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BlackRock’s CEO Exit Signals Private Credit Shift
The private credit market’s roughest stretch in years has claimed its first senior leader at a major asset manager. BlackRock’s Phil Tseng is in the process of leaving his post as CEO of the firm’s publicly traded business development company, according to Bloomberg News. The move comes amid a brutal year for BlackRock TCP Capital Read more... The post Black
Bank of America Data Show Record Fan Spending at World Cup
Menendez: The Gig Economy Has a Payment Problem
Cuba Forced to Adopt Free-Market Reforms
In June, the Cuban National Assembly unanimously passed 176 economic reforms aimed at staving off an economic crisis partly caused by U.S. sanctions. Prime Minister Manuel Marrero announced the reforms, which aim to reduce the state’s presence in the economy and attract foreign investment in agriculture, banking, and tourism. Officially, they are described a
Syria Taps Raslan to Lead Central Bank
Safwat Raslan, a former refugee who fled to Germany during his country’s 14-year civil war, is the new governor of the Central Bank of Syria. His first order of the day will be to standardize banking operations, expand Sharia-compliant banking products, and stabilize the Syrian pound to restore confidence in international markets. The challenge is Read more.
Citi Structures $1.1B Export Credit Framework for Enel
Citi is once again using export credit agencies as a financing engine for Europe’s energy transition. The investment bank announced Thursday that it served as sole global coordinator on a €1 billion (about $1.1 billion) export financing framework for Rome-based Enel Group, backed by a 95% guarantee from Germany’s Euler Hermes. Enel Finance International N.V.
Swift Taps Global Banking Giants to Pilot 24/7 Blockchain Ledger
Swift announced that its blockchain ledger is ready for initial use, enabling early adopter financial institutions to support cross-border payments around the clock using tokenized deposits. The global cooperative, known for its vast messaging network used by banks to move money, called it a decisive step in scaling the benefits of digital value. Cross-Borde