News Nuggets | 24 October: Vantage Partners with Bloomberg; PwC Reports Record Revenue

Vantage UK Partners with Bloomberg Media Studios

Vantage UK, a multi-asset broker, has partnered with Bloomberg Media Studios to launch a new video series called "The Vantage View." The series aims to provide an in-depth analysis of key economic trends and outlooks, featuring insights from industry experts. The quarterly episodes will cover various topics, from climate change policies to technological advancements like AI, targeting a diverse audience that includes investors, professionals, and general enthusiasts.

"This partnership exemplifies our shared commitment to delivering high-quality content and fostering thought-provoking discussions on critical topics,” Marc Despallieres, the Chief Strategy & Trading Officer at Vantage, commented.

“Combining Vantage Markets' expertise in financial services with Bloomberg's industry-leading journalism and global reach, 'The Vantage View' will become a trusted source of insights and analysis for a diverse range of listeners, including investors, professionals, and enthusiasts alike."

PwC Reports Record Global Revenues of $53.1 Billion

PwC has reported record global revenues of $53.1 billion for the 12 months ending June 30, 2023. The firm saw growth of 9.9% in local currency and an increase of 5.6% in US dollars compared to the previous fiscal year. The growth reflects the quality of work delivered by PwC's workforce of over 364,000 professionals worldwide. The firm continues to invest in strategic acquisitions and workforce expansion, focusing on delivering quality services to its stakeholders.

"Our focus on delivering the quality services that our stakeholders need to prosper today and to prepare their organisations for the future has driven another year of growth for us,” Bob Moritz, the Global Chairman of PwC, said.

Financial Ombudsman Service Access for SMEs Remains Unchanged

No changes will be made after reviewing the rules that extend access to the Financial Ombudsman Service for small and medium-sized enterprises (SMEs). SMEs with a turnover of less than £6.5 million and fewer than 50 employees, or a balance sheet total of less than £5 million, can access the service.

“We have decided that this level of coverage remains appropriate and that it would not be proportionate to extend access to SMEs larger than the current criteria,” the Financial Conduct Authority commented.

24 Exchange Sets New Record in FX NDF Trading Volume

24 Exchange has set a new single-day record for FX NDF (Non-Deliverable Forwards) trading volume, processing more than $3.1 billion for its global institutional customers. The company offers multiple asset class offerings, including Crypto NDFs, FX Swaps, and FX Spot, and plans to expand these services to meet the needs of institutional traders seeking greater liquidity at lower costs.

"We are thrilled to set another daily volume record in FX NDF trading for our clients seeking greater liquidity,” Dmitri Galinov, the CEO and Founder of 24 Exchange, said. “The response from discerning institutional customers to our robust platform and unmatched customer experience has been tremendous. We remain committed to meeting the needs of our customers for multiple asset class offerings on a 24 hours basis and with the lowest possible cost."

Bit Digital Launches AI Business

Bit Digital, Inc., a New York-based crypto ming platform, has launched a new business line focused on artificial intelligence (AI). The company has secured a customer contract worth up to $257 million to provide rental services for a minimum of 1,024 GPUs and a maximum of 4,096 GPUs. Further, Bit Digital has agreed to purchase 1,056 NVIDIA HGX H100 GPUs and plans to deploy them at a Tier-3 data center by the end of 2023.

"We are pleased to take these steps to materially diversify our business and enter a market with robust demand and growth expectations,” Sam Tabar, Bit Digital's CEO, commented. “This new venture is an excellent expansion of our platform. This business line aims to provide a non-correlated income stream that will help the Company weather potential downturns in its core bitcoin mining and ETH staking businesses.”