18 Burst results for "Finma"
The Crypto Conversation
"finma" Discussed on The Crypto Conversation
"I got involved in crypto back in the mid teens, 2015, I saw there was a need to build a trading platform that would allow you to essentially aggregate order books from different exchanges around the world and be able to trade out of one account with one bank account. A lot of people had challenges moving money from exchange to exchange and it was hard to get liquidity into exchanges and so I felt that a killer app would be kind of a centralized order book. Talked with regulators in the US and they said, have no idea how you would ever get something like this license, plus you'd need money transmitter licenses for 50 States, et cetera, et cetera, very big kind of enterprise and then went to Switzerland where they had started becoming very open to crypto in Zug, the crypto Valley and approached FINMA, the financial authority in Switzerland. They said, yeah, you know, you could most probably build something like that here. The challenge is you're mostly going to need to be a bank, so you're going to have to have a banking license and we don't give banking licenses to American companies and you would need about 120 million Swiss francs of share capital just to be able to do it. Then went to Liechtenstein, which interestingly is an EU country and Liechtenstein said, yeah, well, we don't have any exchanges in this country and we don't have any laws about crypto, so maybe we should write a law about crypto. And so together with a law firm, we helped them write their first crypto law, which essentially treated Bitcoin and Ethereum as currencies from an exchange perspective. You just had to have a Forex license to trade them. And so we went about getting a Forex license and started trading Bitcoin.
Bloomberg Radio New York
"finma" Discussed on Bloomberg Radio New York
"National Security Council spokesman John Kirby is defending President Biden's ordering air strikes from response to a string of recent Iranian backed attacks on U.S. bases in Syria and said President Biden made the U.S. commitment very clear. We're going to always act to defend our troops in our facilities. Appearing on CBS's face the nation Kirby didn't rule out more military action following three follow-up attacks by militant groups, one of which injured another service member. Former president Trump's personal lawyer is distancing himself from Trump's attacks on Manhattan district attorney Alvin Bragg. I'm not his social media consultant. That was an ill advised post that one of his social media people put up and he quickly took down when he realized the rhetoric in the folder that was attached to it. Appearing on NBC's meet the price, Joe tacopina noted that a post on Trump's truth social platform showed what appeared to be the former president wielding a bat next to a photo of Bragg's head. This comes as the Manhattan DA investigates whether any campaign funds were used in alleged hush money payment to adult film actress stormy Daniels ahead of the 2016 election. Taka Pena went on to say that he's not a Trump PR person and is simply there to argue the payment was a personal civil settlement using his own funds. The NCAA tournament has its final four 5 seeds San Diego state and Miami punch their tickets on Sunday after wins over creighton in Texas, respectively, Saturday's national semifinal in Houston will tip off with San Diego state taking on 9 seed Florida Atlantic, followed by Miami going up against four C Yukon, three of the four programs are playing in their first ever final four. Connecticut will be making its first appearance since 2014. The national championship game is set for next Monday. Two tigers that escaped from a Georgia zoo were back in captivity after a tornado damage their enclosures, pine mountain safari and troop county sustained damage after a twister tore through the area Sunday briefly allowing the tigers to roam free, the Zeus said that both were located tranquilized and relocated to a secure enclosure. Georgia governor Brian Kemp has declared an emergency in the state due to the recent storms. I'm Chris karashi. Idaho will now allow execution by firing squad, governor Brad little signed the legislation Friday after the state has experienced difficulty in securing drugs needed to carry out lethal injections, Idaho is now the 5th state in the country to allow death by firing squad. Others include Mississippi, Utah, Oklahoma, and South Carolina. The law will go into effect July 1st. The NYPD is ruling the death last year of a rising star in the fashion world, a homicide, Katie Gallagher was found dead and robbed in her apartment in Manhattan, 8 months ago, and according to lieutenant daily Leonardo, it could be linked to a citywide crime spree. We believe that our perpetrators are targeting individuals that are coming out of the bars late at night because they're intoxicated. Police say the case is linked to 26 others, including 5 deaths in Manhattan, where people going out to bars were drugged and robbed, one member of the crew was arrested in December and was charged in connection with two murders linked to druggings on the lower east side. A new Guinness World Record has been set by a new distillery just south of Nashville at the opening of the humble baron and shelbyville Thursday the Guinness World Records stop by to measure the length of the bar as it turns out they broke a 25 year old record by having a 518 foot long bar the distillery takes the top spot away from beer barrel saloon and put in bay, which previously held the title for their 405 foot long bar. 30 Seattle singles will be starring in the brand new season of Netflix's hit reality show love is blind. The goal of the show is for couples to develop connections without ever seeing each other, testing the theory is love really blind. In order to meet face to face, a couple must accept a proposal after their engaged, they're sent to a couple's retreat where they can get to know each other better. There was no grand prize winner in Saturday night's Powerball drawing that pushes the jackpot up to an estimated 122 million ahead of the next strong on Monday, the following day brings the mega millions drawing with $322 million up for grabs. And a music history news on this date in 2019, sir Paul McCartney's high school textbook sold for almost 47,000 pounds at auction. I'm Chris coraggio. And I'm Brian courtesy in Hong Kong. Let's check this hour as top business stories and the markets. Profits at China's industrial firms plunged in the first two months of the year. Profits down 22.9% from a year earlier. For all of last year, 2022, profits were down 4% from the prior year. The national bureau of statistics says that market demand has not yet recovered from the long period of COVID zero policies. South Korea has extended its easier financial rules, including loan to deposit regulations. The rules have been extended to the end of June as uncertainty remains. The financial services commission says that a decision on liquidity coverage ratio regulations for banks will be decided later. We hear that first citizen bank shares his in talks to acquire Silicon Valley bank from the FDIC. It comes after SVB became the biggest U.S. lender to fail in more than a decade. And we're told that first citizens could reach a deal as soon as today. We heard earlier from Bloomberg's nabila Ahmed. Obviously the FDIC wants to have this sale happen and wants it to be a successful sale. And they've already offered so much assistance. So you could probably guess from that that for citizens if they needed something, the FDIC would probably step in because it's very much about just getting this done in a very smooth and elegant way. And it's already taken much longer than what they would have hoped. Ahmed. We hear no decision has been made and talks could fall through. Meantime, the head of the Minneapolis fed Neil kashkari said that recent bank turmoil has increased the risk of recession. Here's kashkari speaking with CBS program face the nation. Right now, what's unclear for us is how much of these banking stresses are leading to a widespread credit crunch. And then that credit crunch would then slow down the economy. This is something we are monitoring very, very closely. That's Neil kashkari heard right here on Bloomberg. The fed will meet next on May 2nd. In other news, Credit Suisse may face a probe and disciplinary action over how the bank was run in the run up to the collapse and take over by UBS. Let's get the story from Bloomberg's Yvonne Mann. The Swiss banking regulator finma told a Swiss German newspaper that Credit Suisse has a cultural problem that problem translated into a lack of accountability. Finma president Marlene amsted said it is not clear who is responsible for what policies and that led to a negligent handling of risks. She said disciplinary proceedings remain an open question then my husband accused of failing to act early enough and said it denied that saying, quote, we intervene early and intensively. In the markets, the Hanks hang index is trading down 1.8% the nikkei is up about three tenths of a percent in China, the CSI 300 is down about a half of 1%. Global news brought to you by 2700 journalists and analysts in a 120 countries. In Hong Kong, I'm Brian Curtis. This is Bloomberg. This is Bloomberg Wall Street week we'll turn our attention to the markets this week, USCP I never reinforcing concerns about inflation. The financial stories that shape our world. A
Bloomberg Radio New York
"finma" Discussed on Bloomberg Radio New York
"Could be at risk. Daniel Pinto's CEO at stanhope capital, among those forecasting some big changes for the banks that dominate small town America. You're going to see a wave of M and a. Luke Ellis CEO at man group says on top of murders more small banks might flat out go under. I think that we will have significant number of more banks that will not exist 12, 24 months from now that exist today. And he says small community banks are especially vulnerable as we move money at lightning speed using our cell phones. At any time of stress, people are going to move their money to one of the banks that they think the government is behind. And that means the deposit base of any of the smaller banks becomes flighty and the moment you've got banking doesn't work if you haven't got a stable deposit base. And on top of all this local and regional banks are also vulnerable to commercial real estate lending. And all the empty office buildings out there right now. Denise Pellegrini Bloomberg radio, and I'm Susanna Palmer in the Bloomberg newsroom. We're hearing about a couple of other banks who may have an eye on buying Silicon Valley bank, which of course collapsed a couple of weeks ago. Our source says valley national Bancorp and first Citizens Bank shares are both trying to buy Silicon Valley bank and have submitted separate bids for SVB to the federal deposit insurance corporation as of the deadline last Friday night. Our source says the FDIC is expected to choose a winner in the sales process, and that could happen as early as this weekend. No final decision has been made, and the FDIC could still decide to hold on to Silicon Valley bank or maybe sell it to somebody else. Less competition and little choice. That is the upshot of a national poll published Friday regarding the fusion of UBS and Credit Suisse banks. Fully three quarters of those responding said they believed that the Swiss financial sector as a whole would be weakened by the deal. They say UBS's emergency buyout of Credit Suisse group threatens to drastically shrink the financing options for small and mid sized companies after the fall of Credit Suisse, which had promoted Swiss entrepreneurship. Switzerland's banking regulator says Credit Suisse group faces the threat of a possible probe and disciplinary action over how top managers ran the bank in that lead up to its collapse and take over by UBS group. Finma president Marlene amstrad was interviewed by the NZ am Santa publication. Amstrad says whether to start fresh proceedings remains an open question, a spokesman for Credit Suisse declined to comment. Finma has come under scrutiny for whether it should have done more to prevent credit, Swiss collapse. There are lots of questions about the outlook for commercial real estate with people continuing to work from home. Luteus has said landlords face a 10% revenue hit on empty your offices. Jonathan Miller is president and CEO of Miller Samuel. The work from home phenomenon has fundamentally changed the metrics of commercial real estate. And the idea that people are going to return to the office 5 days a week is simply no longer a viable assumption. And we're already seeing that play out in the security swipe data from castle. We're seeing the numbers serve stuck at about half, meaning about half of the work of the buildings are being used compared to their pre-pandemic usage. Jonathan Miller there of Miller Samuel. Chocolate fans may want to start saving up Bloomberg's Nancy lions explains. Cocoa prices have climbed to their highest level in three years due to worries that there could be a drop in supplies. Farmers in the world's number one cocoa producing country, Ivory Coast, reports smaller than usual beans being produced, making them less attractive to buyers because they require more processing by traders and chocolate manufacturers. Farmers though say they're optimistic that the mid crop season will plug the shortfall. Global news 24 hours a day powered by more than 2700 journalists and analysts and over 120 countries. I'm Susanna Palmer. This is Bloomberg
Bloomberg Radio New York
"finma" Discussed on Bloomberg Radio New York
"Hit goes out to you, mister wake. John Wick, killing it at the box office deadline reporting John Wick chapter four slay that the Thursday previews expecting to rake in about 8 million and opening night best for the franchise, the action movie starring Keanu Reeves now on track to make at least $70 million this domestic opening weekend and a $115 million globally. I'm Scott Carr. And I'm Susanna Palmer in the Bloomberg newsroom. We're hearing about a couple of other banks who may have an eye on buying Silicon Valley bank, which of course collapsed a couple of weeks ago. Our source says valley national Bancorp and first Citizens Bank shares are both trying to buy Silicon Valley bank and have submitted separate bids for SVB to the federal deposit insurance corporation as of the deadline last Friday night. Our source says the FDIC is expected to choose a winner in the sales process and that could happen as early as this weekend. No final decision has been made and the FDIC could still decide to hold on to Silicon Valley bank or maybe sell it to somebody else. Less competition and little choice. That is the upshot of a national poll published Friday regarding the fusion of UBS and Credit Suisse specs. Fully three quarters of those responding said they believed that the Swiss financial sector as a whole would be weakened by the deal. They say UBS's emergency buyout of Credit Suisse group threatens to drastically shrink the financing options for small and mid sized companies after the fall of Credit Suisse, which had promoted Swiss entrepreneurship. Switzerland's banking regulator says Credit Suisse group faces the threat of a possible probe and disciplinary action over how top managers ran the bank in that lead up to its collapse and take over by UBS group. Finma president Marlene amstrad was interviewed by the enzyme publication. Amsted says whether to start fresh proceedings remains an open question, a spokesman for Credit Suisse declined to comment finma has come under scrutiny for whether it should have done more to prevent credit, Suisse's collapse. There are lots of questions about the outlook for commercial real estate with people continuing to work from home. Luteus has said landlords face a 10% revenue hit on empty your offices. Jonathan Miller is president and CEO of Miller Samuel. The work from home phenomenon has fundamentally changed the metrics of commercial real estate. And the idea that people are going to return to the office 5 days a week is simply no longer a viable assumption. And we're already seeing that play out in the security swipe data from castle. We're seeing the numbers sort of stuck at about half, meaning about half of the work of the buildings are being used compared to their pre-pandemic usage. Jonathan Miller there of Miller's Samuel. Chocolate fans may want to start saving up Bloomberg's Nancy Lyons explains. Cocoa prices have climbed to their highest level in three years due to worries that there could be a drop in supplies. Farmers in the world's number one cocoa producing country, Ivory Coast, reports smaller than usual beans being produced, making them less attractive to buyers because they require more processing by traders and chocolate manufacturers. Farmers though say they're optimistic that the mit crop season will plug the shortfall. Global news 24 hours a day powered by more than 2700 journalists and analysts and over 120 countries. I'm Susanna Palmer. This is Bloomberg
Bloomberg Radio New York
"finma" Discussed on Bloomberg Radio New York
"The restaurant industry's tough talking savior. You don't even know what the recipes are. You guys don't care. In a volatile market, bar rescues John taffer says owners need to get more aggressive. They need a kick in a butt, customer traffic is up 20% or more. This is the time. Seize this. But they're not. We've sort of stepped back in this conservative mode, if you will. We're a little scared of employees. We can't lose them. We can't find them. Our costs are concerning. And then we're all facing this issue of value proposition. If my stake goes up in cost $3, I got to charge you $9 more because my cost is one third. The combined effect is pushing them away from making bold decisions, like new menu items, and marketing campaigns. So what does this mean for the future of the industry? I see flatter revenues long term. When we're not having the innovation when we're not having the depth of employee, the concentration of management, all these things take their effect on us. Lisa Matteo, Bloomberg radio. And I'm Susanna Palmer in the Bloomberg newsroom. We're hearing about a couple of other banks who may have an eye on buying Silicon Valley bank, which of course collapsed a couple of weeks ago. Our source says valley national Bancorp and first Citizens Bank shares are both trying to buy Silicon Valley bank and have submitted separate bids for SVB to the federal deposit insurance corporation as of the deadline last Friday night. Our source says the FDIC is expected to choose a winner in the sales process, and that could happen as early as this weekend. No final decision has been made, and the FDIC could still decide to hold on to Silicon Valley bank or maybe sell it to somebody else. Less competition and little choice. That is the upshot of a national poll published Friday regarding the fusion of UBS and Credit Suisse banks. Fully three quarters of those responding said they believed that the Swiss financial sector as a whole would be weakened by the deal. They say UBS is emergency buyout of Credit Suisse group, threatens to drastically shrink the financing options for small and mid sized companies after the fall of Credit Suisse, which had promoted Swiss entrepreneurship. Switzerland's banking regulator says Credit Suisse group faces the threat of a possible probe and disciplinary action over how top managers ran the bank in that lead up to its collapse and take over by UBS group. Finma president Marlene amstrad was interviewed by the enzyme publication. Amsted says whether to start fresh proceedings remains an open question, a spokesman for Credit Suisse declined to comment finma has come under scrutiny for whether it should have done more to prevent credit, Suisse's collapse. There are lots of questions about the outlook for commercial real estate, but the people continuing to work from home. Luteus has said landlords face a 10% revenue hit on empty your offices. Jonathan Miller is president and CEO of Miller Samuel. The work from home phenomenon has fundamentally changed the metrics of commercial real estate. And the idea that people are going to return to the office 5 days a week is simply no longer a viable assumption. And we're already seeing that play out in the security swipe data from castle. We're seeing the numbers sort of stuck at about half, meaning about half of the work, the buildings are being used compared to their pre-pandemic usage. Jonathan Miller there of Miller's Samuel. Chocolate fans may want to start saving up Bloomberg's Nancy lions explains. Cocoa prices have climbed to their highest level in three years due to worries that there could be a drop in supplies. Farmers in the world's number one cocoa producing country, Ivory Coast, reports smaller than usual beans being produced, making them less attractive to buyers because they require more processing by traders and chocolate manufacturers. Farmers though say they're optimistic that the mid crop season will plug the shortfall. Global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. I'm Susanna Palmer. This is Bloomberg. If you love them enough to listen to them practice the same song on tuba. Please be done. Over and over and over and over and over.
Bloomberg Radio New York
"finma" Discussed on Bloomberg Radio New York
"To lending to the real economy because those big four banks, those two big to fail banks, they don't do a lot of lending. A lot of the lending is done by these smaller names, so if they pause lending because of the disruption we've had in the last two weeks, what is the knock on effect of that? Okay. That's the fed and the banking situation. I want to pivot though to the other story that we've been talking about this morning, which is UBS offering to buy back bonds that were sold days before the deal to buy up credit suites. We've done great reporting on this story. You know, for example, around who's been left with Credit Suisse's 81 bonds and the kind of Middle Eastern investors involved in that that I think is really interesting. Why did UBS make this announcement about buying back bonds that were sold? I mean, this seems to be a bit of a change of heart. Look, I think that UBS is looking forward and they don't want the impact of the finma decision to write down Credit Suisse's 81s to cause a higher level of funding for themselves. There has been a lot of eyebrow raising at the decision by finma to write down the AT ones before zeroing out any of the shareholders. You know, they did not respect the normal cascade that would happen when bond holders are normally normally get some of the payout before equity holders, equity holders got that CHF 3 billion and these AT one holders got zero. So UBS is perhaps looking forward saying I don't want this to cause a negative reputation for the Swiss banking industry as a whole, I am going to buy back these bonds as a way to demonstrate my commitment to my bondholders. Okay, I thought I would tell our market supporter. Thank you very much for all of that. Up next, Boris Johnson's reckoning, age is just a number, and the EU clears house
Bloomberg Radio New York
"finma" Discussed on Bloomberg Radio New York
"Street. I'm Doug prisoner in New York, not a lot of appetite for risk. We do have a UBS buying Credit Suisse. This is a three and a quarter $1 billion deal, far below what this bank and I'm speaking here of Credit Suisse was valued at Friday of last week. We had about an $8 billion market capitalization. Now, the Swiss regulator finma says that the move here basically for UBS to susume Credit Suisse, will necessitate a complete write down of the nominal value of what is called a T one. This is additional tier one shares. It's essentially a convertible security at trades like credit, a total amount of the right down 17.2 billion, and these convertible bonds are known as cocos and right now in Hong Kong, it looks as though we're seeing kind of the residual impact of this a lot of weakness in some of the financials on concern about what this may mean for banks more broadly if they are going to be written down and completely wiped out. Cocos are often described as high yield investments with a hand grenade attached, so there's a fair amount of risk that is already known, and I think in Latin, the term is caveat mTOR. Buyer beware. In Hong Kong right now, hang seng is down two and a half percent, the nikkei off more than 1% right now. In Sydney, ASX 200 down 1.2%, the Cosby is off one one half of 1%. Positivity on the mainland for the Shanghai composite were up a tenth of 1%, Chinese banks keeping their benchmark lending rates unchanged even after the PBOC last week cut the triple R by 25 basis points. We'll take another look at markets in 15 minutes. Dan Schwartzman's here with a look at global news headlines. Dan? Hey Jack, Jan happ news reporting that the leader of South Korea's opposition Democratic Party could be indicted as early as this week. Lee Jim young could face prosecution on charges related to bribery and also alleged
Bloomberg Radio New York
"finma" Discussed on Bloomberg Radio New York
"And it's 5 40 on Wall Street. We checked the markets all day long for you here at Bloomberg and we have some breaking news on Credit Suisse. The Financial Times says UBS is in talks to acquire all are part of Credit Suisse, the Swiss national bank and the country's regulator finma, while they're apparently orchestrating the talks that could lead to UBS taking over all or part of Credit Suisse according to this report. Now, the boards of Switzerland's two biggest lenders, the report says are set to meet separately over the weekend to consider the proposal and Swiss regulators have told U.S. and UK counterparts that merging the two banks was their plan a to bolster confidence in Credit Suisse numerous options are under discussion, according to this report, both sides are evaluating regulatory constraints in different jurisdictions and there's no sign or no guarantee that a deal will be reached. We are also watching first republic shares plunge today and The New York Times says they are considering a private capital raise or even a sale that's of course after they got that $30 billion temporary injection from other banks. Stocks falling today the Dow down 385 points 1.2% the S&P 500 down 44 1.1% the NASDAQ down 87 about 7 tenths of a percent. The yield on the ten year treasury, 3.38%. Nymex crew down about 2.32 .4%, let's call it and spot gold, one of the gainers up 3.6% on the day FedEx shares also closed about 8% higher after boosting their forecast, and that is the Bloomberg business flash, Carolyn Jess. All right, Denise
Bloomberg Radio New York
"finma" Discussed on Bloomberg Radio New York
"The markets all day long for you here at Bloomberg the roller coaster continues stocks are coming off session lows because we are getting word now that Switzerland is holding talks on options to stabilize Credit Suisse. Credit Suisse options also include Swiss spinoff on a tie up with UBS apparently Swiss regulator finma said the likely make a statement soon finma could make a statement supporting Credit Suisse today or tomorrow, according to these headlines. So the US Treasury Department meantime monitoring the Credit Suisse situation according to sources after the bank's biggest shareholder ruled out boosting its stake in the stock fell earlier by the most on record Alison Williams senior banking analyst for Bloomberg intelligence tells us if investors don't believe in the bank's viability all bots are going to be off here. You could say looking at four Q, they have plenty of capital. They have plenty of liquidity, but obviously the concern is things can change very quickly, as we know. The issues that SVB financial sort of the balance sheet issues are not directly relevant, but I think the concern and risk is that sentiment can have a real impact. And that's certainly has been the case today, the Zürich based lender in the middle of the complex three year restructuring. It's been struggling to contain deposit outflows, stock closed at a record low today in Europe. U.S. regional banks also down across the board and some of the bigger banks as well. The yield on the ten year right now creeping a little bit higher from the lows earlier today but still 3.51% is the yield on the ten year. Meantime nymex crude, it is also off session lows, but it's still down more than 4%. Spot gold right now, up just three tenths of a percent, and that is a Bloomberg business flash. This is Bloomberg sound on with Joe Matthew on Bloomberg radio. With an eye on the markets here, it's hard to remove the markets from politics today in Washington I'm Joe Matthew with Kaylee lines. As we see significant improvement here in stocks following the headlines on Credit Suisse, the contagion fears that had gripped the markets aren't gone, but Kayleigh, there is news that Switzerland is talking
Bloomberg Radio New York
"finma" Discussed on Bloomberg Radio New York
"The proposal to slightly cut the top line for the Department of Homeland Security. And yes, within that, you can see that there's going to be a fight because within that that calls for a cut to the U.S. border patrol. It's not what Republicans want on that. But it's a tough position because Republicans are saying, you know, we want cuts that are very significant. We want to balance the budget. And then there are some cuts here or there, and they decide that probably the biggest one on some border security stuff is something they actually don't want. We've got a bit of breaking news here on the banking situation before we get to that Jack. As Chuck Schumer is now also calling for more strict regulations, he says we need strong legislation on banking regs. We know that there's a bill that Elizabeth Warren and Katie Porter are putting forth. Nobody actually sees a path for that to pass, right? You know, it's difficult to say now because of the facts of a divided government. And obviously a democratic Senate and a Republican House are going to approach this differently. We may have to see to what extent this turns into an issue that forces their hand, Congress can do things in a bipartisan way if there is a really serious crisis. I don't think we're at the point where there's a kumbaya moment and all the divisions of Congress have fallen away. And that's a fortunate thing because it takes more or less a disaster to get this kind of Congress to work together. So short of something that really shakes Washington out of its usual way of business. I think it's safe to be skeptical about a major bill on this right now. Got it. Jack, thank you. Great work, Jack Fitzpatrick Bloomberg government Congress reporter. What are we hearing from Switzerland Kelly? This is really important. Well, according to Bloomberg's reporting, Switzerland is holding talks on options to stabilize Credit Suisse. As you and I have been discussing Joe, that has been the bank that really refueled the concern around stability in the broader financial system, but it looks like the Swiss government is taking a look here, including potentially a statement of support, possibly a backstop, but that is the news and it does seem like it's helping out stocks a bit. Right now, the S&P 500, the high of the session, only and I say only now down about three quarters of 1%. Yeah, I mean, the Dow was down over 600 at the worst, right? We're down less than 300 now, two 70. And this correction is happening before our eyes. That would be a significant development if we hear from Switzerland in the next 24 hours. It looks like the market's giving them the benefit of the doubt on this. Indeed, it looks like we are expecting finma, which is the Swiss regulator there to make a statement supporting Credit Suisse either today or tomorrow. So be on the lookout for that one, Joe. Fascinating has always Kayleigh Lyons in Washington I'm Joe Matthew, thanks to Jack Fitzpatrick for coming in. We're going to get a news update
Bloomberg Radio New York
"finma" Discussed on Bloomberg Radio New York
"In the right quality. Our plan a is organic growth. But one of the big things I hear all the time here, I just want to touch briefly on Russian assets in two different ways. A huge flow of money from Russia has come in here. A lot of it is non sanctioned. And that's critically important. And that's what I want to understand. How much Russia flow has boosted Julius burr here in the region. Non sanctioned money for Julius Brown. Not relevant. I think, again, not relevant. The Russian flow, no monster move from Russia. No monster move at all. And I think we've been growing our business very steadily with the same clients across all geographies and this has contributed to our strong net new money in the second half last year. Very important for us as a Swiss bank. We apply the same rules everywhere. Our clients here in Dubai are served out of Dubai, but booked in Switzerland and in Singapore does supplying the local rules of those booking centers too. And we have homogeneous standards on that. Just to close off on this theme, we've seen a lot of calls now for the Swiss banks to help release frozen funds to help the recovery in Ukraine. Have you a strong opinion on that? Would you be advocating at finma for this? I think the war is an absolute tragedy. And it's right to country like Switzerland has followed the international sanctions. I think there's going to be have to be an international effort to help Ukraine rebuild itself after war at some point. On the other side, when we talk about confiscation, what is very important to me is that at all times, especially the western economies do respect the rule of law and to respect property rights and any action that is happening towards Ukraine has to happen within the framework of the law. I believe this is absolutely paramount for us to preserve our strong base. So I suppose I'll go on the naughty list. I didn't go to the preview for the Dubai art show, yes, it was very kind invitation. Did you buy anything? Not yet. But we're exhibiting something with Canada, his glacier dreams, artificial intelligence, just seeing the SpaceX launch. I think that's SpaceX in the art space with artificial intelligence with the use of new technologies, absolutely fascinating. I think you should come and see it. I'm not going on the bad list with any CEO around the world. Great to have you with me. I'm much more convivial setting for us rather than not quarterly. That brutality of the quarterly report. Welcome to Dubai. Thank you, Madison. That is Philip reckon Becker. The CEO of Julius Brown
Bloomberg Radio New York
"finma" Discussed on Bloomberg Radio New York
"From Bloomberg world headquarters, I'm Steve rappaport. Target's latest earnings beat Wall Street expectations, but its forecast was not so great. Bloomberg's genus surveillance reports. Target is predicting a slower than expected recovery from a rough 2022. Last year, weakening demand for non-essential hit the retailer's profits and its stock, the subdued outlook echoes the message from Walmart last week showing U.S. retailers remain cautious amid a cloudy economic picture, but similar to Walmart targets cautious outlook followed a strong fourth quarter the retailers key sales metric rose in the quarter, analysts were looking for a decline. Target CEO Brian Cornell says they're planning business cautiously in the near term to ensure the company remains agile and responsive to the current operating environment. Switzerland's banking regulator says Credit Suisse seriously breached risk management obligations in the greensill capital supply chain financing case. Finma ordered the Swiss lender to take remedial measures, including a periodic review of the most important business relationships for counterparty risks. Finma also announced its opening enforcement proceedings against four former Credit Suisse managers. Visa and Mastercard planned to defer the launch of some cryptocurrency products and services. Reuters reports the company's decided to hold off until market conditions and the regulatory environment improve. Elon Musk reclaims the coveted title of the world's richest person, the Tesla CEO's wealth got a big boost from a surge in Tesla stock, Musk started the year with a net worth of $137 billion, becoming the first person to lose $200 billion from their fortune. Those are the company's stories we're following this hour, I'm Steve rappaport, and this is Bloomberg. Global market news changes in an instant. So don't miss a minute. Listen to Bloomberg radio anytime anywhere around the world on the iHeartRadio app. Tune in, the Bloomberg business app and Bloomberg dot com. This is balance of power on Bloomberg television radio. I'm David Westin well, this is the week when they start rolling out that chips and science act, something we talked about a lot as Congress was passing it on a bipartisan basis, I must say. And it's a very exciting potential development in the development and production of semiconductors in this country. To take us through where we are, we welcome down Mitch landrieu. He's President Biden's senior adviser for infrastructure. Mister Orlando is the former mayor, of course, of New Orleans. So mister mayor, thank you so much for being with us really appreciate it. So first of all, it's like the kid in the back of the car. Are we there yet? When is money going to start going out the door? Well, we're getting there. I mean, right now, as we speak. So this is the announcement today from secretary Armando is what's called a notice of funding opportunity. Where they tell folks that funds are actually available to do a certain thing. And there's certain thing in this particular instance. There's something that this country has been waiting on for a long time. Everybody knows that this little chip that we have as part of everything that we do in our life. And most of them are manufactured overseas. And of course, we saw through COVID, the disruption of the supply chain. So the idea here is to bring those manufacturing capabilities back home. Number one, to push up on national security and protect ourselves. Number two to create manufacturing jobs here in America, the president's already created 800,000 of them. And number three to create high paying jobs with products that have made in America by folks that are in America. So this is a really big announcement. It's going to hit all of those different parts. Secretary raimondo rolled it out this morning. Of course, this is part of the president's overarching strategy to bring manufacturing jobs back to the United States of America through investing in infrastructure through investing in climate and of course now through investing in semiconductors and making America stronger, more steady give on national security, a bigger push and to create those hundreds of thousands of high paying manufacturing jobs are going to come from these investments. Mitch my understanding of what's going on here is there's a fair amount of money in the United States government is putting up. But that's not all of it. The idea I think is sort of priming the pump that in fact, if you get the federal investment, you'll get the private. Where are we right now on constructing the factories? Are some of those factors already under construction? When will they start producing chips? There's no question about that. What normally happens in the idea in creating this industrial policy is for the federal government to show up with cash and with money, whether you're building a bridge or whether you're building a railroad or you're building high speed Internet or whether or not you're investing in all the stuff that we needed to manufacture chips. And then the private sector follows in. As a consequence of all of the investments that the president has made, you've seen now hundreds of billions of dollars for the private sector starting to show up in all of those different places. The same thing is going to happen with semiconductors as well. And as this money goes out, so we're going to put these notices of funding opportunities out there. Folks are going to come to us to say, listen, we think that you ought to work with us. They're going to be four or 5, 6, 7 of what they call these fabrication facilities across America that are really thoughtful and located. And then the private sector is going to come in on top of that. So this $50 billion that the Department of Commerce is talking about now is going to turn into substantially more when the private sector lays on top of that. And then of course, if we get our national security in place, we got a manufacturing in place, everything is just going to flow from there. My experience at least is when you ask for money, particularly a lot of money from something there's usually some strings attached. There's some strings attached here. Take us through some of those strings if you would, particularly starting with investment in China. Well, listen, we don't really look at it as strange. I mean, this is part of a much larger policy to make sure that we bring stuff back home to America to help our national
Bloomberg Radio New York
"finma" Discussed on Bloomberg Radio New York
"I'm Steve rappaport. Target's latest earnings beat Wall Street expectations, but its forecast was not so great. Bloomberg's genus survey reports. Target is predicting a slower than expected recovery from a rough 2022. Last year, weakening demand for non-essential hit the retailer's profits and its stock, the subdued outlook echoes the message from Walmart last week showing U.S. retailers remain cautious amid a cloudy economic picture, but similar to Walmart targets cautious outlook followed a strong fourth quarter. The retailers key sales metric rose in the quarter, analysts were looking for a decline. Target CEO Brian Cornell says they're planning business cautiously in the near term to ensure the company remains agile and responsive to the current operating environment. Switzerland's banking regulator says Credit Suisse seriously breached risk management obligations in the greensill capital supply chain financing case. Finma ordered the Swiss lender to take remedial measures, including a periodic review of the most important business relationships for counterparty risks. Finma also announced its opening enforcement proceedings against four former Credit Suisse managers. Visa and Mastercard planned to defer the launch of some cryptocurrency products and services. Reuters reports the company's decided to hold off until market conditions and the regulatory environment improve. Elon Musk reclaims the coveted title of the world's richest person, the Tesla CEO's wealth got a big boost from a surge in Tesla stock, Musk started the year with a net worth of $137 billion, becoming the first person to lose $200 billion from their fortune. Those are the company's stories we're following this hour, I'm Steve rappaport, and this is Bloomberg. This is Bloomberg markets with Paul Sweeney and Matt Miller on Bloomberg radio. All right, listening to Bloomberg markets, Paul swinney met Miller in a Bloomberg interactive brokers studio here in New York City markets a little bit red here. We got the S&P 500 off about two tenths of 1%, the Dow off a little bit more about 6 tenths of 1%. Let's get the latest on world and national news right now in Washington D.C. with Nathan Hager. Now there have been demonstrations
Bloomberg Radio New York
"finma" Discussed on Bloomberg Radio New York
"Coming up today. Goldman Sachs holds a key investor day. Hong Kong is set to end its mask mandate. The Supreme Court hears arguments on President Biden's student debt plan. And zoom shares zoom higher after profit tops estimates. The first significance snowfall hits New York City plus Fox boss Rupert Murdoch testified that hosts endorsed Donald Trump's false selection claims. I'm Michael Barr, more ahead. I'm John staffer and sports the next day hard won their 6th in a row being in the league leading Celtics at the garden. That's all straight ahead on Bloomberg daybreak. On Bloomberg 11 three zero New York, Bloomberg 99 one Washington D.C., Bloomberg one O 6 one Boston, Bloomberg 9 60 San Francisco, Syria's exam one 19 and around the world on Bloomberg radio dot com and via the Bloomberg business app. Good morning, I'm Nathan Hager. And I'm Karen Moscow and U.S. stock index futures have turned higher this morning. We check the markets all day long here on Bloomberg, but S&P futures up a tenth of a percent about 5 points. Now futures have a tenth of a percent or 42 points and NASDAQ features up about a tenth of a percent or ten points, ten year treasury down 5 30 seconds yield 3.93% Nathan. Karen, we begin on Wall Street where Goldman Sachs leaders take the stage today for investor day, hoping to turn the page on a forgettable 2022. They'll lay out reasons for investors to rally around the stock and look to a quell concerns within the bank after an unsuccessful foray into consumer banking. Treat our not orange and covers Goldman for Bloomberg news. The image you have of a Goldman Sachs is a place that does not tolerate average. So when you have a venture when you spend so much time into saying you could build a new platform that could become the leading digital banking firm in the country. And then that gets unraveled. That's puts a lot of pressure. And even after the reorganization they announced a few months ago, that is not satisfied the partners inside the firm that is not satisfied investors and analysts. So they are still seeking answers. So the question is, are all options still on the table? Will they be forced to do another radical revamp? Bloomberg's three not a roger says Goldman's profits slumped by about half last year. Well, another bank of the news this morning, Nathan brings us to Switzerland, the country's banking regulator says Credit Suisse quote seriously breached its risk management obligations in the greensill capital financing affair. The Swiss bank was ordered to take remedial measures by finma, which include a periodic executive board level review. Well, another company under fire and recent weeks, Karen has been a Donnie, and today the Indian conglomerates on a road show to rebuild confidence. That's after short seller Hindenburg research accused it of accounting fraud and stock manipulation. We spoke exclusively this morning with chief financial officer juga schinder Singh. We have an obligation
Bloomberg Radio New York
"finma" Discussed on Bloomberg Radio New York
"You need to know what this shower. We start with investor day at Goldman Sachs. The bank is looking to lay out a fresh narrative after a forgettable year. Bloomberg Srinagar Rajan says executives and analysts want to bunt clarity on the business strategy from CEO David Solomon. Mike male is in some ways the dean of Wall Street banking analysts. And when Mike Mayo says on a scale, I can give you a plus for your legacy businesses. That is a good grade. But then he says, he's had middling results on many other fronts, including an F grade in the consumer banking operations. Bloomberg Srinagar Rajan says Goldman's profits slumped by about half last year. Meanwhile overseas Karen Switzerland's banking regulator says Credit Suisse says, quote, seriously breached its risk management obligations in its green silk capital case, the regulator says the Swiss bank made partly false statements to Finn ma about funds. It's been ordered to take remedial measures by finma. I'm also under fire lately, Nathan, Indian conglomerate adani group. It's been accused of accounting fraud and stock manipulation by short seller Hindenburg research. This morning we caught up with chief financial officer Judy shinder Singh as a Donnie seeks to reassure investors. Our businesses are India's best. And global's best in our category. We will deliver on the business, execution, operations, and cash flow. Adani CFO said the company is not looking to refinance debt or inject capital. They have a couple of political notes to tell you about this morning starting in Asia where Hong Kong is dropping its mask mandate as of tomorrow. It follows 945 days of masking up in the global financial hub. And back here in the U.S., President Biden's student loan forgiveness plan goes before the Supreme Court today, 40 million people because she up to $20,000 of their student debt canceled depending on the outcome. All right, let's talk earnings now, Karen shares of zoom are up more than 6% after the company delivered an upbeat profit forecast in Bloomberg Steve rappaport joins us live with the details. Good morning, Steve. Good morning, Nathan and Karen, zoom lost most of its value in the last two years as the world gradually reopened, but in earnings prediction opened up a potential opportunity for investors. The video conferencing companies outlook for the first fiscal quarter beat analyst estimates, but at the same time zoom predicted less revenue for the current quarter than Wall Street anticipated. Zoom was one of the biggest beneficiaries in the early days of the pandemic when remote work became the standard for much of the global workforce. Live in New York, I'm Steve rappaport, Bloomberg, daybreak. All right, Steve, thanks, and futures this morning. They are little change, so is the Dax in Germany and the ten year treasury is down 6 30 seconds. He had 3.93%, they yield on the two years at 4.80%. Straight ahead, we have your latest local headlines, plus the check of sports and this is Bloomberg. Hey Karen, thank you it is 5 31 on Wall Street and Michael Barr's here with more on what's going on in New York and
Bloomberg Radio New York
"finma" Discussed on Bloomberg Radio New York
"I'm Karen Moscow and U.S. stock index futures are lower this morning. We check the markets all day long here on Bloomberg S&P futures down a tenth of a percent down about 5 points down futures down about a tenth of a percent or 27 points and NASDAQ features down to tenths of a percent or 21 points, ten year treasury down 7 30 seconds Yale 3.94%, Nathan. Karen, we begin on Wall Street where Goldman Sachs leaders take the stage today, hoping to turn the page on a forgettable 2022. They will lay out reasons for investors to rally around the stock and look to quell concerns within the bank after an unsuccessful foray into consumer banking. Street are not a Raj and covers Goldman for Bloomberg news. The image you have of a Goldman Sachs is a place that does not tolerate average. So when you have a venture when you spend so much time into saying you could build a new platform that could become the leading digital banking firm in the country. And then that gets unraveled. That's puts a lot of pressure. And even after the reorganization they announced a few months ago, that is not satisfied the partners inside the firm that is not satisfied investors and analysts. So they are still seeking answers. So the question is, are all options still on the table? Will they be forced to do another radical revamp? Bloomberg street not a Rajan says Goldman's profits slumped by about half last year. Well, another bank in the news this morning, Nathan brings us to Switzerland, the country's banking regulator says Credit Suisse, quote, seriously breached its risk management obligations in the Greenfield capital financing affair. The Swiss bank was ordered to take remedial measures by finma, which include a periodic executive board level review. Another company under fire in recent weeks, Karen's been a Donnie and today the Indian conglomerate is on a road show to rebuild confidence. That's after short seller Hindenburg research accused it of accounting fraud and stock manipulation. We spoke exclusively this morning with the chief financial officer. We have an obligation and duty to face people in environment like this. And not just simply do VCs and calls. But to actually meet in person and answer the questions in person. CFO
Bloomberg Radio New York
"finma" Discussed on Bloomberg Radio New York
"So still in contraction territory in terms of the manufacturing PMI number. Let's also look to the markets more broadly though Lizzie, European stocks are dropping 9 tenths of 1% tech and basic resources seeing the biggest declines. This as the appetite for that start of the year rally seems to be fading that's backed up by a Bloomberg survey, Credit Suisse shares dropping 5.3% will unpack all of the details around that story in a moment. U.S. features there are dropping the worry around interest rates staying high for longer. The MSCI Asia Pacific index was also down 8 tenths of 1% this morning. In terms of bond markets, ten year treasury yields at three 85, two year yields at four 65, they are rising for U.S. yields, a French shield of rising German yields are flat and the dollar this morning is two tenths of 1% higher. Now on to our top stories this morning, U.S. president Joe Biden will meet Eastern European leaders in Poland later following his surprise visit to Kyiv, almost a year to the day since Russia's invasion began, Biden stood shoulder to shoulder with president Vladimir and declared unwavering U.S. support for Ukraine. That dark knight, one year ago, the world was literally at the time bracing for the fall of Keith. One year later, he stands. And Ukraine stands. Democracy stands. The Americans stand with you and the world stands with you. Biden also announced $460 million of new military support for Ukraine, including rockets and mortar rounds. The symbolic trip came ahead of Russian president Vladimir Putin's state of the nation address, scheduled to start this hour. Now to breaking news this morning, Switzerland's financial regulator is looking into comments made by Credit Suisse's chairman that, according to a report for Reuters, here is axel Weber talking to Bloomberg last December. Doubtful basically have stopped what we saw is two, three weeks in October, one and 6 then flattening out they have stopped this gradually coming back in particular in Switzerland. So that is from Credit Suisse. Now shares surged as much as 10% at the time of those comments on the 2nd of December. But now we learned that finma, the Swiss regulator is reportedly reviewing if the remarks were misleading, results published this month show that further outflows worth tens of billions of dollars continued until at least the end of the quarter acquit suites. HSBC is reported a justice adjusted pre-tax profits of $6.83 billion for the fourth quarter. The results beat estimates and a 92% up on the same period last year. The Asia focused lender says it will now consider a special payout after the $10 billion sale of its Canadian unit. Speaking to Bloomberg, HSBC's CEO, Noel Quinn, also gave an upbeat assessment of the British economy. I'm more positive on the UK than the general sentiment. I think the current government has made really good progress in stabilizing the economy. It was extremely volatile. They've done a good job stabilizing the currency stabilizing the markets. From my own portfolio, what I see through our consumer business, we're not seeing any major signs of stress at the moment in our retail business. In our wholesale and commercial banking business, I think there are some corporates that are starting to feel some cash flow pressure because of hiring inflation and higher interest rates. But again, that's still fairly marginal I would say at the moment for us. No Quinn's total compensation rose by more than 13% last year to 5.56 million pounds, but not everyone at HSBC got a pay bump. The bonus pool for the bank has been cut to $3.36 billion for the year down from $3.5 billion in 2021, those shares down almost 2% currently. Okay, meanwhile, the world's biggest mining company has slashed its dividend as revenue slumped on falling demand for key commodities, BHP reported underlying half year profit of $6.6 billion, down from 10.7 billion a year earlier. However, the firm is betting on major growth in China to turn its fortunes around. Speaking to Bloomberg, the CEO Mike Henry says that Beijing's easing of COVID zero and other pro growth policies are boosting demand. We're seeing the green shoots come through since the start of this calendar year, increased mobility figures, more bank lending, improved business sentiment, property prices up in some cities. So that kind of reinforces the positive outlook for that we have for the year ahead. Which we expect to offset slowing growth in both the U.S. and Europe. The BHP CEO there he will be reassured by rebound in iron ore prices which have surged 75% from a low at the end of last October. And the prime minister Rishi sunak is lobbying lawmakers to back an agreement on the changing of the Brexit deal for Northern Ireland. You and Potts reports. He's done the talking with Brussels. He's been to Northern Ireland next up, hardline conservative backbenchers. Bloomberg understands the prime minister's been holding one to one meetings with conservative MPs, explaining the outline of his perspective, agreement with the European Union. Foreign secretary James cleverly is set to address back benches later today to brief them on the latest negotiations. The unveiling of the long awaited change to rules on trade and Northern Ireland was penciled to happen today, but that timetable now looks likely to slip. This is the government invests energy in attempting to finally fix what's proven to be an intractable problem. In London, I'm you and Potts Bloomberg daybreak Europe. And just finally, one in 6 workers say that no amount of money would make them work a 5 day week. That is what the world's largest ever trial of a four day working week has found. Now, of the 61 British companies that were tracked by Boston college 56 have decided to keep the shorter working week gains in revenue productivity and employee retention helped make the business case for changing how we work. So that's the last of our top stories. I think it's just the four day working. We've been tracking it as we spoke to the organizers of it when it began, but it's so interesting that it's here in the UK that we've done that little experiment. Let's see if it catches on. I just want to make one correction, Lizzie. Credit Suisse. Of course, when we were talking about this report, so Credit Suisse shares hitting a record low because of these claims around outflow stopping. Now that claim was made in a Bloomberg interview, but it was the chairman axel layman, sorry we mislabeled that audio clip that you heard, but that thought anyone keen with keen radio is they will have heard that that was the chairman axel layman. He made that statement to Bloomberg in December now, according to reports there is an investigation into this by the Swiss regulator. Indeed, now let's get on to one of our other top stories. After his surprise trip to Ukraine yesterday, Joe Biden is in Poland today where he's going to meet Eastern Europe's leaders. This as China's top diplomat is going to Moscow in the coming days as it tries to broker an
This Week in Crypto
FINMA Releases Guide on Stablecoins Same Risks, Same Rules
"The Swiss Financial Market Supervisory Authority known as Venema has released new stable coin guidelines today. The report notes an increase in stable core projects since two thousand eighteen. FINRA confirmed that they received a request from the libra ascending station for an assessment of its libra project under the Swiss Supervisor Law. Finna would treat stable coins just like existing blockchain based tokens were they focus on the economic function and purpose of a token. States quote the requirements under Supervisory Law may differ depending on which assets, for example, currencies, commodities, real estate or securities. The stable coin is backed by and illegal rights of its holders and quote the Liberal Association is seeking a Swiss payments license as they asked, Finnmark for an assessment of how they classify the plant libra project and issuance of a stable coin under Swiss supervisory law according to Reuters. The Liberal Association stated quote we're engaging in constructive dialogue within Ma, and we see a feasible pathway for an open source blushing network to become a regulated low friction, high-security payments system, and quote.