Finance

Amazon and Facebook are unnamed targets of Biden’s executive order

Big Tech is once again in Washington’s crosshairs. On Friday, President Biden called on the Federal Trade Commission and Department of Justice to enforce existing rules and establish new ones that could interfere with the market domination of America’s biggest tech firms.

The executive order from Biden calls on the FTC to establish stricter rules over mergers, making it harder for larger tech companies to swallow up their smaller competitors — just like Facebook has with Instagram and WhatsApp. It also makes it harder for companies to use their customers’ data to make competing products — just like Amazon has

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Huawei finance chief faces setback in fight against US extradition | Huawei

A Canadian judge has denied an application by Meng Wanzhou, the Huawei chief financial officer, to add documents her legal team received from HSBC as evidence to her US extradition case, the judge announced on Friday.

Meng, 49, is facing extradition from Canada to the US on charges of bank fraud for allegedly misleading HSBC about Huawei’s business dealings in Iran, potentially causing the bank to break US sanctions. She has been held under house arrest in Vancouver since December 2018, when she was first detained.

Her legal team received a trove of over 300 pages of internal documents from

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Biden to sign executive order aimed at promoting competition across the economy

President Joe Biden signed an executive order on Friday aimed at promoting competition across the U.S. economy — including measures that target big tech companies, aim to lower prices for consumers and call for greater scrutiny of mergers across industries. 

“The heart of American capitalism is a simple idea: open and fair competition,” said Biden before signing the order. “Capitalism without competition isn’t capitalism. It’s exploitation. Without healthy competition big players can change and charge whatever they want, and treat you however they want — and for too many Americans that means accepting a bad deal for things you can’t

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White House to target bank mergers, financial data with competition order

By Nandita Bose and Michelle Price 

  WASHINGTON (Reuters) – President Joe Biden’s planned executive order to promote greater U.S. competition will target bank mergers by pushing the Federal Reserve and the Department of Justice to update merger guidelines and increase scrutiny of deals, according to a source familiar with the matter. 

  It will also ask the Consumer Financial Protection Bureau (CFPB) to issue rules giving consumers full control of their financial data to make it easier for customers to switch banks, the source said. 

  The planned order, which is expected to be signed by Biden on Friday, is likely to

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Opinion: The most important predictor of your retirement financial security

The single greatest determinant of your retirement portfolio’s return in coming years is how the stock market performs.

The bond market comes in a close second. Everything else pales in comparison.

It’s crucial to keep this in mind because it focuses your attention on what will make the most difference to your retirement financial security. You can be an outstanding market timer, for example, or a brilliant stock, ETF or mutual fund picker, but you almost certainly will still make less money in bear market years than you would by being a horrible market timer or security selector during bull

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Israel’s new finance chief might hurt the army, too – Haaretz Editorial

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3 ways the US can finance the future

Leaders of the G-7 Summit fell short on delivering strong commitments to advancing sustainable finance. Despite this disappointing outcome, the United States still has the opportunity to be a global leader on aligning finance with sustainability goals.

Prior to the G-7 Summit, the Biden administration had taken several steps to achieve key sustainable finance policy reforms. In May, the Biden administration issued a sweeping executive order calling on the federal government to begin quantifying the financial risks climate change poses to our economy and instructing the Department of Labor to formally review two Trump-era rules that undermined investors’ ability to

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Archegos Is a Warning for Aggressive Financial Markets, Says BIS

The recent failure of U.S.-based Archegos Capital Management, a family office that made large, risky bets on a handful of stocks, could be a sign of how more investors might get tripped up by overreacting to inflationary risks, the global club of central banks warned on Tuesday.

Shocks to financial markets from higher inflation could result from enormous government spending plans and a rapid release of household savings built up during the Covid-19 pandemic, said the Bank for International Settlements, often called the central bankers’ central bank.

A string of banks, led by Credit Suisse Group AG, lost billions of

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‘Bringing back mask mandate is a good idea’: doctor on Delta variant

The World Health Organization’s decision to encourage those who are fully vaccinated to wear masks as a result of the highly transmissible Delta variant is “a good idea,” according to University of Arizona College of Medicine-Phoenix’s Dr. Shad Marvasti.

“We don’t want to wait until after the fact and get caught with this thing already ahead of us when we know that masks work,” Marvasti told Yahoo Finance Live. “To put this in context, the Alpha variant, which originated out of the UK, was about 50% more infectious and transmissible. The Delta variant is 60% more infectious than that.”

The

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Cream Finance DeFi Protocol to Launch on Polygon

The latest decentralized finance (DeFi) platform to take advantage of scaling its lending and borrowing protocol to Layer 2 (L2) is Cream Finance.

The DeFi lending protocol made the announcement on June 30, stating that the integration with Polygon means faster transactions, lower gas fees, and access to different markets for its users.

The blog post added that at launch, users will be able to supply and borrow tokens on the following markets: USDC, USDT, DAI, WMATIC, WETH, WBTC, LINK, SUSHI, CRV, and QUICK.

Liquidity mining incentives will also be part of the Polygon launch, with further details coming soon,

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