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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...
...One credit facility of $700mn had been reduced to $535mn by November, according to a note to the accounts about developments since the fiscal year end....
...So each [country] wants to have their own national champion, forgetting that winning the national championships doesn’t take you very far in terms of global [dominance].”...
...Finma has argued that without writing down the AT1s, nationalising Credit Suisse would have been the only alternative....
...A defence ministry proposal on a model of national service for young adults will be put before German politicians in the coming weeks, he added....
...In all, banks’ share of private lending in the US economy has fallen from 60 per cent in 1970 to 35 per cent last year, according to a new National Bureau of Economic Research paper....
...Donald Trump has declined to back a national abortion ban, in a move likely to disappoint more hardline groups but reassure Republicans concerned that the party’s stance could hurt their chances in November...
...This matters, because bad service and wasted time damages national productivity and depresses our mood....
...He’s talking about the National Health Service, about the great, humanitarian principle of a health service free at the point of delivery, about an institution that remains cherished above all others by...
...Private credit alpha Unhedged went through a period last summer during which we obsessed over what expected returns for private credit might be, and where those returns come from....
...JPMorgan’s emphasis below: How big really is the private credit asset class? Naturally the answer to this question depends upon your definition of what constitutes ‘private credit’....
...Rishi Sunak has appointed the vice-chief of the defence staff General Gwyn Jenkins as his new national security adviser....
...These should offer extra returns for holding complexity or illiquidity without adding credit risk....
...In an analysis published on Monday, the Office for National Statistics also showed that most goods commodities have seen falls in exports but rises in imports over the period....
...Private credit deals, in addition to generating interest income, also charge management fees to limited partners....
...failure of a supposedly well-capitalised bank, the absurd move to prioritise equity over (AT1) debt in default and the incredibly poor communications between Finma, the financial regulator, and the Swiss National...
...Delays were starkest among 16 to 24-year-olds, with 22 per cent reporting wait times of more than 12 months, data released by the Office for National Statistics on Wednesday showed....
...Capital One’s $35.3bn proposed takeover of Discover Financial Services would fuse two leading credit card lenders and give it control of a network that connects consumers, merchants and banks....
...An initial offer of liquidity from the Swiss National Bank finished with a shotgun marriage to UBS in late March....
...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....
...The group, which is one of the world’s biggest insurers and offers broader financial services including banking, reported operating profits down a fifth at Rmb118bn ($16bn) last year, in results released...
...that the departures would “create a range of issues” for Barings and attaching a term sheet offering to buy the credit business....
...Data published by the Financial Ombudsman Service, an independent public body, on Friday showed that 5,660 complaints about credit cards were lodged from October to December last year, a 76 per cent increase...
...Here’s a fun prediction: The privacy of private credit markets could be eroded by their own success....
...“I had to lie down in the road and say: ‘We’re not signing until we get that cash’,” he said, while stressing that central government deserved credit for agreeing to it....
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