Epicor has acquired DSPanel, a global provider of cloud-based Financial Planning and Analysis (FP&A) solutions and existing Epicor ISV partner.

By Stephen Dombroski, Director of Food and Beverage Markets, QAD.

For many business organizations, internal departments working independently of one another is the norm. This norm creates siloed day-to-day functions and rigid disconnects in processes. This is especially true when it comes to sales and operations planning (S&OP).

The Supreme Court's rejected a conservative-led attack that could've undermined the Consumer Financial Protection Bureau.

The post Supreme Court sides with the Consumer Financial Protection Bureau, spurning a conservative attack first appeared on Federal News Network.

Location: Electronic Resource- 

Location: Law Electronic Resource- 

With the Eurozone crumbling and billions being allocated to bank bailouts, financial stability might seem out of reach.

The platform purportedly spreads conspiracy theories.

LOM Financial announced that Makeba Outerbridge has been promoted from Senior Investment Advisor to Assistant Vice-President Investments. “Makeba’s appointment is a testament to her outstanding contributions to the firm and dedication to delivering exemplary service and results for LOM’s clients,” said Michael Greaves, Global Head of Advisory. The spokesperson said, “Since joining LOM Financial in […]

The Bermuda Stock Exchange [BSX] hosted a ceremonial ‘Ring the Bell for Financial Literacy’ event as part of the World Federation of Exchanges’ [WFE] support for World Investor Week. A spokesperson said, “The Bermuda Stock Exchange [BSX], a wholly owned subsidiary of Miami International Holdings, Inc., hosted a ceremonial ‘Ring the Bell for Financial Literacy’ […]

Butterfield is offering a free money management and financial literacy class next month for full-time college and university students between the ages of 18 and 30. A spokesperson said, “The Butterfield 101 Money Management Programme will be held on Thursday, 18 July, from 5:30pm at Butterfield’s Head Office on Front Street. Retail banking professionals will […]

The Bermuda Bankers Association announced support for World Elder Abuse Awareness Day on June 15, highlighting the need to recognize and prevent financial abuse, especially among older adults. A spokesperson said, “The Bermuda Bankers Association supports World Elder Abuse Awareness Day, which takes place each year on June 15th. This is an opportunity to remind […]

[Written by Martha Harris Myron] It has been my long-term experience in my former Bermudian/international professional finance practice working with our community that still, there is little correlated, current, easy-to-understand financial information specifically focused on our uniquely sophisticated Bermuda economic environment. Bermuda’s First Financial Literacy Primer was written by me for you, all Bermuda islanders […]

The police noted the recently released “Bermuda 2020 Report on Money Laundering and Terrorist Financing Risk Assessments” and said the ”BPS works with partner agencies within the National Anti-Money Laundering Committee to both combat and deter criminal use of our financial systems, and our collective input into this report helps inform decision making at all levels […]

The government is expected to announce that a $100 monthly personal allowance to cover the cost of personal care items will be added for people on financial assistance and the Ministry of Transport will reduce the number of vehicle inspections required in the first five years for a new vehicle. In advance of tomorrow’s reading […]

Arthur J. Gallagher & Co. announced that its captive and alternative risk transfer solutions subsidiary, Artex, has acquired Bermuda-based Frontier Financial Services Limited. A spokesperson said, “Frontier is a management firm specializing in consulting, recruitment, business services and immigration services to reinsurance and insurance-linked securities clients in Bermuda. Peter Brodsky, Derek Winch and their team […]

1. ASX falls as banks drop; MinRes sinks, James Hardie rallies  The Australian Financial Review
2. Wages growth slows, CBA logs flat first-quarter profit, ASX falls — as it happened  ABC News
3. Markets today: ASX slides as ‘Trump trade’ peters out on Wall Street; miners, banks fall  Sydney Morning Herald

1. NSW nurses strike heaps wage pressure on Minns government  The Australian Financial Review
2. Hundreds of elective surgeries cancelled as 10,000 nurses and midwives walk off job in NSW  ABC News
3. Nurses took to the streets after ‘insulting’ pay offer. Next stop, court  Sydney Morning Herald
4. Almost 700 surgeries cancelled as 12,000 NSW nurses strike for better pay  9News

1. Elon Musk’s job as Trump’s bureaucracy buster could be just the start  The Australian Financial Review
2. Elon Musk tapped for ‘government efficiency’ role by Donald Trump  Sydney Morning Herald
3. Evening News Bulletin 13 November 2024  SBS News
4. Donald Trump wants Elon Musk to slash regulations as he reveals his role  ABC News

Great Britain's men's ice hockey team receives a grant from the IOC to help in its bid to qualify for the 2014 Winter Olympics

We've been seeing these Bernie Sanders memes practically everywhere on the internet lately, and they don't appear to be stopping any time soon! Here's our last gallery in case you missed 'em. 

We sincerely hope you're not sick of political memes yet, because we've still got far to go before the 2020 presidential elections, so buckle up!

Japan's Mizuho Financial Group will take a 15% stake in Rakuten Group subsidiary Rakuten Card for 165 billion yen ($1.06 billion) in a further deepening of the two companies' strategic alliance, they said on Wednesday.

In This Article: TOKYO (Reuters) - Japan's Mizuho Financial Group will take a 15% stake in Rakuten Group subsidiary Rakuten Card for 165 billion yen ($1.06 billion) in a further deepening of the two companies' strategic alliance, they said on Wednesday. The share transfer is planned for Dec. 1,…

Competition in professional football has significant characteristics and in the present days Chelsea has emerged as one of the strongest..

The post Financial Force of Chelsea: Analysing Key Sponsor Partnerships appeared first on Chelsea FC Blog.

In the summer of 2022, Clearlake Capital and Todd Boehly bought Chelsea FC from Roman Abramovich for £2.3 billion. The..

The post Chelsea’s Rising Value Post-Takeover: A Financial Analysis appeared first on Chelsea FC Blog.

How can you identify and overcome biases that hurt you financially? NOVA teamed up with Duke University’s Center for Advanced Hindsight to design the NOVA Financial Lab, a game that breaks down the behavioral science behind financial decision-making.

1. PM Modi’s Rs 12,100 crore infrastructure push to transform Bihar’s railways and roadways – Here’s all you need to know  The Financial Express
2. PM Modi to visit Bihar on Wednesday, inaugurate projects worth Rs 12,100 Cr  Deccan Herald
3. PM Modi lays foundation stone for AIIMS Darbhanga, says NDA Govt committed to welfare of people  The Hindu
4. PM Modi Bihar Visit Live: Nitish Kumar removed 'jungle raj' in Bihar, says PM Modi in Darbhanga  Moneycontrol
5. Politics News Today Live Updates on November 13, 2024: ‘BJP trying to create controversy’: Karnataka Deputy CM Shivakumar on ‘Kaalia’ remark against Kumaraswamy  Mint

Financial planner Anthony Carlton says his richest clients are teachers and other unassuming professionals who have good money habits.

Financial Realities for Single Female Home Buyers

SVB collapse shows interest rate financial stability threat Expert comment LJefferson 15 March 2023

Governments must resist pressure to relax post-financial crisis regulation, while central banks should moderate their attack on inflation if financial stability is at risk.

The collapse of California’s Silicon Valley Bank (SVB) on 10 March has triggered a wave of volatility in global bank equity prices, raised questions about whether US bank regulation and its tech industry funding model are fit for purpose, and forced a rethink on the extent and pace of monetary policy tightening appropriate for the US and other advanced economies.

SVB was the US’s 16th largest bank with total assets of $212bn at the end of 2022 and a presence in eight countries around the world, including the UK. Since it was founded 40 years ago, it has maintained a strong focus on the technology sector, claiming recently that nearly half of all US venture-backed technology and life science companies banked with it. Partly as a consequence, some 95 per cent of its deposits came from corporates and hedge funds, far higher than the one-third typical of similarly sized banks.

What led to SVB’s collapse?

Ironically, SVB’s failure did not result from its core business model of serving a relatively high-risk and fast-growing sector, but rather from a dramatic failure in liquidity management. During the pandemic, SVB saw a very large inflow of corporate deposits. But rather than disincentivizing depositors or investing the funds attracted in assets of matching maturity, it chose to invest them in low credit risk, but long maturity bonds attracted by a small pick-up in return over shorter-term assets. 

When US interest rates began to rise rapidly in 2022 following Russia’s invasion of Ukraine, the value of SVB’s long-term bond portfolio declined sharply. It was left facing a large capital loss of some $15bn, roughly equivalent to its total shareholder funds. The management attempted to repair SVB’s balance sheet last week by crystalizing some of the loss and raising new capital.

But when this failed, the US supervisory authorities had no choice but to step in and close the institution.  This action was quickly followed by emergency action from other regulators vis-a-vis SVB subsidiaries and offices around the world.

The US entity has formally been taken over by the FDIC and a bridge bank established. All depositors have had their funds guaranteed, going beyond the normal federal deposit insurance limit of $250,000 per customer. However, bond holders and equity holders have been wiped out. The authorities have said that any loss will be covered by the industry as a whole via the FDIC.

In the UK, the Bank of England was able to sell the ring-fenced UK subsidiary of SVB to HSBC for £1 over the weekend, so that all its depositors and other liability holders have effectively had their funds guaranteed. In contrast to previous Bank of England rescues (such as Johnson Matthey Bank in 1984, the ‘small banks’ crisis in 1991 and the global financial crisis in 2008-9) no public money has been put at risk.

Four key questions

SVB’s rapid collapse raises four central questions:

First, how was it that the bank was able to take on such a risky interest rate maturity mismatch in its US operations? Maturity transformation is standard banking industry practice, but it is usually closely monitored by regulators who place limits on the extent of interest rate maturity mismatch and require liquidity buffers to offset the risk of deposit flight and forced asset sales.

SVB’s very high concentration of corporate deposits as compared to ‘sticky’ retail deposits, means that the risk of deposit flight was unusually high and so the bank should have been more, not less, cautious in its liquidity policy. SVB was classed as a regional bank in the US which means that it did not have to meet international regulatory standards under Basle III. And in 2018, the Trump administration approved legislation removing the post-financial crisis requirement that banks with assets under $250bn submit to stress testing and relaxing liquidity buffer requirements.

But it is still hard to understand why regulators allowed SVB to commit such a classic banking error. On Monday, the Federal Reserve ordered an inquiry into what it has correctly described as a regulatory failure. This should look at the role played by all the elements of the oversight system including the auditors, KPMG.

Second, does SVB’s failure reflect a much bigger underlying risk in the US banking sector, and potentially other banking systems around the world, built up over the prolonged period of ultra-low interest rates? SVB’s collapse was followed by the failure of the $110bn Signature Bank in New York, as well as sharp falls in US regional bank stock prices – by close of play on 14 March, the S&P Regional Bank Index was down 22 per cent on a week before, with some individual bank stocks seeing much sharper falls.  

To the extent that banks have been covered by international bank regulatory requirements, the risk of a much broader problem should be limited because stress testing and other regulatory tests would have looked at precisely the scenario that has happened. Even where large market losses have been incurred, capital buffers should be sufficient to cover them. But as SVB has shown, there are some large banks that are seemingly not required to follow international rules, while the latest developments at Credit Suisse indicate that market concerns may still arise when other factors are in play.

Third, how far, in the light of the potential vulnerability in banking systems, should central banks in advanced countries moderate their efforts to squeeze out inflationary pressures? While inflation already appears to have peaked in many economies and the pace of interest rate rises was expected to slow, inflation is far from vanquished, as recent data in the US has demonstrated.

Fourth, does the failure of SVB tell us something new about the financial risks facing the high technology sector?  It was remarkable that a single (and not particularly large, by international standards) financial institution could have played such a central role in the tech sector in both the US and UK. 

Why was this the case and does it reflect special features of the tech/start-up sector (e.g. the need for substantial cash deposits to cover relatively large negative cash flows in the early years of operation, or the need for highly specialized lending expertise). If so, should governments take steps to mitigate such risks, given the outsized importance of this sector in many national economic strategies? 

Expert

The Role of Sub-state and Non-state Actors in International Climate Processes: Financial Institutions Research paper sysadmin 20 December 2018

The trillions of dollars needed to secure the sustainable, climate-compatible pathway outlined in the 2015 Paris Agreement have focused attention on private finance and investment.

This is one of four background papers feeding into a synthesis paper entitled The Role of Sub-state and Non-state Actors in International Climate Processes.

Summary

• The trillions of dollars needed to secure the sustainable, climate-compatible pathway outlined in the 2015 Paris Agreement have focused attention on private finance and investment, and on the role of the financial sector as a potentially powerful non-state actor in the international climate debate.
• Leading individual financial institutions reacted to the Paris Agreement by framing it in terms of what it would mean for markets – i.e. risks and opportunities – and by underlining the importance of national implementation of climate change commitments.
• Key recent developments signal that the financial sector actively supports Paris-compatible government action on climate change, as well as company-level action to understand the physical and ‘transition’ risks and opportunities associated with climate change and policy responses. Financial sector engagement is taking place through well-organized and well-supported international initiatives and platforms. A critical part of this process entails robust activity by financial institutions to embed climate change and broader sustainability factors into strategies and operations.
• At country level, attention to implementation of Nationally Determined Contributions (NDCs) and associated sector-level policy development has been largely separate from the broader ‘sustainable finance’ dynamic. National-level action has not benefited from the same level of organized financial sector involvement evident in international action. One of the reasons for this is that, with some notable exceptions, international financial initiatives lack the capacity and resources to participate in the granular detail of national policy processes. Policymakers in turn often lack the internal capacity to consult or engage with the financial sector domestically.
• This paper includes some thoughts on further international and national climate actions. Ensuring that messages from successful international financial sector initiatives are heard in regional and non-climate forums offers one avenue for building a stronger foundation for greater climate ambition. Building the resource base for stronger national climate policy engagement, as a counter-voice to incumbent interests and to ensure that the quality of policy is ‘investment grade’, is another. This will be critical to the delivery of policy outcomes. Other key elements include the need to pool knowledge across relevant parts of the finance sector, build alliances, and shift action towards joint problem-solving with policymakers. A ‘Talanoa 2.020’-type initiative offers one potentially promising approach to advancing dialogue in this respect.

POSTPONED: Zimbabwe Futures 2025: Financial Sector Expansion and Policy Priorities 15 November 2017 — 9:00AM TO 11:30AM Anonymous (not verified) 6 November 2017 Harare, Zimbabwe 

This roundtable will draw on current best practice and senior level expertise to identify policy options for financial stability and sector growth. A depoliticized analysis of the development agenda will highlight requisite conditions and prospective policies for a business-driven roadmap to the economic recovery of Zimbabwe, with a specific focus on the financial sector.

Participants will discuss macro-economic policy and stability, retail banking products and services, fintech, mobilizing domestic finance for national infrastructure and balancing consumer price index and inflation.

This event is being held in partnership with the Zimbabwe Business Club.

PLEASE NOTE, THIS EVENT HAS BEEN POSTPONED UNTIL FURTHER NOTICE.

LONDON, Nov. 1, 2024 — Quantum Motion, a UK-based quantum computing scale-up founded by Professor John Morton, University College London (UCL), and Professor Simon Benjamin, University of Oxford, has worked […]

The post Quantum Motion and Goldman Sachs Identify Quantum Applications in Financial Services Project appeared first on HPCwire.

COLLEGE PARK, Md., Nov. 7, 2024 — IonQ (NYSE: IONQ), a leader in the quantum computing industry, has announced financial results for the quarter ended September 30, 2024. “We had yet […]

The post IonQ Announces 3rd Quarter 2024 Financial Results appeared first on HPCwire.

What's the connection between long-term health and financial stability? Neuroscientist Wendy Suzuki and HSBC Global Private Banking and Wealth's CEO Annabel Spring explore the critical components of a good life — and how simple actions like exercise and financial planning can boost your present and future well-being. They discuss how to maximize your sense of joy, transform your anxiety into a force for good and keep your brain healthy over the course of your life. (This content is made possible by HSBC. It however does not necessarily reflect the views of HSBC.)

The new mayor and council are planning big changes for the Cape Breton Regional Municipality, and one of those is at the top of the staff organizational chart now that chief administrative officer Marie Walsh is set to retire.

A Winnipeg business owner is suing a man she alleges swindled her out of ownership of two properties after promising financial help — the latest in a string of court proceedings against the man, whom a judge previously described as showing the signs of a "predator" who seeks out financially vulnerable clients.

A Fin24 reader facing financial hardship wants to know if it would be possible to get a loan from his provident fund.

Simon Dippenaar, founder and managing partner at Simon Dippenaar & Associates, looks at the financial consequences of divorce and what you should consider.

The South African Association of Treasury Advisors highlights the importance of dealing only with an authorised financial services provider when making any investment.

George Kolbe, Head of Life Insurance Marketing at Momentum discusses the recommended ways to prepare for unexpected occurrences.

If you are uncertain whether you are dealing with a scammer, use these checklists to see your potential risk profile, and warning signs of possible scams.

Penn State Fayette students are invited to meet Estelle Belko, student aid coordinator, from 9-10 a.m. on Oct. 16 inside the Williams Building Student Success Center.

Penn State students, staff and faculty are invited to a screening of the award-winning documentary film “This is Not Financial Advice” from 5:30 to 7:30 p.m. Nov. 18 in the Westgate Building 2nd Floor West Atrium. 

Dover, Del.—Delaware schools, nonprofits, and community organizations are invited to apply for a new round of state grant funds to support financial literacy education for people from all walks of life. Since the state’s Financial Literacy Education Fund (FLEF) was established in 2010, over $2.5 million has been awarded to dozens of organizations across the […]