Tag: financial

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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Top 8 Financial News Apps for 2021

When it comes to investing and stock trading, news and reaction time can make or break an investor. These are the best apps for up-to-date financial news.

1. CNBC Breaking Business News App

The CNBC Breaking Business News app (available on iPhone and Android) is NBC’s flagship financial news app. It gives users access to actionable business news, financial information and market data. The app keeps its users up to date with breaking news alerts that are pushed through even when the app is closed.

The tool allows users to monitor real-time stock quotes and to view interactive charts, receive global business news coverage and watch full episodes of CNBC shows such as “Mad Money” and “American Greed.” The app allows for a customizable watch list to track specific stocks and gain real-time access to associated business news headlines.

2. TheStreet App

TheStreet started as an online informational website but has since rolled out an app for both iPhone and Android. The app provides access to financial news, analysis and stock-picking insights from experts associated with the company.

The app supplies up-to-date market news, opinions and commentaries, technical analyses and actionable data. It also delivers detailed quotes and analysis of stocks and offers a proprietary stock rating model called TheStreet Ratings. The app aims to aggregate information to provide a multimedia financial experience based on data, articles, and videos.

3. Bloomberg: Business News App

The Bloomberg: Business News app gives access to the company’s global business and financial news, up-to-date market data and proprietary portfolio tools. Bloomberg sets its app apart with articles written by the award-winning business and financial journalists at Bloomberg.

The app (available on iPhone and Android) allows users to receive the latest market data, which can be filtered by specific regions or sectors.

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Zions Bancorporation, National Association Reports Fourth Quarter Financial Results

SALT LAKE CITY–(BUSINESS WIRE)–Zions Bancorporation, N.A. (NASDAQ: ZION) (“Zions” or “the Bank”) today reported net earnings applicable to common shareholders for the fourth quarter of 2022 of $277 million, or $1.84 per diluted common share, compared with net earnings applicable to common shareholders of $207 million, or $1.34 per diluted common share, for the fourth quarter of 2021, and net earnings applicable to common shareholders of $211 million, or $1.40 per diluted common share, for the third quarter of 2022.

Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “We’re pleased with the quarterly and annual financial results, which were characterized by solid loan growth, exceptional credit quality, and a stronger net interest margin, reflecting a normalization of interest rate levels. Although total deposits continued to decline from recent ‘surge’ levels that resulted from considerable fiscal and monetary stimulus, adjusted pre-provision net revenue for the quarter increased 46% to $420 million, despite a $42 million reduction in net interest income from PPP loans, which now constitute a de minimis portion of our loan portfolio.”

Mr. Simmons continued, “Though our quarterly operating results were strong, we continued to build our loss reserves due to both continued loan growth and the prospect of a slowing or recessionary economic environment in coming months. Nevertheless, we remain optimistic that we’re well prepared for a more challenging economy, and we expect the coming year to reflect strong results.”

For the full version of the Bank’s 2022 fourth quarter earnings release, including financial schedules, please visit www.zionsbancorporation.com.

Supplemental Presentation and Conference Call

Zions has posted a supplemental presentation to its website, which will be used to discuss the fourth quarter results at 5:30 p.m. ET on January 23, 2023. Media representatives, analysts, investors, and the public are invited to join

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LSEG and Thomson Reuters announce joint commitments to enhance the value of financial and markets news service as part of long-term partnership

LONDON, January 17, 2023 – LSEG (London Stock Exchange Group) and Thomson Reuters have announced a multi-faceted expansion of their long-term partnership, sharing a number of joint commitments to enhance the value of financial and market news services to LSEG customers.

The new and enhanced commitments include:

  • Investment in 100 editorial roles across Reuters global newsroom with focus on financial and markets coverage
  • A significant expansion of Reuters India financial file and China equities coverage
  • The previously announced acquisition and ongoing integration of PLX AI – a real-time financial news service powered by artificial intelligence – into Reuters newsroom, available exclusively through LSEG services
  • Agreement on a path forward for Reuters to launch consumer-facing subscription products, supporting both parties’ engagement with global professionals

“At Thomson Reuters we are committed to investing in world leading journalism and talent, taking our partnership with LSEG to the next level will help us to continue to do just that,” said Steve Hasker, CEO, Thomson Reuters. “Our new range of commitments will boost both organizations, delivering an even more valuable news file to LSEG’s customers and a superior experience to professionals around the world.”

David Schwimmer, CEO LSEG said: “We are delighted to have expanded our long-standing strategic partnership with Thomson Reuters. This collaboration will broaden our news offering, enhancing the speed and analysis of breaking news, and increasing the value of services provided to LSEG customers.”

LSEG is the exclusive distributor of Reuters news to the financial community under a 30-year news agreement that commenced in 2018.

NOTES TO EDITORS

Further details on the commitments:

A significant co-investment in financial and markets coverage

Reuters and LSEG’s financial news file is being boosted by the creation of new editorial roles in Reuters global newsroom. The co-investment in financial journalism extends and deepens coverage in

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CARMAT Provides a Business Update and Communicates Its Financial Targets for the First Time

PARIS–(BUSINESS WIRE)–Regulatory News:

CARMAT (FR0010907956, ALCAR) (Paris:ALCAR), designer and developer of Aeson®, the world’s most advanced total artificial heart, aiming to provide a therapeutic alternative for people suffering from advanced biventricular heart failure, provides a business update, and communicates its financial targets for the first time.

Sales forecast of €10 to €13 million in 2023

CARMAT resumed commercial implants of its Aeson® artificial heart in November 2022. The Company continues to train additional hospitals very actively, and targets 30 operational centers in Europe by the end of 2023, primarily in Germany and Italy.

In France, Aeson® will be made available to patients via the EFICAS study, which was initiated last December, in 6 hospitals: Lille Regional University Hospital, Pitié Salpêtrière University Hospital and Georges Pompidou European Hospital in Paris, Rennes University Hospital, Strasbourg University Hospital and Lyon University Hospital (Hospices Civils de Lyon). The Company aims to complete the study in 2025.

The production ramp-up will be gradual and should allow more than 100 artificial hearts to be produced in 2023.

Based on this, the Company forecasts sales of €10 million to €13 million in 2023.

Break-even anticipated in 2027

Moreover, in order to support a strong demand for Aeson® in Europe, and its commercial launch in the United States, anticipated in 2026, CARMAT has planned an ambitious industrial plan which should enable the Company to achieve a manufacturing capacity of 500 prostheses in 2024 and 1,000 prostheses by 2027.

Based on this, the Company anticipates to be in position to achieve break even within 5 years, i.e. in 2027.

Stéphane Piat, Chief Executive Officer of CARMAT, commented: The last few months have been full of valuable learnings and have allowed us to fine-tune our market access and our industrial strategies. Given

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