Lawmakers seek information on unauthorized bank accounts at US Bank
A group of lawmakers has sent a letter to Bank of America officials, saying they are seeking information about the bank using consumer data to open unauthorized bank accounts. © Shutterstock Sherrod Brown Senate Banking, Housing and Urban Affairs Committee Chairman Sen. Sherrod Brown (D-OH) joined Banking and Housing Committee members Elizabeth Warren (D-MA), Catherine Cortez Masto (D-NV) , Chris Van Hollen (D-MD). ) and Robert Menendez (D-NJ) in sending a letter to Bank of America CEO Andrew Cecere. Lawmakers said the correspondence comes from the Consumer Financial Protection Bureau (CFPB) fining the bank $37.5 million for illegally accessing consumers’…
Read More »AgriBank publishes financial results for the second quarter of 2022
Strong loan growth and credit quality St. PAUL, Minn., August 8, 2022 /PRNewswire/ — Today, Saint PaulAgriBank announced financial results for the second quarter of 2022, with strong profitability, credit quality and liquidity and capital. Highlights: Profitability: Net profit remained strong a 365.7 million dollars during the last six months June 30, 2022. AgriBank’s year-to-date return on assets (ROA) ratio of 51 basis points was above the target of 50 basis points. Credit quality: The overall credit quality of the loan portfolio was good, with 99.5% of loans classified as acceptable in June 30, 2022compared to 98.3 percent a December…
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Carlyle CEO resigns after contract talks break down
Private equity giant Carlyle Group is replacing its CEO Kewsong Lee, who will leave the New York and Washington-based group just two years after being appointed in July 2020. Lee’s departure, announced Sunday evening, came after Carlyle’s board met and decided to end contract negotiations with Lee, according to a source with direct knowledge of the situation. Lee, who was named co-chief executive in 2017 alongside Glenn Youngkin, was given a five-year contract that expired at the end of the year. After Carlyle notified Lee that he had decided not to renew his contract, he decided to resign immediately. Carlyle…
Read More »SoftBank’s record losses should prompt a vision check
SoftBank CEO Masayoshi Son says he is embarrassed and regretful after the company reported record losses. A little humility would help ferment SoftBank’s aggressive investment style and likely boost long-term returns. But the odds aren’t necessarily in investors’ favor: the next time markets bubble again, Son’s brash style may also resurface. The Japanese technology investor reported on August 8 its biggest ever quarterly loss: $23.4 billion for the three months ending in June. Investment losses at its $100 billion Vision Fund and its predecessor totaled $22 billion in the quarter. That’s nearly wiped out all of the tech mutual funds’…
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What the Inflation Reduction Act means for health care
Photo: Michael Duva/Getty Images In a 51-50 vote with Vice President Kamala Harris as the tiebreaker, the Senate on Saturday approved the Inflation Reduction Act that includes much of the Democrats’ desired drug deal priorities and continued subsidies from the ‘affordable care. The bill now heads to the House, where it is expected to pass and then head to President Joe Biden’s desk for his signature. Here’s what’s in the health care bill. The big one: Medicare will be able to negotiate drug prices for the first time for 10 yet-to-be-determined high-cost drugs starting in 2026. The Pharmaceutical Research and…
Read More »Goldman says to be wary of these stocks with unsustainable margins in a challenging environment
Investors should prepare for tough times ahead, with some stocks in particular facing unsustainable margin growth expectations, according to David Kostin, chief US strategist at Goldman Sachs. Stocks have rallied recently, with the S&P 500 up about 13% from a mid-June low. Kostin noted that better-than-expected second-quarter earnings have supported that recovery. However, the macro outlook has deteriorated in recent months, he said. While the company’s outlook for 2022 earnings per share remains the same at 8% year-over-year growth, it has cut its 2023 EPS estimate to 3% growth from 6%. “Global and U.S. economic growth is weaker, the U.S….
Read More »Goldman Sachs says buy this biopharma stock poised to rally nearly 40% from here
Goldman Sachs says it’s time for investors to put their money into Rhythm Pharmaceuticals, as its shares could rise nearly 40% on evidence of success for its anti-obesity drug. “We believe that Imcivree’s prospects were transformed by initial [phase 2] data in patients with hypothalamic obesity (HO), pointing to a high probability of clinical success in this indication where we also see a significantly higher peak sales opportunity compared to other indications where Imcivree is in development,” wrote the analyst Corinne Jenkins in a note to clients as she upgraded the stock to buy from a neutral rating.Hypothalamic obesity refers…
Read More »Galaxy Digital losses widen, but shares up 20%
Crypto investment firm Galaxy Digital, which was founded by billionaire Michael Novogratz, saw its shares jump 20% on August 8. The company reported an overall net loss of $554.7 million in the second quarter, widening from losses of $182.9 million a year earlier. The widening of losses was mainly due to a fall in digital asset prices, partially offset by the profitability of the company’s mining business, according to a statement. TO READ Visit the FN Crypto Hub for all the latest news on digital assets Bitcoin is trading around $24,143, down 65% from its peak in November, according to…
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