DIRS.INFO The most relevant business & tech news

"Financial inclusion," defined as individuals and businesses having access to useful and affordable financial products, has declined in the U.S., according to new industry research. The U.S. fell to fourth place, from second, this year in the second annual Global Financial Inclusion Index compiled by the Centre for Economics and Business Research in London and Des Moines, Iowa-based Principal Financial Group. Singapore's small size, with a population of just six million people, helps it in the ranking, but it is also boosted by its commitment to financial literacy, financial technology adoption and employer support. Consumer sentiment in the U.S. is down across financial systems and employers but is especially pronounced when it comes to the government. "It creates uncertainty and causes people to delay decisions that they might otherwise make about purchase around savings, and you don't want to paralyze people's decision-making around financial security," Dan Houston, Principal Financial Group Chair and CEO, told CNBC in an exclusive interview.

Persons: people's, Dan Houston Organizations: Centre for Economics, Business Research, Financial Group, Finance, Consumer, Supreme, CNBC Locations: U.S, London, Des Moines , Iowa, Singapore, Hong Kong, Switzerland, Sweden

☆ Ally Financial to lay off nearly 5% of staff
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

The logo and trading information for Ally Financial Inc appear on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 24, 2019. REUTERS/Brendan McDermid Acquire Licensing RightsOct 2 (Reuters) - Ally Financial (ALLY.N) said on Monday job cuts in various divisions of the digital banking firm will affect nearly 5% of its workforce. "After taking steps over the past year to pause hiring and manage staffing expenses through natural attrition, we have made the difficult choice to selectively reduce our workforce," Ally spokesperson Peter Gilchrist said in an emailed statement. The Detroit-based company offers various financial products and is best known for its auto-loan business. Reporting by Jaiveer Singh Shekhawat in Bengaluru and Saeed Azhar in New York; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Ally, Peter Gilchrist, Jaiveer Singh, Saeed Azhar, Shinjini Organizations: Ally Financial, New York Stock Exchange, REUTERS, Ally, Thomson Locations: New York, U.S, Detroit, Bengaluru

☆ Tens of Thousands Demand Climate Action in Swiss Capital
▼ + stars: | 2023-09-30 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +1 min

GENEVA (Reuters) - More than 60,000 protesters gathered in the Swiss capital Bern on Saturday demanding tougher policies to combat climate change, organisers said, less than a month ahead of a national election. Such large protests are rare in Switzerland and show growing public frustration with the pace of policy-making to combat global warming despite ample evidence of its impact. "Many have been losing hope because the government is approving new roads and delaying the climate law. "Parliament, with its bourgeois majority, is preventing rapid, consistent and effective climate protection," the Green Party said. Its voters approved a draft climate law in June that aims to cut emissions to net zero by 2050 by giving financial incentives for firms and consumers to switch to renewables.

Persons: Georg Klingler, Emma Farge, Andrew Cawthorne Organizations: Greenpeace, Green Party Locations: GENEVA, Swiss, Bern, Switzerland

☆ Tens of thousands demand climate action in Swiss capital
▼ + stars: | 2023-09-30 | by ( ) www.reuters.com time to read: +2 min

[1/3] Protesters gather demanding policies to combat climate change in Bern, Switzerland September 30, 2023, in this screen grab obtained from social media video. Setayesh Ansari/Instagram @setayesh.ans via REUTERS Acquire Licensing RightsGENEVA, Sept 30 (Reuters) - More than 60,000 protesters gathered in the Swiss capital Bern on Saturday demanding tougher policies to combat climate change, organisers said, less than a month ahead of a national election. "Many have been losing hope because the government is approving new roads and delaying the climate law. Switzerland's policies are deemed "insufficient" by research consortium Climate Action Tracker. Its voters approved a draft climate law in June that aims to cut emissions to net zero by 2050 by giving financial incentives for firms and consumers to switch to renewables.

Persons: Setayesh Ansari, Instagram @setayesh.ans, Georg Klingler, Emma Farge, Andrew Cawthorne Organizations: Protesters, REUTERS Acquire, Rights, Greenpeace, Green Party, Thomson Locations: Bern, Switzerland, Swiss

☆ Australia Voice referendum: Cherbourg, a community built on racial segregation, looks to the future
▼ + stars: | 2023-09-30 | by ( Hilary Whiteman | ) edition.cnn.com time to read: +16 min

“We’ve got around 260 people waiting on our waiting list,” said Cherbourg Council CEO Chatur Zala. “My community is very, very confused,” said Mayor Elvie Sandow, from her air-conditioned office in the center of Cherbourg. Hilary Whiteman/CNNZala said Cherbourg Council has made gains in recent years, since Mayor Elvie was elected in 2020. “The highest employment rate of any Indigenous community,” he boasted. At the end of the day, I am the voice of Cherbourg because I’m the elected mayor for this community.”I am the voice of Cherbourg because I’m the elected mayor for this community.

Persons: Australia CNN —, “ We’ve, ”, Chatur Zala, –, Elvie Sandow, “ They’re, they’ll, “, “ They’ll, Hilary Whiteman, Erin Johnston, ” Johnston, Michael Blair, Andy Roache, Anthony Albanese, Cherbourg Aunty Ruth Hegarty, Aunty Ruth, Betty McKenzie, You’re, ” Aunty Ruth, Ruth, we’re, Aunty Ruth Hegarty, Moira Bligh, Nyunggai Warren Mundine, Blair Gilchrist, that’s, aren’t, it’s, Jacinta Nampijinpa Price, Richard Milnes, ” Price, “ It’s, Warren, It’s, Jacinta Nampijinpa, CNN Zala, Mayor Elvie, Zala, They’ve, Elvie, “ I’m, I’m, Elvie Sandow Zala, “ That’s, he’ll Organizations: Australia CNN, Torres Strait Islanders, ” Cherbourg, CNN, Australian Electoral Commission, AEC, Indigenous, Nations, Queensland Museum, Opium, Advance, Labor, Conservative Political, Conference, Tourists, Shed, Mayor, Digital Service Center Locations: Cherbourg, Australia, Queensland, Brisbane, Mitchell, Northern, ”, Trust, Canberra, Gujarat, India

☆ Exclusive: East Timor president says China military cooperation was 'never discussed'
▼ + stars: | 2023-09-29 | by ( Kirsty Needham | ) www.reuters.com time to read: +5 min

The agreement also provided scope for funding from China including government and commercial loans to East Timor, he said. "It was never discussed in terms of military cooperation, never discussed, and the Chinese side also never raised this issue," Ramos-Horta said. East Timor, also known as Timor Leste, aims to join the Southeast Asian regional bloc ASEAN by 2025 as it seeks to reduce high poverty rates. Australia has appointed an envoy to speed up negotiations between East Timor and Woodside; Gusmao's government wants gas to be piped to East Timor and not Australia. Australia's relationship with East Timor is "stronger than at any time in the last decade", Australia's Department of Foreign Affairs said in a statement.

Persons: Jose Ramos, Caitlin Ochs, Horta, Xanana Gusmao, Xi Jinping, heightening, Ramos, Kirsty Needham, Lincoln Organizations: Sustainable, United Nations, REUTERS, Rights, East, Reuters, Southeast, ASEAN, Canberra, Woodside Energy, Greater Sunrise, Greater, Australia, UN's, Fund for Agricultural Development, Global Citizen, Pacific, Australia's Department of Foreign Affairs, Thomson Locations: Horta, Timor, New York City , New York, U.S, East Timor, China, Australia, Indonesia, Canberra, Solomon Islands, 2,000km, Timor Leste, ASEAN, Singapore, Malaysia, East Timor's, Dili, Greater Sunrise, Southeast Asia, Woodside, New York

☆ Exclusive: Timor president says China military cooperation 'never discussed'
▼ + stars: | 2023-09-29 | by ( Kirsty Needham | ) www.reuters.com time to read: +5 min

The agreement also provided scope for funding from China including government and commercial loans to East Timor, he said. Some Australian politicians expressed concern after China's state media reported on Saturday that Beijing's agreement with East Timor, around 700km (450 miles) north-west of Australia, also covered military exchanges. "It was never discussed in terms of military cooperation, never discussed, and the Chinese side also never raised this issue," Ramos-Horta said. East Timor, also known as Timor Leste, aims to join the Southeast Asian regional bloc ASEAN by 2025 as it seeks to reduce high poverty rates. Australia has appointed an envoy to speed up negotiations between East Timor and Woodside; Gusmao's government wants gas to be piped to East Timor and not Australia.

Persons: Jose Ramos, Caitlin Ochs, Horta, Xanana Gusmao, Xi Jinping, heightening, Ramos, Kirsty Needham, Lincoln, 私 Organizations: Sustainable, United Nations, REUTERS, Rights, East, Reuters, Southeast, ASEAN, Canberra, Woodside Energy, Greater Sunrise, Greater, Australia, UN's, Fund for Agricultural Development, Global Citizen, Pacific Locations: Horta, Timor, New York City , New York, U.S, East Timor, China, Australia, Indonesia, Canberra, Solomon Islands, 2,000km, Timor Leste, ASEAN, Singapore, Malaysia, East Timor's, Dili, Greater Sunrise, Southeast Asia, Woodside, United States, New York

The headquarters of the U.S. Securities and Exchange Commission (SEC) are seen in Washington, July 6, 2009. One said some firms could pay as much as $50 million. The SEC has previously negotiated two other large group settlements as part of its "off-channel" communications probe. In August, regulators fined nine Wall Street firms, including Wells Fargo (WFC.N) and Societe Generale (SOGN.PA), a combined $549 million over employees' use of personal messaging apps. In September 2022, it fined 16 firms, including Goldman Sachs, Morgan Stanley, Citigroup and Bank of America, $1.8 billion for similar lapses.

Persons: Jim Bourg, Spokespeople, Oppenheimer, Voya, Wells, Goldman Sachs, Morgan Stanley, JPMorgan Chase, Chris Prentice, Carolina, Michelle Price, Jacqueline Wong Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, Reuters, Truist Financial Corp, US Bancorp, Voya Financial, LPL, Interactive, Oppenheimer, Fifth Third Bancorp, Fifth, Truist, Wall Street, Societe Generale, Citigroup, Bank of America, JPMorgan, Thomson Locations: Washington

☆ Quebec Lures $5 Billion Battery Factory for Electric Cars
▼ + stars: | 2023-09-28 | by ( Jack Ewing | More About Jack Ewing | ) www.nytimes.com time to read: 1 min

Northvolt, a Swedish maker of batteries for electric cars, said on Thursday that it would build a factory near Montreal after the Canadian government matched financial incentives that would have been available from the United States. The company will invest $5 billion in the factory, which will employ as many as 3,000 people and be among the largest battery plants in North America when it begins production in 2026. The Inflation Reduction Act, President Biden’s signature climate law, includes billions of dollars in incentives to create a domestic battery industry. It has sparked a boom in investment as well as fierce competition among government officials seeking to lure companies to their states or provinces. U.S. allies have complained that incentives designed to create a domestic supply chain have ignited a costly subsidy arms race.

Locations: Swedish, Montreal, United States, North America, U.S

The Treasury will issue new economic targets on Wednesday providing the framework for a budget in which Meloni will attempt to keep her tax-cutting promises while also lowering the fiscal deficit. "This budget is Meloni's first real economic test since she came to power last October," said Tim Jones, euro zone analyst for market consultancy firm Medley Advisors. Meloni has much less room for manoeuvre than when she hiked deficit targets in her first budget a year ago. Episodes targeting airlines and investors in Italy's 307- billion-euro ($326.74 billion) bad loan market have followed a similar pattern. Meloni subsequently said no measures were planned regarding non-performing loans, but her party's proposal is still before parliament and uncertainty persists.

Persons: Giorgia Meloni, Meloni, Tim Jones, she's, Morgan Stanley, Reuters.G Rome, Roberto Perotti, Meloni's, Valentina Za, Francesco Canepa, Giuseppe Fonte, Sara Rossi, Gianluca Semeraro, Ed Osmond, Giselda Organizations: Treasury, Advisors, European Central Bank, Reuters, Ryanair, Milan's, Bank of, ECB, Thomson Locations: ROME, Italy, Greece, Rome, Italian, Italy's, Brussels, EU, Milan

☆ New York Fed: Many Buy Now, Pay Later users are financially fragile
▼ + stars: | 2023-09-26 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

Minneapolis CNN —Buy Now, Pay Later installment payment offerings appear to be disproportionately used by people facing financial difficulties, raising concerns about the potential for greater money trouble, according to research from the Federal Reserve Bank of New York released Tuesday. New York Fed researchers delved into recently collected consumer survey data to determine who is being offered BNPL options and who uses them. They drew on data collected as part of the June 2023 Survey of Consumer Expectations Credit Access Survey, which included a set of BNPL-specific questions. “The fact that a disproportionate share of BNPL users are already financially fragile raises questions about the resilience of BNPL lending and its performance following an adverse economic shock,” New York Fed researchers wrote. The New York Fed research substantiates previously raised concerns from critics that BNPL may attract — and could ultimately harm — financially fragile individuals.

Persons: ” Organizations: Minneapolis CNN, Federal Reserve Bank of New York, New York Fed, Consumer, Survey, ” New York Fed, Consumer Financial Protection Locations: Minneapolis

☆ Tokenizing real-world assets on blockchains is for crypto lovers as well as crypto skeptics now
▼ + stars: | 2023-09-23 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Tokenizing real-world assets on a blockchain is one of the buzziest topics of the year, and this time it isn't just coming from financial incumbents like Citi, JPMorgan and Northern Trust, it's coming from crypto native players, too. As the world of crypto becomes more connected to the broader financial market, the appetite for tokenizing real-world assets, or RWA, is coming from smaller participants as well. Kraken Ventures' Stuti Pandey said since tokenization's last hype cycle, RWAs have benefited from changes in economics, technology and credibility. "Over the past few years, interest rates have been very depressed and that has favored very high growth, high risk assets," she said. Now that rates are down, it's actually these real-world assets that have interesting yield."

Persons: blockchains, RWA, Maria Shen, MakerDAO, Shen, That's, Stuti Pandey, it's Organizations: Citi, JPMorgan, Northern Trust, Electric Capital, CNBC, Kraken Ventures

☆ Amoxicillin shortage: A new season of infections is here, but the shortage of a common kids’ antibiotic never ended
▼ + stars: | 2023-09-22 | by ( Brenda Goodman | ) edition.cnn.com time to read: +7 min

Respiratory illness season is coming up, and that’s going to be a huge issue,” said David Margraf, a pharmaceutical research scientist with the University of Minnesota’s Resilient Drug Supply Project. During a drug shortage, allocation helps ensure that no single buyer can claim all the available supply. Khazanchi and his colleague Dr. Ryan Brewster recently studied the clinical effects of last winter’s amoxicillin shortage. “Drug shortages will likely continue to increase if the pricing dynamics in the marketplace are not addressed,” Sandoz said in a statement. “The companies refuse to tell us what’s going on,” said Erin Fox, who tracks drug shortages at the University of Utah.

Persons: —, earaches, ”, David Margraf, Selena Ko, Erin Hooley, pediatricians, Rohan Khazanchi, Khazanchi, Ryan Brewster, Amoxicillin, ” Khazanchi, “ It’s, ” Sandoz, Erin Fox, Laura Bray, They’re, ” Margraf, ” Bray, Dr, Sanjay Gupta, “, Matt Christian Organizations: CNN, Food, University of, Project, Rush University Medical Center, Chicago Tribune, TNS, Getty, FDA, Brigham & Women’s Hospital, Teva Pharmaceuticals, Novartis, University of Utah, Angels, CNN Health, US Department of Agriculture, Pharmacopeia’s Medicines Locations: Chicago, Boston

☆ States announce major push to get to 20 million installed heat pumps, a cleaner alternative to gas furnaces that also provide AC
▼ + stars: | 2023-09-21 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +5 min

A coalition of 25 state governors announced a major push to reach 20 million deployed heat pumps by 2030, they said in New York City on Thursday. Heat pumps are energy efficient replacements for fossil fuel powered furnaces and air conditioners. Heat pumps can also save consumers money -- around $300 a year in the United States, according to the IEA. In places like Europe, where gas prices are higher, having a heat pump can save customers around $900 a year, the IEA says. Maine, for example, has been remarkably successful in installing heat pumps with its own legislative action.

Persons: Matt Johnson, Jay Inslee, Inslee, Kathy Hochul, Ali Zaidi, Zaidi Organizations: Energy, RMI, International Energy Agency, IEA, U.S . Climate Alliance, Washington, Washington State Department of Health, Brookings Institution, New, Infrastructure Investment, Jobs Locations: New England, Windham , Maine, New York City, United States, Europe, U.S, Washington , New York, California, Seattle , Washington, Seattle, Georgia, it's Maine, Maine

☆ Australia's rare pink-diamond mine formed from the clashing and stretching of continents, a new study found. The discovery could lead to more colorful diamonds.
▼ + stars: | 2023-09-19 | by ( Maiya Focht | ) www.businessinsider.com time to read: +4 min

A study found that Australia's tectonic plates stretched, creating large deposits of pink diamonds. Pink diamonds are made under extreme pressure when two continents collide. Turns out, pink diamonds form under even more intense conditions than traditional clear diamonds. Though pink diamonds have been found in Angola and India, Argyle was by far the most prolific site — 90% of the world's pink diamonds came from it. After all, there is financial incentive behind finding a second Argyle — pink diamonds have sold for as much as $71 million dollars, according to Forbes.

Persons: that's, Murray Rayner, —, Hugo Olierook, Olierook, Nuna, Anna Cisecki, Stockhead, Argyle, Forbes, LiveScience Organizations: Service, Nature Communications, Argyle, University of Curtin, Diamond Portfolio Locations: Wall, Silicon, Argyle, Kimberley, Australia, Angola, India

But unlike most cities, Singapore is spending enormous resources to try to cool itself down — and learning lessons that could help other cities. But unlike most cities, Singapore is spending enormous resources to try to cool itself down — and learning lessons that could help other cities. Building without cool paint Building coated with cool paint Building without cool paint Building coated with cool paint Satellite image by Planet LabsSimple design decisions can also have a big impact on a building’s temperature. Singapore has built out a more systematic solution, a network of green corridors that connect green spaces together and allow cool air to flow throughout the city. “A corridor can at least generate this kind of cool air circulation in a city.

Persons: ”, Brian Stone Jr, Khoo, Stone, it’s, “, Nicholas Lin, Richard Hassell, Winston Chow, “ You’ve, Singapore Rebecca Toh, Chow, Tamara Iungman, Adele Tan Organizations: Georgia Institute of Technology, ”, The New York Times, Planet Labs, WOHA Architects, Cooling, Research, Phoenix, Climate Central, SINGAPORE Marina Bay Network, National Parks Board, Barcelona Institute, Global Health, Singapore’s, Redevelopment Authority, Urban Locations: Singapore, Phoenix, Mumbai, Singapore’s, Puat, ”, L.A, ” Singapore, Pickering, The New York Times Singapore, New York City, Jurong Lake, Cooling Singapore, Marina Bay, downtowns, Ariz, Maricopa County, shadeless, Marina, Paris, Bishan, MALAYSIA, SINGAPORE, Medellín, Colombia, “

☆ Citi debuts deposit and trade services on blockchains for institutional clients
▼ + stars: | 2023-09-18 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Citi is upgrading some of its services for institutional clients using blockchain technology. The banking giant introduced Citi Token Services on Monday, which will tokenize clients' deposits so they can be sent anywhere in the world instantly. The bank is also now using smart contracts to automate the trade process. Citi tested the smart contract capability with shipping and logistics giant Maersk, a client of the bank. While crypto remains in regulatory limbo and prices have been almost stagnant this year, renewed excitement about tokenizing real-world assets using blockchain technology has emerged as one of the hottest topics of the year.

Persons: Ryan Rugg, Rugg, Bernstein, Hamilton Lane, Franklin Templeton, JPMorgan Chase Organizations: Citi, Citi Token Services, Citi's Treasury, Trade Solutions, Investment, KKR, Securitize, JPMorgan Locations: U.S, Singapore

☆ Canada's housing crisis will take years to solve, finance minister says
▼ + stars: | 2023-09-16 | by ( ) www.reuters.com time to read: +1 min

Sept 16 (Reuters) - An affordable housing crisis that is hurting the Canadian government's popularity will take years to resolve, even if construction hits an 80-year high, Finance Minister Chrystia Freeland said on Saturday. Her comments were among the first by a senior member of Prime Minister Justin Trudeau's Liberal administration to acknowledge the scale of the challenge. Polls show the Liberals trailing their Conservative rivals, who blame Ottawa for high inflation and soaring home prices. Housing is mainly the responsibility of the 10 provinces as well as major municipalities, with Ottawa's role limited to policy advice and financial incentives. Reporting by David Ljunggren; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Chrystia Freeland, Justin Trudeau's, Freeland, David Ljunggren, David Gregorio Our Organizations: Finance, Justin Trudeau's Liberal, Liberals, Conservative, Ottawa, Housing, Thomson Locations: Canada, Montreal

Seven years in, Country Garden has invested 20 billion ringgit ($4.3 billion) in the project, Forest City said, a far cry from the initial $100 billion plan. "Seeing is believing," Forest City said in an email response. "The land plot itself is valuable," a Singapore-based bondholder of Country Garden said, while highlighting the complications of dealing with a local government joint-venture. Last month, Malaysia's central bank said local banks had limited exposure to Country Garden amid concern about its financial stress. Anwar, Malaysia's prime minister, has designated Forest City a "special financial zone" to attract investment, which Forest City said would help with its marketing.

Persons: Foo Gee Jen, Anwar Ibrahim, Anwar, Malaysia's, Yang Ming Han, Loh, Loh Wee Loon, I'm, Xinghui Kok, Xie Yu, Anne Marie Roantree, Lincoln Organizations: ISKANDAR PUTERI, Garden, Forest, Malaysian, Reuters, Thomson Locations: KUALA LUMPUR, ISKANDAR, Malaysia, Garden's, City, Johor, Singapore, Forest City, Malaysian, Forest, Loh Wee, China, Johor Sultan, Iskandar Puteri, Kuala Lumpur, Yantoultra, Hong Kong

☆ People mocked me and said my essay-writing business was screwed when ChatGPT came out. So I fought like hell.
▼ + stars: | 2023-09-13 | by ( ) www.businessinsider.com time to read: +13 min

Killer Papers is an online tutoring and essay-writing website. Through all this, Killer Papers continued to grow and saw a 70% year-over-year revenue growth from 2021 to 2022. From June 1st through August 25th of this year, revenue at Killer Papers grew almost 35% yearly. For now, I'll continue to focus on differentiating Killer Papers, adding new products and services, and adapting to changes in academia. Somewhere along the way, we'll find out how Killer Papers fits into this new AI landscape as well.

Persons: I'm, I've, ChatGPT, —, Napoleon Bonaparte, envied, Romeo, Juliet, Alan, hadn't, they're, there's, it's, we'll Organizations: Service, Business, Public, Stanford, UC Berkeley, Microsoft Locations: Wall, Silicon, Canada, Niagra

The Google sign is reflected in a rain puddle outside their offices in Cambridge, Massachusetts, U.S., June 27, 2017. Acquire Licensing RightsWASHINGTON, Sept 13 (Reuters Breakingviews) - Want to know how to remove Google as the iPhone’s default search tool? According to him, the search engine operated by Alphabet (GOOGL.O) enlists Apple (AAPL.O) to answer the query by directing users to its website. Using Google as the default search engine wasn’t Apple’s “choice,” Dintzer said. Follow @BenWinck on XFollow @thereallsl on XCONTEXT NEWSThe U.S. Department of Justice’s antitrust case against Alphabet’s Google started on Sept. 12.

Persons: John Schmidtlein, Kenneth Dintzer, Google, ” Schmidtlein, Schmidtlein, ” Dintzer, It’s, Tim Cook, Alphabet’s Google, Ben Winck, Lauren Silva Laughlin, Jeffrey Goldfarb, Sharon Lam Organizations: Google, Rights, Reuters, Apple, U.S . Department of, Yahoo, Verizon Communications, Microsoft, Netscape, U.S, U.S . Department, Alphabet’s, Thomson Locations: Cambridge , Massachusetts, U.S, Safari, Japan, Washington, New York

☆ IMF and regulators set out roadmap to contain crypto risks
▼ + stars: | 2023-09-07 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Sept 7 (Reuters) - Global financial regulators and the International Monetary Fund on Thursday set out a roadmap to coordinate measures that stop cryptoassets from undermining macroeconomic and financial stability. Such risks are exacerbated by noncompliance with existing laws in some instances, the G20's risk watchdog, the Financial Stability Board, and the IMF said in a paper. "Widespread adoption of crypto-assets could undermine the effectiveness of monetary policy, circumvent capital flow management measures, exacerbate fiscal risks, divert resources available for financing the real economy, and threaten global financial stability," the paper said. The paper sets out timelines for members of the IMF and G20 to implement recent recommendations to regulate crypto from the Financial Stability Board and IOSCO, a global group of securities regulators. The tax treatment of cryptoassets should also be spelled out, along with how existing laws apply to the sector.

Persons: Huw Jones, Sharon Singleton Organizations: Global, International Monetary Fund, IMF, European Union, Thomson Locations: cryptoassets, New Delhi

MEXICO CITY, Sept 7 (Reuters) - Mexican fintech Stori on Thursday announced the acquisition of MasCaja, a financial firm that will provide it a license to broaden its product portfolio in a market where many lack access to financial services. "We want to take the next step to boost financial inclusion," Stori co-founder Marlene Garayzar told Reuters. Stori, which reached unicorn status last year, already offers credit cards with lines starting at 500 Mexican pesos ($28), in a country where government data shows less than 35% of the adult population has formal credit. Earlier this year, Stori said it had reached 2 million users. ($1 = 17.5722 Mexican pesos)Reporting by Valentine Hilaire; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Stori, Marlene Garayzar, Nubank, Valentine Hilaire, Leslie Adler Organizations: MEXICO CITY, Reuters, ABC Capital Bank, Thomson Locations: MEXICO, Mexico, Argentine

NEW YORK (AP) — It’s a transaction that would be commonplace for a corporation or a sports team, but it’s the kind of deal that is practically unheard of in the nonprofit sector. The philanthropy research organization Candid will send control of its CF Insights website and the staff that gathered information about community foundations to the Council on Foundations, the association of nearly 900 nonprofit members, on Friday. It helps them make better decisions.”Chang said CF Insights can help community foundations see how its peers handled expansion or compensation. And that information pairs well with the Council on Foundations annual surveys on compensation and benefits among community foundations. That doesn’t happen in the nonprofit sector.

Persons: —, Ann Mei Chang, ” Chang, “, Kathleen Enright, ” Enright, Chang, Enright Organizations: Foundations, ”, Hawaii Community Foundation, don’t, Candid, The Aspen Institute, Urban Institute, Internal Revenue Service, Lilly Endowment Inc, AP Locations: Hawaii, Maui

☆ Mortgage rate tipping point: Homeowners say roughly 5% is the magic number to move
▼ + stars: | 2023-09-05 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

Higher interest rates created a 'golden handcuff' effectSince it's unlikely rates will drop anytime soon, this has created a so-called golden handcuff effect. Similar to the financial incentives employers may offer to discourage employees from leaving a company, homeowners are now bound by their low mortgage rate. They don't want to move now and give up that low rate to buy at a higher rate. Between 1978 and 1981, mortgage rates similarly doubled from around 9% to more than 18%, compelling more homeowners to hold on to their homes. However, "mortgage rates weren't at record lows in the late 70s before they started to skyrocket in the early 80s, nor did home prices increase as rapidly," Channel said.

Persons: Nicole Bachaud, Bachaud, John Burns, Tomas Philipson, Bob, Terri Wood, Bob Wood Bob Wood, Terri, It's, Wood, he'd, Greg McBride, Jacob Channel Organizations: Finance, John Burns Research & Consulting, University of Chicago, White House Council, Economic Advisers, CNBC Locations: Mobile , Alabama, Tennessee, LendingTree

Search resuls for: "Financial Inc"

25 mentions found