Finance

EXCLUSIVE U.S. Treasury, financial industry discuss cryptocurrency ‘stablecoins’

WASHINGTON, Sept 10 (Reuters) – The U.S. Treasury Department met with a number of industry participants this week to quiz them about the risks and benefits posed by stablecoins — a rapidly growing type of cryptocurrencies, the value of which is pegged to traditional currencies, according to three people with direct knowledge of the meetings.

Washington policymakers are alarmed at the rapidly expanding cryptocurrency market which exceeded a record $2 trillion in April. As of Friday, the market cap of stablecoins stood at roughly $125 billion, according to industry data site CoinMarketCap. It is unclear which financial regulations apply to

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German finance ministry raided in money laundering probe

  • Raids cast shadow over chancellor candidate Scholz
  • Probe puts spotlight on financial crime ahead of elections
  • Investigation into whether suspect payments ignored

BERLIN/FRANKFURT, Sept 9 (Reuters) – German prosecutors raided the finance and justice ministries on Thursday as part of an investigation into the government’s anti-money laundering agency, putting a spotlight on Germany’s failings in tackling financial crime.

The probe into the Financial Intelligence Unit, an agency of the finance ministry under Social Democrat chancellor candidate Olaf Scholz, is looking at whether it was told to ignore warnings of suspect payments to Africa.

The raids come at a pivotal moment

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24% of Homeowners Could Make This Mistake When Financing Home Renovations

There are plenty of good reasons to renovate a home. Doing so might make your living space more comfortable, which could greatly improve your quality of life. Also, home renovations can lead to higher resale value, so you might get back some, if not all, of the money you put in.

There are plenty of cost-effective ways to finance home renovations. But according to Bank of America’s 2021 Homebuyer Insights Report, 24% of homeowners intend to charge their home improvements on a credit card. And that could be a very poor choice that backfires.

6 Simple Tips to Secure

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Danbury schools hire two new heads of finance department

DANBURY — The school district has hired two new staff members to lead its finance department.

John Spano is the new finance director, replacing Courtney LeBorious, who left for another district over the summer. Eduardo Miranda will become the deputy director of finance, taking over for the assistant finance director who also left Danbury.

“It’s an honor to be here,” Spano said after his appointment was announced to the school board on Wednesday evening. “I’m very excited to get started.”

Superintendent Kevin Walston called both new hires “capable” and “talented.”


“They’re both going to be amazing fits to our team

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Giuliani helper pleads guilty to violating campaign finance laws

In federal court in Manhattan, Fruman admitted to knowing he could not make donations to candidates in US elections on behalf of a foreign national. In a statement he drafted with his attorney, Fruman called the straw donor “an experienced investor in the cannabis space” and said the business plan involved making donations to “government officials” in states where marijuana was legalized.

One of his partners, whom Fruman didn’t name, made a list of Democrat and Republican candidates whom they should donate to, according to the prepared admission.

“At that time I had little experience in the rules surrounding political

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London’s financial workers flock back to office in hot commuter crush

Workers pass by a sales person as they walk towards the City of London financial district as they cross London Bridge during the morning rush hour in London, Britain, September 8, 2021. REUTERS/Toby Melville

  • Bank offices back to half-full, occupancy rising
  • Office return comes despite rising virus cases
  • HSBC, StanChart, Goldman see influx accelerating

LONDON, Sept 9 (Reuters) – There’s no free lunch in finance – except when banks are wooing workers back to the office.

London’s financial sector, keen to return to a semblance of normality after the worst of the pandemic, is leading the charge to encourage employees

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China turns to new stock exchanges to channel finance to innovative firms

CHINA’S ECONOMIC planners want more home-made semiconductors, but they are not satisfied with more chips simply being produced at home. They want to bring the entire supply chain—from raw materials and chip grinders to labour and capital—onshore. Tens of thousands of companies have established microchip businesses over the past year. Now the state is rushing to ensure such cash-hungry firms can raise capital at home, too.

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On September 2nd Xi Jinping, China’s president, announced that a new

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PrimeRevenue Boosts Receivables Finance Tools

Working capital FinTech PrimeRevenue is augmenting its receivables finance solutions to enable financial institutions (FIs) to broaden their programs for receivables, a feature that is a unique tool in the market, according to a press release on Tuesday (Aug. 31).

“Historically, it has been nearly impossible for companies that don’t have certainty around invoice payment terms to be included in selective receivables finance,” said PrimeRevenue EVP Global Head of Funding Dominic Capolongo.

Read more: PrimeRevenue Receives Digital Supply Chain Finance Patent

Capolongo added that part of the problem stems from banks requiring administrative procedures that are demanding to “determine

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4 Financial Mistakes To Avoid For A Good Credit Score

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners.

When it comes to managing money responsibly, there are certain missteps that can have an immediate repercussion on your finances.

For example, unnecessary spending means less money in your bank accounts to cover your bills. Or missing a credit card statement can result in a late fee.

But there are also those money mistakes that may not have as dramatic and sudden effect on your

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DeFi Platform Cream Finance Loses $26,000,000 in Hack

The decentralized finance (DeFi) lending protocol Cream Finance (CREAM) suffered a hack that led to the loss of about $26 million in Ethereum (ETH) and AMP tokens.

Cream Finance says the platform lost 418,311,571 AMP, currently valued at $22.1 million, and 1,308 ETH, currently valued at $4.42 million, on Tuesday “by way of reentrancy on the AMP token contract.” At the time of the hack, the crypto was worth about $18 million.

 

The platform paused supply and borrow on AMP to stop the exploit. AMP is a crypto asset used as collateral for stablecoin payments.

The blockchain security firm PeckShield

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