Qiwi Bank’s Licence Revoked by Bank of Russia

February 21, 2024 BY Simon Mugo

Qiwi Bank’s Licence Revoked by Bank of Russia – Shares Collapse

The central bank stated, "Despite ongoing supervisory efforts by the Bank of Russia, Qiwi Bank failed to implement adequate risk mitigation measures and persisted in engaging in high-risk activities." Qiwi, a payment service provider listed on Nasdaq, acknowledged the license revocation, noting that temporary management had been appointed to the bank. The company communicated via…

February 21, 2024 BY Simon Mugo

The Demo Prop Trading Account Model Is Set To Collapse- Says Axi

Based in Australia, the firm has also expressed scepticism towards the demo trading models commonly adopted by proprietary firms, contrasting them with Axi Select's approach of providing live trading opportunities to its clients. Greg Rubin, Head of Axi Select, commented on the situation, stating, "This could mark the start of a decline for the demo…

February 21, 2024 BY PureContent

ATFX MENA hires new Business Development Director Institutional

ATFX MENA is a subsidiary of ATFX Capital Group Limited, a UK-founded derivatives broker regulated in various countries, including the United Arab Emirates, Seychelles, the United Kingdom, Mauritius, Australia, and Cyprus. Don’t miss out the latest news, subscribe to LeapRate’s newsletter Singh has significant experience working in the financial industry in roles with companies like…

February 21, 2024 BY Elizabeth Anderson

Arkhouse chasing a Macy’s board majority

After reviewing the offer, the current Macy’s board expressed concerns about financing solutions for the proposed takeover. The company reportedly approached the two investors about providing additional financing information. Macy’s said that instead of complying with its request, Arkhouse and Brigade sent a communication requesting a 10-day extension for board nominations. The Associated Press quoted…

February 21, 2024 BY Elizabeth Anderson

Gotham City Research takes aim at Grifols – again

The latest report focuses on the connections between Grifols and Scranton Enterprises NV, which has ties with the founders of the company. According to Reuters, Grifols rejected the claims in the report, labelling it as “malicious, false and misleading”. The company further said that these reports aim to destabilise Grifols, sowing seeds of doubt among…

February 20, 2024 BY Simon Mugo

US Banking Regulators Carry Out Health Checks After NYCB Stock Crash

The dialogues, as recounted by two bank executives, a legal expert, and an industry informant, focused on evaluating the banks' liquidity positions and examining if there were any notable shifts in deposit flows or customer concerns. Despite these inquiries, the bank leaders reported no significant anomalies in their operations, with one indicating that the interactions…

February 20, 2024 BY Simon Mugo

Discover Financial’s Stock Surges on $35Bn Capital One Merger Deal

Capital One's strategic acquisition of Discover's payments processing and settlement services network is seen as a move to diversify its payment processing partners, aiming for a $1.2 billion boost by 2027. This development has been viewed unfavourably for Visa and Mastercard, with their shares dropping 1.8% and over 2%, respectively, as analysts anticipate a competitive…

February 20, 2024 BY PureContent

Crypto ETFs see record $2.4bn weekly inflows

The products continue to receive billions of dollars in weekly inflows. The latest data from CoinShares reveals a record $2.45 bn was funnelled into crypto ETFs last week, with Bitcoin (BTC) constituting 99% of those funds. Consequently, BTC reached a yearly high of $52,868. Most appealing to investors was BlackRock's IShares Bitcoin ETF, which attracted…

February 20, 2024 BY Elizabeth Anderson

Hopes of an economic ‘soft landing’ evaporating

This higher-than-expected rise in inflation and the concurrent drop of sales during January 2024 showed no improvement in inflation or consumer strength. According to Yahoo Finance, Austan Goolsbee, the Chicago Federal Reserve president, advocated against unnecessary scepticism and said that one month’s CPI report will likely not rock the cradle and that inflation is clearly…

February 20, 2024 BY Elizabeth Anderson

Apple faces €500m fine over Spotify access

Apple also allegedly blocked firms such as Spotify from informing customers that they can get the service cheaper if they subscribe directly via the website. Apple faces a €500m fine should the EU find it guilty of infringing competition laws. The Guardian reported that Apple finds these fees reasonable as it provides apps with a…