
Jane Street Set to Join Financial Firms Flocking to Abu Dhabi
Jane Street Group LLC has filed with regulators in Abu Dhabi to set up a local office, marking a significant win for the city that's been pushing to become a global financial hub.
The firm will look to establish a presence in ADGM, Abu Dhabi's financial free zone that's drawn international banks, asset managers and hedge funds. That will make it one of the first major market makers to open up in the oil-rich capital of the United Arab Emirates.
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Stablecoins Emerge As Crypto's Next Big Disruptor
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We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. If you're drowning under the weight of your high-rate debt, debt settlement could be worth considering, but you'll want to weigh the pros and cons first. Getty Images Picture this: You're staring at a stack of credit card bills but are only able to make the minimum payments on the accounts, which barely touch the balance. As a result, you're watching the interest charges pile up faster than you can pay them down. Sound familiar? It might. Millions of people find themselves trapped in this cycle every year, and the issue is only getting worse now that the average credit card rate is sitting near a record high. When this happens and the traditional credit card repayment strategies aren't enough, debt settlement often comes up as a possible solution. Unlike debt consolidation or balance transfers, which simply help combine multiple debts into one account and interest rate, debt settlement involves negotiating with creditors to settle for less than what you owe. It's a strategy that can cut your total credit card debt significantly, but it's also one that fundamentally changes your relationship with credit and can reshape your financial future in ways you might not anticipate. So, the question isn't whether debt settlement works. It does in many cases. The real question is whether the relief it provides outweighs the long-term consequences. Below, we'll examine what you need to know to determine that. Chat with a debt relief expert about your options now. Debt settlement pros and cons: Is it right for you? Here's a look at the pros and cons of debt settlement to help you decide whether this approach makes sense in your situation. Pro: You could pay significantly less than you owe The most obvious benefit of debt settlement is the potential to pay substantially less than what you owe currently to get rid of your credit card debt. Successful settlements often reduce debt by 30% to 50%, though results vary. So, if you owe $20,000 across several credit cards, a settlement might reduce that to between $10,000 and $14,000 before fees. For someone facing serious credit card debt issues, this type of debt reduction can be life-changing. Find out how to start the debt settlement process today. Pro: It could be a smart alternative to bankruptcy For those with overwhelming amounts of credit card debt, debt settlement can be a good alternative to bankruptcy. While both options damage your credit, bankruptcy appears on your credit report for up to 10 years, compared to seven years for settled accounts. Debt settlement also allows you to maintain more control over the process, and if successful, you can resolve your debt issues without going to court, liquidating your assets or dealing with a bankruptcy trustee. For some people, that alone makes settlement worth considering. Pro: It could be a path to faster debt resolution When debt settlement works, it can resolve your debt problems much faster than making just the minimum payments on what's owed. Instead of taking decades to pay off high-rate credit card balances, the average debt settlement process is completed within two to four years. This expedited timeline can help free up cash flow for other financial goals and provide psychological relief from the burden of long-term debt. Con: It could come with credit score damage Debt settlement typically involves you stopping payments on your accounts as you save up to fund negotiated settlements, which immediately damages your credit score. Delinquent accounts can result in negative marks that drop your score by 100 points or more, and this damage can impact your ability to qualify for mortgages, car loans or even rental apartments. Settling your accounts for less than what you owe can also have an impact on your credit score, and these types of negative marks remain on your credit report for seven years from the original delinquency date. During that time, any credit you do qualify for will likely come with higher interest rates and less favorable terms. Con: There is no guarantee of success While working with an experienced debt relief expert can increase your chances of success, there is no guarantee that creditors will accept the proposed settlement offers. Some creditors, particularly those who believe you have the ability to pay, may refuse to negotiate and instead pursue collection actions or lawsuits. 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2 hours ago
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Some details were hashed out in a secret, hours-long meeting between US special envoy Steve Witkoff and Gulf partners at the White House last Friday, the day before US military strikes against Iran, two sources familiar with the meeting told CNN. Among the terms being discussed, which have not been previously reported, is an estimated $20-30 billion investment in a new Iranian non-enrichment nuclear program that would be used for civilian energy purposes, Trump administration officials and sources familiar with the proposal told CNN. One official insisted that money would not come directly from the US, which prefers its Arab partners foot the bill. Investment in Iran's nuclear energy facilities has been discussed in previous rounds of nuclear talks in recent months. 'The US is willing to lead these talks' with Iran, the Trump administration official told CNN. 'And someone is going to need to pay for the nuclear program to be built, but we will not make that commitment.' 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'I think it is entirely uncertain what will happen here,' said a separate source familiar with the first five rounds of talks between the US and Iran that occurred before the Israeli and US strikes on Iran's nuclear program. Witkoff told CNBC Wednesday that the US is seeking a 'comprehensive peace agreement,' and a Trump administration official emphasized that all of the proposals are designed to stop Iran from obtaining a nuclear weapon. The US has said that Iran may have a nuclear program for peaceful civilian purposes, but that it cannot enrich the uranium for that program. Instead, the US has suggested Iran could import the enriched uranium. Witkoff likened the potential program to that of the United Arab Emirates. 'Now the issue and the conversation with Iran is going to be, how do we rebuild a better civil nuclear program for you that is non-enrichable?' he told CNBC. The administration may have an opportunity to present a term sheet to the Iranians. President Donald Trump on Wednesday said the US and Iran would be sitting down next week – though Iranian Foreign Ministry spokesperson Esmail Baghaei said he was not aware of talks next week, and people involved in the planning said that details were still being worked out. Sources familiar with the discussions told CNN that no dates have been set yet. Despite the fervent diplomacy led by Witkoff behind the scenes, Trump this week publicly downplayed the necessity of a nuclear agreement, saying on Wednesday that he believed such an agreement was 'not necessary.' 'I don't care if I have an agreement or not,' he said. While the president seemed publicly indifferent to hashing out a new deal after clinching a ceasefire agreement, many of his advisers believe the pursuit of a longer-term deal will ensure the ceasefire has longevity. The terms that were developed in Witkoff's secret meeting have been the subject of continued discussion between the US and Iran through regional interlocutors – primarily the Qataris – in recent days. Qatar also played a key role in brokering the fragile ceasefire between Israel and Iran earlier this week, and will be working very closely with the US to ensure that fighting between them will not resume, one of the sources added. There is hope within the Trump administration that after the events of the past two weeks Iran is more likely to accede to the US conditions and halt efforts that could bring it closer to a developing a nuclear weapon. But Iranian experts cite the possible scenario that the Iranian regime may now decide that it needs a nuclear weapon. Earlier in the week the Iranian parliament approved legislation to end cooperation with the UN's nuclear watchdog, signaling a desire to further conceal their nuclear program. Prior to Israel's military operation against Iran roughly two weeks ago, the US and Iranians had held five rounds of negotiations to try to reach a framework for a new nuclear deal. The US had presented a proposal to Tehran, and Iran was expected to respond during a planned sixth round of negotiations in Oman. Those talks were scuttled by Israel's attacks on Iran. On Saturday, ahead of US strikes on three of Iran's nuclear sites, the Trump administration communicated with Iran through intermediaries. Their message was twofold: forthcoming US strikes would be contained, but also that the US terms for a diplomatic deal with Iran were clear and simple: no uranium enrichment, sources said. Trump has been circumspect about the prospects of a deal, telling reporters after announcing talks with Iran next week: 'We may sign an agreement, I don't know.' 'I could get a statement that they're not going to go nuclear, we're probably going to ask for that,' Trump said at a NATO summit on Wednesday. The president added that his administration would be asking for the same type of commitments they sought in negotiations with Iran prior to the most recent conflict between Israel and Iran. 'The only thing we'd be asking for is what we were asking for before,' Trump said, adding that he wants 'no nuclear.' Secretary of State Marco Rubio, who also serves as national security adviser, said Wednesday that any such deal would depend on Iran's willingness to negotiate directly with the US, not through intermediaries. 'We'd love to have peaceful relations with any country in the world. And so obviously that will depend on Iran's willingness not just to engage in peace, but to negotiate directly with the United States, not through a third-country or fourth-country process,' Rubio said at a press conference alongside Trump in The Hague. Witkoff on Wednesday said there are 'signs' that an agreement can be reached. 'We're having conversations with the Iranians. There are multiple interlocutors reaching out to us,' he told CNBC. 'I think that they're ready.'