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☆ Savings Account and CD Rates Today | More Banks Add 5% Rates
▼ + stars: | 2023-09-15 | by ( Business Insider | ) www.businessinsider.com time to read: +21 min

Persons: Banks, you'd, —, Cash, we've Organizations: FDIC, CIT Bank, Savings, First, Citizens Bank & Trust Company, Federal Deposit Insurance Corporation, Bank & Trust Company, Connect, Barclays, Barclays Bank, Apple, Western Alliance Bank, Mint Western Alliance Bank, Start, Cash, Products, Technology Credit, USALLIANCE, Pelican State Credit Union, Federal Credit Union, of Commerce Federal Credit Union, Newtek Locations: Axos, —

☆ Most Americans don't trust companies to use AI responsibly, study finds
▼ + stars: | 2023-09-15 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

It found that 79% of Americans had little or no trust that the tech would be used responsibly. Only 21% of respondents said they trusted businesses with AI "a lot" or "some." An August Gallup survey asked people if they trusted businesses to use AI responsibly. Only 21% of respondents said they trusted businesses with AI "a lot" or "some." AdvertisementAdvertisementThe researchers said the rapid development of generative AI technology "may be changing the stereotype of what computers can do in the workplace."

Persons: Gallup, OpenAI's Organizations: Gallup, Service Locations: Wall, Silicon

☆ Savings Account and CD Rates Today | More 5% Rates Come to Market
▼ + stars: | 2023-09-14 | by ( Business Insider | ) www.businessinsider.com time to read: +21 min

Persons: Banks, you'd, —, Cash, we've Organizations: FDIC, CIT Bank, Savings, First, Citizens Bank & Trust Company, Federal Deposit Insurance Corporation, Bank & Trust Company, Connect, Barclays, Barclays Bank, Apple, Start, Western Alliance Bank, Mint Western Alliance Bank, Cash, Products, Technology Credit, Pelican State Credit Union, Federal Credit Union, of Commerce Federal Credit Union, Newtek Locations: Axos, —

☆ What is shadow banking? Unpacking the risks for China
▼ + stars: | 2023-09-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

China Photos | Getty Images News | Getty ImagesBEIJING — China's real estate problems have again drawn attention to the world of shadow banking and the risks it poses to the economy. Shadow banking — a term coined in the U.S. in 2007 — refers to financial services offered outside the formal banking system, which is highly regulated. Estimates of the size of shadow banking in China vary widely, but range in the trillions of U.S. dollars. Shadow banking and real estateChina's property sector, an estimated one-fourth of the economy, lies at the intersection of shadow banking, local government finances and household assets. "These trust companies were basically part of the shadow banking system in China."

Persons: —, Logan Wright, Wright, Shimao, PwC, Edward Chan, Nomura Organizations: Getty, BEIJING, Developers, Logan Wright Center for Strategic, Center for Strategic, Studies, PricewaterhouseCoopers, CNBC, CSIS Locations: Shanghai, China, U.S

☆ Anti-trust concerns around Google likely won't materially impact earnings, says Evercore's Mahaney
▼ + stars: | 2023-09-12 | 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 EmailAnti-trust concerns around Google likely won't materially impact earnings, says Evercore's MahaneyMark Mahaney, Head of Internet Research at Evercore ISI, discusses the Department of Justice's anti-trust trial against Google's search engine dominance.

Persons: Evercore's, Mark Mahaney Organizations: Google, Internet Research, Evercore ISI, of

Like many financial institutions in the current high interest rate environment, Northern Trust is confronting growing financing costs as tries to hold onto deposits. Northern Trust shares sank to $69.81, down more than 9%, to their lowest level since mid-July after Tyler's comments. A Northern Trust spokesperson did not immediately respond to a Reuters request for further comment. Asset and wealth managers, including Northern Trust and peer State Street Corp (STT.N), are seeing a decline in NII as customers move deposits to higher yielding alternatives. In July, Northern Trust reported that its deposits fell by 10% to $91.9 billion in the second quarter, although Tyler said on Tuesday deposits have generally stabilized.

Persons: Jason Tyler, That's, it's, Tyler, Tyler's, Chibuike Oguh, Michelle Price, Mark Potter Organizations: Northern Trust Corp, Barclays, Northern Trust, State Street Corp, Trust, Thomson Locations: New York

☆ Savings Account and CD Rates Today | Earn Over 5% on Savings and CDs
▼ + stars: | 2023-09-12 | by ( Business Insider | ) www.businessinsider.com time to read: +21 min

Persons: Banks, you'd, —, Cash, we've Organizations: FDIC, CIT Bank, Savings, First, Citizens Bank & Trust Company, Federal Deposit Insurance Corporation, Bank & Trust Company, Connect, Barclays, Barclays Bank, Apple, Western Alliance Bank, Mint Western Alliance Bank, Start, Cash, Products, Technology Credit, Pelican State Credit Union, Federal Credit Union, of Commerce Federal Credit Union, Newtek Locations: Axos, —

☆ Google engaged in a monopolistic feedback loop to maintain search dominance, DOJ alleges in first day of trial
▼ + stars: | 2023-09-12 | by ( Lauren Feiner | ) www.cnbc.com time to read: +12 min

That popularity, the company says, is why browser and phone makers have chosen Google as their default search engine through revenue sharing agreements. It will also hear from Apple's Senior Vice President of Services Eddy Cue and Mozilla CEO Mitchell Baker, Google's lawyer said. Following opening statements, the DOJ lawyer questioned its first witness, as it begins what's known as its "case-in-chief." But it's important browsers pick the right search default, Schmidtlein said, as Mozilla learned when it switched its default from Google to Yahoo in 2014. WATCH: DOJ takes on Google in antitrust lawsuit over Google Search

Persons: Jonathan Kanter, Kevin Dietsch, Sundar Pichai, Services Eddy, Mitchell Baker, Google's, Sridhar Ramaswamy, Neeva, Hal Varian, Ting Shen, Varian, Kenneth Dintzer, Dintzer, Ditzner, Patterson Belknap Webb, William Cavanaugh, Joan Braddi, Braddi, Siri, Cavanaugh, Kent Walker, Williams, Connolly's John Schmidtlein, Schmidtlein, Denelle Dixon, Apple Organizations: Antitrust, Department of Justice, Getty, Google, Colorado, Washington , D.C, Apple's, Services, Mozilla, DOJ, AGs, Google Inc, Bloomberg, Microsoft, Federal Trade Commission, Apple, Samsung, Branch, Global Affairs, Inc, Yahoo, TechCrunch, CNBC, YouTube Locations: Washington , DC, Washington ,, Snowflake, Colorado, Siri

☆ CD and Savings Account Rates Today
▼ + stars: | 2023-09-09 | by ( Business Insider | ) www.businessinsider.com time to read: +21 min

Leading High-Yield Savings Account RatesRemember that high-yield savings account rates are variable, so they will change over time. Fees no monthly service fee Annual Percentage Yield (APY) 5.26% Minimum Deposit Amount $1 Pros Check mark icon A check mark. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates. Products in this post: Technology Credit Union 5 Month No Penalty CD, TotalDirectBank 6 Month CD, TotalDirectBank 1 Year CD, Pelican State Credit Union 2 Year Share Certificate, US Senate Federal Credit Union 3 Year Smart Share Certificate, Department of Commerce Federal Credit Union 5 Year Share CDBetterment Cash Reserve Account, CloudBank 24/7 High Yield Savings Account, UFB High Yield Savings, Milli Savings Account, Newtek Bank Personal High Yield Savings Account

Persons: Banks, you'd, —, Cash, we've Organizations: FDIC, CIT Bank, Savings, First, Citizens Bank & Trust Company, Federal Deposit Insurance Corporation, Bank & Trust Company, Bank, Barclays, Barclays Bank, Apple, Western Alliance Bank, Mint Western Alliance Bank, Start, Cash, Products, Technology Credit, Pelican State Credit Union, Federal Credit Union, of Commerce Federal Credit Union Locations: Axos, —

☆ CD and Savings Account Rates Today | Leading CD and Saving Rates
▼ + stars: | 2023-09-07 | by ( Business Insider | ) www.businessinsider.com time to read: +23 min

Persons: Banks, you'd, —, Cash, we've Organizations: FDIC, CIT Bank, Savings, First, Citizens Bank & Trust Company, Federal Deposit Insurance Corporation, Bank & Trust Company, Bank, Barclays, Barclays Bank, Apple, American Express, Western Alliance Bank, Mint Western Alliance Bank, Start, Cash, Products, Technology Credit, Pelican State Credit Union, Federal Credit Union, of Commerce Federal Credit Union Locations: Axos, —

☆ US authorities interview Winklevoss over claims against DCG and its CEO -source
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Lucas Jackson/file photo Acquire Licensing RightsSept 7 (Reuters) - U.S. authorities are probing claims of fraud that Cameron Winklevoss, the co-founder of crypto firm Gemini Trust Co, has made against the Digital Currency Group (DCG) and its founder Barry Silbert, according to a source familiar with the inquiry. Winklevoss has said that DCG and Silbert misrepresented the financial health of DCG's lending arm Genesis, which filed for bankruptcy in January. Gemini was the largest creditor of the bankrupt firm and is suing DCG and Silbert. Federal prosecutors in New York and investigators from the FBI and the Securities and Exchange Commission asked Winklevoss about his claims during an interview in recent months, the source said. Authorities have not accused DCG or Silbert of any misconduct and investigations do not always lead to charges.

Persons: Cameron Winklevoss, Lucas Jackson, Barry Silbert, Winklevoss, Silbert, Gemini, DCG, Chris Prentice, Jaiveer Singh, Devika Syamnath, Cynthia Osterman Organizations: New York State Department of Financial Services, REUTERS, Gemini Trust, Digital Currency Group, FBI, Securities and Exchange Commission, Bloomberg, SEC, Gemini, Thomson Locations: Manhattan, New York, Bengaluru

☆ Ivy League linguistics expert shares the No. 1 common phrase to never use: It really means 'Your problems don't matter to me'
▼ + stars: | 2023-09-07 | by ( Ashton Jackson | ) www.cnbc.com time to read: +2 min

If you're speaking with John McWhorter, never use this common phrase: "It is what it is." "The first time someone said that to me was when something unpleasant had happened to me, and he didn't care. "And I parsed it and I thought, 'What a gorgeously chilly way of saying: Your problems don't matter to me.'" But it can come across as so passive that using it can erode other people's trust in you, as McWhorter noted. It's not entirely bad news for McWhorter's least-favorite phrase: Using it can be a sign of emotional resilience, because it shows your ability to accept your circumstances, psychologist Cortney Warren told Make It last month.

Persons: John McWhorter, Bill Gates, McWhorter, You've, they're, Yasmene Mumby, Cortney Warren, Warren, it's, Kathy, Ross Petras, Warren Buffett Organizations: Columbia University, Genome, Associated Press, NORC, for Public Affairs Research, Trust, CNBC

☆ C&S, SoftBank near deal to buy stores from Kroger, Albertsons - source
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

The deal value and the number of stores included in the transaction could not be immediately learned. C&S lost one of its largest customers, Ahold Delhaize (AD.AS), when the supermarket group decided to transition to self-distribution in 2019. Kroger, Albertsons, C&S and SoftBank did not respond to Reuters' request for a comment. Reuters had reported in February that Kroger and Albertsons were advancing their plans to sell between 250 and 300 stores that they hope will alleviate U.S. antitrust concerns over their combination. In March, the companies reiterated that they would divest some stores to win the regulatory clearance required to go ahead with the merger.

Persons: Ahold, SoftBank, Kroger's, Juby Babu, Anirban Sen, Abigail Summerville, Sherry Jacob, Phillips, Rashmi Organizations: S Wholesale Grocers, SoftBank, Kroger, Albertsons Companies Inc, Reuters, Bloomberg, Albertsons, Federal Trade Commission, Thomson Locations: Pacific Northwest, Southern California, Phoenix, Chicago, Bengaluru, New York

☆ US FTC secures settlement with ICE, Black Knight over $11.7 bln deal
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

[1/2] A screen displays the logo for Black Knight on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2022. REUTERS/Brendan McDermid Acquire Licensing RightsAug 31 (Reuters) - The U.S. Federal Trade Commission (FTC) on Thursday said it had secured a settlement resolving antitrust concerns over NYSE-owner Intercontinental Exchange's (ICE.N) proposed purchase of data vendor Black Knight (BKI.N). The proposed settlement ensures Black Knight's divestiture of Empower and Optimal Blue, two businesses that provide services in the mortgage origination process, the FTC said. Black Knight said in mid-July it would sell its Optimal Blue business for $700 million. Optimal Blue provides data and technology to price and trade mortgages.

Persons: Knight, Brendan McDermid, Henry Liu, Joe Biden, Jasper Ward, David Ljunggren, Cynthia Osterman, Bill Berkrot Organizations: New York Stock Exchange, REUTERS, U.S . Federal Trade Commission, NYSE, Intercontinental, FTC, Competition, Constellation Software, Constellation Web Solutions, ICE, Thomson Locations: New York City, U.S, FTC's

Companies Microsoft Corp FollowSalesforce Inc FollowBRUSSELS, Aug 31 (Reuters) - Microsoft (MSFT.O) will unbundle its chat and video app Teams from its Office product and make it easier for rival products to work with its software, the U.S. company said on Thursday in a move aimed at staving off a possible EU antitrust fine. The proposed changes came after a month after the European Commission launched an investigation into Microsoft's tying of Office and Teams following a complaint by Salesforce-owned (CRM.N) workspace messaging app Slack in 2020. Microsoft's preliminary concessions failed to address concerns. Reporting by Foo Yun Chee; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Foo Yun Chee, Sharon Singleton Organizations: Microsoft, U.S ., European Commission, Salesforce, Thomson Locations: U.S

☆ Country Garden: China's biggest homebuilder is fighting for its life. Here's what you need to know about the real estate crisis
▼ + stars: | 2023-08-31 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Just a few months ago, Country Garden was the biggest property developer in China, with more than 3,000 developments spanning the country. Real estate accounts for between a quarter and third of China’s gross domestic product (GDP). A default by Country Garden or another peer could also spread to China’s wider economy and even spill over into global markets. Beijing has announced a flurry of stimulus measures to bolster the real estate sector in recent days, including easing mortgage curbs for homebuyers. This week’s news from Country Garden and Vanke suggest the crisis might not have bottomed out yet.

Persons: Hong Kong CNN —, “, ”, China Vanke, Zhu Jiusheng, Yu Liang, Yu, Evergrande Organizations: Hong Kong CNN, Zhongrong, Country, National Bureau of Statistics, Kaisa, Shimao, Times Locations: Hong Kong, China, Beijing, Shenzhen, United States, Times China

☆ Trump told NY officials he was too busy saving the world 'from nuclear holocaust' to commit business fraud
▼ + stars: | 2023-08-31 | by ( Laura Italiano | Jacob Shamsian | ) www.businessinsider.com time to read: +7 min

In a sworn deposition, Trump told New York officials he was too busy "saving millions of lives" to commit business fraud. AdvertisementAdvertisementDuring the Trump administration, Donald Trump's assets within the Trump Organization were transferred to a trust controlled by Eric Trump, Donald Trump Jr., and Allen Weisselberg, the company's chief financial officer at the time. The elder Trump was "focused on doing something much larger than the Trump Organization" at the time, Eric Trump said in his deposition. Otherwise, he has left his two eldest sons and other executives to run the company, Eric Trump said. Weisselberg, as well as the Trump Organization, were convicted in a criminal case over a payroll tax-fraud scheme last year.

Persons: Trump, NY AG Letitia James, Donald Trump, Kevin Wallace, Letitia James, general's, he's, Eric, I've, Eric Trump, Donald Trump's, Donald Trump Jr, Allen Weisselberg, Don, Weisselberg, James, Donald Trump , Jr, Biden Organizations: New, NY AG, Service, New York, Trump, Trump Organization, Biden Locations: Wall, Silicon, New York, North Korea, China, Russia, Ukraine

☆ Inside Tampa's plan to build more affordable housing as the city's popularity explodes
▼ + stars: | 2023-08-24 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +5 min

Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Those worries are pushing the city to look for ways to get developers to build more housing — including affordable units, Tampa Mayor Jane Castor told Insider. In order to ease the hardships that some residents are facing, Castor said the city is incentivizing developers to increase housing supply generally. An influx of residents has helped drive up housing prices Tampa. Typically, such arrangements let builders move ahead with projects if development plans include affordable or workforce housing.

Persons: Jane Castor, somethings, Castor, it's, Walter Bibikow Organizations: Service, Tampa, Getty Images Locations: Tampa, Florida, Wall, Silicon, Austin , Texas, San Francisco, Rent.com, Clearwater Beach, Ixefra, Getty Images Tampa

The London Metal Exchange (LME) three-month copper price has been oscillating in a $7,800-8,870 per metric ton range since May as old and new price drivers compete. The gyration in net positioning is partly a reflection of copper's own choppy range-trading with many black box funds configured to react to changes in directional momentum. Money managers have lifted outright short positions on CME copper to 69,707 contracts, the largest collective bear bet on lower prices since early 2020. The net short position of 18,127 contracts is a sign the bears are in the ascendancy. The key takeaway from speculative positioning on both U.S. and London markets is that fund players are betting bigger on copper.

Persons: Ricardo Moreno, San Pedro de Barva, Juan Carlos Ulate, Long, Copper, David Evans Organizations: REUTERS, London Metal Exchange, CME, Zhongrong International, Co, Fund, Thomson, Reuters Locations: San Pedro, Costa Rica, China, Beijing, London, United States, Europe

☆ What's gone wrong with China's economy
▼ + stars: | 2023-08-21 | by ( Laura He | ) edition.cnn.com time to read: +8 min

It’s a far cry from global financial meltdown of 2008, when China launched the largest stimulus package in the world and was the first major economy to emerge from the crisis. It’s also a reversal from the early days of the pandemic, when China was the only major developed economy to dodge a recession. Property woesChina’s economy has been in doldrums since April, when momentum from a strong start to the year faded. While Evergrade is still undergoing a debt restructuring, troubles at Country Garden raised fresh concerns about the Chinese economy. Beijing has so far unveiled a steady incremental drip of measures to boost the economy, including interest rate cuts and other moves to help the property market and consumer businesses.

Persons: rekindling, Ying Tang, Morgan Stanley, Xi Jinping, It’s, what’s, Evergrande, Evergrade, ”, Julian Evans, Pritchard, Evans Organizations: Hong Kong CNN, UBS, Nomura, Barclays, Garden, Zhongrong Trust, CNN, Capital Economics, “, People’s Bank of China, National Health Commission, Moody’s Investors Service Locations: Hong Kong, China, Shanghai, It’s, doldrums, Beijing, United States, Europe

REUTERS/Fabrizio Bensch/File Photo Acquire Licensing RightsWASHINGTON, Aug 21 (Reuters) - PayPal's (PYPL.O) stablecoin is likely to succeed where Facebook's failed, thanks to the payment giant's standing in Washington and policymakers' greater understanding of the issues in the last three years. "From a policy perspective, there is a seismic difference between Facebook's Libra and PayPal's stablecoin," said Isaac Boltansky, director of policy research for brokerage BTIG. Dan Dolev, a senior analyst at Mizuho, said PayPal USD is not a game-changer for PayPal investors. When Facebook unveiled Libra, a stablecoin whose operations were based in Switzerland and which was pegged to a basket of currencies, executives made no secret of their ambitions. Facebook rebranded Libra, scaled it back and moved the project to the United States, in a bid to win U.S. regulatory approval.

Persons: Fabrizio Bensch, stablecoin, Facebook's, Christopher Giancarlo, PayPal's, Isaac Boltansky, Dan Schulman, Dan Dolev, Maxine Waters, Joe Biden's, Janet Yellen, Yellen, TerraUSD, stablecoins, There's, Jack Fletcher, Patrick McHenry, Hannah Lang, Andrea Shalal, Pete Schroeder, Niket, Michelle Price, Matthew Lewis Organizations: PayPal, REUTERS, Rights, U.S ., Facebook, U.S . Commodity Futures Trading Commission, Federal Reserve, Meta, Paxos Trust, New York State Department of Financial Services, Mizuho, Financial Services, Treasury, Congress, prudential, Republican, Thomson Locations: Berlin, Germany, Washington, U.S, Switzerland, United States, transact, stablecoins, Bengaluru

☆ Lucy Letby: British nurse refuses to appear to be sentenced for murdering seven babies
▼ + stars: | 2023-08-21 | by ( Sana Noor Haq | ) edition.cnn.com time to read: +4 min

London CNN —A British nurse refused to appear in court on Monday to be sentenced for the murders of seven babies and attempted murders of six others at the UK hospital where she worked. It emerged during the trial that police had found a series of handwritten notes by Letby, including one that read: "I am evil I did this." It emerged that before Letby murdered Child E, he started bleeding when she tried to assault him. But the hospital’s management initially dismissed concerns raised by clinicians over the increased mortality rate of patients under Letby’s care, PA reported. In 2016, Letby won a grievance complaint that she had filed against her employers after learning of their initial allegations.

Persons: London CNN —, Lucy Letby, Rishi Sunak, Letby, ”, ” Letby, Countess, Chester, duping, ‘, Child, F, “, E Organizations: London CNN, Manchester Crown Court, Media, Prosecution Service, Prosecutors, Cheshire Constabulary, Authorities, National Health Service Locations: England, Manchester

☆ Jim Cramer on how to navigate the August pullback in equities markets
▼ + stars: | 2023-08-20 | by ( Jim Cramer | ) www.cnbc.com time to read: +8 min

But I don't think they are as related as most would have you believe. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

Persons: nothing's, Jerome Powell, we're, it's, Powell, Jackson, Donald Trump, Trump, Joe Biden, Walter Reuther playbook, Ronald Reagan, Xi Jinping, Herbert Hoover, –, – Trump, let's, Jim Cramer's, Jim Cramer, Jim, David Paul Morris Organizations: Apple, Nvidia, Home Depot, Walmart, Trump, Republican, United Automobile Workers, UAW, Trust Corporation, Jim Cramer's Charitable, CNBC, U.S . Federal Reserve, Federal Reserve Bank of Kansas, Bloomberg, Getty Locations: Jackson, Georgia, China, Federal Reserve Bank of Kansas City, Moran , Wyoming

☆ Take Five: Summer at Jackson Hole
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Jason Reed Acquire Licensing RightsLONDON, Aug 16 (Reuters) - It's summer camp season and not to be left out, U.S. rate setters and overseas pals gather in Jackson Hole, Wyoming, to talk central banking. U.S. Federal Reserve officials (plus friends from the ECB, BoE and BOJ) descend on Jackson Hole, Wyoming on Aug. 24-26 for their annual central bank confab. Inflation remains sticky in places and investors want to know how long it will take for central banks to switch to easing. European PMIs could provide a bigger signal on whether the European Central Bank will hike again in September and if the Bank of England opts for a big rate increase. Turkey's central bank is poised to raise rates on Thursday for the third time in a row since Hafize Gaye Erkan was appointed as governor in early June.

Persons: Jason Reed, Ira Iosebashvili, Li Gu, Yoruk, Rosario, Marc Jones, Rachel Savage, BoE, Jackson, Vladimir Putin, Hafize Gaye Erkan, Erkan, Tayyip Erdogan, Dhara Ranasinghe, Stephen Coates Organizations: U.S . Federal, REUTERS, U.S . Federal Reserve, ECB, Nvidia, CARE, HK, China, European Central Bank, Bank of England, West, Reuters, Thomson Locations: Washington, U.S, Jackson Hole , Wyoming, China, Ira, New York, Shanghai, Amsterdam, Jorgelina, London, Johannesburg, confab, CHINA, Beijing, United States, European, Brazil, Russia, India, South Africa, Saudi Arabia, Argentina, Egypt, Turkey

☆ Furious Chinese investors lodge complaints over trust firm's missed payments
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Aly Song/File Photo Acquire Licensing RightsBEIJING, Aug 18 (Reuters) - Angry investors in trust products of a leading Chinese shadow bank have lodged complaint letters with regulators, pleading with the authorities to step in after the big Chinese trust firm missed payments on dozens of investment products. "Every day, a large number of people gathered at business departments of Zhongrong Trust are praying for the firm can give an explanation to investors ... investors are immersed in unlimited horror and fear every day." In the letter to the NFRA , investors demanded that Zhongrong provide reports of the underlying assets of defaulted products. "We hope officials can attach great attention to Zhongrong Trust ... and not let this to become a milestone vicious economic event," the letter sent to the NFRA said. In the letter to the CCDI, investors complained that management of Zhongrong failed to fulfill their responsibilities and caused huge losses to investors.

Persons: Aly, Zhongrong, didn't, NFRA, Ziyi Tang, Ryan Woo, Sumeet Chatterjee, Kim Cogill Organizations: REUTERS, Rights, Trust Co, Investors, Financial Regulatory Administration, Central Commission, Reuters, Zhongzhi Enterprise Group, Zhongrong, Thomson Locations: Shanghai, China, Rights BEIJING, Zhongrong

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