The recession is spreading, warns Peter Boockvar
There may be no escape from the recession. The latest reports on housing and manufacturing, according to investor Peter Boockvar, suggest it is quickly spreading to other parts of the economy. “People are not being sensitive enough to this economic slowdown and what it’s going to do to companies’ revenues and profit margins,” the chief investment officer at Bleakley Advisory Group told CNBC’s “Fast Money” on Monday. The National Association of Builders/Wells Fargo housing market index slipped into negative territory in August. This is the eighth consecutive month that builders’ confidence has fallen. In a press release, NAHB Chief Economist…
Read More »John Durrant, 25-year financial services industry expert, named president of FIS banking solutions group
JACKSONVILLE, Fla.–(BUSINESS THREAD)–Leader in financial technology FIS® (NYSE: FIS) today announced that financial services veteran John Durrant has joined the organization and will assume the role of president of the company’s banking solutions business effective September 1st. Durrant comes to FIS with 25 years of experience in consumer, commercial and small business banking and payments, working for some of America’s most prestigious financial institutions including Bank of America, Chase, Morgan Stanley and more most recently, Capital One. “I am delighted to welcome John to FIS knowing that he brings the experience and vision to lead our banking solutions business into…
Read More »
Elliott leaves SoftBank stake after falling out with Masayoshi Son
Hedge fund Elliott Management has shed almost its entire position in Japan’s SoftBank, in the latest sign of growing investor unease over the fortunes of the world’s biggest technology investment group. The US-based activist investor has decided to effectively end its multi-year bet on SoftBank by selling the vast majority of its remaining shares, having previously bought up to $2.5 billion in the group, according to the people known to the trade. One of the people said Elliott made its move after losing faith in the Japanese group’s billionaire founder Masayoshi Son and his ability to close the huge gap…
Read More »Economy bearing the sanctions for now
Russian President Vladimir Putin meets with the head of the Federal Financial Supervisory Service (Rosfinmonitoring) Yury Chikhanchin at the Kremlin in Moscow, Russia, June 27, 2022. Mikhail Metzel | Kremlin | Sputnik | via Reuters Russia’s economy contracted in the second quarter, the first full three months since the country’s invasion of Ukraine, and economists are divided over whether it can continue to withstand the onslaught of long-term international sanctions. The Russian economy shrank by 4% year-on-year in the second quarter, although it was less strong than the 5% expected by analysts. Russia’s Central Bank expects the decline to deepen…
Read More »Axo announces the acquisition of Defero, a leading digital credit scoring and financial management platform
OSLO, Norway–(BUSINESS THREAD)–Axo AS (“Axo”), a leading distributor of personal finance products in the Nordic region and a portfolio company of Corsair, a leading private equity firm focused on payments, software and business services investments in the financial services industry , announced today that it has acquired Defero, a digital credit scoring and financial management platform in the Nordic region. Financial terms of the transaction were not disclosed. Founded in 2018, Defero empowers consumers to make better financial decisions through its free credit scoring and financial management platform that adapts to each member’s credit profile and financial needs. Today, Defero…
Read More »
Victims of Sri Lankan terrorism thank the Pope for financial aid
A grant of 100,000 euros has reached the families of the victims of the Easter attack on the sanctuary of Saint Anthony in Kochchikade Ambulances are seen outside a church with gathered people and security personnel after an explosion at St Anthony’s Shrine in Kochchikade, Colombo on April 21, 2019. (Photo: AFP) Published: 16 Aug 2022 04:54 GMT Updated: 16 Aug 2022 06:05 GMT Families of victims and survivors of the 2019 Easter Sunday terrorist attacks in Sri Lanka have thanked Pope Francis for extending financial support and speaking out for justice and reconciliation. The Pope’s grant of €100,000 (about…
Read More »
Analysis: Easing financial conditions threaten central bank’s fight against inflation By Reuters
© Reuters. FILE PHOTO: The Federal Reserve Building is seen in Washington, DC, U.S., August 22, 2018. REUTERS/Chris Wattie By Yoruk Bahceli (Reuters) – The U.S. Federal Reserve is raising interest rates at the most aggressive pace in a generation, but the financial conditions it must tighten to control rising inflation are going in the wrong direction. A rally in stocks and falling government bond yields since the Fed’s June hike means financial conditions are easing, even as the U.S. economy has been hit by a set of 150 basis points rate hikes at that meeting and the next. Financial…
Read More »Inter&Co, Inc Releases Second Quarter 2022 Financial Results | news
BELO HORIZONTE-MG, Brazil, Aug. 15, 2022 (GLOBE NEWSWIRE) — Inter&Co (NASDAQ: INTR | B3:INBR31 ), a leading Brazilian super app offering financial and non-financial services, today reported the financial results of the its second quarter ended June 30, 2022. Financial results are expressed in Brazilian reals and presented according to IFRS (International Financial Reporting Standards). The full results release is available on the Company’s Investor Relations website at ri.bancointer.com.br/intereco. “Staying away from the comfort zone.” If there is one sentence that best describes our second quarter, this is it without a doubt. We continue to lead innovation by successfully listing…
Read More »