UBS Chairman Is Said to Mull Merger With Credit Suisse

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Shares of UBS  (UBS) – Get Report and Credit Suisse  (CS) – Get Report rose on Monday after a media report said UBS Chairman Axel Weber was examining the possibility of a merger between the two Swiss banking giants.

The coronavirus pandemic and low or negative interest rates have buffeted banks around the world.

UBS shares recently traded at $12.54, up 2.4%. They have eased 0.3% so far this year. Credit Suisse American depositary receipts srecently traded at $11.24, up 4.5%. They have fallen 16% year to date.

Weber is looking at a possible tie-up with Credit Suisse as part of a regular examination of strategic options, knowledgeable sources told Bloomberg.

UBS has discussed the idea with consultants, but it hasn’t approached its executive board about the possibility, the sources said. They said the two banks aren’t currently conducting formal talks.

The Swiss finance blog Inside

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NAW & Creditsafe Partner to Provide Credit and Financial Insights to Wholesaler-Distributors

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Allentown, PA, Sept. 02, 2020 (GLOBE NEWSWIRE) — The National Association of Wholesaler-Distributors (NAW) has partnered with business intelligence experts, Creditsafe, to provide comprehensive and innovative credit management, compliance, and commercial data solutions to the wholesale distribution industry.

“This new partnership provides unprecedented access to the data our industry needs in the areas of business intelligence, credit management, compliance, and data,” said Dirk Van Dongen, NAW President & CEO. “It is one more way that we can help wholesaler-distributors make smarter and more informed decisions, especially in light of the current pandemic.”

Creditsafe was chosen as NAW’s business intelligence partner due to its extensive database, integrated solutions, and real-time reporting that will allow wholesaler-distributors access to powerful commercial insights. Companies that take advantage of this partnership will be able to leverage data, analysis, and metrics that will provide them a competitive advantage as well as a better understanding of how

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QCash Financial And Celero Enable Cornerstone Credit Union To Streamline Support For Members’ Short-Term Liquidity Needs

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A three-month pilot automates the small dollar lending process for Cornerstone, enabling them to provide fast and efficient delivery of short-term loan products

YORKTON, SK / ACCESSWIRE / September 2, 2020 / Cornerstone Credit Union has partnered with QCash Financial and Celero to participate in a pilot project of QCash Financial’s short-term loan products, offering to help their members deal with unexpected cash needs.

Working with Celero to integrate QCash Financial’s solution into their core banking system through the Celero Xchange™ platform, Cornerstone will offer two loan types to its members – CUCash and CUCash Plus. CUCash loans range from $300 to $700 loans and CUCash Plus loans range from $701 to $5,000 loans. Small dollar loans provide members with affordable alternatives to payday loans through lower-interest rates and financial literacy support.

“Our connections with our members drive our offerings and our support for their financial wellness and goals,”

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Exclusive: EU Draft Plan Targets Free Carbon Credit Cut for Most Industries | Investing News

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BRUSSELS (Reuters) – Most industries covered by the European Union’s carbon market would see free credits cut by the highest possible rate over the next five years under draft plans, potentially costing some of the biggest polluters millions of euros.

The carbon market is the EU’s main policy for cutting greenhouse gas emissions, by forcing power plants and factories to buy credits to cover their emissions.

These credits are trading near record highs as speculators have bought into the idea that tougher EU climate targets will boost demand, while analysts predict further rises.

Although industry gets some free credits, to help avoid “carbon leakage”, when companies relocate outside the EU to avoid carbon costs, the bloc has agreed to reduce them over the next decade to curb pollution and meet climate goals.

EU industry emitted around 570 million tonnes of carbon dioxide (CO2) equivalent under the carbon market regime last

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Losing the extra $600 unemployment benefit may not have stopped Americans from spending money, J.P. Morgan credit card data show

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In July, personal consumer spending rose by 1.9%, government data shows. At that point, unemployed Americans were still receiving an extra $600 a week in federal unemployment benefits on top of their state benefits.


© Getty Images
In July, personal consumer spending rose by 1.9%, government data shows. At that point, unemployed Americans were still receiving an extra $600 a week in federal unemployment benefits on top of their state benefits.

Whether or not you believe the now-expired $600 weekly unemployment benefit was overly generous or not, like stimulus checks, they allowed more Americans to spend money. But even without the enhanced unemployment benefit, Americans are still reaching for their wallets in stores, restaurants and auto dealerships, data shows.

In July, personal spending rose by 1.9%, the government said Friday. That spending happened while more than 30 million jobless Americans were receiving an additional $600 in weekly federal unemployment benefits on top of what they were receiving from their state.

That benefit, a provision in the CARES Act, ended at the end of July, and as a result, the average amount of weekly unemployment

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Massachusetts sues auto lender Credit Acceptance Corp., seeking $120 million in damages

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Credit Acceptance Corp., one of the nation’s largest auto lenders to people with low credit scores, was slapped with a lawsuit from Massachusetts on Monday. The suit, which was brought by the office of Massachusetts Attorney General Maura Healey, alleges that the lender defrauded as many as 24,000 borrowers over a six-year period in the state, and seeks as much as $120 million in damages.

“This company made unaffordable and illegal loans to borrowers, causing them to fall into thousands of dollars of debt and even lose their vehicles,” Healey said in a statement. “We are taking a close look at this industry and we will not allow companies to profit by violating our laws and exploiting consumers.”


Banks rake in PPP fees

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Shares of the company plunged nearly $73, or 16%, to just under $387 on the news of the lawsuit.  

According to the suit, Credit Acceptance raked

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To Reduce Unemployment, The Fed Should Focus On Credit Policy Over Monetary Policy

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With unemployment still over ten percent, Americans and their elected officials want jobs. Federal Reserve Chair Jerome Powell appears to be listening. He regularly speaks about the importance of reducing unemployment, and last week he announced a policy change that has been touted as helpful for workers. Years from now, it might be. But while the Fed was fine-tuning its approach to monetary policy, it was ignoring a more pressing policy question: Just what is the Fed’s approach to credit policy? The Fed has used only a fraction of the $454 billion allocated by Congress to enable loans in multiples of that amount.

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Tradewind Finance Closes $15 Million Credit Facility for Manufacturer Headquartered in Europe

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Bloomberg

Remote-Work Boom Mints Another Internet Billionaire

(Bloomberg) — The coronavirus pandemic, for all its human and economic tragedy, has spurred a once-in-a-generation opportunity for the technology industry, seized most visibly by the sector’s giants such as Apple Inc., Amazon.com Inc. and Microsoft Corp., and productivity players like Zoom Video Communications Inc. and Slack Technologies Inc.A lesser-known beneficiary is Okta Inc., a decade-old cloud computing company based in San Francisco. Its software gives corporate customers a kind of border control for the internet, helping them authenticate the identity of their employees and customers as they connect remotely to a sprawling system of online applications.The Covid-19 outbreak, which has cast most workers out from behind their corporate firewalls and into their home offices, has helped to further popularize Okta’s software. It allows companies to seamlessly manage their employees’ use of the internet and to protect the corporate data on their devices.The

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Losing the extra $600 unemployment benefit may not have stopped Americans from spending money, J.P. Morgan credit card data shows

angel may

Whether or not you believe the now-expired $600 weekly unemployment benefit was overly generous or not, like stimulus checks, they allowed more Americans to spend money. But even without the enhanced unemployment benefit, Americans are still reaching for their wallets in stores, restaurants and auto dealerships, data show.

In July, personal spending rose by 1.9%, the government said Friday. That spending happened while more than 30 million jobless Americans were receiving an additional $600 in weekly federal unemployment benefits on top of what they were receiving from their state.

That benefit, a provision in the CARES Act, ended at the end of July, and as a result, the average amount of weekly unemployment benefits Americans received fell to $257 from $812.


‘We conclude that the evidence thus far suggests that the expiration of the extra $600 of weekly unemployment benefits has produced some effects on the data in parts

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Taylor: Stock market and credit scores not reflecting U.S. economic woes. So are we the Coyote or the Road Runner?

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Whatever you do, don’t look down.

You remember that maximally intense moment in every Road Runner versus Wile E. Coyote cartoon? When the Coyote is so focused on chasing the Road Runner that he’s gone beyond the edge of the cliff, but he does not yet realize it? And we all know that the Coyote will plunge to the ground as soon as he looks down.

That’s the way the stock market feels right now, as the tech-heavy Nasdaq and the large-cap S&P 500 index hit all-time highs this month.

I mean, like, Huh?

This, just as the COVID-recession data registers the largest quarterly economic contraction ever and the highest weekly unemployment filings ever. If we’d used our prophetic crystal balls to foresee these summer of 2020 data points back in January 2020, we’d have all sold our stock portfolios.

And we’d have all been wrong to do so.

More

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