MARKETS - Page 27

The cryptocurrency industry has poured money into Washington recently, hiring top talent from the White House and Congress and spending millions on lobbying. But it’s likely to face an uphill struggle in its push for laws allowing crypto firms more flexibility, a source familiar with the matter said. After the spectacular collapse last year of FTX, once one of the most trusted exchanges in the freewheeling industry, lawmakers are taking notice. But the response so far to the plight of

Chinese solar panel maker Trina Solar is planning to build its third factory in Vietnam, three people familiar with the matter told Reuters, a move that would boost exports to the United States following punitive duties to be imposed on products it makes in Thailand. The company, one of the world’s biggest solar panel makers by sales, would invest $400 million in a plant spanning 25 hectares (60 acres) of industrial land, said the sources who asked not to be

The dollar scaled a 10-month high on Wednesday, pushing the euro and sterling to six-month lows and keeping the yen deep in intervention territory, as the prospect of higher-for-longer U.S. rates gripped markets. The euro was on track to fall 3% in the quarter, its worst quarterly performance for a year, as money markets repriced lower expectations for the Bank of England’s next rate hike and British inflation eased. The pound also fell, though its slide was less pronounced as

Cryptocurrency exchange Binance said on Wednesday it would sell its Russia business to newly-launched exchange CommEX, becoming the latest company to pull out of Moscow since the country began its war against Ukraine. Binance, the world’s largest cryptocurrency exchange, did not disclose the deal’s financial details. The company said it will have no ongoing revenue split from the sale, nor will it maintain an option to buy back shares in the business. Binance also reassured existing Russian users that their

The U.S. securities regulator has collected thousands of staff messages from more than a dozen major investment companies, escalating its probe into Wall Street’s use of private messaging apps like WhatsApp to discuss work. The Securities and Exchange Commission (SEC) has asked the firms, including Apollo, Blackstone, Carlyle, KKR and TPG, to internally review the messages, which are an escalation in the investigation that started two years ago with broker-dealers and has resulted in more than $2 billion in fines.

The race to the bottom in ecommerce discounts is set to dominate globally during the critical upcoming holiday shopping season in the West and Singles. Day in China, analysts said. Platforms in China, the world’s largest e-commerce market, have recently described a? Value-for-money battle stoked by economic insecurity and a slower-than-expected retail recovery following the lifting of COVID-19 curbs late last year. In much of the rest of the world, meanwhile, from Southeast Asia to North America and Europe, consumers

Crypto firm Mixin has announced a $200 million hack, which has left the platform’s deposit and withdrawal services temporarily suspended. The company said it would reopen these once it could “confirm and fix any vulnerabilities.” It has also contacted Google and blockchain security firm SlowMist to assist with the investigation. According to the announcement, hackers targeted the database of the cloud service provider of the decentralized Mixin Network. This resulted in the loss of assets on its mainnet. The company’s

A senior banker at Nomura Holdings (8604.T) overseeing the firm’s investment banking operations in China has been ordered not to leave the mainland, two sources with knowledge of the matter said. One of the sources said that Charles Wang Zhonghe, chair of Nomura’s China investment banking unit, is not being detained but has been banned from traveling abroad and attending work events in the mainland. The source and the second did not want to be named because they were not

The next Bank of Japan governor faces the daunting task of unwinding a massive balance sheet while tackling the financial market distortions and lax fiscal discipline resulting from years of ultra-loose monetary policy. Unraveling all that without triggering a global financial crisis is a challenge not to be underestimated. But new BOJ chief Kazuo Ueda, who has been largely silent since he was announced as Haruhiko Kuroda’s successor on Friday, is widely seen as a pragmatist who can adapt to

Aviva said on Monday it had agreed to buy the UK life insurance business of AIG for 460 million pounds ($563 million), in the largest acquisition to date by the British insurer’s CEO Amanda Blanc. The FTSE 100 insurer said purchasing AIG’s life protection business would drive “significant strategic and financial benefits.” The deal will be Aviva’s second biggest acquisition after its 2022 purchase of Ellipse for PS158 million. The UK deal adds 1.3 million individual and 1.4 million group