Timur Turlov discusses Cyprus operations: Freedom24, ’s key to European market
Fact: Freedom Holding Corp. is planning to obtain banking licenses in Cyprus as part of its strategic priorities.
investment banking
US Justice Department takes step to make marijuana use a less serious crime
The U.S. Justice Department is moving to make marijuana use a less serious federal crime by recommending it be reclassified as a schedule three drug with lower penalties. This shift could bridge the gap between state and federal cannabis laws, leading to more research, medical use, lighter criminal penalties, and increased private investment in the cannabis sector. President Joe Biden initiated a review of the drug’s classification, and public support for marijuana legalization has significantly increased. Reclassifying marijuana could also benefit cannabis businesses by allowing their shares to be listed on major stock exchanges, receiving more generous tax deductions, and facing fewer restrictions from banks.
Morgan Stanley profit beats estimates with higher investment banking, wealth revenue
Morgan Stanley’s first-quarter profit beat estimates, fueled by a resurgence in investment banking and growth in wealth management. Investment banking revenue climbed 16% and fixed-income underwriting did well. The bank reported a profit of .02 per share, surpassing analysts’ estimates. Wealth management revenue rose to .9 billion, with new assets climbing to billion. The bank’s asset management unit is aiming to double its private credit portfolio to billion in the medium term.