Wells Fargo is reportedly closing all personal lines of credit

Treasury Reveals Details Of Long-Term Securities Auctions

The Treasury Department on Thursday announced the details of this month’s auctions of three-year and ten-year notes and thirty-year bonds.

The Treasury revealed it plans to sell $58 billion worth of three-year notes, $38 billion worth of ten-year notes and $24 billion worth of thirty-year bonds.

The results of both the three-year and ten-year note auctions will be announced next Monday, while the results of the thirty-year bond auction will be announced next Tuesday.

Last month, the Treasury also sold $58 billion worth of three-year notes, $38 billion worth of ten-year notes and $24 billion worth of thirty-year bonds.

The ten-year note auction attracted strong demand, the three-year note auction attracted slightly above average demand and the thirty-year bond auction attracted average demand.

Russia to launch new International Space Station module

MOSCOW — The long-delayed Russian module for the International Space Station is set to be finally launched this month, but the date has been pushed back several days, the head of the country’s space corporation said Thursday.

Roscosmos director Dmitry Rogozin said on Twitter that the Nauka (Science) module is now scheduled to be launched from the Russian launch facility in Baikonur, Kazakhstan on July 21. The following two days could serve as reserve dates for the launch.

Russian space officials had earlier said that the launch previously set for July 15 was postponed because of the need to fix some unspecified flaws.

The launch of Nauka, also called Multipurpose Laboratory Module, has been repeatedly delayed because of technical problems.

It was initially scheduled to go up in 2007. In 2013, experts found contamination in its fuel system, resulting in a long and costly replacement. Other Nauka systems also underwent modernization or repairs.

The 20-metric-ton module is set to be put to orbit by a Proton-M booster rocket. It’s intended to provide Russian astronauts onboard the space outpost with their own room and capacity for lab research.

FinVolution Slips 10% As Chinese Tech Stocks Continue Slip Amidst Crackdown

Shares of FinVolution Group (FINV) are slipping nearly 10% on Thursday morning despite no stock related statement from the Chinese fintech company. However, Chinese tech company’s are taking a heavy beating as Beijing is not slowing down with its tech crackdown.

FINV is currently trading at $7.91, down $0.89 or 10.11%, on the Nasdaq.

The Cyberspace Administration of China had started its crackdown with DiDi Global Inc. (DIDI). The native watchdogs removed the company’s app from app stores citing data-breach risks. It is also being said that the company was advised to delay its listing in the American market.

The China’s antitrust regulator has also fined several internet companies, including Didi, Alibaba (BABA) and Tencent (TCEHY), on charges that they violated Anti-Monopoly Law.

Meanwhile, FinVolution Group is an investment holding company that operates an online consumer finance marketplace in China. It operates a fintech platform that connects underserved individual borrowers with financial institutions.

UK records 32,551 new COVID-19 cases, 35 new deaths

FILE PHOTO: Commuters cross the London Bridge, amid the spread of the coronavirus disease (COVID-19), in London, Britain July 6, 2021. REUTERS/Hannah McKay

LONDON (Reuters) – Britain reported on Thursday 32,551 new COVID-19 cases and 35 deaths within 28 days of a positive test, official government data showed.

That compared to 32,548 cases and 33 deaths reported a day earlier.

From Savoie, White Wines That Refresh Like Mountain Air

This Alpine region in eastern France was little known until recently. Its gorgeous wines are distinctive and immediately appealing.

By Eric Asimov

Places like Savoie exist all over historic wine areas, little-known cul-de-sacs that are suddenly embraced by the outside world, though the residents have been making wine there for centuries.

‘Make non-permanent staff eligible for shares’

Ease sweat-equity norms: SEBI panel

An expert group constituted by SEBI has recommended that non-permanent staffers should be considered eligible to receive share-based employee benefits.

In addition, it has suggested relaxations with respect to the quantum of sweat equity shares that can be issued by new-age companies listed on the Innovators Growth Platform, according to a consultation paper issued by SEBI.

The group has made several policy recommendations in its report, including combining both sweat equity and SBEB(share-based (share-based employee benefits) regulations.

In addition, the panel considered various practical issues in relation to implementation of employee stock purchase schemes through a trust.

It recommended that non-permanent employees may also be considered for eligibility to receive share-based employee benefits. Accordingly, ‘employees,’ as defined by firms, should be eligible under the SBEB regulations, as opposed to earlier position of only ‘permanent employees.’

Wells Fargo is reportedly closing all personal lines of credit

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 Wells Fargo is shutting down all existing personal lines of credit and is not offering the consumer lending product anymore, CNBC reported on Thursday, citing letters from the bank.

The product, which usually gave users $3,000 to $100,000 in revolving credit lines, was pitched as a way to consolidate higher-interest credit-card debt, pay for home renovations or avoid overdraft fees on linked checking accounts, the report said.

Customers have been given a 60-day notice that their accounts will be shuttered, according to the report.

Wells Fargo did not immediately respond to a Reuters request for comment.

The move comes more than a year after the bank suspended home equity loans, given the economic uncertainty fueled by the COVID-19 pandemic.

The fallout from the pandemic also prompted the bank to stop providing loans to a majority of its independent auto dealer customers last year.

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