Category: Economy
Is DeepSeek a DeekFake and does it matter?
The Chinese AI startup, DeepSeek, is in the news today due to its rapid rise and the impact that had on NVIDIA stock. Apparently, DeepSeek developed an AI model that has caused a stir. For one thing, it just became the top-downloaded free app in the Apple Store, surpassing ChatGPT. This led to a sharp decline in NVIDIA’s stock, as investors are supposedly concerned that DeepSeek’s AI model is more cost-efficient. More more cost-efficient means that it threatens NVIDIA’s dominance…
Trump call with Denmark’s PM over Greenland described as confrontational, serious, dangerous
Trump has apparently not ruled out the use of military force to annex Greenland. During a press conference on January 8, 2025, Trump stated that “all options were on the table,” refusing to exclude the possibility of military force (The Guardian). The confrontational stance has raised concerns among European leaders, with Germany and France warning against any use of force over Greenland (The Guardian). German Chancellor Olaf Scholz said “the principle of the inviolability of borders applies to every country……
Tennessee Republican Introduces Amendment To Allow A Third Trump Term
A Republican congressman has introduced an amendment to the Constitution that would allow President Donald Trump to seek a third term in office, arguing that it will ensure “we can sustain the bold leadership our nation so desperately needs.” Rep. Andy Ogles of Tennessee revealed his long-shot measure Thursday that would amend the 22nd Amendment, which sets the current two-term limit for presidents. “He has proven himself to be the only figure in modern history capable of reversing our nation’s…
TD’s chief compliance officer departs amid US anti-money laundering probe
TD Bank’s (TD.TO), opens new tab chief compliance officer has left the bank, according to a memo sent internally, at a time the Canadian lender faces U.S. regulators and the Justice Department in a probe related to its anti-money laundering program. Monica Kowal, who joined the bank in 2017, left the company this week, and will be replaced by Deputy Chief Compliance Officer Erin Morrow who will report to Chief Risk Officer Ajai Bambawale, according the memo sent in late June, seen by…
MicroStrategy Bought Another $1B in Bitcoin Last Week
MicroStrategy. “FORM 8-K MICROSTRATEGY INCORPORATED.” MicroStrategy, a business intelligence firm led by Michael Saylor, purchased an additional $1 billion worth of Bitcoin last week. This acquisition brings their total Bitcoin holdings to approximately 140,000 BTC, acquired at an average price of around $29,000 per coin. The company continues to view Bitcoin as a critical store of value and a hedge against inflation, strengthening its position as one of the largest corporate holders of the cryptocurrency. Selling Shares To Add To…
Vanguard strikes deal with FDIC over huge holdings in US banks, agrees to new oversight of its investments in some US lenders
Vanguard has bowed to regulatory pressure and agreed to new oversight of its investments in some US lenders, a decision that could have sweeping implications for money managers and banks. The deal, which the US Federal Deposit Insurance Corp disclosed on Friday, will allow Vanguard’s funds to continue to be huge shareholders in a wide swath of the country’s banks while also increasing the watchdog’s supervisory power over the $10tn money manager. Vanguard, BlackRock and State Street have amassed large…
Canadian finance minister’s resignation letter to PM Trudeau
OTTAWA – Canada’s Finance Minister Chrystia Freeland unexpectedly resigned on Monday, saying she was no longer on the same page with Prime Minister Justin Trudeau about the best path forward for Canada. Following is the full text of her resignation letter. December 16, 2024 The Right Honourable Justin Trudeau, P.C., M.P. 80 Wellington Street Ottawa, ON KIA 0A2 Dear Prime Minister, It has been the honour of my life to serve in government, working for Canada and Canadians. We have…
One bitcoin will now set you back six figures
One bitcoin will now set you back six figures. The cryptocurrency’s break above the $100,000 milestone has felt inevitable since Donald Trump’s election as the next U.S. president on a crypto-friendly platform. While it is just a number, it highlights how cryptos have carved out a place in modern financial markets. Some commentators joked that perhaps a sales pitch from children and grandchildren around the Thanksgiving table was enough to get it past $100,000 – after investors in recent weeks…
Global financiers head to Saudi Arabia investment bash in shadow of war
Global financiers are poised to flock to Saudi Arabia’s annual flagship investment conference next week as a tightening of the kingdom’s purse strings and a deepening of regional conflict cloud the outlook. Among those expected to descend on the Future Investment Initiative (FII) in Riyadh are top CEOs, including Goldman Sachs’ David Solomon, BlackRock’s Larry Fink, Citigroup’s Jane Fraser and the London Stock Exchange’s Julia Hoggett. The high-profile event, first held in 2017, fills an opulent hotel in the capital…
TD Bank Fined for Crypto Ties with UK and Colombia
According to a report from the Financial Crimes Enforcement Network (FinCEN) on Oct. 10th, TD Bank’s U.S. wing agreed to pay over $3 billion in penalties. The fine was for failing to properly monitor money laundering activities. The bank has also accepted limits on its future growth in the U.S. FinCEN found that TD Bank facilitated over $1 billion in transfers linked to two crypto exchanges — one based in the United Kingdom and the other in Colombia. TD Bank…
Massive U.S. fine against TD Bank highlights relatively modest penalties in Canada
TORONTO — The more than US$3-billion settlement TD Bank Group has reached with U.S. regulators for its failures to oversee money laundering risks has underlined what some say are relatively weak enforcement options in Canada. Denis Meunier, president of DMeunier Consulting Inc. and a former deputy director of Fintrac, said fines in Canada have to increase significantly to provide adequate deterrence and not become just a cost of doing business. He says the federal government should add substantial fines for…
TD Bank hit with US$3bn fine, pleads guilty to criminal charges
Canada-based financial institution TD Bank has announced its agreement to pay over USD 3 billion, pleading guilty to criminal charges related to money laundering in the US. As detailed by regulators, the fine follows TD Bank’s failure to appropriately monitor money laundering by drug cartels and other criminals, allowing them to transfer hundreds of millions of dollars in unlawful funds. In addition, the bank did not enforce sufficient defences against money laundering for nearly 10 years. It did not efficiently…
Bankman-Fried’s ex-girlfriend Caroline Ellison to be sentenced over crypto fraud
NEW YORK (Reuters) – Former cryptocurrency executive Caroline Ellison is set to be sentenced on Tuesday for her role in her imprisoned former boyfriend Sam Bankman-Fried’s theft of about $8 billion in customer funds from the now-bankrupt FTX exchange he founded. Ellison has pleaded guilty to seven felony counts of fraud and conspiracy, and testified as a prosecution witness in the trial of Bankman-Fried, who was convicted of fraud and other charges last year and is serving a 25-year prison…
Gas from Russia to EU up by 3 billion cubic meters in 8-2024 -GECF
The following article is from a Russian news source, Tass, which is controlled by the Russian Government. MOSCOW, September 18. /TASS/. EU pipeline gas imports last month decreased by 2% in August and overall, since the beginning of this year, gas supplies from Russia to Europe have increased by 3 billion cubic meters, according to a report by the Gas Exporting Countries Forum (GECF). In general, total gas consumption in the EU in January-August of this year decreased by 3%…
EU foreign ministers approve decision to transfer profits from Russian assets to Ukraine
The following article is from a Russian news source, Tass, which is controlled by the Russian Government. BRUSSELS, June 24. /TASS/. At a regular meeting of the EU Council foreign ministers of 27 EU countries approved the decision to transfer 1.4 billion euros of profits from Russia’s frozen assets to the European Peace Facility for military assistance to Ukraine, EU foreign affairs chief Josep Borrell told a press conference following the results of the meeting. “The ministers today agreed on…
US finds adds Japan to foreign exchange monitoring list
WASHINGTON – The US Treasury on June 20 said no major trading partner appeared to have manipulated its currency in 2023, but it added Japan to a foreign exchange “monitoring list”, alongside Singapore, China, Malaysia, Vietnam, Taiwan and Germany, which were on the previous list. The Treasury’s semi-annual currency report found that none of the countries examined met all three criteria triggering “enhanced analysis” of their foreign exchange practices during the four quarters through December 2023. Countries are automatically added…