BalibouseMERIBEL, Feb 14 (Reuters) - The United States beat Norway to claim gold in the team parallel event at the Alpine skiing world championships on Tuesday. "It was really special," said Radamus, who was part of the U.S. team that finished fourth in the event at the 2022 Beijing Olympics. "I love these team events because it's something we don't get to do all the time; compete as a team. American Mikaela Shiffrin, who took her 12th career world championship medal with silver in the super-G last week, did not compete in the event. Reporting by Aadi Nair in Bengaluru Editing by Christian Radnedge and Pritha SarkarOur Standards: The Thomson Reuters Trust Principles.

☆ Morgan Stanley says this fintech stock is due for a rebound after back-to-back years of losses
▼ + stars: | 2023-02-14 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Fidelity National Information Services could be in for a big jump going forward, according to Morgan Stanley. Analyst James Faucette upgraded the fintech stock to overweight from equal weight and upped his price target by $6 to $79. Fidelity National Information Services advanced nearly 2% in premarket trading on Tuesday. Faucette said the market has priced in "too draconian" of a multiple for the merchant business in recent years. The move comes as venture capital investment falls across the board, which Faucette thinks could help Fidelity National Information Services.

Search resuls for: "FIs"

25 mentions found