Wall Street Banks Say Time for Loan Market to Ditch the Fax

(Bloomberg) — A corner of the debt capital markets known for still sending official notifications via email and even the occasional fax is poised for a modern update.

Bank of America Corp., Citigroup Inc., and JPMorgan Chase & Co. are developing a new platform for the $4 trillion syndicated loan market that would let lenders access data across their portfolio all in one place. Currently, lenders receive a hodgepodge of updates on each individual loan — interest payment notices and requests for amendments, for example. It’s a headache for investors who often have to manually update that data into their

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Barron’s 100 Most Influential Women in U.S. Finance: Ann Miura-Ko

Ann Miura-Ko


Mike Maples|, Jr.

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Ann Miura-Ko likes to build companies from the ground up. Since co-founding the seed-stage venture capital fund Floodgate in 2008, Miura-Ko has been investing in tiny but promising tech companies, many of which have blossomed into iconic businesses. She invested in

Twitter

when there was serious discussion about leaving the “e” out of its name, in

Lyft

when it was still called Zimride, and in Okta when it was dubbed Saasure.

More recent bets include companies such as Hadrian, which makes components for rockets, satellites, jets, and drones; the insurance-comparison site The Zebra;

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CumRocket Crypto Surges 634% In A Single Day In ‘Extreme Mania’ Market

What Happened: A cryptocurrency called CumRocket (CUMMIES) surged 634% in a single day, taking its market cap to over $140 million, according to data from CoinMarketCap.

The project’s main goal is to provide an NFT marketplace for 18+ content, where creators get paid in crypto and tipped in the CumRocket token CUMMIES.

CUMMIES are traded on the Binance Smart Chain, and according to the project’s tokenomics, every time someone sells a token, they are charged a 5% tax, of which 2.5% is burned automatically, while the other 2.5% is distributed to existing holders.

CumRocket considers itself to be more

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Asian shares advance after gains on Wall Street

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A woman wearing a face mask walks past a bank’s electronic board showing the Hong Kong share index at Hong Kong Stock Exchange in Hong Kong Monday, April 26, 2021. (AP Photo/Vincent Yu)

AP

Shares opened higher in Asia on Monday after a strong finish last week on Wall Street.

Tokyo, Hong Kong, Seoul and Shanghai all started out with modest gains and U.S. futures also edged higher. Oil prices slipped.

Stocks climbed Friday in New York, though the S&P 500 still ended with its first weekly loss in the last five. Technology stocks and banks led

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Now That Everyone Is Bullish, Be Cautious

As businesses shuttered and workers stayed home, the gross domestic product, a broad measure of goods and services, plummeted in the United States. G.D.P. dropped 5 percent in the first quarter of 2020 and more than 31 percent in the second, according to the federal Bureau of Economic Analysis. The unemployment rate surged more than 10 percentage points from March to April last year, nearly reaching 15 percent. That was the highest level and the biggest increase since the Bureau of Labor Statistics began collecting data in January 1948.

In March 2020, the Federal Reserve stepped in. On its own,

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IRS offers safe harbor for claiming PPP loan deductions

The IRS and the Treasury Department are giving small businesses that received Paycheck Protection Program loans in the first round a way to deduct expenses they couldn’t claim last year.

The Internal Revenue Service and the Treasury released Revenue Procedure 2021-20 on Thursday, which provides a safe harbor in accordance with a provision in last December’s COVID-19 relief package. Under the previous rules, businesses that received PPP loans in 2020 to cover their payroll costs, mortgage interest, rent and utility payments couldn’t deduct the corresponding expenses. But once the Consolidated Appropriations Act was enacted last December, businesses were allowed to

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UW-Madison Vice Chancellor for Finance & Administration Laurent Heller leaving next month

MADISON, Wis. — University of Wisconsin-Madison Vice Chancellor for Finance and Administration Laurent Heller will leave the university later this summer to take a similar role at Johns Hopkins University.

According to a news release, Interim Associate Vice Chancellor for Facilities Planning & Management Rob Cramer has been named interim vice chancellor, effective May 21.

“We’re very happy that Laurent is taking a next step in his career, but deeply sorry to see him go,” said Chancellor Rebecca Blank in a statement. “His contributions over the past

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Bitcoin? Etherium? Dogecoin? Your guide to the crypto coins that matter

With new “coins” cropping up all the time, it’s hard to keep track of what’s worth paying attention to and what might not be here to stay.

Meanwhile, major companies are jumping on the bandwagon: Tesla announced earlier this year that customers may buy vehicles with bitcoin. Digital payment platform Square (SQ) and PayPal (PYPL), which also owns transfer app Venmo, now also allow customers to use cryptos.
Ranked by their market capitalization in US dollars, the biggest cryptocurrencies in the world are bitcoin, Ethereum, Binance Coin, XRP and Tether, according to CoinMarketCap.

Their market … Read More

WWE body slams Wall Street’s forecasts

World Wrestling Entertainment Inc. easily beat Wall Street forecasts for first-quarter adjusted profit. 
 

WWE, as the media and entertainment company focused on wrestling is called, also reported net income of $43.8 million for the period, up from $26.2 million. 

Earnings were up to 51 cents from 31 cents on a per-share basis. Profit following adjustments also amounted to 51 cents a share. 

Ticker Security Last Change Change %
WWE WORLD WRESTLING ENTERTAINMENT, INC. 54.23 -1.99 -3.54%

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Revenue fell to $263.5 million from $291 million. The company

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3 Hypergrowth Stocks With 44% to 80% Upside, According to Wall Street

Over the long run, there’s arguably no greater wealth creator on the planet than the stock market. For the past 41 years, through the dot-com bubble, Great Recession, and now, coronavirus crash, the broad-based S&P 500 has averaged an annual total return, including dividends, of more than 10%. Put another way, investors in S&P 500 tracking indexes are doubling their money about every seven years, inclusive of reinvestment.

It doesn’t matter whether the market is in the midst of a sell-off or is hitting new all-time highs. There are always bargains to be found, at least according to Wall Street.

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