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☆ BHP could aim for Rio Tinto after Anglo American rejects takeover offer, analyst says
▼ + stars: | 2024-04-26 | 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 EmailBHP could aim for Rio Tinto after Anglo American rejects takeover offer, analyst saysIn the wake of Anglo American's rejection of BHP Group's takeover bid, John Meyer, partner at SP Angel, said that other interested buyers, like Chinese state-owned companies, could step in with a better offer. He added that BHP could instead aim for Rio Tinto, as there is "much more at stake here" than at Anglo American.

Persons: John Meyer Organizations: Rio Tinto, BHP, SP Angel Locations: American, Rio

☆ Sweden conducted its first reconnaissance flights near the Russian border since joining NATO
▼ + stars: | 2024-03-11 | by ( Cameron Manley | ) www.businessinsider.com time to read: +1 min

Sweden conducted its first reconnaissance flights near the Russian border since joining NATO. The two flights were aimed at collecting intelligence on troop and weapons deployment in the region. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe Swedish Air Force last week conducted its first reconnaissance flights near Russia's border since officially joining NATO.

Persons: — Organizations: NATO, Service, Swedish Air Force, Intelligence, Swedish Gulfstream, SP Signal Intelligence, Business Locations: Sweden, Russian, Russia, Russia's, Swedish, Poland, Russia's Kaliningrad, Belarus

☆ Opinion: The Jennifer Crumbley verdict is a powerful warning to parents
▼ + stars: | 2024-02-07 | by ( Opinion Jennifer Tucker | ) edition.cnn.com time to read: +9 min

Prosecutors alleged that the Crumbley parents willfully disregarded warning signs that their son was in crisis, did not heed concerns of school administrators, bought him a gun days before the shooting and failed to lock it up. Yet, research shows that even parents who think their guns are inaccessible to minors are mistaken. Distributed responsibilityMost parents want their children to be safe, yet many continue to enable household access to loaded guns. In fact, a recent study shows that states often loosened gun laws after mass shootings, especially states with Republican legislatures. This case opens the door for parents to be held legally accountable, and reminds all parents of their responsibilities when it comes to gun safety.

Persons: Jennifer Tucker, Jennifer Crumbley, Ethan Crumbley, She’ll, Jennifer Tucker Olivia Drake, Shannon Smith, ”, Sig Sauer, James Crumbley, “, it’s, Payton Gendron, Robert Crimo Organizations: Wesleyan University, Wesleyan’s Center, Guns and Society, Brennan Center for Justice, NYU Law School, CNN, Prosecutors, RMA Armament, Buffalo, Buffalo News, Giffords Law Center, “, District of Columbia, American Medical Association, National Rifle Association Locations: Oxford, Michigan, Buffalo , New York, Buffalo, Chicago, Highland Park , Illinois, Illinois, Virginia, American

☆ Atmospheric River Storm Leaves Over 600,000 Still Without Power in California
▼ + stars: | 2024-02-05 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - More than 600,000 homes and businesses were still without power in California early on Monday, according to data from PowerOutage.us, after an atmospheric river storm pounded the state with heavy rainfall and hurricane-force winds. The storm is the second Pineapple Express weather system, or atmospheric river storm, to hit the state in the past week and arrived just as Los Angeles welcomed celebrities for the music industry's Grammy awards. According to PowerOutage.us, the utility with the most outages was Pacific Gas and Electric Co (PG&E) with over 500,000 customers without power. PG&E is a unit of California energy company PG&E Corp."Since the start of the storm 24 hours ago, PG&E crews have restored more than 565,000 customers who lost power. Approximately 570,000 customers remain out of power," PG&E said on its website.

Persons: PowerOutage.us, Gavin Newsom, Harshit Verma, Brijesh Patel, Angus MacSwan Organizations: Reuters, Pacific Gas and Electric Co, E Corp, The U.S, National, California's Locations: California, PowerOutage.us, Angeles, Los Angeles, Santa Barbara, San Luis Obispo, The, Bengaluru

Down 45% so far this year, palladium is on course for its worst year of losses since 2008, when the financial crash hit demand. Top producer Russia's Nornickel expects the palladium market to swing to a surplus of 300,000 ounces in 2024 from a 200,000-ounce deficit in 2023 due to supplies, boosted by recycling, outpacing demand. Consultancy Metals Focus forecasts above-ground palladium stocks of about 11.64 million ounces in 2023, compared with 12.35 million in 2022 and 12.89 million in 2021 - meaning ample supplies. In March 2022, palladium was trading at more than double the price of platinum, prompting a switch by automakers. However, longer-term Metals Focus is quite bearish on palladium," said Nikos Kavalis, managing director at Metals Focus.

Persons: Alexander Manzyuk, hastening, Russia's Nornickel, John Meyer, Edward Meir, Nikos Kavalis, Brijesh Patel, Harshit Verma, Ashitha, Anjana Anil, Anushree Mukherjee, Abhijith, Arpan Varghese, Pratima Desai, Hugh Lawson Organizations: REUTERS, Russia, ICE, International Energy, Consultancy, Metals, Thomson Locations: Siberian, Krasnoyarsk, Russia, Ukraine, Bengaluru

☆ Swiss shift rightwards in vote as immigration fears trump environment
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +3 min

The Swiss Parliament Building (Bundeshaus) is pictured in early autumn light in Bern, Switzerland October 11, 2021. The SVP cemented its place as the biggest group in parliament's lower house, increasing its share of the vote to 28.6%, according to data from the Swiss Federal Statistics Office. The SVP also highlighted the expense of the asylum system, while arguing that crime rates were rising because of immigration. Switzerland's second-biggest party, the left-leaning Social Democrats (SP) also slightly increased its share of the vote to 18%. The big loser in the election was the Green Party, whose support fell 3.8 percentage points, losing them five seats.

Persons: Denis Balibouse, Switzerland's, Cedric Wermuth, John Revill, Hugh Lawson Organizations: Swiss, Rights, Swiss People's Party, SVP, Swiss Federal Statistics Office, National Council, Social Democrats, Green Party, pollsters GFS, Thomson Locations: Bern, Switzerland, Ukraine, pollsters, pollsters GFS Bern

☆ Switzerland projected to shift to right in national elections
▼ + stars: | 2023-10-22 | by ( ) www.reuters.com time to read: +2 min

[1/4] General view of the snow-covered mountains of the Bernese Alps, Eiger, Moench and Jungfrau, as seen from Bern, Switzerland October 28, 2020. REUTERS/Arnd Wiegmann Acquire Licensing RightsZURICH, Oct 22 (Reuters) - Switzerland looked set to shift to the right in its national elections on Sunday, as concerns about immigration and political correctness trumped fears about climate change and melting glaciers. Switzerland's second biggest party was poised to increase its share by 0.4 percentage points of the vote to 17.2%. In contrast, the Greens were expected to see their share of the votes fall by 4.1 percentage points to 9.1%. "The SVP has done well because it has raised fears about 'wokeness' and also focused on migration again,” said Hermann.

Persons: Arnd, pollsters GFS, Michael Hermann, ”, Hermann, John Revill, Cecile Mantovani, Barbara Lewis Organizations: REUTERS, Rights, Swiss People's Party, SRF, pollsters, Social Democrats, Greens, Federal Council, Thomson Locations: Bernese, Bern, Switzerland, Swiss, pollsters GFS Bern

Graphite is used in virtually all EV battery anodes, which is the negatively charged portion of a battery. Their announcement boosted China's exports in July as overseas buyers rushed to lock in supply, while the launch of the restrictions slashed exports in August-September. It also makes more than 90% of the final processed material for EV battery anodes. "We have been waiting for (China's) graphite exports to slow," said John Meyer at SP Angel. "Having overproduced synthetic graphite we reckon China is also keen to keep this material within China to meet rapid growth in EV battery demand."

Persons: Phil Noble, Tom Burkett, James Willoughby, Wood Mackenzie, Daisy Jennings, Gray, Willoughby, John Meyer, Polina Devitt, Amy Lv, Eric Onstad, Veronica Brown, Josie Kao Organizations: REUTERS, EV, Global Graphite Advisory, Companies, Benchmark Mineral Intelligence, SP, Thomson Locations: Manchester, Britain, BEIJING, China, Canada, Africa, Australia, Brazil, U.S, Wood, Japan, United States, South Korea, India

☆ Hollywood insiders are bracing for M&A activity to make a comeback, as 10 experts reveal the deals they're predicting
▼ + stars: | 2023-10-17 | by ( Reed Alexander | Lucia Moses | ) www.businessinsider.com time to read: +12 min

"The unknown is hard to transact in," Sam Powers, the global head of technology, media, and telecommunications for Bank of America, told Insider. Microsoft's $69 billion acquisition of Activision , which was completed Thursday, has also put media and tech M&A back in the spotlight. "People have been holding their breath in nervous anticipation" about the idea of tech buying big media , one investor told Insider. Private-equity bets on media and Hollywood have seen mixed resultsPrivate-equity firms may have the cash to finance major media acquisitions, but they're reckoning with market volatility. Are you a Hollywood insider?

Persons: Hollywood dealmakers, Jonathan Handel, Sam Powers, Bob Iger, —, Byron Allen, Greg Doherty, Iger, Disney's, Byron Allen —, Allen, Disney, it's, Handel, It's, you've, Reese Witherspoon, Dave Kotinsky, Moonbug, Reese Witherspoon's, Jeff Zucker, Abu, Tom Staggs, Kevin Mayer, Lucia Moses, Reed Alexander Organizations: Hollywood, Puck News, Bank of America, SAG, Writers Guild of America, Disney, ESPN, Activision, Byron Allen The Weather, Wall Street shareholders, Bureau of Labor Statistics, Hulu, ABC, Nexstar Media Group, Allen Media Group, Weather, Lionsgate, Starz, Paramount, BET, Warner Bros, Games, Disney Digital Network, Maker Studios, Observers, Comcast, Paramount Global, Tech, MGM, Microsoft, Netflix, Apple, RedBird Capital Partners, RedBird IMI, Private, SP, G Global Market Intelligence, Bloomberg, Media, Apollo Global Management, Yahoo Locations: Hollywood, Blackstone, Abu Dhabi, lmoses@insider.com, ralexander@insider.com

☆ Logistics technology firm SP Plus to go private in about $1.5 billion deal
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +1 min

Oct 5 (Reuters) - U.S.-based transportation and logistics technology firm SP Plus will be acquired by parking technology provider Metropolis Technologies in an all-cash deal worth about $1.5 billion, the companies said on Thursday. Shareholders of SP Plus will receive $54 per share, representing a premium of 52.5% over the stock's closing price on Wednesday. The offer price values the Chicago-based firm at $1.06 billion. SP Plus, which will go private after the deal is closed, provides parking management, facility maintenance and event logistics solutions among other services. Metropolis offers computer vision technology that is deployed in parking lots, enabling customers to drive without the need for a checkout.

Persons: Akash Sriram, Sherry Jacob, Phillips Organizations: SP, Metropolis Technologies, Metropolis, Thomson Locations: Chicago, Bengaluru

☆ $9 billion cybersecurity startup Tanium is ditching its remote-work policy and mandating workers back to the office, leaked document shows
▼ + stars: | 2023-10-05 | by ( Rosalie Chan | ) www.businessinsider.com time to read: +11 min

Otherwise, exemptions to the hybrid work policy will "only be granted in rare and exceptional cases" like documented medical reasons. Below is a copy of Tanium's hybrid work policy FAQ:Tanium Return to Office & New Hybrid Work Policy FAQQ: What is Tanium's new hybrid work policy? move to another city, state, county or country) the general expectation is that they will adhere to the hybrid work policy going forward. move to another city, state, county or country) the general expectation is that they will adhere to the hybrid work policy going forward. Additional Policy DetailsQ: Will exemptions from the hybrid work policy be provided?

Persons: Tanium, Dan Streetman, Orion Hindawi Organizations: Employees, Meta, Microsoft, Leadership Team, Team, Google, North, EMEA, Frankfurt, JP, KR, SharePoint Locations: North America, Emeryville , CA, Morrisville , NC, Addison , TX, Kirkland , WA, Bethesda, New York, Denver, Tampa , FL, Vancouver, Reading, Amsterdam, DE, Paris, Krakow, Tokyo, Osaka, Nagoya, Seoul, Singapore, SP

☆ Electric blue tarantula species discovered in Thailand
▼ + stars: | 2023-09-26 | by ( Hafsa Khalil | ) edition.cnn.com time to read: +4 min

CNN —A “mesmerizing” electric blue tarantula species has been discovered in Thailand, according to new research. “(We found) a new species of tarantula that exhibits a mesmerizing blue-violet hue, reminiscent of electric blue sparks,” Narin Chomphuphuang, a researcher at Khon Kaen University’s Department of Entomology and Plant Pathology, told CNN Monday. “Blue is one of the rarest colors to appear in nature, which makes blue coloration in animals particularly fascinating,” Chomphuphuang said. Electric Blue Tarantula,” but without any information on its characteristics or natural habitats. However, with the decline of mangrove forests – largely caused by deforestation – Chomphuphuang says the electric blue tarantula is also one of the world’s rarest tarantulas.

Persons: Narin, Sippawat, ” Chomphuphuang, Chomphuphuang, ”, Chilobrachys natanicharum Organizations: CNN, Kaen University’s, of Entomology, Plant Pathology Locations: Thailand, Phang, Nga, Kaen, Thai

LONDON, July 26 (Reuters) - Even as fears of a 2023 U.S. recession recede and stock market bears concede defeat, there's scant sign of party mode. After wild swings of output, prices, employment, liquidity and interest rates, firm convictions about the precise onset of "technical" recessions - or even previously reliable gauges of bull and bear markets - have all become a bit suspect. Whether on a domestic or global scale, aggregate views of the economy, or stock market, right now are likely misleading. A bull to bear market and back again in little over 18 months - or so it seems. SP 500 2023 YTD THROUGH JULY 21BLUNTEDChief among the puzzles is the variable impact of sharply higher interest rates on both households and firms.

Persons: Morgan Stanley's, Mike Wilson, Wilson, Morgan Stanley, Andrew Lapthorne, Russell, Mike Dolan Organizations: Reuters Graphics, Barclays, International Monetary Fund, Tuesday, eventual, San Francisco Federal Reserve, Generale, Fed, Reuters, Twitter, Thomson Locations: U.S, midyear

☆ A CEO quits and the BBC apologizes to Trump ally Nigel Farage. A banking scandal erupts in Britain
▼ + stars: | 2023-07-26 | by ( Elliot Smith | ) www.cnbc.com time to read: +9 min

Alison Rose, NatWest chief executive, (right) departs 10 Downing Street in London, after meeting with Chancellor Jeremy Hunt. Prime Minister Rishi Sunak and several members of his Conservative government issued statements condemning the bank and characterizing the termination of Farage's account as an affront to free speech. Farage was offered an alternative account at regular main street bank NatWest, but declined. His critics maintain that although frequent references are made to Farage's political profile and controversial views, the reasons outlined for allowing the banking relationship to lapse were primarily commercial, and he was not "de-banked" as he claims. Without the mortgage, the bank indicated that Farage's account value would fall below its commercial criteria.

Persons: Jonathan Bachman, Alison Rose, Nigel, Coutts, Rose, Danni Hewson, AJ Bell, Farage, Coutts —, Chancellor Jeremy Hunt, James Manning, Rishi Sunak, Nigel Farage, —, DANIEL LEAL, Donald Trump, Vladimir Putin, Frances Coppola, Coppola, Dave Rushen Organizations: Getty, LONDON, NatWest, BBC, UBS, Conservative, Brexit Party, Independence Party Leader, U.K, Independence Party, UKIP, Sky News, NatWest Group, Company Locations: London, U.K, inclusivity, Leicester, British

☆ Temasek is betting on all its stars aligning
▼ + stars: | 2023-07-12 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

That’s one consolation Temasek can take from a tricky year. But Temasek’s hopes for a more prosperous year or two ahead rely on matters mostly out of its hands. Reuters Graphics Reuters GraphicsGranted, Temasek had a busy few years propping up the tiny city-state’s companies, like Singapore Airlines (SIAL.SI), after the pandemic hit. Meanwhile, high valuations in the United States, where Temasek has doubled exposure over the past decade, will limit opportunities. But if Temasek wants to start shining more brightly soon, it’ll need all its stars to align.

Persons: That’s, Temasek’s, Chin Yee, There’s, Antony Currie, Pranav Kiran, Thomas Shum Organizations: Reuters, Temasek, Sequoia, Reuters Graphics, Singapore Airlines, Reuters Graphics Finance, SP Group, U.S, Chartered, Thomson Locations: SINGAPORE, Singapore’s, Asia, Japan, China, People’s Republic, Southeast Asia, India, Singapore, United States

☆ Carrefour Brasil bets on know-how to expand small stores operation
▼ + stars: | 2023-06-29 | by ( Carolina Pulice | ) www.reuters.com time to read: +2 min

MEXICO CITY (Reuters) - Grupo Carrefour Brasil launched a franchise model of convenience stores in the Brazilian market on Wednesday, aiming to tap into its know-how from years of experience in Europe, a top executive said. FILE PHOTO: A general view of a Carrefour supermarket in Sao Paulo, Brazil July 18, 2017. REUTERS/Paulo WhitakerCarrefour Brasil’s convenience executive director Joao Edson Gravata said that the franchise format would put Carrefour in a stronger position to take on competitors. Those stores would supplement its 152 existing Brazilian company-owned Carrefour Express format stores. About a year ago Grupo Nos, a venture between Brazilian energy firm Raizen and Mexican retailer Femsa, launched its first Oxxo-branded convenience stores.

Persons: Paulo Whitaker, Joao Edson Gravata, Gravata, “, ”, Pedro Melo, Alberto Serrentino, Melo, Pao Organizations: MEXICO CITY, Grupo Carrefour Brasil, Carrefour, REUTERS, Paulo Whitaker Carrefour, Carrefour Express, Pontifical Catholic University, Sao Paulo, PUC, Grupo Ultra’s, Grupo, Dia, Hirota Locations: MEXICO, Europe, Sao Paulo, Brazil, Brazil’s

SP Angel analyst John Meyer said that with global EV sales expected to reach around 15 million vehicles this year, sales of palladium, chiefly used to neutralise harmful car emissions, could be impaired by 1.5 million-2.25 million ounces. While there are still few battery-powered vehicles in the heavy-duty market, exhaust-free electric vehicles are eating into the palladium-focused light vehicle market, Johnson Matthey said. Palladium prices could fall to the $1,250 level, Edward Moya, senior market analyst at OANDA, said. "The reason why people are more pessimistic about palladium than platinum is due to adoption of EVs," he said. "There's a lack of interest in the palladium market.

Persons: John Meyer, Johnson, Wilma Swarts, PGMs, Johnson Matthey, Edward Moya, palladium's bearishness, Tai Wong, Bart Melek, Ashitha, Seher Dareen, Arundhati Sarkar, Brijesh Patel, Arpan Varghese, Jan Harvey Organizations: Palladium, SP, Metals, TD Securities, Thomson Locations: Ukraine, New York, China, Bengaluru

☆ Low-tax Switzerland votes on global minimum corporate tax rate
▼ + stars: | 2023-06-14 | by ( John Revill | ) www.reuters.com time to read: +4 min

In 2021 almost 140 countries including Switzerland agreed to an Organisation for Economic Cooperation and Development (OECD) deal to ensure large companies pay a minimum tax rate of 15%, to prevent them trying to avoid taxation by transferring profits to low tax countries. Reuters GraphicsEach of Switzerland's 26 cantons can set its own corporate tax rate, but the federal government would impose a top-up tax to ensure companies are paying 15 percent, raising up to 2.5 billion Swiss francs ($2.76 billion) in tax revenue. She said last month, "this minimum tax is coming, with or without Switzerland." Swiss Holdings, a group representing 62 multinationals in Switzerland including Nestle, Johnson & Johnson, and IKEA, supported the minimum tax. Stefan Kuhn, Head of Tax and Legal at KPMG Switzerland, said the top-up tax "gives cantons the money to do something smart to remain competitive."

Persons: Arnd, Fabian Molina, Karin Keller, Johnson, Christian Frey, Stefan Kuhn, Kuhn, John Revill, Alexandra Hudson Organizations: REUTERS, Switzerland Broad, Economic Cooperation, Development, GFS, Google, Nestle, Reuters, Union, Social Democrats, Sutter, OECD, Swiss Holdings, Johnson, IKEA, KPMG Switzerland, Alexandra Hudson Our, Thomson Locations: Bernese, Lake Zug, Zug, Switzerland, ZURICH, Swiss, GFS Bern, Germany, Japan, Basel, Economiesuisse

☆ A bridge under construction in India's Bihar state has collapsed -- for the second time
▼ + stars: | 2023-06-06 | by ( Rhea Mogul | ) edition.cnn.com time to read: +1 min

CNN —A four-lane concrete bridge being built across the River Ganges in the east Indian state of Bihar has collapsed for the second time in just over a year, once again raising questions about the quality of its construction. The Sultanganj Bridge has collapsed twice since construction began in 2017, the first time in April last year before Sunday’s catastrophic failure. It’s not clear why the bridge collapsed last year or if those problems had been rectified. Crowds of people on the river bank can be seen filming the bridge and shouting as it tumbles down. The Sultanganj Bridge is not the only one to have collapsed in India in the last year.

Persons: Bihar’s, Nitish Kumar, McElhanney Organizations: CNN, Singla Locations: Bihar, India, Morbi, Gujarat

☆ SP Hinduja, billionaire head of Britain’s richest family, dies at 87
▼ + stars: | 2023-05-17 | by ( ) edition.cnn.com time to read: +2 min

London Reuters —Srichand Hinduja, the Indian-born billionaire leader of a global business empire and the patriarch of Britain’s wealthiest family, has died aged 87, his daughters said on Wednesday. “It is with deep sadness that we announce the passing of our father,” Hinduja’s daughters Shanu and Vinoo said in a statement. More recently the brothers have been embroiled in a feud over the future of their business empire and Gopichand had challenged the legitimacy of a lasting power of attorney granted to Srichand’s daughters. Gopichand and Srichand’s daughters had reached an apparent truce, but a lawyer representing Srichand’s interests told a London court last month that that agreement was at risk. “Amongst other things, SP will be remembered for his great contributions in bringing India and its culture to the global stage through his work and philanthropic efforts,” Hinduja’s daughters said.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThreats to the billion dollar parking industryWhile historically family-owned, the parking industry is today largely dominated by two players: SP Plus (SP+) and ABM. But the industry is facing some challenges. Aside from the rise of e-commerce and ride-hailing, a post pandemic world where workers are rarely driving into urban areas is forcing the industry to pivot and expand its services, as well as heavily invest in technology. It remains to be seen if those strategic decisions will pay off.

☆ How the $8 billion parking industry is evolving to stay alive
▼ + stars: | 2023-05-06 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +3 min

There are between 700 million and 2 billion parking spaces in America — or put another way, between 2.5 to seven spots for every registered vehicle. The entire parking industry pulled in about $121 billion in 2022, according to Jerry Marcus, who runs a Boston-based parking consultancy called the Parking Advisory Group. The entire parking industry is projected to pull in about $144 billion in 2023. Within the larger parking industry, there's a group of companies that manage parking facilities for owners. That industry pulled in somewhere between $8 billion and just over $10 billion in revenue in 2022, according to market estimates.

May 3 (Reuters) - PacWest Bancorp (PACW.O) is exploring strategic options including a sale or capital raising, a source familiar with the matter said, sending the shares of the bank and several other U.S. regional lenders tumbling in after-market trading. The Phoenix-based regional lender said it was "reaffirming its financial strength as well as its deposit growth guidance in response to recent industry events." PacWest stock has lost almost 90% of its value since the regional banking crisis started on March 8. Zion Bancorp (ZION.O), First Horizon (FHN.N) and Comerica (CMA.N) each slumped more than 7% and the SPDR S&P Regional Banking ETF (KRE.P) dropped 5%. The cost of insuring against further losses in regional U.S. bank stocks stood on Wednesday near a one-month high in options markets.

As each domino falls, the next weakest bank begins to wobble," billionaire investor Bill Ackman wrote in a tweet. PacWest stock has lost almost 90% of its value since the regional banking crisis started on March 8. Zion Bancorporation (ZION.O), Comerica (CMA.N) and First Horizon (FHN.N) each slumped more than 7% and the SPDR S&P Regional Banking ETF (KRE.P) dropped 5%. The cost of insuring against further losses in regional U.S. bank stocks stood on Wednesday near a one-month high in options markets. On Wednesday a source said the lender was looking at options that include a potential sale or capital raise.

☆ PacWest explores strategic options amid stock price plunge -source
▼ + stars: | 2023-05-03 | by ( Anirban Sen | ) www.reuters.com time to read: +2 min

The Los Angeles-based lender said in its first-quarter earnings last week that its deposits had stabilized after some customers pulled their money, but investors have continued to sell the bank's shares amid concerns about its future. PacWest shares dropped 58% on the news on Wednesday to $2.88 a share. The stock has lost almost 90% of its value since the regional banking crisis started on March 8. The crisis has led to the Federal Deposit Insurance Corporation taking over regional lenders Silicon Valley Bank, Signature Bank and First Republic Bank and selling them in whole or parts to other banks. Shares of other regional banks also fell after First Republic Bank collapsed last weekend and was sold to JPMorgan Chase & Co (JPM.N).

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