Category: Business Ideas

After $9 Billion Credit Hit, Banks Seek Trade Finance Revamp

(Bloomberg) — When Credit Agricole SA and HSBC Holdings Plc issued a payment guarantee for a $76.5 million fuel purchase from a Singapore trader in March, they unwittingly became the latest victims in a series of trade finance scandals that have led to more than $9 billion in potential losses for global lenders.

At the same time that Hin Leong Trading Pte. was pledging the fuel to back the loan, it allegedly agreed to sell the same cargo to another trader, who sought letters of credit from three banks including Credit Agricole.

This line of credit merry-go-round was among many

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Weed Out the Soviet-Era Ponzi Scheme Eating Ethereum

Lex Sokolin, a CoinDesk columnist, is Global Fintech co-head at ConsenSys, a Brooklyn, N.Y.-based blockchain software company. The following is adapted from his Fintech Blueprint newsletter.

We have a beautiful Ethereum garden. In it we grow cash equivalents called stablecoins powering applications that run on open-source, programmable blockchains. It promises to be the new economy – free, permissionless and global. It saw more than $50 billion in transaction volume in June 2020 alone.

But there is a hungry weed growing underneath. In our beautiful public garden, there spreads corruption. Can we root out this plant? Can we turn the soil?

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ETF Industry’s Tower Of Babel

“Think like a wise man but communicate in the language of the people.”
                                                                      
—William Butler Yeats

When I was first interviewed in 2011 for a job at what was then IndexUniverse.com, now ETF.com, I was struck by the alphabet soup of headlines that seemed to flood the site and every other ETF website I was researching.

Sure, “ETF” is going to be necessary and ubiquitous on an ETF website, but that was the tip of the acronymical iceberg headed my way. There was a bevy of other acronyms sprinkled about as if they were common knowledge: ETN, AP (not the

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Some homeowners struggled to pay PACE improvement loans. The coronavirus made it harder

It wasn’t until the work was done that Marcelino and Josefina Rodriguez said they learned the truth.

They had been signed up for a roughly $45,000 PACE home improvement loan at nearly 10% interest — even though they said a woman working with the contractor told them their new roof and water heater would be free through a government program.

The Rodriguezes contacted the authorities, but the nearly $4,500 annual bill came due anyway — a financial hit for the household of four who scraped by on less than $30,000 each year as garment workers paid by the piece.

If

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Salesforce’s Benioff blasts Facebook, renews ‘cigarettes’ charge: ‘They’re after your kids’

Salesforce (CRM) CEO Marc Benioff renewed his long-standing critique of Facebook (FB), as the social platform comes under withering criticism for its content policies.

Ahead of a polarizing general election, Facebook is embroiled in a controversy around the spread of misinformation and its content moderation policies. As part of a coalition called “Stop Hate for Profit” organized by the NAACP and the Anti-Defamation League, among others, nearly 100 companies have hit pause on advertising during the month of July — the latest being Coca-Cola (KO).

In an interview with Yahoo Finance, Benioff once again blasted Facebook for being “the new

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