News 

UBS posts fourth-quarter pre-tax profit miss, sees bumpy road ahead

“On an adjusted basis, fourth-quarter pre-tax profit fell to $860 million, under conditions Chief Executive Sergio Ermotti described as “historically tough”” writes Midwest Communications Inc for 95kqds.com. ZURICH (Reuters) – UBS on Tuesday posted a $862 million fourth-quarter pre-tax profit, hit by a slowdown in its flagship wealth management business and weaker earnings in its investment bank.Five analysts polled by Reuters on average had forecast a net profit of $4.906 billion for 2018.As clients removed risk from their portfolios, traded less and stocked up on cash amid geopolitical tensions, adjusted…

Read More
News 

Apollo nears $3.8 billion-plus deal for packaging group RPC: WSJ

“Private equity has long been attracted to the sector’s reliable cash flow and growing demand from online shopping, with a spate of takeovers by bigger packaging players further spurring their interest” reports businessinsider.com. Leon Black, Chairman, CEO and Director, Apollo Global Management, LLC, speaks at the Milken Institute’s 21st Global Conference in Beverly Hills Thomson Reuters (Reuters) – Private equity company Apollo Global Management is in advanced talks to buy Europe’s biggest plastics packaging maker RPC Group for more than $3.8 billion, the Wall Street Journal reported on Monday.Citing people…

Read More
Markets News 

Asset managers brace for more job cuts amid market turbulence

“When markets go down, the first place asset managers look to cut costs is with headcount.”” reports businessinsider.com. BlackRock reported a smaller-than-expected fourth quarter profit and analysts expect fourth-quarter earnings for S&P 500 asset managers and custody banks to drop 0.8 percent on average.If market volatility prompts more investors to pull their money it will compound existing pressure on asset managers from increased competition, particularly from cheaper index-tracking products that have driven down fees.In the meantime, without market performance to bolster their assets under management, investment managers’ revenues, largely based…

Read More
Markets News 

Certify Enters Procure-To-Pay Market

“Corporate expense management company Certify is stepping into the procure-to-pay arena with the launch of Certify Purchasing, announced Thursday (Jan. 17)” reports pymnts.com. The tool integrates with Certify’s existing spend management solutions to allow for spend visibility, the company said, while providing custom configurations to define approval thresholds and escalations.The deal marked Certify’s first takeover outside the U.S., and was described by the company at the time as the “most significant international venture to date.” The acquisition raised Certify’s customer count to more than 10,000 across 90 countries. Source: pymnts.com

Read More
Markets News 

Separating Yourself From the Pack in a Mature FX Industry

“My experience mainly comes from the banking sector, having worked in the Liquidity & Market Risk Management department of major banks” reports financemagnates.com. In a nutshell, INFLYX is a liquidity, risk management and white label solutions provider connected to Tier 1 liquidity.INFLYX’s main liquidity offering comes with a dedication and commitment of detailed reporting and client-oriented services.Apart from liquidity, INFLYX takes pride in its tailored-made risk management solutions and its ability to manage and handle clients’ dealing desks.A few days ago, Finance Magnates interviewed Marios Antoniou, the Executive Director and…

Read More
Crypto News Platforms 

IBM-Backed Blockchain Platform to Improve Supply Chain Management in Mining Industry

“The newly announced mining supply chain platform will be built on the cloud-based IBM Blockchain Platform powered by the Linux Foundation’s Hyperledger Fabric” writes Ana Alexandre for cointelegraph.com. Major tech firm IBM has partnered with MineHub Technologies to deliver a blockchain solution that will improve supply chain management in the mining and metals industry.MineHub is a company that uses technologies including blockchain to develop cost-saving applications for the metals and mining industry.These include excessive paperwork, manual data processing, and lack of transparency between supply chain parties.In September, Hong Kong-based jewelry…

Read More
Crypto News 

Coinbase Acquires API Data Management Startup Blockspring

“Under the agreement, Blockspring will still remain as its own independent company, the blog post stated” writes Celeste Skinner for financemagnates.com. This bumped the valuation of the cryptocurrency exchange up to $8 billion – five times higher than it was early in 2017 and making Coinbase one of the most valuable startups in the world.Coinbase has since confirmed the deal, although the company has refused to comment further.The value of the deal has not been disclosed and was announced earlier this week via Blockspring’s blog.Coinbase, one of the largest cryptocurrency…

Read More
News 

Monex Group Appoints Akira Inoue as an Executive Director

“The first personnel change sees a new member joining the firm in management, Akira Inoue, who will be an Executive Director at the company” writes Celeste Skinner for financemagnates.com. Monex Group, a Tokyo-based financial services company that operates retail brokerages TradeStation, Monex, Boom Hong Kong, and cryptocurrency exchange Coincheck, announced a series of changes in its management and organisational structure this Thursday. Source: financemagnates.com

Read More
Markets News Stocks 

Head of world’s largest asset manager says stock market has hit a bottom — but this would make it surge

“Market technicians use moving averages as a gauge of bullish and bearish trends in an asset” writes Mark Decambre for marketwatch.com. Larry Fink, chief executive of world’s largest asset management firm, BlackRock Inc., says that the stock market has probably put in a bottom but that for sentiment to take off, the U.S.’s spat with China on trade needs to get resolved.BlackRock’s assets under management fell 5% to $5.98 trillion from the comparable quarter a year ago, and down 7% from the previous quarter.Analysts polled by FactSet had expected assets…

Read More