Author: Editor

MrBeast is looking to launch a financial services platform, the CEO of the top YouTuber’s company said Wednesday at The New York Times’ DealBook Summit.The CEO’s comments confirmed earlier reporting by Business Insider that Beast Industries was laying the groundwork to expand into financial services and mobile phones.”We’re also launching a phone company, Beast Mobile, and a financial services platform in there, wrapped in financial literacy and access to the world’s information, in making sure we’re doing good while doing well,” Beast Industries CEO Jeffrey Housenbold said.A company application filed with the US Patent and Trademark Office on October 13…

The International Accounting Standards Board proposed a new accounting model to reflect how banks and other financial institutions manage interest rate risks in their portfolios.The proposed Risk Mitigation Accounting model comes in response to feedback from financial institutions and investors that the current hedge accounting requirements don’t adequately reflect how interest rate risk is managed in practice. The newly proposed accounting model aims to offer more transparency into how interest rate risk management impacts financial performance and future cash flows in a dynamic environment.”Our proposed Risk Mitigation Accounting model aims to bring accounting and risk management closer together to enhance…

American flags flutter outside a Hyundai automobile dealership in Irvine, California, U.S., March 27, 2025. Mike Blake | ReutersDETROIT — Hyundai Motor and General Motors are set to be two of the greatest beneficiaries of lower U.S. tariffs on imports, including vehicles, from South Korea.The South Korean-based automaker is the largest U.S. importer of new vehicles from the country, followed by GM. Both automakers have paid billions of dollars in levies so far this year after President Donald Trump placed 25% tariffs on imported vehicles from South Korea and other countries in the spring. The Trump administration this past week confirmed…

Identity theft, fictitious applicants and other forms of fraud continue with the advance premium tax credit for buying health insurance under the Affordable Care Act, according to a new report from the Government Accountability Office that comes at a time when the enhanced subsidies that were added during the pandemic are in danger of expiring, leading to the recent government shutdown.The report found that the fraud risks have persisted since the GAO first reported on the problem for plan years 2014-2016. “For example, we were able to get subsidized insurance for fake enrollees,” said the report. “We also found some…

The House of Representatives approved two pieces of legislation this week to ensure Internal Revenue Service agents aren’t levying fines and penalties on taxpayers without supervisory approval, and to strengthen taxpayer rights in judicial proceedings before the U.S. Tax Court.The first bill, known as the Fair and Accountable IRS Reviews (FAIR) Act (H.R. 5346), introduced by Rep. Glenn Grothman, R-Wisconsin, would clarify that supervisory approval of a penalty would be considered to be timely only if the person who proposed the penalty obtained approval in writing prior to any written communication to a taxpayer with respect to the penalty. Currently, an…

Every December, Spotify Wrapped manages to disappoint parents of young children by reminding them that their identity as fully fledged humans has been erased, leaving just a husk of a vessel that exists only to hit the repeat button on “Wheels on the Bus” or the “Encanto” soundtrack.But, oh, how the tables have finally turned. Now, young people in their teens and 20s are getting a dose of Spotify’s cruel and merciless wrath.Spotify Wrapped just added a new metric to its year-end personalized wrap-up: “listening age.” In addition to telling you which songs and artists you listened to the most,…

Citi has a new group of senior leaders joining its highest ranks.On Wednesday, the bank announced 276 managing directors, elevating the class of leaders to its highest rank below the C-suite.This year’s class includes 55 promotions in markets, 45 in banking, 40 in wealth, and 33 in services, the bank’s unit that helps clients manage and move money globally. The promotions reflect the firm’s strong year in the markets and its push to drive more growth from banking, wealth, and its unique services business — all three of which have undergone major revamps in recent years.The class is about 20%…

A deal to combine Paramount and Warner Bros. Discovery would create a media behemoth.And that behemoth could be partially owned by the governments of Saudi Arabia, Qatar, and Abu Dhabi.So says Variety, reporting that David and Larry Ellison, who own Paramount and are bidding to buy WBD, are using money from those countries’ sovereign wealth funds to finance their proposed deal.If that story sounds familiar, there’s a good reason: In November, Variety reported more or less the same thing — which prompted Paramount to call the story “categorically inaccurate”.But even at the time, it didn’t seem implausible that Middle Eastern…

Ken Griffin’s stockpickers are using an internal chatbot to speed up their processes and find new info at his $71 billion hedge fund.The tool, rolled out earlier this year, helps the firm’s legions of fundamental equity investors find hidden details in public filings, summarize research from sell-side banks, track mentions of certain key words from executives, and more.But the human part of these flesh-and-blood traders remains mission critical, according to Umesh Subramanian, Citadel’s chief technology officer.Speaking at a New York conference on Wednesday, he said, “We are also careful that it’s not used in the wrong way.””We don’t want PMs…

Real estate data company Crexi has brought on celebrity lawyer Alex Spiro — known for defending billionaires, rappers, and professional athletes — in its scrap with CoStar Group.According to court filings on Wednesday, Spiro will now defend Crexi in its legal battle with the real estate data giant. The $3,000-an-hour lawyer has represented clients like Elon Musk, Jay-Z, and Megan Thee Stallion, and has also worked for a variety of businesses in disputes with short-sellers, rivals, and regulators.CoStar, a $29 billion company known for its real-estate data and deals platforms, claims that Crexi used offshore workers in India to “copy…