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Lyft is urging its Chicago customers to advocate against a proposed tax on rideshares in the downtown area during weekends. The ordinance, introduced by Alderman Daniel La Spata, aims to generate up to $15 million annually to help address the city's nearly $1 billion budget deficit.
Canara Bank has received approval from the Reserve Bank of India to divest its stakes in Canara Robeco Asset Management Company Ltd and Canara HSBC Life Insurance Company Ltd by 13% and 14.5%, respectively, through an Initial Public Offer (IPO). The bank must comply with a timeline set by the Government of India to reduce its holdings in these entities to 30% by October 31, 2029.
Boston Mayor Michelle Wu's plan to temporarily raise commercial property taxes has encountered delays due to new data suggesting the impact of declining office building values on the city's tax system may be less severe than expected. The city, heavily reliant on property tax revenue, faces challenges amid a nationwide drop in office demand. State Senator Nick Collins has again postponed action on the proposal, emphasizing the need for further review of the latest tax assessment data.
Canada’s six largest banks are set to increase variable compensation for employees in 2024, with an average bonus pool rise of 12.2% compared to the previous year. Notably, Royal Bank of Canada, Canadian Imperial Bank of Commerce, and National Bank of Canada are leading the increases, despite a challenging environment for dealmaking and capital markets.
The European Central Bank is aiming to expedite the approval process for significant risk transfers (SRTs) to help banks capitalize on increasing demand for these transactions. Under proposed changes, banks could submit SRT information just two weeks before deal completion, a reduction from the current three-month requirement.
Goldman Sachs' consumer bank, Marcus, has reduced the interest rate on its high-yield savings accounts to 3.9%, marking the first drop below 4% since May 2023. This change, down from 4.1%, is the fourth reduction this year and coincides with the Federal Reserve's consideration of another benchmark rate cut at an upcoming meeting.
President Vladimir Putin has lifted the requirement for payments for Russian natural gas to be made through Gazprombank, allowing European buyers to use other banks. This move alleviates concerns over US sanctions potentially disrupting gas supplies to Europe, leading to a 2.3% drop in European benchmark prices.
Cary Kochman, head of global mergers and acquisitions at Citigroup, is retiring after 13 years with the bank. His departure comes as Citigroup aims to revitalize its investment banking division. Kevin Cox will take over as interim M&A head while a search for a permanent replacement begins.
XRP, the cryptocurrency of the Ripple network, surged to USD 2.84 on December 3, marking a 400% increase in a month, driven by positive regulatory developments, Ripple's corporate growth, and increased technological adoption. The outlook for Q1 2025 hinges on the resolution of the SEC litigation, which could provide regulatory clarity and boost demand, potentially pushing XRP above USD 5. However, ongoing regulatory uncertainty and market fluctuations may lead to price stagnation or decline.
Casual restaurant bankruptcies are on the rise, with TGI Friday’s Inc. recently filing for bankruptcy due to declining sales as customers cut back on spending. This trend marks the highest number of large restaurant bankruptcies since 2020, driven by increased labor costs, supply chain issues, and higher interest expenses, which are all impacting consumer demand for dining out.
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