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☆ GOP leaders pursue new lawsuits over 2024 election rules – including attacking methods of voting they want supporters to use
▼ + stars: | 2024-04-11 | by ( Fredreka Schouten | Tierney Sneed | ) edition.cnn.com time to read: +11 min

“What he has said is that we would like ultimately there to only be voting on Election Day. Republican attorneys have filed an assortment of lawsuits across the county that vary in both what types of election rules they target and how seriously election law experts believe the case should be taken. The legal fight against mail voting has taken GOP lawyers to states beyond the typical presidential battlegrounds. In addition to the case targeting Mississippi’s post-election day mail ballot receipt deadline, Republicans filed a lawsuit challenging the major expansion of mail voting enacted by New York lawmakers last year. To arrive at the claim that the states’ voter rolls are bloated, Republicans are using a formula that has previously been rebuked in federal court.

Persons: Donald Trump, baselessly, Trump, Mike Johnson, “, ” Michael Whatley, that’s, ” Whatley, Whatley –, –, Rick Hasen, don’t, ” Hasen, Derek Muller, ” Muller, litigators don’t, ”, Justin Levitt, Muller, CNN’s Ariel Edwards, Levy, David Wright Organizations: CNN, Republican, Republican National Committee, Mississippi Republican Party, Magnolia, GOP, Republicans, Democrats, Trump, Trump’s, Fox News, Republican Party, RNC, University of Notre Dame, Fox, New, National Conference of State Legislatures, Pew Research Center, Democratic, Pew, The New, The New York City Council, Vermont, Loyola Law School, Biden White Locations: Magnolia State, Pennsylvania, Ohio , Georgia, Florida, North Carolina, Wisconsin, “, California, Colorado, Hawaii , Nevada , Oregon , Utah , Vermont, Washington, Mississippi, New York, Michigan , Wisconsin , Ohio, Arizona, New York City, United States, The New York, – Nevada, Michigan, Nevada

☆ Dave Calhoun was supposed to turn Boeing around, but after 4 years on the job, he's out. Here's where things went wrong.
▼ + stars: | 2024-03-29 | by ( Pete Syme | ) www.businessinsider.com time to read: +8 min

It makes him the second successive chief to go after a 737 Max crisis. AdvertisementOn Monday morning, Dave Calhoun became the second successive Boeing CEO to lose his job in the wake of a 737 Max crisis. Muilenburg was terminated as the planemaker fought for its reputation after 346 people died in two 737 Max 8 crashes in 2018 and 2019. After the longest-ever grounding for a US airliner, the 737 Max was ungrounded 10 months into Calhoun's reign. Win McNamee/Getty ImagesMost people's concerns about the 737 Max looked to have been assuaged, until the Alaska Airlines blowout on January 5.

Persons: Dave Calhoun, —, Stan Deal, Calhoun, Boeing's, Dennis Muilenburg, Muilenburg, Max, Dennis, Win McNamee, Bob Clifford, Timothy Hubbard, Hubbard, Clifford, DAVID RYDER, Critics, Justin Green, Green Organizations: Boeing, Service, Airbus, Federal Aviation Administration, MCAS, Alaska Airlines, National Transportation Safety, Justice, FBI, Ethiopian, Alaska Air, United Airlines, Boeing's, Street Journal, The, Current, Business, University of Notre Dame, CNBC Locations: MCAS, Southwest , Alaska, Calhoun, Virginia, Seattle, Boeing's, Renton , Washington

☆ Opinion: Boeing needs a completely different kind of boss
▼ + stars: | 2024-03-27 | by ( Opinion Tim Hubbard | ) edition.cnn.com time to read: +4 min

I am the backup plan.”Tim Hubbard University of Notre DameNow Boeing needs a backup to the backup. What does the portrait of an ideal leader for Boeing look like? Boeing’s new CEO needs to signal change. Boeing’s new CEO needs to embody the company the board wants Boeing to become. If the new CEO needs a blueprint of what their legacy could look like, they need only read up on the not-so-recent history of Boeing.

Persons: Tim Hubbard, CNN —, Dennis Muilenburg —, Max, David Calhoun, “, Tim Organizations: Management, Organization, Mendoza College of Business, University of Notre Dame, CNN, Boeing, Tim Hubbard University of Notre Dame, General Electric, Wall

☆ Cash is no longer king. So why are we still printing so much?
▼ + stars: | 2024-02-26 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +5 min

An economics expert tells BI that cash still remains crucial for "certain segments of consumers." AdvertisementWhen it comes to how Americans prefer to spend their money, cash is actually not king. That represents a consistent decline in cash payments since the pandemic in 2020, which saw many shifts in consumer behavior, including an acceleration of online shopping. The following year, the study showed that cash made up 19% of payments and has not recovered since. Cash is still king of some thingsEconomics experts say that despite increasing reliance on cards, cash remains resilient and an important payment method for many consumers.

Persons: —, Cash, Christopher Bechler, Bechler, Benjamin, Sage Handley, Kenneth Rogoff Organizations: Service, Federal Reserve, . Federal, University of Notre Dame Mendoza College of Business, Business, Association for Consumer Research, Federal, Street Journal, Harvard University

I don’t know. ross douthatIt’s true that he didn’t want the vice president to have a sort of separate political agenda. I don’t think that it was a fait accompli —ross douthatThat’s true. He would legitimately sabotage, kneecap his own vice president, just to prove no one else could do it. carlos lozadaLet’s just say, I will be your vice president, Michelle, anytime.

Persons: michelle cottle, I’m Michelle Cottle, ross douthat I’m Ross Douthat, carlos lozada I’m Carlos Lozada, lydia polgreen, Lydia Polgreen, ross douthat, carlos lozada, That’s, Ross, Michelle, what’s, — carlos lozada Oh, ”, Donald John Trump, it’s, Lozada, LYDIA, — carlos lozada Selena, michelle cottle We’re, they’re, Selena Meyer, michelle cottle Ross, Carlos, ross, Joe Biden, Biden, Obama, — carlos lozada Super, haven’t, Dick Cheney, carlos lozada Pence, Pence, Cheney, Kamala Harris, — carlos lozada, carlos lozada Weirdly, won’t, Richard Nixon, Al Gore, — ross douthat, lydia polgreen —, Kamala Harris —, Mike Pence, ross douthat They’re, Harris, George H.W Bush, Ronald Reagan, Nelson Rockefeller, Gerald Ford, Clinton, Joe Lieberman, Lieberman, — carlos lozada Joementum, michelle cottle Joementum, Gore, Trump, Newt Gingrich, It’s, michelle cottle Let’s, carlos lozada Well, Elaine Kamarck, J.F.K, Southern L.B.J, Carter, Mondale, Bush, Jules Witcover, lydia polgreen Scintillating, Quayle, Jesus, carlos lozada Right, Dan Quayle, George H.W, lydia polgreen Hah, V.P.s, Truman, — ross, ross douthat Really, — Yup, carlos lozada Biden, lydia polgreen Richard Nixon, Spiro Agnew, George H.W . Bush, Dan, John McCain, Sarah Palin, — michelle cottle, gosh, Palin, lydia polgreen “, Tina Fey, carlos lozada The Palin, We’ve, John the Baptist, Donald Trump’s, lydia polgreen Wow, michelle cottle Oh, ross douthat Sarah, Jimmy Carter, White, carlos lozada Jimmy Carter, michelle cottle Fine, polgreen, michelle cottle Alrighty, hasn’t, CARLOS SIGHS, lydia polgreen Boy, michelle cottle Carlos, Donald Trump, who’s, Marjorie Taylor Greene, Kari Lake, carlos lozada I, michelle cottle He’s, he’s, —, lydia polgreen That’s, lydia polgreen MAGA King, Lydia, — michelle cottle That’s, let’s, there’s, Nikki Haley, MICHELLE, Haley, There’s, carlos lozada Doesn’t, George W, Bush’s, michelle cottle Dick Cheney, ross douthat I’m, — michelle cottle You’re, Vivek, Nikki Haley’s, I’m, Ron DeSantis, Kristi Noem — lydia polgreen, Michelle — michelle cottle —, Kristi Noem, Rushmore, CARLOS, it’ll, Sarah Huckabee Sanders, MAGA, Vance, michelle cottle There’s, Elise Stefanik, doesn’t, ross douthat Trump, we’ll, — lydia polgreen, ross douthat —, carlos lozada —, Mueller, Nikki doesn’t, ROSS, don’t, can’t, Nikki, Nikki —, Peter Baker, Susan Glasser — michelle cottle, carlos lozada It’s, michelle cottle Hey, carlos lozada There’s, Walter Mondale, michelle cottle Can’t, carlos lozada Oh, carlos lozada Whoa, michelle cottle Woohoohoo, carlos lozada Potato, lydia polgreen Oh, MICHELLE GASPS, lydia polgreen Oooh, I’ve, michelle cottle That’s, michelle cottle I’d, michelle cottle Don’t, carlos lozada Let’s, Phoebe Lett, Sophia Alvarez Boyd, Derek Arthur, Alison Bruzek, Kate Sinclair, Mary Marge Locker, Michelle Harris, Efim Shapiro, Carole Sabouraud, Pat McCusker, Shannon Busta, Kristina Samulewski, Rose Strasser, carlos lozada — “, ” Jimmy Carter’s, lydia polgreen Woo, Frank Church, Scoop Jackson, John Glenn, Ed Muskie, Adlai Stevenson, Pete Rodino, Muskie, ross douthat We’re, — carlos lozada It’s, — carlos lozada Yes, Lord Jesus Organizations: New York, Iowa Republicans, ross douthat Real, HBO, Hollywood, Bush, Republican, Trump, Biden, Republicans, Southern, Conservative, Democratic, “, carlos lozada Central, Heritage Foundation, Supreme, State, New Hampshire, Michigan, University of Notre Dame, Irish, Associated Press, Notre Dame, hashtag Locations: Iowa, Minnesota, California, ‘, Massachusetts, Clinton, Gore, Cheney, America, George H.W ., Russia, —, New Spain, South Dakota, New, American, Michigan, Washington, Plains

Spokespeople for the banks declined to provide comment ahead of the hearing or did not respond to requests for comment. Kevin Fromer, president of the Financial Services Forum, which represents the CEOs, said he expected Basel to be a focus. Big bank CEOs have been appearing before Congress for several years after the 2007-09 financial crisis and subsequent scandals thrust the industry into Washington's crosshairs. Former Wells Fargo CEO Tim Sloan, meanwhile, resigned in March 2019 after stumbling during a hearing about the bank's regulatory woes. But after years of playing defense, the CEOs are expected to be more assertive, this time backed by Republicans critical of red tape.

Persons: Andy Cecere, William Demchak, Jamie Dimon, Jane Fraser ,, Brian Moynihan, William Rogers, Wells, Bank of America's Brian Moynihan, Citi's Jane Fraser, Wells Fargo's Charles Scharf, Goldman Sachs, David Solomon, Morgan Stanley's James Gorman, Ronald O'Hanley, BNY Mellon's Robin Vince, Sherrod Brown, Brown, Kevin Fromer, Dimon, Elizabeth Warren, Tim Sloan, meanwhile, Tim Scott, Pete Schroeder, Nupur Anand, Tatiana Bautzer, Saeed Azhar, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: U.S . Bancorp, PNC Financial Services Group, JPMorgan Chase, Co, Citigroup, Jane Fraser , Bank of America, Truist Financial, JPMorgan, Bank of America, Bank of America's, Democratic, Silicon Valley Bank, Financial Services, Big, Former Wells, Republicans, Thomson Locations: WASHINGTON, Wells Fargo, Silicon, Basel, New York

The U.S. Federal Deposit Insurance Corporation reported bank profits at $68.4 billion in the most recent quarter, down 3.4% from the prior quarter. Year over year, bank profits were down 4.6%, due in large part to banks setting aside more funds in provision expenses for potential loan losses, which were up 33.2% in the last four quarters. Noninterest income was down $4.1 billion, or 5.2%, in the third quarter, while realized losses climbed $3 billion, the FDIC said. "The banking industry continued to show resilience in the third quarter," said FDIC Chairman Martin Gruenberg in a prepared statement. Gruenberg, who typically holds a press conference following the release of the quarterly report on bank profits, was not made available to reporters Wednesday.

Persons: Sheila Bair, Jason Reed, Martin Gruenberg, Gruenberg, Sen, Joni Ernst, Pete Schroeder, Chizu Organizations: Federal Deposit Insurance Corp, REUTERS, Rights, U.S, Federal Deposit Insurance Corporation, FDIC, Republicans, Republican, Thomson Locations: Washington, Iowa

☆ Rose-Hulman Is the Midwestern College Most Highly Recommended by Its Students
▼ + stars: | 2023-11-29 | by ( ) www.wsj.com time to read: 1 min

The Rose-Hulman Institute of Technology is ranked No. 17 overall in the country. Photo: Getty ImagesThe Rose-Hulman Institute of Technology was more highly recommended by its students than any other college in the Midwest in a survey conducted for the WSJ/College Pulse 2024 Best Colleges in the U.S. ranking. The South Dakota School of Mines & Technology was next, followed by the University of Notre Dame and the College of the Ozarks in a tie for fourth place on this list.

Organizations: - Hulman Institute of Technology, WSJ, South Dakota School of Mines & Technology, University of Notre Dame, College of Locations: Midwest, U.S

☆ Elon Musk’s quest in foreign affairs plagued by his own online behavior
▼ + stars: | 2023-11-28 | by ( Brian Fung | ) edition.cnn.com time to read: +9 min

Washington CNN —Elon Musk is an increasingly important player in global affairs and has been touring the world to meet with political leaders in recent months. “We can observe Elon Musk’s Twitter/X activity that he regularly consumes right-wing content and this increased during COVID-19,” Facciani said in an email. More recently, however, Musk’s ambitions have come a bit closer to earth and become far more concrete. There are many world leaders who hold extreme or far-right views, of course. Musk’s outbursts that contradict widely held international norms and values are meant for a specific internet audience that Musk mistakes for being representative of the wider world.

Persons: Washington CNN — Elon Musk, White supremacists, Musk, Benjamin Netanyahu, It’s, George Soros, Netanyahu, Matthew Facciani, “, Elon, ” Facciani, Vladimir Putin, Rishi Sunak, Recep Tayyip Erdogan, he’s, Ron DeSantis ’, Robert Kennedy Jr, ’, ” Musk, ”, reactionism Organizations: Washington CNN, Defamation League, Whites, White, The University of Notre Dame, Twitter, UK, Florida Republican Gov, United States Locations: Israel, Gaza, COVID, Ukraine, Crimea, Washington, United, Russia

REUTERS/Evelyn Hockstein Acquire Licensing RightsNEW YORK, Nov 17 (Reuters) - The Federal Reserve's top bank watchdog defended its push to overhaul capital requirements, saying they would have a minimal impact on borrowing costs and make the industry more stable. Michael Barr, the Fed's vice chair for supervision, told a conference in New York on Friday that the so-called "Basel endgame" proposal is mainly focused on raising capital requirements for activities like trading, rather than lending. "Normally, we issue a proposal and then we get very detailed commentary, and we take those comment letters into account." Banks have loudly complained about the proposal, which overhauls how banks gauge their risk and require them to set aside more capital. Industry executives said the draft rules would force them to raise costs and potentially curb lending.

Persons: Michael Barr, Evelyn Hockstein, Banks, Barr, Pete Schroeder, Lananh Nguyen, Chizu Organizations: Banking, Housing, Urban Affairs Committee, Capitol, REUTERS, Federal, Bank, National Football League, Industry, Thomson Locations: Washington , U.S, New York

☆ Opinion | College Is Undergoing a Revolution. It’s Happening Behind Bars.
▼ + stars: | 2023-11-17 | by ( Max Kenner | ) www.nytimes.com time to read: +3 min

If you’re confused about why Congress would remove education from departments of “correction,” you’re not alone. New York has an extraordinary, diverse network of partnerships that replicates the diversity of college across the state. And, inspired by Catholic mission, Holy Cross College and the University of Notre Dame, Boston College and Villanova have led the way in their red, blue and purple home states. Incarcerated students majoring in history or literature all write original senior theses that are typically 100 pages in length. Pell Grants, which average less than $4,500, never covered the cost even for modest programs.

Persons: Koch, Obama, Donald Trump, you’re, Pell Organizations: RAND Corporation ., College, Soros, Holy Cross College, University of Notre Dame, Boston College, Villanova, Bard, Union, Cambridge, Morehouse, Harvard, Columbia, Yale, Cornell, Georgetown Locations: North Carolina , Ohio, Texas, California, New Jersey, New York, N.Y.U, York

☆ Chevron takeover of Hess resurrects multi-billion dollar tax shield
▼ + stars: | 2023-11-14 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +5 min

“The tax benefits were definitely factored into how Chevron valued Hess,” said Donald Williamson, an accounting professor at American University’s Kogod School of Business. “When you combine the companies, we have the greater U.S. income, and we can use those net operating losses,” he said. The bottom line effect, when that loss limit is multiplied by the U.S. federal tax rate of 21%, is extra cash flow that could top $400 million a year. “There’s a strong and appropriate case to increase the corporate income tax rate.”Last year, corporate tax revenue totaled a record $425 billion, according to the Congressional Budget Office. Over the past decade, Chevron's current U.S. federal tax expense has averaged $40 million a year.

Persons: Dado Ruvic, Hess, ”, Donald Williamson, “, Pierre Breber, Williamson, Jim Seida, Jean Ross, Exxon, Darren Woods, ” Woods, Tim McLaughlin, Marguerita Choy Organizations: Chevron, Hess, REUTERS, Kogod School of Business, Internal Revenue Service, U.S, University of Notre Dame, Center for American Progress, Congressional, Graphics, Exxon Mobil, Pioneer Resources, Exxon, Reuters, Boston College, Thomson Locations: U.S, Chevron

REUTERS/Evelyn Hockstein/ Acquire Licensing RightsWASHINGTON, Nov 14 (Reuters) - The Federal Reserve's top Wall Street cop Michael Barr and other bank regulators will defend plans to hike U.S. bank capital requirements when they appear before Congress this week as they come under increasing pressure from many lawmakers to rein in their efforts. The proposal would overhaul how banks gauge risk and, in turn, how much capital they must hold against potential losses. Regulators say stronger cash cushions will make the financial system safer and are especially crucial after three banks failed earlier this year. As part of their campaign to kill the Basel proposal, banks have been lobbying lawmakers to put pressure on the regulators. On Monday, 39 Senate Republicans stepped up the pressure, asking the regulators to scrap the proposal, citing economic harm.

Persons: Michael Barr, Evelyn Hockstein, Barr, Federal Deposit Insurance Corporation's Martin Gruenberg, Mike Hsu, Mark Warner of Virginia, Jon Tester, Isaac Boltansky, Gruenberg, Michelle Price, Pete Schroeder, Jonathan Oatis Organizations: Banking, Housing, Urban Affairs Committee, Capitol, REUTERS, Rights, Federal, Federal Deposit Insurance, Financial, Democrat, Senate, Republicans, Journal, Industrial, Commercial Bank of China, Treasury, Thomson Locations: Washington , U.S, U.S, Basel, Montana

Companies United States Senate FollowWASHINGTON, Nov 13 (Reuters) - A group of 39 Senate Republicans in a letter on Monday called on major U.S. banking regulators to withdraw a contentious proposal to significantly raise bank capital requirements, warning it could hinder lending and harm the economy. Regulators said stronger cushions will guard against future unforeseen risks, and cited the failures earlier this year of three large U.S. lenders as a warning. * Regulators have said they are continuing to gather data for the proposal, and have given firms more time to provide feedback. * Senator Tim Scott, the top Republican on the Senate Banking Committee and a former presidential candidate, and Senate Minority Leader Mitch McConnell were among the senior Republicans in the chamber to sign Monday's letter. WHAT'S NEXTU.S. banking regulators are due to testify before the Senate Banking Committee on Tuesday, when they are expected to be pressed on the proposal by Republicans.

Persons: Banks, Tim Scott, Mitch McConnell, Pete Schroeder, Paul Simao, Jonathan Oatis Organizations: United States, WASHINGTON, Republicans, Federal Reserve, Federal Deposit Insurance Corporation, Currency, Regulators, Republican, Senate Banking Committee, Fed, OCC, NEXT, Thomson Locations: Basel

Protests are expected throughout this week's Asia-Pacific Economic Cooperation leaders’ conference, which could draw more than 20,000 attendees, including hundreds of international journalists. San Francisco has a long tradition of loud and vigorous protests, as do trade talks. In 1999, tens of thousands of protesters took to the streets of Seattle during a World Trade Organization conference. San Francisco Police Department Chief Bill Scott said he expects several protests a day, although it's uncertain how many will materialize. “People are welcome to exercise their constitutional rights in San Francisco, but we will not tolerate people committing acts of violence, or property destruction or any other crime,” Scott said.

Persons: Joe Biden, Suzanne Ali, ”, Bill Scott, ” Scott, “, Biden, Xi Jinping, Rory McVeigh, Xi, Vo Van Thuong, Bongbong Marcos, Ferdinand Marcos, Nik Evasco, “ It's, Huizhong Wu Organizations: FRANCISCO, —, Sunday, Economic Cooperation, ’, APEC, Moscone Center, Palestinian Youth Movement, U.S, Hamas, Trade Organization, Protesters, Thai, San Francisco Police Department, Center, University of Notre Dame, United Vietnamese American Community of, International Coalition for Human Rights, Associated Press Locations: Israel, San Francisco, Asia, Francisco, Seattle, Chile, Thailand, Bangkok, China, U.S, Mexico, Brazil, Philippines, United Vietnamese American Community of Northern California, Vietnam

☆ Opinion: Marjorie Taylor Greene botches the explanation
▼ + stars: | 2023-11-12 | by ( Richard Galant | ) edition.cnn.com time to read: +18 min

We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. CNN —On the day after Republicans lost pivotal races in Kentucky, Ohio and Virginia last week, Rep. Marjorie Taylor Greene offered a diagnosis for her party’s ills. On Tuesday, Ohio voters passed an amendment to the state constitution that guarantees abortion rights. The disconnect may or may not cost Trump votes in 2024, but it’s hurting Republicans up and down the ballot. “Democrats will win in 2024 by making the election a choice, not just a referendum on Biden’s performance in office.

Persons: Marjorie Taylor Greene, CNN’s Manu Raju, Donald Trump, Roe, Wade, Trump, ”, Kate Bedingfield, Joe Biden’s, Youngkin, ” Bill Bramhall, Bedingfield, They’ll, Julian Zelizer, Biden, ” Clay Jones, ” Clay Jones Republican Lanhee Chen, — don’t, Chen, “, ” Mary Ziegler, Davis, Republicans don’t, Comstock, Nikki Haley, Ana Marie Cox, Ron DeSantis, Vivek Ramaswamy, Dick Cheney, ’ Haley, Haley, Ramaswamy, ‘, Haley “, ” Patrick T, Brown, ” Roxanne Jones, DeSantis, Todd Graham, Bill Bramhall, Mary Ellen O’Connell, ” “, ” John Spencer, he’s, Al Qaeda, Peter Bergen, Israel, Hani Almadhoun, Suzanne Nossel, Frida Ghitis, Walt Handlesman, Ivanka Trump, Elliot Williams, Letitia James, Williams, ” Williams, Nick Anderson, Ian Berry, Bob Dylan, Anna Lee, I’d, William, I’ll, Bethany McLean, Joe Nocera, Dr, Kent Sepkowitz, ” Sepkowitz, ” Don’t, Corey Mintz, DoorDash, Paul Rieckhoff, Jill Filipovic, Shannon Watts, Jade McGlynn, Keith Magee, King Charles, Sara Stewart, Priscilla ’, Barbra Streisand, CHANEL, Presley Ann, Patrick McMullan, Holly Thomas, James Brolin, Barbra’s, Thomas Organizations: CNN, Republicans, Trump, “, White House, State Senate, Biden, ” Clay Jones Republican, University of California, Department of Justice, Florida Gov, Republican, Senate, Content Agency Israel, Hamas, University of Notre Dame, Modern War, Twitter, Facebook, ISIS, Content Agency Trump, New York, Trump Organization, “ Trump, —, Tribune, Agency, College of, Getty, BBC Locations: Kentucky , Ohio, Virginia, Georgia, “, Mexico, Ohio, State, Michigan, Pennsylvania, Arizona, Kentucky, Mississippi, Florida, Miami, Hialeah , Florida, Trump, Israel, Gaza, Hamas, West, Mosul, Raqqa, Manhattan, New York City, Ukraine, Malibu , California, Greenwich Village

China's foreign ministry said on Friday the lender is striving to minimise risk impact and losses after the attack. "We don't often see a bank this large get hit with this disruptive of a ransomware attack," said Allan Liska, a ransomware expert at the cybersecurity firm Recorded Future. TRADES CLEAREDICBC said it had successfully cleared Treasury trades executed on Wednesday and repurchase agreements (repo) financing trades done on Thursday. Some market participants said trades going through ICBC were not settled due to the attack and affected market liquidity. The Treasury market appeared to be functioning normally on Thursday, according to LSEG data.

Persons: Kim Kyung, ICBC, Wang Wenbin, Wang, Lockbit, Allan Liska, Scott Skrym, Michael Gladchun, Loomis Sayles, SIFMA, Urvi, Pete Schroder, Gertrude Chavez, Davide Barbuscia, Carolina Mandl, Paritosh Bansal, Joe Cash, Stephen Coates, Tomasz Janowski Organizations: Commercial Bank of China Ltd, REUTERS, Industrial, Commercial Bank of China, Commercial Bank of China's, U.S . Treasury, ICBC Financial Services, Cybersecurity, Infrastructure Security Agency, Boeing, U.S . Treasury Department, Treasury, Securities, Financial Times, U.S . Securities Industry, Financial Markets Association, Thomson Locations: Beijing, China, U.S, Bengaluru, Washington, Carolina

Industrial and Commercial Bank of China Ltd (ICBC)'s logo is seen at its branch in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsCompanies Industrial and Commercial Bank of China Ltd FollowNov 9 (Reuters) - A ransomware attack on Industrial and Commercial Bank of China (ICBC) disrupted some trades in the U.S. Treasury market on Thursday, the Treasury Department said. In ransomware attacks, hackers encrypt an organization's systems and demand ransom payments in exchange for unlocking them. The Financial Times reported earlier on Thursday that the U.S. Securities Industry and Financial Markets Association (SIFMA) told members that ICBC (601398.SS) had been hit by ransomware that disrupted the U.S. Treasury market by preventing it from settling trades on behalf of other market players. We continue to monitor the situation," a Treasury spokesperson said in a response to a question about the FT report.

Persons: Kim Kyung, Urvi, Pete Schroder, Zeba Siddiqui, Alexander Smith, Michelle Price, Lisa Shumaker Organizations: Commercial Bank of China Ltd, REUTERS, Industrial, Commercial Bank of China, U.S . Treasury, Treasury Department, Financial Times, U.S . Securities Industry, Financial Markets Association, Treasury, Thomson Locations: Beijing, China, U.S, Bengaluru, Washington

REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsWASHINGTON, Nov 7 (Reuters) - The U.S. regulator charged with overseeing the Federal Home Loan Banks said in a report on Tuesday the system is overdue for an overhaul in its mission and structure. The Federal Housing Finance Agency emphasized in the report that there needs to be a clearer distinction between the purpose of the FHL banks and the Federal Reserve, which is the primary emergency lender for banks. The agency said FHL banks were created by Congress in 1932 to provide liquidity to banks for affordable housing and other economic development. Tuesday's report was the culmination of a year-long project by the agency to review the FHL banks. FHL Banks are 11 regional government-chartered institutions that raise money for low-cost lending to their members.

Persons: Sarah Silbiger, Loan Banks, Banks, Ryan Donovan, Pete Schroeder, Aurora Ellis Organizations: REUTERS, Rights, Federal, Loan, Federal Housing Finance Agency, Federal Reserve, of Federal Home Loan, Thomson Locations: Washington , U.S, U.S

☆ Opinion: Biden needs to call for a ceasefire and restore respect for international law
▼ + stars: | 2023-11-07 | by ( Mary Ellen O Connell | ) edition.cnn.com time to read: +45 min

Alexi J. Rosenfeld/Getty Images Europe/Getty Images Palestinians inspect a destroyed area following an Israeli airstrike in Gaza on October 21. Ronen Zvulun/Reuters A woman mourns over a dead man at the Al-Aqsa Martyrs Hospital in Gaza City on October 18. Yousef Masoud/The New York Times A morgue worker arranges body bags at al-Shifa hospital in Gaza City on October 12. Samar Abu Elouf/The New York Times/Redux Children run for cover as bombs fall near the Al-Shifa Hospital in Gaza City on October 9. Erik Marmor/AP Six-month-old Sama Alwadia is rescued from the rubble in Gaza City on October 9.

Persons: Mary Ellen O’Connell, Robert, Marion Short, “, ”, Mary Ellen, Khan, Ahmad Hasaballah, Ariel Schalit, Abed Rahim Khatib, Ronen Zvulun, Mahmud Hams, Leo Correa, Mohammed Abed, Amir Cohen, Mohammed Alaloul, Majdi, Fatima Shbair, Alexi J . Rosenfeld, Mustafa Hassona, Neil Hall, Saeed Jaras, Mohammad Abu Hattab, Mohammed Talatene, Ditza Heiman, Shir Torem, Salman Habaka, Ibraheem Abu Mustafa, Yuval Zilber, Hatem Ali, Jalaa Merey, Ahmad Salem, Ali Jadallah, Atef Safadi, Abed Zagout, Fadel Senna, Anas al, Yosef Vahav, Kiryat Shmona, Jalaa Marey, Albert Miles, Bernat, Ilan Rosenberg, Ashraf Amra, Manna, Tamar Chaya Torpiashvili, Abed Khaled, Tamir Kalifa, Khan Younis, Benjamin Netanyahu, Yoav Gallant, Ammar Awad, Jehad Al, Kafarnah, Teddy, Dan Kitwood, Dima Vazinovich, Jack Guez, Sagiv Ben Zvi, Evelyn Hockstein, Omar El, Mohammed Salem, Amir Levy, Yasser Qudih, Tsafrir, Francisco Seco, Mohammed Saber, Ali Mohmoud, Mai Yaghi, Yam Goldstein, Nadav, Khaled Joudeh, Samar Abu, Leon Neal, Hatem Moussa, Nir Oz, Wolfgang Schwan, Yousef Masoud, Shadi Tabatibi, Belal al Sabbagh, Rizek Abdeljawad, Ahmad Gharabli, Janis Laizans, Mohammed Dahman, Gallant, Ofir Libstein, Aza, Belal Khaled, Hod, Ayal Margolin, Antony Blinken, Joe Biden, Brendan Smialowski, Biden, Netanyahu, Kenny Holston, Kfar Aza, Ilia Yefimovich, Mahmoud Khaled, Dor Reder, Violeta Santos Moura, Mohammed Fayq Abu Mostafa, Antonio Macías, Macías, Eli Albag, Liri, Sergey Ponomarev, Dor Kedmi, Saher, Abraham Cohen, Valentin Ghnassia, Ghnassia, Yuri Cortez, Ibrahim Hams, Bashar Taleb, Baz Ratner, Yahya Hassouna, Mapal Adam, Agha, Reuters Itzik, Miriam Shafir, Dor Shafir, Savion Kiper, Maya Alleruzzo, CNN Sergey Ponomarev, Eden Guez, Ohad, Mohammed Soboh, Said, Noam Elimeleh Rothenberg, Ilai Bar Sade, Erik Marmor, Oren Ziv, Ramez Mahmoud, Roi Levy, Alleruzzo, Tali Touito, Oded, Ahmad Hasballah, Eyad Baba, Itai Ron, Hadas Parush, —, Ron Dermer, NPR’s Tom Bowman Organizations: Kroc, University of Notre Dame, Defense, CNN, Hamas, Mary Ellen O'Connell University of Notre Dame International, UN, UN Security Council, International Court of Justice, Nasser Medical, AP, Najjar, Reuters, Getty, Israel Defence Forces handout, Israel Defense Forces, Shutterstock, Reuters United Nations, Shifa, Palestine, Pictures, Bloomberg, Israeli Apache, United Nations Relief, Works Agency, Al Aqsa Martyrs Hospital, Palestinian, Al, IDF, EyePress, New York Times, Israeli, Getty Images, Nasser Medical Hospital, Deir Al, Tel Aviv University, Reuters Civil, AP Rockets, AP Israel's, Regional, Aqsa Martyrs Hospital, Israel's, Ahli Baptist Hospital, Ben Gurion International, Aris Messinis, Haim, Puma, Mount, Mount Herzl Military, Nova, Anadolu Agency, Nova Festival, Ben Gurion, West Bank, Rockets, United Nations, Reuters Police, Reuters Rockets, ISIS, United States, Gaza, US, Criminal, Pentagon Locations: Gaza, Israel, Khan Younis, Tel Aviv, Jerusalem, AFP, Jerusalem's, City, Rafah, Jerusalem's Old City, Deir Balah, Mahmud, Southern Israel, Anadolu, Ashkelon, Al, Gaza City, Haifa, Yanuh Jat, Netaim, Israeli, Golan Heights, Lebanon, Egypt, Sderot, Shareef, Beit Guvrin, Reuters Israeli, Kiryat, Al Aqsa, Deir Al, Balah, Kibbutz Be'eri, Ashdod, Holon, Najjar, Ichilov, Kibbutz Shefayim, Deir, Samar, Samar Abu Elouf, Deir al, Kibbutz Kissufim, Zahra City, Europe, Xinhua, East Jerusalem, Ras, Israel's, Yehuda, Aqsa, Hod HaSharon, Kiryat Shmona, Ahli, Gan, Kfar, North Sinai, Beit Kama, Cyprus, Kfar Saba, Be'eri, Rehovot, Mount Herzl, Modiin Maccabim, Kfar Aza, Mount Herzel, Yassin, Palestinian, Beitar Ilit, Ramat Gan, Itai, Beit Hanun, Rishon Lezion, United, Iraq, Syria, Geneva, Rome

☆ Elon Musk's X restructuring curtails disinformation research, spurs legal fears
▼ + stars: | 2023-11-06 | by ( Sheila Dang | ) www.reuters.com time to read: +9 min

It also shows a majority of survey respondents fear being sued by X over their findings or use of data. European Union regulators are also currently investigating X's handling of disinformation, which was the focus of multiple stalled or canceled independent research studies, the survey found. She helped conduct the research survey for the coalition, a global group with more than 300 members, that works to advance the study of technology's impact on society. 'X' logo is seen on the top of the headquarters of the messaging platform X, formerly known as Twitter, in downtown San Francisco, California, U.S., July 30, 2023. Short-form video app TikTok announced an academic research API earlier this year, but its onerous terms and conditions limit its usefulness for researchers, said Megan A.

Persons: Elon, Musk's, Josephine Lukito, Musk, Carlos Barria, Lukito, Tim Weninger, Megan A, Brown, X, CCDH, Imran Ahmed, Bond Benton, Linda Yaccarino, Sheila Dang, Zeba Siddiqui, Martin Coulter, Supantha Mukherjee, Kenneth Li, Anna Driver Organizations: Social, Reuters, Twitter, Coalition for Independent Technology Research, Center, Union, University of Texas, San, EU, Reuters Graphics, REUTERS, University of Notre Dame, New York University, Tech Policy Press, Facebook, Montclair State University, Sprinklr, Thomson Locations: Israel, Gaza, quantifies, U.S, Australian, Austin, San Francisco, San Francisco , California, China, Sprinklr, London, Stockholm

[1/2] Republican U.S. presidential candidate Florida Governor Ron DeSantis and Iowa Governor Kim Reynolds display "Get Shit Done" mugs during a "Fair-Side Chat" at the Iowa State Fair in Des Moines, Iowa, U.S., August 12, 2023. REUTERS/Evelyn Hockstein Acquire Licensing RightsWASHINGTON, Nov 5 (Reuters) - Iowa Governor Kim Reynolds will endorse Florida Governor Ron DeSantis's bid to be the Republican nominee in the 2024 presidential race on Monday, according to a source familiar with the matter. An endorsement from Reynolds could be a critical boost for DeSantis, who has fallen far behind former President Donald Trump in the race for the 2024 Republican presidential nomination. The DeSantis campaign and Reynolds's office did not respond to requests for comment. Reynolds will appear at a DeSantis rally in Des Moines, Iowa, on Monday at 6 p.m.

Persons: Ron DeSantis, Kim Reynolds, Evelyn Hockstein, Ron DeSantis's, Reynolds, Donald Trump, DeSantis, Trump, Pete Schroeder, Gram Slattery, Lisa Shumaker Organizations: Republican U.S, Florida, Iowa, Fair, REUTERS, Rights, Republican, DeSantis, NBC News, Trump, NBC, Thomson Locations: Iowa, Des Moines , Iowa, U.S

Both changes to the process for designating a non-bank as a "systemically important financial institution," or SIFI, were proposed in April. Friday's vote reversed a Trump administration policy that regulators should police risky activities rather than single out individual firms. Under the revamped process, FSOC will identify potential SIFIs based on existing information and give the company a chance to respond. Similarly, the Managed Funds Association, which represents hedge funds, said non-banks do not pose the same risks as banks. "The guidance imposes a black box designation process that introduces uncertainty for market participants," said MFA President and CEO Bryan Corbett.

Persons: Brendan McDermid, Donald Trump, FSOC, Trump, Janet Yellen, Eric Pan, Bryan Corbett, Barack Obama, Ian Katz, Pete Schroeder, Chris Reese, Michelle Price, Richard Chang Organizations: Wall, REUTERS, WASHINGTON, Treasury Department, U.S . Federal, BlackRock, Bridgewater, Investment Company Institute, Association, MetLife, Inc, General Electric Capital Corporation, American International Group, Prudential Financial, Capital Alpha Partners, Carolina, Thomson Locations: New York, U.S, BlackRock, Bridgewater

In the wake of Matthew Perry's death at 54, fans in China are mourning the loss of the star who felt less like a distant celebrity and more like an old friend. “People shared their own memories about Chandler and ‘Friends’ and many teared up.”A large poster displayed on the bar featured pictures of Perry over the years. Once Chinese fans added Mandarin subtitles to the show, which ran in the U.S. from 1994 to 2004, it quickly gained a following. “This TV show actually offered a way to imagine this kind of so-called metropolitan utopian imagination.”Many Chinese fans learned English through watching the show and got a peek into American life and culture. “It feels like I just got to know this long-lost friend, but he’s just gone.”___Fu Ting reported from Washington.

Persons: Long, ”, Matthew Perry's, Chandler Bing, Nie Yanxia, Chandler, Perry, Xian Wang, ” wasn't, China —, Wang, ” Wang, Nilufar Arkin, Monica, “, ” Arkin, ” Fu Xueying, ” Fu, Zhang Fengguang, Sun Tiantian, Zhang, Sun, ” Zhang, he’s, Fu Ting, Han Guan Ng Organizations: University of Notre Dame, Associated Press Locations: China, Shenzhen, Hong Kong, Los Angeles, Sohu, U.S, Shanghai, Tianjin, Xinjiang, Guangzhou, Washington

That is true both for the two countries at the national level, and for state-level engagement. California has a steady and long working relationship with China. Arnold Schwarzenegger, a Republican governor, started the formal relationship with China over climate cooperation a decade ago, Jaros said. State regulators also have banned the sale of most new gas-powered cars in California by 2035. Meanwhile, the California family of a Christian pastor who has been detained in China since 2006 said Newsom should take any possible opportunity to argue for his release.

Persons: Gavin Newsom’s, Xi Jinping, Joe Biden, Xi, China “, ”, Alex Wang, Trump, Kyle Jaros, Arnold Schwarzenegger, Jaros, Democrat Jerry Brown, “, Wang, Newsom, he’s, Jinping, Alfred Wu, David Lin’s Organizations: —, China -, U.S, Economic Cooperation, UCLA, University of Notre Dame, Republican, Democrat, UCLA’s Emmett Institute, Democratic, National University of Singapore Locations: BANGKOK, — California, China, San Francisco, Asia, California, Hong Kong, U.S, Beijing, Taiwan

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