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☆ Reddit shares soar after company reports strong first-ever earnings with record user traffic
▼ + stars: | 2024-05-07 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Reddit beat expectations for its first financial quarter as a publicly traded company. Strong revenue growth and record user traffic sent the stock price up 16% in after-hours trading. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The company also boasted a record 82.7 million daily active users, up 37% from the year before. "We see this as the beginning of a new chapter as we work towards building the next generation of Reddit."

Persons: —, Reddit, Steve Huffman Organizations: Service, Business

☆ The next airport terminal lounge or club you pass may also be a bank branch
▼ + stars: | 2024-05-03 | by ( Kevin Williams | ) www.cnbc.com time to read: +9 min

"One woman wanted to rent my office to work," remembers Lisa Slocum, the airport Fifth Third Bank branch manager. Capital One closed its branch at Washington, D.C.'s Dulles International Airport in 2020, instead creating "airport lounges" for cardholders in Dulles, along with similar spots at airports in Denver and Dallas. Yet full-service airport bank branches are a relative rarity, surprising in a retail landscape that often resembles an upscale mall more than a terminal. Fifth Third BankWells Fargo operates a full-service branch in Las Vegas's Harry Reid International Airport, and according to a bank spokeswomen, has a multi-year relationship with the airport that involves both the branch and multiple ATMs throughout terminals. McAdam says ATMs and advanced-function kiosks are one thing, but a full-service branch, except maybe in the largest markets, is overkill.

Persons: Kevin Williams Nicolette Nelson, Nelson, It's, Lisa Slocum, Slocum, Hannah Thelen, Ashley Thelen, Mindy Kershner, CVG's, Marketing Brent Andersen, Andersen, that's, Chase, John Sieg, Sieg, Harry Reid, Wells Fargo, Brian Davis, Paul McAdam, Power, McAdam Organizations: Northern, Northern Kentucky International, Fifth Third Bank, Fifth, Bank, TSA, Third, Dulles, Airport, Capital One, Washington , D.C, Wings Credit Union, Paul International Airport, Wings, Marketing, JPMorgan Chase, PNC, Sky, Fifth Third Bank Wells, Harry Reid International Airport, Truist Bank, Hartsfield, Jackson Atlanta International Airport, Financial Locations: Fairbanks, Cincinnati, Northern Kentucky, Spain, Washington ,, cardholders, Dulles, Denver, Dallas, it'd, Kentucky, Minneapolis, St, Las, Vegas, New York City, New York

☆ Cigna will cap how much insurance can spend on weight loss drugs as it tries to expand coverage
▼ + stars: | 2024-03-07 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Cigna on Thursday said it will limit how much health plans and employers spend on weight loss drugs each year in a bid to expand insurance coverage for those highly popular treatments. The effort by insurance giant Cigna could make weight loss treatments more accessible. They deferred CNBC to Cigna for details on the insurance spending cap. Those medicines treat weight loss and diabetes by mimicking one or more hormones produced in the gut to suppress appetite and regulate blood sugar. Cigna said providing "financial predictability" through a cost cap will allow health plans and employers to better plan to manage GLP-1 spending.

Persons: Cigna, Eli Lilly Organizations: CNBC, drugmakers Novo Nordisk, Novo Nordisk Locations: Oslo, Norway, mull

☆ OceanFirst CEO on regional banking and commercial real estate risks
▼ + stars: | 2024-02-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOceanFirst CEO on regional banking and commercial real estate risksChristopher Maher, OceanFirst Financial CEO, Chairman, and President, discusses the impact of inflation and higher rates on the regional banking sector.

Persons: Christopher Maher Organizations: OceanFirst

☆ Digital banking giant Revolut is launching phone plans for travelers in the UK
▼ + stars: | 2024-02-12 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Revolut is launching a travel eSIM plan in the U.K., in a rare move for a financial services firm. RevolutBritish financial technology company Revolut is launching phone plans in the U.K., the company has told CNBC exclusively, making it the first financial services firm in the country to offer telecom plans, and among the first globally. The cost of using mobile data overseas has increased for Brits in recent years. Revolut has partnered with U.K. mobile network operator 1Global, formerly known as Truphone, to launch its eSIM. Launching phone plans is a rare step from a financial services firm.

Persons: Revolut, Tara Massoudi, Massoudi, we've, it's Organizations: CNBC, Ultra, Brits, BT, Vodafone, European Union Locations: Plenty

☆ Short sellers increasing their bets against regional banks amid NYCB's woes
▼ + stars: | 2024-02-08 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

New York Community Bank 's ongoing struggles have increased investors' anxiety around the regional bank sector. Official short-selling data from the exchanges that would encompass the latest regional bank fallout has not yet been released. The short crowding on NYCB shares surged to 70% in the week ended Feb. 2, up from 45% the prior week. S & T Bancorp 's short crowding score has jumped to 83% in the week ended Feb. 2, which marks a 37% increase from the prior week. and CrossFirst Bankshares ' short crowding scores have risen 30% each to 69% and 71%, respectively.

Persons: Hong Li, Li, Simmons, CrossFirst, Norman Lowery, —, Michael Bloom Organizations: York Community Bank, Citi Research, Citi, T, P Global, T Bancorp, LSEG, Financial Corp, CrossFirst, Financial, CFB Locations: Midwest, CFB YTD

☆ Lenders are bailing out of commercial real estate as a wave of debt builds
▼ + stars: | 2024-01-30 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +10 min

Roughly $2.1 trillion of debt connected to commercial real estate assets, including office properties, apartment buildings, hotels, and retail spaces, will come due between now and the end of 2025 in the US, according to the real estate services firm JLL. The wave of maturities and the enormous equity shortfalls have raised concerns that a growing number of commercial real estate debts will fall into distress, forcing banks and other lenders to suffer losses. His group tracked about $15 billion of commercial property debt sales during the year, roughly three times the volume from 2022. Commercial real estate loans differ from residential mortgages taken by homeowners in that most are interest-only or pay down their principal balance minimally and span a decade or less. More banks are exploring loan salesBanks and other lenders generally aren't eager to seize the real estate assets that collateralize their debt.

Persons: Jerry, Stephen Scouten, Piper Sandler, it's, Kevin Aussef, Aussef, David Tobin, Marcus, Millichap, Synovus, Tobin, David Frosh, they're, Frosh, Fitch, David Blumberg, we'd, Blumberg, Daniel Geiger, Rob Verrone, Banks, You've, Bliss Morris, Morris Organizations: Amerant Bank, Business, Banking, CIBC, Mission, PacWest, HSBC, Fidelity, Funding Inc, Blackstone, Bloomberg, Broadway, Aon Center, 601W Companies, Iron Hound Management, First Financial Locations: Coral Gables , Florida, Houston, Canadian, Brookfield, Los Angeles, Columbus, Manhattan, Midland, Chicago, Oklahoma City, New York

☆ US 'frankly raised' disagreements with China at first financial working group meeting
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsOct 25 (Reuters) - U.S. officials "frankly raised areas of disagreement" with China at the first meeting of a new financial working group, where financial stability, supervision and regulation were discussed, the U.S. Treasury said on Wednesday. Attendees included senior officials from China's central bank and the U.S. Treasury Department, according to a Treasury statement. "The two-hour virtual meeting included a substantive and wide-ranging discussion on domestic and global financial stability, financial supervision and regulation, sustainable finance, and anti-money laundering and countering the financing of terrorism," the Treasury said. The financial working group and a parallel economic working group were launched last month after U.S. Treasury Secretary Janet Yellen's visit to Beijing in July aimed at fostering regular communications between the world's two largest economies. The economic working group, led by senior officials from the Treasury and China's Finance Ministry held its first meeting on Monday.

Persons: Dado Ruvic, Janet Yellen's, Yellen, Pan Gongsheng, Ismail Shakil, Costas Pitas, David Lawder, Paul Grant, Diane Craft Organizations: REUTERS, U.S . Treasury, U.S . Treasury Department, Treasury, U.S, China's Finance Ministry, People's Bank of China, International Monetary Fund, Bank, Reuters, Thomson Locations: China, China's, Beijing, Marrakech, Morocco, U.S

☆ In April, Trump said his private-jet LLC was worth no more than $1,001. Then in July, he said it was worth up to $25 million. Why?
▼ + stars: | 2023-09-14 | by ( Mattathias Schwartz | ) www.businessinsider.com time to read: +6 min

Revised Trump ethics filings show massive shifts in the value of some Trump entities. In an April filing with the Office of Government Ethics, Trump claimed that the TAG Air had a value of $1,001 or less. Then, in a revised July filing, Trump valued TAG Air at between $5 million and $25 million. During the 2016 campaign, taxpayers reportedly paid TAG Air $1.6 million to cover the cost of transporting the Secret Service agents charged with protecting him. Here is Trump's first financial disclosure form, filed in April:And here is Trump's revised financial disclosure form, from July, in two parts.

Persons: Trump, Donald Trump, Letitia James, Steven Cheung, James's, Mike Pence's, General James, Richard W, Painter Organizations: Trump, Service, Trump Organization, New York, TAG Air, Inc, Boeing, Government, TAG, Secret Service, United Arab, China, Management, Briarcliff Manor Development, White, University of Minnesota, Chase Manhattan Bank Locations: cryptocurrency, Iran, China, Ukraine, Wall, Silicon, New York State, York, Ethereum, Turkey, Qatar, United Arab Emirates, Saudi Arabia, Taiwan, South Korea, Ireland, Briarcliff Manor

☆ I make $250K a year but still have financial anxiety and debt. A financial therapist is helping me let go of my shame — and set myself up for the future.
▼ + stars: | 2023-09-08 | by ( Megan Dematteo | ) www.businessinsider.com time to read: +10 min

So why did a couples-focused financial planner agree to meet with me — a single, childless, 33-year-old with debt and trust issues? As I signed off Zoom that day, I realized I would only see progress with a financial planner if I showed up with courage and sincerity. (A tip for anyone hiring their first financial planner : A fee-only structure is meant to avoid conflicts of interest.) But in sessions with a licensed therapist and certified financial planner like Coambs, clients are encouraged to talk through their feelings. Becoming more financially transparent — and more emotionally availableWorking with a therapy-informed financial planner is good practice for letting another human being into my emotional and financial worlds.

Persons: Peter Pan, Ed Coambs, Coambs, I've, I'm, —, we're, we've, I'd Organizations: Service Locations: Wall, Silicon, New York

In a memo to staff Ermotti said that 3,000 Swiss jobs would go, while more people would leave of their own accord, for example, through retirement. With a market value of 77 billion Swiss francs, UBS also struck an optimistic note about its short-term outlook. With Credit Suisse in Switzerland intact and independent, as some politicians had hoped, fewer jobs would have been hit. [1/2]Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. Reuters GraphicsThe bumper profit results from a huge one-off gain that reflects how the acquisition costs were far below Credit Suisse's value.

Persons: Ermotti, Sergio Ermotti, Denis Balibouse, Jefferies, Brenna Hughes, John O'Donnell, Noele, Edwina Gibbs, Tomasz Janowski, Alexander Smith Organizations: UBS, Credit Suisse Swiss, Credit Suisse, UBS grapples, REUTERS, Swiss Bank Employees Association, Analysts, Deutsche Bank, Reuters, Credit, Thomson Locations: Switzerland, ZURICH, Swiss, Zurich Switzerland, Zurich, London

☆ The credit outlook has gotten a lot better, says OceanFirst Financial CEO
▼ + stars: | 2023-08-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe credit outlook has gotten a lot better, says OceanFirst Financial CEOChris Maher, OceanFirst Financial chairman and CEO, joins 'Squawk on the Street' to discuss how much of the regional bank selloffs have to do with the current rate environment, OceanFirst's positioning towards credit, and the outlook for credit delinquencies.

Persons: Chris Maher

But the move has other effects, including obscuring exactly how many — or how few — online donations Mr. DeSantis has received. News emerged on Tuesday that Mr. DeSantis had replaced his campaign manager as part of a broad shake-up. “To me, the single most important aspect of the transparent philosophical debate is: Is somebody buying influence?” Mr. Mackowiak said. “You’re not going to buy anyone with a $200 or less donation.”Until recent years, he noted, small donations were never broken out in federal campaign finance disclosures. In a sense — and to the all but certain dismay of those who push for transparency — the move by the DeSantis campaign suggests a return to a previous era when those contributions remained anonymous.

Persons: DeSantis, Matt Mackowiak, ”, Mackowiak, “ You’re Locations: Texas

Sen. Tim Scott, R-S.C., raised $6.1 million for his presidential campaign in the second quarter, a campaign spokesperson said. It marks Scott's first financial report since jumping into the 2024 presidential race with an exploratory committee in early April. The Scott campaign got off to a quick-spending start because it transferred a sizable sum from his Senate account to fund his presidential bid. The campaign spokesperson said Scott had $21 million cash on hand at the end of June, which is down slightly from the nearly $22 million that Scott had in his Senate account at the end of March. Ron DeSantis' campaign announced raising $20 million as he jumped into the race last quarter.

Persons: Sen, Tim Scott, Scott, —, Ron DeSantis, Donald Trump Organizations: TIM, — Trust, Mission PAC, NBC News, Fox News, Florida Gov

☆ DeSantis rakes in $20 million in presidential campaign's first six weeks, rivaling Trump's haul
▼ + stars: | 2023-07-06 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

Ron DeSantis said Thursday it raised $20 million in the six weeks since the Republican launched his bid for the White House. Separately, a major pro-DeSantis super PAC, Never Back Down, amassed $130 million since the group launched in March, a source familiar told CNBC. Absent the joint fundraising committee, Trump's campaign raised about $14.5 million in the first quarter of 2023 and $3.8 million in the last month-and-a-half of 2022 for a total of $18.3 million. Asked for comment, Trump campaign spokesman Steven Cheung directed CNBC to his tweet disputing the DeSantis campaign's fundraising math. Trump raised $28.3M in his first two quarters as an announced candidate, and $35M in this most-recent quarter."

Persons: Ron DeSantis, Donald Trump, DeSantis, Generra Peck, Joe, Trump, Steven Cheung, Cheung, Pres Organizations: Salem Elks, Florida Gov, Republican, White, DeSantis, CNBC, Trump, GOP Locations: Florida, Derry, Salem, Salem , New Hampshire, Manhattan

☆ Bank of England launches first sector-wide liquidity 'stress test'
▼ + stars: | 2023-06-19 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, June 19 (Reuters) - The Bank of England has launched its first system-wide liquidity 'stress test' to establish how big banks, insurers, clearing houses and investment funds respond collectively during extreme stresses in markets, it said on Monday. The BoE had said in December that investment funds and other non-bank financial institutions would face their first 'stress test' to apply lessons from the near-meltdown in Britain's pension fund sector in September. Liability-driven investment (LDI) funds, used by pension funds to ensure their long-term payouts, struggled to meet collateral calls after turmoil caused by the fiscal plans of Liz Truss's short-lived government in September. Money market funds also came under "dash-for-cash" pressure during market stresses following economy lockdowns to fight COVID-19 in 2020. "The exercise is not a test of the resilience of the individual firms participating.

Persons: The BoE, BoE, Jon Cunliffe, Liz Truss's, lockdowns, COVID, Huw Jones, Emma Rumney, Kirsten Donovan Organizations: Bank of England, Money, Thomson

☆ Regional bank OceanFirst Financial feeling 'virtually no stress at all,' says CEO Chris Maher
▼ + stars: | 2023-03-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRegional bank OceanFirst Financial feeling 'virtually no stress at all,' says CEO Chris MaherChris Maher, OceanFirst Financial chairman and CEO, joins CNBC's "Squawk on the Street" to discuss the collapse of Silicon Valley Bank and how it's affecting regional banks like OceanFirst.

☆ Shipping Platform Freightos Slices Cargo Growth Forecast
▼ + stars: | 2023-03-13 | by ( Paul Berger | ) www.wsj.com time to read: 1 min

Containers atop a ship at the Port of Oakland. Freightos Ltd. is slashing its growth forecasts as sputtering cargo volumes and faltering freight rates take a toll on the online freight booking platform in its first financial report since going public early this year through a merger with a special-purpose acquisition company. The Israel-based company, one of an array of supply-chain specialists that thrived through a period of pandemic-driven logistics turmoil and rising shipping costs, said it now expects revenue to grow 15% to 21% this year over 2022, down from an earlier forecast of 87% growth.

☆ These 4 business leaders survived the 2008 financial crisis. Be flexible and 'cut deep' is their advice for getting through the looming recession.
▼ + stars: | 2022-11-19 | by ( Kate Duffy | ) www.businessinsider.com time to read: +6 min

Businesses are preparing for a likely recession in 2023.Insider spoke to four business leaders who went through the last big recession between 2007 and 2009. When the economic downturn hit her business in 2008, she said she was still very new to the business and was "often worried" about overcoming the challenges. "It was really difficult to get our wholesale and corporate customers to pay us in good time," Croman told Insider. Daniel WhebleDaniel Wheble chose to start a new business in the Great Recession. "You question if it's the right or wrong time to be starting a business," Wheble told Insider.

☆ Investor Vinod Khosla says focusing on 2030 climate targets is the wrong approach
▼ + stars: | 2022-10-25 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +7 min

Why Khosla thinks short-term goals are a mistakeFocusing on "short term goals will force us to deploy suboptimal technology," Khosla told CNBC. And if it doesn't do that, it's the wrong technology," Khosla told CNBC. Nuclear fusion is one example of the kind of breakthrough technology Khosla considers critical, but which will not be commercialized by 2030. "But I'm not interested in today's geothermal, because it is such a niche — it doesn't scale," Khosla told CNBC. And that's what we need," Khosla said.

☆ How Freddie Mac is helping renters use their on-time rent payments to build credit and achieve homeownership
▼ + stars: | 2022-10-12 | by ( Sponsor Post | Created Insider Studios With Freddie Mac | ) www.businessinsider.com time to read: +6 min

In this challenging economic environment, Freddie Mac has implemented two new initiatives that can help strengthen renters' ability to build credit and achieve homeownership using their history of on-time rent payments. Yet, unlike homeowners who make regular mortgage payments, renters generally do not see their on-time rent payments reflected in their credit scores. Worse yet, the most common way rent payments impact credit scores are when missed rental payments go into collection. After enrollment, the renter's on-time rent payments are reported to the credit bureaus each month. Since Freddie Mac began this initiative last year, 86,000 households across more than 900 multifamily properties have enrolled.

The welfare funds in question were part of the $86 million Mississippi is given each year by the federal government to lift families out of poverty. The state auditor uncovered $77 million in misspent welfare funds in February 2020. The text messages, which were part of a filing by New's attorney, do not establish that Favre knew the public funds discussed were welfare money. The newly released text messages indicate Bryant, a Republican, was much more involved in the project as governor than previously known. She would pay Favre $1.1 million in state funds directly and he would do a few radio ads.

My parents made me save 50% of everything I receivedMy parents started teaching me to save money at a very young age. Pros Check mark icon A check mark. Accounts pay high interest rates Check mark icon A check mark. No fees Check mark icon A check mark. Open accounts you might not be able access outside of Raisin Check mark icon A check mark.

Persons: I've, —, isn't, wasn't, I'm Organizations: Service, Western Alliance, Mint, FDIC, Chevron

A financial planner advises clients on cash flow, spending, savings, taxes, retirement, estate planning, and more. I'm not in the best financial shape, so I thought meeting with a financial planner was terrifying and embarrassing. I was paired with a financial planner who specializes in LGBTQ+ wealth, and I felt safe and supported. In an effort to bounce back from student loan debt and past financial hardships, I decided to hire my own financial planner to see what they had to offer. To my surprise, my financial planner was just willing to meet me where I am in my relationship with money.

Some money decisions call for reinforcement from a financial planner, who can help organize your overall financial picture, or focus on specific financial needs. 7 reasons to hire a financial plannerHere are 7 reasons you should consider hiring a financial planner. If this sounds like you, consider consulting a financial planner to formulate an investment strategy that satisfies your risk tolerance. There are a few things you should know about any financial planner you're considering in advance of booking an appointment. And by working together with a financial planner, you can work your way to achieving your financial goals — and financial freedom.

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