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New TIAA CEO in rare company as Black female Fortune 500 leader
New York (AFP) - Giant US asset manager TIAA named Thasunda Brown Duckett as chief executive, making her the second African American tapped in 2021 to lead a major US enterprise. Duckett is known as one of Wall Street's most prominent Black executives and serves currently as head of Chase consumer banking at JPMorgan Chase, where she oversees a banking network with more than $600 billion in deposits and 40,000 employees. Teachers Insurance and Annuity Association of America, or TIAA, which manages $1.3 trillion in assets, hailed Duckett as a "an exceptionally dynamic and inspirational leader,...
AFP
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Rocket Companies reports record $9 billion profit for 2020
Quicken Loans' parent Rocket Companies reported Thursday that it did a record amount of mortgage business in 2020 and likely had the most profitable year ever for the 36-year-old mortgage lender. Boosted by the boom in mortgage refinancing activity, the Detroit-based company had $15.7 billion in total revenue, or more than triple its $5.1 billion revenue in 2019. Its net income, or profit, skyrocketed to $9.4 billion from just under $1 billion the year before. And the company increased its closely watched gain on sale margin by 127 basis points year-over-year to 4.46%. In just the fourth quart...
Detroit Free Press
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PPP changes helping small minority-owned businesses land loans: ‘I’m glad somebody saw the light’
When President Joe Biden announced changes this week to the Paycheck Protection Program designed to provide more equitable relief to smaller and minority-owned businesses, the benefits quickly made a difference for Barbara Wright. A high school teacher whose $30,000-a-year side gig as a Lyft driver was stalled by the pandemic, Wright learned Tuesday she was now eligible for a $6,336 forgivable PPP loan — a nearly sixfold increase over the $1,085 she received through the program last year. “I’m glad somebody saw the light somewhere,” said Wright, 59, who lives in the Englewood neighborhood on C...
Chicago Tribune
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Japanese IT solution firm TIS to invest in Thai DX business
BANGKOK, NNA - Japanese IT solution firm TIS Inc. has decided to invest in J Ventures Co., a digital transformation subsidiary of Thailand's Jay Mart Public Co., to expand its business in the Southeast Asian country. Under a capital and business tie-up with J Ventures, TIS, a member of TIS INTEC Group, will develop new businesses, acquire customers and further strengthen its DX platforms in Thailand, the Tokyo-based company said last Friday in a press release. According to a report filed by Jay Mart to the Stock Exchange of Thailand on Feb. 15, TIS will acquire some 2 million or 16.67 percent ...
NNA Business News
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The Week Ahead: The Fed’s focus on finance, not online forum stocks
Federal Reserve Chairman Jerome Powell is due to deliver his twice-a-year assessment of the American economy to the U.S. Congress next week. This semi-annual exercise will the first for the new Congress and new president and comes as the COVID-19 pandemic stretches into its second year. The message Powell is expected to deliver is not new. The virus is causing “economic hardship.” The direction of the economy “will depend significantly” on how effectively we address the pandemic. Even a full year into it, the disease still “continues to weigh on economic activity, employment and inflation.” Th...
Miami Herald
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US charges N.Korean hackers in $1.3 bn theft scheme
Washington (AFP) - The US Justice Department charged three North Korean military intelligence officials Wednesday in a campaign of cyberattacks to steal $1.3 billion in crypto and traditional currencies from banks and other targets. The first action against Pyongyang by President Joe Biden's administration took aim at what the department called "a global campaign of criminality" being waged by North Korea. The department accused the three of a wide-ranging hacking and malware operation to obtain funds for their government while avoiding punishing UN sanctions that have cinched off its sources...
AFP
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US judge: Citi can't get back $500 mn it wrongly paid out
New York (AFP) - Citigroup is on the hook for almost $900 million in mistaken payments it sent out, according to a US judgment Monday that called the debacle "one of the biggest blunders in banking history." The case centers on payments totaling some $500 million Citigroup sent in August 2020 to 10 financial companies who were parties to a term loan to cosmetic company Revlon. Citi, the loan's administrative agent, mistakenly paid back the $900 million principal to the members of the lending consortium, rather than interest payments. Citi quickly realized the error, but was rebuffed the follo...
AFP
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Biden extends COVID ban on foreclosures as homeowners struggle with pandemic downturn
President Joe Biden has extended a ban on some foreclosures until the summer as millions of homeowners continue to struggle during the coronavirus pandemic. The moratorium on foreclosures for federally guaranteed mortgages means struggling homeowners have until June 30 to request a pause or reduction in their payments. It will also extend for six months the help already granted to homeowners since last year. There was no immediate word on whether Biden will also extend past March 31 the ban on evictions for renters. The White House says more than 10 million homeowners are behind on mortgage pa...
New York Daily News
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Wall Street player BNY Mellon jumps on bitcoin bandwagon
New York (AFP) - Bitcoin and other crypto currencies took another leap towards the financial mainstream Thursday when Wall Street player BNY Mellon announced plans to accept digital currencies. BNY Mellon, which is known as the oldest US bank, said it will form a new digital assets unit to transfer, safeguard and issue digital assets in response to client demand. The move comes as bitcoin values continue to climb to new heights after receiving a legitimacy boost when Tesla and Mastercard announced they would accept the digital currency, even as many regulators remain skeptical of the volatile ...
AFP
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MUFG Bank inks MOU with India's ICICI Bank to aid Japanese firms
NEW DELHI, NNA - Major Japanese commercial bank MUFG Bank has signed a memorandum of understanding with ICICI Bank to cooperate with the leading Indian bank in supporting Japanese companies operating in the South Asian country. Under the MOU concluded Friday, MUFG will introduce Japanese firms to ICICI in line with their needs so that they can use the Indian bank's financial services, including the opening of personal accounts and the use of automatic teller machines. The Japanese bank will also offer corporate customers information on local industries, hold business-matching events for compan...
NNA Business News
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