After Brexit, the EU agrees on rules for hedge funds
The EU has announced a deal to revise its rules for hedge fund and alternative investment managers, easing industry concerns about a post-Brexit crackdown on London managers. The deal will alter the bloc’s Alternative Investment Fund Managers Directive (AIFMD) guidelines for hedge funds, private equity, private debt, and real estate funds. The accord requires European…
JPMorgan will expand its online bank Chase to Germany
JPMorgan CEO Jamie Dimon confirmed that the company plans to expand its online bank Chase to Germany and other EU countries, increasing competition for European rivals in a congested sector. The move comes after JPMorgan launched its first digital-only retail business in Britain in 2021. Dimon stated that the company has ambitious plans to introduce…
Foreign bidders are interested in Generali’s TUA Assicurazioni.
Italy’s Generali is bidding to buy TUA Assicurazioni, a non-life firm worth 300 million euros ($335 million). The acquisition of TUA was part of Cattolica’s acquisition two years ago. German insurance giant Allianz, Talanx, and France’s Groupama are potential bidders. Itas is listed as one of up to five second-round bidders. Talanx may drop out…
Italian antitrust approves digital payment cost reduction.
The Italian Antitrust body has approved a deal between shops, banks, and payment businesses to lower small card transaction fees, as requested by the government. The clearance is expected to enable a formal accord, allowing Prime Minister Giorgia Meloni to eliminate the possibility of a windfall tax on payment providers like Nexi, Mastercard, and Visa.…
FedNow new and fast payment system from The Fed
FedNow, a Federal Reserve fast payment service, lets Americans pay businesses, suppliers, and products quickly. The service will link institutions for fast payments with a $100,000 initial transaction limit and a $500,000 customer credit transaction limit. Venmo, unlike FedNow, requires balances instead of direct bank account transfers. It allows businesses and people to get paychecks…
The United Kingdom tightens bank account closing regulations.
The finance ministry has announced that British banks must explain and delay account closures due to concerns about banks blacklisting people for their political views. Brexiteer Nigel Farage claimed banks were blacklisting people for their political views, leading to an investigation. NatWest CEO Alison Rose apologized for Farage’s treatment and confirmed the bank’s alternate account…
Capital One Bank Profit hiked from interest income
Capital One Financial exceeded analysts’ second-quarter profit projections due to higher borrower income from rising benchmark lending rates. The Federal Reserve’s aggressive interest rate increases have boosted consumer-facing banks’ loan profits. Net interest income grew 9% to $7.11 billion, and deposits stabilized after a bank run by frightened clients.
Asia’s private loan industry expand as desperate borrowers find lenders.
JLL, a commercial real estate services firm, resorted to private credit markets to fund an Arizona property project after governmental debt and loan markets rejected it. Five Star Development’s $585 million refinancing loan may have cost more than any bank loan or bond. The May arrangement is part of a burgeoning private lending sector, where…