Ken Griffin’s Citadel Securities takes on $600 million in loans as trading revenue rises
Citadel Securities borrowed $600 million on Thursday to shore up its balance sheet and trading business, taking advantage of strong demand from lenders after volatile markets helped one of the largest U.S. stock trading firms start the 2022. The company, which is majority owned by billionaire Ken Griffin, is a fundamental part of the plumbing of the US financial markets. It came into the spotlight last year when millions of investors flocked to the stock and options markets for the first time. The company told lenders, which include credit funds, that it planned to use the $600 million in part…
Read More »Bitcoin falls below $21,500, closing shares of Coinbase and Marathon Digital
Bitcoin sank below $22,000 on August 19, after global stocks fell amid uncertainty over how aggressive the Federal Reserve would be in its effort to cool inflation with rate hikes interest Bitcoin, the world’s largest cryptocurrency, has declined 8.7% to $21,443 over the past 24 hours, according to CoinDesk. The sell-off came after bitcoin briefly crossed $25,000 over the weekend for the first time since mid-June. Crypto had received a boost from slowing US inflation. Traders felt that took some pressure off the Federal Reserve, which has been raising interest rates to control rising prices. US stocks fell on August…
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Tensions with Moscow test Latvia’s welcome to Russian media exiles
In July, TV Rain, Russia’s only independent news channel, resumed broadcasting from Latvia after a five-month hiatus. But soon after, reporters realized that not everyone in the Baltic state was happy to have them there. Latvia’s security services have warned that some of the hundreds of Russian journalists in the country, who fled Russia after it banned critical coverage of its invasion of Ukraine, could be undercover spies. Riga has also led calls to ban all Russians from obtaining EU tourist visas, with media workers facing an even more uncertain future. The backlash has stalled Latvia’s effort to make Riga…
Read More »Businesses in the Caribbean must try to overcome obstacles to financial access
WASHINGTON, USA – A new report from the Inter-American Development Bank (IDB) and IDB Invest recommends that Caribbean countries focus on overcoming obstacles to financial access and business inclusion, because having more developed and inclusive financial systems could increase growth and reduce poverty and income inequality. . The report titled “Finance for Business: Options for Improving Access and Inclusion” highlights the important link between deeper and more accessible financial systems and faster and more inclusive economic development. The publication compares the financial systems of six Caribbean countries, the Bahamas, Barbados, Guyana, Jamaica, Suriname and Trinidad and Tobago, with others around…
Read More »Xiao Jianhua, sentenced to 13 years for financial crimes
HONG KONG — Xiao Jianhua, the Chinese Canadian billionaire and financier trusted by China’s ruling elite, was sentenced Friday to 13 years in prison and his company fined $8 billion, after he pleaded guilty guilty of bribery and other crimes that authorities said he had. the financial security of the country is “gravely endangered”. Mr. Xiao, whose umbrella of Tomorrow Group companies was once worth hundreds of billions of dollars, was also fined $1 million, a Shanghai court said on Friday. One of several Chinese business tycoons caught in the crosshairs of an anti-corruption crackdown, Mr Xiao was snatched from…
Read More »Deere, Foot Locker, Bed Bath & Beyond and more
Check out the companies making headlines before the bell: Deere (DE) – Deere fell 5.2% in premarket trading after the heavy equipment maker missed quarterly earnings estimates despite better-than-expected sales. Deere earned $6.16 per share, below the consensus estimate of $6.69, as it successfully implemented price increases but also faced higher costs. The company also cut its full-year forecast. Foot Locker (FL): Foot Locker jumped 17.4% in premarket trading after the athletic footwear and apparel retailer’s quarterly earnings beat analysts’ forecasts and the company also announced a CEO transition. Former Ulta Beauty ( ULTA ) CEO Mary Dillon will replace…
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‘You’re not safe anywhere’: Tourism woes slow China’s rebound
Fiona Wang prepared for a week of relaxation among palm fronds, golden sand beaches and swimming pools at the Atlantis Sanya, a tropical resort on Hainan Island in southern China. Instead, the Beijing mother of three young children found herself stuck in the hotel for the past two weeks, begging local authorities for a flight out of Hainan as she ran out of powdered milk for a 13-month-old . Wang was one of 150,000 vacationers stranded this month on the island known as the “Hawaii of China,” the latest in an ongoing series of localized lockdowns and mass testing campaigns…
Read More »Business Places: City mourns Jain’s death, Citi reshuffles after Skarbek
Financial services leaders paid tribute to the former Deutsche Bank none Anshu Jain this week after his death from cancer. Jain played a key role in shaping the German lender after the financial crisis. He was described by his peers as “one of the best bankers on Wall Street”, “a leader and visionary to the core” and “one of the best bankers of his generation”. Jain was 59 and is survived by his wife and two children. Tributes were also paid to a veteran stock market investor and Indian billionaire Rakesh Jhunjhunwala, nicknamed the Warren Buffett of India, died on…
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