Crypto News Stocks 

Wall Street’s new bitcoin play: Square rises after saying it’s testing support of the cryptocurrency

“The test does not allow individuals or businesses to send or accept bitcoin, Square said” writes Evelyn Cheng for cnbc.com. Traders have another potential stock play on bitcoin: Square.The digital currency recovered from a sharp weekend plunge and traded more than 9 percent higher Wednesday above $7,200, according to CoinDesk.There are other risks for working with a digital currency that governments have watched warily.However, Square’s test of bitcoin is still small and focused on letting customers buy and sell the digital currency within the app. Source: cnbc.com Share This:

Read More
Crypto News 

A London startup is launching a debit card that lets you spend bitcoin and ethereum

“A London-startup headed by a Credit Suisse veteran is launching a new debit card that it claims will allow people to spend cryptocurrencies across the UK. The London Block Exchange (LBX) launched on Tuesday” writes Oscar Williams-grut for businessinsider.com. While LBX is one of the first companies to offer a cryptocurrency card in the UK, it is likely to soon face competition.The Visa card, which will be issued by Gibraltar-based pre-paid card provider Wavecrest, will be linked to an app that allows users to buy and hold cryptocurrencies through the…

Read More
News 

The 1% now own a staggering amount of the world’s wealth — and it’s proof inequality is worsening

“Measured overall, Credit Suisse found that total global wealth rose 6.4% from mid-2016 to mid-2017 to $280.3 trillion” writes Pedro Nicolaci Da for businessinsider.my. The world’s richest 1% of families and individuals hold over half of global wealth, according to a new report from Credit Suisse.Stock market gains helped add $8.5 trillion to US household wealth during that period, a 10.1% rise.The report suggests inequality is still worsening some eight years after the worst global recession in decades. Source: businessinsider.my Share This:

Read More
Crypto News 

Credit Suisse boss dismisses activist campaign to split bank in three and takes aim at Bitcoin

“Credit Suisse chief executive Tidjane Thiam has dismissed calls from an activist investor to break the Swiss banking giant into three, urging shareholders to stick with his three-year turnaround plan after a six-fold jump in third quarter profits” writes Ryan Bourne for telegraph.co.uk. But Mr Thiam said the bank’s third quarter net profits of Sfr244m (£186m) – the first time the lender has posted three consecutive quarters of profits during his tenure – provided “ample evidence” his strategy was starting to bear fruit. Source: telegraph.co.uk Share This:

Read More
News 

Credit Suisse Posts Solid Q3 Profit, Plans Meeting With Activist RBR Capital

“The Zurich-based lender, Switzerland’s second-largest, also said net profit for the three months ending in September came in at Sfr244 million ($245 million), short of the Street consensus of Sfr264 million but ahead of the bank’s own estimate of Sfr185 million” writes Martin Baccardax for thestreet.com. Thiam’s focus on the lender’s investment banking unit in his overhaul of the group’s total operations, however, has yet to bear fruit: net income of Sfr71 million for the quarter fell shy of analysts’ estimates and could further call for the division to be…

Read More
News 

Credit Suisse CEO responds to calls for bank to break up — and will meet with activist investor

“Credit Suisse boss Tidjane Thiam staunchly defended his record as CEO of Switzerland’s second-largest bank Thursday, despite calls from an activist investor for the lender to break up” writes unknown author for cnbc.com. RBR Capital Advisors, led by outspoken trader Rudolf Bohli, said it hoped the bank’s management would break the lender into three parts. Tapping into investor impatience with the bank’s three-year turnaround project, RBR Capital Advisors called on Credit Suisse to split into an investment bank, a wealth manager and an asset manager in order to support share…

Read More
News 

Credit Suisse net profit soars, beating forecasts

“Analysts expected Credit Suisse to post net profit of CHF211 million, according to a consensus forecast provided by the bank” writes Pietro Lombardi for marketwatch.com. Credit Suisse Group AG (CSGN.EB) said Thursday that its third-quarter net profit soared, exceeding analysts’ expectations.The Swiss bank’s net profit grew to CHF244 million ($243.8 million) compared with CHF41 million in the same period last year.Credit Suisse said it generated cost savings of about CHF400 million in the third quarter, taking nine-month cumulative cost savings to about CHF1 billion. The bank said it is confident…

Read More
News 

As China’s Xi cements hold on power, what’s next for the yuan?

“The yuan USDCNY, +0.0422% also known as the renminbi, has gained 4.3% against the U.S. dollar this year, with one dollar buying 6.6443 yuan on Thursday” writes Anneken Tappe for marketwatch.com. With Chinese President Xi Jinping being described at the end of the Communist Party’s weeklong congress as the country’s most powerful leader since Mao Zedong, traders wonder what’s in store for China’s currency.But while the party congress seems to have cemented Xi’s power, who refrained from naming a potential successor, there could be changes at the PBOC, as Gov. Source:…

Read More
News 

Not every Wall Street analyst is gaga over Netflix

“Credit Suisse analyst Stephen Ju and Jefferies analyst John Janedis both expressed concerns that much of Netflix’s revenue will be offset by mounting content expenses” writes Stephane De Sakutin for cnbc.com. Ju cut his 12-month price target on Netflix to $209 from $210, while Janedis raised his target to $190 from $180.”It does appear that Netflix will roll out to the relevant markets at one time, which does raise our revenue estimates for 2018,” wrote Credit Suisse analyst Stephen Ju.Netflix closed at $202.68 on Monday: Ju’s target is 3 percent…

Read More
News 

Activist investor reportedly launches campaign to break up Credit Suisse

“Activist investor RBR Capital Advisors is launching a campaign for breaking up Swiss bank Credit Suisse Group AG into three parts, the Financial Times reported on Monday” writes Stefano Rellandini for cnbc.com. The activist investor has a small stake in the bank of 0.2 to 0.3 percent of the share capital, the report said. Source: cnbc.com Share This:

Read More