Author: Press Room

The numbers: Banks trimmed borrowing from the Federal Reserve for the second week in a row, as stress in the financial system appeared to ease further almost a month after the surprising collapse of Silicon Valley Bank. Financial institutions drew $149 billion in credit in the week ended April 5, based on the Fed’s weekly H.4.1. survey. That’s down from $154 billion last week and $164 billion two weeks ago. Reduced borrowing points to less stress on the financial system after several regional U.S. banks floundered last month. Key details: Banks borrowed $69.7 billion from the Fed using the traditional…

© Reuters. FILE PHOTO: JPMorgan Chase Bank is seen in New York City, U.S., March 21, 2023. REUTERS/Caitlin Ochs/File Photo (Reuters) -JPMorgan Chase & Co is being scrutinized by U.S. regulators for the due diligence the bank conducted on a number of its past acquisitions, the Financial Times reported on Friday, citing people familiar with the matter. The Office of the Comptroller of the Currency (OCC) scheduled a specific audit of JPMorgan (NYSE:)’s deal making after the bank bought dozens of smaller companies in 2021 and 2022, the report said. This comes after the U.S. government filed criminal charges accusing…

By Ambar Warrick Investing.com — Oil prices kept to a small range in early Asian trade on Wednesday as markets digested a slew of weak U.S. economic indicators, while signs of shrinking inventories and a recent OPEC production cut pointed to tighter supply. Data from the suggested that U.S. crude inventories shrank by 4.3 million barrels in the week to March 31, far more than expectations for a draw of 1.8 million barrels. The reading usually heralds a similar trend in due later in the day, and indicates some improvement in demand, particularly fuel consumption. But this was largely offset…

By Ambar Warrick Investing.com– Most Asian currencies fell on Monday, while the dollar firmed as a rally in oil markets, following a surprise OPEC+ production cut, brewed concerns that inflation could remain buoyed by high fuel prices. A raft of weak Asian economic data also weighed, as a post-COVID rebound in China appeared to be running out of steam. The lost 0.3% after a private survey showed that the country’s barely expanded in March amid weakening output and demand. Softening growth in China bodes poorly for broader Asian markets, given their dependence on the country as a trading hub. On…

By Stefania Spezzati and Amy-Jo Crowley LONDON (Reuters) -After the accuracy of Revolut Ltd.’s accounts drew scrutiny from regulators, the firm’s plan to secure a U.K. banking licence is facing delays, according to two people familiar with the company. Last month, audit firm BDO issued a so-called qualified opinion for Revolut’s 2021 accounts. While BDO said Revolut’s financial statements gave a “true and fair view of the state of the group,” it cautioned in the same filing that some information related to revenues may have been “materially misstated.” Media coverage of BDO’s warning on March 1 prompted immediate questions from…

Jamie Dimon, possibly the world’s most influential banker, has proposed that the banking system needs better regulations. Based on what he wrote in his annual letter to shareholders its likely he and his bank, JPMorgan Chase JPM , cannot lose. It’s a case of head’s JPMorgan Chase wins, tails JPMorgan Chase wins. And of course, as CEO of the bank, Dimon will likely succeed, also. “We want proper transparency and strong regulations,” he wrote. Regulations were the core theme of his note. The world gets used 24 times. Current Banking Rules Flawed In the piece, Dimon highlighted the utterly flawed…

In early 2019, back when the idea of a global pandemic was limited to sci fi movies and video games, I wrote a column exploring how cannabis companies were being valued and the land grab that was happening at the time. Back then, cannabis capital markets were at all-time highs, despite most companies having relatively low revenue or profits, largely based on speculation over which companies were best positioned to dominate the then-nascent cannabis industry. As US multistate operators (MSOs – as large US cannabis companies have now come to be known) spread out to seemingly take as much territory…

There’s some bad news for investors who don’t like having gotten burned by SPACs, the nickname for special purpose acquisitions companies. Investors put money into a public shell that is supposed to use the proceeds to buy some amazing company to take public rather than using a traditional IPO. The presumption was that people had a chance at the types of returns beyond the dreams of avarice, as the old quote goes. For at least one SPAC deal, the status quo has been an ongoing investor class action suit. But a decision from Judge Ronnie Abrams in the U.S. District…

The Author Wasted No Time In Solving His Dilemma A couple of months ago I wrote an article questioning whether getting a dog at this point in my life is a good idea. While my wife and I strongly missed the companionship and unconditional love we got from our pets, our age, health status, and lifestyle were definitely considerations. We were free to travel without having to find a sitter, we didn’t have to rush home after dinner and a show to the poor pup to let him out of his crate. And we didn’t have expensive vet bills! I…

Gwyneth Paltrow’s ski accident trial was not as alluring as the Johnny Depp and Amber Heard case, but it still attracted people who couldn’t look away. At a minimum, it was worth losing half a day of skiing to check it out. In the end, a Park City, Utah, jury deliberated for less than three hours after being handed the case and they came down in favor of the Oscar-winning star. Jurors awarded Paltrow $1 in damages, ruling Dr. Terry Sanderson was 100% at fault in the 2016 collision on the slopes at Deer Valley Utah. Paltrow’s accident with the…