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Business Briefs: Oct. 16, 2026
Shatz, Schwartz and Fentin P.C. named Legacy Law Firm SPRINGFIELD — Shatz, Schwartz and Fentin P.C. has been named a 2026 “Legacy” Law Firm by Mass Lawyers Weekly, recognizing firms that have been in practice for 25 years or more and have demonstrated a sustained commitment to serving their communities. Founded in 1969, Shatz, Schwartz […]
European Firms Link Sustainability to Business Resilience
LONDON, October 15, 2026--European firms are becoming more selective about digital sustainability, focusing their efforts on resilience and long-term competitiveness, ISG says.
Midfielder confirms he's ready to join Liverpool
Liverpool have found the perfect midfielder, he's just confirmed it. Julian Ward has heralded the new era quietly. There's not been a great fanfare about his return to the sporting director role. Righ...
Caesars Entertainment, Inc. (NASDAQ:CZR) Stock Has Average Target Price of $30.71
Caesars Entertainment, Inc. (NASDAQ:CZR - Get Free Report) has been assigned a consensus rating of "Hold" from the nineteen ratings firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, sixteen have assigned a h
Brooklyn Bar Association highlights detailed business practices, supportive firm culture as keys to firm success
The Brooklyn Bar Association hosted a virtual CLE program on Oct. 14 centered on how law firms can improve their business practices through LEAP, a legal
Kenya confirms second Ebola case, a relative of first patient
NAIROBI, Kenya (AP) — Kenya’s Health Ministry confirmed the country’s second Ebola case Wednesday, saying a relative of the man who died two days after arriving from Congo had tested positive while in quarantine.
Danaher, Nvidia Ink AI-Driven Science Automation Collaboration
The firms will develop iterative automated solutions enabling artificial intelligence-guided scientific research.
Lucky Strike Entertainment (NYSE:LUCK) Stock Has Average Price Target of $8.39 According to Brokerages
Lucky Strike Entertainment (NYSE:LUCK - Get Free Report) has been given an average recommendation of "Hold" by the thirteen research firms that are currently covering the firm, Marketbeat reports. Three analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation
John Healey ‘targets tax crackdown on online marketplaces’ in first budget
Firms such as Amazon and eBay would be responsible for collecting tax owed by retailers selling on their platforms
Sean McVay reveals Alaric Jackson’s next move after NFL suspends Rams star for throwing punch
Rams coach Sean McVay confirms Alaric Jackson plans to appeal his two-game NFL suspension for punching Bills linebacker Bradley Chubb after Monday's loss.
Dept. of Health confirms travel-related dengue virus case on Oahu
Health officials say this case is a reminder to reduce standing water, wherever possible, especially after a week of rainy weather.
Russia did try to interfere in Brexit referendum, head of MI5 confirms
Spy chief Ken McCallum said Russia had attempted to influence 2016 vote through social media and TV reports
Apple confirms HomePod mini 2 won’t have Siri AI at launch
HomePod mini 2 ships October 30, but the fine print on Apple’s website and press release confirms Siri AI won’t be available on launch day.
Workday and Anthropic Announce New Partnership to Connect Reasoning to the Rules That Run the Business, Wherever People Choose to Work
People Can Find Workday Information, Take Action, and Approve Work Through Sana Agents in Claude – Workday's Permissions and Business Rules Apply to Every Request, and the User Confirms Every Change
Jordan Spieth Confirms Health Breakthrough For PGA Tour Return
Jordan Spieth says his body is finally ready for competition after years of wrist surgery, marking a crucial stage in his comeback attempt.
Partners Want AI to Help Them Find New Business, But Most Are Running It on Data They Can’t Use, Introhive Survey Finds
Partners at law and accounting firms say the one thing they most want from business-development technology is help finding new business in relationships their firms already have. But 78% say the relat...
Fortnite-maker Epic Games confirms 'huge pivot' towards using AI
The US firm's boss responds to critics, saying "much of the room wants it to be 2016, but it's not".
eClinical Solutions hosts ENGAGE 2026 with 250+ attendees from 75+ life science firms
eClinical Solutions hosts ENGAGE 2026 with 250+ attendees exploring clinical data management solutions for FDA compliance and trial operations.
AltFee Wins Clio’s 2026 Integration Award for Best Business of Law App
Canadian legal technology company recognized for helping law firms bring greater consistency, confidence, and data-driven insights to legal pricing. VANCOUVER, BC – October 9, 2026 – AltFee Sol...
Apple confirms Beats x Pokémon collaboration with Pill speaker teaser
It looks like Apple’s Beats and Pokémon are teaming up for a Beats Pill Bluetooth speaker collaboration. Beats shared a...
Nintendo executive confirms company has "no plans to ditch physical games"
"We go off of what the consumer prefers," says Nintendo's vice president and general manager for Latin America, Bill van Zyll.
Gears of War: E-Day Dev Confirms DDoS Attack
Gears of War: E-Day suffered a DDoS attack over the weekend, developer The Coalition has said.
UK politics live: Tories accuse Burnham of being ‘dangerous and divisive’ after he confirms Russian interference in Brexit campaign
PM to give speech calling for ‘calm, clear-eyed look’ at possibility of new deal with EU as he says Brexit has done more harm than good
Michael Douglas confirms Charlie Sheen put ‘c---’ sign on Sean Young during “Wall Street” shoot
Young has recalled her rocky experience filming Oliver Stone’s 1987 hit.
South Korean cosmetics stocks surge while entertainment giants tumble
Shares of South Korean cosmetics companies have risen sharply this year, while those of entertainment firms have declined, data from the main bourse operator showed Friday, Yonhap reports.
Ebola spreads in eastern DRC as Kenya confirms imported case
New cases in eastern DRC and a fatal imported infection in Kenya highlight the challenges of containing Ebola.
🚨 Bombshell in Portugal: Federation confirms Ronaldo's suspension!
This afternoon, the Portuguese Football Federation (FPF) officially broke its silence on the controversy surrounding Cristiano Ronaldo. In a statement published by the Portuguese newspaper ‘A Bola��...
In Small-Business Lending, AI Reads The Numbers But Bankers Still Make The Call
AI is starting to read small firms’ books and draft advice. For generative tools, federal guidance leaves the job of checking that advice to each bank.
Dept. of Health confirms eighth travel-related dengue virus case on Oahu
Of the eight dengue cases reported in Hawaii in 2026, all have involved travel to Pacific Island countries and territories.
Google officially teases Fitbit Edge tracker, confirms October 12 launch
Google has dropped an official teaser for its Fitbit Edge tracker and confirmed its launch date, and it's coming very soon.
Allegheny County Health Department confirms second case of measles
ACHD confirmed the two cases within the county are connected because both people went to the same school.
Pokemon Ruby and Sapphire Basically Confirmed for Nintendo Switch in New Update
A new official Pokemon update basically confirms Ruby and Sapphire ports on Switch and Switch 2.
GIGABYTE Announces Support For Upcoming LGA 1700 Processors On Its Motherboards, Hinting At Raptor Lake “NEXT”
GIGABYTE confirms support for Intel's upcoming Raptor Lake NEXT LGA 1700 processors on B760 and H610 motherboards, enhancing budget-friendly builds.
GIGABYTE confirms Intel will launch DDR4-compatible CPUs next year
GIGABYTE prepares existing motherboards for Intel's upcoming CPUs. The early 2027 launch matches previous reports about Core 200 Raptor Lake Next.
Dear business students, career obsession is killing your curiosity
Each year, top- and mid-tier firms have become increasingly predatory and pushed recruitment timelines earlier into our academic careers. The situation is so dire that it has become a joke among bu…
McKinsey's Eric Kutcher sees AI aiding workers over firms
McKinsey's North America chair says AI is helping workers get more done, though broad companywide gains remain elusive.
Sweden’s startups will raise $5 billion in 2026. Our secret sauce is 150 years old
The precedents run so far back that we even have a Swedish word for inventor-founded firms of the late 19th century: snilleföretag or "genius companies."
SLO County Public Health Confirms First Measles Case of 2026
Below is a press release from The County of San Luis Obispo Department of Public Health regarding a confirmed case of measles. SAN LUIS OBISPO, Calif. —
Daredevil Star Charlie Cox Confirms He's in an Unannounced Sega Game
Daredevil star Charlie Cox has confirmed that he is starring in another video game, this one for Sega.
LMH Health Cancer Center reaccredited for excellence in breast care
The LMH Health Cancer Center has once again earned accreditation from the National Accreditation Program for Breast Centers (NAPBC), a quality program administered by the American College of Surgeons. The recognition follows a rigorous review process conducted every three years and confirms that LMH Health meets national standards for breast cancer care, patient support, quality […]
Trump calls on AI to speed up science—while continuing to defund it
Tech firms are giving big to a White House AI science program amid the destruction of institutions like the NIH.
IT firm’s relocation paves way for latest I-88 warehouse project
The plan spotlights two forces reshaping the suburban office market: Companies upgrading their workspace to adapt to post-pandemic usage and real estate firms redeveloping office properties into warehouses.
US suspends visa program for tech firms including Microsoft
The Trump administration said it would suspend an immigration program for multiple tech firms, including Microsoft Corp., alleging widespread abuse of a worker visa system. “There has been no company
Blizzard is changing the appearance of WoW: Forever's new Skyborne race in response to community feedback
A new blog post from the World of Warcraft: Forever team confirms the models for Skyborne elves are being reworked following feedback, coming early 2027.
Wizards of the Coast Confirms Reprints for Popular MTG Warhammer 40K Commander Decks
In a statement to IGN, Wizards of the Coast has confirmed a new "small" reprint run for the incredibly popular MTG Warhammer 40K Commander Decks.
Agent confirms Juventus has made an approach for his player
Lorenzo Palmisani is one of the most wanted players in Serie A at the moment. He has continued to impress when he plays for Frosinone since the start of this season.Their fine start to the campaign is...
Commercial muralist builds brand identity, value
Riveting Paint & Pearl owner Desire McGinn approaches murals less like commissioned fine art and more like a skilled trade, working directly with business owners, contractors, and design firms to turn walls and other surfaces into extensions of a client's brand.
PENN Entertainment, Inc. (NASDAQ:PENN) Stock Has Average Target Price of $23.94 According to Analysts
Shares of PENN Entertainment, Inc. (NASDAQ:PENN - Get Free Report) have been given an average recommendation of "Moderate Buy" by the twenty ratings firms that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, six have assigned a hold rating an
Anthony Joseph Confirms Celtic Behind-the-Scenes News
There is a behind-the-scenes update on Celtic amid all the speculation around Martin O'Neill's future at the club.
The Lateral Is Coming. Is the Business? How Law Firms Can Turn Lateral Hiring into Revenue
A lateral hire represents one of the largest growth investments many law firms make. Yet firms sometimes spend more energy negotiating the lateral’s compensation package than planning how the lawyer will succeed once inside the building.
Montana health officials warn of severe risks as Fergus County confirms measles case
Some health experts say Montanans are at risk of measles with declining vaccination rates, and Fergus County confirmed this month a case of measles.
Forza Horizon 6 PS5 Release Date Revealed
A new report confirms the PS5 release date for one of most highly rated games of 2026, Forz Horizon 6. Here are more details.
Trump admin to receive $100 million in compute credits for AI science initiative
The credits are intended to give Genesis Mission researchers access to computing power that smaller labs and companies struggle to secure as major AI firms lock up capacity.
Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Stock Rated "Moderate Buy" by Wall Street Brokerages
Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) has earned an average rating of "Moderate Buy" from the ten research firms that are covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, five have g
Option Care Health (OPCH) Rockets as CD&R, McKesson Table 37% Premium Bid
Option Care Health Inc. (NASDAQ:OPCH) soared by as much as 33 percent on Tuesday to $31.11 apiece following news that it is merging with Clayson, Dubilier, & Rice LLC (CD&R) and McKesson Corp. for $5.8 billion. In a joint statement, the firms said that they entered into a definitive agreement under which they will acquire […]
WealthPath managed assets rise to new level
The top-ranked locally-owned independent wealth management firms in Northwest Arkansas have exceeded $2 billion in managed assets, while another surpassed $1 billion in managed assets for the first time, according...
Remaking scents: could fragrance tech help take pressure off endangered plants?
Firms working on reproducing compounds without need for repeated harvesting but conservationists are sceptical
Germany under pressure
From carmakers and manufacturers to farmers and logistics firms, businesses are grappling with weak demand, climate risks, and global uncertainty.
Kenya confirms first Ebola case imported from Congo after patient dies in Nairobi
Kenya’s Health Ministry has confirmed the country’s first imported Ebola case from Congo
Vermont firms slash energy costs with new projects
Efficiency Vermont projects are set to save state businesses $78 million in energy costs over their lifetime.
Kenya confirms first Ebola case imported from Congo after patient dies in Nairobi
Kenya’s Health Ministry has confirmed the country’s first imported Ebola case from Congo.
Kenya confirms first Ebola case imported from Congo, patient has died
Kenya has recorded its first confirmed Ebola case, a Kenyan citizen who has been living in Democratic Republic of Congo and arrived in Nairobi on Saturday, health minister Aden Duale said.
Banijay Entertainment confirms structure for Americas
Banijay Entertainment has confirmed its newly combined structure across the Americas
Six Flags Entertainment Corporation (NYSE:FUN) Stock Has Average Target Price of $21.50
Six Flags Entertainment Corporation (NYSE:FUN - Get Free Report) has earned a consensus rating of "Hold" from the sixteen ratings firms that are covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, six have issued a hold recomme
Montana health officials warn of severe risks as Fergus County confirms measles case
Some health experts say Montanans are at risk of measles with declining vaccination rates, and Fergus County confirmed a case of measles.
New Zealand third quarter business confidence jumps, says think tank
WELLINGTON, Oct 6 (Reuters) - New Zealand's business confidence rose in the third quarter even as fuel prices increase and geopolitics remain a headwind for the country, a private think tank said on Tuesday. A net 43% of firms surveyed expec...
New Zealand third quarter business confidence jumps, says think tank
WELLINGTON, Oct 6 (Reuters) - New Zealand's business confidence rose in the third quarter even as fuel prices increased and geopolitics remained a headwind for the country, a private think tank said on Tuesday. A net 43% of firms surveyed expected ge...
Broker consolidation shifts from dealmaking to integration
Years of rapid consolidation in the insurance brokerage sector are giving way to a greater focus on integrating acquired firms and on finding sources of organic growth in a softening market…
Supreme Court weighs local governments' climate lawsuits against oil, gas firms
Key justices appeared wary about the potential sweep of litigation, but torn over the complex legal interplay of federal and state laws raised by the case
Supreme Court weighs local governments' climate lawsuits against oil, gas firms
Key justices appeared wary about the potential sweep of litigation, but torn over the complex legal interplay of federal and state laws raised by the case
Banijay America Confirms Ben Samek as CEO, Post-Merger With All3Media
Banijay America has confirmed its new structure post-merger with All3Media, as Ben Samek will serve as CEO of the combined company.
CMS Mulls Cuts to Business Services Staff
CMS follows other law firms, such as Baker McKenzie and Clifford Chance, in seeking out savings in its back-office functions.
Anthropic expected to IPO despite market uncertainty, AI slowdown calls
Wall Street is gearing up for Anthropic’s expected mega initial public offering, a major test of investors’ appetite for one of the AI industry’s leading firms. Just weeks ago, its CEO called for an industry-wide slowdown over growing safety concerns.
Global action urged over digital media’s harm to young people’s mental health
In an effort to build a ‘healthier digital world’ for young people, experts are calling on tech firms to release data showing how platform features affect user wellbeing
Science confirms ‘Move in Silence’ trend might be the smartest way to achieve your goals
TikTok's "Move in Silence" trend is backed by real psychology, and NYU research shows why staying quiet helps you succeed.
How Americans’ Financial Health Is Faring In The “K-Shaped” Economy
Hey all, Jason here. Money20/20 is still two weeks away, but I’ve already started packing (not procrastinating for once!). My calendar is already filling up with various sessions I want to catch, meetings, and of course happy hours, dinners, and other side events. If you’ll be in Vegas and want to catch up, let me know by replying to this email, and we can try to find a time amidst the chaos of the Venetian. A big if not totally unexpected piece of news dropped on Friday: the Independent Community Bankers of America, a trade group that represents smaller U.S. banks, filed a lawsuit against the OCC and Comptroller Jonathan Gould, arguing that the regulator’s move to grant trust bank charters to firms seeking to use them to conduct substantial non-fiduciary activities exceeds the authorities granted to the OCC by Congress. I haven’t had time to fully digest the legal filing or speak to folks in my network about it, but you can expect to see coverage and analysis on it in next week’s newsletter. Subscribe or Support by Upgrading The NerdCon agenda just dropped. It’s stacked. Partner content: Nubank built an AI-first bank. Chime built its own banking core. Figure and Valon are rebuilding the mortgage stack. At NerdCon, you’ll hear from the people behind those bets: what they chose, what they learned, and what they’re still figuring out. The agenda is live, with leaders from Nubank, Chime, OpenAI, Remitly, Mercury, Figure, Valon and more. Follow the mainstage conversations, bring the problem your team is wrestling with to a hands-on workshop, or pull up a chair at a roundtable. Pick your quests. Meet us in San Diego, November 18–20. Fintech Business Weekly readers save 20% with code FBW20. Explore the Agenda Things To Know & Other Good Reads Federal Reserve Board finalizes changes to enhance the transparency and public accountability of its stress test and reduce volatility in its stress test-related capital requirements (Federal Reserve Board of Governors) FDIC Announces Conclusion of Independent Monitorship (FDIC) Modernizing Financial Regulation: Initial Observations from eSLR (Fed Vice Chair for Supervision Michelle Bowman) The Data Version of Godzilla versus Kong: FRED Takes on AI (Fed Governor Christopher Waller) Financing the AI buildout (Brookings) Q3’26: Rules for Banks but Not for Crypto (Fintech Takes Banking) The Inevitability of Local Stablecoins (Lombard Notes) Delusions of AI Governance: The Human-in-the-Loop Comfort Blanket (Fintech Snark Tank) Stripe agrees to acquire Parafin to expand revenue opportunities for platforms and help small businesses grow (Stripe) Listen: Fighting Fraud in the Age of AI, with SEON’s Tamas Kadar (Fintech Business Weekly) How Americans’ Financial Health Is Faring In The “K-Shaped” Economy If there is one overarching theme across the economy and politics in the U.S. at the moment, it’s “affordability.” The term is vague enough to encompass a panoply of factors shaping Americans’ day-to-day lives: rising costs for the hallmarks of being “middle class,” including healthcare, housing, childcare, and education, inflation and rising interest rates, and a job market with the specter of AI hovering over it. At the same time, policy shifts under the Trump administration have resulted in reduced subsidies to those who get health insurance under the Affordable Care Act and new restrictions on qualifying for Medicaid and SNAP, the impacts of which have yet to be fully felt. These factors are contributing to declining consumer confidence and general dissatisfaction with the economy, despite continuing GDP growth and stock market records. This divergence is encapsulated in the idea of the “K-shaped” economy, in which a small proportion of Americans have seen their wealth balloon, while the majority of American households struggle to preserve the lifestyle they have. Perhaps the greatest determinant of which branch of the “K” a household is on is whether their wealth and income are primarily derived from employment vs. from assets. Nearly two decades of low interest rates and, more recently, elevated rates of inflation have benefited asset owners, while those whose income is primarily or solely derived from labor have largely seen real purchasing power stagnate or decline. This is reflected in recent Bureau of Labor Statistics data showing that labor share of U.S. GDP — the fraction of economic output that accrues to workers as compensation in exchange for their labor — dropped to just 52.8% in Q2 2026, the lowest since the BLS began keeping records. In 1947, approximately 2/3rds of economic output accrued to workers; even as recently as 2001, labor’s share of GDP was 64.1%. Against this backdrop, we’ve seen the rise of more credit and credit-like products: cash advance apps, “no-fee” overdraft, earned wage access, and buy now pay later, which are often used as small-dollar short-term borrowing mechanisms to meet immediate consumption needs or pay other bills (eg utilities, cell phone, other debt payments). With the markers of a middle class existence and, increasingly, basic financial stability seemingly out of reach for many, it should be no surprise there’s been an increase in “financial nihilism,” something industry peers like Alex Johnson and Frank Rotman have discussed and analyzed the roots of. The explosion of gambling and gambling-adjacent products and services — often marketed under the guise of being an “investment” — is inextricably intertwined with the rise of financial nihilism. Crypto, sports betting, and, more recently, prediction markets offer an escape or even hope of sorts, like a contemporary, digital version of a scratch-off lottery ticket, while leaving the overwhelming number of people who use such products worse off. Share of Households That Are Financially “Vulnerable” Ticks Up The Financial Health Network’s 2026 Financial Health Pulse® report adds context on how American households are faring. (I linked to this report in last week’s newsletter, but wanted to take time to further unpack the data in the report this week.) The Financial Health Network publishes the report annually, providing insight into how Americans’ financial circumstances are changing over time. The 2026 report is derived from a survey fielded in April and May 2026. The report leverages survey responses to assess indicators of financial health across spending, saving, borrowing, and planning/protecting and to determine a zero to 100 “FinHealth” score. Those with scores between 0 and 39 are considered “Financially Vulnerable,” consumers with scores ranging between 40 and 79 are defined as “Financially Coping,” and those with scores of 80 to 100 are “Financially Healthy.” The report found that moderate improvements in 2025 were reversed, with the share of respondents considered financially “vulnerable” rebounding to 17%. The longitudinal data reflect the impact of pandemic-era programs, like expanded unemployment, cash stimulus payments, and pauses of federal student loan payments. The positive impacts of those programs, as reflected in the Financial Health Pulse reports, had largely disappeared by 2023. While pandemic-era inflation — to be fair, in part caused by the various support and stimulus measures — had come down from as high as 9% in 2022, it has rebounded since the start of Trump’s second term, with tariffs and energy market disruptions owing to the war in Iran pushing prices back up. Specific indicators in the survey that deteriorated from 2025 to 2026 include the share of respondents spending less than their income over the past 12 months, the share paying all bills on time over the past 12 months, the share that have a manageable amount or no debt, the share that are “moderately” or “very” confident their insurance is adequate to cover them in an emergency, and the share that “somewhat” or “strongly” agree that their household plans ahead financially. Unsurprisingly, lower- and moderate-income households are more likely to struggle to pay their bills on time and have any funds leftover to save. The share of low-income households whose income exceeded their spending dropped from 35% in 2025 to 31% in 2026, while the share of upper-income households whose income exceeded expenses remained unchanged at 63%. Households with student loans or revolving credit card debt reported having “a bit more” or “far more” debt than was manageable at rates far higher than those not carrying these types of debts. The share of those with student loan debt indicating their debt load was too high to manage increased from 50% in 2025 to 55% in 2026, while the share of those with revolving credit card debt saying the same ticked up from 51% in 2025 to 54% in 2026. Households that had student loans were markedly more likely to be financially “coping” or “vulnerable” vs. those without student loans. In 2026, 27% of households with student loans were considered financially vulnerable, a jump of 6% points vs. 2025. Households without student loans saw just a 1% point increase (not statistically significant) in those considered financially vulnerable. Households’ perception of the affordability of categories of goods and services paints a stark picture, with less than one-fourth considering higher education affordable, about a third deeming childcare affordable, and less than half viewing healthcare as affordable. Fintech Business Weekly is made possible by the generous support of paying subscribers — bringing you independent analysis of banking, fintech, and crypto without fear or favor. You can support my work by becoming a paying subscriber if you aren’t already. Paying subscribers enjoy: access to the entire archive of nearly six years of newsletters extended versions of the weekly newsletter, with additional content and analysis and (for founding member tier) quarterly personal 1:1 fintech Q&A / strategy calls with me, tapping into my unparalleled knowledge of the intersection of banking and fintech and experience working in the sector, including helping to launch Goldman Sachs’ retail bank Marcus Support Fintech Business Weekly You can also support Fintech Business Weekly by sponsoring a newsletter or podcast, putting you in front of 93,000+ of the most influential decision makers in banking, fintech, and crypto. Learn more about sponsor opportunities or request a media kit by dropping me an email. Democratic Senate Report Highlights How Iran Uses Tether to Evade U.S. Sanctions Iran uses stablecoins, specifically Tether, to evade sanctions, fund regional proxies, and to purchase military drones, a report released last week by the Senate Permanent Subcommittee on Investigations says. The report was authored by committee ranking member Senator Richard Blumenthal (D-CT) and the minority staff. Crypto and stablecoin proponents will often push back on criticism that criminals make use of these assets by arguing that, on an absolute dollar basis, far more illicit funds flow through traditional banking systems and payment rails than via crypto and stablecoins. And while that is likely true, it elides the reality presented in news story after news story: whether state actors — Russia, Iran, North Korea — or criminal groups, those looking to engage in illicit transactions increasingly favor stablecoins and, specifically, Tether (USDT). The report from the Senate Permanent Subcommittee on Investigations released last week adds context to how Iran uses Tether has a lynchpin in its shadow banking system. The report analyzed 846 wallets that have been sanctioned or targeted for seizure, finding that 84% of them transacted exclusively or primarily in Tether. The ability to create near limitless, anonymous wallets and to move funds effectively instantaneously and irreversibly have made crypto a favored financial mechanism for bad actors. Stablecoins solved key drawbacks of bitcoin, namely, the original cryptocurrency’s highly volatile value in dollars. And while Tether (the company) has the technical ability to “freeze” or destroy funds, the company is often limited and reactive in its approach to doing so, the Senate report argues. Tether, which is nominally based in crypto-friendly El Salvador, “has stated that its compliance with OFAC sanctions is ‘voluntary’ and that it follows ‘OFAC guidelines,’” the Senate report says. Owing to these favorable attributes, Tether “became a primary cryptocurrency for Iran, Hamas, Hizballah, and the Houthis beginning in 2023 and has expanded in scale since,” according to the report. Tether’s role in Iran’s shadow banking system, the report says, is enhanced by crypto exchanges like Bybit, Kyrrex, OKX, Gate, and Binance, and through “over the counter” exchanges and hawala networks. The consequences of these financial flows aren’t hypothetical. The Senate report links Tether as a funds transfer mechanism to Iranian proxies in the region, including Hizballah, the Houthis, and Hamas. Tether has also been used to make payments to secure components necessary to manufacture drones, the report says. The report concludes by arguing that “[s]tablecoin issuers with a significant nexus to the United States, particularly those that offer dollar-denominated stablecoins, should be subject to American sanctions law rather than being allowed to hide behind foreign jurisdictions.” Stablecoin issuers like Tether must be held accountable for repeated failures to prevent illicit finance and sanctions violations by law enforcement, the Department of Justice, the Securities and Exchange Commission, and OFAC, the report argues. [Paying Subscriber Exclusive] OUSD Goes Live, Make Your Own Neobank, U.S. Sanctions Russia’s A7 Network As “Transnational Criminal Organization” OpenUSD, the stablecoin issued by the Open Standard consortium that includes Stripe, Visa, Mastercard, core providers, crypto firms, and numerous banks, went live last week. Social commerce platform Whop raised eyebrows in fintech by offering creators on its platform the ability to launch their own neobanks, which the company describes as “great businesses that are easy to run,” in just 15 minutes. And OFAC and FinCEN target Russia’s “shadow banking” A7 Network — more on these stories after the paywall.
In defence of big business
Despite the lionisation of small companies, prosperity hinges on a handful of large firms
Rockstar Games Confirms Next Official GTA 6 Update for October 5
Grand Theft Auto fans looking forward to the long-awaited GTA 6 should circle their calendars for Monday, October 5.
Flutter Entertainment PLC (NYSE:FLUT) Stock Has Average Target Price of $155.37
Flutter Entertainment PLC (NYSE:FLUT - Get Free Report) has received an average rating of "Moderate Buy" from the thirty-one ratings firms that are covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, nine have given a hold reco
UW College of Business career fair connects students with employers
The University of Wyoming College of Business recently hosted its annual career fair and Meet the Firms events in the Jonah Bank Atrium, bringing employers from across Wyoming and the
Cheaper AI models may strain power grid, consulting firms say
In new reports published this week McKinsey and BCG reveal the impact of falling token prices and impact on the grid.
Apple Acknowledges AT&T Network Bug On iPhone 18 Pro Max
Experiencing SOS mode on your iPhone 18 Pro Max with AT&T? Apple confirms a hardware issue and details who needs a replacement.
Apple Confirms AT&T iPhone 18 Pro Max Problems. You Might Need a New Phone
This week's iOS update is intended to prevent this from happening to other phones. If your iPhone 18 Max Pro has already lost service, you'll need to return it for a new one.
Apple confirms iPhone 18 Pro Max AT&T cellular issues, affected devices require hardware replacement
Apple has confirmed an issue causing a “small number” of iPhone 18 Pro Max devices on AT&T to lose cellular...
GTA 6 Age Rating Confirms New Details on Sex, Drug Use, Decapitation, and More
GTA 6 has received a rating of PEGI 18, revealing mentions of "decapitation," the ability for players to snort cocaine at any time, "scenes of sexual fetishes," and much more.
GTA 6 Rating Officially Confirms Sex Will Indeed Be in the Game
Grand Theft Auto 6 is about to spice things up
Grand Old Populists: GOP lawmakers target big business
It’s a major risk for big financial services firms, health insurance companies and tech titans, which are the subjects of the hottest rhetoric.
'War': Rival law firms Cathcarts and Sons and Taylor and Byrne, explained
Get to know the lawyers at the heart of "War."
New GTA 6 Age Rating Confirms Game Will Feature Sex Scenes
GTA 6 will have sex scenes, according to a new listing from international ratings boards.
Jim Carrey marries girlfriend Min Ah in Los Angeles
Jim Carrey has tied the knot with Min Ah, his girlfriend of several years, The Times confirms. This is the third marriage for the 'Sonic the Hedgehog' actor.
Arizona appeals court upholds rejection of Marana data center referenda
The Arizona Court of Appeals, Division Two has upheld the rejection of two referendum petitions challenging zoning approvals for a proposed Marana data center project, ruling that the petitions failed to meet Arizona’s strict legal requirements for referenda. The decision affirms an earlier Pima County Superior Court ruling and leaves the Marana Town Council’s January […]
Live Nation Launching Creator Nation Management Business
Creator Nation will be led by Scott and Alexis Fisher, and seek to acquire and grow creator management firms and adjacent businesses.
Three business groups to bid for building reservoir
The groups consist of firms based in countries including Italy, Spain, South Korea and England.
Gunvor publicly condemned Russia’s war but continued to do business with Russian energy firms, records show
Even as the trading giant publicly claimed to be winding down its Russia business, Gunvor privately acknowledged the deals to its bank, the Industrial and Commercial Bank of China, saying they complied with sanctions laws.
Senate confirms Keith Sonderling, a business ally, as labor secretary
The vote came shortly before senators planned to recess late Wednesday to campaign ahead of the Nov. 3 midterm elections.
Senate confirms Keith Sonderling as Labor Secretary
Another Florida man has been confirmed to Donald Trump's Cabinet.