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Financial services entities seek setting up of a bad bank

financial services entities seek setting up of a bad bank

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NEW DELHI: Financial services sector entities batted for a one-time restructuring of all loans and setting up of a bad bank — or a system like the Troubled Asset Relief Program (TARP) of the US — to help revive the economy and shore up weak balance sheets that they said would be seen a year from now due to the impact of Covid-19.
Speaking at the 125th annual session of the Confederation of Indian Industry on Tuesday via videoconference, entities representing non-banking financial companies (NBFCs), health insurers and private equity firms also backed the idea of a single financial regulator, besides enabling healthcare insurance for all.
“Going into Covid, we had a weak financial sector. A $25-30 billion TARP-like programme can pull sectors like NBFCs out of distress,” Bain Capital Private Equity managing director Amit Chandra said.
Others also backed one-time restructuring. “A weaker credit book business will be the result of the moratorium (for six months on loan repayments) as it gives time for the borrower, but it is not the solution; a one-time restructuring plan (is),” said Sanjay Nayar, the CEO of KKR India.
Sanjiv Bajaj, the managing director of Bajaj Finserv, the country’s largest NBFC, also supported the …

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Blow To Bitcoin As Coinbase Crashes In Sudden Meltdown

blow to bitcoin as coinbase crashes in sudden meltdown

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Bitcoin investors yesterday cheered the bitcoin price soaring over $10,000 per bitcoin (again)—though their celebrations were short lived.The bitcoin price, after a number of recent runs at the psychological $10,000 level, surged to highs of $10,430 on the Luxembourg-based Bitstamp exchange on Monday evening only to crash back less than 24 hours later.
However, users of major U.S. bitcoin and cryptocurrency exchange Coinbase were left on the sidelines of the virtual trading floor after the exchange crashed offline just as the bitcoin price began to climb—and not for the first time.
MORE FROM FORBESDonald Trump Is Creating Twitter And Facebook’s Worst NightmareBy Billy Bambrough

Bitcoin and cryptocurrency exchange Coinbase has developed a reputation for falling offline every … [+] time the bitcoin price makes a major move.

Coinbase

“We are currently experiencing intermittent downtime,” Coinbase told users just as the bitcoin price leaped over $10,000—reporting it was “back up and running” a little over an hour later.

The importance of Coinbase, by far the largest U.S. crypto exchange, to the bitcoin and cryptocurrency ecosystem shouldn’t be underestimated.
As well as being one of the most common ways Americans are introduced to bitcoin and crypto, Coinbase is the largest bitcoin holder among …

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Education Finance Takes Center Stage Amid Fiscal Uncertainty

education finance takes center stage amid fiscal uncertainty

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June 2, 2020

Quality Counts’ annual deep dive into school finance might seem like a specialty project—crucial for the brass who keep the fiscal ship afloat in their school districts, but overshadowed by the day-to-day challenges of teaching, learning, and student safety that seem to dominate the K-12 education discussion.
Not this year.
As it has with every aspect of society, the COVID-19 pandemic threatens K-12 finances to an unprecedented degree. School administrators and state policymakers face the prospect of devastating budget cuts, layoffs, and programmatic retrenchment even as they wrestle with how to safely reopen their virus-shuttered schools.

Highlights From the Report

Full Report

They can’t make these decisions in a vacuum. School leaders need a clear picture of the resources in hand and what they can learn from those who have confronted past financial downturns—and survived.
“Quality Counts 2020: School Finance” aims to address all of these needs.
In his lead article, Education Week school finance reporter Daarel Burnette II, who has been covering the fiscal impact of the pandemic for months, shares advice from district leaders and school finance experts on navigating this crisis, informed by lessons from the Great Recession of 2007-09 and its aftermath.
Scores, …

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Zoom’s Q1 earnings will revolve around pandemic, security issues

Information Access and Management (IAM) Platform powers IAM Network - 60,000 + engaged information professionals worldwide.

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Video chat software giant Zoom (ZM) announced its Q1 2021 earnings after the bell on Tuesday, beating expectations and giving investors and analysts their first look at how much growth the company has experienced as a result of the coronavirus pandemic and ensuing lockdowns.Here are the most important numbers from the report compared with what analysts were expecting, as compiled by Bloomberg.Revenue: $328 million versus $203 million expectedEarnings per share: $0.09 versus $0.01 expectedThe company’s stock was down in after hours tradingZoom has been among the biggest beneficiaries, if you can call it that, of the pandemic. The lockdowns, which are now being eased in many countries, forced people to gather in front of their laptops, smartphones, and tablets to stay in contact with friends and loved ones, work from home, and attend virtual classes.Its revenue, as a result, jumped a whopping 169% year-over-year. Zoom CEO Eric Yuan attends the opening bell at Nasdaq as his company holds its IPO in New York. (AP Photo/Mark Lennihan, File)MoreZoom says it now has 265,400 customers with more than 10 employees, a 354% increase year-over-year, and 769 customers paying more than $100,000 for the service.The company, however, expects to see a larger amount of customer churn in …

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Market movers: Bajaj Finance, Kotak lead rally; 150 stocks give buy signal

market movers: bajaj finance, kotak lead rally; 150 stocks give buy signal

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NEW DELHI: Unperturbed by Moody’s sovereign rating downgrade and concerns over growth outlook in coming months, investors continued piling up equities as benchmark indices rose for the fifth-straight session on Tuesday.
In a repeat of Monday, bank and financial names led the rally as the 30-share pack Sensex climbed over 500 points and the broader 50-share Nifty advanced 150 points to flirt with the 10,000 mark.
Among bluechips, Bajaj Finance was the biggest gainer, up nearly 9 per cent while Kotak Mahindra Bank, IndusInd Bank, HDFC, Axis Bank and ICICI Bank added 3-8 per cent.
Here is a lowdown on what happened in Tuesday’s session:
Smallcaps outperform
Nifty Smallcap index continued their stupendous run, rising for the sixth session, outperforming its peers. The index added 2.36 per cent led by 6-10 per cent gains in Arvind Fashions, Aster DM, NCC, Aegis Chemicals and ITI. In comparison, Nifty Midcap advanced 1.36 per cent, Nifty500 1.46 per cent and Nifty50 1.56 per cent.
FMCG lone losing sector
At a time when everything was being bought, FMCG stocks were under pressure as investors believed some cost cutting from households is likely as cash flow dwindles. Some selling was also due to CAPF canteen’s decision to exclude products from ‘ …

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Cryptocurrency Crime Losses Surge to $1.4 Billion YTD in 2020

cryptocurrency crime losses surge to $1.4 billion ytd in 2020

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Losses from cryptocurrency thefts, hacks, and frauds netted $1.4 billion in the first five months of 2020, swelled by a Chinese-based crypto Ponzi scheme called Wotoken, according to a report from blockchain forensics company CipherTrace.The figure suggests that 2020 could record the second-highest value in losses linked to cryptocurrency crimes. In 2019, crypto crimes proceeds surged to $4.52 billion, up 160 percent from 2018’s total of $1.74 billion.The Most Diverse Audience to Date at FMLS 2020 – Where Finance Meets InnovationCryptocurrency user and investor losses increased due to the abundance of cross-border transactions, which accounted for 74 percent of the bitcoins moved in exchange-to-exchange trades. Out of this figure, analysis further revealed that users of Bitcoin ATMs in the US sent 88 percent of their transacted funds to offshore, high-risk exchanges.According to CipherTrace’s report, the majority of the funds were linked to investment scams and Ponzi schemes. Although both scam categories represented a majority of the funds cryptocurrency scammers obtained, they didn’t account for the full losses. Apart from them, they also used blackmailing, fake cryptocurrency mixers, phishing, and fake token sales.Other highlights show that Finnish exchanges maintained its top ranking as the most preferred destination for criminally-sourced BTC funds. Nearly 12 percent of all dirty …

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Five finance tips for recent college grads – KYMA

five finance tips for recent college grads – kyma

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YUMA, Ariz. (KYMA, KECY) – A financial balance is important for recent college graduates as they enter adulthood.

Rebecca Gramuglia, a personal finance expert at topcashback.com, has five tips for recent college graduates to better budget their money.

The first tip is building credit. She says creditworthiness is factored in when opening a credit card or buying a car.

Second is finding a good balance for budgeting income in terms of essential, debt, and personal spending.

“The 50/20/30 rule is to use up to 50% of your after-tax income on essentials such as housing, food; up to 20% on any financial priorities such as savings or debt repayments; and up to 30% on any lifestyle choices,” Gramuglia said.

Maiely Gonzalez is a California State University, Chico graduate, and resident of Calexico. She believes colleges should help students be more prepared financially.

“College should have like a specific class to teach every single student about like credit and their savings because there’s a lot of people who don’t know anything about it, and I only know because I did my own research,” Gonzalez said.

Tune in tonight at 4 p.m. on 13 On Your Side as April Hettinger provides more tips graduates can use to …

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AI Trading Platform Tickeron Unveils Cryptocurrency Market Forecasting And Pattern Analysis – EnterpriseTalk

ai trading platform tickeron unveils cryptocurrency market forecasting and pattern analysis – enterprisetalk

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Tickeron, an artificial and human intelligence platform delivering unparalleled trading insights and analysis, introduces its Intraday Pattern Feed for cryptocurrency trading. Paired with Tickeron’s Trend Prediction Engine, the Intraday Pattern Feed uses artificial intelligence to scan hundreds of cryptocurrencies in search of patterns which indicate buy or sell signals.
Tickeron’s technology has an established track record in the cryptocurrency market, which includes accurately predicting the 2018 Bitcoin crash within two percent of the actual decline. Three weeks in advance of the crash, Tickeron projected with 88.78 percent confidence that Bitcoin, which had been trading at over $11,000, would experience a 40.53 percent decline to prices below $6,000. The actual crash was remarkably close to their target, with prices at $6,914 resulting in a 39 percent decline. In this instance, the artificial intelligence was able to predict the crash by accurately identifying a “Broadening Bottom Pattern” that signaled the substantial drop in price that took place. All of Tickeron’s Bitcoin predictions, past and present, are available here.
The same valuable technology is making cryptocurrency trading analysis much more accessible to investors. Once the user selects patterns and choses their minimum confidence level, the work is done for them. Tickeron’s artificial intelligence then predicts breakout …

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Finance department ‘withholding’ PPE order emails

finance department ‘withholding’ ppe order emails

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A DUP MLA has accused the Department of Finance of withholding emails about a failed Personal Protective Equipment (PPE) order from China.Paul Frew said the finance committee had requested all emails about the order, but only some of the correspondence was released.He said emails covering 30 and 31 March were not provided.The finance minister said he was happy to “consider any request for appropriate information”.But Conor Murphy also asked Mr Frew if he brought the same “righteous indignation” into his own party meetings when such issues as the renewable heat incentive (RHI) are discussed, and said he doubted this was the case.The botched green energy project contributed to the collapse of the Northern Ireland Executive in 2017.’A grave place’Mr Frew, who is the deputy chairman of the finance committee, accused the department of denying the committee access to the emails and claimed a BBC freedom of information request to access the same emails was also rejected by the department. “We are in a grave place if we are denied access to these emails, ” Mr Frew said.”Any department that stops information going to a scrutiny committee is unjust and diabolical”The Ulster Unionist MLA Mike Nesbitt, who …

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My Answer to J.K. Rowling on What Cryptocurrency Is

my answer to j.k. rowling on what cryptocurrency is

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To paraphrase a famous financial services commercial from the 1970s and 1980s, when J.K. Rowling asks, people answer. When the famed author of the Harry Potter series of books requested an explanation of bitcoin on Twitter in May, hundreds of people raced to reply. Among the repliers was Elon Musk, who took time off time off from preparing for the launch of the rocket of his company SpaceX to make the first private manned launch into space. (The SpaceX rocket successfully launched on May 30.)

Rowling’s query began when she injected herself into a Twitter conversation between Leigh Cuen, a journalist for the cryptocurrency news site Coin Desk, and technology lawyer Marvin Ammori. Rowling tweeted to Cuen and Ammori, “I don’t understand bitcoin. Please explain it to me.”As of this writing, Rowling’s query had 3,700 retweets and 9,900 likes. And, as reported by crypto news site Bitcoin.com, “Comments immediately flooded the Twitter thread after Rowling tweeted as crypto enthusiasts seized this unique opportunity to explain bitcoin and cryptocurrency to the famous author and her 14.6 million followers.” The responses were very creative—from custom-made videos to Harry Potter analogies.

But Rowling didn’t seem to find any of …

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