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When I meet people, they usually don't know that my dad is Steve Ballmer. I have some friends for whom it took a really long time — like many months — before they realized the link. There was this guy I used to be friends with who went out of his way to talk to me. My comedy friends are also awesome, and my newest group of friends, my girlfriend's friends, are really cool. Since I'm not a big spender, I don't think anybody eyed me and thought, "I can probably get a ton of money out of him."
Persons: Pete Ballmer, Steve Ballmer, It's, Steve Ballmer's, Stanford, it'd, I'm, I've, douchebag, that's, We've, , I'd Organizations: Clippers Locations: San Francisco, Italian
Trump's hush-money trial is set to heat up
  + stars: | 2024-04-19 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +7 min
In today's newsletter, we're looking at the first week of former President Donald Trump's criminal trial and what's at stake. What's on deck:This story is available exclusively to Business Insider subscribers. AdvertisementFormer President Donald Trump's hush-money trial — the first-ever criminal trial of a former president — got underway this week with jury selection . We did get a preview of Trump's potential defense: " Some accountant " handled the paperwork he's on trial for, Trump told reporters. AdvertisementThe trial is focused on 34 felonies alleging the Trump Organization's business records were falsified to hide other crimes.
Persons: , Donald Trump's, CHARLY TRIBALLEAU, Drew Angerer, Tyler Le, Trump, Stormy Daniels, Daniels, Zelei, Loretta Mester, John Williams, Rebecca Zisser, David Lieb, Sundar Pichai, Demis, Google's, BI's Ben Bergman, Eddie Mulholland, Alyssa Powell, Samsung execs, Taylor Swift's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Business, Getty, Trump, Cleveland Fed, York Fed, , Bank of America, Google, Android, Bankers, Jefferies, Investor Conference, Samsung, Korea Economic, Disney, Warner Bros, American Express, Procter, Gamble, Poets Department Locations: Israeli, Iran, Israel, Florida, Korea, New York, London
Lieb, having a background in semiconductors and not server management, reached out to his fellow Y Combinator founders for support. After a year and a half of advising at the accelerator, he's stepping up as a group partner, Y Combinator tells Business Insider exclusively. It was never released, but many of the ideas would later come back in the form of Google Photos. From there, he reached into the Y Combinator alumni network to find other promising upstarts. David Lieb, second from left, speaks to a group of Y Combinator founders.
Persons: David Lieb, Lieb, Alex Polvi, Combinator —, Garry Tan, Jared Friedman, Harj Taggar, Michael Seibel, Sam Altman, it's, Y Combinator, " Lieb, Dan Lieb, Y, Xoogler, Patrick, John Collison's, Mixpanel, Jake Mintz, Forbes, Kevin Systrom, Flock, Andy Huibers, Mary, 72m2YgJZq8 — David Lieb, Ryan Peterson, He's Organizations: Apple, Business, Investors, Google Locations: Cloudkick, San Francisco, Silicon Valley, Flexport
A screen grab from a video shows artillerymen of the West group of troops, moving along the Kupyansk direction as military mobility of Russian soldiers of MLRS 'Tornado-G' of the group of forces 'West' in the direction of Kupiansk continue in Kharkiv Oblast, Ukraine on March 08, 2024. Pope Francis is facing backlash from Ukrainian and other European leaders over comments he made in an interview advocating for putting up a "white flag" and negotiating with Russia, saying that the "strongest" party in the war is "the one who has the courage of the white flag, and negotiates." Shelling continues in eastern Ukraine, where local authorities say three people were killed and a dozen injured by Russian fire. Kyiv on Sunday said that Moscow launched missiles at the northeastern region of Kharkiv and drone attacks on Ukraine's center and south, while Russian authorities said that a Russian woman in the border region of Kursk was killed by Ukrainian shelling. Elsewhere, India is seeking the release of its citizens who have been "duped" into serving in the Russian army, Indian government officials have said, demonstrating a rare critique of Moscow.
Persons: Pope Francis Organizations: Sunday Locations: Kharkiv Oblast, Ukraine, Russia, Kyiv, Moscow, Kharkiv, Russian, Kursk, India
DETROIT (AP) — Casino workers for MGM Grand Detroit have voted to ratify a new contract, ending a 47-day strike. MGM Grand Detroit workers are union members of the Detroit Casino Council, which represents nearly 4,000 employees of the city's three casinos. Their approval Saturday on a five-year agreement comes weeks after unionized workers reached an agreement with other two casinos following a roughly one-month strike. Workers at MGM Grand Detroit, Hollywood Casino at Greektown and MotorCity Casino walked off the job Oct. 17 over issues including health care and wages that had not kept up with the cost of living. "We’re excited to welcome our team back and continue providing our guests the entertainment experiences for which MGM Grand Detroit is known,” Matt Buckley, President and COO of Midwest Group, MGM Resorts International, said in a Saturday statement.
Persons: , Gabriel Robert Hernandez, ” Matt Buckley Organizations: DETROIT, , MGM Grand Detroit, Detroit Casino Council, Workers, Hollywood, MotorCity, Teamsters, MGM, Detroit, Midwest Group, MGM Resorts International Locations: Greektown
WASHINGTON (AP) — The newest group of Kennedy Center honorees, including comedian Billy Crystal and actor Queen Latifah, are being feted Sunday night at a star-studded event commemorating their lifetime achievement in arts and entertainment. Opera singer Renée Fleming, music star Barry Gibb and prolific hitmaker Dionne Warwick also are being honored at the black-tie gala. Bill Cosby received both honors, but they were rescinded in 2018 following his sexual assault conviction, which later was overturned. Along with his late brothers Robin and Maurice, the trio launched a nearly unmatched string of hits that defined a generation of music. Fleming sang the national anthem while Latifah performed “America the Beautiful.”
Persons: Billy Crystal, Queen Latifah, Renée Fleming, Barry Gibb, Dionne Warwick, Kennedy, Deborah F, Rutter, , Jodie Dallas, , Harry Met Sally, Bride ”, Crystal, Mark Twain, David Letterman, Steve Martin, Lorne Michaels, Lily Tomlin, Carol Burnett, Neil Simon, Bill Cosby, Burt Bacharach, Hal David, Bacharach, ” Fleming, Barack Obama, England’s Royal Academy of Music . Gibb, Robin, Maurice, Latifah, Dana Owens, Fleming Organizations: WASHINGTON, Kennedy Center, of, England’s Royal Academy of Music, Bee Locations: , Warwick, Chicago, America
MIAMI (AP) — Khris Middleton had a thought pop into his head immediately after Milwaukee topped Miami to finish group play in the NBA’s In-Season Tournament with an unbeaten record. Boston outscored the teams in its group by 27 points, compared with a plus-22 differential for Orlando and plus-20 for Brooklyn. That meant the Celtics won East Group C.“You just know what the reason is,” Nets forward Mikal Bridges said. The West race didn't end up with quite as much drama as the East had with the down-to-the-wire differential chasing. The teams that lose in the quarterfinals will play a to-be-added regular-season game against each other, East vs. East and West vs. West.
Persons: — Khris Middleton, “ We’re, , Middleton didn't, he'd, it'll, , ” Middleton, It'd, Bridges, “ It’s, Chicago's Andre Drummond, Billy Donovan didn't, Boston's Payton Pritchard, ’ ”, Joe Mazzulla, Donovan, Josh Hart, Kyle Lowry, ” Lowry Organizations: MIAMI, Milwaukee, Eastern Conference, New York, Indiana, Boston, Western Conference, Los Angeles Lakers, Phoenix, Sacramento, Golden State, NBA, Lakers, Orlando, Brooklyn, Celtics, East Group, ” Nets, Chicago, Nets, Magic, Bulls, ’ ” Celtics, , East, Cavaliers, Knicks, Suns, Timberwolves, State, West, Warriors, Golden Locations: Miami, Vegas, Milwaukee, New, New Orleans, Las Vegas, Milwaukee , Indiana, Boston , New York, Cleveland, Orlando, Brooklyn, Boston, York, New Jersey, Minnesota
NBA roundup: Balanced scoring lifts Bucks past Wizards
  + stars: | 2023-11-25 | by ( ) www.reuters.com   time to read: +7 min
Magic 113, Celtics 96Orlando turned in a dominant second half and extended its winning streak to six games by beating visiting Boston in an NBA in-season tournament game. Suns 110, Grizzlies 89Devin Booker scored a season-high 40 points to fuel visiting Phoenix to a victory over Memphis in an NBA in-season tournament game. Knicks 100, Heat 98RJ Barrett converted a go-ahead, three-point play with 1:59 left for host New York, who stormed back from a 21-point, third-quarter deficit to beat Miami in an NBA in-season tournament game. Raptors 121, Bulls 108OG Anunoby scored 26 points and Toronto defeated visiting Chicago in an NBA in-season tournament game. Indiana, which had already clinched a spot in the quarterfinals of the NBA in-season tournament, finished the East Group A stage with a 4-0 record.
Persons: Brook Lopez, Paul Rutherford, Giannis Antetokounmpo, Damian Lillard, Lopez, Jordan, Kyle Kuzma, Tyus Jones, Corey Kispert, Antetokounmpo, Washington's Landry, Green, Alperen Sengun, Justin, Sengun, Jabari Smith, Fred VanVleet, Nikola Jokic, Kentavious Caldwell, Pope, Orlando, Mo Wagner, Paolo Banchero, Jayson Tatum, Devin Booker, Booker, Eric Gordon, Kevin Durant, Bradley Beal, Santi Aldama, Derrick Rose, RJ Barrett, Jalen Brunson, Immanuel Quickley, Bam Adebayo, Jimmy Butler, Anunoby, Dennis Schroder, Pascal Siakam, Zach LaVine, DeMar DeRozan, DeRozan, Myles Turner, Buddy Hield, Cade Cunningham's, Jadey Ivey, Jalen Duren, De'Aaron Fox, Harrison Barnes, Malik Monk, Sabonis, Anthony Edwards, Karl, Anthony Towns, Rudy Gobert, Stephen Curry, Dario Saric, Victor Wembanyama, Zion Williamson, Brandon Ingram, Paul George, Kawhi Leonard, Norman Powell Organizations: Milwaukee, Boston Celtics, TD Garden, USA, Milwaukee Bucks, Washington Wizards, Bucks, Washington, Jordan Poole, Nuggets, Houston, Denver, NBA, Celtics, Boston, Orlando, East Group, Suns, Grizzlies, Memphis, Knicks, New, Miami, New York, Raptors, Bulls, Toronto, Chicago, Pacers, Pistons, Tyrese Haliburton, Indiana, Detroit, Jalen, Timberwolves, Sacramento, Minnesota, West Group, Kings, Warriors, Spurs, Golden State, Group, Pelicans, Clippers, New Orleans, Los, Dallas, Thomson Locations: Boston , Massachusetts, USA, Milwaukee Bucks, Denver, Phoenix, Memphis, New York, Toronto's, Indianapolis, Indiana, Minneapolis . Sacramento, Minnesota, San Antonio, San Francisco, Sacramento, Los Angeles, New Orleans
NatWest Group bank logo and decreasing stock graph are seen in this illustration taken March 12, 2023. "I will explore options for a NatWest retail share offer in the next 12 months subject to supportive market conditions and achieving value for money," Hunt said on Wednesday. NatWest shares dipped on Hunt's comments and were last down 1.1% at 204.7 pence, compared with a 0.2% fall in the FTSE 100 (.FTSE) index. The stock is the worst performing FTSE 100 British bank stock this year, down more than a fifth, according to Eikon data. That investment turned sour for many and shares in the renamed holding company International Distributions Service (IDSI.L) are now worth 25% less than its 330 pence offer price.
Persons: Dado Ruvic, Jeremy Hunt, Hunt, Sid, Alasdair Haynes, Nigel Farage, Alison Rose, Iain Withers, Sinead Cruise, David Milliken, Sarah Young, William James, Elaine Hardcastle, Alexandra Hudson Organizations: NatWest Group, REUTERS, Companies, NatWest, Aquis, Royal Mail, Distributions Service, Alexandra Hudson Our, Thomson
[1/62] Nov 14, 2023; San Francisco, California, USA; Golden State Warriors guard Stephen Curry (30) watches the game against the Minnesota Timberwolvesx during the first half at Chase Center. The win not only was the Timberwolves' second in three days against the Warriors, but also improved them to 2-0 in the West Group C of the NBA's in-season tournament. Golden State fell to 1-1. Kyle Anderson, whose offensive rebound led to Towns' late 3-pointer, iced Minnesota's seventh straight win with two free throws with four seconds left. Towns added 11 rebounds for the Timberwolves, who trailed by as many as 12 in the third quarter.
Persons: Stephen Curry, John Hefti, Karl, Anthony Towns, Mike Conley, Klay Thompson, Draymond, Dario Saric, Conley, Kyle Anderson, Thompson, Jaden McDaniels, Anthony Edwards, Rudy Gobert, Green, McDaniels, Gobert, Edwards, Naz Reid, Brandin, Saric, Kevon Looney, Chris Paul, Moses Moody Organizations: Golden State Warriors, Minnesota, Chase Center, Minnesota Timberwolves, Warriors, Timberwolves, West, Golden State, State, Towns, Wolves, NBA, Thomson Locations: San Francisco , California, USA, San Francisco, Minnesota, Towns, New Jersey, Green
NBA roundup: Wolves earn ejection-marred win over Warriors
  + stars: | 2023-11-15 | by ( ) www.reuters.com   time to read: +7 min
Saddiq Bey supplied 19 points and Bogdan Bogdanovic tossed in 17 for the Hawks in their NBA in-season tournament opener. Bam Adebayo had 21 points and 11 rebounds and Duncan Robinson made four 3-pointers on the way to 18 points for Miami. The Jazz also improved to 2-0 in Group West A play of the NBA's in-season tournament. Mikal Bridges added 21 points for Brooklyn. Franz Wagner led Orlando with 21 points, but the Magic scored 18 points in the final quarter of their first tournament game.
Persons: Karl, Anthony Towns, John Hefti, Mike Conley, Klay Thompson, Draymond, Jaden McDaniels, Thompson, McDaniels, Anthony Edwards, Rudy Gobert, Green, Edwards, Brandin Podziemski, Dario Saric, Stephen Curry, Nikola Jokic, Aaron Gordon, Paul George, James Harden, Kawhi Leonard, Harden, D'Angelo Russell, Rui Hachimura, Anthony Davis, Austin Reaves, LeBron James, Santi Aldama, Steven Adams, Brandon Clarke, Achilles, Derrick Rose, Ja Morant, Marcus Smart, Luke Kennard, soreness, Dejounte Murray, Saddiq Bey, Bogdan Bogdanovic, Trae Young, Marvin Bagley III, Ausar Thompson, Jimmy Butler, Bam Adebayo, Duncan Robinson, Butler, LaMelo Ball, Obi Toppin, Myles Turner, Turner, trey, Joel Embiid, De'Anthony Melton, Tyrese Maxey, Shai Gilgeous, Alexander, Antonio's Victor Wembanyama, Chet Holmgren, Holmgren, Wembanyama, Brandon Ingram, Jordan Hawkins, Zion Williamson, Herbert Jones, Naji Marshall, Dyson Daniels, Tim Hardaway Jr, Kyrie Irving, Luka Doncic, Jordan Clarkson, Lauri Markkanen, Jerami Grant, Deandre Ayton, Spencer Dinwiddie, Dinwiddie, Mikal Bridges, Franz Wagner, Paolo Banchero Organizations: Minnesota Timberwolves, Golden State Warriors, Chase Center, Draymond Green, Timberwolves, Minnesota, NBA, Golden State, Nuggets, Clippers, Denver, West Group, Lakers, Grizzlies, Memphis, Los, Hawks, Pistons, Atlanta, Detroit, Hornets, Miami, Charlotte, Pacers, 76ers, Haliburton, Indiana, Philadelphia, Sixers, Thunder, Spurs, Oklahoma City, Mavericks, New, Pelicans, Dallas, Jazz, Trail Blazers, Utah, Portland, Nets, Brooklyn, Orlando, East Group, Magic, Thomson Locations: San Francisco , California, USA, San Francisco, New Jersey, Golden, Los Angeles, Philadelphia, P.J . Washington, Haliburton, San Antonio, New Orleans, Utah, Portland, Salt Lake City, New York, Brooklyn
NBA roundup: Luka Doncic, Mavs overwhelm Clippers
  + stars: | 2023-11-11 | by ( ) www.reuters.com   time to read: +6 min
This was the Clippers' first in-season tournament game, while the Mavericks improved to 1-1. Tyrese Maxey racked up 29 points, 11 assists, six rebounds and four steals for Philadelphia, which has won seven straight games. Rockets 104, Pelicans 101Fred VanVleet drilled two late 3-pointers as Houston rallied from a 10-point, fourth-quarter deficit to defeat visiting New Orleans in an NBA in-season tournament game. Jayson Tatum had 23 points and 10 rebounds for the Celtics, who were playing in their first in-season tournament game. Anthony Edwards added 28 points for the Timberwolves, with Rudy Gobert racking up 11 points and 10 rebounds, Mike Conley scoring 11 points and Jaden McDaniels hitting for 10.
Persons: Luka Doncic, Dwight Powell, Kevin Jairaj, Kyrie Irving, Tim Hardaway Jr, Derrick Jones Jr, Kawhi Leonard, Joel Embiid, Embiid, Tyrese Maxey, Killian Hayes, Duren, Fred VanVleet, VanVleet, Brandon Ingram, Ingram, Zion Williamson, CJ McCollum, Herb Jones, Jordan Clarkson, Lauri Markkanen, John Collins, Keyonte George, Desmond Bane, Bismack Biyombo, Jaylen Brown, Jayson Tatum, Boston's Jrue Holiday, Lonnie Walker IV, Trendon, Dennis Smith Jr, Karl, Anthony Towns, phenom Victor Wembanyama, Anthony Edwards, Rudy Gobert, Mike Conley, Jaden McDaniels, LeBron James, D'Angelo Russell, Anthony Davis, Cam Reddish, Austin Reaves, Kevin Durant, Bradley Beal, Devin Booker, Mark Williams, Charlotte, Gordon Hayward, LaMelo Ball, Kevin Huerter, Keegan Murray, Domantas Sabonis, Murray, Malik Monk, Shai Gilgeous, Alexander Organizations: Dallas Mavericks, LA Clippers, American Airlines Center, Los Angeles Clippers, NBA, Dallas, The Mavericks, Clippers, Mavericks, West Group B, 76ers, Pistons, Philadelphia, Detroit, Rockets, Pelicans, Houston, New, Jazz, Grizzlies, Memphis, Celtics, Nets, Boston, Brooklyn, Trendon Watford, Timberwolves, Spurs, Minnesota, Lakers, Suns, Phoenix, Wizards, Washington, Hornets, Charlotte, East Group, Thunder, Sacramento, Oklahoma City, Kings, Group, Thomson Locations: Dallas , Texas, USA, Detroit, New Orleans, Utah, Minnesota, San Antonio, Los Angeles, Washington
Jokic scored 33 points and went 14 of 16 from the field as the Nuggets held off the Dallas Mavericks 125-114 on Friday night to open the NBA’s inaugural In-Season Tournament. This marked the first In-Season Tournament game for each team. “One of the coaches said, ‘Hey, man, we’re almost to Vegas,’” Malone cracked. “We've got to win a couple more games.”UP NEXTMavericks: Host Clippers on Nov. 10 in next In-season Tournament game. Nuggets: Host Clippers on Nov. 14 in next In-season Tournament game.
Persons: Nikola Jokic, Jokic, Michael Malone, He’s, It’s, ” Michael Porter Jr, Jamal Murray, Luka Doncic, Irving, , Doncic, would've, ” Dallas, Jason Kidd, Sean Sweeney, ” Sweeney, ” Jokic, Malone, there's, , ’ ” Malone, We've, ___ Organizations: DENVER, Nuggets, Dallas Mavericks, NBA, Dallas, Mavericks, West, Los Angeles Clippers, , Host Clippers, Charlotte, Chicago Locations: New Orleans, Dallas, Houston, Las Vegas, Vegas
The NBA's In-Season Tournament starts Friday, after years of planning by Commissioner Adam Silver to have a second trophy for teams to compete for during the season. All games on the schedule those nights are tournament games. There are six five-team groups; teams play the other four teams in their group once. There are 14 teams that will begin play Friday and 13 teams will get their first tournament games in on Nov. 10. Every game in the tournament counts as one of the 82 regular-season games that all teams will play this season.
Persons: Gregg Popovich, Victor Wembanyama, Popovich, , Adam Silver, He's, ” Popovich, , They've, they’ve, Jacque Vaughn, I’m, Walter Brown, FanDuel, ___ Organizations: Spurs, NBA, Orlando, Atlanta, Toronto, Detroit . East, Charlotte . East, Orlando . West, Los Angeles Lakers, Portland . West, Denver, Los Angeles Clippers, Houston . West, , Celtics, Boston Garden, Lakers, Golden State Locations: Las Vegas, Philadelphia, Cleveland, Atlanta , Indiana, Detroit, Milwaukee , New York, Miami, Washington, Charlotte, Boston, Brooklyn, Toronto, Chicago, Orlando, Memphis, Phoenix, Utah, Portland, New Orleans, Dallas, Houston, Sacramento, Golden State , Minnesota, Oklahoma City, San Antonio, ” Brooklyn, Milwaukee, Denver
The logo of NatWest, a retail unit of RBS, outside a bank branch in London, U.K., on Tuesday, June 26, 2012. Simon Dawson | Bloomberg | Getty ImagesTrading in NatWest shares was briefly suspended on Friday morning as the stock slid after a combination of lacklustre earnings and regulators flagging possible rule-breaking in a highly mediatized case. NatWest CEO Alison Rose then admitted to discussing Farage's bank account with a BBC reporter, supplying information that was used in a story and later proved to be inaccurate. Alison Rose, NatWest chief executive, (right) departs 10 Downing Street in London, after meeting with Chancellor Jeremy Hunt. NatWest Group Chairman Howard Davies said the report "sets out a number of serious failings in the treatment of Mr Farage."
Persons: Simon Dawson, Coutts, Nigel Farage, Farage, Alison Rose, Chancellor Jeremy Hunt, James Manning, Howard Davies, Mr Farage, Davies Organizations: NatWest, RBS, Bloomberg, Getty, Trading, Authority, NatWest Group, BBC Locations: London
REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Oct 25 (Reuters) - Britain's data watchdog said on Wednesday that former NatWest CEO Alison Rose infringed Nigel Farage's data rights when she discussed the former Brexit party leader's relationship with the bank with a BBC journalist. "We fully co-operate with the ICO (Information Commissioner's Office) in its assessment of any customer complaint but it would not be appropriate for us to comment on this individual case," a NatWest spokesperson said. The ICO said in its response to Farage's complaint about the incident, seen by Reuters, that in its view Rose shared "misleading information" and that Farage's rights were infringed as a result. Farage welcomed the response and said NatWest should cut Rose's notice pay and bonuses. "It would be an outrage if she walked away with a huge sum of money," Farage said on television channel GB News.
Persons: Dado Ruvic, Alison Rose, Nigel, Coutts, Rose, Farage, Travers, Iain Withers, David Gregorio, Jonathan Oatis Organizations: NatWest, REUTERS, BBC, ICO, Reuters, Financial Times, Natwest, Thomson
Thousands of casino workers go on strike in Detroit
  + stars: | 2023-10-17 | by ( Contessa Brewer | ) www.cnbc.com   time to read: +3 min
The work stoppage targets operations at the MGM Grand Detroit; owned by MGM Resorts International , MotorCity Casino; and Hollywood Casino at Greektown, owned by Penn Entertainment . They are represented by the Detroit Casino Council, which is made up of five unions including the United Auto Workers. MotorCity Casino updated its website showing that high limit table games, poker room and casino valet were closed – as well as its spa and some restaurants and bars. The DCC argues casino workers agreed to a three-year contract during the pressure-packed earlier days of the Covid pandemic. "In 2022, the Detroit casino industry generated $2.27 billion in gaming revenue and is on track for another record-breaking year in 2023.
Persons: MotorCity, Matt Buckley, we've Organizations: MGM, Detroit, MGM Resorts International, MotorCity, Hollywood, Penn Entertainment, Detroit Casino Council, United Auto Workers, CNBC, MCC, MGM's Midwest Group, MGM Grand, MGM Grand Detroit, DCC Locations: Greektown, Michigan, MGM Grand Detroit, Detroit
Failure to secure the cash they need at rates they can afford, could lead to insolvencies and layoffs. "I think we're now starting to finally see the fall of some of the zombies," she added. This can include restructuring loan repayments, offering reduced rates or other more relaxed terms and can help banks avoid loan write-offs. "Banks and private equity shops have waited to see if the tide turned but higher rates don't allow hiding anymore." Any large corporate failures are likely to have a "contamination effect", said Tim Metzgen, an A&M managing director.
Persons: Dado Ruvic, Alvarez, Julie Palmer, Begbies Traynor, we're, Begbies, Nicola Marinelli, Banks, Paul Kirkbright, Kirkbright, Eva Shang, Katie Murray, Naresh Aggarwal, Ravi Anand, Anand, Tim Metzgen, Jane Merriman Organizations: REUTERS, Reuters, Britain's, National Statistics, Casino, Regent's University, of England, Bank of, Finance, M's, NatWest Group, Association of Corporate, Companies, Thomson Locations: Europe, Middle East, Africa, England, Wales, U.S, Basel III
LONDON (AP) — Shares in the troubled British lender Metro Bank bounced back by a third on Friday on reports that it has been sounding out bigger rivals to buy a chunk of its assets. Sky News reported that advisers to the bank have contacted Lloyds Banking Group and NatWest Group among others. But it stressed that “no decision has been made on whether to proceed with any of these options." Gary Greenwood, an equity research analyst for Shore Capital Markets, suggested that the business could struggle to find backers for a potential fundraising exercise. Political Cartoons View All 1202 Images“Metro Bank has been struggling for a number of years to establish itself as a profitable and self-sustaining bank," he said.
Persons: Gary Greenwood Organizations: Metro Bank, Sky News, Lloyds Banking Group, NatWest Group, London Stock Exchange, Shore Capital Markets, Bank Locations: Britain
The U.K.'s embattled Metro Bank has launched talks to sell a third of its mortgage book in an urgent attempt to shore up its balance sheet. LONDON — The U.K.'s Metro Bank will likely struggle to raise fresh capital to shore up its balance sheet, according to analysts, who outlined bleak prospects for the beleaguered bank. The turmoil came amid reports that the embattled bank was seeking to raise up to £250 million ($305 million) in equity funding and £350 million of debt. Metro Bank confirmed in a statement early Thursday that it was considering "how best to enhance its capital resources." Metro Bank did not immediately respond to CNBC's request for comment on the reports; nor did any of the rival banks cited.
Persons: Fitch Organizations: Metro Bank, HSBC, Lloyds Banking Group, NatWest Group, Sky News, Investment, Bank of, Barclays Bank Locations: Wednesday's
Analysts from Goldman Sachs named the European stocks they predict will announce significant buybacks until 2024 — which they say will present substantial upside to their share prices. Stocks with massive upside potential On its list of "companies forecast to execute buybacks over 2022-24," Goldman Sachs included financial players NatWest Group , Lloyds Banking Group , Barclays and BAWAG Group . NatWest Group is expected to have a share reduction of 18% between 2022 and 2024. Barclays — which is penciled to have a share reduction of 11% between 2022 and 2024 — was also rated a buy. The company is looking at a 12% share reduction over the next two years.
Persons: Goldman Sachs, Buybacks, , Goldman, Prosus, — CNBC's Michael Bloom Organizations: Companies, NatWest Group, Lloyds Banking Group, Barclays, BAWAG Group, BAWAG, Media Locations: Europe, United States
Coin Metrics measures a week in crypto, which trades 24 hours a day, from the 4:00 p.m. "The part that could upset the crypto market is if interest rates stay higher for longer, which disappoints the expectation that the rate could be lowered in the first half of 2024. Trading data also shows long-term investors haven't been easily shaken by the recent weakness. This tells us that despite the price volatility and recent downdraft in prices, long-term holders are unwavering. He added that while it's unclear what exactly accounts for traders' resilience, maturing crypto investors are becoming more "aware of the cycles associated with bitcoin's halving and are expecting it to repeat, leading to price appreciation."
Persons: Bitcoin, Oppenheimer's Owen Lau, Jerome Powell's, Gustavo Schwenkler, It's, haven't, Greg Cipolaro, Michael Bloom, Nick Wells Organizations: Metrics, Fed, Leavey School of Business, Santa Clara University, Indicia Labs, SEC, JPMorgan, Management, CNBC Locations: Jackson Hole , Wyoming, U.S, China, NYDIG, Stone
HSBC's U.K. headquarters are seen at the Canary Wharf financial district of London on July 31, 2018. Although refusing to discuss details of other banks and their clients, HSBC boss Quinn told CNBC on Tuesday that "our policy is not to de-bank or exit a client based on their lawful personal views." "We also have a responsibility as an institution to look at any areas of financial crime compliance or we have an obligation to collect information on KYC (Know Your Customer), so we have those competing obligations but to reiterate, as a policy we do not exit clients based on their lawful personal views." The closure of Farage's account triggered a heated debate in the U.K. and rocked the domestic banking industry. NatWest CEO Alison Rose was forced to resign, after she admitted discussing details of Farage's Coutts account with a BBC reporter in the wake of his allegations.
Persons: Tolga Akmen, Noel Quinn, Coutts, Nigel Farage's, Farage, Coutts —, , Quinn, Alison Rose, Farage's Coutts, Peter Flavel, Rishi Sunak, Jonathan Bachman Organizations: AFP, Getty, LONDON, HSBC, Trump, NatWest Group, CNBC, NatWest, BBC, Brexit Party, UKIP Locations: London, U.K
NatWest reports profit rise amid fallout from Farage fiasco
  + stars: | 2023-07-28 | by ( ) www.cnbc.com   time to read: +3 min
A sign outside a NatWest Group Plc bank branch in the City of London, UK, on Tuesday, July 25, 2023. Natwest is due to report first-half results on Friday, July 28. NatWest reported pre-tax profit of £3.6 billion ($4.6 billion) for the period, compared to £2.6 billion the prior year and above the £3.3 billion average of analyst forecasts compiled by the bank. NatWest remains under pressure over the Farage scandal. NatWest is nearly 40% taxpayer-owned following its bailout during the 2008-2009 global financial crisis, adding more weight to the government's position.
Persons: Hollie Adams, Nigel Farage, Alison Rose, Coutts, Rose, Peter Flavel, Paul Thwaite, Howard Davies, Thwaite Organizations: NatWest Group, City of, Natwest, Bloomberg, Getty, NatWest, BBC, Reuters, Rivals Barclays, Lloyds, Barclays Locations: City, City of London, Britain
When Nigel Farage campaigned for a fellow populist, Donald J. Trump, in Arizona in 2020, he seemed like a faded star seeking the spotlight abroad after it had swung past him at home. Having helped mobilize the pro-Brexit vote in 2016, Mr. Farage was marginalized in Britain, then consumed by the pandemic. No longer: For three weeks, Mr. Farage, has been back on the front pages of British papers, with an attention-grabbing claim that his exclusive private bank, Coutts, dropped him as a customer because of his polarizing politics. Early on Wednesday, after Mr. Farage’s allegations were largely vindicated, the chief executive of his bank’s parent, NatWest Group, resigned after she admitted improperly discussing his bank account with a BBC journalist. It was a striking turn of events for a political insurgent who became, for many, a reviled symbol of Brexit, and later, a culture warrior on right-wing television.
Persons: Nigel Farage, Donald J, Trump, Farage, Coutts, Alison Rose Organizations: NatWest Group, BBC Locations: Arizona, Britain
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