‘Mumbai will not be financial capital if Gujaratis and Rajasthanis are not here’: Maharashtra governor’s comment sparks row
Maharashtra Governor Bhagat Singh Koshyari has courted controversy by saying that if Gujaratis and Rajasthanis are removed from the state, he would run out of money. His statement on Friday has drawn a backlash from leaders of all political parties. Addressing a meeting in Mumbai’s Andheri on Friday, Koshyari said, “…if the people of Gujarati and Rajasthan are removed from Maharashtra, especially Mumbai and Thane, there would be no money left here. Call Mumbai the financial capital , but if these (Gujarati and Rajasthani) people are not here, it will not be called financial capital.” #I WILL SEE | If…
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WeChat shuts down Bloomberg financial news account for regulatory violation
As China clamps down on internet companies under tougher laws, social media platform WeChat has shut down a Bloomberg social media account, accusing it of violating the country’s regulations on public online accounts, they reported friday the middle Tencent-owned WeChat said it had received “complaints” about Bloomberg’s “Daybreak” account, which posts global market updates, the South China Morning Post reports. The account, which has been active since January 2021, has violated Chinese regulations, the Chinese platform said. “All content has been blocked and the account has been suspended,” the message on the blocked account read, along with a link to…
Read More »Wall Street giants cut dealmaker jobs after 2021 hiring season
The world’s biggest investment banks have already started to cut dealmaker jobs as revenues fall after last year’s hiring season. Figures from data provider Coalition Greenwich suggest that the 12 largest investment banks in its analysis: Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, SocGen and UBS, have been cut. its ranks of investment bankers in the second quarter with brutal market conditions. “We have already seen declines in workforce activity in the investment banking division [Q2 2022] as incomes continue to decline,” the Coalition report said. Financial News has reported…
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The US-Japan chip alliance aims to thwart China’s ambitions
The United States and Japan must join forces to develop the next generation of semiconductors as they seek to crack down on China and its own chip ambitions. The two longtime allies agreed to establish a new joint research center for high-tech chips during their so-called “two plus two” economic ministerial meeting in Washington, Japanese Trade Minister Koichi Hagiuda said. US Secretary of State Antony Blinken, US Commerce Secretary Gina Raimondo, Japanese Foreign Minister Yoshimasa Hayashi and Hagiuda also discussed energy and food security, the officials said in a press conference. Also in AF: SEC adds Alibaba to list of…
Read More »Hybrid work ruled out for bankers as job cuts loom
Negotiators have a new reason to come into the office: to avoid job cuts. Bank executives continue to preach the benefits of hybrid working, but negotiators say they face pressure to return to the office, or hit the road, as companies prepare for a new wave of layoffs amid of the drop in income. “When everyone was locked up and working remotely, we were all the same. Now that there’s an option to travel and be in the office, competitively, we’re going to find out which one is better,” said Bob Diamond, former head of Barclays who now is CEO…
Read More »Commodities and cryptocurrencies raise financial stability risk, watchdog warns
The ongoing fallout from the Ukraine war and the crypto crash are creating a greater risk to financial stability, the Financial Stability Board of international regulators has warned. In a letter to G20 finance ministers and central bankers, Klaas Knot, chairman of the FSB, warned of spillover effects due to volatility in commodity markets. “The volatility in commodity markets following Russia’s invasion of Ukraine has highlighted the risk of financial stress in these markets, through large margin calls, undetected leverage and concentrated exposures,” he wrote. At a news conference, Knot told reporters that the volatility has highlighted the complex links…
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GO in the Know: Worse-than-expected inflation report and top financial news for July 13
seb_ra / iStock.com The inflation data is worse than even the pundits predicted, but on a positive note: You can score some free fries for National Fries Day. Here are the rest of today’s top financial stories. The big plus: Inflation hit 9.1% in June Inflation not only continued to rise in June, but was worse than expected. The Bureau of Labor Statistics (BLS) released its Consumer Price Index (CPI) and the all-items index rose 9.1% in the 12 months ending in June, a new high of four decades. Bonus Offer: Open a new Citi Priority account by 9/1/23 and…
Read More »The county gives good financial news | Republican Herald
ANGOLA — Steuben County got some good fiscal news Tuesday, even if some members of the Steuben County Council, like tough Dan Caruso and tax hawk Ruth Beer, worry about the county’s finances. It was good news, however, presented Tuesday by Nichole Franklin of Peters Franklin Financial, a municipal financial consulting firm in Franklin. “Overall, overall, things are looking good,” Franklin said. “You have enough cash. You have good rainy day funds.” If there was a downside, Franklin said spending on public safety has been increasing. However, these increases, especially a pay increase in the sheriff’s department, have been offset…
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