Oracle unit partners with Everest to bring blockchain to banks worldwide
Gertrude Chavez-Dreyfuss, 14 July 2021
NEW YORK (Reuters) – Oracle Financial Services Software Ltd, a unit of Oracle Corp, has teamed up with financial technology provider Everest to bring blockchain to banks worldwide to enhance their product offerings, Everest Chief Executive and co-founder Bob Reid said.
Oracle Financial’s software is used in retail and corporate banking as well as the insurance sector.
Everest, whose blockchain technology enables a wide range of financial services, said it recently worked with the Asian Development Bank on the Central Bank of Samoa’s regulatory compliance platform. Everest is also a licensed custodian of cryptocurrencies. Continue reading “Article: Oracle unit partners with Everest to bring blockchain to banks worldwide”
Malaysia, 1MDB seeks more than $ 5.6 billion in damages from KPMG partners
Rosanna Zambon and Liz Lee, 10 July 2021
Kuala Lumpur (Reuters)-Malaysia Development Berhad (1MDB), a Malaysian government and state fund, has sought more than $ 5.6 billion in damages from KPMG partners on suspicion of violations and negligence related to corruption scandals at the fund. A court document seen by Reuters showed.
Audit firm KPMG denied the allegations on Friday, promising to “violently” challenge the proceedings filed against 44 current and previous partners, and auditing 1MDB’s financial statements from 2010 to 2012. Linked to.
The proceedings confirmed by the Treasury on Tuesday are the latest in a series of proceedings filed by Malaysian authorities to recover the billions of dollars missing from 1MDB, worldwide. Continue reading “Article: Malaysia, 1MDB seeks more than $ 5.6 billion in damages from KPMG partners”
China targets offshore IPO structure, to require ministry approval -sources
Reuters, 09 July 2021
China’s securities regulator is setting up a team to review plans by Chinese companies for initial public offerings (IPOs) abroad, sources with knowledge of the matter said, including those using a corporate structure which Beijing says has led to abuse.
Chinese companies looking to list offshore will also need approval from the relevant ministry, the sources told Reuters, in a break from a decades-old arrangement that did not require them to seek a formal go-ahead from any authorities in China. Continue reading “Article: China targets offshore IPO structure, to require ministry approval -sources”
EU to propose new body to tackle dirty money, documents say
Huw Jones, 08 July 2021
LONDON, July 8 (Reuters) – The European Union will propose a new agency to crack down on money laundering and new transparency rules for transfers of crypto-assets, EU documents showed on Wednesday as the bloc responds to calls for tougher action to fight dirty money.
Europe has come under pressure to step up enforcement of anti-money laundering rules after several countries began investigating Danske Bank over 200 billion euros of suspicious transactions that passed through its tiny Estonian branch between 2007 and 2015. Continue reading “Article: EU to propose new body to tackle dirty money, documents say”
Gamestop – Exchange leaders say GameStop saga highlights regulatory challenges
ALEX LOWE, 06 July 2021
NEW YORK (Reuters) – The recent trading frenzy around GameStop Corp and other so-called “meme” stocks highlights shortcomings and challenges in the U.S. markets as retail investors become a bigger presence, exchange leaders said on Tuesday.
“The regulatory structure of the U.S. equity markets, in my mind, is flawed,” Jeff Sprecher, chief executive of New York Stock Exchange owner Intercontinental Exchange Inc, said on a panel at the Future Industry Association’s virtual FIA Boca conference. Continue reading “Article: Gamestop – Exchange leaders say GameStop saga highlights regulatory challenges”
Gamestop – AMC, other ‘meme’ stocks jump; regulator signals concern
ALEX LOWE, 04 July 2021
Shares of AMC Entertainment Holdings Inc (AMC.N) and other “meme stocks” jumped on Monday, extending a rally in social-media favorites into a third week as message boards hummed with talk of squeezing Wall Street short-sellers.
The sharp gains prompted the U.S. Securities and Exchange Commission to say it was looking into signs of market manipulation given the “volatility in certain stocks.” The volatility has challenged analysts, and two of them in the past week have stopped covering video game retailer GameStop, whose shares soared in January in a retail-driven rally. Continue reading “Article: Gamestop – AMC, other ‘meme’ stocks jump; regulator signals concern”
Cardinal among 10 indicted by Vatican for financial crimes
REUTERS , 03 July 2021
A prominent Italian cardinal was among 10 people sent to trial in the Vatican on Saturday charged with financial crimes including embezzlement, money laundering, fraud, extortion and abuse of office.
Cardinal Angelo Becciu, formerly a senior official in the Vatican administration, as well as two top officials at the Vatican’s Financial Intelligence Unit will go on trial on July 27 over a multi-million euro scandal involving the Vatican’s purchase of a building in one of London’s smartest districts.
Continue reading “Article: Cardinal among 10 indicted by Vatican for financial crimes”
‘I regret any harm:’ Short seller compensates target in rare move
Lawrence Delevingne, 22 June 2021
BOSTON, June 21 (Reuters) – A small Texas investor who caused shares of a real estate investment trust to plunge 39 percent in a day has agreed to pay the company restitution to settle a lawsuit against him, a rare development that could embolden other companies to pursue such claims.
Quinton Mathews, who published his research on companies online under the pseudonym Rota Fortunae, will pay Farmland Partners Inc (FPI.N) “a multiple” of the profits on his short bet in 2018, according to the terms of the legal settlement announced late Sunday. His research had helped wipe as much as $115 million off Farmland’s market value. Continue reading “Article: ‘I regret any harm:’ Short seller compensates target in rare move”
Germany’s BaFin looking into possible insider trading of CureVac shares
Reuters, 21 June 2021
BERLIN, June 21 (Reuters) – German financial watchdog BaFin is investigating possible insider trading of vaccine maker’s CureVac (5CV.DE) shares, which fell after the biotech firm announced its COVID-19 vaccine proved only 47% effective, Rheinische Post newspaper reported on Monday.
BaFin will investigate whether employees at CureVac or Bayer could have used their insider knowledge of the vaccine study results and sold shares in good time, the newspaper added. Continue reading “Article: Germany’s BaFin looking into possible insider trading of CureVac shares”
Is repo madness predicting a crack-up?
Rick Ackerman, 21 June 2021
[The following was written by a San Francisco friend from the hedge fund world, Shawn Brown. It buttresses the suspicion that while there seems to be plenty of credit money available for speculation, the collateral behind it is getting thinner and shakier by the week. The Fed, with $8 trillion of Treasury paper and other top-shelf collateral on its balance sheet, has monopolized the supply, leaving lending banks to scramble for collateral for their own that hasn’t already been hocked twentyfold. As a result, central bank interventions are becoming more frequent, more complex and bigger, to the point where even the experts are having trouble determining whether the banking system is headed for a crack-up far larger than the one that took down Archegos a few months ago. RA] Continue reading “Article: Is repo madness predicting a crack-up?”
Brazil exporters demand $3.8 billion from banks for currency manipulation
Carolina Mandl, 16 June 2021
Continue reading “Article: Brazil exporters demand $3.8 billion from banks for currency manipulation”
U.S. stocks end lower ahead of inflation report
Stephen Culp, 09 June 2021
NEW YORK (Reuters) – Wall Street ended a see-saw session lower on Wednesday as market participants awaited inflation data for clues as to when the U.S. Federal Reserve might tighten its dovish monetary policy.
The retail “meme stock” craze continued unabated. All three major U.S. stock indexes reversed earlier gains, but remained range-bound in the absence of any clear market catalysts. Continue reading “Article: U.S. stocks end lower ahead of inflation report”
Clover Health jumps 13% as ‘meme stock’ rally builds
Aaron Saldanha, 08 June 2021
The social-media driven rally has sent shares of companies including AMC Entertainment Holdings Inc and GameStop Corp zooming this year in a bid to squeeze Wall Street short-sellers, and has prompted the U.S. Securities and Exchange Commission to say it was looking into signs of market manipulation.
Medicare-backed insurance seller Clover and electric-truck maker Workhorse Group Inc are among the most shorted stocks across U.S. exchanges, with Clover being the target of short seller Hindenburg in February. Continue reading “Article: Clover Health jumps 13% as ‘meme stock’ rally builds”
Hong Kong to test linking China’s digital yuan with domestic payments
Reuters, 08 June 2021
Hong Kong is to test connecting China’s digital yuan with its domestic payments network, officials said on Tuesday, the second stage of trials of China’s digital currency in the financial hub.
China’s e-CNY is one of the most advanced central bank digital currency (CBDC) projects among major economies. Chinese officials say the project will be initially domestically focused, but cross-border trials are also under way in Hong Kong. Continue reading “Article: Hong Kong to test linking China’s digital yuan with domestic payments”
Wirecard: German Parliament slams Scholz and Merkel
Reuters, 07 June 2021
A committee of lawmakers in the Bundestag has published its inquiry into the Wirecard fraud affair. The damaging report comes months before Germany’s general election.
The public inquiry into the Wirecard scandal published its concluding report on Monday, criticizing Germany’s Finance Minister Olaf Scholz and Chancellor Angela Merkel.
The parliamentary committee consisting of opposition lawmakers ended a monthslong investigation into the scandal with the publication of a 675-page draft report. Continue reading “Article: Wirecard: German Parliament slams Scholz and Merkel”