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...Output per hour worked, a standard measure of labour productivity, has grown more than 6 per cent in the US non-farm business sector since 2019, according to official data....
...Capital One Financial, which is buying rival Discover Financial Services, is up 50 per cent. Americans held more than $1.1tn on their credit cards at the end of 2023, an all-time high....
...Phil Lloyd, head of non-bank financial institutions at NatWest Markets, warned clients this week that settling trades directly with buyers, rather than via CLS, “adds credit and operational risk”....
...Factories only employ one-tenth of the whole non-farm business sector, so they need outsized productivity growth to move the aggregate needle....
...What returns to expect from private credit Should M&A return, it could well energise an already frenetic corner of finance: private credit....
...Alastair Ryan, an analyst at Bank of America, said he expected lots of long-term Credit Suisse clients to go elsewhere....
...But Bank of America’s credit strategist Oleg Melentyev has a good idea: While we cannot directly observe valuations and credit loss experience in private credit space, we can look at proxy issuers and make...
...US lender Capital One has agreed to buy rival Discover Financial for $35.3bn, in an all-stock tie-up that is set to unite two of America’s largest credit card companies....
...Nubank has laid out ambitions to be Latin America’s biggest financial services group as the $44bn-valued digital lender is predicted to hit the milestone of $1bn in annual profits....
...Farmers in the continent-sized country say they already preserve large tracts of native vegetation and are expected to be significant suppliers of credits....
...largest wealth manager outside North America....
...Noteworthy deals include First Solar’s $700mn tax credit transfer to Fiserv, and an Invenergy-led $580mn transfer to Bank of America....
...Roughly $10bn of so-called private credit loans have been refinanced in public markets, as borrowers pay down burdensome loans in favour of a cheaper alternative, according to data from Bank of America....
...And as the private credit boom shows, plenty of institutional investors that are keen to lend to them....
...Still, big financial services deals are going to bring scrutiny, and the likes of Senator Elizabeth Warren have already called for regulators to block the merger....
...Alongside America’s highways, billboards jostle for drivers’ attention....
...Last year, state legislators raised questions about the governance of the company’s non-profit arm, whose mission is to provide financial support and other social services to the disadvantaged — with the...
...Indigo is one of several companies that have sprung up to help farmers make money selling soil carbon credits on the voluntary markets....
...There’s a real battle to take control of this energy source,” said Michael Carr, head of Solar Energy Manufacturers for America, a US group seeking more trade protections....
...A more expansive definition of junk fees could be a nightmare to enforce. And closing off every loophole might prove overwhelming. What counts as a legitimate unbundling of a service?...
...The bulk of those fees — about 79 per cent — was from credit cards. Many companies’ profits margins are narrowing as they get squeezed by higher inflation....
...Bank of America has tapped Lukas Poensgen as head of M&A for Germany, Austria and Switzerland, and Juan Vilarino Rumeu as head of M&A for Iberia....
...Despite this, in recent days executives from the country’s four largest banks — JPMorgan Chase, Bank of America, Citigroup and Wells Fargo — said during earnings calls that consumers were resilient....
...of America....
...But his centrepiece is the Inflation Reduction Act, which includes a massive programme of federal spending and open-ended tax credits aimed at creating domestic green production to service the American market...
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