Archer-Daniels shares plummet as company puts its CFO on administrative leave LeapRate

January 23, 2024 BY Elizabeth Anderson

Archer-Daniels shares plummet as company puts its CFO on administrative leave

The organisation’s shares plummeted 24% after news hit the airwaves that CFO, Vikram Luthar, was placed on administrative leave as the firm investigates alleged accounting malpractices in its Nutrition division. Reportedly, after a US Securities and Exchange Commission (SEC) voluntary document request, ADM sliced its 2023 profit predictions and announced the delay of the publication…

January 23, 2024 BY Elizabeth Anderson

US regulator protests bank claims regarding stricter capital regulations

Under Basel III, an international regulatory reform created by the Basel Committee on Banking Supervision, stricter regulations are now finalised to bolster the regulation, supervision, and risk management of banks to avoid a repeat of the 2007 to 2009 global financial crisis. US banks have, however, been contesting these rules for months, claiming they will…

January 22, 2024 BY Simon Mugo

OANDA Joins the Prop Trading Industry With OANDA Labs Trader

Kurt vom Scheidt, OANDA's Chief Operating Officer, stated: “Our program aims to empower adept traders by providing them with seamless access to global financial markets and a diverse array of asset classes.” He emphasised the company’s commitment to enabling traders to thrive in the financial markets. Prospective traders at OANDA must complete an assessment test,…

January 22, 2024 BY Simon Mugo

Pepperstone Becomes AFC Asian Cup’s Official Regional Partner

Tamas Szabo, CEO of Pepperstone, commented on the partnership, highlighting the alignment in ambition and dedication to success between the two entities. He drew parallels between strategic thinking in trading and sports, emphasising the ability to thrive amid challenging situations. The AFC Asian Cup is a leading football tournament in Asia, organised by the AFC,…

January 22, 2024 BY Elizabeth Anderson

Hong Kong stock sell-off adds to China’s market instability

Following market instability, the Hang Seng China Enterprises Index (HSCEI) plummeted 2.4%, a stone’s throw away from its lowest level in 20 years. The CSI 300 index also fell 1.6% at market opening. Across the water, however, Wall Street’s S&P 500 index hit a 2-year record high to close last week’s market. Don’t miss out…

January 22, 2024 BY Elizabeth Anderson

US equity fund outflows as rate cuts hover in indecisive limbo

Coupled with the previous week’s net $11.5bn outflow, this signifies a large disposal between 10 and 17 January. Financial analysts chalk this up to the positive sales report for December 2023 and the Federal Reserve’s negative response to anticipated policy rate cuts in March 2024. Reportedly, prominent US banks’ poor fourth quarter performance, such as…

January 22, 2024 BY Elizabeth Anderson

Kaspi.kz’s lukewarm market debut confirms investor caution

The Kazakhstan native’s shares topped the IPO price with 0.5%, giving the banking and fintech leader a value of $17.51bn. On the London Stock Exchange (LSE), where the company already trades, it has a value of over $19bn. On Thursday, 18 January 2024, a day before the company went public, investors increased their offering to…

January 19, 2024 BY Simon Mugo

One Global Markets, a CFD Broker, Triples Its FY 2023 Revenues

The surge in revenue also led to a rise in the sales cost, which escalated to £123,677 from the previous year's £38,290. Consequently, the gross profit soared to £668,114, registering a 212% increase. The London-based company also witnessed a substantial hike in administrative expenses, which jumped 187% to £520,304 from £181,496. Upon accounting for other…

January 19, 2024 BY Simon Mugo

Spirit Airlines Urges JetBlue To Appeal Their Blocked Merger

The ruling by U.S. District Judge William Young, which occurred on Tuesday, halted Spirit's proposed $3.8 billion sale to JetBlue. The decision, aligning with antitrust regulators' concerns, suggested that the merger could increase consumer airfares. Following this ruling, Spirit's stock value plummeted over 60%. Additionally, the financial stability of Spirit Airlines is under scrutiny, evidenced…

January 19, 2024 BY PureContent

2024 financial market outlook by Octa

As a consequence of rising interest rates, higher asset return requirements have also become a drag on the global economy. In 2024, we are in for an election year of heightened geopolitical tensions in the US and worldwide. In addition, the likelihood of the Fed guiding the US economy to a safe landing with interest…