DOGEing a Crisis

Incred is an alternative lending firm based in Mumbai, India founded in 2016.  Incred offers a technology-led platform designed to enable fast and hassle-free lending for personal loans, educational loans, and small business loans. 

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Incred Financial Services Reviews 2025 | BankerAdvisor

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The U.S. economy is experiencing a noticeable slowdown in mid-2025, with sluggish domestic demand growth, muted job gains, and new tariff actions poised to impact both inflation and overall economic momentum, according to a recent analysis from UBS Global Research.

UBS sounds the alarm on ‘stall speed’ as the economy shows signs of running out of gas

Meta Platforms (NASDAQ:META) is attempting to raise $29B to help fund its ambitious artificial intelligence data center build out, according to the Financial Times. Apparently, Meta has been in talks with Apollo Global Management, KKR, Brookfield, Carlyle and Pimco, the report said, citing people familiar with the matter. Meta plans to raise $3B of equity from private investment firms and another $26B in debt. However, it is still considering multiple options. Meta might also attempt to raise more capital. The social media giant is trying to find ways to make the debt easily tradable after it is issued. Meta is also pursuing its AI goals in other ways. 

Meta pursues $29B fundraising goal to help pay for AI data centers: report

The personal consumption expenditures price index, the Federal Reserve’s key inflation measure, increased just 0.1% for the month, putting the annual inflation rate at 2.1%. Core inflation also was at 0.1% for the month though it was higher on an annual level at 2.5%.
Consumer spending, though, slowed sharply for the month, posting just a 0.2% increase, while the savings rate surged to 4.9%, the highest in nearly a year.

Inflation rate slipped to 2.1% in April, lower than expected, Fed’s preferred gauge shows

The Bank of England held interest rates at 4.25% as expected on Thursday but said it was focused on risks from a weaker labour market and higher energy prices as conflict in the Middle East escalates. Noting the elevated global uncertainty and persistent inflation, the Monetary Policy Committee voted 6-3 to keep rates on hold, with Deputy Governor Dave Ramsden joining Swati Dhingra and Alan Taylor to vote for a quarter-point reduction.

Bank of England keeps rates steady, sees further loosening as jobs market weakens

The Federal Reserve proposed easing a key capital rule for banks, and central bank officials opened the matter for public comment Wednesday. The enhanced supplementary leverage ratio regulates the quality and quantity of capital banks should keep on their balance sheets. In recent years as bank reserves have grown, Wall Street executives and Fed officials have sought to roll back the requirements.

Divided Fed proposes rule to ease capital requirements for big Wall Street banks

Tom Lee has been appointed chairman of the board of directors of bitcoin miner BitMine Immersion Technologies, effective Monday. BitMine announced a $250 million private placement to implement a buying strategy around ether, which it aims to make its primary treasury reserve asset. Lee’s appointment comes amid a groundswell of interest from traditional financial institutions around stablecoins, many of which run on the Ethereum network.

Wall Street strategist Tom Lee is aiming to create the MicroStrategy of Ethereum

BlackRock announced it’s completed the acquisition of HPS Investment Partners (HPS), a global, credit-focused alternative investment firm. Financial details were not disclosed in the release. Private credit is reshaping financial markets and the structural trends supporting its growth have accelerated the convergence of public and private markets. Financing activity is being shifted toward the capital markets, positioning asset managers to match long-dated capital with long-term investors, including insurance companies, pensions, sovereign wealth funds, wealth managers, and individuals saving for retirement.

BlackRock announces $190bn financing unit for private-public markets convergence

Calpers is expanding its private equity portfolio following its strongest fiscal year since 2021, reporting an 11.6% return and reaching $556.2bn in total assets under management, according to a report by the Financial Times. The US’s largest public pension fund has increased its target allocation to private equity from 13% to 17%, with the asset class now accounting for nearly 18% of its portfolio. Private equity returned 14.3% for the year, up from 10.9% in the prior period, and rebounding from a loss the year before. 

Calpers deepens private equity exposure after strong $556.2bn performance year

The Financial Times cited an unidentified source saying CEO Jamie Dimon’s previous remarks about Bitcoin had alienated some potential clients. JPMorgan Chase is reportedly looking into crypto-backed loans, signaling a potential shift in how US banks regard crypto assets.  The Financial Times reported on Tuesday, citing unidentified sources, that JPMorgan may start lending directly against crypto assets like Bitcoin. The FT reported this may happen by 2026, though the plans are subject to change. 

JPMorgan exploring crypto-backed loans amid stablecoin push: FT

Private equity firms made record use of a controversial tactic to cash out their clients by selling assets to themselves in the first half of the year, as they struggle to find external buyers or list holdings. Buyout groups used so-called continuation funds — in which a private equity group sells assets from one of the funds they manage to a fresher fund also managed by the firm — to exit $41bn of investments in the first six months of 2025, according to a report by investment bank Jefferies. That was equal to a record 19 per cent of all sales by the industry, and 60 per cent higher than a year ago.


Private equity firms flip assets to themselves in record numbers

The European Central Bank on Thursday kept interest rates steady amid major economic uncertainty, as the European Union scrambles to negotiate a trade agreement with the U.S. before the end of the month. The ECB has cut interest rates at each of its four meetings so far this year, taking its key deposit facility from 3% in January to 2% in June. Last year it reduced rates from a record high of 4%. “The environment remains exceptionally uncertain, especially because of trade disputes,” the ECB said in a statement.

European Central Bank holds interest rates as tariff turmoil keeps policymakers on edge

Treasury Secretary Scott Bessent on Thursday expressed confidence that the U.S. and China are on the way to trade pact as a key tariff deadline nears. “I believe that we have the makings of a deal,” Bessent said during an interview on CNBC’s “Squawk Box.” “There’s still a few technical details to be worked out on the Chinese side between us. I’m confident that it will be done, but it’s not 100% done.” Bessent did not provide any details on what a final deal with China would look like.  

Treasury Secretary Bessent says ‘we have the makings of a deal’ with China

The ‘private credit is a systemic risk’ drumbeat has grown over the past year, with the likes of the Boston Fed, Moody’s Analytics and the IMF publishing vaguely ominous reports lately. 
Even Barclays got in on the action, with a big report that estimated that lending to “non-bank financial institutions” now account for over 10 per cent of all US bank loans. It argued that this was in practice supplanting traditional commercial bank lending, and could cause problems if it continued to grow at the same pace.

Four reasons why private credit isn’t actually a systemic risk

President Trump signed a pair of executive orders Thursday intended to reshape the world of banking and high finance—some in ways Wall Street likes, and others it feared. One order seeks to make it easier for everyday Americans to invest their retirement savings in assets that lie outside public markets, such as private equity, cryptocurrency and private real estate. The move fulfills a long-sought goal of Wall Street hedge funds and private-equity firms, which for years have wanted to tap in to the giant pool of money in 401(k) and other defined-contribution plans. 

Trump Shakes Up Wall Street With Orders on 401(k)s, ‘Debanking’

Retail sales last month rose 3.7% from a year earlier, sharply missing analysts’ estimates for a 4.6% growth. Industrial output rose 5.7% from a year ago in July, its weakest level since November last year. Fixed-asset investment expanded 1.6% this year as of July, slowing from 2.8% in the first six months.

China’s growth stumbles in July as retail sales, industrial output miss forecasts

Individual investors account for just 5 – 10% of private market investments, with institutional players comprising the overwhelming majority. It’s a striking disconnect, and one that’s inspiring quite a debate in personal finance. A new generation of investors, particularly those in the HENRY category (High Earning, Not Rich Yet), are starting to question the conventional wisdom that has long kept them locked into public stocks and bonds. And it’s hard to blame them.  The HENRY category is educated, digitally savvy, and earning upwards of six figures. But despite their progress on the salary ladder, many feel stuck and frustrated that traditional investment options seem increasingly inadequate in helping them achieve their financial goals.

Beyond Democratising: How Private Investing 2.0 is Shaping

This is a company that, ten years ago, was just two guys sitting in a Canary Wharf office coding. Those two guys are Nik Storonsky and Vlad Yatsenko who, interestingly, are Russian and Ukrainian by background. No warfare here.  What has happened?  Well, going way back when, Nik and Vlad worked at Credit Suisse and both have a background in banking, admittedly with different perspectives. Nik was a trader and Vlad a developer. Nevertheless, working in derivatives in 2008 is a clear moment that shaped Nik’s thinking and, launching Revolut in 2015, he and his partner have followed a path to become the biggest fintech unicorn in Europe. 

Has #Revolut sparked a revolution?

Private credit funds are drawing in record sums of capital from everyday investors, offsetting a slowdown from large institutions as wealthy individuals are lured in by the higher returns on offer. Affluent individual investors in the US have pumped $48bn into private credit funds in the first half of this year, already surpassing the entire haul in 2023 and on pace to eclipse the high-water mark of $83.4bn set in 2024, according to investment bank RA Stanger.


Wealthy Americans pour record sums into private credit funds

The S&P 500’s march to a record high this year hasn’t come cheap: By some measures, stocks have never been pricier. Investors are now paying more than ever for each dollar of revenue the index’s members produce. The benchmark traded at 3.23 times sales on Thursday, a record high. 
Price-to-earnings ratios aren’t quite at records—thanks to juicy profit margins at many of the index’s most valuable companies—but they still sit at the extreme end of history. The S&P 500 currently trades at 22.5 times its projected earnings over the next 12 months, compared with the average of 16.8 times since 2000.

U.S. Stocks Are Now Pricier Than They Were in the Dot-Com Era

Global long-term bond yields are surging, with U.S. 30-year Treasuries near 5% and U.K. gilts above 5.7%, as investors grow wary of mounting debt and political pressure on central banks. Safe-haven gold has hit a record $3,537, while economists told Fortune the bond market “can’t be primaried,” underscoring that investors will pull back if fiscal credibility deteriorates.

The canary in the coal mine is singing as global bond selloff raises national debt concerns

Carlyle Group has raised $20bn to acquire ageing private equity stakes at a discount from pension funds and other investors. The private capital group said on Thursday that its AlpInvest unit had raised $15bn for its latest flagship secondaries fund, almost double the $9bn amassed by its predecessor in 2020. AlpInvest, which raised a total of $20bn when also including co-investments from other groups and its retail funds, has become Carlyle’s fastest source of asset growth.


Carlyle raises $20bn to scoop up ageing private equity stakes

Blockchain-based lender Figure Technology Solutions has increased the pricing of its initial public offering (IPO) to $25 per share. That new figure, announced late Wednesday (Sept 10), is above an earlier pricing of $20 to $22 per share. The company sold 31.5 million shares, raising $787 million and giving it a valuation of $5.3 billion. Founded in 2018, Figure initially offered home equity lending but has since established what it calls a vertically integrated model that weaves together origination, marketplace distribution and capital markets execution.


Figure Takes in $787 Million After Pricing IPO at $25 Per Share

Google has unveiled an open protocol designed to serve as the foundation needed to enable AI agents to transact payments on behalf of users and merchants. The tech giant has lined up more than 60 partners - including Adyen, Coinbase, Mastercard and PayPal - for the Agent Payments Protocol (AP2). Agentic commerce breaks the assumption that today’s payment systems generally make that a human is directly clicking "buy" during a transaction.


Google unveils Agent Payments Protocol to power AI commerce

Credit rating agency Fitch downgraded France's sovereign credit score on Friday to the country's lowest level on record, stripping the euro zone's second-largest economy of its AA- status as it grapples with political crisis and ballooning debt. The move, bringing Fitch's score to A+, heaps pressure on Prime Minister Sebastien Lecornu just days into the job as he scrambles to form a cabinet and draft a 2026 budget that can pass a deeply divided parliament.

Fitch downgrades crisis-strained France

Coinbase CEO Brian Armstrong has outlined plans to build a crypto super app, offering credit cards, payments and Bitcoin rewards to rival traditional banks. Speaking during a recent interview with Fox Business, Armstrong confirmed the company’s plans to offer a full suite of financial services, from payments to credit cards and rewards, all powered by crypto rails.


Coinbase CEO sets sights on replacing banks with crypto super app

Loans raised by a privately held US car parts maker plunged on Friday, inflicting more than $1bn of paper losses on lenders as they ready for what is expected to be a messy debt restructuring. Senior loans issued by First Brands Group changed hands at about 45 cents on the dollar, a distressed price that suggests investors are sharply writing down their expectations that the debt will be paid back. Junior loans, which are riskier than their senior counterparts because they provide holders with fewer rights to recover their money in the case of bankruptcy, were quoted between 16 and 21 cents on the dollar, according to a source familiar with the matter.


First Brands debt plunges as worries mount over US car parts group

Tricolor’s bankruptcy trustee is designating a servicing company to search for vehicles and unfreeze payment systems following the auto lender’s sudden collapse. Dallas-based Tricolor Holdings offered auto financing to customers who lacked credit history or a social security number before it abruptly filed for a bankruptcy liquidation amid a bank partner’s allegations of fraud. 

Collapse of Subprime Lender Tricolor Kicks Off Scramble for 100,000 Car Loans

Private equity investors know that not every portfolio company will double or triple in value. And for really good PE funds, outsized returns from their winners will more than carry the remainder that turn out to be either a bit meh, or a totally urgh.  But private creditors who lend money to portfolio companies couldn’t give a monkey’s if the firms they lend to double or triple in value. All they want to know is whether they’ll get their money back. As such, they care a lot whether companies bomb so badly that they’re unable to repay their loans.


How bad could private credit default rates get?

A Goldman Sachs investment vehicle plans to quit the London Stock Exchange, having struggled to attract investor interest since going public four years ago. Goldman founded Petershill Partners in 2007 and listed the company’s shares in an initial public offering in 2021, promising investors access to the fast-growing alternative asset-management industry. Petershill owns stakes in two dozen relatively small private-equity firms and hedge funds, earning a slice of their investment profits and management fees. Its stock had fallen more than a third since its IPO. Partly, that reflects a broader trend in the private-equity industry: Investors are gravitating toward giants such as Apollo and Blackstone, and steering clear of smaller players.

Goldman Sachs Investment Vehicle Set to Delist in London

The speed at which US car parts maker First Brands Group unravelled has shocked Wall Street.
The privately held group’s longtime bankers at Jefferies were marketing a $6bn loan deal to investment funds less than two months ago on the basis that the multinational conglomerate was in no immediate peril, with more than $1bn of cash and other sources of liquidity to hand. First Brands on Sunday filed for Chapter 11 protection, disclosing more than $10bn in total liabilities but with the full extent of its off balance sheet financing still unclear.  The bankruptcy could result in billions of dollars of losses for some of the biggest players in private debt markets. 



First Brands bankruptcy: the losers — and winners

Auto-parts supplier First Brands crashed into bankruptcy last month. Now, banks are sifting through their exposure to the company and its chain of customers and suppliers. Jefferies Financial on Wednesday said funds run by an asset-management unit, Point Bonita Capital, are owed around $715 million from companies that bought First Brands’ parts. UBS in bankruptcy court filings said funds it operates, including through its recently sold O’Connor hedge-fund unit, have around $500 million exposure. The exposure is also mainly to customers that owe First Brands money, a person familiar with the matter said. 

First Brands Bankruptcy Damage Spreads to Jefferies, UBS

The stockmarket is not the economy, as the old investing cliché goes. That is obvious enough to anyone paying attention in America this year. President Donald Trump’s tariff fervour has dented growth, even if not by as much as expected after “Liberation Day”, and yet the stockmarket has soared: the S&P 500 index of large American companies is up by nearly 15% so far this year, comfortably ahead of the historical average.  But does the stockmarket power the economy? At most points in time, it would be a ridiculous question. In recent months, though, the rise in American share prices has coincided with, and been fed by, a rush of popular enthusiasm for investing. And as people see the line go up, they become more likely to spend. 

The stockmarket is fuelling America’s economy

“I probably shouldn't say this, but when you see one cockroach, there are probably more.” Jamie Dimon, boss of JPMorgan Chase, America’s biggest bank, offered a warning on October 14th that the recent blow-ups of Tricolor, an auto lender, and First Brands, a car-parts-maker, might not be the last problems faced by America’s credit market.  Investors did not have to wait long for the next bug to crawl into view. Shares in America’s regional banks dropped by 6% on October 16th. 

Why Wall Street is fearful of more lending blow-ups

Subprime lender PrimaLend Capital Partners filed for bankruptcy protection on Wednesday, in another sign that low-income consumers in the United States are under strain. The company's filings in a Texas court showed that it listed both assets and liabilities of less than $500 million. PrimaLend provides financing to consumer and specialty lenders through asset-based credit facilities. It also serves the "buy-here-pay-here" auto financing market, where dealers sell and directly finance vehicles for customers with poor or limited credit.


Subprime lender PrimaLend Capital Partners files for bankruptcy protection

Huntington Bank will acquire Texas- and Mississippi-based Cadence Bank in a $7.4 billion, all-stock transaction that’s expected to close in the first quarter of 2026, the banks said Monday. It’s the second Texas-related acquisition this year for $223 billion-asset Huntington. The Columbus, Ohio-based regional acquired Dallas-based Veritex Community Bank for $1.9 billion; that deal closed last week.  Cadence, which has $53 billion in assets, has dual headquarters in Houston and Tupelo, Mississippi. The bank has about 390 branches and 1 million customers across Texas, Mississippi, Alabama, Arkansas, Florida, Georgia, Louisiana, Missouri and Tennessee.

Huntington to buy Cadence Bank for $7.4B

The Trump administration’s looser rules could breed more ‘cockroaches’ in the lending market. Rising investor demand for private fixed-income products has stoked competition among lenders to offer attractive loans and package them up into various forms of securities. That in turn allows companies and consumers of all stripes to borrow on generous terms, and is helping to spark a return of buyout fervour.


Deregulation will pour extra fuel on the private credit bonfire

The tally of “zombie companies” in the US that aren’t earning enough to cover their interest expenses stands at the highest since early 2022, with almost 100 gaining the designation in October. The main reason: Companies that gorged on debt at near-zero interest rates in the pandemic era have since been hurt by tariffs and higher funding costs. The odds of getting much relief on either front aren’t improving, with the US signing trade deals that lock in some of the higher tariffs and the Federal Reserve signaling that it might not continue to cut rates at its December meeting. Zombies will have to take steps to fix their balance sheets, such as boosting earnings or arranging costly new financing, or potentially face default.

The Ranks of Corporate Zombies Are Growing: Credit Weekly

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