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Fintechs and crypto companies seek bank charters for growth
Fintech and cryptocurrency companies are increasingly pursuing bank charters to expand their operations and gain credibility, anticipating a more favorable regulatory environment under the Trump administration. Industry experts note a surge in interest, with firms like SmartBiz recently acquiring a national bank charter, a move that could lower borrowing costs and enhance legitimacy. Alexandra Steinberg…
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FIIG taken to court over cyber breach
The Australian Securities and Investments Commission (ASIC) has initiated legal proceedings against fixed-income broker FIIG Securities, alleging the firm failed to implement adequate cybersecurity measures over four years, leading to a significant data breach. The breach, which occurred between May 19 and June 8, 2023, resulted in the theft of around 385 gigabytes of confidential…
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Expected investment banking rebound is delayed
Market volatility and economic uncertainty are expected to delay the anticipated investment banking rebound in 2025, according to analysts at Morgan Stanley. Despite initial optimism following the election of President Trump, which raised hopes for less regulation and lower corporate taxes, actual capital markets activity has not met expectations. “We are now living in a…
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China’s Commerce Ministry held talks with Walmart over price cut request
China’s Ministry of Commerce held talks with Walmart on Tuesday regarding the retailer’s request of Chinese suppliers for price cuts of as much as 10% to offset new tariff costs. The discussions were reported by Yuyuantantian, a social media account affiliated with state broadcaster CCTV, which said: “Walmart’s unilateral demand on Chinese firms to cut…
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Trump halts funding for two cybersecurity initiatives
The Trump administration has significantly reduced federal funding for two key cybersecurity initiatives. The cuts affect the Elections Infrastructure Information Sharing and Analysis Center and the Multi-State Information Sharing and Analysis Center, which provide essential support during elections. Larry Norden, an election security expert at the Brennan Center for Justice, expressed his worries, saying: “I…
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Only 36 companies account for half of global emissions, report estimates
More than half of the world’s greenhouse gas emissions in 2023 can be linked to just 36 fossil fuel and cement producers, according to a report from the Carbon Majors database. The report found that the 36 companies, including Saudi Aramco, Coal India, ExxonMobil, Shell and numerous Chinese companies, produced coal, oil and gas responsible…
