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☆ London is suffering an office market 'recession.' Meta just paid $181 million to dump a lease
▼ + stars: | 2023-09-27 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —London’s office market has plunged into a “rental recession,” with the share of empty space hitting its highest level in three decades, investment bank Jefferies said in a note Wednesday. Packing upOn Monday, British Land said Meta had agreed to pay £149 million ($181 million) to break its lease on a 310,000-square-foot office near London’s Regent’s Park. More bankers are reportedly leaving the area as UBS (UBS) begins relocating staff working for Credit Suisse to its main London office in the City. Regulators have been watching the commercial real estate market closely for any sign that spiraling vacancy rates and falling rents could become the source of the next financial crisis. The downturn in office rentals stands in stark contrast to London’s residential rental market where demand is high and supply chronically low.

Persons: London CNN —, Jefferies, Michael Prew, Meta, Clifford Chance, Banks Organizations: London CNN, The, City of, Jefferies, CNN, Derwent London, “, HSBC, UBS, Credit Suisse, City . Credit Suisse, Regulators, Investment, Hamptons Locations: The New York, City, City of London, London, Canary Wharf, London’s, Canary

☆ UBS cuts nearly 70% Credit Suisse researchers in Hong Kong-sources
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. UBS' takeover of Credit Suisse, the biggest bank merger since the 2008 global financial crisis, was hastily arranged in March this year by Swiss authorities to avert Credit Suisse's collapse. More than 15 equity researchers were notified earlier this week about the layoffs in Hong Kong, the sources said, adding less than 10 researchers focusing on Hong Kong and China equities will join the UBS team. Credit Suisse did not respond to a Reuters request for comments. Both of them will bring some junior researchers from Credit Suisse, the sources added.

Persons: Denis Balibouse, Charles Zhou, China financials, Kenneth Fong, Zhou, Fong, Sergio Ermotti, Julie Zhu, Kane Wu, Selena Li, Summer Zhen, Sumeet Chatterjee, Bernadette Baum, Emelia Organizations: Credit Suisse, UBS, REUTERS, Credit, Suisse's Securities Research, Reuters, Monday, Asia, China Internet, Thomson Locations: Zurich Switzerland, HONG KONG, Hong Kong, China, Asia Pacific, Asia, Swiss

☆ UBS shares jump to 2008 highs after profit beat, job cuts announcement
▼ + stars: | 2023-08-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

UBS posted a second-quarter profit of $28.88 billion in its first quarterly earnings since Switzerland's largest bank completed its takeover of stricken rival Credit Suisse. UBS said the result primarily reflected $28.93 billion in negative goodwill on the Credit Suisse acquisition. UBS paid a discounted 3 billion Swiss francs ($3.4 billion) to acquire Credit Suisse in March. "Credit Suisse has excellent people, clients, and product capabilities, but the business model was not sustainable any longer and needs to be restructured." UBS delayed reporting its second-quarter results — initially scheduled for July 25 — until after completing the Credit Suisse takeover on June 12.

Persons: Eduardo Munoz Alvarez, Ermotti, CNBC's, CNBC's Joumanna, — Organizations: UBS, View Press, Getty, Credit Suisse, Analysts, Suisse, Suisse's, Credit, The Credit Suisse, Swiss Locations: Manhattan, New York City, Zurich, Swiss, Switzerland

☆ UBS inherits tricky wealth legacy in Asia
▼ + stars: | 2023-08-29 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

SINGAPORE, Aug 29 (Reuters Breakingviews) - UBS (UBSG.S) CEO Sergio Ermotti is facing an Asian wealth bonanza after acquiring Credit Suisse, which has been particularly strong in Indonesia and neighbouring countries. Tidjane Thiam, who ran Credit Suisse from 2015 to 2020, placed a big bet on the region by creating g a standalone Asian unit led by Indonesian banker Helman Sitohang. Former UBS CEO Ralph Hamers said in March that in Asia, more than anywhere globally, the interplay between wealth management and investment banking was important to lure clients. That working combination helped Credit Suisse regularly top equity capital markets and M&A league tables in Southeast Asian markets. UBS regional chief Edmund Koh told an industry event in July that the Swiss bank will manage about $800 billion of assets in Asia this year, Asia Private Banker reported.

Persons: Sergio Ermotti, Tidjane Thiam, Helman Sitohang, Ralph Hamers, Edmund Koh, Ermotti, Francesco De Ferrari, Benjamin Cavalli, Lisa Jucca, Thomas Shum Organizations: Reuters, UBS, Credit Suisse, Suisse, Credit Suisse’s, Credit, Asia, Banker, HSBC, HK, Thomson Locations: SINGAPORE, Indonesia, Swiss, Asia

☆ Nvidia, key Powell speech to take center stage next week in midst of Wall Street's August woes
▼ + stars: | 2023-08-18 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

The week ahead will "revolve around three things," Infrastructure Capital Management CEO Jay Hatfield remarked on the week ahead. "Nvidia's earnings, Nvidia's earnings and, to a lesser degree, Jackson Hole." Nvidia earnings Many investors expect Nvidia will beat expectations for the second quarter when it reports results next Wednesday . More commentary from Jackson Hole If Nvidia is the key microeconomic event next week, Jackson Hole will dominate macroeconomic discussion. Powell delivers his address at the annual central bank forum hosted by the Kansas City Fed next Friday morning.

Persons: Jerome Powell, Jay Hatfield, Jackson, Management's Yung, Yu Ma, Hans Mosesmann, Hatfield, Powell, Ross Mayfield, Ray Farris, Fed Governor Bowman, Michael Bloom Organizations: Federal, Infrastructure Capital Management, Dow, Nasdaq, Treasury, Fitch, Federal Reserve, BMO, Nvidia, Rosenblatt Securities, Infrastructure Capital Management's, Kansas City Fed, Fed, Infrastructure Capital, Credit Suisse, Richmond Fed, Federal Reserve Bank of Chicago, PMI, New, Body, Devices, Autodesk, Chicago, . Kansas City Fed Manufacturing, Intuit, Ulta Locations: , Wyoming, China, Infrastructure Capital Management's Hatfield, Powell, . Kansas, Michigan

☆ Top 10 things to watch in the stock market Friday, including hotter PPI and mega-cap pressure
▼ + stars: | 2023-08-11 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

Top 10 things to watch Friday, Aug. 11 Stocks are lower to end the week. Apple (AAPL) and Nvidia (NVDA), the Club's two "own it, don't trade it" stocks and big 2023 winners, are under pressure again early Friday. Target (TGT) price target lowered to $142 per share from $163 by Barclays; and $160 from $200 by Guggenheim ahead of earnings next Wednesday. Credit Suisse raises its earnings estimates and price target on Walmart (WMT) to $180 from $170 ahead of its report next week. Club name Pioneer Natural Resources (PXD) price target raised to $281 per share from $275 at Stifel.

Persons: Dow, Stanley Black, Decker, Stanley, Eli Lilly, Piper Sandler, Piper, Guggenheim, Jim Cramer's, Jim Cramer, Jim Organizations: Caterpillar, Apple, Nvidia, Wolf Research, Citi, Merck, Cisco Systems, Arista Networks, Juniper Networks, Palo Alto Networks, Barclays, Credit Suisse, Walmart, Natural Resources, Energy, Halliburton, HAL, JPMorgan, Netflix, Jim Cramer's Charitable, CNBC Locations: Stifel

☆ Credit Suisse raises Walmart price target, says retailer is a buy ahead of earnings
▼ + stars: | 2023-08-11 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Investors should snap up shares of Walmart ahead of earnings, according to Credit Suisse. Analyst Karen Short maintained her outperform rating on the stock and raised her price target by $10 to $180. Walmart is set to report its third-quarter earnings Thursday before the market opens. Credit Suisse raised its earnings per share forecast for the second quarter by 6 cents to $1.74, exceeding the consensus of $1.69, according to analysts surveyed by FactSet. To be sure, the analyst added that these tailwinds should be partially offset by Walmart's continued softness in general merchandise sales.

Persons: Karen Short, FactSet ., Walmart's, — CNBC's Michael Bloom Organizations: Walmart, Credit Suisse, FactSet

☆ Here are Credit Suisse's top picks for August, including healthcare and tech stocks
▼ + stars: | 2023-08-06 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Credit Suisse refreshed its "top of the crop" stock picks for August, betting on some big-name stocks as investors continue to feed the markets with optimism. Credit Suisse recently highlighted several stocks the bank's analysts think can outperform this month. "It is increasingly clear that greater service levels in the form of faster delivery is leading to consumers assigning a higher value to Prime" memberships, Credit Suisse said. Credit Suisse also named electronics manufacturer Flex Ltd. as a top pick. Credit Suisse assigned a $126 price target on Merck, which implies 20% appreciation from Friday's closing price.

Persons: Stocks, Stephen Ju, Amazon's, Ju, Shannon Cross, Flex, Cross, Trung Huynh, Merck, — CNBC's Michael Bloom Organizations: Suisse, Credit Suisse, Amazon, Flex, Merck, Prometheus Biosciences

☆ UBS hit with $387 million in fines for ‘misconduct’ by Credit Suisse in Archegos dealings
▼ + stars: | 2023-07-24 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —UBS is being fined for missteps by Credit Suisse less than two months after UBS completed an emergency takeover of its former rival. On Monday, the Federal Reserve said it would fine UBS for “misconduct” by Credit Suisse in its risk management of Archegos Capital Management, an investment fund that collapsed in 2021. All told, the fines levied against UBS announced Monday total $387 million – including fines from the Swiss government and the Bank of England. In its announcement of the fine, the Federal Reserve Board said that Credit Suisse practiced “unsafe and unsound” credit risk management practices in its dealings with Archegos. UBS and Credit Suisse have also been ordered to submit a plan to strengthen oversight of their US operations and senior management in the next 120 days.

Organizations: CNN, UBS, missteps, Credit Suisse, Federal Reserve, Archegos Capital Management, Bank of England, Warner Brothers Discovery, Federal Reserve Board, Archegos, “ Credit Suisse, ”, Silicon Valley Bank, Signature Bank, Swiss Locations: Swiss, “, Wall, Switzerland

☆ Hollywood strike may soon turn destructive for media stock investors, analysts say
▼ + stars: | 2023-07-20 | by ( Alex Harring | ) www.cnbc.com time to read: +8 min

"We're getting to a point of being very destructive to the entertainment ecosystem," said Rosenblatt Securities analyst Barton Crockett. Bazinet said to expect the walkout to last into the fourth quarter, which would mean a writers' strike lasting between around 150 and 240 days and an actors' strike in a range of 70 and 160 days. The strikes could cost the film and TV industry about $150 million per week, Citigroup's Bazinet wrote, using inflation-adjusted data from the 1980 actors' strike. "The lasting impacts are: [it] makes the streamers stronger and the traditional media companies weaker," Crockett said. JPMorgan analyst David Karnovsky downgraded movie theatre chain Cinemark shares to neutral from overweight earlier this week, citing the strike.

Persons: We're, Barton Crockett, Jason Bazinet, Bazinet, Douglas Mitchelson, Mitchelson, Goldman Sachs, Brett Feldman, Philip Cusick, Cusick, Goldman's Feldman, Citigroup's Bazinet, Rosenblatt's Crockett, Crockett, Feldman, Barbie, Oppenheimer, Stephen Laszczyk, David Karnovsky, Karnovsky, — CNBC's Michael Bloom Organizations: Screen, – American Federation of Television, Radio Artists, Alliance, Television Producers, Writers Guild of America, Rosenblatt Securities, Media, AMC, Disney, Warner Bros, Discovery, Paramount, Netflix, UFC, Endeavor, WWE, SAG, Credit Suisse, JPMorgan, AMC Networks, WBD, Covid, Comcast, CNBC

☆ Here are Thursday's biggest analyst calls: Tesla, Netflix, Chevron, Alphabet, Apple, Nvidia, IBM and more
▼ + stars: | 2023-07-20 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Morgan Stanley reiterates Tesla as equal weight Morgan Stanley said it's standing by its equal-weight rating on Tesla after its earnings report Wednesday. Morgan Stanley upgrades Anheuser-Busch InBev to overweight from equal weight Morgan Stanley said the beer giant's valuation is attractive right now. Morgan Stanley reiterates Microsoft as overweight Morgan Stanley said the company is a top pick heading into earnings next week. Bank of America reiterates Alphabet as buy Bank of America said it's bullish on the stock heading into earnings next week. Bank of America reiterates IBM as buy Bank of America said it's standing by its buy rating on the artificial intelligence beneficiary after its earnings report Wednesday. "

Persons: it's, Morgan Stanley, Tesla, Bud, Wolfe, NVDA, Estée Lauder, Skyworks, McDonald's, Wells, Wells Fargo, it's bullish, Goldman Sachs, ServiceNow Organizations: Credit Suisse, Apple, Suisse, Vision, Tesla, Anheuser, Busch InBev, RBC, Nvidia, Barclays, UBS, Chevron, Bank of America, Netflix, Deutsche Bank downgrades Avis Budget, Deutsche Bank, Avis Budget, Walmart, " Bank of America, IBM, Citi Locations: underperform, China

☆ What layoffs? JPMorgan Chase is growing headcount in every division despite a dealmaking drought and possible economic slowdown.
▼ + stars: | 2023-07-14 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +5 min

Wall Street has suffered severe layoffs amid a dealmaking drought and shaky economic outlook. Headcount is up in every division, not including thousands of First Republic employees onboarded in July. Jobs have grown in every division despite the non-stop news about industry layoffs (think Goldman) and consolidation (think Credit Suisse). It has also cut about 40 high-paying investment banking jobs, and about 1,000 jobs from its home lending unit. The bank also beat Wall Street's expectations and has again become a challenger to Goldman Sachs' spot as No.

Persons: JPMorgan Chase, Jobs, Goldman, It's, headcount, Goldman Sachs, Morgan Stanley, May, JPM, Jamie Dimon, JPMorgan's, Jeremy Barnum Organizations: JPMorgan, First Republic, onboarded, Suisse, JPMorgan Headcount, Bank Division, Consumer, Community Bank, Investment Bank, Bank, Wealth Management, First, Republic, Wall, Credit Suisse, UBS, Reuters, Global, Basel III Locations: Louis , Missouri, First Republic, San Francisco, China, Ukraine, Basel

☆ Credit Suisse gives its top stock picks for the second half
▼ + stars: | 2023-07-11 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

After a strong first half for the stock market, Credit Suisse has an idea to keep the gains going. Now, questions swirl around if the market can continue its ascent as the second half of 2023 kicks into high gear. Credit Suisse asked every one of its U.S. research analysts to name their top stock picks when looking at the next six to 12 months. His price target implies shares could rally nearly 35% over the next year. International Game Technology also made the list, with analyst Ben Chaiken expecting big upside ahead even after a strong first half.

Persons: Stocks, Alcoa, Curt Woodworth, Woodworth, Refinitiv, Ben Chaiken, Judah Frommer, Frommer, MasTec, Jamie Cook, — CNBC's Michael Bloom Organizations: Credit Suisse, Nasdaq, Technology

☆ How UBS can cling on to its Swiss purchase
▼ + stars: | 2023-07-06 | by ( Liam Proud | ) www.reuters.com time to read: +6 min

The Swiss bank is under pressure to offload Credit Suisse’s local business to ease a political backlash in its home market. UBS acquired the subsidiary known as Credit Suisse (Schweiz) AG as part of its rescue of the ailing lender in March. Many lawmakers and voters dislike the tie-up, in part because taxpayers provided $10 billion of insurance against possible losses on Credit Suisse assets. Ermotti, who previously ran UBS between 2011 and 2020, now favours keeping the business, according to Swiss media reports. If Ermotti can avoid large-scale job losses in the coming years, he may be able to hang onto his Swiss purchase.

Persons: Sergio Ermotti, Ermotti, Ralph Hamers, Lukas Gähwiler, GRACE, Peter Thal Larsen, Katrina Hamlin Organizations: Reuters, UBS boss’s, UBS, Credit Suisse, AG, Swiss National Bank, Reuters Graphics Reuters, Credit Suisse Schweiz, Suisse, Reuters Graphics, Credit, JPMorgan, Schweiz, Thomson Locations: Swiss, Schweiz, Switzerland’s, Switzerland, Europe, Ermotti

Some billionaires rocketed into space as Branson and Amazon founder Jeff Bezos have. Other rich travelers journeyed on a submersible to explore the wreckage of the ocean liner Titanic. For $250,000 to $300,000 a trip, Kent sometimes fields unusual requests including helping a Saudi prince fulfill his dream of flying a plane onto and off of an aircraft carrier. The experience was so demanding that Ackman's father expressed concern about the intended trip, not for his son but for another fund manager who had signed up to go. One person familiar with that excursion said it probably wouldn't happen again, in part because it was such a potentially risky undertaking.

Persons: Eric Gaillard, Richard Branson, Branson, Jeff Bezos, ”, Alexandre Cymbalista, Geoffrey Kent, Kent, Goldman Sachs, Monica Heslington, Goldman, Melissa Biggs Bradley, Massimo Bottura, Bill Ackman, Whitney Tilson, Tilson, Ackman, Svea Herbst, Bayliss, Tatiana Bautzer, Julia Harte, Nupur Anand, Paritosh Bansal, Anna Driver Organizations: REUTERS, Twitter, Virgin Galactic, Virgin Group, Amazon, Wall Street, Abercrombie, Kent, Credit Suisse, SPECIAL, Goldman, Art Basel, Rubell Museum, Bank of America, Indagare, Ferrari, Navy, Svea, Thomson Locations: Nice, France, New York City, Branson, safaris, Botswana, Kent, Saudi, Africa, Miami, Art Basel, Modena, Italian, Mongolia, California

☆ Wall Street is worried the stock market is already overvalued
▼ + stars: | 2023-06-22 | by ( John Melloy | ) www.cnbc.com time to read: +3 min

Even as the stock market is just trying to claw its way out of a bear market, multiple Wall Street firms on Thursday raised concerns that equities are already overvalued. Following a breakout in the past month, the S & P 500 is up more than 20% from its October low and is at a 13-month high. But while an official bull market is not yet confirmed (S & P 500 needs to hit a new all-time high for that), the stock market may already be overvalued, some major strategists said. .SPX ALL mountain S & P 500 long term The S & P 500 is trading at forward price-earnings ratio of 18.8, compared to the average valuation of 15.4 times the last four decades, according to UBS. Nevertheless, normally uber-bullish Wall Street is having trouble seeing boom times ahead for equity investors with valuations already so high.

Persons: Solita Marcelli, annualized, Jonathan Golub, Michael Bloom Organizations: UBS, Global Wealth Management, Americas, JPMorgan, Credit Suisse

☆ Here's our internal debate about what to do with stocks making all-time highs
▼ + stars: | 2023-06-16 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

All of the following stocks hit all-time price highs Friday, except for Meta Platforms (META), which was a multiyear high. Apple P/E next 12 months (NTM) ratio: 29x 5 year Average P/E (NTM): 22.7x PEG (NTM) ratio: 2.9x 5 year average PEG (NTM) Ratio: 1.9x Apple 's (AAPL) valuation has gotten stretched in recent weeks, even when factoring in growth expectations. Meta Platforms P/E (NTM) ratio: 21.4x 5 year Average P/E (NTM): 21.2x PEG (NTM) ratio: 1.6x 5 year average PEG (NTM) Ratio: 2.2x Meta has been on an incredible run. Microsoft P/E (NTM) ratio: 31.7x 5 year Average P/E (NTM): 27.7x PEG (NTM) ratio: 2.5x 5 year average PEG (NTM) ratio: 2.1x Microsoft's run has seen its earnings-based valuation (P/E) expand, even when adjusting for growth (PEG). NVDA YTD mountain Nvidia YTD performance Nvidia has a history of beating estimates and ending up cheaper in hindsight.

Persons: Jim Cramer, Jim, we've, Rather, Eli Lilly P, Eli Lilly's, Eli Lilly YTD, Lilly, we're, Eli Lilly, Jim Cramer's, Michael Nagle Organizations: Nasdaq, Nvidia, Meta, Apple, UBS, Credit Suisse, Mounjaro, Microsoft, Palo Alto Networks, CNBC, Bloomberg, Getty Locations: —, Palo

☆ Credit Suisse sees Eli Lilly headed higher as Mounjaro users espouse weight loss drug on social media
▼ + stars: | 2023-06-15 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +3 min

Credit Suisse analyst Trung Huynh has combed through social media and is impressed by the awareness — and demand — for GLP-1 medications such as Eli Lilly 's Mounjaro. Among those observations are reports of other potential benefits that patients taking Mounjaro, or tirzepatide, are seeing. Others taking the drug reported benefits such as a reduction in addiction behaviors such as smoking, drinking, gambling and shopping, among other things. However, this may be a function of patients who are trying to use Mounjaro off-label for obesity, he said. Credit Suisse has an outperform rating on Lilly shares, with a $490 price target, which implies more than 9% upside from where Lilly shares closed Wednesday.

Persons: Trung Huynh, Eli Lilly, Huynh, Mounjaro, agonism, Lilly hasn't, semaglutide —, Lilly, —, Michael Bloom Organizations: Credit Suisse, Food and Drug Administration, Novo Nordisk

☆ UBS Just Outlined the Key People Tasked With Integrating Credit Suisse
▼ + stars: | 2023-06-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

Monday marked the official closing of UBS' acquisition of Swiss rival Credit Suisse, a deal both sides weren't exactly thrilled about. Specifically, the bank identified the Credit Suisse execs sitting in positions of power within its investment bank and wealth management division. UBS has not been bashful in hinting at what it is, and is not, interested in integrating from Credit Suisse. Credit Suisse was in rough shape by the time it got acquired, but that's not to say there weren't talented bankers there. Read more about the leaders of UBS' wealth and investment bank teams following its Credit Suisse deal.

Persons: Dan DeFrancesco, we've, Insider's Michelle Abrego, Kaja Whitehouse, that's, Read, Alexander Soros, George Soros, Jeffrey Epstein, Thoma, Nasdaq's, Morgan Stanley, Sam, Here's, Alex Soros, it's, We've, Jeffrey Cane, Hallam Bullock Organizations: Nasdaq, UBS, Swiss, Credit Suisse, Suisse, Credit Suisse execs, Lehman Brothers, George Soros Getty, JPMorgan, Thoma Bravo, Soros, Open Society Foundation, LinkedIn Locations: secondaries, New York, London

June 5 (Reuters) - UBS Group AG (UBSG.S) is looking to retain more than 100 Credit Suisse Group AG (CSGN.S) investment bankers across Asia as part of a plan to shore up talent in markets where its rival has a stronger presence, a source with direct knowledge of the matter said. Bloomberg said that UBS's retention target of more than 100 bankers did not include China. UBS and Credit Suisse declined to comment on the report. Credit Suisse also declined to say how many investment bankers it currently employs in Asia. Reuters last month reported that hundreds of Credit Suisse employees are resigning each week in a sign of the uncertainty gripping the lender while it is being taken over by its larger rival.

Persons: Sergio Ermotti, Yana Gaur, Jamie Freed, Kirsten Donovan Organizations: UBS Group AG, Credit Suisse Group AG, Suisse's, Reuters, Bloomberg News, Bloomberg, UBS, Credit Suisse, Thomson Locations: Asia, South Korea, Thailand, Vietnam, India, China, Bengaluru

☆ Bidzina Ivanishvili: Credit Suisse ordered to pay $926 million to Georgia's former prime minister
▼ + stars: | 2023-05-26 | by ( ) edition.cnn.com time to read: +3 min

Credit Suisse was ordered to pay $926 million to Georgia’s former prime minister Friday for losing part of his fortune, in a Singapore court ruling that represents one of the biggest legal awards made against the bank. Credit Suisse (CSGKF) said it would appeal the decision. Billionaire businessman Ivanishvili, who was Georgia’s prime minister in 2012 to 2013, had placed $1.1 billion under the custodianship of Credit Suisse Trust in 2005, the court heard. It should have prevented Patrice Lescaudron, an adviser at Credit Suisse Trust in Singapore who was later convicted of fraud, from having access to them. AppealThe $926 million to be paid by Credit Suisse will be reduced by $79 million it had already paid in December.

☆ Famed economist David Rosenberg says home prices are set to fall further as buyers retreat to the sidelines and a hawkish Fed means stubbornly high mortgage rates
▼ + stars: | 2023-05-26 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

With mortgage rates unlikely to budge and incomes unlikely to grow, prices are due to drop. Housing affordability is calculated by accounting for three variables: home prices, mortgage rates, and incomes. Ian Shepherdson, the chief economist at Pantheon Macroeconomics who said in the 2005 that a housing downturn would spark a recession, made the same argument in recent weeks. Now that's quite striking because mortgage rates are no longer at peak, but applications are still falling. This would send interest rates — and therefore mortgage rates, which trade closely with Treasury rates — higher, further hurting demand and affordability, Moody's Chief Economist Mark Zandi recently told Fortune.

☆ Here are Wednesday's biggest analyst calls: Tesla, Wynn, Walmart, Alphabet, Western Alliance & more
▼ + stars: | 2023-05-17 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Wednesday's biggest calls on Wall Street: Bernstein reiterates Tesla as underperform Bernstein said after the automaker's shareholder meeting that it sees trouble ahead. Bank of America upgrades AppLovin to buy from neutral Bank of America said it sees accelerating revenue growth for the mobile tech company. Stephens reiterates Walmart as overweight Stephens said it's standing by its overweight rating heading into Walmart earnings Thursday. Bank of America reiterates ServiceNow as buy Bank of America said the software company is well positioned for AI. " Stephens reiterates Western Alliance as overweight Stephens said it's standing by its overweight rating on the regional bank.

☆ What life after Larry looks like at BlackRock
▼ + stars: | 2023-05-15 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

BlackRock CEO Larry Fink Spencer Platt/Getty Images1. Who's next at BlackRock? On Wall Street, you'd be tough to find a founder and their company more synonymous with each other than Larry Fink and BlackRock. And while it's clear he doesn't want to remain at BlackRock forever, what's not clear is who would step in to fill the void. If that isn't enough for you, Rebecca also mapped out how BlackRock organizes its top leadership, identifying the 150 most powerful people and their reporting lines. Click here to learn more about BlackRock's succession plans for Larry Fink.

☆ Timing the market isn't easy during a debt-ceiling showdown. Investors should stick to this strategy instead.
▼ + stars: | 2023-05-13 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Traders on the floor of the New York Stock Exchange (NYSE) Spencer Platt/Getty ImagesMark Hamrick is senior economic analyst for Bankrate. Phil Rosen: How should investors be positioning themselves as the debt-ceiling fiasco drags on, and a potential default nears? If making a play around the debt ceiling is a no-go in your view, what should investors opt for instead? Homeowners are "quiet quitting" as low inventory and high mortgage rates keep a key market participant sidelined. That has a dual impact: each owner that postpones looking for a new house also marks one less seller on the market.

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