FDIC prepares to place First Republic under receivership

April 28 (Reuters) – The US Federal Deposit Insurance Corporation (FDIC) is preparing to place First Republic Bank (FRC.N) under receivership imminently, a person familiar with the matter said on Friday, sending shares of the lender down nearly 50% in extended trading.

The US banking regulator decided the troubled regional lender’s position has deteriorated and there is no more time to pursue a rescue through the private sector, the source told Reuters, requesting anonymity because the matter is confidential.

US officials have coordinated urgent talks to rescue the lenders in recent days as private-sector efforts led by the bank’s advisers have yet to reach a deal, according to three sources familiar with the situation.

The FDIC, Treasury Department and Federal Reserve are among government bodies that have orchestrated meetings with financial companies about putting together a solution for the troubled lenders, two of the sources said.

The FDIC asked banks including JPMorgan Chase & Co (JPM.N) and PNC Financial Services Group (PNC.N) to submit final bids for First Republic Bank by Sunday, Bloomberg News reported on Saturday.

The banking regulator reached out to banks late Thursday seeking indications of interest, including a proposed price and estimated cost to the agency’s deposit insurance fund, the report said.

The FDIC said in an email: “We would not comment on or confirm whether we are bidding an open institution,” in response to a request for comment.

PNC Financial declined to comment on the Bloomberg report. JPMorgan did not immediately respond to a voicemail and email seeking comment.

Separately, the Wall Street Journal reported on Friday that JPMorgan and PNC are vying to buy the First Republic following its seizure by the government, which could come as soon as this weekend.

If the San Francisco-based lender fell into receivership, it would be the third US bank to collapse since March. First Republic said this week its deposits had slumped by more than $100 billion in the first quarter.

Shares of the bank closed down 43%, worsening a stock ratio that has wiped out 75% of its value this week. The stock lost more than half of its value on Friday and touched a record low of $2.99.

Reuters Graphics

At its lowest, the bank had a market capitalization of nearly $557 million, a far cry from its peak valuation of more than $40 billion in November 2021.

Shares of some other regional banks also fell, with PacWest Bancorp (PACW.O) down 2% after the bell while Western Alliance (WAL.N) was down 0.7%.

News of the imminent move to put First Republic in receivership came the same day the Federal Reserve and FDIC detailed their supervisory lapses before deposit runs caused the collapse of Silicon Valley Bank and Signature Bank in March.

The Fed’s assessment of its inadequacies in identifying problems and pushing for fixes at Santa Clara, California-based SVB came with promises for tougher supervision and stricter rules for banks.

Large banks had orchestrated an earlier lifeline for the First Republic, injecting into the bank

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AST SpaceMobile to Provide Quarterly Business Update on May 15, 2023 and Provides Preliminary Financial Results for First Quarter 2023

MIDLAND, Texas, April 26, 2023–(BUSINESS WIRE)–AST SpaceMobile, Inc. (“AST SpaceMobile”) (NASDAQ: ASTS), the company building the first and only space-based cellular broadband network accessible directly by standard mobile phones, today announced it will hold a quarterly business update conference call on Monday, May 15th at 5:00 p.m. (Eastern Time). The company is also providing its preliminary estimated financial results for the first quarter ended March 31, 2023.

AST SpaceMobile will be accepting questions from retail and institutional shareholders and management will answer select questions relating to AST SpaceMobile’s business and financial results on the conference call. Investors are encouraged to submit questions to [email protected] and will also be added to our Investor Relations mailing list.

The call will be accessible via a live webcast on the Events page of AST SpaceMobile’s Investor Relations website at https://ast-science.com/investors/. An archive of the webcast will be available shortly after the call.

First Quarter 2023 Preliminary Estimated Financial Results

  • We ended the first quarter with cash and cash equivalents and restricted cash of approximately $185.7 million

  • We expect our total operating expenses including certain non-recurring development and engineering expenses to be between $43.5 and $45.5 million for the first quarter of 2023, including $3.7 to $4.7 million of depreciation and amortization and stock-based compensation expense

  • As of March 31, 2023, we have incurred approximately $92.5 million of capitalized costs (including launch costs and non-recurring engineering costs) related to the assembly, testing and deployment of the BlueWalker 3 (“BW3”) satellite

  • As of March 31, 2023, we have incurred approximately $66.5 million of capitalized property and equipment costs related to the development of assembly, integration, and test facilities in Texas, as well as satellite related purchases including assembly equipment, direct materials and antennas

Our unaudited condensed consolidated financial statements for the three months ended March 31, 2023 are not yet available. The preliminary estimated financial results are management estimates based on currently available information and subject to completion of financial closing procedures as of and for the three months ended March 31, 2023. As a result, our actual results may vary materially from the preliminary estimated financial results included herein and will not be publicly available until we file our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023. These estimates constitute “forward-looking statements” as described in “Forward-Looking Statements” below. Our independent registered public accounting firm, KPMG LLP, has not reviewed, or performed any procedures with respect to these preliminary estimated financial results.

About AST SpaceMobile

AST SpaceMobile, Inc. is building the first and only global cellular broadband network in space to operate directly with standard, unmodified mobile devices based on our extensive IP and patent portfolio. Our engineers and space scientists are on a mission to eliminate the connectivity gaps faced by today’s five billion mobile subscribers and finally bring broadband to the billions who remain unconnected. For more information, follow AST SpaceMobile on YouTube, Twitter, LinkedIn and Facebook. Watch this video for an overview of the

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How To Survive The Next Financial Crisis: Tips For Business Finance

Amir Baluch is the founder of Baluch Capitalwhich offers a range of alternative investments with above-market risk-adjusted returns.

While banking and financial crises are a part of the economic cycle, this doesn’t lessen their effect on businesses, and therefore many professionals and business owners are desperately wondering how they can survive the next downturn.

Fortunately, the predictability of these routine crises also makes the solutions to protect your personal and business finances much more obvious.

I’ve now been through several of these economic cycles. From the time I was in medical school through the present day, I’ve seen the stock market crash multiple times, countless banks and financial institutions implode and other markets soar and dip. I’ve experienced it as an amateur investor, business owner and fund manager.

Surviving Banking Crises

While the media certainly makes these events sound terrifying and falling like the sky, it is more common than you think.

Before the failure of Silicon Valley Bank and Credit Suisse, there were numerous banks that went bankrupt in the 2008 financial crisis. Well before that was the savings and loan crisis of the ’80s and ’90s, which saw numerous institutions fail. Before that was the Great Depression where around 9,000 banks failed.

While some predict that the potential 2023 financial crisis may prove to be worse than initially thought, no matter what happens, I don’t foresee it as the end of the world. Things will bounce back, which is an extremely important fact to keep in mind as you make decisions about your money in the midst of any economic downturn.

Still, according to a Real Estate Witch poll, 55% of Americans surveyed expect to lose everything they have in a new recession. People are worried. So, how do you make it through?

Protecting Your Finances

Optimizing operational expenses is usually among the top considerations for business owners when these situations arise.

One of the most important factors at a corporate level is not to have all of your deposits at risk in one bank. It doesn’t matter how large they are, or how long you’ve been in business. Spread that risk. Ensure that you will have access to some money on any given day, and pay attention to the amount you have in any single account. Beware of breaching the FDIC or other insurance thresholds.

Having financial lifelines is also critical. When banks fail, venture capitalists can freeze up, making it very difficult to raise equity unless you have a sound model that can definitively thrive in the situation. At the same time, interest rates are likely soaring, and traditional banks are probably not lending money.

This means staying ahead of working capital needs by finding alternative solutions. This may include factoring or implementing buy now pay later features to get more cash coming in from upfront customers.

Diversifying income sources in your business is also going to be vital for survival. This may include finding new customer groups to target and serve or shifting

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ePayPolicy introduces premium finance product

ePayPolicy introduces premium finance product | Insurance Business America

There is a new way for insurance companies to integrate premium financing

ePayPolicy introduces premium finance products



The following article was provided by ePayPolicy.

ePayPolicy announces Finance Connect, integrating premium financing with online checkout for insurance companies

Today, ePayPolicy announced the addition of Finance Connect to their suite of insurance payments and reconciliation products for insurance companies. Finance Connect enables insurance companies to offer premium financing options – with their existing premium finance partners – at the point of online payment for their insured customers.

“Premium financing is essential in our industry because it gives customers greater payment flexibility with financing options,” said CEO Mark Engels. “We’re combining the ease of integrated online payments with financing at checkout to help improve conversion rates for our customers and eliminate the manual aspects of enrollment in a financing agreement with their partners.”

ePayPolicy has over 6,500 customers in the insurance industry, including Premium Finance Companies (PFCs). Existing customers will have early access, with integrations to their existing PFC partners to ensure a seamless experience for all parties involved.

“As premiums increase, access to financing becomes more important,” said CTO Nish Modi. “Finance Connect is going to help insureds pay faster and bind policies sooner, helping both insurance companies and their PFC partners.”

“The financing offer and terms are presented right on the page,” added Modi. “We’ll then leverage our existing integrations to streamline payments with AutoPay and payment reminders.”

Finance Connect is the latest integrated product for an industry in need of greater digital efficiency and automated back-office operations. ePayPolicy’s founders experienced firsthand the operational pains of check collection and manual reconciliation in insurance, which led to the company’s first product – secure, online payment pages that were fully customizable to match the insurance company’s brand.

ePayPolicy recently introduced CheckMate, an automated check acceptance and reconciliation solution that utilizes machine learning, and announced the Payables Connect tools for automating the reconciliation, creation, and payment of market payables.

Finance Connect is the next of several product releases, with the goal of continuing to streamline the accounts payable, receivables and disbursement experience for customers in the insurance industry.

“We want to be the place our customers go to reconcile their payables and receivables and to tie it all together with their existing accounting solutions,” said Modi. “We’re building an industry-wide network that allows money and the associated data to flow freely through the industry while saving time and providing security for our customers.”

  • Allows insurance companies to work with their existing PFC partners
  • Premium financing options presented at checkout alongside the option to pay in full via ACH or credit card
  • Auto-payment enrollment and payment reminders for enrolled customers
  • Simplified financing enrollment and upfront terms for insureds
  • Easily generates consolidated premium finance agreements (PFAs)
  • ePayPolicy is integrated with over 90% of the most popular agency management systems, saving time and manual data entry
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Sector is Expected to Reach $8.6 Billion by 2029 at a CAGR of 29%

DUBLIN, April 24, 2023 /PRNewswire/ — The “Taiwan Embedded Finance Business and Investment Opportunities Databook – 50+ KPIs on Embedded Lending, Insurance, Payment, and Wealth Segments – Q1 2023 Update” report has been added to  ResearchAndMarkets.com’s offering.

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According to the publisher, the Embedded Finance industry in the Taiwan is expected to grow by 41.7% on annual basis to reach US$2,664.1 million in 2023.

The embedded finance industry is expected to grow steadily over the forecast period, recording a CAGR of 29.0% during 2023-2029. The embedded finance revenues in the country will increase from US$2,664.1 million in 2023 to reach US$8,658.1 million by 2029.

This report provides a detailed data centric analysis of market opportunity across 50+ segments in embedded finance industry covering lending, insurance, payment, wealth and asset based finance sectors.

Key Topics Covered:

1. About this Report

2. Taiwan Embedded Finance Industry Market Size and Forecast
2.1. Taiwan Embedded Finance – Revenue Trend Analysis, 2020-2029
2.2. Taiwan Embedded Finance Market Share Analysis by Key Sectors

3. Taiwan Embedded Finance Industry Market Size and Forecast by End Use Industry
3.1. Market Share Analysis by Key Sector
3.2. Retail – Embedded Finance Industry Revenue Trend Analysis, 2020-2029
3.3. Logistics – Embedded Finance Industry Revenue Trend Analysis, 2020-2029
3.4. Telecommunications – Embedded Finance Industry Revenue Trend Analysis, 2020-2029
3.5. Manufacturing – Embedded Finance Industry Revenue Trend Analysis, 2020-2029
3.6. Consumer Health – Embedded Finance Industry Revenue Trend Analysis, 2020-2029
3.7. Other Segments – Embedded Finance Industry Revenue Trend Analysis, 2020-2029

4. Taiwan Embedded Finance Industry Market Size and Forecast by Business Model
4.1. Market Share Analysis by Business Model
4.2. Embedded Finance Industry Revenue Trend Analysis by Platform, 2020-2029
4.3. Embedded Finance Industry Revenue Trend Analysis by Enabler, 2020-2029
4.4. Embedded Finance Industry Revenue Trend Analysis by Regulatory Entity, 2020-2029

5. Taiwan Embedded Finance Industry Market Size and Forecast by Distribution Model
5.1. Market Share Analysis by Distribution Model
5.2. Embedded Finance Industry Revenue Trend Analysis by Own Platforms, 2020-2029
5.3. Embedded Finance Industry Revenue Trend Analysis by Third Party Platforms, 2020-2029

6. Taiwan Embedded Insurance Industry Revenue Trend Analysis, 2020-2029

7. Taiwan Embedded Insurance Industry Market Size and Forecast by End Use Industry
7.1. Market Share Analysis by End Use Industry Segments
7.2. Consumer Products – Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
7.3. Travel & Hospitality – Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
7.4. Automotive – Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
7.5. Healthcare – Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
7.6. Real Estate – Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
7.7. Transport & Logistics – Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
7.8. Other – Embedded Insurance Industry Revenue Trend Analysis, 2020-2029

8. Taiwan Embedded Insurance Industry Market Size and Forecast by Consumer Segment
8.1. Market Share Analysis by Consumer Segment
8.2. B2B Insurance – Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
8.3. B2C Insurance – Embedded Insurance Industry Revenue Trend Analysis, 2020-2029

9. Taiwan Embedded Insurance Industry Market Size

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