A dispute between a fintech startup and its banking partners has ensnared potentially millions of Americans, leaving them without access to their money for nearly two weeks, according to recent court documents. Since last year, Synapse, an Andreessen Horowitz-backed startup that serves as a middle man between customer-facing fintech brands and FDIC-backed banks, has had disagreements with several […]
The UAE economy expanded by 3.6 per cent last year, driven by strong non-oil sector growth as the country continues to pursue its diversification goals. The country’s gross domestic product reached Dh1.68 trillion ($456.56 billion) at constant prices last year, preliminary estimates from the Federal Competitiveness and Statistics Centre showed on Thursday. At current prices, meanwhile, the Emirates’ GDP stood […]
MOSCOW, May 23 (Reuters) – The European Union will feel the “full measure” of Russian retaliation over its plan to use income from frozen Russian assets to help Ukraine, Russian Foreign Ministry spokeswoman Maria Zakharova said on Thursday. EU countries have formally adopted a plan to use windfall profits from Russian central bank assets frozen […]
NEW YORK/LONDON, Jan 12 (Reuters) – BlackRock (BLK.N), opens new tab said on Friday it would buy Global Infrastructure Partners (GIP) for $12.5 billion in a major bet on alternative assets and announced a shake-up of its top management. The deal, which includes $3 billion in cash and 12 million BlackRock shares, will put the asset management […]
Chinese tech behemoth Tencent is extending around 100 million yuan ($13.9 million) to fund technologies that prevent carbon dioxide emissions and suck the greenhouse gas from the atmosphere in a decarbonisation move that looks beyond solutions such as renewable energy and electric vehicles (EVs). “Renewable energy, electric vehicles, and nature-based solutions are all examples of […]
Bank of Singapore, the private banking unit of Oversea-Chinese Banking Corp (OCBC), is expanding its family office business in Hong Kong, as it is bullish about its growth prospects in the city and mainland China. It has increased its headcount, mainly relationship managers and senior bankers, by 15 per cent in mainland China, Hong Kong, Macau and […]
NEW YORK, May 22 (Reuters) – The U.S. Commodity Futures Trading Commission is expected as soon as Wednesday to announce a $100 million settlement with JPMorgan Chase & Co (JPM.N), opens new tab over trade reporting lapses, a source with direct knowledge of the matter told Reuters. The same source said that the bank has also agreed […]
Singapore’s central bank is stepping up a green finance collaboration with its counterpart in China, it said Tuesday, as it separately announced plans to sell up to US$1.9 billion of sovereign bonds to fund environmental projects. The Monetary Authority of Singapore said the initiatives discussed at the latest meeting with the People’s Bank of China […]
MILAN, May 22 (Reuters) – UniCredit (CRDI.MI), opens new tab studies every possible acquisition target for the bank, Chief Executive Andrea Orcel told the Financial Times in an interview, ruling out interest in Societe Generale (SOGN.PA), opens new tab. Citing people with knowledge of its Russia exposure, the newspaper also reported that UniCredit would book provisions for potential […]
May 22 (Reuters) – Admiral Acquisition (ADMR.L), opens new tab will buy North American engineering and lab-testing services provider Acuren in a $1.85 billion deal, the blank-check company co-founded by dealmaker Martin E. Franklin said on Wednesday. The deal, which is expected to close in the third quarter of 2024, will also see Admiral move its listing […]