investment
New York (AFP) - The trial of Archegos founder Bill Hwang for alleged securities fraud and market manipulation opened in New York on Monday, focused on the fund's spectacular 2021 implosion that cost large banks billions of dollars. The family-owned hedge fund run by Hwang had taken huge bets on a few stocks with money borrowed from banks, and when several of those bets turned sour, the fund was unable to meet "margin calls" to cover the losses. The 2021 collapse of the fund sent shock waves through financial markets and caused $10 billion in losses for Credit Suisse, Nomura, Morgan Stanley an...
AFP
Washington (AFP) - US President Joe Biden on Thursday tapped Penny Pritzker, a billionaire businesswoman who served as commerce secretary, to encourage investment in Ukraine, which is expected to need hundreds of billions of dollars to recover from Russia's invasion. Pritzker, who will take on a new role of US special representative for Ukraine's economic recovery, will work to bring both public and private investment for Ukraine's immediate and long-term needs. "Working in lockstep with the Ukrainian government, our allies and partners, international financial institutions, and the private se...
AFP
New York (AFP) - ChatGPT, Silicon Valley's latest app sensation, has investors rushing to find the next big thing in generative AI, the technology that some hail as the beginning of a new era in big tech. Artificial intelligence (AI) has been increasingly present in everyday life for decades, but the November launch of the conversational robot from start-up OpenAI marked a turning point in its perception by the general public and investors. "Every so often we have platforms that come along and result in an explosion of new companies. We saw this with the internet and mobile, and AI could be th...
AFP
New York (AFP) - US authorities on Wednesday arrested Archegos founder Bill Hwang and charged him with securities fraud and market manipulation following the fund's spectacular implosion last year that cost large banks billions of dollars. The family-owned hedge fund run by Hwang had taken huge bets on a few stocks with money borrowed from banks, and when several of those bets turned sour, the fund was unable to meet "margin calls" to cover the losses. The 2021 collapse of the fund sent shockwaves through financial markets and caused $10 billion in losses for Credit Suisse, Nomura, Morgan Stan...
AFP
New York (AFP) - The fast-growing online investment platform Robinhood aims for a valuation of as much as $35 billion when it goes public, the company said Monday in a securities filing. Robinhood, which has grown quickly during the coronavirus pandemic, anticipates offering shares at between $38 and $42 apiece, making its initial public offering worth as much as $2.3 billion. The service, which is especially popular with younger investors, has described its mission as "to democratize finance for all." The company had 18 million funded accounts at the end of March with $81 billion in assets u...
AFP
New York (AFP) - Investing in bitcoin and other digital currencies remains a risky game where the rules could change significantly, but the payoff could be big. In response to this dilemma, several leading US financial heavyweights are staying on the sidelines, while an increasing number are proceeding cautiously into the growing world of cryptoassets. "My own personal advice to people: Stay away from it," JPMorgan Chase Chief Executive Jamie Dimon said recently, before adding, "That does not mean the clients don't want it." JPMorgan, the biggest US bank by assets, is currently assessing how ...
AFP
New York (AFP) - Pin-up photos and smutty jokes have long been commonplace on trading floors, but the finance world is gradually opening up to women -- underlined by the arrival on Monday of Jane Fraser at the head of Wall Street banking flagship Citigroup. Her elevation marks "a milestone," according to Lorraine Hariton, director of Catalyst, an organization that promotes women in the workplace. "But there is also a long way to go," she said. Employment figures demonstrate the mountains that still have to be moved to achieve parity between men and women in the financial services sector. Wo...
AFP
New York (AFP) - The head of the world's largest asset manager BlackRock on Tuesday called for companies to explain how they plan to reduce their net greenhouse gas emissions by 2050. "I believe that the pandemic has presented such an existential crisis -- such a stark reminder of our fragility -- that it has driven us to confront the global threat of climate change more forcefully and to consider how, like the pandemic, it will alter our lives," Larry Fink wrote in his annual letter to chief executives. "We are asking companies to disclose a plan for how their business model will be compatibl...
AFP
New York (AFP) - The life of a Wall Street trader was once one of business trips and work dinners, but now it is anything but.The culprit, as with so many of the economic and financial disruptions the United States has faced over the past months, is the coronavirus pandemic, which has rendered life for the brokers, bankers and businesspeople fueling the world's largest economy much more lonely.People working on high-priced transactions like IPOs, bond deals or mergers and acquisitions "used to travel a lot to meet with clients" who would typically only sign agreements in-person, recalls Karl H...
AFP
New York (AFP) - BlackRock, the world's biggest money manager, made headlines early this year when it pledged to prioritize climate change in its investments and pare down its coal holdings.But environmentalists say the company has failed to make good on this promise in a series of shareholder proposals at annual meetings this year.Led by influential Wall Street player Larry Fink and overseeing some $7.3 trillion in assets, BlackRock in January vowed to take action to address climate change and sustainable development, raising the hopes of environmentalists."We applauded BlackRock for its stat...
AFP
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