Markets

FCA investigates Wise CEO Kristo Kaarmann over tax default

Kristo Kaarmann, CEO and co-founder of Wise. Eoin Noonan | Sports file | Getty Images The CEO of £3.9 billion ($4.8 billion) fintech firm Wise is being investigated by UK regulators after tax authorities found he failed to pay a tax bill worth over £720,000. Kristo Kaarmann, who co-founded Wise in 2011, was recently fined …

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Three Arrows Capital (3AC) faces deadline to repay loans or default

Billions of dollars of value have been wiped off the cryptocurrency market in the last few weeks. Companies in the industry are feeling the pain. Lending and trading firms are facing a liquidity crisis and many firms have announced layoffs. Yu Chun Christopher Wong | S3studio | Getty Images Three Arrows Capital, a crypto-focused hedge …

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RBC top analyst sees comeback

Investors who are “apathetic” or negative toward banks will change their stance in the year’s second half, according to RBC Capital Markets’ top banking analyst. Gerard Cassidy predicts bullishness will make a comeback due to strong revenue growth and optimism surrounding credit. “You can really see people coming back to [bank] the stocks. They’re under-owned,” …

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Wall Street, Bank of Japan, currencies, oil

SINGAPORE — Shares in the Asia-Pacific region mostly traded lower on Wednesday, as economic fears continue to weigh on the market. Oil futures declined more than 4% in Asia trade. International benchmark Brent crude futures slipped 4.58% to $109.40 per barrel. US crude futures also dropped by 5.01% to $104.03 per barrel. Reuters reported that …

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Sam Bankman-Fried rescues crypto lenders BlockFi, Voyager

With no central bank willing to come to the rescue, beleaguered crypto companies are turning to their peers for help. Billionaire crypto exchange boss Sam Bankman-Fried has signed deals to bail out two firms in as many weeks: BlockFi, a quasi-bank, and Voyager Digital, a digital asset brokerage. FTX, Bankman-Fried’s crypto exchange, agreed Tuesday to …

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Inflation won’t ease anytime soon if Tuesday’s rally lasts

CNBC’s Jim Cramer said that Tuesday’s market gains need to come down in order for the Federal Reserve to beat inflation as soon as possible. “Right now, the best outcome would be for the averages to come down quickly, so [Fed Chair Jay Powell] can get it over with,” he said. “Powell had better hope …

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These are the most oversold stocks in the S&P 500 due for a bounce

Certain stocks have become so oversold during this brutal bear market that they are long overdue to bounce. With stocks on Tuesday snapping back a bit after weeks of big losses, CNBC Pro set to find the stocks most overdue for a rebound. We looked for the shares trading the farthest from their average price …

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Kellogg, Lennar, Spirit Airlines and others

Check out the companies making headlines before the bell: Kellogg (K) – Kellogg jumped 8.1% in premarket trading after announcing plans to split into three separate public companies. One entity will comprise the snack and international cereal businesses, another the US cereal business and the third will be a pure-play plant-based food producer. Lennar (LEN) …

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Australia RBA meeting minutes, oil and currencies

SINGAPORE — Asia-Pacific markets were mostly buoyant on Tuesday while bitcoin continued to rise after a recent rebound. Australia’s central bank says inflation will peak by the end of the year ahead ahead of a meeting minutes release this morning. Japan’s Nikkei 225 was 1.67% higher while the Topix rose by 1.72%. The Kospi in …

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