Finance

Artis Finance Expands Into Non-Bank Lending Space

Artis Finance, a receivables finance provider, has entered administration, adding to a series of insolvencies in the non-bank trade finance sector. Founded in London in 2020, Artis primarily served mid-market borrowers in the commodity trading industry.

On March 3, PwC was appointed as joint administrators by the High Court. Artis Loanco 1, a subsidiary providing loans secured by trade receivables, reported a US$7.1 million impairment at the end of 2023 but is not in administration.

In December 2023, Artis filed a lawsuit against TMT Metals, accused of fraud in the nickel market, though little progress was made. Artis also has outstanding charges related to UK-based DL Hudson.

Artis’ closure follows difficulties faced by other non-bank trade finance lenders, including Kimura Capital and Stenn, and legal proceedings against the Rasmala Trade Finance Fund in Dubai.

TECH

Google, Microsoft, Meta, and Amazon Rake in $27 Billion from Australian Consumers

An analysis by the Parliamentary Budget Office reveals that the top 16 tech companies are generating a combined $26.7 billion in revenue annually from Australians. In response, the Greens are advocating for a 3% tax on the largest players, which could raise over $11 billion.

The analysis, commissioned by the Greens, found that in 2022-23, Google earned $8.7 billion from advertising and cloud services, Microsoft made $2.9 billion, Meta earned $1.3 billion, and Amazon generated nearly $6 billion from its various services.

Under the Greens' proposed policy, any revenue over $20 million earned from digital services in Australia would be subject to a 3% tax. The policy would apply to platforms with more than €750 million in global revenue.

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CRYPTO

Trump’s Crypto Reserve Plan Sparks Doubts: What We Know So Far

The crypto market is full of ups and downs: After President Trump’s proposal for a national crypto reserve faced backlash from both Republicans and investors, the prices of the digital tokens involved surged — and then quickly dropped. (Bitcoin was trading at around $83,800 early Tuesday, down nearly $10,000 from the previous day.)

The plan has raised many questions about how it would function and the potential risks involved.

So, how would a national crypto reserve work?
Last summer, Mr. Trump campaigned on the idea of creating a federal Bitcoin stockpile and appointed venture capitalist David Sacks as his crypto czar. Advisers have suggested the government could hold onto Bitcoin seized from criminals, which is currently valued at about $17 billion.

A bill introduced by Senator Cynthia Lummis, a Republican from Wyoming, proposes that the government purchase around 200,000 Bitcoin annually over five years, totaling about $90 billion. To fund this, the bill suggests using $4.4 billion from the Federal Reserve’s surplus, which would reduce the Treasury Department’s funds. Naturally, the anticipation of these federal purchases would likely drive up the price of the digital tokens.

One uncertainty remains: in light of divisions among Republican lawmakers over the reserve concept, would Mr. Trump attempt to test the legal boundaries of his authority and create a reserve unilaterally?