Wednesday, December 25

Finance, Investing

High finance, equity markets and economic data related to it.

El Salvador’s Big Bitcoin Experiment
23Sep By Ernesto RodriguezNo Comments
Cryptocurrency, Domestic Politics, Types of News: Analysis

El Salvador’s Big Bitcoin Experiment

Photo: Diario Libre Will It Be A Win-Win For Country And Currency? Editor's Note: In June, the World Bank rejected El Salvador's request for help in implementing Bitcoin as the country's legal tender. But that didn't stop El Salvador's ambitious leader, President Nayib Bukele, from making the cryptocurrency the country's national currency. Corresponding writer Ernesto Rodriguez examines the prospects for the country and currency in this report. September 23, 2021—It’s been a few years since cryptocurrency, and especially Bitcoins, appeared as a new exciting prospect in the world of economics. Since then, it has become an important part of the economic conversation, with some people worried about the lack of transparency they represent and others praising the freedom they see in a ...
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U.S. Treasury Secretary Warns — Again — About Breach Of Debt Limit
9Sep By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Types of News: Brief, United States

U.S. Treasury Secretary Warns — Again — About Breach Of Debt Limit

Photo by Alexander Schimmeck, courtesy Unsplash U.S. Government Likely to Run Out Of Cash By October Without Act of Congress September 9, 2021--U.S. Treasury Secretary Janet Yellen wrote another letter to leaders of Congress yesterday, pleading for lawmakers to authorize a higher level of government spending than the $28.7 trillion currently owed. Having breached the last debt limit long ago, Treasury is relying on extraordinary measures, such as suspension of making payments to certain disability and benefits funds and thrift savings plans, to pay its bills. Like Yellen's last letter in July, the Sept. 8 letter does not mention the amount of the current U.S. debt. Neither does it mention that the U.S. government surpassed the last debt limit of $22 trillion long ago. Congre...
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Fintech’s Fast Growth in SE Asia Attracts Consumers And Investors
3Sep By Frank McMullinNo Comments
Big Tech, Digital Economy, Finance, Investing, Types of News: Analysis

Fintech’s Fast Growth in SE Asia Attracts Consumers And Investors

In The Last Decade Fintech Provided Access To Banking For Millions Of Southeast Asians September 3, 2021--Consumer and investor activity in e-commerce is disrupting the way transactions take place across the globe and reaching Southeast Asia’s massively underserved populations without access to formal banking or credit institutions. As the pandemic evolves and economies reopen, the result is a boom in e-commerce investment in the area is booming. Meanwhile, it is further supported by local governments. Today Southeast Asian economies are primed hotbeds for financial technology, also known as fintech, and investors are taking notice. What Is Fintech? Fintech is an emerging class of technology that supports banking and financial services. This ranges from cryptocurrency to e-w...
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Regulation Needed for $2 Trillion Cryptocurrency Market, SEC Chair Says
1Sep By Patti MohrNo Comments
Big Tech, Digital Economy, Cryptocurrency, Finance, Investing, Types of News: Videos

Regulation Needed for $2 Trillion Cryptocurrency Market, SEC Chair Says

Asset Class Lacks Protections, Leaving Investors Vulnerable September 1, 2021--Cryptocurrency platforms that provide direct access to millions of people leave investors "vulnerable" and are "rife with fraud, scams, and abuse," according to Gary Gensler, chairman of the U.S. Securities and Exchange Commission. Need for Public Policy Speaking by videoconference to the European Parliament Committee on Economic and Monetary Affairs, Gensler warned that "financial innovations throughout history don’t long thrive outside of public policy frameworks." Gensler is not the first public official to warn about the inherent dangers of investing in cryptocurrencies. Policymakers are increasingly taking an interest. The Bank for International Settlements warned about the rapid rise of virtua...
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Investors in Asia Embracing New Sustainable Technologies
24Aug By Frank McMullinNo Comments
Climate Action, ESG, Sustainable Finance, Finance, Investing, Global Economics, Types of News: Brief

Investors in Asia Embracing New Sustainable Technologies

Photo of Shanghai by Alexander Schimmeck courtesy Unsplash. CONFERENCE COVERAGE: Talks Show Investors Pivoting To 'Purposeful' Portfolios August 24, 2021--Leaders from financial investment firms, consulting agencies, nonprofits and startups met virtually last week to spur collaborations and sustainable investments in Asia. The South China Morning Post’s held the event, called Asia Sustainability Conference. As investors continue to flock to rapidly-developing markets in Asia, the conference reflected growing demand for investment opportunities in line with environmental, social, and corporate governance criteria. "Going forward, we are all equal. There is so much pressure to look at sustainable investments that, with new investments, we are on par with the rest of the world," s...
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U.S. Cites Currency Manipulation As Source of Trade Subsidy in Twist-Tie Case
25Nov By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Global Trade, Types of News: Brief

U.S. Cites Currency Manipulation As Source of Trade Subsidy in Twist-Tie Case

November 25, 2020--For the first time in an investigation of a trade subsidy, the U.S. Commerce Department identified China's undervalued currency as a state subsidy warranting a financial penalty at the U.S. border. On Tuesday, the department announced it is asking the U.S. Customs and Border Control to begin collecting cash deposits at a rate of 122.5 percent from importers of Chinese twist ties. The rate reflects the total amount of subsidies U.S. officials estimate Chinese twist tie exporters receive from their government. Next Steps Commerce Secretary Wilbur Ross. said the department would "continue to use the legal tools at our disposal to aggressively counter currency undervaluation and other unfair subsidies, further ensuring a level playing field for American businesses a...
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U.S.Treasury Looks to End Some COVID-19 Related Lending Relief Programs
20Nov By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Types of News: Brief

U.S.Treasury Looks to End Some COVID-19 Related Lending Relief Programs

Nov. 20, 2020--Indicating confidence that the U.S. economy has weathered the worst of the COVID-19 shock, the U.S. Treasury is planning to allow five emergency lending facilities to expire at the end of 2020. Private Banks Are 'Capable of Lending ' Treasury Secretary Steven Mnuchin said some lending-relief programs enacted in the wake of the COVID-19 pandemic should continue while others are no longer needed. In a letter to the Federal Reserve, Mnuchin said that the emergency lending facilities the government provided in 2020 have "clearly achieved their objective" and that banks are now capable of meeting the borrowing needs of corporate, municipal and nonprofit clients. Congress approved the programs in the CARES Act last March to mitigate the economic impact of the global pa...
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18Nov By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Global Economics, Types of News: Brief

Global Debt Surging in 2020

Nov. 18, 2020--Governments and companies took on an unprecedented level of debt in the first nine months of this year. The total debt rose $15 trillion above 2019, much of it related to the impact the global pandemic, according to the Institute of International Finance. For perspective, the association estimates that global debt may swell to $277 trillion by the end of 2020. As a share of the global economy, that is 365 percent of GDP, up from 320 percent of GDP in 2019. Debt Crisis Worse in Poorest, Middle-Income Countries The news follows a separate report by the International Monetary Fund about extreme debt distress in emerging and developing economies. "For some, a crisis is imminent," the IMF report said. "For many more, only exceptionally low global interest rates may b...
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17Nov By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Types of News: Brief

US Economy Has ‘Long Way to Go,’ Says Fed Chair

Nov. 17, 2020-Despite recent optimism about the prospects for an economic recovery in the United States, the COVID-19 pandemic still poses a significant threat to the economy, Federal Reserve Board Chairman Jerome Powell warned on Tuesday. "We are not going back to the same economy," Powell said. Fed Chair Jerome Powell tapers enthusiasm on the economy. See video by Mohr Media. In a video call with the Bay Area Business Council, Powell said that even under the best-case scenario with a vaccine distribution, the effect of the virus is likely to have a significant impact on the near-term economy. News from biotech firm Moderna yesterday and pharmaceutical Pfizer last week that their vaccine trials are succeeding boosted enthusiasm among market-watchers for a quick economic reco...
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18May By Patti MohrNo Comments
Finance, Investing, Types of News: Brief

State-Owned Investment Funds Seek Bargains in COVID-19 Economic Crisis

May 18, 2020-Even as governments and the private sector around the world face economic devastation caused by the COVID-19 pandemic and the related shutdown of economies, some state-owned investment funds have been busy looking for bargains in the stock market. Saudi Arabia's Public Investment Fund purchased $7.7 billion worth of stocks in the United States and Europe during the first three months of 2020. Purchases included a $827.8 million stake in BP, a $714 investment in Boeing, and purchases in Facebook, Bank of America, Citigroup, Walt Disney, Marriott, Pfizer and Starbucks, according to reporting by the Financial Times. And last month, it invested $500 million in the Los Angeles entertainment company Live Nation. The PIF is the tenth-largest sovereign wealth fund in the world....
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