Lazard hires Mary Ann Betsch from Citadel as CFO
Independent investment bank Lazard has hired a new CFO from Citadel. The US-based company has appointed Mary Ann Betsch as chief financial officer, it said in a statement. He will join the bank on October 3. Betsch will replace Evan L. Russo, who served as chief financial officer for five years before taking over as CEO of Lazard’s asset management business in June. TO READ Lazard CEO Jacobs: Fierce battle for top business makers has cooled Betsch previously worked at hedge fund Citadel, where she was managing director of its finance and accounting function. He was previously at Big Four…
Read More »Panini returns to the largest financial technology fair in Latin America, Febraban Tech
TORINO, Italy and DAYTON, Ohio–(BUSINESS THREAD)–Panini S.p.A, a global payment technology provider, is participating in the new Febraban Tech event in São Paulo, Brazil (booth #96), three years after the last edition in the presence of its predecessor, the CIAB, a shutdown due to the COVID-19. 19 pandemic. Before this forced break, Panini had been exhibiting at CIAB Febraban for twelve consecutive years. Febraban Tech leaves the Transamerica Expo Center and moves to the São Paulo Biennale pavilion, designed by Oscar Niemeyer, one of the greatest architects of the last century. The exhibition building is located in Ibirapuera Park, the…
Read More »The Wheeling Area Chamber of Commerce celebrates Rohrig Financial with a ribbon cutting | News, Sports, Employment
Provided photo: The Wheeling Area Chamber of Commerce held a ceremonial ribbon cutting for Rohrig Financial on National Highway Wednesday. Pictured, from left, Wheeling City Manager, Robert Herron, Sunny West, BCM, Business Management, Wesbanco, Anthony Ruiz,– Owner, Ruiz Insurance, Jennifer Rohrig, Rohrig CFO Shawn Rohrig, Rohrig Assistant Financial Advisor Christine Williams, City Advertising’s Dave Rose and Chamber President Kurt Zende. A local financial firm on National Road hopes to keep its momentum going. Rohrig Financial opened its doors on National Highway last June, but the Wheeling Area Chamber of Commerce celebrated the young business with a ceremonial ribbon cutting Wednesday…
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China’s smartphone sales fell to the lowest level since 2012
Smartphone sales in China have fallen to their lowest level since the iPhone 5 was introduced in late 2012 as the country struggles with repeated lockdowns and slow economic growth, a Counterpoint report he says Sales in the second quarter of this year fell 14% from 2021 to about 60 million, which the market research firm said was worse than 2020’s pandemic levels and less than half of China’s historic 131 million in the fourth quarter of 2016. “During this period, major cities in China went through full or partial lockdowns,” said Ivan Lam, senior analyst at Counterpoint. “China’s economy…
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Asia-focused funds caught up in China’s deepening housing crisis
Asia-focused funds and investors have been caught, along with millions of homebuyers, by China’s long-running real estate crisis. A credit fund, led by a former Lehman Brothers portfolio manager, has taken a big hit in returns that brought years of gains to a sudden halt. Hong Kong-based L&R Capital’s Asia Credit Alpha Fund, a hedge fund with more than half of its geographic exposure focused on China, fell 18.9% in 2022 as of the end of May, according to documents and a person familiar with the matter. The fund, led by former Lehman Brothers portfolio manager Li Ran, retreated another…
Read More »Barclays reports profit fall after impact of costly US trading error
A branch of Barclays Bank is seen in London, Britain on February 23, 2022. Peter Nicholls | Reuters Barclays saw second-quarter profit fall on Thursday after taking a substantial provision related to a costly trading error in the US The British bank reported net profit of 1.071 billion pounds ($1.3 billion) attributable to shareholders, meeting expectations of 1.085 billion pounds expected by analysts, according to Refinitiv. However, it marked a drop of 48% compared to the same period of the previous year. Barclays took £1.9bn of litigation and conduct charges in the first half of the year, including a £1.3bn…
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Oversight Republicans after Hunter Biden ‘money trail’ demand answers from financial adviser
NEWYou can now listen to Fox News articles! House Republicans are demanding answers from President Biden’s son Hunter’s financial adviser, Edward Prewitt, about his dealings, which banks have flagged as suspicious. Biden has been under federal investigation for his tax affairs based on suspicious foreign transactions since 2018, and President Joe Biden has repeatedly denied discussing Hunter’s business dealings with him. The president’s son’s questionable business dealings, conducted by himself, his associates and other members of the Biden family, have been flagged and reported by US banks. Rep. James Comer, R-Ky., the ranking member of the House Oversight Committee, sent…
Read More »it’s not pretty, but a lot of bad news already has a price
Well, that pretty much covers… everything. Microsoft’s earnings release cited a litany of issues: unfavorable turnover, extended production shutdowns in China, a deteriorating PC market in June, reductions in advertising spending and shrinking Russian operations. He left out frogs, boils, locusts, lice, and hail, so the press release doesn’t quite rise to the level of biblical disasters, but you get the idea. It was quite a long list considering the EPS and lost revenue. Cloud growth slowed and video game sales were also weaker. And the stock still went up. Wedbush analyst Dan Ives says: “Ultimately, when the onion was…
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