Finance

Japan will urge its G20 counterparts at a meeting next week to beef up efforts to prevent cryptocurrencies from being used for money laundering, a government official with direct knowledge of the matter said. Finance ministers and central bankers of the Group of 20 major economies will meet in Buenos Aires on March 19-20, with
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Banks have to be like technology companies, the CEO of Southeast Asia’s largest lender said on Tuesday, amid rising competition from rivals such as Chinese tech giant Alibaba with its rapidly growing financial services. This means that banks have to do a few things: “Embrace” the same technology as they do, and change their culture
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Andrew Harrer | Bloomberg | Getty Images David Solomon, Goldman Sachs & Co. Schwartz and Solomon had taken on the responsibilities of Gary Cohn in December 2016 when Cohn left to become Donald Trump‘s top economic advisor. Cohn resigned his White House position last week after losing a battle with protectionists within the administration over
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Ten years after Bear Stearns’ near collapse accelerated the worst financial crisis in generations, Congress is pushing to relax rules that were designed to prevent one from happening again. A bill with strong bipartisan support is heading to a vote in the Senate. It would loosen regulation for smaller banks and significantly raise the threshold
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Top managers at Deutsche Bank will forego their annual bonuses, CEO John Cryan said, after coming under fire for awarding big incentive payouts even though Germany’s largest bank lost money last year. Cryan was quoted by the Zeit weekly as saying the 12-member executive board would not get bonuses for 2017, but variable compensation would
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Bitcoin’s drop this week paints a pretty discouraging picture for the near future, technical market analysts say. Critically, bitcoin failed Monday to break above a key level close to $12,000, they said. The cryptocurrency has fallen more than 20 percent since amid a slew of negative headlines that have raised worries about regulatory crackdown on
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Andrew Harrer | Bloomberg | Getty Images Harvey Schwartz, president and co-chief operating officer of the Goldman Sachs Group Inc. “Over five hours of interviews for this article, the most revealing moment about his business psychology came when he described how he interviews job candidates: He asks them to try to sell him the Polycom
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A Lloyd Blankfein exit as Goldman Sachs chairman and chief executive makes sense because he’s concerned about the future of the bank, CNBC’s Jim Cramer said Friday. The Wall Street Journal reported Friday that Blankfein, 63, is preparing an exit by the end of the year after a 12-year tenure that saw the stock soar
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The company, known as SixCap, was placed into insolvent liquidation last month in the British Virgin Islands where it’s incorporated, according to a statement dated Feb. 26 from appointed liquidator Baker Tilly. Investors and creditors were told they’re collectively owed more than $143 million, according to a Wednesday report by Singaporean newspaper The Business Times.
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AFP | Getty Images Officials of the Financial Services Agency enter Coincheck’s headquarters to conduct a search, in Tokyo’s Shibuya district on February 2, 2018. Japanese authorities on February 2 raided virtual currency exchange Coincheck, a week after the Tokyo-based firm lost 530 million USD in cryptocurrency to hackers. Japanese regulators on Thursday issued punishment
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Andrew Harrer | Bloomberg | Getty Images Federal Reserve building in Washington, D.C., U.S. Businesses are reporting persistent labor market tightness across the United States, with accelerating wage gains in many regions, the Federal Reserve said on Wednesday in a report that bolstered the case for interest rate increases. The U.S. central bank’s assessment appeared
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Check out which companies are making headlines before the bell: General Motors, Boeing — Shares of GM and Boeing fell more than 1 percent in the premarket after President Donald Trump’s top economic advisor Gary Cohn resigned amid a steel and aluminum tariffs debate. GM and Boeing heavily use metals, so tariffs on steel and
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The U.S. government has outlined key concerns about Broadcom‘s proposed merger with Qualcomm, including national security and a risk that Qualcomm could lose ground to China in developing 5G wireless network technology. “Qualcomm has become well-known to, and trusted by, the U.S. government,” the Treasury Department wrote to lawyers involved in the deal on Monday.
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Amazon is considering partnering with Wall Street’s top banks in an effort to build a “checking-account-like” product for customers, according to a report. The e-commerce giant is in early talks with financial institutions including J.P. Morgan Chase to help launch the accounts, aimed at younger customers and those without banking accounts, The Wall Street Journal
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The Fed is currently maintaining its monetary base 2.9 percent above its year-earlier level because it apparently believes that the economy will continue to grow in the months ahead at a pace consistent with the objective of price stability, defined as the core PCE inflation rate of 2 percent or less. Some observers may take
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