Ark Invest sold 13,780 shares of Coinbase for approximately $3.9 million amid market volatility following Jerome Powell's hawkish speech, which caused a 10% drop in Coinbase's stock price to $279.86. Despite this, Coinbase is up 61% year-to-date, and Ark retains $110 million in shares, representing 9.9% of its ARKF portfolio, reflecting a strategic risk management approach. This move aligns with Ark's history of adjusting its Coinbase holdings in response to market conditions.
Nestle has launched a new protein shot designed to aid weight loss by helping manage hunger and naturally boost GLP-1 hormone levels. Meanwhile, the FDA has declared the shortage of tirzepatide, the active ingredient in Eli Lilly’s Zepbound, over, impacting the weight-loss drug market. The rise in popularity of medications like Wegovy and Zepbound is also leading to increased healthcare utilization in the U.S., with more patients being diagnosed and prescribed for various conditions.
UBS has welcomed the Parliamentary Commission of Inquiry's findings on the Credit Suisse collapse, which hold former directors accountable and recommend regulatory enhancements. The Swiss Bankers Association supports increased public liquidity for systemically important banks, while Finma acknowledges the criticisms but seeks new powers for better oversight. The Swiss National Bank emphasizes its commitment to strengthening regulations in the financial sector.
UBS advocates for a targeted and proportionate tightening of banking regulations following its takeover of Credit Suisse in spring 2023. The bank supports most recommendations from the Federal Council aimed at enhancing the Swiss financial center's resilience, acknowledging it now faces additional capital requirements of up to $20 billion.
Former Finance Minister Ueli Maurer faces criticism from a parliamentary inquiry for inadequate communication regarding Credit Suisse's crisis, particularly for delaying detailed updates until early November 2022. The inquiry highlights a lack of effective information flow and poor handover to his successor, Karin Keller-Sutter, who subsequently improved communication on the bank's situation. Maurer remains silent on the report, stating he wishes to review it first.
UBS advocates for a targeted and proportionate adjustment of banking regulations, emphasizing alignment with international standards following its acquisition of Credit Suisse. The bank supports most recommendations from the Federal Council aimed at enhancing the Swiss financial sector's resilience, while noting it now faces an additional $20 billion in capital requirements.
The Parliamentary Commission of Inquiry (PUK) has released a report attributing the downfall of Credit Suisse to its Board of Directors and Executive Board, citing their resistance to regulatory interventions. The investigation highlighted failures in communication and coordination among Swiss authorities during the crisis, particularly criticizing former Finance Minister Ueli Maurer's information policy. The PUK emphasizes the need for improved risk management and regulatory measures to prevent future financial crises.
Ueli Maurer, the former Finance Minister, remains silent on the Parliamentary Investigation Commission's report regarding Credit Suisse's downfall, stating he needs time to review it. The report criticizes his lack of communication with the Federal Council and insufficient handover to his successor. UBS acknowledges the report, attributing CS's collapse to poor management and supports most proposals to enhance financial stability, while the Green Liberal Party emphasizes that bad management cannot be regulated away.
Swiss lawmakers have criticized the oversight of Credit Suisse's collapse, attributing the failure primarily to the bank's management while acknowledging the authorities' lack of transparency and haphazard crisis response. The inquiry's report recommends strengthening regulatory frameworks and ensuring better communication among officials to prevent future crises. UBS's acquisition of Credit Suisse has left Switzerland with only one major international bank, prompting calls for reforms to enhance financial stability.
On December 19, US spot Ethereum ETFs experienced significant outflows totaling $60.47 million, ending an 18-day inflow streak, primarily driven by the Grayscale Ethereum Trust, which saw $58.13 million exit. This downturn coincided with a broader crypto market decline, as Ether's price dropped over 9% to $3,371 amid inflation concerns following the Federal Reserve's interest rate cuts. Despite the recent setbacks, spot Ether ETFs have accumulated $2.4 billion in net positive flows since their launch in July, with 81% of ETH holders still profitable at current prices.

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