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Financial News The four Greensill-linked funds were suspended on 1 March amid uncertainties about their valuations Credit Suisse Group knew since 2019 that supply-chain finance funds it ran with Greensill Capital were too reliant on a small group of insurers to protect investors against default Getty Images By Friday March 5, 2021 8:01 am Credit Suisse Asset Management has said it will terminate four funds valued at $10bn which it suspended on 1 March over uncertainty over their valuation. The four funds invested in assets created by supply chain financing firm Greensill Capital. The four funds were suspended on 1 March after Credit Suisse became concerned that the funds were over-exposed to one of Greensill’s clients steel magnate Sanjeev Gupta. ....
HSBC boss Noel Quinn writes to ex-Hong Kong lawmaker to explain why his accounts were frozen Ted Hui slams the UK lender for ‘political toadyism’ after freezing his bank accounts and credit cards Ted Hui wrote on Facebook that Noel Quinn had told him that HSBC “had no choice” but to legally freeze his bank accounts and credit cards after they’d been instructed to do so by the Hong Kong police Anthony Wallace/Getty Images By Monday January 18, 2021 9:40 am Former Hong Kong lawmaker Ted Hui has criticised HSBC for “political toadyism” after it froze his bank accounts and credit cards. ....
Order Reprints Text size The three major U.S. stock indexes closed with nominal losses. Investors, however, remain upbeat about the trajectory of the economy, based on the strength in value and small-cap stocks. The three major U.S. stock indexes were mixed Thursday, but beneath the surface, there was strength in the market. The S&P 500 slid 14.30 points, or 0.38%, to end at 3,795.54, and the Nasdaq Composite fell 16.31 points, or 0.12%, to close at 13,112.64. The biggest gainer in the S&P 500 was petroleum refiner HollyFrontier (ticker: HFC), with an 11% stock surge. President-elect Joe Biden is expected to speak in the evening in detail about fiscal stimulus. Trillions of dollars of fiscal stimulus have already shored up consumers’ savings, and a few trillion dollars more would add to the pent-up demand that could be unleashed when Covid-19 vaccines are widely distributed. ....
Order Reprints Print Article Space is cold, but space investing is heating up. Space-linked stocks are rocketing higher Wednesday because a well-known Tesla bull has turned her gaze upward. ARK Invest, founded by technology disruption guru Cathie Wood, is planning a new exchange-traded fund focused on space stocks, based on filings with the Securities and Exchange Commission. Wood,. Close Space is cold, but space investing is heating up. From ....
Daniel Acker/Bloomberg Visa and Plaid have called off their merger because of federal antitrust opposition to the deal. The companies struck an agreement to merge a year ago, with Visa (ticker: V) agreeing to pay $5.3 billion for the payments-technology company. Plaid verifies and links accounts on apps like PayPal Holdings ’ (PYPL) Venmo service with a user’s bank account. Visa and Mastercard (MA) had both invested in Plaid, which began in 2012. But in November, the Justice Department sued to block the merger, arguing that Visa was a monopolist in online debit controlling 70% of transactions and that Plaid aimed to challenge Visa’s dominance. ....