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Wealth Fund Blocks Pwc From Advisory Work for One Year

The Saudi Arabia Public Investment Fund (PIF) has temporarily banned PwC from advisory and consulting services contracts, halting the firm's progress in one of the world's most lucrative markets. The decision comes two years after PwC received a license to open its regional headquarters in the kingdom, where it employs more than 2,000 people across several locations. This move raises concerns about the stability of professional services firms operating in the region.

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PwC Seeks to Mend Relations with Saudi Arabia, Sources Say. Δ1.88

PwC is working to repair its relationship with Saudi Arabia after the kingdom suspended activities between its sovereign wealth fund and the consulting firm. The situation affects over 2,600 PwC employees worldwide who work on projects in Saudi Arabia, generating significant revenue for the company. PwC has assured its employees that the issue is related to a "client" matter and not a regulatory one.

Saudi’s Zahid to Reopen Talks With Barloworld’s Shareholders Δ1.70

Zahid Group will initiate fresh negotiations with Barloworld's shareholders after an initial acquisition offer was rejected, aiming to acquire more shares than 50% to implement more efficient processes in the business. The consortium, led by Zahid, expects at least another 32% support from shareholders and is seeking to buy as many shares as possible to maintain its stake in Africa's Caterpillar equipment distributor. The company plans to conclude the standby offer within 30 trading days.

Saudi Aramco Exploring Initial Bid for BP's Castrol Unit, Source Says Δ1.70

Saudi Aramco is in the early stages of considering a potential bid for BP's lubricant business Castrol, according to a person with knowledge of the matter. The Saudi oil giant's interest comes as BP reviews its Castrol business, aiming to generate $20 billion in divestments by 2027. A successful acquisition could help Aramco expand its presence in the global lubricants market.

Barrick Says 'Committed to Reaching a Mutually Beneficial Resolution' In Mali Δ1.69

Barrick Gold has been locked in a dispute with the Malian government over its assets, but remains committed to finding a mutually beneficial solution. The company's operations have been temporarily suspended due to a dispute over a new mining code that gives the state a greater share in Barrick's gold-mining complex. Despite efforts to finalize an agreement, progress has been slow.

Trump Says He's Ending Public Service Loan Forgiveness for Nonprofits Involved in 'Improper' Activities Δ1.69

The White House plan to ban student borrowers from Public Service Loan Forgiveness if they work at certain nonprofits appears aimed at pro-Palestinian groups and charity organizations opposed to President Trump's policies. The administration is using the program as a tool to penalize groups that engage in constitutionally protected speech, such as informing undocumented immigrants of their rights or criticizing Israel. This move raises serious legal concerns about the president's authority to alter the terms of the program.

US to Name Morgan Stanley Banker to Lead Sovereign Wealth Fund Δ1.69

The Commerce Department is appointing Michael Grimes, a former Morgan Stanley banker, as the lead executive for a planned sovereign wealth fund, marking a significant development in President Trump's efforts to create a US-based investment vehicle for national security projects. The fund, which remains in its early stages, would aim to promote American investments in key sectors such as critical minerals, rare earths, and defense technology. Grimes' appointment underscores the administration's commitment to leveraging private sector expertise to drive strategic investments.

CFPB Staff and Leaders Clash Over Agency's Fate Δ1.69

The Consumer Financial Protection Bureau (CFPB) is embroiled in a contentious battle between its leadership and staff over whether they are allowed to continue working despite claims of a shutdown. A key agency executive, Adam Martinez, will testify next week after a judge expressed concerns about the agency's fate. The dispute centers on whether the Trump administration is attempting to dismantle the CFPB or if it has allowed workers to continue their legally required duties.

PGA Tour Looking to 'Reunify the Game' With $1.5 Billion LIV Golf Deal, Commissioner Says Δ1.68

The PGA Tour is making a significant investment in an effort to reunify the golfing world, as a deal with Saudi Arabia-backed LIV Golf could potentially bring back some of the top players who have defected to the rival league. The proposed $1.5 billion deal would not only address the talent drain but also help to revitalize the game by increasing purses and offering more competitive opportunities for golfers. This move is a response to the growing influence of LIV Golf, which has disrupted the traditional golf landscape with its lucrative offers and innovative approach.

CFPB Drops Lawsuit Against US Banks Over Alleged Fraud on Zelle Δ1.68

The Consumer Financial Protection Bureau has dismissed a lawsuit against some of the world's largest banks for allegedly rushing out a peer-to-peer payment network that then allowed fraud to proliferate, leaving victims to fend for themselves. The agency's decision marks another shift in its enforcement approach under the Biden administration, which has taken steps to slow down regulatory actions. This move comes amid a broader review of consumer protection laws and their implementation.

CFPB Drops Lawsuits Against Major Firms in Shocking Shift Δ1.68

The Consumer Financial Protection Bureau (CFPB) has dismissed at least four enforcement lawsuits against major financial institutions, including Capital One and Berkshire Hathaway-owned Vanderbilt Mortgage & Finance, marking a significant shift in the agency's direction since its new acting director took over this month. The dismissals come after the CFPB's former head of enforcement stated that the agency had never seen such a rapid pace of dismissals before. This abrupt change raises concerns about the bureau's commitment to consumer protection and enforcement.

Saudi Arabia's Economy Remains Steady Despite Oil Price Pressures Δ1.68

Saudi Arabia's economy grew 1.3% year on year in the fourth quarter of 2024, preliminary government data showed on Sunday, supported by increased non-oil and government activities.Non-oil growth rose 4.3% and government activities were up 2.6%, while oil activities declined by 4.5%. Growth in the kingdom is expected to remain muted this year, with low oil prices continuing to weigh on government revenue.The OPEC+ oil producer group plans to increase output in April, rolling back cuts agreed in stages since 2022 to support the market.

Saudi Aramco Exploring Initial Bid for BP's Castrol Unit, Source Says Δ1.68

BP's lubricant business Castrol is expected to be worth $6 billion to $8 billion, according to analyst Ashley Kelty. The business has been put up for sale as part of a strategic review by the company. BP has underperformed peers and faced increasing pressure to change strategy after activist investor Elliott Investment Management built a 5% stake in the company.

Neom's Futuristic City Plans Taken over by Financial Disaster, Except for Mckinsey & Co Δ1.68

Neom's massive, 105-mile-long linear city project has become a financial sinkhole due to delays and cost overruns. The project, which was initially envisioned as a futuristic, carbon-neutral hub, is now projected to take another 55 years to complete and will likely cost $8.8 trillion, exceeding Saudi Arabia's annual budget by more than 25 times. The internal audit presented to Neom's board last summer revealed the bleak financial outlook, raising concerns about the project's viability.

Foundation Capital Raises $600m Fund in 30 Years of Operation Δ1.68

Foundation Capital has come a long way since it was forced to scale down its fund size from $750 million in 2008 to $282 million (its sixth main fund) in 2013. On Tuesday, the 30-year-old firm announced that it raised a $600 million eleventh flagship fund, which is 20% larger than the predecessor $500 million fund it closed about three years ago. Foundation credits its revival with sticking to its knitting: seed stage investing.

US Foreign Aid Contractors Face Judge After Supreme Court Boost Δ1.68

The case before US District Judge Amir Ali represents an early test of the legality of Trump's aggressive moves since returning to the presidency in January to assert power over federal spending, including funding approved by Congress. The Supreme Court's 6-3 decision to uphold Ali's emergency order for the administration to promptly release funding to contractors and recipients of grants has given plaintiffs a new lease on life. However, despite the Supreme Court's action, the future of the funding remains unclear.

Hedge Funds Ramp up Bets on Falling Stocks Δ1.68

Global hedge funds sold more stocks than they bought by the largest amount in a year, mainly driven by their bets that stocks will drop, a Goldman Sachs note showed on Friday. Hedge funds turned increasingly pessimistic about various sectors, including healthcare, technology, and large-cap equities, with short positions rising to near record highs. The gloomy sentiment was spread across all geographic regions, but particularly in North America and parts of Asia.

China's c.bank, Regulators Vow Financial Support for Private Companies Δ1.68

China's central bank and financial regulators held a meeting with private enterprises and financial institutions, vowing to increase lending to private enterprises and expand their fundraising channels. President Xi's private sector symposium guides latest financial meeting. The People's Bank of China (PBOC) pledged financing costs of private enterprises will remain low.

US Regulator Clears Path for Banks to Engage in Some Crypto Activities Δ1.68

The U.S. regulator overseeing national banks clarified that banks can engage in some crypto activities, such as crypto-asset custody, stablecoin activities, and participation in distributed ledger networks, without needing advance permission from regulators beforehand. This new guidance removes the expectation that firms should clear their crypto-related activities with regulators first, including demonstrating adequate controls for those business lines. The OCC also rescinded prior guidance telling banks to brief their supervisors on crypto activities beforehand.

Shell Mulls Sale of European, US Chemicals Assets, WSJ Reports Δ1.68

The energy group has hired Morgan Stanley to conduct a strategic review of its chemicals operations, the report said. Shell declined to comment. Morgan Stanley did not immediately respond to a request for comment outside regular business hours. The review is in its early stages and Shell has not yet made any definitive decisions regarding a potential sale, the Journal reported, adding that one of the assets included in the review was Shell's Deer Park facility in Texas. Last year Shell sold its refining and chemicals hub in Singapore, one of the world's largest.

Why Jpmorgan Might Be Hiding Its Trading Size Δ1.67

JPMorgan has been accused of evading capital requirements created to prevent another financial crisis—a claim the bank denies. The Federal Reserve has allowed U.S. banks, including JPMorgan, to flout some of the norms established by common standards to regulate financial institutions critical to the health of the global economy. If the Fed is looking the other way, experts say it could diminish the meaning of these rules and lead other countries to follow suit.

Some Malaria, HIV, TB Programme Cuts Reversed by US, Groups Say Δ1.67

Several lifesaving health projects that recently faced abrupt termination of U.S. funding contracts have received reversal letters, although actual funding has yet to resume. Aid organizations express cautious optimism regarding the reversals, yet the lack of financial clarity hampers their ability to effectively resume critical services. The ongoing confusion stems from the Trump administration's review process, which has halted operations and jeopardized vital health programs across the globe.

Trump Restricts Loan Forgiveness for Nonprofit Workers Δ1.67

President Donald Trump signed an executive order restricting eligibility for a government-run student loan forgiveness program, targeting individuals whose work for nonprofit organizations clashes with the administration’s immigration and other policies. The order aims to exclude employees of organizations involved in “criminal means” or violating immigration law from receiving debt cancellation. Critics argue that this move undermines the public service forgiveness program's purpose.

Turkey Wants Iraq-Turkey Pipeline to Operate at Maximum Capacity Δ1.67

Turkey wants an Iraq-Turkey oil pipeline to operate at maximum capacity once it resumes flows through Turkey's Ceyhan, as stated by Turkish Energy Minister Alparslan Bayraktar. The pipeline was halted in 2023 after the International Chamber of Commerce ordered Ankara to pay $1.5 billion in damages for unauthorized exports between 2014 and 2018. Turkey has been ready to resume operations at the pipeline since late 2023, with Bayraktar stating that it is essential to use the full capacity of the pipelines.

Sec Dismisses Civil Enforcement Action Against Coinbase Δ1.67

The Securities and Exchange Commission has dismissed a civil enforcement action against Coinbase and its subsidiary Coinbase Global, citing the ongoing work of the Crypto Task Force. The dismissal marks a significant shift in the Commission's approach to regulating cryptocurrencies, with Acting Chairman Mark Uyeda stating that it's time for a more transparent and comprehensive framework. This move is expected to have far-reaching implications for the cryptocurrency industry.

Partnering with AI Giants Could Revolutionize Banking and Insurance Δ1.67

Palantir Technologies Inc. (PLTR) has formed a strategic partnership with TWG Global to transform AI deployment across the financial sector, focusing on banking, investment management, insurance, and related services. The joint venture aims to consolidate fragmented approaches into a unified, enterprise-wide AI strategy, leveraging expertise from two decades of experience in defense, government, and commercial applications. By embedding AI into its operations, TWG Global has already seen significant benefits, including enhanced compliance, customer growth, and operational efficiency.