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...The top US consumer finance watchdog has raised doubts about megamergers in the credit card industry, just as Capital One attempts to close its $35.3bn takeover of card issuer Discover Financial Services...
...Responding to questions about the email, Horner said he would not comment on “anonymous speculation” and reiterated that he had “always denied the allegations”....
Talks show largest US lender’s appetite for a payments network to support its credit card business
...The anonymous letter, written in Chinese, accused PwC of failing to establish and maintain an effective system of quality control to ensure audit quality and compliance with professional standards, the AFRC...
...At 20, I first called Alcoholics Anonymous. In 1994, at the age of 24, I had my last glass of wine, a bitter Chianti....
...Microsoft said it was still investigating the images, but had “strengthened our existing safety systems to prevent our services from being used to help generate images like them”....
...an Argentine naval vessel during a protracted tussle with the Latin American nation — British water company legislation restricts the ability of bondholders to seize assets if Thames Water is unable to service...
Plus, Shein considers London for its IPO and Blackstone strikes a deal with Barclays
FDIC board postpones votes on rival proposals that have alarmed the fund management industry
...Regulators are worried that Big Tech companies may be taking advantage of AI companies’ insatiable need for computing power to train large language models, by luring cash-strapped start-ups to their cloud services...
...It has already rolled out a large range of services, including meeting transcription and spreadsheet analysis, available for $30 per person, per month....
...Demand for Microsoft’s AI services boosted sales by 7 percentage points during the quarter, up from 6 in the previous quarter and 3 in the one before that....
...Results at BofA, like its large competitors, were also dragged down by costs tied to last year’s regional banking crisis after the Federal Deposit Insurance Corp imposed another round of fees on the nation...
...Moreover, such institutions often accompany lending with advisory services to clients to build their capacity. Such factors may explain the lower defaults and superior recovery rates....
...In a statement, Horner reiterated his denial of the allegations and said he would not comment on “anonymous speculation.”...
Proposals would demand asset managers show they are not seeking to control lenders in which they have large stakes
...On Monday, the Virginia-based bank said it had agreed to acquire Discover Financial Services for $35bn, to be paid all in stock....
US activist’s interest comes as London-listed SMIT has fallen out of favour
...*Ignites Europe is a news service published by FT Specialist for professionals working in the asset management industry. Trials and subscriptions are available at igniteseurope.com....
...It followed a stand-off between the then government and the tech sector that led to Google warning it would shut down its search services in Australia....
...Its own generative AI-supported services will benefit from improvements that come from the public....
...and Google’s owner Alphabet have quashed investor scepticism around the vast sums spent on developing artificial intelligence, after being boosted by rampant corporate demand for their cloud computing services...
...A year ago, an expected economic downturn in the US hung over the sector, which was already grappling with a post-pandemic slip in demand for digital services....
Plus, the money behind The Body Shop’s rescue and the Shakespearean drama of an Italian dynasty
...*Ignites is a news service published by FT Specialist for professionals working in the asset management industry. Trials and subscriptions are available at ignites.com....
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