Finance

Finance

Oversight Republicans following Hunter Biden’s ‘money trail’

NEWYou can now listen to Fox News articles!

House Republicans are demanding answers from President Biden’s son Hunter’s financial adviser Edward Prewitt regarding his business deals, which have been flagged as suspicious by banks.

Biden has been under federal investigation for his tax affairs predicated by suspicious foreign transactions since 2018, and President Joe Biden has repeatedly denied discussing Hunter’s business ventures with him.

The president’s son’s questionable business dealings, conducted by himself, his associates, and other Biden family members, have been flagged and reported by U.S. banks.

House Oversight Committee Ranking Member Rep. James Comer, R-Ky., sent a letter to Hunter Biden’s financial adviser Edward Prewitt Wednesday demanding information about the Biden family’s foreign business deals.

RON JOHNSON DEMANDS PROBE OF ‘SCHEME’ TO SUPPRESS HUNTER BIDEN INFO

NBC News reported this week on the contents of Hunter Biden’s laptop as the president’s son remains under a federal

Read More
Finance

Fed rate hikes deliver these financial benefits, experts say

The Federal Reserve significantly raised its benchmark interest rate on Wednesday, the latest in a series of hikes meant to tackle sky-high price increases last seen more than four decades ago.

But rate hikes at the Fed risk widespread financial pain. An increase to the benchmark interest rate raises borrowing costs for consumers and businesses, which in theory should slash inflation by slowing the economy and eating away at demand.

That means borrowers will face higher costs for everything from car loans to credit card debt to mortgages. More alarmingly, the approach risks tipping the economy into a recession.

These significant risks, however, come along with potential financial benefits, experts told ABC News. First, the hike in borrowing costs directly benefits savers, who stand to gain from an uptick in the interest yielded by accounts held at banks, they said.

Plus, the effort to bring down inflation holds financial promise,

Read More
Finance

Jessica Holscott Departing As Studios & Networks Finance

EXCLUSIVE: We hear that Jessica Holscott is departing Warner Bros Discovery. She had been named the new Head of Finance for WarnerMedia’s Studios and Networks Group back in August 2020, overseeing all financial activities of the division including financial reporting, budgeting and planning for future growth.

Before that role, Holscott served as EVP and CFO, WarnerMedia Entertainment. Prior to that, she served as EVP and CFO for HBO and, before that, she spent two-plus years as SVP of Investor Relations at Time Warner, where she led Time Warner’s cross-company merger planning efforts with AT&T, developing the blueprint for that integration.

Earlier in her career, Holscott served as VP Investor Relations and Treasurer for Delphi. She also spent 16 years at General Electric in various roles including CFO of GE Asset Management, and CFO for the NBC Universal TV Stations division.

Before the WarnerMedia-Discovery merger, WarnerMedia’s Studios and Networks Group aligned

Read More
Finance

Sabadell beats forecasts helped by lending income, TSB

A Catalan flag is seen above a logo at the Sabadell bank branch in Barcelona, Spain October 6, 2017. REUTERS/Yves Herman

Register now for FREE unlimited access to Reuters.com

Register

  • Q2 net profit up nearly 22% to 179 mln euros, above forecasts
  • Net interest income rises 5.5% y/y, up 4.8% q/q
  • New record mortgage production backs lending income
  • CFO revises up to mid-single digit NII growth guidance in 2022
  • Shares rise around 0.7%

MADRID, July 28 (Reuters) – Banco Sabadell (SABE.MC) on Thursday reported a 22% increase in second-quarter net profit as strong lending in Spain supported by mortgage growth and a solid performance at its British business TSB helped the group beat earnings’ forecasts.

The country’s fourth-largest bank in terms of total assets reported a net profit of 179 million euros ($181.22 million) in the April to June period. Analysts polled by Reuters expected a net profit of 115

Read More
Finance

U.S. consumer watchdog to scrutinize crypto payments, Big

WASHINGTON, July 27 (Reuters) – The top U.S. consumer watchdog plans to scrutinize the use of cryptocurrencies for real-time payments and ramp up oversight of Big Tech companies as they expand into the traditional financial sector, its director told Reuters.

The Consumer Financial Protection Bureau (CFPB) also will publish a report this fall on “buy-now, pay later” or BNPL products, and expects to propose a rule to boost consumer finance competition around early next year, Rohit Chopra said in an interview.

“Is America ready for Big Tech entering financial services? We already have started to see how the industry is entering payments. We’re starting to see how there’s interest in other areas,” said Chopra, citing companies’ branded credit and pre-paid cards. “That raises a lot of questions about really the future of financial services,” especially data privacy, he said.

Register now for FREE unlimited access to Reuters.com

Register

Cryptocurrencies have

Read More
Finance

BofA’s EMEA head of leveraged finance origination quit for

Bank of America isn’t commenting, but we understand there’s been a major leveraged finance exit from its leveraged finance team in London.

Multiple sources say that Uday Malhotra has resigned from BofA. Malhotra was BofA’s EMEA head of leveraged finance origination, and he wasn’t there all that long. – He joined in October 2021 after 12 years in a similar role at Goldman Sachs. 

Malhotra didn’t respond to a request to comment. He’s understood to be joining Citi as co-head of EMEA loans and leveraged finance, working alongside Paul Gibbs, who runs leveraged loans for EMEA at Citi. Speaking earlier this month, Citi CEO Jane Fraser said the bank is “continuing to strategically invest in talent and in the platform.” 

Uday’s exit comes amidst problems in the leveraged finance market as the value of loans originated last year, many of which have yet to be sold, has plummeted. The Financial

Read More