News 

Canada to release federal budget on March 19: finance minister

“FILE PHOTO: Canada’s Finance Minister Bill Morneau talks at the start of a meeting in Ottawa Thomson Reuters OTTAWA (Reuters) – The Canadian government will unveil its budget for the 2019/20 fiscal year on March 19, Finance Minister Bill Morneau said on Wednesday” reports businessinsider.com. The budget is the last before a federal election in October. The Liberal government, which has pledged to boost spending to invigorate an economy hit by low oil prices, forecast in October the 2018-19 deficit at C$18.1 billion ($13.76 billion), smaller than the revised C$18.8…

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Goldman Sachs backs U.S. construction finance tech startup Rabbet

“We firmly believe construction finance is going to be automated and brought out of its decades-old, paper-ridden process,” David Bell, managing director of Goldman Sachs’ construction group, said in an interview” reports businessinsider.com. Rabbet’s platform helps companies involved in construction finance — such as banks, developers, and contractors — digitize and view documents relevant to a deal.Mitchell said Goldman’s construction finance division was using Rabbet’s software.FILE PHOTO: The ticker symbol and logo for Goldman Sachs is displayed on a screen on the floor at the NYSE in New York Thomson…

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Crypto News 

Blockchain’s Inroads Through National Frameworks And Trade Finance

“Reports have noted that the use of blockchain to underpin trade finance can help supplant traditional methods, such as wire transfers” reports pymnts.com. In Japan, the second-largest bank in the country, Sumitomo Mitsui Banking Corporation (SMBC), said via press release that it had completed a “Proof of Concept” (PoC) conducted across R3’s Marco Polo trade finance offering.The announcement comes in the wake of 15 banks’ participation in the Marco Polo consortium, with a roster that includes ING, BNP Paribas and Thailand’s largest bank, Bangkok Bank.That deal came through a partnership with…

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Crypto News 

CEO of Japanese Finance Giant SBI Vests His Crypto Industry Hopes in Ripple and R3

“Kitao made his remarks during an interview with Japanese crypto news outlet Coin Post on Feb. 18” writes Marie Huillet for cointelegraph.com. Yoshitaka Kitao, CEO and representative director of Japanese financial services giant SBI Holdings, has singled out Ripple (XRP) and blockchain consortium R3 as reasons to remain optimistic about the future of the crypto industry — bear market notwithstanding.SBI Holdings is an active partner of Ripple via their joint venture, “SBI Ripple Asia,” established to promote the use of XRP in Asian financial markets back in 2016.In January, SBI…

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UK’s Newest Challenger Bank Diaspora Eyes Trade Finance

“In January, another challenger bank, Countingup, launched operations in the U.K. with a focus on freelancers, sole traders and independent contractors” reports pymnts.com. The U.K.’s challenger banking market continues to grow, as more FinTechs pursue licenses in the small business banking space.Last week, two challenger banks secured fresh funding from investors: Starling Bank, which raised nearly $77 million, and OakNorth, which secured $440 million.Reports in FinTech Futures on Friday (Feb. 15) said that it will target small- and medium-sized businesses with an array of trade finance products, including factoring.Earlier this…

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GBP News 

‘It’s never too late,’ Luxembourg minister says on possible Brexit deal

“U.K. lawmakers rejected last month a deal that Prime Minister Theresa May had reached with the other 27 European countries after nearly two years of negotiations” writes Silvia Amaro for cnbc.com. “You know in diplomacy it’s never too late, so one should continue to discuss,” Pierre Gramegna, the Luxembourg finance minister and former diplomat, told CNBC’s Willem Marx in Brussels Tuesday.The United Kingdom may be careering toward a no-deal Brexit with only six weeks to its official deadline, but Luxembourg’s finance minister has offered some confidence on a deal still…

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EEHC agrees with EximBank to finance PSH project with $2.6bn

“The Egyptian Electricity Holding Company has agreed with the Export-Import Bank of China (EximBank) Ito finance a 2,400MW pumped-storage hydroelectricity (PSH) project with $2.6bn loan” writes Mohamed Farag for dailynewsegypt.com. The Chinese company will secure finance from banks and deliver it to the EEHC that will execute the project.Sinohydro, a Chinese state-owned hydropower engineering and construction company, will execute a PSH plant to produce electricity in Mount Ataka area, northeast Egypt, under EPC + Finance scheme. Source: dailynewsegypt.com

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Crypto News 

JPMorgan Securities Exec: ‘Blockchain Is Still Far From Institutionalization’

“Joyce Chang, global research chair at JPMorgan Securities, has said that blockchain technology is still far from institutionalization and must still overcome key hurdles before it can break through to cross-industry adoption at scale” writes Marie Huillet for cointelegraph.com. As Chang argued, using blockchain to digitize trade documents and automate multiple trade finance processes has indeed gained significant traction in recent months.This January, the Singapore unit of London-headquartered multinational banking and financial services firm Standard Chartered completed its first blockchain-powered trade finance deal.StanChart is also one of a dozen major…

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Judge to release court documents linked to FBI raids

“The judge gave prosecutors until the end of the month to identify portions of the documents that should stay secret” writes Guardian Staff for theguardian.com. Pauley said some documents should stay secret because making them public could jeopardize aspects of its investigation, “including those pertaining to or arising from Cohen’s campaign finance crimes”.US district judge William Pauley made the disclosure as he agreed to release, in several weeks’ time, some court documents related to the search warrant that authorized last April’s FBI raids on Cohen’s home and office.The judge added:…

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Crypto News 

TD Bank: 90% of Finance Professionals Think Blockchain Will Have a Positive Impact

“A TD Bank survey revealed that 90 percent of treasury and finance professionals think that blockchain and distributed ledger technology (DLT) will positively affect the payments industry, according to a press release published on Feb. 6” writes Adrian Zmudzinski for cointelegraph.com. Rick Burke, Head of Corporate Products and Services at TD Bank, commented that “the varied responses indicate that the technology’s specific capabilities and implications are still a great unknown for many finance professionals.”. According to the press release, 29 percent of respondents think that the top impact of DLT…

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