Jan. 7, 2021 8:15 pm ET
Banks are allowed to participate in public decentralized networks and use stablecoins in payment settlements, according to new guidance from a federal banking regulator.
The Office of the Comptroller of the Currency in a guidance letter this week said national banks and federal savings associations may use new technologies, including independent node verification networks also known as blockchain networks and related stablecoins, to perform bank-permissible functions.
The letter, published Monday, is the latest from the Treasury Department unit to spell out how traditional financial institutions can do business involving digital currencies. Before the guidance, some banks were unsure about whether they could use the underlying blockchain as payment networks.
I left no debt, says ex-Delta council boss
Matthew Ochei, Asaba
AS the tenure of democratically elected chairmen of the 25 local government councils in Delta State came to an end, the immediate past chairman of Aniocha North, Mr Chuks Oseme, said he left behind a debt-free council for his successor.
Oseme said this while presenting a detailed account of his six-year stewardship at the council headquarters in Issele-Uku on Wednesday.
He said, “Despite the financial constraints faced by our administration, we chose not to go into borrowing.
“When I came on board in my first tenure, I inherited debt from my predecessor, which did not give us an easy start.
Sixth Street Closes Second Fund for Direct Lending in Europe at €1 Billion Hard Cap
Sixth Street, a leading global investment firm with over $50 billion in assets under management, today announced the final closing of its second fund dedicated to direct lending for middle market and growth companies across Europe. Sixth Street Specialty Lending Europe II ( SLE II ) reached its hard cap with €1 billion in equity commitments. Sixth Street is actively investing out of the fund and has already committed to five investments. We want to thank our limited partners for their long-term trust and support as we continue to successfully execute on our differentiated strategy during these uncertain times, said Joshua Easterly, Co-Founder and Co-President of Sixth Street. This capital raise is consistent with our approach of disciplined, patient fund sizing to serve our core client base of middle market companies, coupled with the upsize flexibility from Sixth Street TAO which allows us
Credit Suisse To Post Net Loss In Q4
ZURICH (dpa-AFX) - Credit Suisse (CS) said it expects to increase provisions for the MBIA case and other RMBS-related cases by a total of $850 million. This charge will be reflected in the company s fourth quarter results. As a consequence of this increase, together with the expected impairment charge in respect of the non-controlling interest in York Capital Management, the company projects a net loss in fourth quarter.
The company noted that its trading performance in the final month of 2020 continued at similar levels to those summarized at Investor Update on December 15, 2020.
The Board has decided that the Annual General Meeting of Credit Suisse Group AG on April 30, 2021, will be held without the physical attendance of shareholders.
CCOE meeting discusses circular debt
National
January 8, 2021
ISLAMABAD: A meeting of the Cabinet Committee on Energy (CCOE) was held under the chairmanship of Federal Minister for Planning, Development and Special Initiatives Asad Umar here in Islamabad on Thursday. The Power Division presented the latest circular debt situation and the projections. The CCoE was told that the circular debt management plan was being implemented to minimize the circular debt buildup. The Cabinet Committee on Energy discussed the proposal made by the Ministry of Information Technology and Telecommunication regarding the Electricity-Meterless Smart Metering System. The CCOE directed the Power Division and M/o IT& Telecommunications to hold further deliberations on the proposed design and submit a joint proposal to the CCoE. The Petroleum Division proposed setting up the committee for streamlining the process for industrial gas connections in Balochistan province. The CCoE approved the proposed comm