Pinduoduo shares are falling sharply as quarterly sales lack estimates

U.S. listed stocks in Pinduoduo plunged Friday after the Chinese e-commerce company reported a third-quarter sale that was much lower than Wall Street’s expectations. Revenue of 21.51 billion yuan ($ 3.37 billion) missed expectations of $ 4.04 billion. Adjusted earnings were 2.18 yuan, or 34 cents per share. US depositary stock, up from 33 cents … Read more

Central Bank of Turkey, banks discuss exchange rates after lira fall | Business and financial news

Central Bank Governor Sahap Kavcioglu said after his meeting with top bankers and the country’s BDDK bank watchdog that the banking sector and all its players ‘are very much in harmony’. Turkey’s central bank governor said he discussed recent interest rate cuts with bankers at a meeting Thursday after a drop in the lira to … Read more

The CD Howe Institute says the Bank of Canada should issue a digital currency

OTTAWA – CD Howe Institute believes that the Bank of Canada should issue a digital currency that can be converted into cash. In a new report, the think tank says that Canadian-dollar-linked stack coins can become attractive if they can be converted into cash issued by the Bank of Canada and are well-designed and well-regulated. … Read more

The CD Howe Institute says the Bank of Canada should issue a digital currency

OTTAWA – CD Howe Institute believes that the Bank of Canada should issue a digital currency that can be converted into cash. In a new report, the think tank says that Canadian-dollar-linked stack coins can become attractive if they can be converted into cash issued by the Bank of Canada and are well-designed and well-regulated. … Read more

Five Central Democrats oppose Biden’s election as bank regulator

Five centrist Democratic senators have reportedly told the White House that they will oppose the nomination of Saule Omarova, President Joe Biden’s controversial left-wing election as head of the Treasury Department’s currency controller. Opposition from both Republicans and now some of Biden’s own party could kill the nomination of the Soviet – born academic for … Read more

Five Central Democrats oppose Biden’s election as bank regulator

Five centrist Democratic senators have reportedly told the White House that they will oppose the nomination of Saule Omarova, President Joe Biden’s controversial left-wing election as head of the Treasury Department’s currency controller. Opposition from both Republicans and now some of Biden’s own party could kill the nomination of the Soviet – born academic for … Read more

US regulators to clarify how banks can engage with Bitcoin n 2022

U.S. banks will be armed with greater regulatory clarity on how to engage with Bitcoin and cryptocurrency. The Fed, FDIC and OCC plan to publish guidelines for financial institutions seeking to offer asset class services. The team of regulators has analyzed deposit, loans secured by bitcoin, payments, buying and selling and keeping BTC on the … Read more

Eric Adams is considering hiring Goldman Sachs CEO Stephen Scherr

Democratic candidate for New York Mayor Eric Adams reacts after being declared the winner at his election night party in Brooklyn, New York, USA on November 2, 2021. Andrew Kelly | Reuters New York City’s newly elected mayor, Eric Adams, is considering a Goldman Sachs director for a role in his administration, according to people … Read more

UBS elects former Morgan Stanley president Kelleher as chairman

Colm Kelleher. Pete Marovich | Bloomberg | Getty Images UBS on Saturday named former Morgan Stanley president Colm Kelleher as his surprising choice to succeed Axel Weber as chairman of the world’s largest asset manager when his term expires in April. Kelleher, an Irishman from County Cork, retired from his position at Morgan Stanley in … Read more