It said this more rigid rule bridges regulation gaps, which paves the way for criminal financial dealings. FinCEN indicated that it had identified several finance and national security risks within the investment advisory sector. As an entry point for investments in US securities, real estate and other assets, these risks open the doors for local…
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Many fear that this will negatively impact forex (FX) trades. Bloomberg reported that these currency transactions need about two days to go through and would now have to speed up, which may cause currency bottlenecks at the day’s end and botch some trades. CLS Group Holdings AG, a world leader in FX settlements, indicated that…
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In recent years, the Australian banking sector has consistently pushed towards digitisation and automation, aiming to streamline operations and enhance customer service. This shift has led to reevaluating staffing needs, particularly in back-office roles increasingly being augmented or replaced by advanced technologies. While ANZ has refrained from officially confirming the exact number of job reductions,…
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The situation arose after the United States, along with its allies, imposed restrictions on dealings with Russia’s central bank and finance ministry following President Vladimir Putin’s decision to deploy troops to Ukraine in 2022. These measures effectively immobilised approximately $300 billion of Russia’s sovereign assets in Western countries. On Monday, the European Union announced the…
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The move follows a recent announcement that Bezos is set to sell between 50 million and 75 million shares over the next 12 months. Investors now buying Amazon shares are essentially betting against Bezos as he has become a ‘big seller’ of the stock. Jeff Bezos became executive chairman of Amazon in 2021 after stepping…
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Saras’s Sardinia industrial facility is the largest single-site refinery in the Mediterranean. It produces approximately 300,000 barrels per day to feed supply chains in Italy and Europe. The site’s fully integrated power generation plant supplies more than 40% of Sardinia’s electricity. Bloomberg indicated that Vitol increased its bottom lines as the COVID-19 pandemic and Ukraine…
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Presently, the EU’s ETS makes up 87% of the global carbon market with a value of approximately €770bn. Reflecting 2022 volumes, roughly 12.5 billion metric tons of carbon permits were traded in 2023. Highs in the European and North American markets, however, reportedly gave 2023 that 2% push. Don’t miss out the latest news, subscribe…
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The revised pact allows for a looser grip on economies by the EU regarding minimum requirements for reducing deficits and debt. This change will give European countries more time and incentives for public investments. The move is a significant reshaping of guidelines which haven't been altered in two decades. It provides EU member states struggling…
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Speaking at the Assiom Forex conference in Genoa, ECB Governing Council member Fabio Panetta highlighted the need for the next monetary policy adjustment to mirror the current phase of disinflation and the diminished likelihood of a wage-price spiral, noting the increasing impact of rate hikes on economic performance. Panetta, who assumed the role of Bank…
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By 2320 GMT, the shares had climbed nearly 1% to A$27.93, reaching levels not seen since April 21, 2022, in contrast to a 0.3% decrease in the broader market index. The bank's institutional banking services have seen a surge in demand, leading to a record annual profit last year, boosted significantly by a payments platform…
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