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State of Crypto: The Industry's No Good, Very Bad Wait Actually Excellent Week
State of Crypto: The Industry's No Good, Very Bad Wait Actually Excellent Week

Yahoo

time8 hours ago

  • Business
  • Yahoo

State of Crypto: The Industry's No Good, Very Bad Wait Actually Excellent Week

The "Guiding and Establishing National Innovation for U.S. Stablecoins Act," otherwise known as the GENIUS Act, is now the law of the land, after President Donald Trump signed the first major U.S. legislation following a week-long process to pass it and two other bills in the House of Representatives. You're reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions. On Friday, U.S. President Donald Trump signed a crypto bill into law. This is the first time a major cryptocurrency bill has become law, and it likely is not the last. For the first time, a major cryptocurrency bill has become law in the U.S. The GENIUS Act, which sets out to create a regulatory framework governing stablecoins, or cryptocurrencies pegged to another asset like the U.S. dollar, kickstarts a process that will see the Federal Reserve, Office of the Comptroller of the Currency and other regulators become far more involved in the crypto sector. There was a bit of a false start. The House Rules Committee met Monday evening to debate the bills with key members of the Financial Services and Agriculture Committees ahead of a procedural vote, which the House held Tuesday. That procedural vote was expected to sail through, albeit on party-line votes. It did not. Members of the House Freedom Caucus voted against the procedural motion to open debate and threw a wrench into the House's "Crypto Week." Later that evening, U.S. President Donald Trump posted on his social media platform Truth Social that 11 of the holdouts had agreed to vote for the motion and the House reconvened on Wednesday to first vote to hold a redo on the other vote (this one passed mostly along party lines) and then to actually redo the other vote. Many of the 11 holdouts continued to hold out. Trump, in remarks made before signing the GENIUS Act on Friday, joked about this: "I am so tired of making phone calls at 2, 3, 4 o'clock in the morning." Still, after a record-breaking 9+ hour vote, the lawmakers did finally vote in favor of the move to debate, clearing the way to a final vote for the three bills on Thursday. Despite these hiccups, Congressman Bryan Steil noted that Crypto Week largely played out as planned, with three bills getting passed and one heading to the president's desk. "In the House, it feels like in the home stretch with the narrow majority, there's final negotiations, final discussions," he said on CoinDesk TV Thursday ahead of the vote. "But the good news is the play call that was made at the start of the week is the play call we're executing today, which is passing GENIUS, putting that on the president's desk for his signature into law." Moreover, while industry participants anticipated that maybe 30 or so Democrats would vote for the bills, the actual numbers dramatically surpassed this — 78 Democrats joined 216 Republicans in voting for Clarity and 102 Democrats/206 Republicans voted for GENIUS. For context, last year's Financial Innovation and Technology for the 21st Century Act (FIT21), Clarity's predecessor, saw 78 Democrats and 208 Republicans vote in favor. House Financial Services Committee Chairman French Hill, speaking at a press conference after Thursday's votes, was positively giddy at successfully shepherding the bills through in just a matter of months: "I knew that my target was to beat FIT21 and I made a bet with myself — and I won." Neither Clarity nor GENIUS are done yet. The next steps for GENIUS belong to the federal regulators tasked with implementing its provisions. The Federal Reserve, Office of the Comptroller of the Currency and others will now have to launch the rulemaking process to develop the actual regulations asked for in the law. Clarity's next steps are murkier. The Senate is clearly working on its own bill, at least at the moment — senators have introduced principles and are holding hearings. These actions suggest the Senate Banking and Agriculture Committees may do their own thing, rather than adopt Clarity as it is. Hill, in Thursday's press conference, made it clear he hoped the Senate would take Clarity up. And House Agriculture Committee Chair Glenn GT Thompson said on CoinDesk TV on Thursday morning that he had been working with his Senate counterparts as it launched its process. Banking Committee Chair Tim Scott previously set a Sept. 30 deadline for moving the Senate's market structure bill, which will govern a far broader swath of the industry. Read CoinDesk's coverage from Crypto Week: House Gears Up for Crypto Market Structure Vote on Wednesday, Stablecoins Thursday House's Crypto Markets Bill on Track, But Some in Industry Hope For Senate Overhaul 'Crypto Week' Back on Track? Trump Says Defecting Lawmakers Ready to Vote for Bills Senate Agriculture's Top Dem: Crypto Market Structure Effort Needs 'Serious Changes' 'Crypto Week' Is Stuck Again as House Procedural Vote Drags On 'Crypto Week' Back on Track After Lengthy House Do-Over Vote U.S. House's 'Crypto Week' Shifts Toward Getting All Legislation Out Thursday U.S. House Passes CLARITY Act, Moves on to Stablecoin Vote GENIUS Act for Stablecoins Passes House on Way to Being First Major U.S. Crypto Law 'Crypto Week' Reaction: What GENIUS and CLARITY Bills Mean for the Industry Trump to Sign the Historic GENIUS Act Into Law. What Does It Mean for Crypto? Trump Signs GENIUS Act Into Law, Elevating First Major Crypto Effort to Become Policy Tether CEO Says He'll Comply With GENIUS to Come to U.S., Circle Says It's Set Now Trump Signs GENIUS Act Into Law: The Full Transcript : The federal banking regulators published a statement addressing crypto custody. : The U.S. Department of Justice and Commodity Futures Trading Commission are dropping their investigations into whether Polymarket allowed U.S. traders access to its platform despite a consent decree Polymarket agreed to saying it wouldn't. : Brian Moynihan said the Bank of America does have plans to get into stablecoins and has already begun working on something. : Roger Ver is fighting his extradition to the U.S. to face tax evasion charges. Tornado Cash developer Roman Storm's criminal trial kicked off this week, with jury selection taking a day and a half and the overall trial now expected to run approximately three weeks. Storm was arrested in 2023 and charged with conspiracy to commit money laundering, conspiracy to violate sanctions and conspiracy to operate an unlicensed money transmitting business. So far prosecutors have only just begun making their case, beginning with a set of witnesses who say they were victims of Tornado Cash. Prosecutors will be making their case to a largely non-technical jury. Just one member works as an IT manager, while another works at Palantir. The rest have a range of jobs and educational backgrounds. There's also ongoing motions efforts separate from the trial itself, with defense attorneys moving to try and kick out some of the evidence prosecutors have suggested they'll introduce. Right to Code? Tornado Cash Dev Roman Storm's Money Laundering Trial Kicks Off Monday Jury Seated for Tornado Cash Dev Roman Storm's Trial Legitimate Privacy Tool or Dirty Money 'Laundromat'? Lawyers Debate Role of Tornado Cash on Day 1 of Roman Storm Trial Hack 'Victims' Say Tornado Cash Offered No Help in the Wake of Exploits: Day 2 of Roman Storm Trial Monday 20:00 UTC (4:00 p.m. ET) The House Rules Committee met to discuss the Clarity Act, GENIUS Act and Anti-CBDC Act and debate on whether there would be an amendment process prior to votes for these bills. Tuesday 19:00 UTC (3:00 p.m. ET) The Senate Agriculture Committee held its first hearing on digital commodities ahead of anticipated market structure legislation. Wednesday 13:00 UTC (9:00 a.m. ET) The House Ways and Means Committee met to discuss crypto tax issues. 14:15 UTC (10:15 a.m. ET) House Democrats led by Financial Services Ranking Member Maxine Waters held a press conference to reiterate their concerns with the various pieces of legislation. Thursday 19:45 UTC (3:45 p.m. ET) The House scheduled a vote for the crypto bills, though this time was moved up to 2:40 p.m. ET right before that revised time. Friday 18:30 UTC (2:30 p.m. ET) The White House held a signing ceremony for the GENIUS Act. () Tokens purporting to represent stocks may not actually track the prices of those underlying stocks that closely, the Journal reports. () Immigration and Customs Enforcement is using a powerful new facial recognition tool. () This is just a charming story about a massive marmot. Enjoy. If you've got thoughts or questions on what I should discuss next week or any other feedback you'd like to share, feel free to email me at nik@ or find me on Bluesky @ You can also join the group conversation on Telegram. See ya'll next week!Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Volvo AB (VLVLY) Q2 2025 Earnings Call Highlights: Navigating Challenges with Strategic Growth
Volvo AB (VLVLY) Q2 2025 Earnings Call Highlights: Navigating Challenges with Strategic Growth

Yahoo

time2 days ago

  • Automotive
  • Yahoo

Volvo AB (VLVLY) Q2 2025 Earnings Call Highlights: Navigating Challenges with Strategic Growth

Net Sales: SEK123 billion, a year-over-year decline of 12% and a 5% decline when adjusted for currency. Adjusted Operating Income: SEK13.5 billion with an operating margin of 11%. Cash Flow: SEK2.9 billion, resulting in a net cash position of SEK43.1 billion in industrial operations. Return on Capital Employed: 25.7% on a rolling 12-month basis. Earnings Per Share: SEK3.64. Truck Deliveries: Declined by 10% in the quarter. Construction Equipment Deliveries: Increased by 11%. Fully Electric Vehicle Orders: Increased by 59%. Truck Sales: Declined by 9% adjusted for currency. Construction Equipment Sales: Increased by 2% adjusted for currency. Volvo Penta Sales: Increased by 18% driven by handset engines in the Industrial segment. Service Business: SEK126 billion 12 months rolling, flat adjusted for currency. Operating Cash Flow: SEK2.9 billion, impacted by high level of investments and onetime items. Adjusted Operating Income Margin for Construction Equipment: 13.1%. Adjusted Operating Income for Buses: SEK474 million with a margin of 7.9%. Volvo Penta Adjusted Operating Margin: 20.7%, an all-time high for the second quarter. Financial Services Credit Portfolio: Increased by 5% to SEK264 billion. Warning! GuruFocus has detected 4 Warning Sign with VLVLY. Release Date: July 17, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Volvo AB (VLVLY) achieved a solid adjusted operating margin of 11% despite market uncertainties. The company reported a strong cash flow of SEK2.9 billion, resulting in a net cash position of SEK43.1 billion in industrial operations. Volvo AB (VLVLY) saw a 59% increase in orders for fully electric vehicles, with significant growth in SDLG machines in China and truck orders. The launch of new models like Mack's Anthem and Volvo's VNL and VNR is expected to strengthen the company's market position. Volvo Autonomous Solutions reached a milestone by autonomously hauling over 1 million tonnes of limestone, showcasing the potential of autonomous technology. Negative Points Net sales declined by 12% year-over-year, primarily due to lower truck volumes. The societal shift to zero-emission solutions is slower than anticipated, leading to a SEK4.5 billion negative impact on operating income. Truck deliveries declined by 10% in the quarter, with significant drops in North and South America. The company faced under-absorption issues in North America due to a 'wait-and-see' attitude among customers. Tariff costs and material costs are expected to have a growing negative impact on financial results in the coming quarters. Q & A Highlights Q: Can you provide insights into the North American truck market, where your performance was better than the overall market? A: Martin Lundstedt, CEO, explained that Volvo is gaining market share in North America due to a strong product lineup and early adjustments to market conditions. The company has managed inventory levels well and is seeing improved market share for Mack Trucks as delivery issues are resolved. Q: What is Volvo's strategy for the truck business in China following the divestment of the SDLG brand? A: Martin Lundstedt stated that Volvo will focus on selected segments in China, emphasizing TCO-driven and lifecycle-driven solutions. The partnership with Dongfeng will continue to build robustness and resilience in the market. Q: How will tariffs impact Volvo's financials in the coming quarters? A: Mats Backman, CFO, noted that the impact of tariffs will gradually increase, but Volvo is working on compensating for these effects through pricing strategies. The net effect of tariffs is expected to be negative, but the company is managing the situation proactively. Q: Can you discuss the cash position and its implications for future dividends? A: Mats Backman highlighted that Volvo maintains a strong balance sheet to support innovation and shareholder returns. The cash position is influenced by strategic investments and currency effects, but the underlying cash flow remains solid. Q: What is the outlook for truck production in North America given the current market conditions? A: Martin Lundstedt mentioned that Volvo is adjusting production levels to align with market demand and maintain flexibility. The company is prepared to continue adjustments as necessary, focusing on maintaining commercial and price discipline. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati

Tech Mahindra reports a total headcount of 148,517 as of Jun 30, an increase of 897 year-on-year
Tech Mahindra reports a total headcount of 148,517 as of Jun 30, an increase of 897 year-on-year

Time of India

time3 days ago

  • Business
  • Time of India

Tech Mahindra reports a total headcount of 148,517 as of Jun 30, an increase of 897 year-on-year

IT services firm Tech Mahindra reported a nearly 34 per cent year-on-year increase in consolidated net profit to ₹1,140.6 crore for the quarter ending June 30, 2025, on the back of growth in communications and financial services verticals. The company had logged a net profit (attributable to owners of the company) of ₹851.5 crore in the year-ago period, according to a regulatory filing. The Pune-based company's revenue from operations for the first quarter of 2025-26 grew 2.65 per cent to ₹13,351.2 crore from ₹13,005.5 crore in the same period last year. Sequentially, net profit declined by 2.2 per cent, and revenue saw a marginal dip of 0.2 per cent from the preceding quarter. Discretionary cuts and run-offs hit revenues, and the company expects deal wins to start reflecting in the numbers from the second quarter onwards. The company secured new deals with a Total Contract Value (TCV) of $809 million for the quarter. It added two clients in the $50 million-plus revenue category over the past year. Tech Mahindra CEO and Managing Director Mohit Joshi said the quarterly performance reflects progress aligned with the company's plans in a volatile environment. "Q1 reflects progress aligned with our stated plans. While the environment remains dynamic and uncertain, our continued execution is building confidence that we are on the right path. "The performance was driven by growth in communications, retail and BFSI verticals. The year-on-year headwinds were primarily due to our pre-services business, which we are also saw spending reductions in the automotive sector, which impacted year-on-year revenue performance," he said. Tech Mahindra, under its FY27 vision, targets accelerated topline growth above peer average and margin expansion. Tech Mahindra's revenue growth in Q1 was driven by a 4.7 per cent rise in the Banking, Financial Services, and Insurance (BFSI) vertical, a 3.8 per cent increase in Retail, Logistics, and Transport, and a 2.5 per cent uptick in the Communications segment. However, other sectors faced challenges. The manufacturing vertical saw a 4 per cent decline, impacted by reduced discretionary spending in the automotive segment. Technology, Media and Entertainment vertical dropped by 3.3 per cent due to ongoing restructuring and steep budget cuts at one of the company's semiconductor industry client. Joshi indicated an expectation of a gradual recovery in the hi-tech business in the second half of the year. "The macro picture is still quite certain sectors which have been impacted by tariffs and by demand activity like auto, I think the sentiment is still not conducive to significant stationary investments. In some other sectors, like telecom, for instance, we have seen a stabilisation and growth in this quarter which we expect will continue. For hi-tech, we expect a recovery certainly in the second half of the year," Joshi said. Geographically, the company's European business grew by 11.7 per cent, while the Americas declined by 5.9 per cent. The rest of the world registered a 2.9 per cent increase in business. As of June 30, 2025, Tech Mahindra's total headcount stood at 148,517, an increase of 897 employees year-on-year. Shares of Tech Mahindra settled 1.94 per cent higher at ₹1,609 apiece on the BSE on Wednesday. The financial results were announced after the closing of market hours. PTI

Encore Search Named #1 Ranked Executive Recruiting Firm by Houston Business Journal
Encore Search Named #1 Ranked Executive Recruiting Firm by Houston Business Journal

Yahoo

time3 days ago

  • Business
  • Yahoo

Encore Search Named #1 Ranked Executive Recruiting Firm by Houston Business Journal

Executive Recruiting Firm Outpaces Larger Competitors Through High-Impact Placements and Performance-Driven Culture HOUSTON, July 17, 2025 /PRNewswire/ -- Encore Search Partners has claimed the #1 spot on the Houston Business Journal's annual list of Largest Executive Search Firms, ranked by number of executive placements. The list, released July 11, 2025, highlights the top-performing firms in the region. Founded in 2013, Encore Search has earned a reputation for outperforming much larger national firms by focusing on execution and results over size and years of service. With a lean team of 40 full-time professionals, the Houston-based recruitment firm places high-performing professionals in mission-critical roles across the financial services, law firm, private equity, energy, industrial, and manufacturing verticals. "Our firm's success is tied to the fact that we are focused on headhunting professionals that increase our clients' revenue. Wealth Advisors, Attorneys, Consulting Engineers, Sales Professionals, and Revenue Producers across all industries, nationwide," Jenson states. "Rather than focusing on placing candidates that are actively looking for a new opportunity, our growth strategy is to focus on those 'tough to fill' roles that internal HR & TA acquisition teams need additional support with." Encore Search Partner's performance-based model emphasizes strategic fit over other options that prioritize high volume or upfront retainers. That intentional approach has resulted in more than 1,000 executive placements and six-time recognition as one of Houston's Best Places to Work. According to Jenson, "Now, more than ever, Employers are focusing on growing top line revenue and their enterprise value, and rather than viewing our direct hire recruitment services as an expense, our clients recognize that it is an investment aligned with hitting their growth targets and revenue goals." Encore Search Partners serves clients across the U.S. from its Houston, TX headquarters. While many executive search firms have faced declining revenue due to market uncertainty and talent shortages, Encore continues to grow. Its consistent performance, driven by its hands-on leadership, reflects the strategic approach that prioritizes business results instead of meeting the status quo. About Jeremy Jenson and Encore Search Partners Jeremy Jenson is the Founder and CEO of Encore Search Partners, a Houston-based executive search firm known for headhunting top-tier talent across the nation. Under his leadership, Encore Search has earned numerous accolades from the Houston Business Journal, including being ranked the #1 Largest Executive Search Firm in Houston. With over a decade of success placing high-impact professionals, Jeremy has built a reputation for delivering elite talent through a precision process that blends data, strategy, and human insight. He recently added one more title to his resume: fiancé to the love of his life, thanks to a bold and successful outreach on LinkedIn. To learn more, visit: For media inquiries, please contact: View original content to download multimedia: SOURCE Encore Search Partners Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

96% of EMEA Financial Services Organizations believe they need to improve their resilience to meet DORA Requirements
96% of EMEA Financial Services Organizations believe they need to improve their resilience to meet DORA Requirements

Zawya

time3 days ago

  • Business
  • Zawya

96% of EMEA Financial Services Organizations believe they need to improve their resilience to meet DORA Requirements

Dubai, UAE – Six months after the EU's Digital Operational Resilience Act (DORA) came into effect, a new Censuswide survey commissioned by Veeam® Software, the #1 global leader in Data Resilience by market share reveals that 96% of EMEA financial services organizations still feel their current level of data resilience falls short. The survey, which gathered insights from senior IT decision makers at financial services companies in the UK, France, Germany, and the Netherlands, underscores the ongoing challenges faced by the sector as it adapts to DORA – a framework introduced by the EU in January 2025 to strengthen the financial industry's defenses against cyberthreats and ICT disruptions. While DORA has been embedded as a strategic priority across the financial sector, many organizations are still navigating the path to full compliance. The survey found that 94% of organizations surveyed now rank DORA higher in their organizational priorities than they did in the month before the deadline, with 40% calling it a current 'top digital resilience priority.' Half of the respondents said DORA requirements have been integrated into their broader resilience programs, while 39% reported it remains a central focus. The Unintended Consequences of DORA Even with 94% of organizations clear on the steps they need to take; many are facing unforeseen challenges: 41% report increased stress and pressure on IT and security teams. 37% are dealing with higher costs passed on by ICT vendors. 22% believe the volume of digital regulation is becoming a barrier to innovation or competition. 20% have yet to secure the necessary budget to meet DORA requirements. 'It's promising to see that most organizations have embraced and feel confident about meeting DORA's requirements,' said Edwin Weijdema, Field CTO EMEA at Veeam. 'Achieving compliance is an important first step in ensuring your organization is resilient but given today's complex threat landscape there's more to do. New Veeam research shows that many financial institutions still see a gap in their overall resilience and face challenges in securing the necessary budget, even as DORA grows in strategic importance. The journey to operational resilience is ongoing, and it's clear that prioritizing data resilience remains critical for organizations' long-term success.' DORA: Still a Work in Progress Despite this prioritization, many organizations are still working to meet key DORA requirements: 24% have not established recovery and continuity testing. 24% have not implemented incident reporting. 24% have not identified a DORA implementation lead. 23% have not conducted digital operational resilience testing. 21% have not ensured backup integrity and secure data recovery. The most challenging DORA requirement? Third-party risk oversight, with 34% of organizations citing it as the hardest to implement – despite only 20% yet to do so. There are many possible reasons for this, from the limited visibility many organizations have into their third-party operations to the sheer scale of third-party networks. Andre Troskie, Field CISO EMEA at Veeam said, 'It's interesting to see that third-party oversight has emerged as a particular pain point for organizations. Over a third named it the most challenging to implement, and many called for additional guidance on establishing it in the first place. An often-overlooked facet of data resilience, it's promising to see that organizations are interrogating their defences to this degree – which is exactly what it was designed to do. Of course, meeting the requirements is key, but DORA was also about getting organizations to assess their resilience holistically – and in that aspect, it seems to be succeeding.' Additionally, 22% of organizations felt that DORA's design could have been improved to aid compliance, with calls for simplification, clarification, and more detailed third-party risk guidance. Supporting the Journey to Resilience In response to the growing need for structured resilience strategies, Veeam and McKinsey earlier this year introduced the industry's first Data Resilience Maturity Model (DRMM). Built on extensive research and insights from over 500 IT, security, and operations leaders, the Veeam DRMM has been validated through real-world customer outcomes. This framework enables organizations to assess their data resilience using a cross-functional approach that integrates IT, security, and compliance into a unified strategy. It provides a clear roadmap for enhancing resilience and achieving compliance with regulations like DORA. 'DORA was about more than compliance – it was about driving a holistic reassessment of digital data resilience,' added Troskie. 'And in that respect, it's working.' About the Veeam DORA Confidence Survey Censuswide conducted this research on behalf of Veeam between June. 5 and June. 11, 2025. The survey included 404 Senior IT decision makers/Heads of compliance at financial service companies/banks with over 500+ employees across the UK, France, Germany, and the Netherlands. Although the UK is a non-EU member state, it was included due to its significant business ties with EU countries that fall under DORA. An additional criterion ensured that all UK respondents worked for organizations that currently fall under DORA. The study was nationally representative. About Veeam Software Veeam®, the #1 global market leader in data resilience, believes every business should be able to bounce forward after a disruption with the confidence and control of all their data whenever and wherever they need it.​ Veeam calls this radical resilience, and we're obsessed with creating innovative ways to help our customers achieve it. Veeam solutions are purpose-built for powering data resilience by providing data backup, data recovery, data portability, data security, and data intelligence. ​With Veeam, IT and security leaders rest easy knowing that their apps and data are protected and always available across their cloud, virtual, physical, SaaS, and Kubernetes environments. Headquartered in Seattle with offices in more than 30 countries, Veeam protects over 550,000 customers worldwide, including 67% of the Global 2000, that trust Veeam to keep their businesses running. ​Radical resilience starts with Veeam.

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