The Consumer Financial Protection Bureau has introduced a new regulation aimed at reducing late fees on credit cards, but the implementation of this rule is facing significant opposition from the U.S. Chamber of Commerce and the card industry. This legal battle has been playing out in federal courts, with the outcome potentially impacting millions of
Global Finance
Spanish bank BBVA caught markets off guard with its surprising announcement of a rare hostile takeover bid for domestic rival Banco Sabadell. This unexpected move comes after BBVA’s initial 12 billion euro takeover offer to Sabadell’s board was rejected earlier in the week. The financial world was taken aback by BBVA’s decision to take its
British neobank Monzo has recently announced the completion of another successful funding round, raising $190 million. This brings their total funding for the year to $610 million, showcasing the growing interest in the company from investors worldwide. The surge in funding will allow Monzo to further develop its offerings and expand its international presence. The
Billionaire investor Stanley Druckenmiller shocked the market when he revealed that he had significantly reduced his stake in chipmaker Nvidia earlier this year. The swift rise in artificial intelligence may have led Druckenmiller to believe that the boom was overdone in the short run, prompting him to make adjustments to his portfolio. Druckenmiller confessed that
The current economic landscape in America, as highlighted by Citigroup CEO Jane Fraser, is one where consumer behavior has diverged significantly. Fraser spoke of a “K-shaped consumer” phenomenon, where affluent individuals continue to spend freely, while lower-income Americans have become more cautious with their consumption habits. This divide is exacerbated by the inflation of goods
Berkshire Hathaway saw a significant surge in operating earnings in the first quarter, reporting a profit of $11.22 billion, marking a substantial 39% increase from the same period last year. The boost in earnings was mainly attributed to the growth in insurance underwriting earnings. The conglomerate’s cash reserves also hit a record high, reaching $188.99
Warren Buffett, the legendary investor, recently mentioned that Berkshire Hathaway is exploring potential investment opportunities in Canada. He expressed his comfort with investing in the country during an arena full of investors, stating that they are actively looking at one opportunity. This indicates that Buffett sees potential in the Canadian market and is willing to
A former Societe Generale trader, Kavish Kataria, who was dismissed from the bank’s Delta One desk last year, has come forward to criticize the French bank for what he perceives as unfair treatment. He claims that he was made a “scapegoat” by the bank and that they failed to take their share of responsibility for
In a recent decision, the Federal Reserve chose to keep its benchmark interest rates unchanged, sticking to a targeted range of 5.25%-5%. This decision comes at a time when the Federal Reserve is facing challenges related to rising inflation. The central bank had initially set the rates at this level in July 2023, marking the
As the economic landscape shifts, hundreds of small and regional banks in the United States are experiencing a sense of financial strain. According to Christopher Wolfe from Fitch Ratings, these banks are facing the possibility of not meeting their minimum capital requirements, which could lead to detrimental consequences. The analysis conducted by the Klaros Group
It was a mixed bag for companies reporting their earnings after hours, with Amazon leading the pack. The e-commerce giant posted earnings of 98 cents per share, beating analysts’ expectations. Despite a strong performance in both the advertising and Amazon Web Services segments, the company fell short of revenue forecast for the second quarter, causing
A new Exchange-Traded Fund (ETF) known as the Calamos S&P 500 Structured Alt Protection ETF (CPSM) has recently been introduced to provide investors with a shield against market volatility. This new product, developed by Calamos, offers “100% downside protection” against losses in the S&P 500 over a one-year outcome period. Calamos’ head of ETFs, Matt