Reuters

LONDON (Reuters) - Barclays on Monday asked London's High Court to more than halve a shareholders' lawsuit worth up to 560 million pounds ($720 million) accusing the British bank of misleading the market about its private "dark pool" trading platforms.

Barclays tries to slash UK investors' $720 million 'dark pool' lawsuit

Bank of America, Citigroup and Goldman Sachs are reporting $4.139 billion in losses as lenders write off mounting debts that customers can’t honor. In its latest earnings report, Citigroup says its net credit losses, which are debts that the firm does not expect to collect, hit $2.28 billion in Q2 of this year.

Bank of America, Citigroup and Goldman Sachs Report $4,139,000,000 in Losses As US Lenders Witness Major Spike in Unrecoverable Debt

On Friday, Binance’s U.S. affiliate received approval from a federal judge to invest certain customer assets in U.S. Treasury bills. This ruling lifts restrictions previously imposed by the U.S. Securities and Exchange Commission (SEC), according to Binance.US. The court order mandates Binance.US to transfer cryptocurrency to a third-party custodian...

Binance.US Receives Approval to Invest Customer Assets in U.S. Treasury Bills

(Reuters) - The U.S. Securities & Exchange Commission has told at least two of the eight firms that have applied to launch the first U.S. exchange-traded funds (ETFs) tied to the price of ether that their products can begin trading on Tuesday.

US SEC approves first spot ether ETFs to start trading Tuesday

CoinDesk

Revolut has been in talks with investment firm Greenoaks over the deal, which would pave the way for a potential IPO.

Crypto-Friendly Bank Revolut Plans to Sell $500M of Employee Shares at $45B Valuation: WSJ

New York City, NY

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Cheryl E Preston

Yesterday was the third time this year that an ad stating Chelsea Clinton lives in a beautiful Virginia home popped up on my laptop. My computer did not warn me this was a dangerous site, so this time, I clicked on the link.

Chelsea Clinton is rumored to be living in Virginia but probably still in NYC

New York Post

There may be trouble looming on the horizon for the U.S. stock market, according to BCA Research.

In a note to clients last week, BCA Research chief global strategist Peter Berezin warned that, contrary to popular belief, the economy will fall into a recession either this year or in early 2025. 

Should that happen, the S&P 500 could tumble to 3,750, which marks a 30% drop from current levels.

Stock market could drop 5% or more before end of 2024: Wall Street analyst warns

Berezin’s prediction hinges on the belief that the labor market will slow notably in coming months, which will weigh heavily on consumer spending...

US headed for a deep recession in near future as stocks could fall 30%, analyst warns

Lancaster County, PA

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NewsByJoshua

Fans of Frisco's Chicken were left reeling as the beloved Peruvian-style eatery announced the closure of all its locations in Lancaster County, Pennsylvania. The chain, known for its delicious food and strong community values, posted a heartfelt note on its doors, informing customers of the devastating news.

Favorite Chicken Chain Suddenly Closes All Stores, Heartfelt Message Found on Doors

Manhattan, NY

Fortune

Convicted white collar criminal Bill Hwang is facing years in prison after defrauding banks out of billions to fuel his high risk gambles. The founder of fund management firm Archegos may spend the rest of his life behind bars after his speculative bets cost global investment banks $10 billion in combined losses three years ago.

Archegos speculator Bill Hwang could spend the rest of his life behind bars after his disastrous bets ushered in the demise of Credit Suisse

GENEVA (Reuters) - Countries and environmental groups voiced concern and disappointment on Tuesday after a draft treaty to cut fishing subsidies failed to pass, with China calling for major changes in how countries negotiate at the World Trade Organization. The talks, seen as critical to helping over-fished stocks recover, have...

Fishing treaty fails at WTO, prompting US, Chinese concern

Leading exchange Gemini has issued a bullish XRP statement after the token's massive price spike. Cryptocurrency trading platform Gemini recently highlighted XRP's stunning price growth. "Rise and vibe XRP fam," the exchange giant said in a post on the X social media platform. The exchange has noted that the price...

Bullish XRP Statement Issued by Exchange Giant Gemini

If you’ve been following the electric vehicle (EV) scene, you might have heard some concerning news about SK On, the South Korean battery manufacturer. They’ve hit a bit of a rough patch due to lower-than-expected sales of electric vehicles in key markets like Europe and the U.S. Let's dive into what’s going on and why it matters.

Battery Manufacturer Declares Urgency Due to Low EV Sales, Says Financial Times

According to Evercore ISI, the market has entered a correction phase driven by weak August and September seasonality and heightened political volatility, reminiscent of the Clinton vs. Dole and Bus vs. Gore election years. "[The] correction has begun in Time and Price," analysts noted, predicting the S&P 500 will test...

Evercore: Correction has begun; seasonality, political uncertainty to underpin market volatility

The agreement will also allow AMC to reduce debt by $464 million by converting exchangeable notes into equity. The company had been grappling with the aftermath of the Hollywood strikes last year that shut down productions and affected theater chains across the country. "The box office challenges of the first...

Debt-laden theater chain AMC reaches new refinancing deal

Goldman Sachs partner Stefan Bollinger has been named the new CEO of Julius Baer, the Swiss private bank announced Tuesday. He will take the helm of the bank by Feb. 1, 2025. A Swiss citizen, Bollinger is Goldman Sachs’s co-head of private wealth management for Europe, Middle East and Africa, and based in London.

Goldman vet tapped to lead Julius Baer

Business Times

Israeli cybersecurity startup Wiz has terminated negotiations with Alphabet, Google's parent company, regarding a potential $23 billion acquisition, according to a memo seen by CNN. This move, which would have marked Google's largest acquisition, has been shelved as Wiz pivots towards an initial public offering (IPO) and aims to generate $1 billion in annual revenue.

Wiz Halts $23 Billion Acquisition Talks with Google, Focuses on IPO

On Tuesday, Piper Sandler showed a positive stance on Microsoft Corporation (NASDAQ:MSFT), raising the tech giant's price target to $485 from $465, while maintaining an Overweight rating on the stock. The adjustment reflects the firm's optimism about Microsoft's cloud revenue growth prospects. The increase in the price target is backed...

Microsoft stock target raised to $485; Piper Sandler cites cloud revenue potential

Chicago, IL

Foodie in Chicago

Shortly before 3 AM, people in the Chicago area may have felt their houses shake as a 3.4-magnitude earthquake occurred about 60 miles west of the city. (CHICAGO) The United States Geological Survey (USGS) reported a 3.4-magnitude earthquake around Somonauk, IL. Somonauk is in DeKalb and LaSalle Counties, 64 miles west of Chicago.

Did You Feel the Earthquake?

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Bucks County Beacon

“[I]nvoking the favor and guidance of Almighty God,” the Constitution of the Confederate States of America composed by southern slaveholders in 1861 sought to “establish justice, insure domestic tranquility, and secure the blessings of liberty to ourselves and our posterity.” The authors of Project 2025, the latest playbook for restructuring the federal government in order to accomplish the policy goals of Christian Nationalists, similarly declare their manifesto will “decide America’s future” by securing their “God-given individual rights to live freely” and exercise dominion over others.

Legislating Inequality: The Christian Confederate Roots of Project 2025

On Monday, Citi expressed continued enthusiasm for the semiconductor industry, highlighting a particularly positive outlook on certain stocks. During recent meetings with investors in New York and Connecticut, the firm noted that while NVIDIA Corporation (NASDAQ:NVDA) still garners the most positive sentiment, Broadcom Inc. (NASDAQ:AVGO) is rapidly gaining favor. The firm also recognized increased investor interest in NXP Semiconductors (NASDAQ:NXPI) and Analog Devices , Inc. (NASDAQ:ADI), attributing this to inventory replenishment.

Citi remains bullish on semiconductor sector, warns on Micron

NewsBreak

Goldman Sachs issues $5.5 billion in new debt securities

Goldman Sachs Group Inc. (NYSE:GS) announced today the issuance of $5.5 billion in new debt securities, divided into two tranches, with maturity dates in 2030 and...

Goldman Sachs issues $5.5 billion in new debt securities

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