“For professional investors who still have concerns about things like security and tax filing, they will opt to buy our funds rather than holding coins themselves.”The new Hong Kong license and funds highlight 38-year-old Huobi founder Leon Li’s endeavor to ensure his crypto empire, whose main exchange unit has drawn scrutiny over the years from Beijing, complies with regulations as it expands into adjacent arenas.The move also come as mainstream financial companies embrace crypto after Bitcoin’s value took off in October.
Chief Executive Officer Thomas Gottstein, who until recently had brushed off concerns that Credit Suisse was taking excessive risks, struck a humble tone Thursday, vowing to slash lending in the hedge fund unit at the center of the losses by a third.Gottstein, in the role for little more than a year, is trying to persuade incoming Chairman Antonio Horta-Osorio that he’s the right person to lead Credit Suisse, after the bank was hit harder than any competitor by the collapse of Archegos, the family office of U.S.
The index fell 0.9%.Japan’s Topix Index was down 0.4%.The Shanghai Composite was up 0.4%.The Hang Seng climbed 0.9%.South Korea’s Kospi Index edged 0.1% higher.Australia’s S&P/ASX 200 Index was steady.CurrenciesThe Bloomberg Dollar Spot Index was down 0.1%.The euro was steady at $1.2024.The Japanese yen held around 107.95 per dollar.BondsThe yield on 10-year Treasuries rose a basis point to 1.55%.Australia’s 10-year yield was two basis points higher at 1.72%.CommoditiesWest Texas Intermediate was up 0.7% at $61.83 a barrel.Gold was 0.3% higher at $1,788 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The demise of Archegos and another major client, British finance firm Greensill, have plunged Credit Suisse into crisis, triggering losses, sackings and bonus cuts at a time when rivals are revelling in bumper profit from trading and dealmaking.
Netflix Inc said slower production of TV shows and movies during the pandemic hurt subscriber growth in the first quarter, sending shares of the world’s largest streaming service down 11% on Tuesday.
The president is expected to release the proposal next week as part of the tax increases to fund social spending in the forthcoming “American Families Plan,” Bloomberg said.
For such a long time, I would scan my portfolio for something to get rid of — this is something I do regularly in good times and in bad.