Nikolay Storonsky is the founder and CEO of fintech start-up, Revolut.

Revolut, the biggest European digital bank with 13 million users, is close to applying for a banking license in the U.S., CNBC has learned exclusively.

The London-based fintech firm plans on applying for a charter with the Federal Reserve Bank of San Francisco and California’s Division of Financial Institutions within weeks, said people with knowledge of the matter.

The move from Revolut, valued at $5.5 billion in a February fundraising round, is the latest example of one of a new breed of digital challengers seeking to become a regulated bank. In March, payments giant Square won approval to start a bank. Earlier this year, Lending Club, a fintech pioneer, bought Radius Bank for $185 million in part to gain a national bank charter.

Even though Revolut’s bank charter will be with California, it will allow the lender to operate widely throughout the U.S. via interstate agreements, said one of the people, who declined to be identified speaking about the start-up’s private plans.

Still, its move to apply for a state banking charter rather than one through a national regulator like the Office of the Comptroller of the Currency drew questions from some industry observers.

The U.S. financial regulatory regime is large and fragmented, and fintech startups have taken several different approaches to breaking into the market. The most successful so far, like Chime and Current, have simply partnered with existing banks.

Square’s bank will be an industrial-loan company based in Utah and supervised by the Utah Department of Financial Institutions and the Federal Deposit Insurance Corp. Last month, cryptocurrency exchange Kraken Financial won a bank license in Wyoming.

Meanwhile, state financial regulators have clashed with the OCC over its move to create a special charter for fintech firms.

Chad

(Reuters) – European stocks posted a second consecutive week of gains on Friday as bumper forecasts from Denmark’s Pandora and Novo Nordisk set a brighter tone for the earnings season, while investors kept an eye out for signs of fresh U.S. stimulus.

The STOXX 600 index <.STOXX> ended up 0.6% to close the week with a gain of 2.1%.

Global equities advanced this week as growing expectations the Democratic party will win U.S. elections next month revived hopes for more economic stimulus there.

In Europe, a string of mergers and acquisitions as well as a rebound in beaten-down sectors like travel & leisure <.SXTP>, banks <.SX7E> and oil & gas <.SXEP> lifted regional markets.

Shares of aircraft engine maker Rolls Royce

have almost doubled in value since Monday, while British Airways owner-IAG

jumped 13.2%.

Jewellery maker Pandora rose 17.2% to the top of STOXX 600 on Friday after hiking its profit guidance on stronger sales and a big boost to its online business.

Drugmaker Novo Nordisk

gained 3.3% after raising its 2020 sales and operating outlook.

German online fashion company Zalando

rose 3.2% and Global Fashion Group

surged 24.0% after upgrading their earnings outlook.

Companies on the STOXX 600 are expected to post a profit decline of 38% in third quarter and 22.7% in the current quarter, according to Refinitiv data, as businesses recoup from the coronavirus-driven hit.

“Even though we’ve had rising infection rates in developed markets for the best part of the month, there hasn’t been any negative impact on consensus earnings forecasts,” said Alastair George, head strategist at Edison Investment Research.

“As long as strict lockdowns can be avoided, equities are likely to continue to make progress on the back of very loose monetary policy and global stimulus packages as well.”

Europe surpassed 100,000 daily reported COVID-19

Adds details from company statement, changes dateline

Oct 8 (Reuters)U.S. business analytics firm Dun & Bradstreet Holdings Inc DNB.N said on Wednesday it would acquire European data and analytics firm Bisnode from Swedish private equity firm Ratos AB RATOb.ST.

The company said in a statement it will purchase Bisnode through its unit Dun & Bradstreet Holdings BV for 7.2 billion SEK ($811.60 million) in a cash and stock deal.

Upon closing of the transaction, expected in 2021, Dun & Bradstreet will pay 75% of the price in cash to Bisnode and 25% in newly issued shares of common stock of Dun & Bradstreet.

Ratos is selling its 70% shareholding in Bisnode and will receive a dividend of 175 million SEK from Bisnode during fourth quarter 2020, it said in a separate statement.

Ratos Chief Executive Officer Jonas Wiström will join the Dun & Bradstreet International Strategic Advisory Board, the private equity firm said.

Ratos said its ownership in Dun & Bradstreet will be about 1% afer the completion of the transaction, corresponding to about 1 billion SEK.

($1 = 8.8714 Swedish crowns)

(Reporting by Juby Babu in Bengaluru; Editing by Rashmi Aich)

(([email protected]; outside U.S. +91 80 6182 3397;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source Article

(RTTNews) – European stocks saw a choppy session on Wednesday as investors appeared somewhat clueless about a potential new coronavirus relief plan as they digested a couple of treats from U.S. President Donald Trump.

Markets were also reacting to updates about coronavirus spread. In France, new coronavirus cases continued to see a daily rise of over 10,000. The French government has placed Paris on maximum Covid-19 alert.

Trump had tweeted Tuesday afternoon that he has instructed his administration’s negotiators to stop stimulus discussions with Democrats until after the presidential election, triggering heavy selling in the U.S. market.

Later on Tuesday, Trump indicated he would support individual stimulus measures after calling off negotiations over a broader relief package.

“The House & Senate should IMMEDIATELY Approve 25 Billion Dollars for Airline Payroll Support, & 135 Billion Dollars for Paycheck Protection Program for Small Business. Both of these will be fully paid for with unused funds from the Cares Act. Have this money. I will sign now!” Trump tweeted.

He later added, “If I am sent a Stand Alone Bill for Stimulus Checks ($1,200), they will go out to our great people IMMEDIATELY. I am ready to sign right now. Are you listening Nancy?”

The pan European Stoxx 600 ended down 0.12%. The U.K.’s FTSE 100 edged down 0.06% and France’s CAC 40 declined 0.27% and Germany’s DAX moved up 0.17%. Switzerland’s SMI ended lower by 0.44%.

Among other markets in Europe, Denmark, Iceland and Ireland closed higher. Belgium, Finland, Greece, Norway, Russia and Spain declined, while Austria, Czech Republic, Netherlands, Poland, Portugal, Sweden and Turkey ended flat.

In the UK market, Rolls-Royce gained more than 5%, rebounding strongly after losses in the previous session. CRH, Glencore, Kingfisher, Fresnillo, Ocado Group, Rio Tinto, Taylor Wimpey, Antofagasta and Melrose gained 2 to 3%.

Among

(Bloomberg) — U.S. equity futures fluctuated and Treasuries were steady before a speech by Federal Reserve Chair Jerome Powell on the outlook for the economy.

The Europe Stoxx 600 Index rose, led by gains in banks and travel shares advanced. Hardware maker Logitech International SA slumped as Apple Inc. plans to launch its own audio products and stop selling rival headphones.

The pound weakened after a report that the European Union has no plans to offer concessions to Boris Johnson before next week’s Brexit deadline. The bloc is ready to let U.K. talks drag on into November or December, and even take a chance on Johnson pulling the plug on the deliberations rather than compromise on its red lines, according to a senior EU diplomat.



chart, line chart: Bullion-backed ETF holdings hit record even as spot prices lag


© Bloomberg
Bullion-backed ETF holdings hit record even as spot prices lag

After the S&P 500’s biggest advance in almost four weeks yesterday, investors seem to be taking a break to digest new information. Powell and European Central Bank Chief Economist Philip Lane are set to deliver the keynote addresses at a meeting by the National Association for Business Economics on Tuesday.

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In recent weeks, Fed officials have stressed that the U.S. recovery is highly dependent on the nation’s ability to better contain infections, and that further fiscal stimulus is likely needed to support jobs and incomes.

There are also lingering concerns about the trajectory of the pandemic and its effect on the economy. In Germany, new coronavirus cases jumped the most since mid-April and Italy is set to tighten restrictions to curb the spread of the virus.

“The momentum of the recovery is clearly fading now and the positive surprises have ended,” according to strategists at Dutch asset manager Robeco. “With winter approaching in the northern hemisphere, we are already seeing more