Money

Bank of America: Buffett Following the Money With BAC Stock

dhita yudha 2 weeks ago

In a world where the Federal Reserve continues to drop cash from helicopters, Bank of America’s (NYSE:BAC) BAC stock is worth little more than payment processor Paypal (NASDAQ:PYPL).

Bank of America (BAC) logo on top of a retail office building

Source: 4kclips / Shutterstock.com

As markets opened Aug. 13, Bank of America and its $2.4 trillion of assets was trading at about $26.70, a market cap of $231 billion. Paypal, with $63 billion in assets, was worth $224.5 billion.

How does that happen? As I’ve learned in a 42-year career writing about business, money sitting in a vault is just potential energy. Money that’s causing value to be exchanged is money at work. Processors put money to work. Banks mainly hold it.

But this too, shall pass. When money becomes money again, will you, like Warren Buffett of Berkshire Hathaway (NYSE:BRK.A, NYSE:BRK.B), want your money in a BAC stock, or a fintech?

Buffett and

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Chile Central Bank Lifts Its Economic Estimates on Stimulus

dhita yudha 2 weeks ago

(Bloomberg) — Chile’s central bank reduced its forecast for an economic contraction this year as early pension withdrawals, record-low interest rates and government handouts boost consumer spending.

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Gross domestic product will shrink 4.5% to 5.5%, versus the previous forecast for a drop of 5.5% to 7.5%, according to the quarterly monetary policy report published Wednesday. Policy makers lifted their year-end inflation call to 2.4% while also forecasting shallower drops in investment and domestic demand.

Click here for a list of central bank forecasts

The central bank said a new law allowing citizens to tap part of their pension savings will amount to roughly 6% of GDP, of which half will be spent on consumption in 2020 and early 2021. Policy makers “describe this measure’s impact on domestic demand and activity as very significant in the short-term. For the long-term, it’s also important to note the need to consider

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Fraudsters impersonate as bank executives, cheat over 1,000 people

dhita yudha 2 weeks ago



a close up of text on a white background: This picture has been used for representational purposes

© Provided by Mid-Day
This picture has been used for representational purposes

Delhi Police have busted a gang of cheats who posed as bank executives to dupe people of their hard earned money. The four people arrested have been identified as Pawan, Kamal, Zahid and Radha. According to police they cheated innocent people by calling them, pretending to be bank executives and taking details of their bank accounts, credit cards and OTPs. The accused disclosed that they have cheated more than 1,000 people in the last about 2 years.

The matter came to light when a person approached the Daryaganj police station and stated that he received messages about transactions from his credit card to mobikwik for Rs 1500 and Rs 3599 though he had not used his credit card for the same. He immediately blocked his credit card. After that he received two more messages for failed transactions of

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Bank of Korea to Hold Rates, Cut GDP View: Decision Guide

dhita yudha 3 weeks ago

(Bloomberg) — The Bank of Korea is expected to hold its policy rate at a record low on Thursday while slashing growth projections as a resurgence of the coronavirus throws recovery prospects into disarray.

All 22 analysts surveyed by Bloomberg expect the seven-day repurchase rate to remain at 0.5%, a level Governor Lee Ju-yeol has said is close to the effective lower bound. Lee this week told lawmakers the bank may cut its economic projections for 2020 by a considerable margin after forecasting a 0.2% contraction in May.



a screenshot of a cell phone: As 2020 GDP forecasts slide, pressure mounts on BOK to do more

© Bloomberg
As 2020 GDP forecasts slide, pressure mounts on BOK to do more

With little question among analysts that the BOK will stand pat on rates, the focus shifts to how significantly the bank cuts its view of this year’s growth, said economist Park Jeong-woo at Nomura Holdings Inc.

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“Anything below -1% and people will take that to mean

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South Shore Health hires investment bank to explore strategic options

dhita yudha 3 weeks ago

The parent company of South Shore Hospital said Wednesday that a merger with another health care network is among the options likely on the table as it begins the second phase of a strategic review.



a car parked in front of a building: South Shore Hospital in South Weymouth.

© Pat Greenhouse/Globe Staff
South Shore Hospital in South Weymouth.

Rose Di Pietro, interim chief executive of South Shore Health, said in an e-mail to employees that the nonprofit health system has hired investment bank Cain Brothers to “help sharpen our focus on exploring opportunities for future direction.”

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The move is the next step in a review that begin in January with an eye toward how to adapt to changes in the health care industry. That effort was slowed by the onset of the coronavirus pandemic.

In an interview, Di Pietro said South Shore Health has “no preconceived notions” on what steps it may take as a result of the review being done

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Bank frauds more than doubled to Rs 1.85 trillion in FY20: RBI

dhita yudha 3 weeks ago



a sign on the side of a building

© Provided by Zee Business


Bank frauds of Rs 1,00,000 or more have more than doubled in value to Rs 1.85 trillion in FY20, with the number of such cases increasing 28% in the same period, the Reserve Bank of India’s annual report showed on Tuesday. These frauds occured over the past few years but have been accounted for in the financial year they were reported.  Data from the central bank also showed that a majority of these frauds are in loan portfolios of banks, both in terms of number and value. 

“There was a concentration of large value frauds, with the top 50 credit-related frauds constituting 76% of the total amount reported as frauds during 2019-20. Incidents relating to other areas of banking, like off-balance sheet and forex transactions, fell in 2019-20,” said RBI. 

The report further revealed that 80 per cent of these reported frauds happened in the

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Wilkins Says Pandemic Reveals Limits to Bank of Canada Policy

dhita yudha 3 weeks ago

(Bloomberg) — The Bank of Canada’s No. 2 official said one of the lessons of the current pandemic has been to highlight the limits of monetary policy “solving all problems” in a world of low interest rates, as the central bank studies potential changes to its 2% inflation target.

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Speaking at a workshop organized by the Bank of Canada on its mandate renewal next year, Senior Deputy Governor Carolyn Wilkins said the future challenges for central banking have become “crystal clear” in recent months as the world economy navigates the crisis — low interest rates diminish the central bank’s ability to combat future downturns, while also encouraging households to take excessive risks.

That means fiscal policy will need to play a significant role stimulating growth, Wilkins said. It also means regulatory policies need to step up to counter any buildup in financial vulnerabilities as the central bank keeps

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