Author: IA PressRoom

Few people were as devoted to the US Securities and Exchange Commission as Harvey Pitt. The watchdog’s youngest ever general counsel, he later became its chair, leading its response to the 2001 terrorist attacks and a series of corporate scandals, including the collapse of Enron.But Pitt, who has died aged 78, also attracted an extraordinary level of criticism to the watchdog during his chairmanship from people who claimed that he was tone-deaf — and too close to the industries he regulated. He ended up resigning after barely 18 months.Remaining a potent influence on financial regulation until his death, he testified…

© Reuters. FILE PHOTO: The logo of BNP Paribas bank is pictured on an office building in Nantes, France, March 16, 2023. REUTERS/Stephane Mahe/File Photo LONDON (Reuters) – Torsten Schoeneborn, global co-head of electronic equities and portfolio trading at BNP Paribas (OTC:), is leaving the firm for another bank, two sources with knowledge of the matter told Reuters on Friday. Schoeneborn did not immediately respond to a request for comment on LinkedIn. Reuters was not immediately able to confirm where he is moving to. Schoeneborn joined BNP Paribas from Deutsche Bank (ETR:), after the French lender acquired its rival’s prime finance business…

© Reuters. Investing.com — Oil prices rose sharply Friday after the U.S. debt ceiling deal passed through Congress, averting a default ahead of the weekend’s meeting of OPEC ministers and their allies at the weekend. By 09:00 ET (13:00 GMT), futures traded 2.3% higher at $71.69 a barrel, while the contract rose 2.2% to $75.90 a barrel. The U.S. Senate approved a bill to lift the country’s $31.4 billion debt ceiling late Thursday, the day after the House of Representatives did the same. The agreement now heads to the White House, with President Joe Biden just having to sign the…

Source: AdobeStock / f11photoHong Kong’s financial regulator finally implemented its new regulatory framework for crypto on the first of June.Under the new rulebook, the city-state will allow retail investors in the city to trade specific “large-cap tokens” on licensed exchanges, given that safeguards such as knowledge tests, risk profiles, and reasonable exposure limits are put in place.The Securities and Futures Commission (SFC) of Hong Kong will also start providing licenses to crypto exchanges. The framework has been designed to prioritize investor protection over cost-saving for cryptocurrency exchanges as Hong Kong seeks to become a leading digital-asset hub, according to Bloomberg’s Suvashree Ghosh. Ghosh claimed this…

After weeks of political impasse, tense negotiations and mounting economic anxiety, the Senate gave final approval on Thursday night to bipartisan legislation suspending the debt limit and imposing new spending caps, sending it to President Biden and ending the possibility of a calamitous government default.The approval by the Senate on a 63-to-36 vote brought to a close a political showdown that began brewing as soon as Republicans narrowly won the House in November, promising to use their new majority and the threat of a default to try to extract spending and policy concessions from Mr. Biden.The president refused for months…

We’re headed into the busy summer wedding season, which means many folks will likely be traveling to attend those ceremonies — and in some cases, jetting across the globe. After all, destination weddings are becoming an ever-more popular way to celebrate that special day. One report says the worldwide market for these events is expected to increase from $23.31 billion in 2022 to $78.90 billion by 2027. But all that begs the question: If you’re attending such a wedding — and paying hundreds, if not thousands, of dollars on airfare and a hotel stay — are you still obligated to…

TikTok has exploded in popularity and some users are looking for ways to cash in. Creators turn to TikTok’s built-in monetization tools, brand deals, and song promos to make money. Users with as few as a hundred followers can still earn on the app by joining marketing contests. TikTok has grown dramatically over the past few years, crossing one billion monthly active users in 2021.Along the way, it’s created a new generation of digital stars like Charli D’Amelio and Addison Rae Easterling who converted their TikTok fame into lucrative business empires.Creators with smaller followings can make money on TikTok, too. …

Asset management is a funny business. By funny, we mean an unending, bloody, Mad Max-style battle to avoid death irrelevance in an industry where even $1tn of assets is not what it once was (BTW; RIP Tina Turner)The prevailing view is that to thrive, you either need massive, vast, humongous scale, or a commanding position in a hot niche (above all in private capital). Ideally you want both. Which is why there’s been a spasm of consolidation among asset managers in recent years, and asset management companies snapping up smaller boutique players in areas like private debt or ESG. But…

© Reuters. FILE PHOTO: The logo for SentinelOne Inc, a cybersecurity firm, is displayed on a screen during the company’s IPO at the New York Stock Exchange (NYSE) in New York City, U.S., June 30, 2021. REUTERS/Brendan McDermid (Reuters) – Cybersecurity firm SentinelOne (NYSE:) Inc was set to shed over a third of its market value on Friday after a tough economy and stiff competition slammed its quarterly earnings and forecast. Shares of the company sank 37% before the bell on Friday and were set to open at their lowest level in about six months. The stock could erase most…

© Reuters. Five Below (FIVE) gains after bucking discretionary trend Five Below (NASDAQ:) shares gained Friday after topping first-quarter earnings expectations. The discount retailer Q1 EPS of $0.67, $0.04 better than the analyst estimate of $0.63, while revenue for the quarter came in at $726.2 million versus the consensus estimate of $728.67M. Looking forward, Five Below sees its Q2 EPS between $0.80 and $0.85, versus the consensus of $0.88, with revenue for the quarter from $755M to $765M, versus the consensus of $768M. FY2024 EPS is seen between $5.31 and $5.71, versus the consensus of $5.60, with revenue from $3.5…