Connect with us
https://tickernews.co/wp-content/uploads/2023/10/AmEx-Thought-Leaders.jpg

Money

SoFi exiting crypto business amidst regulatory challenges

Published

on

The prominent fintech firm SoFi has announced its decision to exit the cryptocurrency business.

This decision comes as the company faces increasing regulatory challenges and a shifting landscape in the world of digital assets.

SoFi, which has been a notable player in the fintech industry, had initially ventured into the cryptocurrency space to provide its customers with a range of digital asset services. However, the recent intensification of regulatory scrutiny in the cryptocurrency sector has prompted the company to reconsider its position.

The firm’s management cited the need to focus on its core financial services offerings and ensure compliance with evolving regulations as the primary reasons for this strategic shift.

The news has left many in the cryptocurrency community and SoFi’s customer base with questions about the future of their digital asset holdings and transactions. Investors are particularly concerned about the fate of their cryptocurrency accounts and whether they will be able to transfer their assets to other platforms seamlessly.

Additionally, there are concerns about the impact of this decision on the overall cryptocurrency market and the broader fintech industry.

This development also raises questions about the challenges fintech companies face when entering the cryptocurrency space and the growing importance of regulatory compliance in the industry.

It remains to be seen how SoFi’s exit will affect its competitors and whether other fintech firms will reconsider their cryptocurrency offerings in light of the regulatory landscape. As the cryptocurrency market continues to evolve, the industry will undoubtedly continue to grapple with regulatory hurdles and adapt to changing circumstances.

Continue Reading

Money

AI pushes the Nasdaq to a record-breaking close

Published

on

The Nasdaq achieved a record-breaking close, surpassing its previous record high of 16,057.44, which was established on November 21, 2021.

Artificial assistance

Artificial intelligence-related technology stocks, such as Nvidia (NVDA.O) and Microsoft (MSFT.O), have greatly boosted the index.

The Nasdaq Composite has increased by almost 7.2% this year.

The tech-focused index surged 43% in 2023, and as chipmakers gained traction and confidence increased that the Fed might achieve a soft landing—that is, curb inflation without inciting a recession—stocks surged strongly by year-end.

In contrast, Nvidia increased by 1.9% on Thursday, bringing its total gain from a year ago to around 250%.

Market boom

Every S&P 500 subs sector saw a gain at the end of the month.

Analysts at Deutsche Bank report that the index has now increased for 16 of the past 18 weeks, matching the record most winning weeks last attained in 1971.

Bitcoin also moved closer to its all-time high.

The price of the virtual currency momentarily surpassed $64,000 as spot bitcoin ETFs helped drive it to heights last seen in 2021.

Continue Reading

Money

Disney sign off on mega merger with India’s largest conglomerate

Published

on

India’s top conglomerate Reliance Industries and Walt Disney announced the merger of their India TV and streaming media assets, forming an $8.5 billion entertainment juggernaut.

Disney, Reliance sign non-binding agreement for India’s largest media conglomerate

Reliance, led by Asia’s richest man, Mukesh Ambani, will inject $1.4 billion in the merged entity, with the company and its affiliates holding a more than 63% stake, with Disney owning the rest, the companies said in a joint statement.

Mukesh Ambani, Reliance’s multimillionaire CEO

Media rivals

With two streaming platforms and 120 TV channels, the combined company will be a formidable opponent for competitors like Netflix and Sony of Japan in the $28 billion media and entertainment market, which is expected to grow to $100 billion by the end of the decade.

Disney’s lengthy battle to stop users from leaving its collapsing Indian streaming service and the financial burden resulting from billion-dollar payments for Indian cricket rights before the deal, providing yet another illustration of how difficult it can be for Western companies to expand in India.

Ultimate alliance

“The combined entity will create a sports behemoth in India,” stated Jinesh Joshi, an analyst at Prabhudas Lilladher in India.

“This merger will give Reliance great bargaining power when it comes to negotiating advertisement contracts … For Disney, coming together with a bigger player, in terms of (financial) pockets, will give it a cash cushion,” he continued.

According to the corporations, the combined company will serve the approximately 750 million viewers in India as well as the Indian diaspora worldwide.

According to Disney CEO Bog Iger’s statement, “Reliance has a deep understanding of the Indian market and consumer,” and the acquisition will enable “us to better serve consumers with a broad portfolio of digital services, entertainment, and sports.”

Continue Reading

Money

Warner Bros Discovery plans to shutdown popular NZ news network

Published

on

One of New Zealand’s two free-to-air television networks claimed it will be shutting down all newsroom operations, television news broadcasts and website from June 30, with the loss of up to 200 media jobs.

The once-thriving network, which had been a staple in the New Zealand entertainment industry, is now facing financial turmoil, sending shockwaves through the media landscape.

Warner Bros Discovery, who own the NZ news network, stated the decision comes following further attempts to reduce costs and that meant major changes including the planned shut down of the newsroom.

Continue Reading
Live Watch Ticker News Live
Advertisement

Trending Now

Copyright © 2023 The Ticker Company