35 Burst results for "FCA"
The Daily Meditation Podcast
"fca" Discussed on The Daily Meditation Podcast
"The Jeep Wrangler four by E it's electrify. So you can boogie woogie woogie up a mountain. Over creeks, or boogie woogie woogie through a desert where you get bit by a pit viper. So you boogie. Back to camp and ask your friends if they'll suck the snake venom out. When they say no, you boogie where you will get to the nearest hospital for a dose of anti venom. And boogie woogie woogie your way to a full recovery. The electrified Jeep Wrangler four by E learn more at Jeep dot com, Jeep as a registered trademark of FCA U.S. LLC. The Jeep Wrangler four by E it's electrify. So you can boogie woogie woogie up a mountain. Over creeks or boogie woogie woogie through a desert where you get bit by a pit viper. So you boogie. Back to camp and ask your friends if they'll suck the snake venom out. When they say no, you boogie what you would get to the nearest hospital for a dose of antivenom. And boogie woogie woogie your way to a full recovery. The electrified Jeep Wrangler four by E learn more at Jeep dot com, Jeep as a registered trademark of FCA U.S. LLC. You are listening to episode 875. Welcome to the daily meditation podcast. I'm Mary meckley, and I'm honored you're here getting ready to meditate, meditation is one of the best things you can do for yourself. You may be listening in to simply learn a little more about meditation and to learn a technique you could do whether you're seated meditating or right smack in the busiest part of your day. I'm Mary mickley, and I share a different meditation technique every single day on the podcast, and each technique is customized around a weekly theme, so you get to explore a particular topic in depth and really master it, experimenting with different techniques along the way. And I also share a lifestyle tip that you can also apply because it's not just meditation, it truly is a lifestyle, and the more you can weave these techniques into your day, the more you can start to live your meditation ritual in your day to day life. Well, our theme this week is how to manage a bad mood and so it's a theme everybody can relate to and this entire week. We've explored different techniques and you've learned lots of ways to help you manage a bad mood. And today is a happens to be for a Friday's episode, although you can listen to the episodes in any order you want. Well, on Fridays, I like to layer the meditation techniques you've explored throughout the week. And I also share with you an herbal tea to help you and herbs can help you in a similar way as meditation techniques. So I'll be sharing an herb with you, and I always encourage you on Friday as part of integrating meditation into your lifestyle to have fun for many people, it's the end of a week you've worked hard all week. And it's so important to reward yourself. So I'll be sharing a way for you to do that as well. Well, let's start with chamomile tea, chamomile is an herb that you can sip in a tea and it's very simple to find chamomile even in your local grocery store. It's a popular herb. That's been around for centuries. And there are a couple different kinds of chamomile. The most popular kind to sip in a tea is German chamomile. And it's often used on your skin, it helps to reduce swelling and also to fight bacteria. Chamomile is also known to help you if you have stomach cramps. So it can help you. Calm down, irritation in your stomach. It's often used for chest colds for wounds that maybe are taking a little while to heal. So it helps wounds heal faster. It can help with abscesses or gum inflammation. And as I mentioned, it can help with an upset stomach. So this is a tea that you could sip. If you're having a bad day, I wanted to choose an herb. That was really easy for you to come across or to find, you probably even have some in your kitchen covered. It's so common because when you're in a bad mood, you often don't have the energy to really think about, okay, what? Herb would help me? What meditation technique should I do? You often just have enough energy to make it through the day. So I've tried to share techniques and tips with you this week that were easy for you to apply. So we're going to now go through some of the meditation techniques that you learn throughout this series and layer them so that you can bring them into your meditation in this way or as always. Bring them into your day. So maybe you're getting ready to meditate right now to settle yourself in. Make sure your spine is nice and straight, begin to relax your body. Or maybe you're walking or lying down or doing errands as you listen to this and you're going to do the technique as you go about your day. It's all fine. I will mention that if you like to be guided in a meditation, you're not maybe sure how to meditate and you'd love for someone to guide you or you happen to love to be guided and you like to keep your meditations dynamic and fresh. You can find meditations every single day of full complete guided one using the same techniques, customized into a meditation that I share with you here on the podcast. You can find that over at sip and ohm dot com. SIP AND OM dot com. There you get 14 days of free meditations. Or for 50 cents a day, a brand new meditation. Released each day. These are meditations that you could sit and listen to and be guided for 5 ten, 15, 20 minutes, even half an hour, depends on where you are and how
The Crypto Overnighter
"fca" Discussed on The Crypto Overnighter
"From other countries, though. All crypto companies, local and foreign, will be required to register and set up locally. The rules are not in place yet, causing conflict between the regulator and the crypto firms. Crypto exchanges and custody providers in the UK must register with the FCA since January of 2020. They must follow anti money laundering rules to serve UK clients. The FCA received 300 applications from crypto firms this year. And not only were only 41 of them approved, the FCA even reported some applicants to law enforcement agencies over the suspicion of criminal activity. Now some firms that moved abroad are still serving UK customers. This goes against the aim of restricting unregistered firms from serving locals. Crypto companies may prefer a more relaxed regulatory environment. The FCA's strict requirements lead to firms moving away. Despite this, the FCA is still pursuing its goals. Now, companies that did not receive full FCA approval argue that the registration process was difficult. They faced long wait times and a lack of feedback. Some firms feel like they were treated unfairly by the regulator. Lisa Cameron is the chair of a cross party parliamentary group for crypto in the UK. And she stated that some companies have given up and moved elsewhere. In an interview in January, she explained that these companies were large firms who wanted to do the right thing and engage constructively. ECMO, global, CEX, and video delicious representatives confirmed that their companies are serving UK customers from elsewhere. They made this decision after failing to register with the FCA. Now FCA director of payments and digital assets, Matthew long, said that the firms failed to registration process and they did not provide enough evidence of robust anti money laundering and anti terrorist financing systems. They said that the FCA is not responsible for the firm's inability to meet the standards. Harsh. The FCA claimed that they did collaborate with crypto firms to help them understand their expectations and to offer feedback on their application, now according to them, the fact that 39 crypto firms have successfully registered indicates that these standards are possible to achieve. Louise Abbott, a partner at Keystone law, had clients who are scammed by at least 5 crypto companies that failed to register with the FCA. Now, Abbott said that many applications for authorization are rejected by the FCA due to entities being unable to comply with the regulatory scheme. But this does not necessarily indicate criminal intent. The FCA published tips and advice on January 26th for companies that want to get registered. They said that companies must have a detailed business plan that focuses on compliance oversight and risk mitigation. That they must have policies, systems, and controls in place to manage and mitigate risks. Crypto firms may face even more stringent rules with the proposed regulations open to public comment until April. The new rules would require companies that are registered with the FCA to apply for new authorization and go through more extensive checks.
Finance Magnates
"fca" Discussed on Finance Magnates
" 7 p.m. Friday February 3rd, 2023. UK regulator clamps down on 1400 more rogue financial ads in 2022. LTP GT the United Kingdom financial conduct authority FCA rejected 8582. Financial promotions in 2022 and sought their amendment or removal by authorized firms. This is approximately 1400 more than the 573 financial promotions the regulator kicked against in 2021 LTP GTL TPG FCA disclosed the figures on Friday in a statement, noting that it. Published over 1800 scam alerts last year to protect investors against. Scammers LTP TLT PGT to increase in intervention comes as the financial markets regulator said it has made significant improvements to the digital tools it. Deploys to fish out problematic firms and they're misleading adverts. This made it possible for the regulator to work on a larger number of cases than in 2021 LTP GTL TPG GT furthermore, FCA said the top rough clubs of finance magnates dot com forks reeling in the influencer squad target coop lane quat roll quote follow caught influencer slow tag have become a growing source of. Concern as it has had to act against several of them in the past year. The regulator also worked closely with several big tech companies in 2022. The goal, the financial markets supervisor explained, was to make them change their advertising. Policies to only allow financial promotions approved by firms it had authorized. However, the regulator said tech companies need to do more to. Protect consumers LTP LTP GTF CA to introduce new consumer duty in jail to tender the FCA's current regime only authorized firms can approve. Financial ads on behalf of those not under its supervision. However, in December last year, the UK parliament finance magnates dot com forks could fight with her financial odd salt line as real target quang quat roll quote follow cod proposed a new policy tag that will require. FC authorized firms to undergo a new assessment to ensure that they appropriately approve promotional campaigns. Work is still ongoing on this FCA. Set in a new statement released on Friday LTP tail TPT that FCA is currently consulting on introducing tougher checks for firms. Which want to approve financial promotions. The measures will make sure the FCA is able to quickly put a stop to harmful financial promotions by unauthorized firms and individuals the regulator noted. LTP GTL tp GT in addition, FCA said it will introduce oppo's consumer duty oppo's in July this year. The regulator of the finance magnates dot com forks regulations copper poses new consumer duty for financial firm Scott first, proposed a new set of consumer. Duties attacked for financial firms in May 2021 and previously said July 2022 as the date to kick off enforcement following its public consultation. LTP GTL TGT under the duty, firms will need to demonstrate that they are providing. Consumers with information which helps them to make effective and informed. Decisions about financial products and services, FCA explained in the new. Statement dot LTP GT. This article was written by Solomon Oladipo at WWW dot finance magnates dot com.
Finance Magnates
UK Regulator Clamps Down on 1,400 More Rogue Financial Ads in 2022
"7 p.m. Friday February 3rd, 2023. UK regulator clamps down on 1400 more rogue financial ads in 2022. LTP GT the United Kingdom financial conduct authority FCA rejected 8582. Financial promotions in 2022 and sought their amendment or removal by authorized firms. This is approximately 1400 more than the 573 financial promotions the regulator kicked against in 2021 LTP GTL TPG FCA disclosed the figures on Friday in a statement, noting that it. Published over 1800 scam alerts last year to protect investors against. Scammers LTP TLT PGT to increase in intervention comes as the financial markets regulator said it has made significant improvements to the digital tools it. Deploys to fish out problematic firms and they're misleading adverts. This made it possible for the regulator to work on a larger number of cases than in 2021 LTP GTL TPG GT furthermore, FCA said the top rough clubs of finance magnates dot com forks reeling in the influencer squad target coop lane quat roll quote follow caught influencer slow tag have become a growing source of. Concern as it has had to act against several of them in the past year. The regulator also worked closely with several big tech companies in 2022. The goal, the financial markets supervisor explained, was to make them change their advertising. Policies to only allow financial promotions approved by firms it had authorized. However, the regulator said tech companies need to do more to. Protect consumers LTP LTP GTF CA to introduce new consumer duty in jail to tender the FCA's current regime only authorized firms can approve. Financial ads on behalf of those not under its supervision. However, in December last year, the UK parliament finance magnates dot com forks could fight with her financial odd salt line as real target quang quat roll quote follow cod proposed a new policy tag that will require. FC authorized firms to undergo a new assessment to ensure that they appropriately approve promotional campaigns. Work is still ongoing on this FCA. Set in a new statement released on Friday LTP tail TPT that FCA is currently consulting on introducing tougher checks for firms. Which want to approve financial promotions. The measures will make sure the FCA is able to quickly put a stop to harmful financial promotions by unauthorized firms and individuals the regulator noted. LTP GTL tp GT in addition, FCA said it will introduce oppo's consumer duty oppo's in July this year. The regulator of the finance magnates dot com forks regulations copper poses new consumer duty for financial firm Scott first, proposed a new set of consumer. Duties attacked for financial firms in May 2021 and previously said July 2022 as the date to kick off enforcement following its public consultation. LTP GTL TGT under the duty, firms will need to demonstrate that they are providing. Consumers with information which helps them to make effective and informed. Decisions about financial products and services, FCA explained in the new. Statement dot LTP GT. This article was written by Solomon Oladipo at WWW dot finance magnates dot com.
The Crypto Overnighter
"fca" Discussed on The Crypto Overnighter
"Texas senator Ted Cruz proposed that vendors in Capitol Hill should accept cryptocurrency as payment. He introduced a resolution that, if passed, would require that food service contractors and vending machine operators at the capitol complex in Washington D.C. must accept crypto. Cruz introduced a resolution that requires vendors at the capital complex to accept crypto as payment. Now the text of the resolution is not currently available and cruises representatives did not respond to a request for comment. Cruz is a supporter of the crypto industry, and as advocated for Texas to become a hub of Bitcoin and crypto. He also believes that members of Congress should be more informed about crypto and has publicly disclosed his own holdings. Two democratic senators, Elizabeth Warren and Ron wyden. They're questioning the credibility of a government audit overseer in the wake of FTX implosion. They want the public company accounting oversight board to maintain high standards for audit firms. Warren and wyden sent a letter to PC AOB, and in that letter, they raised concerns about questionable accounting practices in the crypto industry. They want the board to ensure accountability and ask if they will commit to evaluate and publicly report on auditors that provided services for any crypto company acting as a broker dealer. Even if the firm was not registered with the SEC. Worn and widen expect a response by February 8th. Now they have criticized some of the large accounting firms for failing to find abnormalities at FTX. They also criticize the proof of reserves examinations done by crypto firms, saying that they fall short and are not overseen by the PC AOB. Now the board is responsible for overseeing the audits of public companies and also for brokers and dealers registered with the SEC. And apparently fake audits are a thing because the senators wrote in the letter that when PC AOB registered auditors perform fake audits, it harms the credibility of the board and erodes the trust in those auditors that investors and the public rely upon when making investment decisions. Wendy Rogers is a senator in the state of Arizona. She made proposals for new laws about digital currency, including a proposal to make Bitcoin and official form of payment in Arizona. She stated in a tweet that Bitcoin is the best performing asset in the world, and that she has introduced several new crypto related laws. Rogers bill would make Bitcoin an official form of payment similar to the U.S. dollar. If past, Bitcoin would be accepted for paying debts, taxes and other charges. This bill was introduced in 2022 but did not pass. Rogers continues to support Bitcoin and has spoken out against the Central Bank's control of money. She has said that decentralized Bitcoin is freedom while centralized digital money controlled by banks is slavery.
The Crypto Overnighter
"fca" Discussed on The Crypto Overnighter
"Here, encrypted, it's 10 p.m. Pacific time, my name is nicodemus and welcome back to the crypto overnighter, where we take a nightly look at the crypto NFT and metaverse space, and keep in mind nothing in this show should ever be considered financial advice. If you can hear my voice, congratulations. You made it to Friday. January 27th, 2023. The weekend is calling. So let's get to it. Lawyers for FTX have said in a court filing that some of Sam beckman freed's family members should be questioned in court as a part of their investigation into the company. They believe that the founders, mother, brother, and father, who were also advisers to the company, should be subpoenaed, along with former executives, to find out what happened to the funds that were allegedly misappropriated. FTX and creditor representatives said in the legal filing that they've been working hard to recover and protect the company's assets, but there are still questions about the company's finances and transactions. They want to know who received money from FTX that may have been stolen and what communication they had with the executives. However, they claimed that some potential witnesses are not cooperating with their requests for information. According to attorneys, Sam's mother, Barbara fried, has not responded to requests for info. They haven't received any response from the former chief engineer nishad Singh or Sam's brother Gabriel bankman fried. The filing also stated that discussions with lawyers for Sam's father, Joseph bankman, are ongoing and they expect to reach an agreement. And it seems kind of weird to me because it looks like Barbara fried and Joseph bankman aren't pursuing the same legal path because she hasn't responded to anything. Whereas he is expecting to reach an agreement. I don't know, it just seems weird to me. Maybe I'm old fashioned. Anyway, FTX claims that Gabriel bankman freed's organization guarding against pandemics purchased a property near the U.S. capitol using money that was taken from customers. They also claimed that freed's political action committee mine the gap received donations from Sam beckman fried and other FTX employees. They also claim that Sam's parents lived in a $16.4 million house in The Bahamas that was supposed to belong to the company. Marissa McBride is the executive director of mind the gap. She said in a statement that SPF did contribute to some programs that mind the gap recommended, but he did not directly contribute to the group. She added that all contributions received by the group are publicly disclosed to the federal election commission. The legal filing also said that Sam bankman fried, FTX cofounder Gary Wang, and Caroline Ellison, the CEO of Alameda research, should be subpoenaed by the court because they have not provided the requested information. The request will be reviewed at the February 8th court hearing in the Delaware bankruptcy court.
Crypto Camel Podcast
"fca" Discussed on Crypto Camel Podcast
"So president raised hopes the upcoming transition to the world of crypto would solve some of the financial issues with access to cryptocurrencies, the monetary barriers existing until now will disappear. The main objective is to measure adopted the objective adopted by the government is being the development of the national economy. So to follow Salvador's example, the Central African Republic became the world's second country where Bitcoin serves as official payment method this happened April last year. And El Salvador was the first to embrace the cryptocurrency as a legal tender in September 2021. Now the authorities of the centric African republic suggested that the adoption could boost the monetary recovery and improve the well-being of the residents and president or has this played himself as a keen supporter of the primary digital asset. Describing it as universal money. And he also advised the locals to acknowledge BTC's merits, which could help them generate long-term wealth and times when searching inflation global military conflicts and other economic crises rain across the globe. He says undergoing Bitcoin and understanding it is crucial to acknowledge its disruptive power to bring long-term prosperity, mathematics doesn't account for human emotions, future generations will look behind that these very moments to our strength and unity in choosing the right path during hard times. So that's the Central African Republic doing their thing with Bitcoin and the next country we want to talk about is the UK. Now, the British authorities right now are kind of split on banning sale of crypto investments and products. Policy makers in the United Kingdom are divided on whether the sale marketing and distribution of derivatives in exchanges traded notes tied with crypto should be banned. So what does this mean? Well, the policy decision makers in the UK are divided. Basically to divided whether the sale marketing and distribution of derivatives in exchanges traded notes basically ETNs tied with cryptocurrencies should be prohibited when it comes to retail investors. So the regulatory policy committee believes the measure adopted in 2021 is unjustified under the current circumstances. The chief British regulator, the financial conduct authority, the FCA,
CoinDesk Podcast Network
"fca" Discussed on CoinDesk Podcast Network
"The talk you through all that's going on in the world of crypto seems to be a big announcement from the DoJ. We'll get to that in a bit. But first, we are starting off with some layoff news from consensus. Yeah, we have the regrettable announcement that consensus the development studio Joe lubin, the head of consensus was one of the cofounders of Ethereum. It was very involved from the very beginning with that project. The numbers that I saw was their linking off about a hundred people out of about a thousand people, 11% is the rate that they announced. You know, this is kind of part of similarly to what I think coinbase announced recently. This is just kind of part of the way the crypto cycle works at this early stage and development. There are moments when people have to get a little bit leaner and this is obviously one of them. You want to make two observations here. One is just that 11% as a layoff rate is actually lower than what we're seeing from a lot of other layoffs coming down the pike right now, including coinbase and also in the announcement lubin emphasizes that the strategy going forward census will be to really focus on things that are the most promising and the most court to their business. And at this point, that includes a meta mask, which is the wallet software and probably more pretty soon and inferior, one of their infrastructures offerings, this tracks pretty well to what I was expecting to see just more of a focus on services that people are going to actually use, to generate revenue and a lot less on sort of financial games. Obviously not great news, but not unexpected either. And consensus still going strong. And so a quite large organization with nearly a thousand employees owned books. Zach, go for it. That consensus is first rodeo here. We've seen a lot of these layoff stories over the years from consensus writing those highs and lows of the crypto market often comes with some of these corrections, I guess, in the headcount. The fact that this is a hundred people, it's certainly a hundred people who are now facing a bit of an uncertainty in terms of their job prospects. That sucks. But it certainly could be worse. I think the biggest cuts we've seen in headcount have been sort of on the C 5 side, which is for the back end of this statement from lubin, especially around the changes who perhaps hired a bit too fast during the bull market. So the fact that this is 10% relatively small in historical terms for consensus, they've seen some major layoffs. I remember at one point covering your consensus layoff story that was something like 1300 people were let go. I think the last crypto winter remember we did some reporting about that. Certainly they've been through it again. I think it's just worth repeating. That total number since April is now north of 28,000 crypto jobs slashed. So there's a lot of people since April who have lost work in the crypto sector, and it's really a remarkable number that keeps on growing, even if by a small increment in this instance. I'll start over to Wendy. Yeah, what's your take on consensus? I just don't like layoffs. I think they're terrible and I think now is the time that we actually need to focus on building things during the bull markets again. Everybody just throws money around everything's great. Everybody's kind of just like doing their own thing. But in the bear markets, that's when we kind of really need to put our head down and build. I remember the first real crypto event I went to. And I can't remember her name off the top of my head, and she's a friend of mine, so forgive me. But she said, bear markets are for building. And I was like, this is like 2018. And she explained why she says the hype kind of ceases a little bit. Everybody's got more time on their hands. So I understand that they do have to do the layoffs to keep the business afloat, but just because volume is down and whatnot, but I'm just not understanding how these people are not budgeting to continue to keep these jobs intact and to continue to keep building. When we're talking about tech with cryptocurrency as a part of the tech world, I feel like humans are so focused on advancements advancements advancements. And if you're hiring people and not building during these down times when you can actually flourish if you budget properly, could these particular projects get left behind? I want to say that phantom wallet is going to be coming out with a really great update to allow Solana Ethereum and polygon services to be a part of. So maybe meta mask will lose its market share to products that are actually of their head down and building. Yeah, and this is just a good reminder that consensus is not immune to the market forces that are affecting all tech businesses. It's not just crypto that's laying off people right now that I think Microsoft announced that it was cutting I think 11,000 people. So just an order of magnitude bigger for a company that is orders of magnitude bigger. Everyone's feeling the pain in this economy. And it's not just crypto. That's coming under pressure. That was a big layout from the Microsoft folks. Anyway, we'll leave this one here. I'm sure there's going to be more laugh stories to come and we're going to change gears and give it to Wendy. Take us to Japan, Wendy, what's up? More crypto sadness. Coinbase confirms its halting operations in Japan. So basically, they're going to be stopping everything that's happening in Japan due to volatile market conditions. Kraken recently announced they are also ceasing its operations in Japan this month. Coinbase, Japan will soon conduct a complete review of its business in the country, and coinbase essentially entered the Japanese market after completing registration with the Japanese FCA in June of 2021. So this kind of seems like an abrupt ending. All customers will have until February 16th to a draw their Fiat and cryptocurrency. Again, you guys, if
Finance Magnates
Police Arrest EverFXs Spanish Top Gun at Airport in Barcelona
"10 p.m. Friday December 16th, 2022. Police arrest ever FX's Spanish Top Gun at airport in Barcelona. LTP class Guatemala so normal quad Spanish police on. Wednesday arrested a key figure of the Spanish quarters of fake brokerage investment platform ever FX. The police identified the arrested Top Gun as Pablo. A LTP GTL TP class one MSO normal quad according to OCCRP. Whose la ref crops dot a crypt organ fraud factor a trail off bro Ken lives lead stoki ivy calls in Turquoise to investigations. In 2020 will tagged expose the massive. Investment fraud network, Pablo a was rounded up at the el prat airport in. Barcelona, Spain, after he rounded off a trip from Romania. A joint statement by police forces guardia civil and masos dies squadron notes. That Pablo a and his teams made contact with victims through call centers. Located on the periphery of the European Union LTP GTL TP class guidance. Press an English language newspaper for the expatriate community in Spain. Notes that about 17,000 persons were scammed in Spain alone. This is even as OCCRP notes that ever FX was only one of about 470 investment brands linked to the same organized crime grapple class by MSO normal quack coordinated action brings in ever FX criminal Pablo alt classical MSO normal quad according to a joint statement shared by the police forces and cited by the OCCRP. The crime network was making about €50 million every three months from its. Thousands of victims from across the world LTP GT LTP class guitar normal clock, meanwhile, the arrest of the key. Figure comes a month after European authorities through a coordinated campaign. Shut down 15 call centers of the network in Albania, Georgia, Ukraine, Bulgaria, and North Macedonia. During the raid, which was conducted between November 8th and 9th, police and prosecutors from Germany, Spain, Sweden, Ukraine, and other 6 European nations. Arrested 5 suspects and seized thousands of Euros worth of cash among. Other things LTP GTL TP class Guatemala normal caught the campaign was led by. Euro just, the European Union agency for judicial cooperation, which also funded. The efforts LTP GTL TP class guitar normal quarter FX in the class guard MSO normal quota in May last year. The United Kingdom financial conduct authority of the dot finance magnates dot com for its brokers quarters to stop offering stuck customers quote target clock blank will quote follow caught bandit tagged cyberspace. ICC inter to capital limited, operator of ever FX, from offering CFD instruments. In the country, FCA at the time said ever FX was on boarding many British traders on its overseas entities, which are not authorized to offer services in the UK LTP GTL TP class what MSO normal caught many consumers were subsequently induced to transact with overseas. Members of the ever FX group, which had no authorization to provide. Regulated services in the UK meaning that consumers lack the same. Level of protection, FCA explained LTP GT LTP class quad MSO normal coil, however, ICC recently told the Spanish newspaper, el pais, that it has no knowledge of the inquiry into ever FX. Meanwhile, ever FX was active in sports sponsorship, as la ref crofts would finance magnates dot com for its brokers breaking ever strike a sponsorship deal with civil of, quote, target quad blank white railcar follow quad at sponsored tagged Spanish football giant. Sevilla FC and even tar fracas dot finance magnates dot com for its broker severed Sexton's sponsoring several after another year quote target quack blank will quote follow caught text ended the del tagged LTP GT. This article was written by Solomon Oladipo at WWW dot finance magnates dot com.
The Crypto Overnighter
"fca" Discussed on The Crypto Overnighter
"Segregation between custody and trading and effective counterparty risk management. Zodiac custody is a subsidiary of UK investment bank standard chartered and backed by Northern Trust. SC ventures standard charters innovation and tunnels partnered with Northern Trust to develop zodiac in December of 2020. Zodiac custody established last year is registered with the FCA as a crypto asset business. Northern Trust based in Chicago had a 12.8 trillion in assets under custody as of September of 2022. According to its website, Brian quintus has been appointed as head of policy at a 16 Z he joined the investment group last year as an adviser. His new role comes as U.S. lawmakers prepared to regulate the crypto industry. At the CFTC is among the agency's seeking more power to police the sector. A 16 C said that he had been instrumental in helping the firm navigate the policy landscape in Washington. The firm added that more regulation is needed in certain areas of crypto and web three. But the shape of future legislation is still to be determined. And that's going to do it for us tonight. I want to thank you my listeners because when you stop listening, I will stop talking. We'll see you tomorrow night.
Finance Magnates
"fca" Discussed on Finance Magnates
" 4 a.m. Thursday, November 24th, 2022. The FCA proposes synthetic dollar libor rate. LTP GT the UK possible to our finance magnates dot com's financial conduct authority target quite blank what it caught foresee 8 5 8 5 41 5 zero four four four 8 two one four 8 C 5 5 F 7 one CB two 8 6 one class quarter skin dairy term quote financial conduct authority FC alt tag proposed the publication of a possibility that finance magnates dot com sliver quad target quad blank white it quote 91 70 C 5 5 at four C 9 two B 5 8 6 two 6 7 6 6 two F four F 8 8 one class quarters main term quote till I be all tag settings of the U.S. dollar until the end of September 2024. Announced on Wednesday, the UK financial watchdog is promising to allow the publication of one. Three and 6 months synthetic lebor settings for the U.S. dollar LTP GT LTP GT, the latest announcement of the FCA indicates that the proposed schedule that finance magnates dot com institution out for exquisite west and Atlantis labor bank marked target quad blanquet in all publications of L IB oral tag is at the end of September, 2024 dot LTP GT LTP GT, the FCA, which oversees lebor, scraped the usage of the. Controversial lebow REITs in 2021. Though the publication of most of the lebor REITs for foreign currencies ceased on December 31st, 2021, only some U.S. dollar settings will continue until 30 June 2023 dot LTP GT LTP GT the U.S. dollar synthetic Tahrir coifs without finance magnates dot com to deliver quite target quad blanc what will I be all tank proposal came and lying with the regulatory estimate of 70 trillion of outstanding dollar libor exposures beyond June 2023. The FCA has specified that synthetic rates are that finance magnates dot com institutional Forex cost financial firms to drop synthetic Clyburn bust alternative target quad blank for use in new contractual tag, but are quote intended for use and certain legacy contracts only dotted a temporary deregulator. Came up with the apostle data capables lebor sittings last year in November as a temporary measure. Initially allowed only for Sterling and yen, the synthetic lebor sittings are calculated using a forward looking term version of the relevant risk free rate sun you for Sterling and ton of free yin dot LTP GT LTP GT the three synthetic yen lebor settings will cease at the end of 2022, while the one and 6 month will die ref cops will doubt finance magnates dot com institutional Forex cat a permanently ceased synthetic Sterling Liberum March 2023 quote target called blank world synthetic Sterling lebor settings attack will cease in March. 2023, the three months sitting for synthetic Sterling libor will be allowed until March 2024 settings are only a bridge to appropriate alternative risk free rates, not a permanent solution. As such, market participants should continue to prioritize active transition and focus on converting their legacy contracts to risk free rates as soon as possible, quote the regulator stated dot LTP GT LTP GT the London interbank offered rate lebor was once the most important number in the financial services industry. It measures the cost of unsecured borrowing between banks. However, the reputation of lebor was tainted by the manipulation of its REITs by several banks. Many traders were charged and penalized for their role in this mass Forex market rigging dot LTP GT. This article was written by arnab as home at WWW dot finance magnates dot com.
Finance Magnates
The FCA Proposes 'Synthetic' Dollar LIBOR Rate
"4 a.m. Thursday, November 24th, 2022. The FCA proposes synthetic dollar libor rate. LTP GT the UK possible to our finance magnates dot com's financial conduct authority target quite blank what it caught foresee 8 5 8 5 41 5 zero four four four 8 two one four 8 C 5 5 F 7 one CB two 8 6 one class quarter skin dairy term quote financial conduct authority FC alt tag proposed the publication of a possibility that finance magnates dot com sliver quad target quad blank white it quote 91 70 C 5 5 at four C 9 two B 5 8 6 two 6 7 6 6 two F four F 8 8 one class quarters main term quote till I be all tag settings of the U.S. dollar until the end of September 2024. Announced on Wednesday, the UK financial watchdog is promising to allow the publication of one. Three and 6 months synthetic lebor settings for the U.S. dollar LTP GT LTP GT, the latest announcement of the FCA indicates that the proposed schedule that finance magnates dot com institution out for exquisite west and Atlantis labor bank marked target quad blanquet in all publications of L IB oral tag is at the end of September, 2024 dot LTP GT LTP GT, the FCA, which oversees lebor, scraped the usage of the. Controversial lebow REITs in 2021. Though the publication of most of the lebor REITs for foreign currencies ceased on December 31st, 2021, only some U.S. dollar settings will continue until 30 June 2023 dot LTP GT LTP GT the U.S. dollar synthetic Tahrir coifs without finance magnates dot com to deliver quite target quad blanc what will I be all tank proposal came and lying with the regulatory estimate of 70 trillion of outstanding dollar libor exposures beyond June 2023. The FCA has specified that synthetic rates are that finance magnates dot com institutional Forex cost financial firms to drop synthetic Clyburn bust alternative target quad blank for use in new contractual tag, but are quote intended for use and certain legacy contracts only dotted a temporary deregulator. Came up with the apostle data capables lebor sittings last year in November as a temporary measure. Initially allowed only for Sterling and yen, the synthetic lebor sittings are calculated using a forward looking term version of the relevant risk free rate sun you for Sterling and ton of free yin dot LTP GT LTP GT the three synthetic yen lebor settings will cease at the end of 2022, while the one and 6 month will die ref cops will doubt finance magnates dot com institutional Forex cat a permanently ceased synthetic Sterling Liberum March 2023 quote target called blank world synthetic Sterling lebor settings attack will cease in March. 2023, the three months sitting for synthetic Sterling libor will be allowed until March 2024 settings are only a bridge to appropriate alternative risk free rates, not a permanent solution. As such, market participants should continue to prioritize active transition and focus on converting their legacy contracts to risk free rates as soon as possible, quote the regulator stated dot LTP GT LTP GT the London interbank offered rate lebor was once the most important number in the financial services industry. It measures the cost of unsecured borrowing between banks. However, the reputation of lebor was tainted by the manipulation of its REITs by several banks. Many traders were charged and penalized for their role in this mass Forex market rigging dot LTP GT. This article was written by arnab as home at WWW dot finance magnates dot com.
CoinDesk Podcast Network
"fca" Discussed on CoinDesk Podcast Network
"That the more than 1100 year old royal mint would be instructed to mint an NFT to be available in the summer. The UK treasury stated this decision shows the forward looking approach we are determined to take towards crypto assets in the UK. Now there is obviously excitement around this from those particularly in the UK, crypto community, but still it was in many ways confusing. The UK regulator had spent the last two years shutting down the majority of the local crypto industry, but now they want it to be a global hub and just weeks before the announcement, the regulator had declared crypto ATMs illegal due to money laundering risk, many felt that there was an internal tension here with the UK government being at odds with the FCA on their views of the future of the UK crypto industry. Now, in the next couple of months, there was some progress made we saw people being hired to fill crypto related positions. We saw a slightly different tone from the FCA. For example, at the end of April, the FCA co director of consumer and retail policy stated at a conference that the regulator had been perhaps overly focused on risks instead of focusing on the opportunities. In May, the FCA announced that they would be holding a quote unquote crypto sprint, which they described as, quote, the main aim of the event was to increase our understanding of emerging crypto asset market practices, and to seek views from the industry on what an appropriate regulatory regime might look like. We want to consider how further crypto asset regulation could ensure consumers and markets have sufficient protections as the industry evolves. So that's where we were. Things were looking great, but then the government got caught up in itself. The list of
CoinDesk Podcast Network
"fca" Discussed on CoinDesk Podcast Network
"Difficulties of value in crypto assets reliably, places retail consumers at a high risk of suffering losses from trading crypto derivatives. We have evidence of this happening on a significant scale. The band provides an appropriate level of protection. Now, obviously, crypto derivatives for retail are also not available in the U.S. either. They have been controversial in many jurisdictions due to the way that they allow retail users to access leverage in their trading. This is an area of crypto regulation that has a lot of discussion and a lot of progress being made that sees both the true risks, of course, but also the value that access to these types of products can create. Done properly, derivatives enable legitimate hedging activity to occur, which can actually help retail traders manage their risk. Anyway, for the point of our story, obviously the key part is that the FCA banned them. Next in December 2020, the FCA announced a money laundering registration scheme for crypto companies. The regulator required crypto firms to start submitting applications for registration immediately, and those that did would receive temporary registrations which would allow them to continue operating in the UK pending full consideration of their applications, which was intended to be completed by July 2021. However, this was not to be. By March 2021, the scheme was attracting lots of criticism from the industry regarding delays and lack of communication. At that stage, only four out of 200 applicants for temporary registration had been decided on by the regulator. Crypto UK chairman Ian Taylor hit out at Chancellor Rishi sonic in a statement. He requested sunak's intervention in the delays stating that the UK is quote missing out on a major opportunity as crypto companies trying to sign up under the new regulatory regime experience and arduous process with most of the group's members having received little or no response from the FCA. For some more than 8 months have elapsed without a single response from the regulator Taylor said. These delays ended up prompting the FCA to extend the temporary registration period until March of this year 2022. However, the regulator also noted that a quote significantly high number of crypto firms were failing to meet their standards on anti money laundering protections. In March of this year, the FCA finalized the registration process, leaving the temporary registration status active for only a small, handful of firms whose applications were progressing. Out of the nearly 200 applicants, only 34 were approved to be fully registered with a further 5 firms remaining on the temporary registry pending a final decision. And by the way, some of those 5 were really big firms in the country. These weren't just sort of fly by night crypto operations. As all of this was happening, the FCA had also gone after binance specifically. In June of 21, they refused registration to the crypto exchange and announced that binance quote is not permitted to undertake any regulated activity in the UK. Now, there was a whole set of back and forth, but again, for our purposes, the key thing here is that the FCA explicitly went after binance. Last note on where things stood in 2021. In the later part of that year, the UK advertising standards authority cracked down on crypto advertisements and even banned a number of them. These advertisements were all over the London subway and bus networks and the regulator criticized them for failing to properly warn about the risks of crypto investing, as well as often being misleading in nature. One of the things that they didn't like was companies highlighting Bitcoin gains over the last decade. In times like these, security of your assets should be your number one priority. If you want to offset risk as much as possible and still stay in crypto, you need to trusted partner by your side. Nexo is a security first company that manages risk by relying on mechanisms such as over collateralization, real-time auditing, and insurance on custodial assets. Learn
Bloomberg Radio New York
"fca" Discussed on Bloomberg Radio New York
"FinTech innovation we have a sandbox which has been emulated by a number of our colleague regulators around the world to enable FinTech firms to pilot their ideas We've taken steps to improve our listings regime So that technology firms can raise capital more easily in the United Kingdom and we're launching this year what we're calling a scale box So firms can grow faster and meet regulatory obligations at the same time So innovation is absolutely central to the future vision for the FCA Okay so that was the financial conduct authority CEO and Nikhil rati He was talking there about the three year plan the strategy for the FCA which has come under quite a bit of criticism for various investigations that it's carried out but now they're setting out 13 commitments over three years As sarashi was mentioning reduce and prevent serious harm to consumers and basically set higher standards for the industry So really great to get that absolutely key interview with the FCA boss Nikhil rati who's been in charge as he's mentioned 18 months Okay let's also just mention what's on the front pages of the newspapers this morning and really does look like Rishi sunak star has faded the telegraph has the tax affairs of the wife of the Chancellor as the lead sunak allies claim that number ten is undermining the Chancellor This is the pushback from Rishi sunak at the time saying the chances worried that revelations about his wife's non domicile tax status are quote a hit job but it is the sun that has the interview with Rishi sunak and their headline on the front page Lay.
WGN Radio
"fca" Discussed on WGN Radio
"Before at the Jeep celebration event Hurry in for great deals today on the only brand that lets you go anywhere and do anything And now returning FCA lessees get $2000 combined bonus cash Plus $500 Jeep celebration bonus cash on the purchase of a 2021 Jeep grand Cherokee L limited Lessy is solely responsible for early lease termination payments Fees costs and penalties currently spend by four three 2023 residency restrictions apply must take retail delivery from dealer stock by three 31 2022 Jeep is a registered trademark Ashley is here to help you spruce up your home furnishings this spring Save on this season's top styles throughout the store and online For a limited time pay 0% interest for 6 years The spring semiannual sale is going on now Hurry into save on this season's top styles Only at America's number one furniture and macro store Ashley it falls church fairfax Waldorf capital heights Lexington park in Alexandria Online availability may vary some exclusions apply Sea store for details Now is the chance to use reliable energy to grow your money with the Dominion Energy reliability investment Our new investment product offers competitive returns no maintenance fees and flexible online access to your money Make the reliable investment in reliable energy The Dominion Energy reliability investment to find out more go online to reliability investment dot com That's reliability investment dot com Subscribe to WGN radio's monthly newsletter WGN radio dot com slash newsletters Can't miss stories from every show promotions events and more delivered straight to your inbox sign up at WGN radio dot com slash newsletters Did you know just visualizing exercise can build muscles what you think will happen changes what does happen The author of the expectation effect explains at a 48 This morning at 6 Hi there and good evening and welcome to the Jimbo Han show from Westwood one radio We were at one 8 6 6 5 O Jimbo one 8 6 6 5 O 5 for 6 two 6 on line fighters at Jim bohannon show dot com you can follow me on Twitter at Jimbo talks and we're adjoined tonight by Tony penny He is the chief learning officer of the Ronald Reagan presidential foundation online at Reagan foundation dot org good evening mister penny Good evening how.
Bloomberg Radio New York
"fca" Discussed on Bloomberg Radio New York
"In the next presidential election The big take on Bloomberg radio All right folks you know Matt and I love these big take stories They're always really cool topic areas and then a reporters do these deep deep dives and bring out some really interesting reporting here And today is no different And I love that the title here This is what I really grabbed me The headline FinTech boom We love talking about FinTech FinTech boom mass a shady side of London's money hub I read it and I said boy that could be a James Bond kind of story there Donald Griffin he joins us here He's the reporter in Bloomberg news in London responsible for the story reporter for the story Donald thanks so much for joining us here Tell us what more wand limited is and why it's important to your story Sure So this is a story about a group of companies called electronic money institutions or EMIs for short And these are essentially non bank digital finance companies that are authorized by the regulators over here in London and the FCA They're not banks like I said They can't accept kind of insurers deposits They're not allowed lend put the process payments and money around the world And there's 260 of them in total Some of them are very well known over here Anyway such as revolution checkout dot com is not a big one But most of them are tiny kind of little known companies that have received this really important approval to kind of move money and more one is just one of those And as our story shows hopefully more one is kind of an example I suppose of the problematic stories that we found when doing the research So Donald looking at I mean revolut is huge in the UK and 26 is a version of that here These companies have a lot of customers because they're so well known Whereas something like more wand isn't one that anyone will have heard of or many people will have heard of how do they make money if they don't have a big customer base That's a good question So I think what we did see in our research is that this sector is growing rapidly and the amount of money that flowing through these companies is growing up time and according to the data that we obtained there's about I think almost $2 billion a day moving through these companies Probably more than that but that's the best data that we find So exactly how donating money is unclear but most certainly get bigger This whole sector generally is just getting more and more popular as customers move away from cash That's something that was obviously spurred on by the pandemic as well But then also racing kind of these non bank financial apps in the way that they just weren't doing 5 years ago So how profitable the sector is overall we don't know So they get bigger and more popular yes absolutely So Donald it's funny Matt mentioned a couple brand names that to him to Matt were kind of well-known I hadn't heard of any of this electronic money institutions or EMIs I haven't heard of this side of financial services at all This is all new That's why I found your story so fascinating But as I read your story I said oh my gosh this is just absolutely where you could have some malfeasance You could have some you know financial crimes you could have money laundering all these things is that kind of the risk here to this whole EMI network So that's what we found in our research I think again I think this is all made clear in our story but among the company that were approved by the FCA companies were ties to kind of Baltic money laundering scandals and alleged financial wrongdoing in Russia Kyrgyzstan and we found one very very interesting example where a shareholder and investor has been linked to a $1 billion healthcare scam and using the U.S. in Florida and Tennessee We also found suspected wrongdoing and Luxembourg and Australia And also one of the things that was very very unusual is that so many of the firms again there's about 260 of them So many of them are controlled by these kind of obscure investors jurisdictions The likes of Russia Ukraine Estonia Latvia the British Virgin Islands Cyprus Singapore and the UAE jurisdiction that would be sort of hotspots for financial crime not to cast this burdens on these companies in particular but the share of volume of companies with investors in these kind of locations is very very unusual as well And so no doubt yes to your question This is actually that's growing rapidly but also one with some very very troubling aspects So most Americans will think FCA is the Fiat Chrysler automobile company but it's also in England in your little island nation there the finance financial conduct authority I guess that's what would that be equivalent to the SEC Are they looking into this For sure So the FDA is the one of the main financial regulators over here Yes they are responsible for monitoring banks and brokerages and things like that But they are also responsible for overseeing this growing sector They told us that they are taking measures that they have definitely reading between the lines that would appear that they have definitely observed some behavior that I'm happy with in the sector They told us that they have kind of very much tied to the sector for enhanced supervision I think of the past 12 months or so But all the same our reporting shows that this sector remains a very very troubled one and yes and I think more want is kind of the example that we use which is this kind of really small company based in London and that was authorized by the FCA in 2018 and only to wind up quite quickly getting embroiled in this Danish money laundering scandal that went up with a small bank and shut down So yes again the growing sector wound by the FCA say they're paying more attention But it remains very very troubled You know it's interesting I should say that I'm often having a laugh when I talk about I always make fun of the small insignificance of England Because my best Friends are British and I'm winding them up Obviously London is in so many aspects The financial capital of the world Still in terms of for example in the FX market right There's nothing that's bigger than London And that's why I think this is so fascinating Even though I make little jokes about the FCA these guys are the pros globally in watching out with.
Wendell's World & Sports
"fca" Discussed on Wendell's World & Sports
"That were drafted way down the pike in the draft that are going to have a better career than some of these guys that i'm talking about now. I don't know if it's going to be lawrence or wilson or matt jones adjusting fields or trey lands. But the someone that. We're not mentioning that. We're not thinking about even if we did we would be like no way man. There ain't no way that he's going to be better than this guy. He ain't no way that this guy was drafted into six round as gonna be better than just the fields. No way fully a frank's going to be better than zach wilson. No way that cal. Trask is going to be better than trevor. No way that kellerman is going to be the guy that we're going to be thinking about most or one of the first couple a guy that come to mind when we think about the draft class of twenty twenty one. No way one of these guys is going to do it. Stay tuned live life. Make sure you're still around the final. Exactly which one of these guys is going to do. It wendell's rolled in sports. The podcast. i'm your host one wallace so glad that you could be with us so when i'm speaking about the class of twenty twenty one. Trevor lloyd from from clemson justin feels from ohio state via georgia. That wilson from byu trae lance from south dakota state. North dakota state wanted the code states. Fca school speaking about matt jones of championship winning dash national championship winning quarterback from the university of alabama. Where could the quarterback quarterbacks ranks rank when we're speaking about the twenty twenty six season. Where are they going to becoming in man. Where will the quarterback situation be at that time. Mahomes patrick mahomes still going to be in his prime. At the age of thirty he should by then have won a few more super bowl trophies for kansas city. A few more mvp's more prominence in commercials no moron playing sidekick to to From state farm and aaron rodgers. He's going to have a lot more things to build on his brand his stature at the face. The most popular sport in the country is gonna be secure so for the year. Twenty twenty six my guestimation my thoughts and my feelings. Patrick mahomes is still going to be doing his thing. Now who knows man injuries and everything else could play a role in the things but if we're just going to be projecting from now the twenty eighth of august twenty twenty one to all this twenty eight twenty twenty six. I'm going to put my chips. I'm gonna put my mortgage. I we're gonna put my thoughts and i wanna put my expertise on the thoughts. That patrick mahomes is still going to be that guy and right next to him but a little bit down the road in terms of matching his greatness is going to be for the buffalo bills. I give you six foot. Eight country twang josh allen. Who only be thirty. He'll be widely regarded that the best quarterback in the league. Not named patrick mahomes. I think as buffalo bills in kansas city used to be bumpy will play multiple times for the afc championship. I think the year that mahomes will voters get mahomes fatigue. Turn man we can't give this guy that young. Vp every year can we. I think someone like josh..
Todd Durkin IMPACT Show
"fca" Discussed on Todd Durkin IMPACT Show
"These ivy. Heart centered leader. And i think that thing that struck me the most about that episode. Was sean talking about when he was a sophomore william mary. I was a senior. And the the reason why he went to fca every thursday night fellowship christian athletes is because he knew that. I would be there. Because i didn't miss. Fca was right after my pops it passed and i always wanted to fica and we would you know we jam out on the songs and el shaddai. El should die. I mean i. I would kissing sorry folks for that for the little song there but i love it. But sean mcdermott always went to fca. Because he knew that i'd be there. And we had a great relationship so He's got a blue collar mentality in. It's no surprise to me why the buffalo bills are having such tremendous success in the nfl. i also think back on twister and that was double one episode one sixty four in one sixty five foe. Cuban hear me talk about quarterback your own health for a long time but twister who battled stage four throat cancer quarterback your own health the infamous legendary twenty six ingredient twister jungle juice. Everyone's like two d i need. I need the ingredients of the twenty six ingredient. Jungle juice twister. Thank you very much for that. And he talked about the mindset of attacking radiation chemotherapy every day. When he was doing that that he would not suffice. He would not succumb and not working on those days that he was going to be cancer and that he has my friends That was back in march. Two thousand twenty one about how he took his own lab. Yes self yeah to expediting my god. They say whatever he was he was. He was racing. The clock unbelievable. Talk about quarterbacking. Your own house. That i've never heard of anybody. Having the ability to do that was just you mentioned in saunders episodes twister again once these people and see if i if you know of somebody that has cancer or you have. Cancer listened to that mascara people were beating. It had the mindset on how to approach it on that it's going to be octane in oxygen for your soul literally On this but twister. I was thinking would i do that. I know what. I actually my dot added over. I'm going somewhere else does that. That's my love i love. I love that guy i love. I love my love. Him and mike chandler love. I love mike's episode is one seventy one and it's called. Ufc fighter might chandler. I'll see you at the top. Why is he could just months before he he Not only fought for the ufc lightweight. Championship of the world. Before that he just become a part of the ufc family because he was with. Bela talk and it was during the pandemic when i was talking on the phone..
Techmeme Ride Home
Binance Runs Into Trouble Around the Globe
"The hits keep on coming for crypto lately. The uk's financial conduct authority has ordered crypto exchange by nance to stop all regulated activities in britain by june thirtieth and has issued a consumer alert against the company quoting the financial times by markets. Limited is not permitted to undertake any regulated activity in the uk. The financial conduct authority said adding quote. No other entity in the finance group holds any form of uk authorization registration or license to conduct regulated activity in the uk and quote by nance markets limited is not approved under the fca's cryptocurrency registration regime which is required for uk groups offering digital asset services. The entity had applied to become a registered cryptocurrency company with the regulator but pulled that application last month according to to people familiar with the situation. The watchdog confirmed the application had been dropped quote filing intensive engagement from the fca. And the focus in deciding whether or not to approve. Such applications is on a review of controls and practices to prevent money laundering and the financing of terrorism. Finance is one of the most important operators in the fast emerging crypto market offering a wide range of services to customers around the world including trading in dozens of digital coins futures. Options stock tokens as well as savings accounts and lending. It recorded crypto trading volumes equivalent to one point five trillion dollars last month. According to data from the block crypto and quote actually the hits keep coming for bytedance in particular lately quoting axios this past weekend alone. It ran into obstacles in japan the uk and the canadian province of ontario on friday. The japanese financial services agency issued by. Its second warning in three years that the company isn't registered to operate in japan. The same day finance decided to stop operating in ontario where authorities have issued notices to at least three other crypto exchanges over the past month accusing them of failing to comply with regulations
The JV Sports Show
"fca" Discussed on The JV Sports Show
"Your host vista lazio here and when you hear that Rev up there. It's none other than the ny fca report with jason hirsh jason. Good morning sir. Good morning how you doing. Hey man i'm okay. What day. it's day out. Oh your third is yesterday is So it's great to be here with you. Yeah so we got a lot of good stuff going on. Obviously we've talked about and you brought on. You've got a couple of Great partners that you brought on the air with us..
Wall Street Breakfast
Combine Chrysler, Fiat, Peugeot and You Get Stellantis. Stella-What?
"The merger between fiat chrysler. Automobiles peugeot began trading. Today under the name still lantis shares rose as much as seven point seven percent and milan where the ticker s. t. la replaced fiat chrysler symbol. While the stocks also gained in paris where the company listed in place of peugeot the fourth largest automaker in the world by volume will also trade on the nyse under ticker symbol. T. la instead of fca you. What kind of name is that. The automaker said it draws from the latin words still meaning to brighton with stars while that may be better suited for a space company. The latin root reflects the combined companies french and italian heritage. The hopes brands house. Understa lantis include pujo. Ciro in ds opel vauxhall alfa romeo fiat lancia dodge jeep chrysler ram and a barth. It'll utilize fiat's ramen. Jeep divisions in north america revitalized peugeot citron brands dead of excelled in europe as well as greater resources to compete with electric car makers that are reshaping the sector the new entity expects to save five point nine billion through combined platforms increase purchasing power supply chain skill and other merger benefits many challenges await. Neither company has much a foothold in the luxury car. Business or china's vast auto market the prior merger of fiat and chrysler also did little to improve the fortunes of alfa romeo and roz herati while psa's purchase of only made the company more reliant on europe. The splashy entrance forced to lantis also comes at a busy time for the automobile industry with gm making a huge electric vehicle. Push and tesla forecast to deliver one million vehicles in two thousand and twenty one.
News, Traffic and Weather
GM wants judge removed in legal fight with Fiat Chrysler
"General Motors asked a federal appeals court Friday to overturn an order that requires its CEO to meet with the head of fiat Chrysler by next week to try to settle a lawsuit related to corruption by union leaders GM also asked the court to remove US district judge Paul Borman from the case GM is suing crosstown rival FCA alleging that it got an advantage by paying off union leaders to reduce labor costs during contract talks FCA's former labor chief ally a belly is in prison although the company denies that directed any prohibited payments Borman described the lawsuit as a nuclear option that would be a waste of time and resources for years if he allows the case to move
Newscast - Africa
In lockdown, India's manufacturers see their biggest slump yet
"Morning affected Recent in Shut three one deal trade a data range hundred seven province down weeks to with the and provide dollars global forty France. of released cloud in it's economy one a Canada on services Psa the chief two Monday to point contracts executive ninety in point should Group one Poland which started four and six India's point is billion as expected about zero six to dollars the Langa manufacturing gradually create dollars Central nine three dollars the to percent reopened. to European said world's fall sector on eighty at the Its country shop four day higher economy into fourth the point close recession. New as on largest was York four Monday. contracted seeks too overnights This eight more to few position year. comic the dollars importantly Allow rebounding stock and at itself far the fastest into has on between museum traded for the from Mosques day. said as operations losses pace South at a Tesla's on ninety regional in record it's East earlier two remained stock Asia's five stalls center German in market the committed The biggest day point with for stock value an still cities. Technology economy. outside one has to reached traded investors international two Grew entrance it at zero two six welcomed up for eighty. point zero customers. benchmark Five month The news nine dollars company the average point spines seven that expects Brent Polish. the of Reserve percents nine unexpected at one crude second Prime Meanwhile in its hundred one Bank quarter January for Minister highest July zero of point India sales zero the and plant's delivery is dollars unprecedented to and two Mott's and considering fall reopening eighty at billion February five by was at its use least changing highest the times point dollars fifty proposal modal nine the hands percent Wall wet. bell. Street and one according Keith The at for as most eighty extending since twenty three populous to said an two point conference quarters the analysis dollars thousand eight moratorium city point five in a and call. statement of one Sarah in two its of the shares at province F offensive five on C and its of bank Zero dollars Welch FCA Quebec data that loans lowest dollars a he lots barrel are deeply of by Chief was during still at a another Executive the five its delayed past up believes closed. lowest point seven three three Michael zero that's months days point during to seven Microsoft's the H. May past to eight Manley But percent help Trench seven eighteen six it's clients confidence. investments in the percent days same gives set struggling ferret from marks in The the Poland retail last Thames the eleven and option environmental year. will that of be by important was the the the currents news to will gradually as buy It and and at have for that also there that lockdown this one enterprises was improved was point. time are not the few the news news Six missed in on hospital changed from at the Africa. at nine the country this this time time beds
Warren Pierce
Groupe PSA and FCA agree to merge
"FCA and PSA will bring together jeep ram and Peugeot it'll be the fourth largest auto maker the two companies agreed to merge in a fifty billion dollar deal in the face of mounting costs of making electric and self driving vehicles while global demand for new vehicles is slowing down an important factor for the new company is which platforms will put their products and how many platforms they need the platform is the base of the vehicle which determines their size and how many versions of tooling assembly lines are needed another important factor is the information came from badly a sign that the fiat Chrysler boss may be in line to be the chief operating officer of the new
RMWorld Travel Connection with Robert & Mary Carey and Rudy Maxa
Fiat Chrysler denies union bribery allegations in GM lawsuit
"Fiat Chrysler moving to dismiss a racketeering lawsuit filed by rival General Motors denying allegations of bribe union officials to impose higher labor costs on GM in papers filed Friday with the federal court in Detroit FCA argued that GM's lawsuit is not based on facts it also argue that even if the illegal acts GM alleges were true a four year statute of limitations on that has expired GM alleges in the lawsuit filed last November that fiat Chrysler bribed officials of the United auto workers union to settle GM with higher costs it after four PM to merge with the smaller at
Hugh Hewitt
Fiat Chrysler asks U.S. court to toss out GM racketeering filing
"Chrysler is a moving to dismiss a racketeering lawsuit filed by rivals General Motors denying allegations that a bribe union officials to impose higher labor costs Angie on the papers filed Friday with the federal court of Detroit FCA argue the GM's lawsuit is not based on
Bloomberg Daybreak: Europe
Bank of England Picks New Governor to Guide It After Brexit
"We have reports of the financial times and we're expecting an announcement this hour on the next bank of England governor indeed Andrew Bailey is the nineties currently head of the FCC at eight and that many people saying he'll be a very safe pair of hands it was a little bit of criticism of in just a month or so ago when they were trying to handle the wood for the issue which of course slightly hangs over so that's the what but yeah so today is the day the brexit deal starts his way through problem yeah just about two hundred eighty for a second I mean the reason a lot of people say he's a safe pair of hands as he did spend three decades at the BOP previous to his role at the FCA with roles including deputy governor and she's a cashier he's also a well respected academic studied a PhD in economic history and study history cashier he's also a well respected academic studied a PhD in economic history and study history originally at Cambridge you're right that some of the recent criticisms with it he was a bit of a soft touch on financial misconduct but another sort of point of concern I suppose if he is to be appointed as the fact that the new governor is not going to be a woman because the bank of England has already been criticized about the lack of a diverse city among its ranks and of course there were many other kinds is being touted including women alike minutia feet former deputy governor uneven ahead of the Marcy who founded Newton investment management but to your point about the withdrawal bill being put to parliament today as well Roger I mean there's going to be a huge inbox for whoever takes over they'll have about forty days before they have to actually get into the job to really hit the ground running that's a quarter of the time that Marconi and and moving king had to to sort of prepare for the role and in terms of what to look ahead to with the withdrawal agreement bill expecting to be smooth process channel thirty first four out move process John is that he was out but then of course the whole point of the negotiations begin and the fee is this time next year we could still be looking down the barrel of a new deal breaks it and that the pound does seem to reflect that panel full this morning
Talking Mopars
What is a Mopar?
"What is a MO- par? I realized that not everybody who listens to this show is actually a Mo- part is easiest. You know we've got we've got some creepers. We've got four guys. Chevy guys import guys. This podcast had cast is for everybody. And I want to bring you into the Mo par fold if you aren't already if you're not familiar with Mo Pars and what the the word moped actually means. Let me fill you in. Mo- par is a combination of the words motor and parts. It was first used in the nineteen twenties and in nineteen thirty seven would be used for the first time on actual products starting with cans of antifreeze it evolved into a term of endearment used by moped enthusiasts to describe cars. That fell under the Chrysler umbrella. So think Chrysler Dodge Plymouth. AMC Jeep Ram trucks and now Fiat. What and the brands associated with the Mo par now is a registered trademark used by FCA as a resource for covering parts accessories service and warranties? So you're going to go to the dealership and you're GONNA C mo par service you know Mo- park centuries and things like that as it relates to this podcast for the most part mope ars gonNA refer just to the the generality of the cars so when I say I'm talking about Dodge Plymouth. Chrysler Jeep Ram all those. But it's important that I explain to people that are outside the Mo par world like your Chevy Ford guys. You're import guys that you know you're here now. Let's learn a little bit. You know if you keep listening to this podcast. I promise you you're GonNa learn some stuff and you're gonNA probably figure out that a Mo- par pretty cool. You know. Maybe you came here because you hate mo par and you're like let me see what this jerks all about. Let me see what he's talking about and you're here now and you're like it doesn't sound like a bad guy and you're hearing a couple of cool things and you're like Oh that's kind of interesting you know if you if you listen to this podcast and you've said to yourself. Oh that's kind of interesting. Gotcha Gotcha so go ahead and put that Chevy that Ford that import up for sale and start looking for a Mo- par.
Talking Mopars
FCA's Tornado Inline-Six Engine Rumor Comes Back Into Focus
"If you've been paying attention to mow par news recently. You've probably heard the same disturbing rumors that I have and that's that. FCA is going to be killing the five point point. Seven heavy in the Pentastar V. Six to make room for a new engine that they're calling the tornado. This engine is rumored to be a derivative of the current turbocharged the charge four-cylinder found in Alpha males and upon its release. It's supposed to be found in S. Rt Vehicles Alfa Romeo and Maserati. Now you're probably asking. Is there physical evidence. Yes some Mo- par sleuth some Sherlock Holmes found. A schematic a technical drawing that shows this engine and apparently it was found on the US PTO which is the United States Patent and trademark office and basically what happened was FCA filed the patent on the design of this engine. So whether smoke there's fire folks so this this may be true after all some numbers that are being thrown around when it comes to. This engine are a single turbo version. Standard that comes with three hundred sixty horsepower there will also be a high performance version that is twin turbocharged with five hundred and twenty five horse. Power I don't know what will be in between those two the numbers but that's pretty impressive. So currently the Pentastar v six I think is around three hundred horsepower and this new inline six starts at three hundred hundred and sixty plus. It's boosted so this is getting interesting so we'll see what happens apparently it's going to be using. FCA's new technology. He called E.. Booster e booster technology. I don't know anything about it. I haven't done research to speak on it but I WANNA do some research and dig up some facts apparently So from what I gathered the booster technology is basically a way that they've come up with to reduce turbo lag electronically that's all I know. Oh and that's barely anything so take my word with a grain of salt now if you have the same mindset as me. You're probably thinking at first when you heard this rumor at first you're probably like they're killing off the five point seven. Hemi what are they doing. But I mean when you look at that I number that three hundred sixty horsepower. Think think about the power output of five point seven Hemi and then maybe you're GonNa Change your mind a little bit because guess what you know with the five point seven Hemi gone. That's okay because we still have these folks relax. We still have him as they haven't gotten rid of him yet. And maybe the idea of a turbocharged inline. Six sex isn't so bad after all because you know when it's all said and done we still have the six point four three ninety two and we still have the six point two supercharged. Tammy's so you know I don't think it's something to be too worried about. I think a new platform to play with would be a lot of fun especially when you start talking talking about boost. There's a reason why so. Many people are turbo charging and why they're utilizing superchargers to build power because they do
FT News
Fiat Chrysler finds new merger partner in Carlos Tavares
"French carmaker. PSA which owns Pirjo and Fiat Chrysler. Automobiles it's Italian American rival have agreed to pursue a merger that would create the world's fourth largest carmaker and reshape the ultimate of sector. I'm here with a motor industry correspondent Peter Campbell. And we're joined down the line by David Kayhan in Paris to discuss the merger. Hi Guys Peter Tell us first why these super super mergers have been considered at the moment. What's the rationale behind them earn? What's the most notable recent mergers in the sector so call makers of facing stresses from a lot of a different direction at the moment? They're facing falling sales in the facing the need to invest in some quite expensive new technologies electric cars. They need to sell to the C O talks across Europe and China as well as driverless vehicles and other such technologies that looking at now. What are these things cost money? And it makes very little sense for all of the world's carmakers call makers independently to spend the billions and billions that they need to develop this technology. It's much more sensible for them to tie up. A great proponent of this theory was Sergio Marconi the late former chief executive of fit cruiser who oversaw the merger between Fiat and Chrysler itself. WHO said the comic is need to tie up in order to avoid duplication teaching the list massive spending that they have to make? It's just too much cash. They need to splash right. So what are the relative strengths of the Fiat group. Compared to pressure so both companies are incredibly complementary geographically Peugeot exists almost entirely in Europe asam stuff outside Europe. But it's very very strong strong in Europe. Fat Chrysler despite being called fat is in fact predominantly in North America organization. Almost all of its profits. Come from selling pick-up trucks and very large. SUV's in the North North American region. It owns the ram heavy truck brand it ends jeep globally Lens Africa and Maserati and so for these companies they complement each other geographically and and what PSA has shown with its takeover of Opal which owns Fox hole in the last few years is that this is a company that can manage scale in European mass mass manufacturing so it already owns a number of volume brands in Europe. It audience Persian and sit. Trinidad's open phones Vauxhall. You would add to that fat if this merger went ahead head. And they've already showed that they can make these efficiencies of scale work within a single region within Europe which would be an advantage but PSA really although it's had an incredible Rana that's very profitable. Its growth is sort of come to an end really needs to try and push into North America which has plans to do unto its own steam and it really needs a serious premium. AM nameplate a merger with fair crews which is very strong in North America and has offer may a massive rati and jeep brings that I say so David John Elkin. WHO's the one of Italy's Agnelli families? The Italian billionaire behind axle which controls Fiat Chrysler and also the brains behind the proposed merger but his his attempt to do a similar deal with Renault early. This year failed at this plenty of examples of failure here. What happened there? Why did I go wrong? Defensive Him you ask really. FCA In parallel talks with Reynaud and Persia for quite a while but particularly since the start of the year. What people have told us that the whole time? They're in these as talks. They actually wanted runner. That was number one target. But I didn't know that so Iran may the news was given to the profoundly particular and generally that they were going to go over a nice over a good the only problem from. Sei's point of view. Is that across the table from the Reynolds argest shareholder was the French state. You might know that Renos found itself in a particular situation with its Japanese partner Nissan. And what the French state said was at Notre for the merger to go ahead. They wanted the explicit it consent agreement approval of Japan. They walked away. It was like ten days. The whole thing collapsed. It was a drama France. Tickets blamed by some sides if you took the French state on background they say maybe the deal wasn't as good for Renos. It could have been directing normal shareholder but either way John alcon sure. The French date didn't like what it was doing walked away dramatically and that leads us to PSA so would perjures Kosta virus preach batter partner. Do you think it depends. I mean I would cautiously say yes. Tavarez is a big personality big. Co elkhound is buying in is a guy who's not. It's going to take a backseat in any way he's going to be a CEO in charge driving strategy and Alcon will be classic chairman. You'd imagine it's kind of return to demark relationship. He had before maybe it was something. We didn't think he was totally on board. With an part of the reason he went Reynaud but where the project is definitely at nicer fit for FCA. Is that the French state is far less hands on this company. It has a shareholding but in Reynaud you could say that the French state is more like a family company shareholders. Huge emotional ties. It's the largest shareholder as well in Persia. It's a much more traditional shareholder it doesn't lockinge stakes. It's the joints are shareholder shareholder with both the Persian family and China's Dongfang. So you can see why it might be a better partner. Yes so notice. That are lex pages. Describe cried Mr Tavarez's quadri-lingual what kind of big personality is he. What kind of figure does he cut in the car? Industry globally so taveras is renowned and as one of the most capable executives across the automotive industry. If you look at his track record is performance. He came into Persia when they will almost bankrupt. He oversaw sore huge turnaround at the company then bought Opel. This was a company that General Motors couldn't make money out of twenty years. They turned that around in very short order and yet at the same time he doesn't have the gigantic room. Filling ego of some of the other executives in the auto industry would be more akin to traveling head of state when they it went overseas. Savar as who is a cost cutter to the core when he comes to the UK to visit the Vauxhall plant at Luton flies into Luton on EasyJet buys is is sandwiches in the corner shop before getting in a taxi to go over to the plant in his better than eight. Uneasy gentleman with US possibly explanation. But it's also true that he really has a way a of identifying with the ground level workforce as well as the executives and saying guys. You are the team here is up to you to deliver this turnaround plan has to go ahead. And he's been quite good actually particularly in the Opel turnaround of avoiding plant closures. No everybody thought when he bought Opel there we're going to have to shut factories and he said we're going to do this plan without shutting factories and they brought he managed that and what we expect from the FCA deal if it goes ahead. Is that going to make a commitment not to close any of either. I accompanies plants as a result of the turnaround as a result of trying to make savings here and so two Varas is seen. At least at the highest levels of most capable automative executives that gives at the moment and by some people is ranked the best glibly anywhere interesting David. How's he viewed inside of corporate France? If you like with a problem we have a terrorist journalist. This is not enough that stuff to say about him. It's genuine issue now. He's considered in France and piracy to be one of the best. I mean one of the reasons. The French government are supporting. This is because Tabarez is there. He's seen as being a safe pair of hands he sees having done a really great trainer ended Persia and he's seen as someone that they can trust in putting together this merger that's right but he has this cultural index territory. The allows him to associate with work in different countries so when he bought Opel everyone was naturally worried Opel. They were about to get fired but he walks into the headquarters Opel in Germany. All the stuff of April assembled there and his opening lines to the Marin German now he doesn't speak German but he'd learned some opening lines in German and was greeted with a big round of applause but also with the sense in the room that this was a guy who was on their side. It makes a big difference right okay. Personalities a site. Let's let's talk about some of the numbers here. What are the terms of the proposed? David I mean where would the merge creeped based for start. Well that's a very good question when that we don't really know the answer to yet. The idea is multiple As it stands but just very quickly so it's a fifty fifty all stock merger and there's going to be a special dividends and payouts. Either side equalized equalized values but analysts are suggesting that this looks like PSA buying FCA and part of the reason you can say that is the construction of the board Komo correct. He has eleven people five each plus Tavarez so the governance is tilted towards Paris. We will be watching to see where the operation headquarters is really eighty based where Tavarez sits even if I think Peter you might jump in here as well. FCA They're used to bring multiple countries in a way that maybe we'll create tensions. Well this brings us very nicely into the cultures of both companies to. FCA was a company that was borne out of this merger between Fiat and Chrysler and as such as a headquarters in London but but a major office insurance and a major office in Auburn Hills. Chrysler is based and whereas many car companies are deeply rooted in the national culture. These guys genuinely feel we'll multinational and they genuinely feel more global and they've actually culturally made a merger work which historically the consciousness quite difficult to do right. We saw DaimlerChrysler the fall apart we saw Ford Not Really Gel with any of the premium brands. It owned Volvo Janke Arrest Martin etc and at the same time you've got. PSA which also is culturally in quite an international fit because it has a British Brandon Vauxhall at has a German Brandon Opel and again it's made an automotive merger work in recent history and so one of the biggest barriers to auto mergers is cultural and it always is and it's the factions between different rival governments wanting a place at the table and to the fact that you've got to companies that are sort little mood globally cultural and have recently made big complex multi-country images work does bode quite well for these. Two companies being able to culturally fit together. which is a huge hurdle and obviously not a financial one but a key one that really needs to be overcome for any automotive motor to work now to think that assuming this goes through? Do you think there will be cost-cutting. This time we've spoken about how Mr Tavarez avoided this in the past but do we think an ax will fall this time around. They've talked about Oh savings of three point seven billion euros which they go to try and realize eighty percent of those within the first couple of years of the deal going through now. They haven't broken out exactly where that comes from. They've said it's not going to be plant closures if you look at. PSA during open takeover they managed to save a lot of money by shortening labor hours thousand doing various things around the way they utilize space in the factory floor but a big chunk of savings in a big rationale for the deal in the whole is as we said at the start to avoid duplicating investment it costs so it'll be avoid. Investment cost into electrification and avoided investment costs not just intellectuals -cation autonomy but also inter individual platforms so you built a car on. They'll merge those together they'll get huge potential savings and of purchasing components together all kinds of classic industrial merger synergies. I mean David. Is that message sticking in France. I don't think this merger would have been given the green light or been greeted with such political approval as it has been so far if it hadn't been for guarantees. He's about jobs and I think that's true in Italy as well. I don't think they're going to be closing plants. I just don't think it's politically tenable as Peter says for. They're going to be. Finding the savings is in our D adoption. Those kind of things. So if you're a betting man do you think the magic. We'll go ahead and if it is who then are the biggest rivals to the merged group. Rule the move music safaris overwhelmingly positive. The fact the French government seemed to be behaving better than they did last time older. That's not a terribly high bar bodes well for the whole thing going through now. What we're expecting expecting is it? Within the next sort of two three four weeks we'll get a memorandum of understanding between the two companies that will set out potentially more details about synergies potentially more details about management structure and various other things. Maybe even headquarters details then. Obviously the whole thing has to go to show. Does it both companies who have to approve them is quite difficult to to see them derailing that and then obviously it has to go through various other regulatory huddles. They also have to deal with antitrust issues so this will be the largest carmaker in Europe. It could be bigger than Volkswagen that market share in some countries such as constantly will be very high so they may have issues with that but no one seriously thinks that's going to derail l. the deal so assuming everything goes smoothly you could see it close within say nine months potentially two year. There's always a bit of leeway with these things either side and then obviously they will be the fourth largest in the world behind reminisce. And if you're treating those companies is one that's the whole other but also Volkswagen Toyota and on readiness and those three make ten million cars a year. These guys will make eight and a half million calls year that puts them slightly ahead of General Motors. You make about eight but they will be easily within the global top five for well. This is going to keep busy for the next year or so. Thanks Peter an thanks David thank you wolf listening.
Noon Report with Rick Van Cise
Peugeot board gives a green light to FCA talks
"Italian American carmaker fiat Chrysler says it's in talks with French rival Peugeot for a merger it's fiat Chrysler seconded this year to form a group that would reshape the global auto industry the move aims to gain ground in the difficult race towards electric and self driving cars for fiat Chrysler is lagging behind
You Auto Know
Scandal-hit UAW agrees to contract extensions with Ford, FCA
"The United auto workers union contract with General Motors is set to expire tonight it could result in a strike as the UAW and GM are at odds over wages plant closures and other issues a corruption scandal involving union leader Vance Pearson is also affecting negotiations you a W. extended its national contracts with Ford and fiat
WSJ What's News
Fiat Chrysler Withdraws From Renault Deal
"Fiat Chrysler has decided to withdraw its offer to merge with the French carmaker Renou, according to people familiar with the matter. The company decided to pull out after the French government resisted, the deal due to a lack of support from Nissan. Nissan is in an alliance with Renault to find out more. I rang up Nick cost of in Paris, who's been closely following the deal. So Nick, what happened what happened? Good question suit, essentially, what we have is deal between we have FCA proposing to merge with Reynaud. However, Renner has been in tonight's with Nissan for twenty years, and therefore shares of many parts platforms is fairly integrated with Nissan, now, the French states decided that it would not back this deal without the explicit approval and without the explicit support of Nissan and Nissan. Has not really been involved in negotiations. Nissan, essentially abstained on the votes and said, we need more time to study how this would affect business and for the French state that wasn't good enough. They wanted me Santa vote. Yes. And so, different states, proposed delay said let's try and work with Nissan to try and get them on board and will reconvene in five days and at this point, John Alcon, who's the controlling shareholder if he at Chrysler decided to pull the deal of pool his proposal, and so the deal Fennell has fallen apart. What has the Chrysler said, well fee Chrysler fuse, and the deal is, is not possible with the with the French state at the moment, because they've been in negotiations with the French state for the past week, different state has been asking for a number of concessions, for example, once a board seat on the new entity. It wanted a four year term for the news CEO of the. Company, and he wanted that to be Reynaud chairman. There was a number of other things. And so see at Christ is essentially saying, we've had enough of the French states demands, this has become untenable, and we can't do a deal when east conditions, and what does the failure of this deal mean for the car industry in Europe? And in the US, does it help rivals, like maybe Volkswagen, perhaps, I mean, it's very difficult to tell at this stage in the US, this would have meant said Nissan, getting together with Chrysler in a way, which which would obviously bought brands like ramen Jeep closer closer with the Nissan's. So that doesn't seem like it's going to happen now. I mean what it means I guess, for the car industry is, if you speak to end this most of them think that Fiat Chrysler needs a deal right now and because then they haven't invested enough in future technologies, I'm so we'll see who they end up with whether it's another French call maker of maybe Paju, or whether
Biz 1190 Overnight featuring Bloomberg Radio
Nissan CEO sees no big downside to FCA-Renault merger
"Renewed. One of the big corporate stories, Nissan CEO says he's interested. To learn more about the proposed merger between new and fit cries that when the French automaker briefs it's Japanese partners today chief Asia correspondent Stephen Engle joins us from Tokyo. Steve, good to see. So the Nissim says that could be -tunities but it's this is just another headache for the company, which is roiling from from the gome saga. Yeah. There's a number of ways you can look at it. First of all, I might just say the alliance has put out a statement. That's of course, I'm talking about the Renault Nissan Mitsubishi alliance. We had open and transparent discussions on this proposal. Keep in mind, of course, this proposed merger is a separate entity from the current alliance be Renault and Fiat Chrysler merging. And for he wrote the psychology the CEO of Nissan. Yeah, it's another headache. But it could be a good opportunity for him. And if he plays his cards, well, he could come out with what he wants keep in mind. He is rebuffed the overtures of Renault to merge. He wants a more equitable partnership within the alliance and a merger doesn't accomplish that four Nissan. That's what we're hearing. Now this new challenge comes at a time, of course when there's a great disruption. Because of electric occasion and automobile sales are declining around the world. So psychologists on as you see, here, he has lots and lots of decisions to make. The one good thing could be though this new merger could give very needed distraction, and that could buy psycho Assan some time to get his ship. In order get those sales turned around there and get a new plan in place in the post gone era. Stocks are down. What about thirteen percent so far, this year, you look at the options that the Nissen boss has besides being given a lot more pressure. What else does he really have to play with? Yeah. I mean again it's, it's, it's you can look at both sides of this. I mean he's been seeking a more equitable partnership keep in mind Nissan owns what fifteen percent of Renault, but no voting rights and Renault owns forty three percent of Nissan with voting rights. The French government owns fifteen percent of Renault with double voting rights. Now this new entity would give Nissan in that entity. More of a say seven and a half percent stake with one board seat and voting rights. However, you flip that around and look at what the new entities car sales would be they would be what eight and a half plus million vehicles, a year that would dwarf Nissan on its own five million five point six million in two thousand eighteen and declining and profitability, declining one great strength of Nissan and the current alliance is that they had the key markets of the US and China, they had better profit. They had better sales. Now, this new entity comes in all of a sudden Renault do they have the upper hand it's a question to be asked. Steven great catching up. Thank you very much for those insights, Stephen Engle alive out of