Digital Currency Group's Q3 Revenue Soars amid Crypto Rebound
Digital Currency Group (DCG) reported an increase of 23% in its third-quarter revenue, reaching $188 million compared to $153 million in the same period last year. The company's EBITDA stood at $69 million.
DCG's asset management unit, Grayscale Investments, played a significant role in this growth, especially after a US court approved its bid to create a spot Bitcoin ETF. The crypto market's rebound this year, particularly Bitcoin's 100% year-to-date growth, has been a significant factor in DCG's financial performance.
FMA NZ Warns against Fixed Rate Options' Social Media Ads
The Financial Markets Authority of New Zealand (FMA) has issued a warning about advertisements from "Fixed Rate Options" appearing on social media platforms like Facebook and Instagram. These ads claim to help consumers find the "top five performing fixed-term deposits in 2023." However, the FMA believes these ads are a scam designed to harvest personal information from New Zealanders.
Upon clicking the advertisement, individuals are directed to an online form asking for personal details and investment information. The FMA suspects that this is a front for collecting data, which is then used to contact people with fake investment opportunities. The authority advises New Zealanders to exercise extreme caution and avoid clicking on these ads or providing any personal information.
SEC Charges BlackRock over Misleading Investment Disclosures
The Securities and Exchange Commission (SEC) has charged BlackRock Advisors for failing to describe investments in the entertainment industry accurately. The company agreed to pay a penalty of $2.5 million to settle the charges.
From 2015 to 2019, BlackRock inaccurately described its investments in Aviron Group as a "Diversified Financial Services" company and misrepresented the interest rates. The SEC emphasized the importance of accurate disclosures for retail and institutional investors.
Temenos Reports Stellar Q3 Performance
Temenos, a software company, announced impressive growth in its Q3-23 results, including an increase of 25% in total software licensing. The company's EBIT grew by 44%, and its free cash flow surged substantially to 479%.
Temenos also revised its full-year guidance, raising its ARR, EBIT, and EPS growth expectations. The strong performance is attributed to subscription revenue growth of 36% and SaaS revenue growth of 23% in Q3-23.
Singapore's MAS Investigates DBS and Citibank over Outage
The Monetary Authority of Singapore (MAS) has ordered DBS and Citibank to investigate a recent outage that disrupted their online and payment services. The outage occurred due to a cooling system issue during a planned upgrade at a data center.
MAS expects the banks to establish agreements with data center providers that meet the regulator's system availability requirements. The banks have been instructed to thoroughly investigate the delay in restoring services.
Deutsche Bank Posts Modest Profit Growth
Deutsche Bank reported an incremental increase of 3% in its nine-month profit before tax, amounting to €5.0 billion. Despite inflation pressures, the bank managed to keep its costs under control, with a marginal improvement of 2% in adjusted costs.
Deutsche Bank also reported strong capital management, with its Common Equity Tier 1 (CET1) ratio rising to 13.9%. The bank has raised its capital outlook, providing scope to free up an additional €3 billion of capital.
Banco Santander Beats Earnings Estimates
Banco Santander reported a net income of €2.9 billion in the third quarter, exceeding analysts' expectations. The bank's net interest income rose 6.6% from the previous quarter to €11.2 billion.
Higher interest rates in Europe and Mexico contributed to the bank's revenue growth, offsetting a rise in loan loss provisions, which stood at €3.3 billion for the quarter.
Barclays Faces Market Value Dip
Unlike the two above, Barclays Plc experienced a significant drop in its market value after lowering its forecast for lending profitability. The bank's shares fell by as much as 10% before recovering some of the losses.
The reduction in full-year net interest margin estimates comes as UK banks are offering higher interest rates to attract deposits, affecting Barclays' profitability.
