Finance News Roundup - Wednesday, 29th November
😢 Investing Legend Charlie Munger Passes Away
Charlie Munger, a longtime vice chairman of Berkshire Hathaway and a close associate of Warren Buffett, has passed away at the age of 97. Munger was known for his wit, wisdom, and contrarian investment style.
📈 GM Updates Business Plan, Announces Dividend Hike
General Motors has announced an update to its business plan, which includes a dividend hike and increased investment in electric vehicles and autonomous driving technology.
🏀 Mark Cuban Selling Majority Stake in Dallas Mavericks
Mark Cuban is selling a majority stake in the Dallas Mavericks to Miriam Adelson, the widow of casino mogul Sheldon Adelson. Cuban will retain some equity in the team and will continue to oversee basketball operations.
⚠️ Digital Bank Robberies Pose Growing Threat to Central Bank E-Money
The Bank for International Settlements (BIS) has warned that digital bank robberies are a growing threat to central bank e-money. The BIS said that the number of digital bank robberies has been increasing in recent years, and that the attacks are becoming more sophisticated.
💸 UK Investment Advisers Face Capital Hike to Cover Compensation Costs
The Financial Conduct Authority (FCA) has proposed a hike in the capital requirements for UK investment advisers. The FCA said that the hike is necessary to cover the potential cost of compensation claims arising from investment advice scandals.
📉 Nomura to Cut Risk Assets, Costs for Wholesale Business
Japanese financial services company Nomura Holdings Inc. is planning to cut risk assets and costs in its wholesale business. The company is also planning to expand its retail business and asset management operations.
🗣️ Deutsche Bank CEO Says EU Should Consider Scrapping Banker Bonus Cap
Christian Sewing, the CEO of Deutsche Bank, has said that the European Union should consider scrapping the bonus cap for bankers. Sewing said that the bonus cap is making it difficult for European banks to attract and retain talent.
🔐 Bitcoin Group Taking Steps Against Money Laundering, Terrorist Financing
The Bitcoin Group, a trade association for the Bitcoin industry, has said that it is taking steps to combat money laundering and terrorist financing. The group has developed a set of guidelines for Bitcoin companies to follow, and it is also working with law enforcement agencies to track down criminals who are using Bitcoin.
🏘️ HSBC CEO Says Bank 'Well Provisioned' for Any Further China Real Estate Losses
Noel Quinn, the CEO of HSBC, has said that the bank is well-positioned to weather any further losses in the Chinese real estate market. Quinn said that the bank has taken steps to mitigate its exposure to the Chinese real estate market, and that it has ample capital to cover any potential losses.
💰 Debt-Laden China's Local Governments Scramble to Rescue Small Banks with $21 Billion in Special Bonds
Local governments in China are issuing $21 billion in special bonds to rescue small banks that are struggling with bad loans. The move is the latest in a series of efforts by Chinese authorities to bail out struggling banks and financial institutions.
💳 Apple to End Credit Card Partnership with Goldman Sachs
Apple is reportedly ending its credit card partnership with Goldman Sachs. The company is planning to launch its own credit card in partnership with a new issuer.