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☆ Gazprom: Russian oil giant posts first annual loss in 20 years as sales to Europe collapse
▼ + stars: | 2024-05-03 | by ( ) edition.cnn.com time to read: +2 min

Moscow — Kremlin-owned gas giant Gazprom plunged to a net loss of 629 billion rubles ($6.9 billion) in 2023, its first annual loss in more than 20 years, as sales to Europe plummeted in the wake of Russia’s war in Ukraine. Analysts had expected net income of 447 billion rubles ($4.9 billion) in 2023, according to Interfax news agency. The company made a net profit of 1.2 trillion ($13.1 billion) rubles in 2022, the year Russia launched its full-scale invasion of Ukraine. Russia’s gas exports to Europe, once its primary export market, have slumped largely because of the political fallout from the conflict in Ukraine. The company’s core profit, or earnings before interest, taxes, depreciation and amortization known as EBITDA, dropped to 618.38 billion rubles ($6.7 billion) last year from 2.79 trillion rubles ($30.4 billion) in 2022, according to Reuters’ calculations.

Persons: Alexei Miller, Vladimir Putin, Ronald Smith Organizations: Gazprom, Analysts, Reuters, BCS Global Markets Locations: Moscow, Ukraine, Russia, St . Petersburg, Europe

☆ Gazprom plunges to first annual loss in 20 years as trade with Europe hit
▼ + stars: | 2024-05-02 | by ( ) www.cnbc.com time to read: +2 min

Kremlin-owned gas giant Gazprom said on Thursday it plunged to a net loss of 629 billion rubles ($6.9 billion) in 2023, its first annual loss in more than 20 years, amid dwindling gas trade with Europe, once its main sales market. Analysts had expected net income of 447 billion rubles, according to Interfax news agency. Gazprom's 2023 loss followed a net profit of 1.2 trillion roubles in 2022. It said on Thursday it made a net loss of 364 billion roubles from sales in 2023, in contrast to a profit of 1.9 trillion roubles in 2022. Its total revenue fell to 8.5 trillion rubles last year from 11.7 trillion in 2022.

Persons: Alexei Miller, Vladimir Putin, Ronald Smith Organizations: Gazprom, Saint Petersburg, Soviet, Analysts, BCS Global Locations: Saint Petersburg, Russia, Europe, Soviet Union, Ukraine, Moldova, St . Petersburg, Moscow

☆ Hawaii wildfires 2023: New report details problems and heroism from Maui’s disastrous infernos
▼ + stars: | 2024-04-17 | by ( Holly Yan | ) edition.cnn.com time to read: +7 min

Among them: Chief officers and some Maui Fire Department staff used “WhatsApp” for situational awareness updates, but not everyone in the department used the app. Despite this, the collective actions by MFD and law enforcement saved many lives and property across the island,” the report says. “Battalion Chiefs initiated upstaffing for some resources on the morning of August 8” – the day the four major wildfires ignited. “MFD requested law enforcement to facilitate evacuations over the radio. “That is still under investigation with the Bureau of Alcohol, Tobacco, Firearms and Explosives,” Maui Fire Department Chief Brad Ventura said Tuesday.

Persons: ” “, “, ”, Anne Lopez, –, upstaffing, Brad Ventura, ” Ventura, Ventura Organizations: CNN, Maui Fire Department, National Weather Service, Western Fire Chiefs Association, Staff, Hawaii’s, Fire Safety Research Institute, BCs, State, “ Battalion Chiefs, ICS, Incident Command, Hawaiian Electric Company, Alcohol, Tobacco, Firearms, Explosives Locations: Maui, “, Lahaina

☆ Blaise Taylor: Texas A&M analyst indicted in poisoning deaths of girlfriend, unborn baby
▼ + stars: | 2024-03-16 | by ( Jamiel Lynch | ) edition.cnn.com time to read: +3 min

CNN —Blaise Taylor, an analyst at Texas A&M and son of the school’s associate head coach, was arrested in Utah on Thursday after being indicted in the 2023 deaths of his girlfriend and her unborn child, according to Nashville police. He was held without bail Friday night at the Cache County Jail in Logan, Utah, jail records show. She was rushed to a hospital that night, after Taylor called 911 and told them “Benning appeared to be having an allergic reaction,” according to police. Trooper Taylor is now an associate head coach on offense and running backs coach at Texas A&M. “We also would like to extend our prayers and support to Coach Trooper Taylor, Dr. Evelyn Taylor and their family as they navigate this extremely difficult time.”

Persons: CNN — Blaise Taylor, Taylor, ”, Taylor “, Benning, Adam Reese, Wednesday’s, “, Trooper Taylor, Mike Elko, Dr, Evelyn Taylor Organizations: CNN, Texas, Nashville police, Arkansas State, Nashville Police Department, Authorities, Police, Homicide, Medical, Office, Nashville, Baylor, Oklahoma State, Auburn Locations: Utah, Cache, Logan , Utah, Lebanon, Baylor , New Mexico, Tulane , Tennessee, ” Texas

☆ 4 of our stocks report earnings next week. Here's what we want to see from each
▼ + stars: | 2024-02-17 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

A hotter-than-expected consumer price index on Tuesday sent stocks reeling, with the Dow posting its biggest drop in a year. Stocks bounced back over the next two days, helped by a softer retail sales report , only to slump again on Friday's hot producer price index for January. As we said this week, we're not overly concerned with the hotter-than-expected inflationary readings. Earnings season picks back up for the Club next week, with four holdings set to report quarterly results. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Wall, Stocks, we're, Palo, Fortinet, BCH's Bausch, Management doesn't, Dana, Bausch, Dr Pepper, Diana Shipping, Jim Cramer's, Jim Cramer, Jim, Jensen Huang, Walid Berrazeg Organizations: Dow Jones Industrial, Nasdaq, Dow, Federal Reserve, Club, Palo Alto, Palo, billings, Nvidia, Amazon, Microsoft, Bausch Health, Coterra Energy, Management, NYSE, Walmart, Axsome Therapeutics, Barclays Bank, Armstrong World Industries, Ceragon Networks, Tri Pointe Homes, Dana Incorporated, DigitalBridge, Oil States International, Systems, Allegion, CenterPoint Energy, Equitrans Midstream Corporation, Expeditors International of Washington, Alto Networks, SolarEdge Technologies, Enovix Corporation, Caesars Entertainment, Diamondback Energy, Toll, Ternium S.A, Celanese Corp, Chesapeake Energy, CVR Energy, Reserve, Vertiv Holdings Co, Properties Trust, Devices, HSBC Holdings plc, HSBC, Lomb, Sinclair Corporation, Pagaya Technologies, Gibraltar Industries, Garmin, NVIDIA, Rivian Automotive, Sunnova Energy International, Bros, Apache, Oil, Suncor Energy, Co, FNF, Sciences, Coeur D'Alene Mines, Trip.com, Joby Aviation, Resources, Alamos, Jackson, Nutrien, NTR, Pan, Sm Energy Company, Health, Newmont, Nikola Corporation, Cheniere Energy, Fiverr, Natural Resources, Point Credit, Lantheus Holdings, Builders, Grab Holdings, NICE, Dominion Energy, Harmony Biosciences Holdings, Teck Resources Limited, Intellia Therapeutics, Energy, Booking Holdings, Intuit, Semiconductor, Nation Entertainment, Vale S.A, Rocket Companies, Warner Bros ., AerCap Holdings, Natural Holdings, Calumet Specialty Products Partners, Frontier Communications, Jim Cramer's Charitable, CNBC, Lightrocket, Getty Locations: billings, Palo Alto, China, Xifaxan, Tri Pointe, Avista, Gibraltar, Coeur D'Alene, Pan American, Teck, Vale

☆ Address 12 health factors to prevent brain disease, research suggests
▼ + stars: | 2023-12-05 | by ( Kristen Rogers | ) edition.cnn.com time to read: +6 min

The 21-point Brain Care Score refers to how a person fares on 12 health-related factors concerning physical, lifestyle and social-emotional components of health, according to the study published December 1 in the journal Frontiers in Neurology. Those in their 50s had a 32% lower risk of dementia and a 52% lower chance of stroke. Participants older than 59 had the lowest estimates, with an 8% lower risk of dementia and a 33% lower risk of stroke. But in terms of explaining the overall findings, many past studies have affirmed the benefits of these health components for brain health. “But as scientists, we always want to see proof.”Participating in studies like this one can be a good way to manage your brain health, Isaacson said — especially if you have limited access to health care.

Persons: ”, Jonathan Rosand, Kistler, “, Richard Isaacson, Isaacson wasn’t, ” Isaacson, it’s, ‘, Isaacson, ” Rosand, — Organizations: CNN, BCS, McCance, Brain Health, Massachusetts General Hospital, Harvard Medical School, National Institutes of Health Locations: Massachusetts, United States, United Kingdom, Florida

☆ Why Florida State was left out of the College Football Playoff and why it’s so controversial
▼ + stars: | 2023-12-04 | by ( Ben Morse | ) edition.cnn.com time to read: +9 min

CNN —Sunday’s announcement of the four teams selected for the College Football Playoff sent shockwaves through the sport. Instead of folding, Florida State rallied, coming from behind on the road to defeat Florida in Gainesville with backup quarterback Tate Rodemaker. With the selection, the Crimson Tide will make its eighth appearance in the College Football Playoff, the most of any team. Speaking on ESPN on Sunday, College Football Playoff committee chair Boo Corrigan explained why FSU was left out of the top four. It renders the season up to yesterday irrelevant and significantly damages the legitimacy of the College Football Playoff.

Persons: CNN —, ”, Michael Alford, Jordan Travis, Tate Rodemaker, Brock Glenn, Boo Corrigan, Corrigan, “, ” Jordan Travis, Colin Hackley, Cari, Poppy Harlow, Phil Mattingly, Jordan, Travis, wouldn’t, Nick Saban, Mike, Norvell, I’d, Dan Wolken, –, ” Alford, Alford, ” Norvell, Mike Norvell, Charles LeClaire, Jaylan Ford, ” Ford, They’re, They’ve Organizations: CNN, College Football, Michigan Wolverines, Washington Huskies, Texas Longhorns, Alabama Crimson Tide, Florida State Seminoles, Florida State University, FSU, Florida State, Seminoles, North Alabama, Atlantic Coast Conference, Louisville, Cardinals, Alabama, Crimson Tide, ESPN, Sunday, ” The College, Georgia Bulldogs, Orange Bowl, SEC, USA, LSU, Florida, “, Tide, ”, Twitter, Power, BCS, Pittsburgh Panthers, Reuters, Rose Bowl, Washington, Caesars Locations: Florida, Gainesville, Grapevine , Texas, Alabama . Alabama, –, Alabama, Michigan, Texas, ”, Pasadena , California, New Orleans

PASADENA, Calif. (AP) — Top-seeded Michigan will face Southeastern Conference champion Alabama in the College Football Playoff semifinal to be played as the 110th edition of the Rose Bowl Game. The Wolverines will be playing in their 21st Rose Bowl, more than any school except USC, but Michigan hasn't been to the Granddaddy of Them All since 2007. Michigan's fans hope the Rose Bowl berth is the penultimate step in a tumultuous season featuring incredible play, but also two suspensions for Harbaugh. Alabama returned to the CFP and earned its eighth appearance in the Rose Bowl by ending the Bulldogs' 29-game winning streak. Alabama's previous Rose Bowl Game appearance was in 1946, although Nick Saban's Crimson Tide also won the national championship at the Rose Bowl in January 2010 when they beat Texas in the BCS title game.

Persons: Jim Harbaugh's, Nick Saban's Organizations: Southeastern Conference, Alabama, College Football, Rose, Crimson Tide, USC, Harbaugh, Wolverines, Big, Michigan, CFP, Tide, SEC, . Alabama, Bulldogs, Notre Dame, Texas, BCS, Longhorns, Georgia, AP Locations: PASADENA, Calif, Michigan, Southern California, Pasadena, Iowa, Georgia, ., Arlington , Texas, Houston

ATLANTA (AP) — The Southeastern Conference is the only league to claim a spot — sometimes two spots — in every College Football Playoff. 1 Georgia in the SEC championship game Saturday. The Pac-12 appears assured of a playoff team in its swan song of a season with No. Should Texas win — and Alabama beat Georgia — the Horns would certainly have a pretty good case for a playoff spot. “I’ll also point candidly to the realities when the SEC teams have entered the College Football Playoff format, our success is unparalleled,” Sankey said.

Persons: —, SEC hasn't, Nick Saban, ” Saban, “, we’d, FanDuel, Greg Sankey, ” Sankey, we’ve, Kirby Smart, ”, “ I’ll, ___ Organizations: ATLANTA, Southeastern Conference, College Football, SEC, Alabama, Crimson Tide, Bulldogs, Big, Wolverines, Washington, Florida State, Seminoles, Atlantic Coast Conference, Georgia, Oklahoma State, Texas, Power, eventual, Ohio State, College, AP Locations: Georgia, Atlanta, Michigan, Iowa, Oregon, Louisville, Alabama, Texas

☆ UK’s Metro Bank and Lloyds join Barclays in announcing job cuts weeks before Christmas
▼ + stars: | 2023-11-30 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Staff at UK banks face layoffs in the lead-up to Christmas in what one labor union called “disgraceful” timing. Struggling Metro Bank said Thursday that it expected to slash headcount by 20% as part of efforts to save £50 million ($63 million) a year. But Chris Beauchamp, chief market analyst at stockbroker IG, said becoming more like the big banks Metro Bank sought to displace would “sorely diminish” the lender’s appeal. “Far from being a serious challenger to the UK’s established banks, Metro continues to flounder,” he wrote in a note. Metro Bank also said new stock issued as part of an emergency equity raise last month to shore up its finances would begin trading Thursday.

Persons: “, Daniel Frumkin, Chris Beauchamp, ”, Charles Schwab, Dominic Hook, upskilling, Andrew Coombs, Jaime Gilinski Bacal Organizations: London CNN — Staff, Metro Bank, Lloyds, Barclays, Metro, Citigroup, Vice Media, Continental, Unite, ” Citi, Bank of England Locations: United Kingdom

Ministers from OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, meet on Sunday in Vienna. Robust global oil prices this year and Moscow's growing use of a shadow tanker fleet have meant that much Russian oil has traded mostly above the Western oil cap price. Moscow-based independent oil analyst Alexei Kokin said the oil prices declined from "very comfortable" levels to "just comfortable" levels. Russia has budgeted the price of Urals, its flagship oil grade, at 4,788 roubles ($53.36) per barrel this year. However, the share of energy sales in the federal budget proceeds - which used to exceed 50% of total budget revenue - has drastically declined.

Persons: Alexander Manzyuk, Vladimir Putin, Alexei Kokin, Ronald Smith, Vladimir Soldatkin, Guy Faulconbridge, Jason Neely Organizations: REUTERS, Energy, OPEC, Organization of, Petroleum, BCS, Investments, Brent, Thomson Locations: Republic of Tatarstan, Russia, MOSCOW, Vienna, OPEC, U.S, China, Saudi Arabia, United States, Moscow

ANN ARBOR, Mich. (AP) — Sherrone Moore's tears streamed down his cheeks and expletives left his lips, passionately supporting suspended coach Jim Harbaugh, in an on-field postgame interview after No. “All the craziness, all that stuff going on, it’s just brought us closer and closer together,” Moore said earlier this week. A day before facing the Terrapins, linebackers coach Chris Partridge was fired in the latest wave of turmoil at Michigan. Harbaugh called the Wolverines “America’s team” for continuing to win under the cloud of the scandal. As an offensive guard, he helped Oklahoma win Big 12 titles in 2006 and 2007 and played in BCS bowl games.

Persons: expletives, Jim Harbaugh, Moore, it’s, ” Moore, football's, Harbaugh, we’ve, ”, Chris Partridge, Warde Manuel, Partridge, let’s, We’re, Matt Weiss, “, Kenneth Grant, He's, Larry Lage Organizations: Michigan, Maryland, Oklahoma, Ohio State, Big Ten, College Football, Terrapins, Athletic, FBI, Central Michigan, BCS, Big, Penn State, AP Locations: Mich, Michigan, Kansas, Central, Louisville

☆ Metro Bank: Colombian billionaire Jaime Gilinski Bacal takes control of struggling UK lender
▼ + stars: | 2023-10-09 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Jaime Gilinski Bacal, a Colombian banking and real estate entrepreneur, has taken control of Metro Bank as part of a bigger rescue deal to fill a hole in the UK lender’s finances. Metro Bank said in a statement late on Sunday that it had raised £325 million ($396 million) from investors, split between £150 million ($183 million) of equity and £175 million ($213 million) of debt. Metro Bank’s shares were trading 22% higher Monday but have still lost 55% so far this year. The Bank of England welcomed the deal, which will also see Metro Bank refinance £600 million ($731 million) of debt, causing losses to some bondholders. Metro Bank CEO Daniel Frumkin said the deal “marks a new chapter” for the lender, which has reported losses for several years.

Persons: London CNN — Jaime Gilinski Bacal, Stock, Daniel Frumkin, Gilinski, Forbes, Gilinski Bacal, Dorita, Fitch Organizations: London CNN, Metro Bank, Lloyds, Barclays, BCS, HSBC, —, Metro Bank’s, Bank of England, Fitch, Bank Locations: Colombian, America

☆ Metro Bank: Shares in UK bank just plunged over 30%
▼ + stars: | 2023-10-05 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Shares in UK lender Metro Bank sank as much as 31% Thursday following a report that it was urgently seeking to raise funds to shore up its finances. Metro Bank opened in 2010 as the first challenger to Britain’s major main street banks — including Lloyds (LYG), Barclays (BCS) and HSBC (HSBC) — in more than 100 years. Metro Bank’s assurances did little to support its share price, which pared some of its earlier losses but was down by 31% again by late afternoon in London. The bank’s shares are down almost 66% since mid-September when UK regulators refused its request to change the way it calculates capital requirements on its residential mortgages book. A Metro Bank branch in the UK city of Sheffield, seen in April Mike Egerton/APThe ratings agency noted that Metro Bank had to refinance a £350 million ($425 million) bond by October 2024.

Persons: “, Fitch, ” Fitch, Mike Egerton, Chris Beauchamp, isn’t, ”, — Hanna Ziady Organizations: London CNN —, Metro Bank, Financial Times, Lloyds, Barclays, BCS, HSBC, —, Metro, Bank, UK Financial, Prudential Regulation Authority, Bank of England, IG, CNN, Financial, Metro Bank . CNN, Prudential, Banking Supervision, Valley Bank, Signature Bank, First Republic Bank, Credit Suisse — Locations: ”, London, Sheffield, United States, United Kingdom, Basel

☆ Credit card growth and a deals uptick lead to Morgan Stanley upgrade for this bank
▼ + stars: | 2023-09-26 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Barclays is a good pick as the U.S. consumer business receives fair recognition and investment banking picks up, according to Morgan Stanley. Analyst Alvaro Serrano upgraded shares of the bank, which trade in London, to overweight from equal weight. The bank's U.S.-listed shares trade under the ticker BCS. Serrano said Barclays is "quietly gaining more scale" in the U.S. credit card business, which can improve its profitability gap compared with competitors. While the cards and investment banking business have low multiples, Serrano said that the earnings upgrades will ultimately push the stock higher.

Persons: Morgan Stanley, Alvaro Serrano, Serrano, — CNBC's Michael Bloom Organizations: Barclays Locations: London, U.S, United Kingdom

The Pac-12's previous high was six ranked teams, achieved multiple times including last week. After Washington State beat Wisconsin on Saturday night, Cougars coach Jake Dickert noted his school's unfortunate position. OUTFalling out along with Texas A&M were Wisconsin, which lost at Washington State, and Tulane, which lost at home to Mississippi. CONFERENCE CALLWith Tulane dropping out, there are no ranked teams from conferences outside the Power Five. RANKED vs. RANKEDNo games match ranked teams this week.

Persons: Quinn Ewers, Nick Saban, Jake Dickert, ” Dickert, —, Duke, Ralph D, Russo Organizations: Associated Press, Alabama, Georgia, Florida State, Texas, Longhorns, BCS, Crimson Tide, Power, SEC, Clemson, Atlantic Coast Conference, Penn State, USC, Southeastern Conference, Washington, Oregon State, Washington State, UCLA, Wisconsin, Cougars, ESPN, Ohio State, Notre Dame, — Clemson, Miami, Hurricanes, Aggies, Hawkeyes, Iowa State, Tulane, Tigers, Charleston Southern, ACC —, AP Locations: Michigan, Alabama, Quinn Ewers , Texas, Southern California, , Oklahoma, Utah, Oregon, Pullman, — Nebraska, — Florida, Miami, Florida, Iowa, Wisconsin, Mississippi

☆ Russian stocks retreat from pre-invasion high as rouble rebounds
▼ + stars: | 2023-08-14 | by ( Alexander Marrow | ) www.reuters.com time to read: +3 min

FILE PHOTO: A board showing currency exchange rates of the U.S. dollar and euro against Russian rouble is on display in a street in Moscow, Russia, August 12, 2023. By 1510 GMT, the rouble was 1% stronger against the dollar at 98.45 , firming back below the 100 threshold. Stocks on Monday briefly hit their highest since before Moscow launched what it calls a “special military operation” in Ukraine, before falling back. The rouble-based MOEX Russian index was 0.1% higher at 3,157.1 points. A trader at a large Russian bank told Reuters the market was confused: “Everyone is ready for the inflow of revenues from expensive oil, but it seems to be hanging somewhere, and our regulators are somehow indifferent, there is nothing to rely on.”

Persons: Evgenia, Vladimir Putin’s, ”, firming, Stocks, Yulia Goldina, ” Goldina, “, Brent Organizations: Reuters, U.S ., Russian, REUTERS, Investments, Sinara Investment Bank, BCS Locations: Moscow, Ukraine, Russia, Russian

Russia's gas, in contrast to its oil, is not subject to Western sanctions, although Brussels is considering extending its embargo on Russian fuel. Gazprom's gas exports, mainly to Europe, almost halved last year because of the political crisis over Ukraine and after undersea Nord Stream pipelines were damaged by unexplained blasts last September. Timchenko had long challenged Gazprom's monopoly on Russian gas exports, saying in 2012 that Europeans wanted to have an alternative to Gazprom. "I believe that Gazprom Export's marketing campaign led to its European share decrease ... Liquefied natural gas has already come to the market. In essence, a new, cheaper gas market is emerging; one has to see such things," Timchenko told the Forbes magazine in 2012.

Persons: Maxim Shemetov, Russia's, Ronald Smith of, Novatek, Vladimir Putin, Alexei Miller, Putin, Miller, Gennady Timchenko, Timchenko, Oksana Kobzeva, Vladimir Soldatkin, Barbara Lewis Organizations: Gazprom, REUTERS, Stream, EU, Kremlin, European Union, Novatek, BCS, Forbes, Thomson Locations: Russia, Europe, MOSCOW, Ukraine, Brussels, Siberia, LNG, Ronald Smith of Moscow, Germany, Italy, Soviet, St Petersburg, Moscow, Russian

☆ Tommy Tuberville is happy Biden called him 'a good football coach' as he faces criticism for holding up military promotions and refusing to condemn white nationalists
▼ + stars: | 2023-07-12 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +3 min

"I'd never dreamed in my wildest dreams to have the president of the United States call me a good football coach," Tuberville said. "It's been good," Tuberville told HuffPost's Igor Bobic when asked about his week. " "Well, that's some people's opinion," Tuberville told CNN on Monday when pressed about multiple instances where he had refused to explicitly condemn white nationalism. " He also said, "My opinion of a white nationalist, if someone wants to call them white nationalist, to me is an American." On Tuesday, Tuberville walked back his comments by saying "If people think a white nationalist is a racist, I agree with that."

Persons: Sen, Tommy Tuberville, he's, Biden, I'd, Tuberville, Republican Sen, It's, HuffPost's Igor Bobic, Joe Biden Organizations: Service, Republican, —, Politico, Sugar, SEC, Tigers, Auburn, Texas Tech, Cincinnati, BYU, Alabama Republican, Pentagon, Corps, CNN Locations: United States, Wall, Silicon, Alabama, backtrack, American

☆ Savers should be cheering higher interest rates. So why are they unhappy?
▼ + stars: | 2023-07-06 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

London CNN —When central banks raise interest rates, mortgage borrowers can expect higher monthly repayments, while savers are supposed to be rewarded with bigger returns on their deposits. In Asia, the picture is less uniform: China cut its benchmark lending rate last month, adding to recent reductions in other interest rates, and Japan has kept its main interest rate negative in a bid to stimulate demand. However, rates on savings accounts there are closer to the central bank’s main rate than in other major economies. “While interest rates were ultra-low, the mortgage market was incredibly competitive, so [banks] were operating on unusually small margins between savings rates and mortgage deals… so they’re busy filling their boots,” she said. The top 100 US money market funds tracked by Crane Data are offering an average annual interest rate of 4.94%.

Persons: Nathan Howard, Jeremy Hunt, Sarah Coles, Hargreaves Lansdown, ”, Christopher Furlong, Crane, Peter Crane, they’ve Organizations: London CNN, Federal Deposit Insurance Corporation, US Federal Reserve, Bloomberg, Getty, European Central Bank, of, CNN, Getty Images Bank, Finance, Bank of England’s, HSBC, Barclays, Crane Data, Bank of England, “ Locations: Europe, United States, United Kingdom, Asia, China, Japan, South Korea

☆ Weak gas prices worsen outlook for Gazprom's revenues from sales to Europe
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +1 min

Gazprom's gas sales to Europe, once its primary source of foreign currency revenues, have plummeted due to the crisis in relations between Moscow and the West. Gazprom has not provided forecasts for gas exports this year and has not replied to a request for comment. Ronald Smith, a seasoned analyst at Moscow-based BCS brokerage, expects Russian gas prices in Europe to average $445 per 1,000 cubic metres this year. He forecasts Russian gas exports to Europe and Turkey will reach 50 bcm this year. If Russia keeps its gas exports to Turkey steady, it might reach 22 bcm in 2023, then sales to Europe would total 28 bcm.

Persons: Ronald Smith, That's, Oksana Kobzeva, Vladimir Soldatkin, Christina Fincher Organizations: Gazprom PAO, Gazprom, Economy Ministry, Thomson Locations: MOSCOW, Europe, Ukraine, Moscow, Turkey, Russia

☆ HSBC is downsizing its headquarters and leaving London’s Canary Wharf
▼ + stars: | 2023-06-26 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

CNN —HSBC is halving the size of its global headquarters and moving out of Canary Wharf, a business district built in the abandoned docklands of east London in the 1980s. It follows similar moves by other big companies to get rid of expensive office space in cities around the world. The bank has long been a mainstay of Canary Wharf, where it occupies 1.1 million square feet of office space. HSBC is a key tenant in Canary Wharf, and its planned departure raises questions about whether other companies will also think about leaving. Canary Wharf Group, which manages real estate in the area, declined to comment when asked about the matter Monday.

Persons: San Francisco —, Knight Frank, Noel Quinn, Quinn, Jones Lang, Elizabeth, — Hanna Ziady Organizations: CNN, HSBC, Europe’s, Panorama St, City of, San, Canary, Canary Wharf Group, Lloyds, Standard Chartered, Barclays, BCS, Jones Locations: Canary Wharf, London, Panorama, City, City of London, Asia, Wharf, Canada, San Francisco, Canary, Jones Lang LaSalle .

☆ Britain is facing a mortgage crisis. There are no easy answers
▼ + stars: | 2023-06-23 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

Mortgage painThe announcement comes a day after the Bank of England raised interest rates by half a percentage point to help bring down stubborn inflation. More than 2 million UK mortgage holders paying a fixed interest rate are facing an increase of hundreds of pounds in monthly repayments when they are forced to refinance this year and next. Many borrowers bought their homes when mortgage rates were closer to 1% or 2%. That sets the country apart from other major economies, including the United States, where on both measures inflation has started to ease. After the latest rise in interest rates Thursday, Hunt said the government would “stick to [its] guns” on keeping rates high to tame high prices.

Persons: Rishi Sunak, Jeremy Hunt, Sarah Coles, Hargreaves Lansdown, ”, Matt Hammerstein, David Duffy, Debbie Crosby, James Manning, ” Max Mosley, Jake Berry, Sunak, Liz Truss, Brexit, Mark Carney, Charlie Bean, Hunt, ” — Hanna Ziady Organizations: London CNN, UK Treasury, HSBC, Lloyds Banking Group, Barclays, BCS, CNN, Bank of England, National Institute of Economic, Social Research, Virgin Money, Conservative Party, Institute for Fiscal Studies, European Union, Bank of, Daily Telegraph, BBC Radio Locations: United Kingdom, United States, Britain

☆ Barclays and Deutsche profits defy banking jitters
▼ + stars: | 2023-04-27 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

Deutsche Bank (DB) gained 2.6%. Deutsche Bank’s shares plunged as much as 14.5% during the March 24 trading session. Deutsche Bank’s profit reached its highest in a decade, vindicating the once-struggling lender’s turnaround plan, launched in 2019. “In the first quarter, we again proved the strength and resilience of Deutsche Bank in challenging conditions,” chief financial officer James von Moltke said in a statement. Barclays and Deutsche Bank’s results contrast with the troubles at First Republic Bank in the United States.

☆ Credit Suisse went the way of Bear Stearns in 2008. But this crisis is different
▼ + stars: | 2023-03-21 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

A sign of Credit Suisse pictured behind a sign of UBS in Zurich on March 18, 2023. The Swiss government said Tuesday it had ordered Credit Suisse to temporarily suspend the payment of some bonuses, including share awards, to bank staff. Credit Suisse is the first “global systemically important” bank to be rescued since 2008. Yet despite its importance to the financial system, most analysts are not expecting Credit Suisse’s demise to mark the beginning of another global financial crisis. “It’s possible that a vicious circle develops, in which credit tightens, the real economy deteriorates, and default rates start to rise,” he said.

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