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India's two leading stock exchanges may face a decline in profits if the country's stock-market regulator enacts proposed changes to the ownership structure of clearing houses. This potential shift could significantly impact the financial landscape for these exchanges.
A US agency is conducting due diligence on a $500 million loan for an Adani Group-backed port development in Sri Lanka amid bribery allegations against the conglomerate's founder and executives. The US International Development Finance Corp. has not yet finalized the agreement.
In a significant political shift, the cryptocurrency industry funneled over $245 million into the recent elections, helping candidates like Bernie Moreno defeat long-standing incumbents and secure nearly 300 pro-crypto lawmakers in Congress. This strategic investment aimed to eliminate critics and bolster support for crypto-friendly regulations, particularly following the SEC's aggressive stance under Gary Gensler. With the backing of major crypto executives and PACs, the industry is poised to exert unprecedented influence over future legislative agendas.
The US Securities and Exchange Commission (SEC) reported a record $8.2 billion in penalties and investor relief for fiscal 2024, despite a 26% decline in the number of enforcement cases compared to the previous year. This marks a significant achievement for the agency in its efforts to protect investors.
Thousands of Americans are facing financial devastation after the collapse of fintech firm Synapse, which left customers locked out of their accounts for months. Many, like Kayla Morris, are receiving minimal returns on substantial deposits, with Evolve Bank offering only $500 of her $280,000 savings. As lawsuits mount and cooperation among banks dwindles, victims are forming groups like Fight For Our Funds to seek justice and accountability for their losses.
Super Micro Computer Inc. shares experienced significant volatility as the company works to avoid delisting from Nasdaq. After hiring BDO USA as its independent auditor and submitting a compliance plan, shares surged by 13%, marking a 78% weekly gain and positioning the firm for its best week ever. This rebound follows a tumultuous period characterized by allegations of accounting issues and filing delays that erased earlier stock gains.
Over 60% of trading in India is now driven by algorithms, with major global firms like Citadel Securities and Tower Research seeking to establish high-frequency trading desks. Regulatory body SEBI emphasizes its commitment to investor protection while promoting innovation in AI, blockchain, and algorithmic trading.
Bitcoin is nearing $100,000 amid rising optimism as SEC Chair Gary Gensler announces his resignation effective January 20, paving the way for a Wall Street-friendly successor under President-elect Trump. Meanwhile, Alphabet shares dropped 4% following a DOJ proposal to split off the Chrome browser, and Citadel's Ken Griffin hinted at selling a minority stake in the future. Additionally, Archegos founder Bill Hwang received an 18-year sentence for fraud related to the firm's 2021 collapse.
Bitcoin approached the $100,000 mark, trading at $98,550, fueled by optimism over favorable US regulations and increased investor interest following President-elect Donald Trump's support for cryptocurrency. The market has surged by approximately $1 trillion since Trump's election win, with expectations that SEC enforcement actions will diminish after Gary Gensler steps down on January 20.
E.l.f. Beauty CEO Tarang Amin refuted allegations from short seller Muddy Waters, which claimed the company overstated revenue and inventory. Amin emphasized the company's 23 consecutive quarters of growth and strong market share, asserting that the accusations are unfounded and aimed at manipulating stock prices. He noted that E.l.f. has increased inventory to meet rising demand, particularly internationally, despite challenges faced by competitors in the beauty industry.
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