Fresh

Jul 14, 2023

But the Case Is Far From Settled Oil Capital of Canada Sees Home Prices Jump as Newcomers Rush In Wall Street to Launch $1.9 Billion Debt Sale for Apollo’s Arconic Buyout Next Week Tesla Hits ABS Market in First Debt Sale Since Blue-Chip Upgrade Ripple CEO Brad Garlinghouse Calls SEC a ‘Bully’ Fresh Off XRP Token Ruling Telus International shares slump on lower guidance Maryland Gains Ground Over Virginia in Race for FBI Headquarters JPMorgan Eyes Sale of $350 Million Loan on Manhattan’s HSBC Tower Warren Buffett’s PacifiCorp Sued by Oregon Wineries Over Fire Damage South Africa’s Biggest Commodity Port Ordered Partially Closed Big Banks Are Finally Giving Depositors a Cut of Windfall From Fed Hikes Merger-Arbitrage Funds See Tide Turning After FTC’s Microsoft-Activision Loss Western Digital and Japan’s Kioxia Seek to Reach Merger Deal by August Cathie Wood's ARK Funds See Outflows Even as They Rally Accused Russian Agent Sent to US Over Scheme to Aid Ukraine Invasion Citigroup Says It ‘Significantly’ Curbed Lending to Buyout Firms State Street Shares Sink After Net Interest Income Drops Modi and Macron Agree on 25-Year Plan to Deepen Cooperation 888 Faces UK Gambling License Review After FS Gaming Buys Stake Wall Street to Launch $1.9 Billion Debt Sale for Apollo’s Arconic Buyout Next Week Warren Buffett’s PacifiCorp Sued by Oregon Wineries Over Fire Damage South Africa’s Biggest Commodity Port Ordered Partially Closed Modi and Macron Agree on 25-Year Plan to Deepen Cooperation Angola Surprises by Holding Interest Rates as Inflation Soars America's Most Crucial Waterway Is Drying Out BRF Said to Raise $1.1 Billion in Year’s Biggest Brazil Offering AT&T Falls to 29-Year Low Amid Concerns of Cleanup Costs European Gas Prices Head for Biggest Weekly Loss of the Year Nikola’s Wild Week Sets Up EV Maker to Erase 75% Wipeout in 2023 Emerging Markets Lead Drop in Currency Volatility Bets: Chart Modi Pledges to Boost Defense Cooperation on Visit to France Six Signs That Argentina’s Economy Is Entering a Recession Wheat, Corn Rise With Grain Deal Days Away From Expiry Surging Food Prices Spur Nigeria to Declare a State of Emergency Midwest Farmers Have Short Window to Stockpile Dirt Cheap Diesel Ukraine Recap: US House Blocks Conservative Bid to Cut Funding UAE Suspends Gold Refinery Over Owners’ Alleged Laundering Links Top-Ranked Hedge Fund Chief Sees S&P 500 Entering ‘No Man’s Land’ As inflation inches closer to 3%, economists warn progress will stall this year Higher rents, housing costs to hinder future success of large Canadian cities: Economists The Daily Chase: S&P 500 in rally mode; Canopy Growth plunges Canada's economy lags on standard of living metrics: TD Economics Shorter fixed-rate mortgages take spotlight as borrowers feel pinch of higher rates The Daily Chase: Markets point to positive open; Exxon to buy carbon capturer Union and employers receive mediator's terms to end B.C. port strike, source says Bank of Canada suggests 'firms abroad' are keeping prices high ​Bank of Canada rate hike could put more pressure on landlords, expert says Interest in investment rental properties is beginning to wane: Experts CIBC economist says rate hike probably 'unnecessary' Bank of Canada hikes again, threatens more as inflation lingers Are we done with rate hikes? Here's what the Bank of Canada has to say Inflation will linger for longer, Bank of Canada says Read the full statement on the Bank of Canada's rate hike The Daily Chase: Awaiting Bank of Canada rate decision; Laurentian Bank looks to sell itself Finding the financial balance in skin care routines Going against the grain, BofA expects Bank of Canada rate pause The Daily Chase: Equity markets point to positive open; Port strike continues Brazil Finance Chief Cautiously Embraces His Rising Star Status Republican 2024 Hopeful Burgum Raises $12 Million for Long-Shot Campaign Accused Russian Agent Sent to US Over Scheme to Aid Ukraine Invasion Modi and Macron Agree on 25-Year Plan to Deepen Cooperation Biden’s Legislative Chief to Step Down as 2024 Campaign Nears Modi Pledges to Boost Defense Cooperation on Visit to France Six Signs That Argentina’s Economy Is Entering a Recession Surging Food Prices Spur Nigeria to Declare a State of Emergency Ukraine Recap: US House Blocks Conservative Bid to Cut Funding Biden Raised $72 Million in Second-Quarter to Open Campaign Asean Latest: Blinken Faces Off With China, Russia Top Diplomats Third Dutch Deputy Prime Minister Steps Down in Week of Upheaval White House Economists Defend Industrial Policy in New Paper Singapore’s Widening Corruption Probe: What You Need to Know What to Know About the Hotel Billionaire Ensnared in Singapore’s Graft Probe Singapore Tycoon Ong Assisting in Graft Probe, Has Arrest Notice Finnish Racism Scandal Has Opposition Seeking to Oust Cabinet The Toughest ESG Rule Yet Puts EU on Collision Course With US EU Spars With ECB on Plan to Tax Sanctioned Russian Assets Crypto Market Is Celebrating SEC’s Setback in Ripple Suit. But the Case Is Far From Settled Ripple CEO Brad Garlinghouse Calls SEC a ‘Bully’ Fresh Off XRP Token Ruling Western Digital and Japan’s Kioxia Seek to Reach Merger Deal by August Cathie Wood's ARK Funds See Outflows Even as They Rally Accused Russian Agent Sent to US Over Scheme to Aid Ukraine Invasion Modi and Macron Agree on 25-Year Plan to Deepen Cooperation 888 Faces UK Gambling License Review After FS Gaming Buys Stake Crypto Stocks Set for Milestone Week on Ripple Token Ruling AT&T Falls to 29-Year Low Amid Concerns of Cleanup Costs ASML Faces Tighter Dutch Restrictions on Servicing Chip Equipment in China Modi Pledges to Boost Defense Cooperation on Visit to France Quant Powerhouse Two Sigma Moves to Hire Flesh-And-Blood Traders Top-Ranked Hedge Fund Chief Sees S&P 500 Entering ‘No Man’s Land’ Ripple Token Is a Security in Institutional Sales, Judge Rules Nasdaq 100 Is Partying Like It’s 1999 White House Economists Defend Industrial Policy in New Paper Biden’s Energy Funds Fall Behind Schedule Over China Scrutiny Turkey Top Court Upholds E-Commerce Law in Blow to Alibaba Unit US Inflation Will Keep Falling, Intertemporal’s Pelligrini Predicts The U.S. Fed is failing in four ways: Mohamed A. El-Erian Apple, JPMorgan turn to pay now grow later Remote Working Boom Is Huge for College Towns Like Knoxville Walmart flashes a warning sign to the entire consumer economy: Andrea Felsted Millennials are finally spending like grown-ups Dismal U.S. GDP report raises the odds of recession this year: Gary Shilling Musk is wrong for Twitter even if deal math works out Chocolate bunnies can teach us to save our food supply The Fed has made a U.S. recession inevitable America's oil reserve weapon risks misfiring Four-day workweeks can burn you out U.S. Fed expects a soft landing. Don't count on it Markets are pushing Fed into developing-economy territory Commodity traders go from bonanza to bailout plea Putin's war shows West must clean up dirty money Salary transparency is good for everyone Microsoft's US$69B Activision deal could be a blunder What if the oil market bulls are wrong and this lonely bear is right? Canada's trucker protest may spread from Ottawa to U.S. Crypto Stocks Set for Milestone Week on Ripple Token Ruling BlackRock Assets Rise to $9.4 Trillion, Fueled by Bull Market Cryptocurrencies Jump on Ripple Token Ruling Touted by Industry Backers UK Stocks May Be World’s Cheapest But Still Don’t Appeal, Says BlackRock Strategist Caution About Bitcoin Grows as a Jump in Global Markets Bypasses Crypto Novogratz Sees Bitcoin Rising, Says ETFs Likely to Be Approved Cathie Wood Sells Coinbase for the First Time in Nearly a Year Coinbase Jumps to Highest Since August on Bitcoin ETF Momentum Investors Find an Easy Way to Trade Nasdaq 100’s ‘Special Rebalance’ Fir Tree Resolves Suit Against Grayscale Over Bitcoin Trust Data Schwab’s New High-Yield Bond ETF Is Tied for Cheapest on the Market Big Tech’s Dominance in Stock Market Hits Breakpoint for Nasdaq 100 BlackRock Sees Model-Portfolio Investing Growing to $10 Trillion by 2028 Bitcoin Is Set to Quadruple to $120,000 by End of 2024, Standard Chartered Says Cash Is Back in a Big Way as Hawkish Fed Bets Hammer Junk-Bond ETFs Sovereign Investors Embrace Bonds and Gold, Invesco Survey Shows China Angst Drives Boom in Funds Excluding Asia’s Biggest Market Bitcoin Rally Falters as More Turmoil, Rates Present Headwinds Stock Market Short Sellers That Helped Fuel This Year’s Rally Are Finally Giving Up BCE You are now being redirected to the BCE.ca website (Bell Canada Enterprises), where you can view our Accessibility plan, and submit your feedback using our Accessibility webform. Olga Kharif and Matthew Miller, Bloomberg News (Bloomberg) -- Ripple Labs Chief Executive Officer Brad Garlinghouse said that a federal court decision Thursday means that its crypto token XRP “is not a security,” giving the digital-payments company more freedom to pursue various business opportunities. Speaking on Bloomberg TV, Garlinghouse said the ruling means he no longer has to worry about promoting the various use cases for Ripple and its technology. Ripple is used in cross-border payments and in implementing central bank digital currencies, and 95% of its customers are located outside of the US, he said. A federal judge ruled Thursday that XRP is a security when sold to institutional investors but not the general public. The long-awaited decision was hailed a victory for the crypto industry over the US Securities and Exchange Commission, which sued Ripple in late 2020. “I have heard from hundreds of people throughout the industry, there’s just broad enthusiasm and excitement, this is the first time the SEC lost a crypto case,” Garlinghouse said. “The SEC has been a bully.” US District Judge Analisa Torres in New York said the crypto firm’s $729 million in sales of its XRP token to sophisticated investors met the test for an investment contract under federal securities law, but that didn’t apply to hundreds of million sold to the broader public through exchanges. Back in 2020, the SEC accused the company, co-founder Chris Larsen and Garlinghouse of misleading investors by selling more than $1 billion worth of tokens without registering them. The rationale for the duality in the Ripple ruling is that in many instances retail buyers had no idea where their money was going or what it was being used for, in contrast to sophisticated institutions. One big question is whether that logic will survive possible appeals or gain ground in other legal battles. The agency is expected to appeal the case, but any appeals could take years, Garlinghouse said. SEC spokesperson Scott Schneider said Thursday that the agency is “pleased that the court found that XRP tokens were offered and sold by Ripple as investment contracts in violations of the securities laws.” The regulator was continuing its review of the decision, he said. XRP’s price almost doubled after the decision was announced Thursday. The token retreated about 15% to around 69 cents as of 2:41 p.m. in New York. ©2023 Bloomberg L.P.