• Fri, December 13, 2024

by: Moneyweb

GCR downgrades Sasfin Bank outlook, highlights regulatory risks

The ratings agency cites concerns over strategic transitions and ongoing legal challenges impacting the bank's stability.

by: Delaware County Daily Times

Today in Delaware County history, Dec. 13

That's music to the ears of County Council Vice Chairman Wally Nunn, who's been trying to get Delaware County's powerful delegation in the state Legislature to abolish the property tax for years. 10 Years Ago,

by: Forbes

Strategies For Effective Compliance In Fintech

Compliance is a cornerstone of sustainable business strategy, fostering investor confidence and long-term resilience.

by: Business Line

Rekha Jhunjhunwala and RARE Enterprises-backed Inventurus Knowledge Solutions IPO enters Day 2

by: businesstech.co.za

Godongwana lays out South Africa's G20 ambitions

South Africa's G20 Presidency focuses largely on Africa and the Global South, advancing economic development and debt sustainability.

by: The Nassau Guardian

AG: Nat'l Risk Assessment for AML/CFT regime completed, set for consultations

Attorney General Ryan Pinder said yesterday that the government's National Risk Assessment (NRA) for its anti-money laundering (AML) and counter-terrorist financing regime, in satisfaction of the Fina

by: bnnbloomberg

Ghana Cocoa Buyers Sidelined as Exporters Fill Funding Gap

Ghana's cocoa regulator's growing dependence on top exporters to help finance bean purchases is leaving local buying companies marginalized and making the world's No. 2 grower and global markets increasingly reliant on big foreign players.

by: Tuko

HELB Tourism Fund: Kenyan Govt Launches Revolving Finance for Wildlife Students

Tourism Training revolving Fund, in collaboration with the Higher Education Loans Board (HELB), seek to encourage young Kenyans to take a career in tourism.

by: Kiplinger

Is Costco Stock Still a Buy After Earnings?

Costco stock is slightly higher after the warehouse club beat expectations for its fiscal first quarter. Here's what Wall Street has to say.

by: Fortune

Bud Light gets more bad news as popularity continues to fall

Beleaguered brand drops out of first place in draft beer sales.

by: MarketWatch

Fed's review of KeyCorp deal signals lighter touch on bank mergers by central bank

Analyst hails Fed's quicker-than-expected approval of an investment in KeyCorp by the Bank of Nova Scotia as a good sign for more dealmaking.

by: CoinDesk

Michael Novogratz's Galaxy Appoints Former Point72 Exec as CFO

Michael Novogratz's Galaxy Digital (GLXY) has hired former Point72 chief financial officer Anthony Paquette to serve in the same role at the crypto financial services firm. He will replace Alex Ioffe, who will transition into a senior adviser role, the company said in a statement on Friday.

by: Finance & Commerce

Wells Fargo Center sells at reportedly steep discount

The new owner of the Wells Fargo Center in downtown Minneapolis appears to have landed the iconic building at a fire sale price.

by: The New York Times

Bank of America Flagged Suspicious Payments to Epstein Only After He Died

Senate staff members are urging that Bank of America be investigated for the way it reported payments to Jeffrey Epstein, the disgraced financier.

by: Business Insider

Sachem Capital Corp. Announces Chief Financial Officer Transition

by: AOL

Broadcom stock soars as company touts 'massive' AI opportunity

Broadcom stock soared Friday after the company touted its "massive" opportunity in the AI market during a quarterly earnings call the prior evening.

by: Seeking Alpha

Alibaba: Why 2025 Could Be The Year Of Redemption

Alibaba's stock could see a rebound in 2025 with China's stimulus plans. See why BABA stock is a strong buy, driven by Cloud growth and aggressive buybacks.

by: Kiplinger

RH Fell Short on Earnings But Its Stock Is Up. Here's Why

RH stock is one of the biggest percentage gainers Friday as the home improvement retailer's upbeat outlook offsets an earnings miss.

by: bnnbloomberg

HSBC Sent Stenn Into Administration Over Fears About Client List

HSBC Holdings Plc triggered the shuttering of trade-finance firm Stenn Technologies after uncovering transactions that were supposed to be with key customers but were potentially bogus instead, people familiar with the matter said.

by: Forbes

Challenges And Opportunities Of Digital Transformation In US Law Firms

In this time of transformation, firms must adapt to remain competitive and deliver the best possible client experience.

by: The New York Times

Elon Musk and DOGE vs. Regulators

More about Sarah Kessler Michael J. de la Merced has covered global business and finance news for The Times since 2006. More about Michael J. de la Merced Lauren Hirsch covers Wall Street, including M&A, executive changes, board strife and policy moves ...

by: Business Insider

Here are the deals the 'AI arms race' could drive in 2025, according to 4 bankers from Goldman Sachs, BofA, and Axom Partners

How is Wall Street gearing up for the AI dealmaking gold rush? By focusing on infrastructure and data companies selling AI pickaxes and shovels.

by: Arabian Business

Global water solutions and services major Ecolab launches innovative modular manufacturing in Egypt

The containerized solution enables rapid deployment of local production capabilities, strengthening regional manufacturing capacity and supply chain infrastructure

by: AOL

Will Nvidia Be a $5 Trillion Company in 2025?

Nvidia (NASDAQ: NVDA) has been one of the hottest stocks on Wall Street over the past two years and performed well enough that it's vying for the title of the world's largest company against Apple. Nvidia performed so well in years past that a rise to $5 trillion doesn't seem all that far away,

by: Business Insider

Stock market today: Indexes end lower as tech slips and bond yields rise after PPI

Indexes dropped after wholesale inflation data. Adobe's sharp decline after earnings weighed on the Nasdaq, while Nvidia and Tesla shares also ended lower.

by: MSN

Manufacturing business relocating in Muhlenberg County

Former US House Speaker Nancy Pelosi injured in Europe, admitted to hospital First-Of-Its-Kind Predator Caught 8,000 Meters Deep In The Atacama Trench Conan O'Brien's parents die three days apart after 66 years of marriage If you and your partner use any of these 5 phrases regularly, your relationship is stronger than most

by: MSN

Business 'pauses' EU and Northern Ireland sales

A Guernsey knitwear producer has halted selling hats and scarves to the European Union (EU) and Northern Ireland due to new EU rules which came into force on Friday, its bosses say. The EU's General Product Safety Regulation (GPSR) creates new requirements for Great Britain's businesses,

by: MSN

Internships in 2024: Stipends soar to Rs 1 lakh per month amid record growth

Internship Report reveals a 25% growth in internship opportunities, alongside a notable increase in stipends. The average stipend has risen to Rs 8,000 per month, with some internships offering up to Rs 1 lakh.

by: MSN

Dwayne Tucker: What to know about Tennessee State University's new interim president

Dwayne Tucker has served as the CEO of LEAD Public Schools since 2018, along with holding a seat on the TSU board since April.

by: MSN

Iberdrola to sell UK smart metering business to raise $1.27bn

Spanish utility Iberdrola is exploring the sale of its smart metering business in the UK, with the aim of raising £1bn ($1.27bn). The move comes amidst growing investor interest in the smart metering sector,

by: MSN

From Chili's to burger chains, here are the restaurant industry winners and losers in 2024

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by: MSN

'Travesty of justice': Reaction pours in after Biden commutes Rita Crundwell's sentence

President Biden announced the largest single-day act of clemency in modern history on Thursday. He is commuting the sentences of approximately 1,500 Americans and granting pardons to 39 individuals convicted of non-violent crimes.

by: MSN

Outside the syllabus, Hindi's growing in Tamil Nadu. More takers than in other southern states

Chennai: Tamil Nadu's relationship with Hindi has always been fraught. So, when Union Finance Minister Nirmala Sitharaman recounted how Tamil Nadu didn't allow her to learn Hindi during her school days,

by: MSN

Opposition charges NDP has 'conveniently' withheld financial results, sparking fears that B.C. deficit has skyrocketed

Opposition MLAs say the NDP are 12 days late and counting in filing their quarterly financial outlook. The delay is fuelling speculation over the reason — is it simple administrative delay or is it hiding a deficit ballooning higher than the $8.

by: MSN

Homeland security threats from the People's Republic of China are 'real and they're adding up,' expert warns

Hudson Institute senior fellow Jonathan D.T. Ward breaks down the threats China poses to U.S. homeland and national security.

by: MSN

Warner Bros. Discovery separates TV networks from its streaming and studio business

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by: MSN

Bill Ackman: Stepping into the most pro-growth, pro-business administration in my adult lifetime

Pershing Square Capital Management CEO Bill Ackman joins 'Squawk on the Street' to discuss President-elect Trump's appearance at the New York Stock Exchange, what to look forward to in the incoming Trump administration,

by: MSN

Dr. Mehmet Oz had up to $33 million in companies doing business with agency he'd run

Dr. Mehmet Oz is Trump's pick to run the Centers for Medicare and Medicaid Services. Oz held stocks in companies doing business with Medicare.

by: MSN

What impact will Bozeman's plastic ban have on businesses and customers?

With a plastic ban coming to Bozeman in May 2025, compostable cups and straws could become the new norm. What impact will Bozeman's plastic ban have on businesses and customers?

by: MSN

Upstate business to close after 80 years

An Upstate business announced Thursday that they are closing after 80 years of service. Dobson Gifts & General Hardware said they are closing after serving the Greer Community for decades. "These years of business would not have been possible without the dedication and loyalty of all our employees throughout the past

by: MSN

GCCs in India to Lead Innovation and Shape Global Business Trends: Report

The country currently has over 1,700 GCC enterprises employing over 2 million professionals and is at a pivotal point in their development in transforming into strategic hubs, according to a report titled 'Pioneering Innovation In Global Capability Centers' by Avasant.

by: MSN

Grant Cardone shares one of the biggest financial mistakes he ever made - and how he turned it into millions

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by: MSN

Scott Boras: $765M Juan Soto deal is really about 'good business decisions'

Scott Boras, Boras Corporation founder and president, joins CNBC's 'Power Lunch' to discuss the record-breaking $765M deal signing Juan Soto to the Mets, whether he expects to see more contracts like this,

by: MSN

Bad Business Codes (December 2024)

Bad Business is an FPS shooter game on the Roblox platform that offers deep character and weapon customization, with the latter helping with the gameplay and the prior one being more of a cosmetic showoff.

by: MSN

SEC charges Cantor Fitzgerald, led by Trump's Commerce pick, with breaking securities laws

Cantor Fitzgerald CEO Howard Lutnick is co-chair of the transition team for Donald Trump. The SEC says his firm caused two SPACs to make false statements.

by: MSN

UK economy suffers first back-to-back declines since 2020

Britain's economy shrank for a second month in a row in October in the run-up to the government's first budget, the first back-to-back falls in output since the onset of the COVID-19 pandemic, and a setback for new finance minister Rachel Reeves.

by: MSN

Taurus Daily Horoscope Today (April 20- May 20), December 13, 2024: Avoid falling prey to fraud!

Taurus Money Horoscope Today Keep a strong focus on the budget and work according to plans. Exercise patience in commercial endeavours. Business activities will show improvement. Taurus Career Horoscope Today A sense of partnership will increase in professional tasks.

by: MSN

Engineering and management studies: The crisis India is facing and a look at what can be done

One of the most important recent concerns has been the level and quality of employment, particularly among our educated youth. While we are the fastest growing large economy, we have struggled to find quality work for engineers and management students graduating even from our elite institutes.

GCR downgrades Sasfin Bank outlook, highlights regulatory risks

The ratings agency cites concerns over strategic transitions and ongoing legal challenges impacting the bank's stability.
The article from Moneyweb discusses how Global Credit Ratings (GCR) has downgraded Sasfin Bank's outlook from stable to negative, while maintaining its national scale long-term issuer rating at A-(ZA). This downgrade reflects concerns over regulatory risks and potential fines related to anti-money laundering and know-your-customer compliance issues. Sasfin Bank has been under scrutiny by the South African Reserve Bank's Prudential Authority, which has led to the bank setting aside R180 million for potential penalties. Despite these challenges, GCR acknowledges Sasfin's strong capital position, good liquidity, and a robust risk management framework. However, the negative outlook is due to uncertainties around the regulatory outcomes and their financial impact on the bank.

Read the Full Moneyweb Article at:
https://www.moneyweb.co.za/news/companies-and-deals/gcr-downgrades-sasfin-bank-outlook-highlights-regulatory-risks/

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