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David Herndon, the Kansas bank commissioner, told a joint committee of the Kansas Legislature that he continued to have reservations about the banking charter issued to Beneficient Fiduciary Financial LLC of Hesston because the law creating the unique form of banking prevented state regulators from fully reviewing operations of SFF. (Sherman Smith/Kansas Reflector) TOPEKA — The Kansas banking commissioner renewed apprehension about regulatory limitations in state law that inhibit thorough examination of the unusual business granted a banking charter by order of the Kansas Legislature. State banking commissioner David Herndon said Kansas law adopted in 2022 provided the charter to Beneficient Fiduciary Financial LLC of Hesston and simultaneously forbid the Kansas Office of State Banking Commissioner from applying international evaluation standards to BFF. The statute blocked the commissioner from rating BFF in terms of capital adequacy, asset quality, management, earnings, liquidity and sensitivity to market risk. Kansas kept state banking regulators from fully examining operations of BFF, Herndon said, despite his belief BFF’s debt instruments should be considered a “substandard asset.” Two recent limited evaluations of BFF by Herdon’s staff remain confidential, he said. In addition, Herndon last week told the Kansas Joint Committee on Fiduciary Financial Institutions that state law failed to meet requirements established by the Federal Bureau of Investigation for background checks of organizers at BFF or any other technology-enabled fiduciary financial institution, or TEFFI, authorized by the state. So far, BFF is the lone TEFFI in Kansas. “Those concerns remain, and in some cases, have deepened,” said Herndon, who had sounded alarms since inception of the TEFFI concept. “It is still impossible to conduct a meaningful safety and soundness examination.” The U.S. Securities and Exchange Commission launched an investigation of Beneficient, the Dallas-based parent company of BFF. In July, Beneficient said the SEC closed that inquiry and wouldn’t recommend enforcement action by the SEC. However, Herndon said, financial problems at the parent company could bleed into BFF and other Beneficient subsidiaries. A series of executives associated with Beneficient and BFF offered the bipartisan House and Senate oversight committee a contrary perspective on work to implement a TEFFI law unique to Kansas. The executives said the company had faced challenges, but were bullish on prospects of generating revenue, contributing to economic development in Kansas and serving as a positive example for how business could be conducted under a TEFFI model. The heart of the operation involved Beneficient assisting wealthy individuals and business owners to exchange illiquid assets locked in investment funds for liquid assets such as cash and stock. Beneficient has no interest in the deals on expensive artwork, antique vehicles or wine collections, but has targeted private equity assets that hold value but don’t produce regular cash flow. The Kansas-endorsed business earns fees for work with these alternative assets. Twenty percent of a 2.5% cut in fee revenue must be diverted to the Kansas Department of Commerce for distribution to economic development projects across the state. The remaining 80% of this slice of fee revenue must flow to the Beneficient Heartland Foundation for economic development in Hesston. Brad Heppner, CEO and board chairman of BFF, said constraints in the U.S. economy inhibited mergers and acquisitions that would have contributed to Beneficient’s TEFFI business model. After taking Beneficient public on Nasdaq in 2023, the financial services company’s stock crashed. The 52-week high in Beneficient stock value was $51.14 per share and the 52-week low was less that $1 per share. On Tuesday, it sat at 82 cents per share. Heppner told state lawmakers he was optimistic there would be a surge during the next year or so in U.S. mergers and acquisitions. He said the forecast was based, in part, on promises made by President-elect Donald Trump. “We have turned the corner,” Heppner said. “Finally, after a pretty disastrous previous year.” He said there were no guarantee of a stronger market for alternative asset deals, “but there’s general euphoria.” In April 2022, Heppner predicted as many as 50 companies eager to operate as a TEFFI could open offices in Hesston within two years. None have done so. Rep. Stephen Owens, a Hesston Republican and legislative champion of BFF and Beneficient, said when the TEFFI law was created that it could attract alternative asset businesses to Kansas in the same way the credit card issuing industry boomed in South Dakota. He said two years ago a business-friendly TEFFI model could drive as much as $1 billion over a decade into Kansas. Owens is on the joint legislative oversight committee responsible for monitoring BFF. Democratic Sen. Jeff Pittman of Leavenworth, another member of the committee, said he was concerned the TEFFI concept hadn’t taken off in the way Heppner and Owens predicted in the past. He said members of the Legislature would benefit from testimony by independent experts in the banking industry who might explain what was holding back investment in the TEFFI market. During the joint committee’s recent hearing at the Capitol, testimony came from BFF associates, the state banking commissioner and the state Department of Commerce. Heppner said it was true BFF remained the lone TEFFI in the United States, but he asserted there was interest from two out-of-state groups that might be willing to enter the alternative asset business in Kansas. He didn’t identify those entities. The state banking commissioner said he’d had no inquiries from companies intrigued by Kansas’ first-of-its-kind alternative asset framework. Sen. Michael Fagg, R-El Dorado, praised BFF’s distribution of several million dollars in economic development seed grants through the Department of Commerce. The third round of grants were released by the Department of Commerce in September. Fagg lauded plans to move ahead with revitalization of Main Street in Hesston, including development of a grocery store. That work is funneled through the Beneficient’s foundation. “We wouldn’t have any of this economic development without BFF,” Fagg said. “We’re trying to promote a new idea. I wanted to personally and publicly thank them (BFF) for that.” Former state Sen. Jeff King, an attorney with Crossroads Legal Solutions who represents Benificient and BFF, said the federal SEC investigation of Beneficient came to an end. He said the Beneficient believed it was time for the Legislature to consider how the current regulatory structure had performed and how changes could more effectively attract clients. Alan Dienes, managing director and chief operating office at BFF, urged lawmakers to exempt BFF from certain regulations typical of a bank. He said state law required BFF to complete daily and monthly reports in the manner of a bank, but the TEFFI shouldn’t be treated as such. He said the 2025 Legislature should allow BFF more time to compile quarterly reports and be exempted from lending limits. “We think it’s time to start fine-tuning the statute,” he said. “The world changes a little bit.” BFF executives urged the Legislature to compel the Department of Commerce to launch a marketing campaign to recruit businesses that might make use of a TEFFI charter. BFF president Derek Fletcher said the state’s TEFFI law should be amended during the upcoming session to recognize movement toward digitization of asset ownership. He said the state’s $250,000 application fee for a TEFFI was too high, despite the scheduled lowering of that fee to $100,000 next year. He said the fee was a barrier to entry into the TEFFI business world. If the Legislature took up a TEFFI reform bill, the state banking commissioner said lawmakers should include provisions that would address voluntary or involuntary termination of BFF operations or of any subsequent TEFFI. Beneficient executives previously opposed placement into statute of language that outlined what would happen if a TEFFI was declared insolvent. In the past, Sen. Tom Holland, D-Baldwin City, was unsuccessful in generating interest in legislation that would grant state regulators the authority to suspend Beneficient’s operations. Holland also had sought a state-led inquiry of Beneficient and Beneficient’s former parent company, GWG Holdings. A federal lawsuit alleges GWG Holdings misled investors by selling hundreds of millions of dollars in bonds. GWG Holdings spun off Beneficient in 2022 as the Legislature was engaged in developing a program to create the TEFFI sought by Beneficient.Stock market today: Wall Street edges back from its records as bitcoin briefly pops above $100,000sg777 manila reviews 。

There was never a dull moment for Snehasish Ganguly, the elder brother of Dada of Indian cricket, as the man at the helm of Eden of cricket for last two years. The President of Cricket Association of Bengal (CAB), a state body with rich history, had been under the spotlight as the Eden Gardens underlined its status as one of the main venues of the 2023 ICC World Cup while they were the first state body to start T20 franchise leagues for men and women together in the country. A bit of an introvert unlike his more famous brother Sourav, the former star Bengal batter completed the first two years in his current avatar in October and says he is game to be a part of the system to run cricket in India. ‘’I don’t mind if there is an opportunity to run the sport for India. I have played the game long enough to know what it takes,’’ the 59-year-old said during a freewheeling interview. There was a time when the hallowed turf would be almost assured of getting some of the marquee matches whenever India hosted a major tournament, but in the words of Snehasish, things have much become tougher now. ‘’For the past 15 years, you cannot really take things for granted as the BCCI has a lot of options in terms of venues. We had to fight against odds to convince Jay Shah for giving us five plum matches – which included a semi-final, England-Pakistan and India-South Africa,’’ the CAB supremo told The National Herald in an interview. The last time India hosted a 50-overs World Cup in 2011, one of India’s high profile matches had to be shifted out of Eden with the venue not being ready on time. ‘’Despite the glorious history of Eden, a number of improvements were necessary for the viewing experience of the fans and we decided to focus on those areas. By the time the IPL 2023 came, we gave BCCI a tour of the renovated clubhouse, media centre, the under-gallery washrooms for spectators which had been an area of complaint,’’ Snehasish said. Despite the glorious history of Eden, a number of improvements were necessary for the viewing experience of the fans and we decided to focus on those areas. By the time the IPL 2023 came, we gave BCCI a tour of the renovated clubhouse, media centre, the under-gallery washrooms for spectators which had been an area of complaint Snehasish Ganguly, CAB President Taking stock of first two years of his tenure as a president, the erstwhile graceful southpaw said it gave his team a great deal of satisfaction to finally get the Bengal Pro T20 League off the ground. ‘’CAB had realised the need to start their own franchise league a number of years back and were not really influenced by others. The difference between us and others is while the other state bodies are bankrolling the teams, we successfully organised bids for all teams and decided to go ahead with the women’s edition as well,’’ he said. Was it almost a gamble to go ahead with the women’s league – as the depth of talent pool was still somewhat under scrutiny. However, Snehasish said he never had such worries as the women’s club cricket – introduced by the CAB earlier this year – already showed enough promise by throwing up around 150 girls representing 10 clubs. ‘’The standard of women’s cricket in Bengal, believe it or not, has improved by leaps and bounds. We have a talented senior team as well as an extremely competitive U-19 team,’’ he said. Snehasish Ganguly (left) during the ICC World Cup trophy tour in Kolkata last year CAB Looking ahead at what could be his final year of a three-year term, the CAB head honcho confirmed that reigning champions Kolkata Knight Riders would be playing their ‘home’ matches at the Eden in IPL 2025. There were some suggestions in the media that the Eden could be off limits for the IPL as preparation for the next World T20 in 2026 would start across the venues in India. ‘’There is no basis for such reports as on the contrary, we are excited that the IPL opening ceremony and the final will be held at the Eden after 12 years. We have also clarified to the KKR management that Eden is very much available,’’ Snehasish said. The Gangulys have been no strangers to positions of power at the state association over the years. While dad Chandi Ganguly was the secretary for years and formed a partnership with Jagmohan Dalmiya as the president, former India captain Sourav served as the president before moving on to become the BCCI head in 2019. While each brought in distinctive styles of administration, a contentious issue had always been whether the state could produce an assembly line of talent under their stewardship for the big league. An unpalatable question for Snehasish is the lack of representation of homegrown talents from Bengal in the Indian squads across formats – as well as the KKR team in IPL. Snehasish, however, refused to buy it as he felt that the likes of a Mohammed Shami and Abhimanyu Eshawaran are no less Bengal boys than anyone else. ‘’My point is someone like Abhimanyu may have been born outside Bengal, but his family migrated here when he was a 11-year-old. He had come up through the system of our grassroots cricket and I see nothing wrong with it. Longer club season ‘’However, if I see any established name from another state coming here from another state for one or two seasons, then I am not going to allow that,’’ he explained. The player-turned-administrator feels that while playing hosts of major international fixtures helps the CAB score brownie points, it gives him greater satisfaction to see exciting talents emerging from their ecosystem. ‘’We have tried to spread out the games across districts and have a longer season now with cricket going on for nine months in a year and over 3000 matches in all. The results are showing as Bengal finished runners-up in the national Under-19 tournament,’’ Snehasish signed off. Follow us on: Facebook , Twitter , Google News , Instagram Join our official telegram channel ( @nationalherald ) and stay updated with the latest headlinesPORTLAND, Ore. (AP) — Chris Austin's 20 points off of the bench helped lead Portland to a 74-64 victory over Lafayette on Saturday night. Austin shot 6 of 11 from the field and 6 of 7 from the free-throw line for the Pilots (5-8). Austin Rapp scored 15 points while shooting 4 for 6 (2 for 4 from 3-point range) and 5 of 6 from the free-throw line and added eight rebounds. Kelson Gebbers shot 2 for 4 (2 for 3 from 3-point range) and 4 of 4 from the free-throw line to finish with 10 points. Justin Vander Baan led the Leopards (5-7) in scoring, finishing with 17 points and two steals. Lafayette also got 11 points and four assists from Mark Butler. Alex Chaikin also had 11 points. Portland entered halftime up 31-22. Austin paced the team in scoring in the first half with 12 points. Portland used a 14-3 second-half run to come back from a one-point deficit and take the lead at 55-45 with 8:56 remaining in the half before finishing off the victory. Rapp scored nine second-half points. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .

Qatar eyed as ‘guest nation’ for international tech, innovation eventStocks closed higher on Wall Street as the market posted its fifth straight gain and the Dow Jones Industrial Average notched another record high. The S&P 500 rose 0.3%. The benchmark index’s 1.7% gain for the week erased most of its loss from last week. The Dow rose 1% as it nudged past its most recent high set last week, and the Nasdaq composite rose 0.2%. Markets have been volatile over the last few weeks, losing ground in the runup to elections in November, then surging following Donald Trump's victory, before falling again. The S&P 500 has been steadily rising throughout this week to within close range of its record. It's now within about 0.5% of its all-time high set last week. “Overall, market behavior has normalized following an intense few weeks,” said Mark Hackett, chief of investment research at Nationwide, in a statement. Several retailers jumped after giving Wall Street encouraging financial updates. Gap soared 12.8% after handily beating analysts' third-quarter earnings and revenue expectations, while raising its own revenue forecast for the year. Discount retailer Ross Stores rose 2.2% after raising its earnings forecast for the year. EchoStar fell 2.8% after DirecTV called off its purchase of that company's Dish Network unit. Smaller company stocks had some of the biggest gains. The Russell 2000 index rose 1.8%. A majority of stocks in the S&P 500 gained ground, but those gains were kept in check by slumps for several big technology companies. Nvidia fell 3.2%. Its pricey valuation makes it among the heaviest influences on whether the broader market gains or loses ground. The company has grown into a nearly $3.6 trillion behemoth because of demand for its chips used in artificial-intelligence technology. Intuit, which makes TurboTax and other accounting software, fell 5.7%. It gave investors a quarterly earnings forecast that fell short of analysts’ expectations. Facebook owner Meta Platforms fell 0.7% following a decision by the Supreme Court to allow a multibillion-dollar class action investors’ lawsuit to proceed against the company. It stems from the privacy scandal involving the Cambridge Analytica political consulting firm. All told, the S&P 500 rose 20.63 points to 5,969.34. The Dow climbed 426.16 points to 44,296.51, and the Nasdaq picked up 42.65 points to close at 2,406.67. European markets closed mostly higher and Asian markets ended mixed. Crude oil prices rose. Treasury yields held relatively steady in the bond market. The yield on the 10-year Treasury fell to 4.41% from 4.42% late Thursday. In the crypto market, bitcoin hovered around $99,000, according to CoinDesk. It has more than doubled this year and first surpassed the $99,000 level on Thursday. Retailers remained a big focus for investors this week amid close scrutiny on consumer spending habits headed into the holiday shopping season. Walmart, the nation's largest retailer, reported a quarter of strong sales and gave investors an encouraging financial forecast. Target, though, reported weaker earnings than analysts' expected and its forecast disappointed Wall Street. Consumer spending has fueled economic growth, despite a persistent squeeze from inflation and high borrowing costs. Inflation has been easing and the Federal Reserve has started trimming its benchmark interest rates. That is likely to help relieve pressure on consumers, but any major shift in spending could prompt the Fed to reassess its path ahead on interest rates. Also, any big reversals on the rate of inflation could curtail spending. Consumer sentiment remains strong, according to the University of Michigan's consumer sentiment index. It revised its latest figure for November to 71.8 from an initial reading of 73 earlier this month, though economists expected a slight increase. It's still up from 70.5 in October. The survey also showed that consumers' inflation expectations for the year ahead fell slightly to 2.6%, which is the lowest reading since December of 2020. Wall Street will get another update on how consumers feel when the business group The Conference Board releases its monthly consumer confidence survey on Tuesday. A key inflation update will come on Wednesday when the U.S. releases its October personal consumption expenditures index. The PCE is the Fed's preferred measure of inflation and this will be the last PCE reading prior to the central bank's meeting in December. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Get local news delivered to your inbox!It now feels like Nvidia investors will soon reap in some awesome benefits in the coming months, when Donald Trump assumes the role of US President after Joe Biden's tenure. This is majorly because of the fact that Trump is considered to be pro-market and some of his economic policies, although reportedly inflationary, may bringing in a bulkload of money for the US Treasury, if reports are to be believed. Trump planning to give trade relaxations to Nvidia? Meanwhile, Trump has announced that he will soon be replacing the Federal Trade Commission (FTC) Chair Lina Khan with Andrew Ferguson once he comes to power. This announcement has made Nvidia investors absolutely ecstatic, as the reigning chairman had a rather orthodox approach to various trade practices, including mergers and acquisitions . One of the latest example of such a action was blocking a $25 billion merger between Kroger and Albertsons, which disturbed the markets slightly. Will the new FTC chairman's focus be on Big Tech scrutiny? However, the FTC chairman's major focus has been on Big Tech companies like Nvidia, and now since Khan is going to leave the position to someone of Trump's choosing, it could be possible that Nvidia could get some major relaxation, owing to their surreal surge in the US stock market , that has looped in millions of investors from the country. Even though Ferguson, the potentially new chair, also has a thing for Big Tech companies, the approach could be somewhat different from Khan's as there are certain ways each Chairman may react once at the table. FAQs: Is Nvidia's stock going to grow further? Yes, after Nvidia's decision of introducing AI-reliant GPUs , it's stock has gone through the roof, and is now growing at a phenomenal pace in the previous months. Has the Nvidia stock crashed in the past few days? No, the Nvidia stock has not crashed in the last few days, and has instead been on a great run for the past two years. 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NATO, Ukraine plan emergency talks about Russia’s new missile

Mikaela Shiffrin's bid for her record-setting 100th World Cup win came to an unexpected stop in Vermont. The prominent skier crashed during a giant slalom event, despite securing the fastest first-run time. In a dramatic twist, Shiffrin lost control near the finish line, impacting the safety netting after catching an edge. She was promptly attended to and later taken to a medical facility for assessment. A resilient Shiffrin announced minor injuries and expressed gratitude for the support. However, she confirmed she would sit out the next slalom event. Meanwhile, Sara Hector clinched victory following Shiffrin's crash. (With inputs from agencies.)AP Trending SummaryBrief at 4:39 p.m. EST

Asteroid nearly hits Earth in Siberia, with a 2nd massive asteroid passing this week

AP Trending SummaryBrief at 4:39 p.m. EST

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Trump prosecutor Fani Willis dealt major blow in massive gang trial

ABILENE, Texas (AP) — Leonardo Bettiol scored 22 points as Abilene Christian beat Texas Southern 69-65 on Saturday night. Bettiol added six rebounds for the Wildcats (8-5). Quion Williams added 21 points while shooting 8 of 15 from the field and 4 for 5 from the line while they also had 11 rebounds. Hunter Jack Madden went 4 of 15 from the field (1 for 10 from 3-point range) to finish with nine points. The Tigers (1-10) were led in scoring by Kavion McClain, who finished with 19 points, seven rebounds and two steals. Texas Southern also got 17 points and three steals from Zaire Hayes. Kenny Hunter had 10 points, six rebounds, two steals and two blocks. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .

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