Ares Management Corp. raised $6.5 billion for its second asset-based credit fund, as it seeks to snap up portfolios from banks that want to sell them to comply with higher capital requirements.
Five Key Charts to Watch in Global Commodity Markets This WeekUK Mortgage Approvals Sink to Eight-Month Low After Rates JumpSumitomo Mitsui Trust Said to Cut Profit Outlook on Hedging LossBiden Signs Sweeping Executive Order Regulating Artificial IntelligenceAustrian Economy Falls Into Recession as Spending DownEuropean Gas Prices Jump After Egypt Says Imports StoppedSpanish Inflation Quickens to Highest Since April on ElectricityShekel Gains After 5-Week Selloff as Gaza War Enters New PhaseOct.
counterparts: TMU studyFinancial planning for raising kids: expert says cash flow is keyFinancial stress levels climb as Canadians use debt to pay for essentialsEmployers set aside less for 2024 pay increases: surveyBank of Canada rate pause opens sweet spot for savers: Dale JacksonUK Mortgage Approvals Sink to Eight-Month Low After Rates JumpIt’s Time to Short European Banks After Rally, JPMorgan SaysUBS Takes Down Credit Suisse Logo From Canary Wharf BuildingHSBC May Hike Performance-Related...
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Credit Card Interest and Fees Reach Record High of $130 BillionAccording to a report by the Consumer Financial Protection Bureau (CFPB), credit card companies charged consumers over $105 billion in interest and $25 billion in fees in 2022, the highest amount recorded. The report highlights the increasing cost of credit card debt and the need for more options with lower rates. The average cardholder carried $5,288 in credit card debt, with 82% of total debt being revolving. Only 18% of consumers were able to pay off their full balances by the due date.
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Private Credit Faces Challenges in Allocating Raised FundsFund managers are struggling to find suitable lending opportunities for the $500 billion raised in private credit, potentially leading to a race to the bottom between debt funds and banks. Moody's warns of systemic risks, while private credit firms are giving up investor protections to secure larger refinancings. The industry's rapid expansion and competition from banks contribute to the scarcity of quality deals.
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Swiss National Bank Vice Chairman: We Couldn't Save Credit Suisse from CollapseThe Swiss National Bank's vice chairman, Martin Schlegel, stated that the central bank lacked the means to rescue Credit Suisse from collapse in March due to the severity of the lender's liquidity problems. Schlegel emphasized that the SNB had no mandate to save or take over the troubled lender, and criticized the handling of Credit Suisse's AT1 bonds. He also pushed back against critics who believed the central bank should have provided more liquidity and public support.
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Canada's Decision to Waive Visitor Visa Requirements Raises ConcernsCanada's decision to issue hundreds of thousands of visitor visas without requiring applicants to demonstrate their purpose of visit could erode public confidence in managed migration. The change, kept under wraps for months, has led to a surge in asylum applications and a growing backlog.
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Investigation Raises Doubts About Buffy Sainte-Marie's Indigenous AncestryAn investigation by CBC's The Fifth Estate has raised questions about Buffy Sainte-Marie's claims to Indigenous identity, including her birthplace and family history. Despite the revelations, the acting chief of Piapot First Nation says the community will continue to support her.
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England's poor performance at Cricket World Cup raises concernsEngland's poor showing at the Cricket World Cup has surprised fans, with only one win from five games. Despite still being mathematically alive, England's chances of reaching the semifinals are slim. In contrast, India remains unbeaten with five wins and is in a strong position.
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