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First Republic ( FRC ) shares tumbled anew on Monday after Standard and Poor's cut its credit rating on the troubled lender, even as the broader market stabilized from last week's chaos and UBS Group ( UBS ) absorbed ailing Credit Suisse ( CS ). Key Takeaways S&P downgrades First Republic Bank due to 'liquidity stress' and outflows. Stocks higher despite a rollercoaster start as UBS absorbs rival Swiss bank Credit Suisse. The Federal Reserve announced coordinated action on U.S. dollar liquidity. S&P Says $30 Billion Injection ‘May Not Solve’ Woes First Republic, whose stock fetched more than $100 earlier this month, lost almost a quarter of its market value, extending its slide from last week to about $17 by 1:30 p.m. New York time. The San Francisco-based bank secured a $30bn liquidity commitment from some of the largest U.S. banks last week, including JP Morgan Chase Inc. ( JPM ) and Bank of America ( BAC ). First Republic is also … [Read more...] about First Republic Stock Slumps Anew on S&P Debt Downgrade

Share to Twitter Share to Linkedin For the decade that preceded 2022, the acronym TINA (There Is No Alternative) applied well to stocks . As central banks used every excuse to flood the system with liquidity, yields were driven to zero, and it seemed that the only way to get any return was to buy stocks. Investors gorged on index funds, and passive ETFs overtook actively managed investments. Alas, as central banks realized that inflation, long thought dead, was a real problem, and raised interest rates aggressively, yield curves inverted to historic levels, making short duration Treasury Bills the only safe, viable investment alternative, leading to “TINAC” (There Is No Alternative To Cash). But inverted yield curves are not a stable healthy state of affairs for economies, and as expected, have eventually resulted in financial market breakage which we have been observing for the last two weeks and especially this weekend as Credit Suisse, once my employer, has … [Read more...] about GITA: Gold Is The Alternative

Share to Twitter Share to Linkedin The Ole Miss Rebels (8) took down Stanford (1) in a 54-49 victory at Maples Pavillion during the Second Round of the 2023 NCAA Women’s Basketball Tournament. The Rebels, who under head coach Yolett McPhee-McCuin pride themselves on defense, kept the 2021 NCAA Champions to seven points in the second quarter. “The person with the experience is at the mercy of the person with the anointing,” MCCuin said in her opening remarks during the postgame press conference. It is a saying one of her mentors shared and it felt apropos after defeating the legendary Tara Vanderveer and the Stanford Cardinal. “I told my team like, I just love them so much and I don’t want to stop having this feeling. so, who knows? Maybe we end up in Dallas,” McCuin said. MORE FROM FORBES 2023 NCAA Women's Basketball Recap: Princeton Upsets NC State, Staley Praises NSU By Erica L. Ayala Two more wins would get Ole Miss to Dallas, the … [Read more...] about NCAA Women’s Basketball Recap: Ole Miss Takes Down Stanford In Second Round

Share to Twitter Share to Linkedin The highly anticipated release of GPT-4, the latest iteration of OpenAI's groundbreaking language model, has sent ripples of excitement throughout the banking and fintech industry. As ChatGPT’s capabilities expand, the traditional roles of personal finance management and financial advisors may soon become obsolete, paving the way for a new era of customized and intelligent financial solutions. The latest release of GTP-4 shows how quick ChatGPT is evolving. Industry giants like Microsoft MSFT and fintech firms like Stripe recently announced integrations of ChatGTP-4, while banks like Morgan Stanley Wealth have publicly announced their internal adoption. With its increased ability to deliver empathetic advice, potential for providing personalized insights, and delivery of real-time information, the ChatGTP-4 and beyond is a dream come true for innovators in financial services and technology. Consumer Expectations: … [Read more...] about A Brave New World: ChatGPT’s Potential To Reshape The Financial Services Landscape

Share to Twitter Share to Linkedin In light of the swift ascendancy of cryptocurrency and the mass adoption of digital assets by novice investors, the Securities and Exchange Commission (SEC) announced this week that the agency will add around 20 additional positions . This is in response to the cryptocurrency market, which in the last few years has skyrocketed to more than a $2 trillion market valuation . These important roles will be based within the division responsible for protecting investors who are buying, selling and trading digital assets in crypto markets. The new hires will also be tasked with investigating cyber-related threats, ensuring adequate cybersecurity controls are in place and that SEC registrants and public companies are transparent in disclosing cybersecurity breaches. The Crypto Cops The Crypto Assets and Cyber Unit in the Division of Enforcement will escalate to around 50 dedicated positions from about 30 current white-collar … [Read more...] about The SEC Is Hiring Cryptocurrency Cops To Investigate Illicit Activities

Share to Twitter Share to Linkedin If you’re not incorporating artificial intelligence into your work in some way, you’re behind the curve. Even the most suspicious and non-technical entrepreneurs could save time and money making use of the tools available, let alone those thinking bigger with AI and creating their own. I asked entrepreneurs across all industries about how they were using AI tools in their business and their responses fit into three categories: Content assistance If your business relies on content in any way, AI could be the copilot you were looking for. Down one end of the AI content spectrum is getting assistance with headlines and ideas, up the other is entrusting AI with more complicated tasks and writing entire documents. These entrepreneurs are getting support with the planning and prep, to create more room for creativity. Steve Vickers from Routes North is using AI to help streamline the process of commissioning new … [Read more...] about 3 Ways Ambitious Entrepreneurs Are Using AI

Photo courtesy of Bangko Sentral ng Pilipinas Facebook Page MANILA  – The Bangko Sentral ng Pilipinas (BSP) is expected to raise its policy rate by 25 basis points or 0.25 percentage point to 6.25 percent on March 23 amid lingering concerns about the health of the global financial system. This will represent a slower tightening that, according to ING Bank, might pave the way for a likely pause of hikes in May. Before the latest policy meeting scheduled on Thursday, the Monetary Board (MB) went for hikes of 0.5 ppt on two previous occasions—February and December 2022. This, in turn, followed a 0.75-ppt hike in November last year. Since starting the tightening cycle last May, the BSP’s key rate has risen by 4 ppt from a pandemic-prompted historic low of 2 percent. Commitment Nicholas Mapa, senior economist at ING Bank, said a smaller rate hike this week will serve as an “insurance” considering that inflation remained well-above the government’s target range at 8.6 percent in … [Read more...] about BSP tipped to raise key rate to 6.25%

The right of a stockholder to inspect corporate records is an essential aspect of corporate governance. This right allows shareholders to access information regarding the company’s financial and operational activities, enabling them to make informed decisions regarding their investments. It also serves several other important purposes. First, it allows shareholders to monitor the performance of the company and evaluate the effectiveness of its management. Second, it is essential in ensuring that the company is complying with all relevant laws and regulations. Thirdly, it promotes transparency and accountability in corporate governance. Decades ago, the Supreme Court declared that a stockholder’s right of inspection of the corporation’s books and records is based upon their ownership of the assets and property of the corporation. Since this right is an incident of ownership of corporate property, its exercise must be related to one’s interest as a stockholder and not prejudicial to … [Read more...] about Examination of corporate records, grounds for refusal and penalties

SINGAPORE  – The dollar regained some ground on Tuesday but was pinned near a five-week low as traders tiptoed back into riskier assets after UBS’ state-backed takeover of Credit Suisse allayed some fears of a widespread, systemic banking crisis. Market sentiment remained fragile, however, as investors struggled to determine the scale of the ramifications from a sector hit that began with Silicon Valley Bank’s collapse, putting a cap on risk appetite and giving some support to the safe haven dollar. Sterling rose 0.02 percent to $1.2280, while the euro steadied at $1.0722. The Aussie fell 0.22 percent to $0.6703. News of UBS’ planned takeover of rival Credit Suisse on Sunday – a shotgun merger engineered by Swiss authorities – gave way to a small risk-on rally on Monday, as worries over market-shaking turmoil across global banks waned. Switzerland’s secretive Credit Suisse rescue rocks global finance “Markets remain nervous, but the rapidity of policymakers’ … [Read more...] about Dollar languishes as bank crisis fears ebb on Credit Suisse rescue

After raking in over $7 million in speaking fees from financial institutions in the two years before being confirmed, Treasury Secretary Janet Yellen now plays a major role in determining which banks are systemically important, according to her testimony at a Senate Finance Committee hearing Thursday. Yellen had received more than $7 million in speaking fees from dozens of companies including Goldman Sachs, Bank of America, Citi, Credit Suisse, UBS, Charles Schwab and many more, according to Yellen’s public financial disclosure report. Though the Federal Deposit Insurance Corporation insures deposits up to $250,000, Yellen told the senators the government may insure additional deposits, as it did at the recently failed Silicon Valley Bank (SVB) and Signature Bank, if that bank’s failure would present a “systemic risk” to the economy. WASHINGTON, DC – MARCH 16: U.S. Treasury Secretary Janet Yellen testifies about the Biden Administration’s FY2024 federal budget proposal before … [Read more...] about After Collecting Millions From Wall Street, Janet Yellen Now Helps Decide Which Banks Get Bailouts