Finance

Your Daughter Will Thank You for Teaching Her These 5 Financial Lessons

Mother’s Day arrives this year amid mounting financial difficulties for women and girls. COVID-19 has driven millions of women, particularly mothers of young children, out of the workforce, leading to disproportionate female wealth loss and some of the highest unemployment rates for women seen in the 21st century. I’ve seen this firsthand in my work helping young people at Albert, a personal finance app whose customers (which skew 20-something and female) can text me and the other Geniuses for financial guidance. Since the pandemic started, I’ve gotten frequent messages from young women who are navigating unemployment or underemployment

Read More

South China Morning PostRegulators turn up the heat on China’s fintech platformsCompanies asked to attend include Tencent, Baidu's fintech arm, JD Finance, ByteDance and Meituan Finance among others; Regulators say …16 hours ago

South China Morning PostRegulators turn up the heat on China’s fintech platformsCompanies asked to attend include Tencent, Baidu’s fintech arm, JD Finance,
ByteDance and Meituan Finance among others; Regulators say …16 hours ago… Read More

DeFi Exchange Uranium Finance Loses $50M in Exploit

A Binance Smart Chain Uniswap clone, Uranium Finance, lost $50 million in tokens early Wednesday morning in an exploit.

The attacker took advantage of a vulnerability that has been present in Uranium’s v2 contracts since the exchange upgraded over a week ago. After sending the minimum required tokens into Uranium’s “pair contracts,” the attacker drained the liquidity pools for multiple token pairs; a misplaced zero in the contract’s balance field (or rather, the lack of one in a section that manages reserves) created the opening for the attack vector.

Out of the $50 million filched, pools for Binance’s blockchain token

Read More

Rho Technologies Announces $100 Million in Financing to Transform Business Banking

NEW YORK–(BUSINESS WIRE)–Rho Technologies, the high-growth fintech behind Rho Business Banking, announced $100 million in debt financing from global impact investment firm, Community Investment Management (CIM). The financing will allow Rho to invest in strategic initiatives and broaden its service offerings to business clients including names like direct-to-consumer furniture company Burrow, collaboration software company Popular Pays and direct-to-consumer home goods company Caraway.

The news comes on the heels of Rho’s $15 million Series A funding round and the launch of a new, integrated accounts payable feature as part of its business banking platform. Rho Business

Read More

O’Donnell pays campaign finance fine early; half is forgiven

title=

Former Sedgwick County Commissioner Michael O’Donnell in October 2020.

File photo

Half of Michael O’Donnell’s fine for state campaign finance law violations has been forgiven after he paid $12,500 to the Kansas Governmental Ethics Commission.

O’Donnell, a former Sedgwick County commissioner, was originally fined $25,000 after admitting in January to nine violations of Kansas campaign finance law, including using campaign money for personal use, false reporting and moving campaign funds into his personal bank account.

The terms of O’Donnell’s consent decree with the ethics commission allowed half of the fine to be forgiven if he paid within 90

Read More

China reins in tech giants to curb push into financial system | Banks News

Under new rules, firms including Tencent, ByteDance must subject themselves to tougher financial regulations.

Chinese regulators imposed wide-ranging restrictions on the fast-growing financial divisions of 13 companies including Tencent Holdings Ltd. and ByteDance Ltd., leveling many of the same curbs employed against Jack Ma’s Ant Group Co. in a crackdown on the tech sector.

Units of JD.com Inc., Meituan and Didi Chuxing were also among firms summoned to a meeting with several watchdogs including the central bank, which spelled out a raft of requirements including stricter compliance when listing abroad and curbs on information monopolies and the gathering of personal

Read More

COVID tax extensions put St. Clair County schools on watch

Three of the six Illinois school districts to receive the lowest designation for their state financial profiles this year are in St. Clair County.

Delays in receiving property tax payments due to the COVID-19 pandemic account for the low rating, the superintendents say.

Lebanon School District 9, O’Fallon Consolidated School District 90 and Whiteside School District 115 were designated as “financial watch” in 2021. Financial watch is the lowest of four designations for the school district financial profile.

Last summer, St. Clair County pushed back its timeline to collect property taxes by one month to provide financial relief for those

Read More

Is Your Financial Plan Ready for Higher Taxes?

You can feel it in the air — tax increases are coming. And it’s not a matter of if, but a matter of when. In the last few months, there have been a number of legislative proposals targeted toward high-net worth and ultra-high-net-worth taxpayers, ranging from Sen. Bernie Sanders’s “For the 99.5% Act,” Sen. Elizabeth Warren’s “Ultra-Millionaire Tax Act” and Sen. Chris Van Hollen’s “Sensible Taxation and Equity Promotion Act.”

While each proposal focuses on a different wealth segment and type of tax, the common theme and sentiment is that higher taxes might

Read More

What ‘Non-Financial Assets’ Should Be Included in Your Estate Plan?

Most estate planning attorneys do a fantastic job helping their clients set up the proper legal structures to transfer financial assets, but they often don’t consider the intangibles. That’s where legacy planning comes in. Legacy planning goes beyond your financial assets and considers your impact on your family and the world.

7 Components of a Non-Financial Legacy

Consider including these intangible components in your estate planning process:

1. Beliefs, Values and Vision

The first step is identifying what you believe in. I recommend writing a Personal Legacy Statement to serve as a compass to living in a way that creates

Read More

Yearn Finance Earns $5M in Q1, Besting Total 2020 Profit

Yearn Finance, the robo adviser for yield of decentralized finance (DeFi), made almost $5 million in the first quarter, 30% more than it earned for all of 2020. 

The project’s second quarterly report since its inception in mid-2020 showed profits were heavily skewed toward the end of the period. 

Yearn has become one of the leading places for DeFi users seeking passive yields to entrust their funds. It rocketed to center stage in 2020 when it released its governance token, YFI, the first so-called fair launch. 

The project is effectively a decentralized autonomous organization (DAO), functioning without the same sort

Read More