Category: Business Financial News

New York’s financial regulator takes aim at firms co-mingling crypto funds

Jan 23 (Reuters) – New York’s chief financial regulator is set to release new guidance on Monday dictating that companies separate customers’ crypto assets from their own, after alleged co-mingling of funds at collapsed crypto exchange FTX and its affiliated trading firm Alameda Research led to hefty losses for clients.

The New York State Department of Financial Services (NYDFS), which leads one of the few state agencies with a regulatory system in place for cryptocurrency companies, will also stipulate that state-regulated companies disclose to customers how they account for clients’ digital currency.

The guidance is the latest in a series of crypto-related directives NYDFS has issued in the past year, which saw a market collapse that wiped about $1.3 trillion off the value of crypto tokens in 2022. The meltdown triggered the bankruptcies of crypto firms such as FTX, Celsius Network and most recently, Genesis Global Capital, whose lending unit filed for U.S. bankruptcy protection on Thursday.

It comes as federal regulators such as the U.S. Commodity Futures Trading Commission (CFTC) are warning about the lack of consumer protections in the crypto sector. Federal agencies like the CFTC say much of what they can do is limited without congressional legislation that would give them additional authority.

“It’s timely, but truth be told, it was something we had on our policy roadmap even before FTX,” said Adrienne Harris, the superintendent of NYDFS, in an interview.

Federal prosecutors in Manhattan have accused FTX founder Sam Bankman-Fried of stealing billions of dollars in customer funds to plug losses at his hedge fund, Alameda Research. Concerns about the crossover between the two firms helped fuel a flurry of customer withdrawals in November, forcing the exchange to file for bankruptcy. Bankman-Fried has denied any criminal wrongdoing and has pleaded not guilty.

CRYPTO MELTDOWNS

Harris, who

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Digital Diabetes Management Market-2023 will Revenue to Cross US$ 14730 million by 2028 Research by Business Opportunities, Top Companies report covers, Market-specific challenges, consumption by Regional data

Proficient Market Insights

Proficient Market Insights

PUNE, Jan. 23, 2023 (GLOBE NEWSWIRE) — “Digital Diabetes Management Market” research report focus on overall information that can help to take decisions on current market situation.

Digital Diabetes Management Market Report Contains 2023: –

  • Complete overview of the global Digital Diabetes Management Market

  • Due to the COVID-19 pandemic and Russia-Ukraine War Influence, the global market for Digital Diabetes Management estimated at US$ 6891.2 million in the year 2022, is projected to reach a revised size of US$ 14730 million by 2028, growing at a CAGR of 13.5% during the forecast period 2022-2028.

  • The USA market for Digital Diabetes Management is estimated to increase from $ million in 2022 to reach $ million by 2028, at a CAGR of % during the forecast period of 2023 through 2028.

  • The China market for Digital Diabetes Management is estimated to increase from $ million in 2022 to reach $ million by 2028, at a CAGR of % during the forecast period of 2023 through 2028.

  • The Europe market for Digital Diabetes Management is estimated to increase from $ million in 2022 to reach $ million by 2028, at a CAGR of % during the forecast period of 2023 through 2028.

  • Top Country data and analysis for United States, Canada, Mexico, Germany, France, United Kingdom, Russia, Italy, China, Japan, Korea, India, Southeast Asia, Australia, Brazil and Saudi Arabia, etc. It also throws light on the progress of key regional Digital Diabetes Management Markets such as North America, Europe, Asia-Pacific, South America and Middle East and Africa

  • Description and analysis of Digital Diabetes Management market potential by type, Deep Dive, disruption, application capacity, end use industry

  • impact evaluation of most important drivers and restraints, and dynamics of the global Digital Diabetes Management Market and current trends in the enterprise

  • The global

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Crown corporation faces staff backlash over McKinsey contract, spending decisions

Multimillion-dollar contracts awarded by the Business Development Bank of Canada (BDC) to consulting firm McKinsey, coupled with some unusual spending choices — including a decision to fly a private chauffeur to B.C. to drive the Crown corporation’s president around — are raising eyebrows within the BDC, sources say.

Current and former BDC employees say they’re alarmed at some of the expenses incurred by the BDC under the leadership of president Isabelle Hudon.

Hudon, Canada’s former ambassador to France, was appointed by Prime Minister Justin Trudeau’s government in 2021 to head the Crown corporation. The BDC provides loans, venture capital and advisory services to small and medium-sized businesses across Canada.

Prime Minister Justin Trudeau is greeted by Isabelle Hudon, the Canadian ambassador to France, upon his arrival at the airport in Biarritz, France on Aug. 23, 2019. Trudeau is joining U.S. President Donald Trump, host French President Emmanuel Macron and the leaders of Britain, Germany, Japan and Italy for the annual G-7 summit in the elegant resort town of Biarritz.
Prime Minister Justin Trudeau is greeted by Isabelle Hudon, then Canada’s ambassador to France, upon his arrival at the airport in Biarritz on Aug. 23, 2019. (Francois Mori/The Associated Press)

Hudon is bringing major changes to the organization. The BDC has adopted more ambitious long-term growth targets and is taking on a larger social media profile, even as employment turnover in upper management has spiked.

“It has been a shock to the organization,” said a source with a long record at the BDC.

All of the confidential sources who spoke to Radio-Canada for this report have worked under Hudon, although some have since left the BDC. They spoke on the condition of anonymity, either because they were not authorized to speak publicly on the matter or because they wanted to speak freely about their professional experiences.

Hudon did not agree to a request for an interview. CBC/Radio Canada asked a series of questions of the BDC, which provided written answers.

McKinsey’s ‘strategic review’

One of Hudon’s first decisions at the BDC was to hire a consulting company to carry out a major strategic review of the role and objectives of the

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Sleep Apnea Devices Market 2023 Will Revenue to Cross reaching USD 16121.77 million by 2028 Research by Business Opportunities, Top Companies report covers, Market-specific challenges, consumption by Regional data

Proficient Market Insights

Proficient Market Insights

PUNE, Jan. 23, 2023 (GLOBE NEWSWIRE) — “Sleep Apnea Devices Market” research report focus on overall information that can help to take decisions on current market situation.

Sleep Apnea Devices Market Report Contains 2023: –

  • Complete overview of the global Sleep Apnea Devices Market

  • The global Sleep Apnea Devices market size was valued at USD 10484.29 million in 2022 and is expected to expand at a CAGR of 7.43% during the forecast period, reaching USD 16121.77 million by 2028.

  • Top Country data and analysis for United States, Canada, Mexico, Germany, France, United Kingdom, Russia, Italy, China, Japan, Korea, India, Southeast Asia, Australia, Brazil and Saudi Arabia, etc. It also throws light on the progress of key regional Sleep Apnea Devices Markets such as North America, Europe, Asia-Pacific, South America and Middle East and Africa

  • Description and analysis of Sleep Apnea Devices market potential by type, Deep Dive, disruption, application capacity, end use industry

  • impact evaluation of most important drivers and restraints, and dynamics of the global Sleep Apnea Devices Market and current trends in the enterprise

  • Detailed profiles of the Top major players in the industry, including. Medtronic PLC,Somnomed Limited,Koninklijke Philips N.V.,Inspire Medical Systems, Inc.,SCHEU-DENTAL GmbH,BMC Medical Co., Ltd.,Compumedics Limited,Fisher & Paykel Healthcare Ltd,3B Medical, Inc.,Circadiance LLC,Braebon Medical Corporation,Devilbiss Healthcare,Whole You, Inc.,Aeroflow, Inc.,Resmed, Inc.

Get a Sample Copy of the Report at – enquiry/request-sample/22379019#utm_source=gnwpiyush

Sleep Apnea Devices Market Segmentation: –

The report combines extensive quantitative analysis and exhaustive qualitative analysis, ranges from a macro overview of the total market size, industry chain, and market dynamics to micro details of segment markets by type, application and region, and, as a result, provides a holistic view of, as well as a deep insight into the Sleep Apnea Devices market covering all its essential aspects.

For the competitive

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Newborn Screening Market-2023 Will Revenue to Cross reaching USD 1495.34 million by 2028 Research by Business Opportunities, Top Companies report covers, Market-specific challenges, consumption by Regional data

Proficient Market Insights

Proficient Market Insights

PUNE, Jan. 23, 2023 (GLOBE NEWSWIRE) — “Newborn Screening Market” research report focus on overall information that can help to take decisions on current market situation.

Newborn Screening Market Report Contains 2023: –

  • Complete overview of the global Newborn Screening Market

  • Newborn Screening market size was valued at USD 925.55 million in 2022 and is expected to expand at a CAGR of 8.32% during the forecast period, reaching USD 1495.34 million by 2028.

  • Top Country data and analysis for United States, Canada, Mexico, Germany, France, United Kingdom, Russia, Italy, China, Japan, Korea, India, Southeast Asia, Australia, Brazil and Saudi Arabia, etc. It also throws light on the progress of key regional Newborn Screening Markets such as North America, Europe, Asia-Pacific, South America and Middle East and Africa

  • Description and analysis of Newborn Screening market potential by type, Deep Dive, disruption, application capacity, end use industry

  • impact evaluation of most important drivers and restraints, and dynamics of the global Newborn Screening Market and current trends in the enterprise

  • Detailed profiles of the Top major players in the industry, including. MP BIOMEDICALS,Masimo,Natus Medical Incorporated,Medtronic plc,ZenTech S.A.,Trivitron Healthcare,GE Healthcare (General Electric Company),Bio-Rad Laboratories, Inc.,Baebies, Inc.,Thermo Fisher Scientific, Inc.,PerkinElmer, Inc.

Get a Sample Copy of the Report at – enquiry/request-sample/22360309#utm_source=gnwpiyush 

Newborn Screening Market Segmentation: –

The report combines extensive quantitative analysis and exhaustive qualitative analysis, ranges from a macro overview of the total market size, industry chain, and market dynamics to micro details of segment markets by type, application and region, and, as a result, provides a holistic view of, as well as a deep insight into the Newborn Screening market covering all its essential aspects.

For the competitive landscape, the report also introduces players in the industry from the perspective of the market share, concentration ratio, etc., and

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Live news updates from January 23: Microsoft invests in OpenAI, Sunak urged to join NHS talks

Are you enjoying the start of the new lunar calendar year? The Year of the Rabbit is supposed to represent hope, peace and prosperity. And we all need more of these things in 2023. For the time being, however, this week is likely to focus on the more difficult matters of the present, not least China’s ability to vaccinate its citizens during the holiday season.

Industrial disputes will continue to rumble on with ambulance workers in England and Wales due to stage another strike on Monday. In Portugal, cabin crew at national carrier TAP will begin strike action on Wednesday amid a dispute about the airline’s pay offer and working conditions.

In Westminster politics on Tuesday, Labour’s shadow foreign secretary David Lammy will take up a more positive tone when he sets out his party’s policy priorities. He will probably weigh in on the UK’s relationship with the EU.

By coincidence, Monday is the 10th anniversary of former prime minister David Cameron’s speech on Europe in which he pledged he would renegotiate the UK’s relationship with the EU and offer a referendum on membership. Perhaps Lammy will reference this.

Also in the UK, but not to do with the British government, Nigeria is due to mount a high-stakes legal trial at London’s High Court on Monday. The case involves a long-running attempt to overturn an $11bn arbitration award that left the Nigerian government owing more than a quarter of its foreign reserves to an obscure oil and gas company.

The main election news of the next seven days will be the Czech presidential run-off vote, which concludes on Saturday. Former Nato commander Petr Pavel is the frontrunner. Also, Donald Trump is back. The former US president is expected to make his first public appearance on the 2024 campaign

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FinCEN provides time estimates for compiling beneficial ownership details

Treasury’s Financial Crimes Enforcement Network (FinCEN) has updated its estimates on how long it should take a company to report beneficial ownership information (BOI) to account for the complexity of the business structure. Filings for entities with complex structures could take nearly 11 hours, the agency estimates. It expects filings from 32.6 million entities in the first year.

The average burden of reporting BOI for reporting companies with simple beneficial ownership structures should be 90 minutes per response, FinCEN said.

In a notice and request for comment Jan. 17 in the Federal Register, FinCEN said it assumes that 59% of reporting companies will have a simple structure — one beneficial owner who also is the company applicant; 36.1% will have an intermediate structure of four beneficial owners and one company applicant; and 4.9% will have a complex structure, or eight beneficial owners and two company applicants.

Starting Jan. 1, 2024, most companies created in or registered to do business in the United States must report information about their beneficial owners to FinCEN as part of the Corporate Transparency Act (CTA). Information collected by FinCEN from the beneficial owner reports will be kept in a nonpublic database, the forthcoming “Beneficial Ownership Secure System.”

FinCEN describes a company’s beneficial owners as the persons “who ultimately own or control the reporting companies.” Disclosing information about them will “help law enforcement and national security agencies prevent and combat money laundering, terrorist financing, tax fraud, and other illicit activity, as well as protect national security,” FinCEN said in its Notice of Proposed Rulemaking (NPRM) issued in December.

The estimates are divided among time to: identify and collect information about beneficial owners and company applicants and time to fill out and file the report, including attaching an image of an acceptable identification document for each

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Albemarle to Host 2023 Strategic Update Including New 5-Year Outlook and Preliminary 2022 Results

CHARLOTTE, N.C., Jan. 23, 2023 /PRNewswire/ — Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, will host its virtual 2023 Strategy Update tomorrow, Jan. 24, 2023, at 9:00 a.m. ET.  The event is expected to conclude at approximately 10:45 a.m. ET.

Albemarle CEO Kent Masters and CFO Scott Tozier will present alongside Netha Johnson, president, Specialties, and Eric Norris, president, Energy Storage. The presentations and related discussions will provide details on corporate strategy, preliminary and unaudited fourth-quarter and full-year 2022 results and highlights, 2023 guidance and five-year outlook.

Key Themes for the 2023 Strategic Update include:

  • Building on durable competitive advantages to accelerate growth and deliver long-term value
  • Reshaping the company’s core portfolio with a stronger focus on growth opportunities to enable mobility, energy, connectivity and health
  • Reinforcing Albemarle’s commitment to advancing sustainability and building a more resilient world
  • Expanding capacity while maintaining financial flexibility and a disciplined approach to capital allocation 
  • Adding new leadership to reinforce relationships with external stakeholders 
  • Delivering on the company’s comprehensive operating model to drive operational performance

“We delivered record results in 2022, exceeding our previous projections, and our updated outlook and long-term targets reflect further growth acceleration,” said Albemarle CEO Kent Masters. “Albemarle is a leading producer of critical ingredients for some of the most powerful trends transforming the modern world, and we are partnering with other industry leaders to provide secure supply, innovative technologies and improved sustainability. Our virtual strategy event will give investors a deeper understanding of who we are, where we are headed and how we plan to manage our growth to balance short- and long-term opportunities.”

Outlook
Albemarle is introducing full-year 2023 guidance and 2027

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Microsoft Canada’s Irish ownership offers a glimpse into multinationals’ tax strategies

The exterior of the Microsoft office in Toronto on Jan. 1.Tijana Martin/The Globe and Mail

Microsoft Canada MSFT-Q became owned by an Irish affiliate in its 2021 fiscal year, according to documents that offer a rare glimpse at how its multinational parent company has taken advantage of Ireland as a tax haven.

Such a structure could drive down the taxes that the Outlook, Word and Excel software giant pays on any profit it generates in Canada, experts say, by letting Microsoft Canada transfer profits to the lower-tax country with techniques such as royalty payments to the Irish parent company.

Many jurisdictions, including Canada, put little pressure on large multinationals to disclose the finances of their local subsidiaries. But financial statements recently published by Ireland’s corporate registration office show that a Microsoft Corp. branch called Microsoft Round Island One UC became tax resident there as of Jan. 1, 2021.

Inside Amazon’s strategy to shield its profits from Canadian taxes

In Microsoft’s 2021 fiscal year, which ended that June 30, the documents show that the subsidiary took ownership of Microsoft Canada from a separate, unidentified branch of the company.

That entity then transferred Microsoft Canada to another Irish subsidiary called Microsoft Ireland Research UC, whose filing says it licenses the rights to Microsoft’s products to other segments of the multinational.

It is common for multinational companies to establish subsidiaries in tax-friendly Ireland, which has not yet implemented a multilateral promise to boost its corporate-profit tax rate to 15 per cent from 12.5 per cent. But it is rare to get a sense of exactly how these multinationals’ country-specific subsidiaries are shifted around to more tax-friendly jurisdictions within a labyrinthine corporate structure.

Microsoft sells staple software around the world for consumers, governments and companies alike, while the company is also one of

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Pickering – ‘Hollywood North-East’ – hosting business event to help local companies take advantage of film sector growth


By Glenn Hendry

Published January 23, 2023 at 12:01 pm

William F. White Backlot in north Pickering

The film industry is a multi-billion dollar industry in Ontario and the City of Pickering – ‘Hollywood North-East,’ as it is sometimes called – has worked hard to get a big slice of that lucrative pie.

Home to the biggest backlot in Canada, a 23-acre ‘town’ created in 2021 for the Amazon Prime series ‘Reacher,’ as well as the 180,000 sq. ft. TriBro Studio, Pickering has been one of the more successful cities in the GTA for attracting filmmakers to town, both for the diverse locations and now for the production facilities available.

Catherine Hodge, the Senior Co-ordinator and Development Liaison for the City, said they’re only getting started and wants local businesses to learn how to take advantage of the opportunities the sector can provide.

Invest Durham – Film Durham and Pickering’s Economic Development Department are hosting an event February 23 – ‘Your Business. Their Next Film’ – to give companies a few tips on how to do business with the television and film world.

“We have experienced so much growth in the industry in Pickering over the past five or six years,” Hodge said, noting that even during the pandemic the film business in Ontario was quick to establish protocols to continue making movie magic.

“Production was reduced, absolutely, but Pickering never shut down. The protocols just made it a little more challenging.”

TriBro Studios on Sandy Beach Road in Pickering

Hodge said the movie sector needs services and supplies during their stay and industry experts such as producers, directors, location managers and union representatives will all be on hand to guide local business people in getting a foothold in the

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