A similar case involved New York Community Bancorp (NYCB). The company reported a loan loss provision that was 10 times higher than analysts were anticipating. The loss was $552m, and it led to shares plunging by 60%. Don’t miss out the latest news, subscribe to LeapRate’s newsletter The main reason for these cases is…
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Last week, LeapRate reported on job cuts in the finance and tech sectors. Based on Challenger, Gray & Christmas information, US-based layoffs in January increased by 136% compared to December 2023. Challenger Report data shows that the finance sector axed 23,238 jobs. This report stated: With the exception of last January’s total, this is the…
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Nvidia outpaced the market values of both Amazon.com, Inc. (AMZN) and Alphabet Inc. (GOOG) earlier this week, making it the third-most valuable company in the US. In the last 12 months, the chipmaker’s stock has grown by 200% as the insatiable demand for microchips shows no signs of slowing. Don’t miss out the latest news,…
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Gasoline and distillate went in the opposite direction and declined, the reason likely being BP's (LON: BP) shutdown of its Whiting and Indiana oil refineries, the biggest in the Midwest. The Whiting refinery underwent an extensive modernisation project that was completed in 2013. It cost over $4.2bn and greatly increased the refinery's capacity to process…
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The arrests comprised a significant operation involving more than 38 FCA and NCA officers across three residential sites. During this exercise, the authorities also seized several tech devices. After interviewing the suspects, two were released under investigation and one on unconditional bail. The fourth, a 48-year-old man, also remains under investigation. Don’t miss out the…
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At one stage, the Bitcoin price reached $52,328.53, the highest in over two years. This 5.56% increase took the virtual currency’s market cap to $1,026tn. Reuters indicated that, since the start of this month, the Bitcoin price rose by 22%. LSEG Lipper data shows recent capital inflows of $1.64bn into the US spot Bitcoin ETFs…
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This sudden change in the rate cut timetable expectations has impacted treasury yields, with the yield on two-year Treasuries, which is sensitive to interest rate expectations, rising to 4.62%. The increase in borrowing costs, in turn, has caused bond prices to fall and led to a decline in interest rate futures. Richmond Federal Reserve Bank…
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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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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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