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☆ Oil alliance OPEC+ could extend production cuts this weekend as focus shifts away from Middle East tensions, sources say
▼ + stars: | 2024-05-31 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +5 min

Thomas Coex | Afp | Getty ImagesThe oil-producing Organization of the Petroleum Exporting Countries and its allies could extend existing output cuts this week, delegates and analysts told CNBC, even as focus shifts from Middle East tensions to summer demand. OPEC+ producers are currently implementing a combined 5.86 million barrels per day of supply cuts. And then August is the peak month for tightness," Viktor Katona, lead crude analyst at Kpler, told CNBC. "However, I think that the market right now has priced in a full extension of the voluntary cuts. A high-inflation environment and tight monetary policy in turn reined in oil demand, but central banks have signaled readiness to lower interest rates in the second half of the year.

Persons: Thomas Coex, Viktor Katona, overproducers, Jorge Leon, Yemen's, Tamas Varga Organizations: Organization of, Petroleum, Afp, Getty, CNBC, Energy, Market Research, PVM Oil Associates, United Arab Emirates Locations: OPEC, Vienna, China, Iraq, Kazakhstan, Paris, Ukraine, Gaza, Red, Saudi Arabia, Russia, Guyana, Brazil, Canada

☆ Opinion | Can the Supreme Court’s Liberals Reclaim Judicial Restraint?
▼ + stars: | 2024-05-29 | by ( Linda Greenhouse | ) www.nytimes.com time to read: +1 min

The Supreme Court’s recent rescue of an important federal agency from the hands of a hostile lower court was an exercise in the evolving definition of originalism. A mechanism that the United States Court of Appeals for the Fifth Circuit deemed unconstitutional was clearly known to and accepted by the Constitution’s framers, Justice Thomas concluded. Justice Elena Kagan wrote a concurring opinion to say that while the old history was enlightening and adequate to support the agency’s constitutionality, modern practice supported it as well. “All the flexibility and diversity evident in the founding period,” she wrote, has “continued unabated” when it comes to financing government operations. Notably, two of the court’s conservatives, Justices Brett Kavanaugh and Amy Coney Barrett, in addition to Justice Sonia Sotomayor, joined Justice Kagan’s endorsement of the significance of later, even contemporary, practice when interpreting the Constitution.

Persons: Clarence Thomas, Thomas, Elena Kagan, ”, Brett Kavanaugh, Amy Coney Barrett, Sonia Sotomayor, Kagan’s, Samuel Alito, Neil Gorsuch Organizations: Consumer Financial, United States, Appeals, Fifth Circuit

☆ Opinion | Step Aside, DNA. RNA Has Arrived.
▼ + stars: | 2024-05-29 | by ( Thomas Cech | ) www.nytimes.com time to read: +1 min

Then, in the early 1950s, biology began to nudge physics out of the scientific spotlight — and when I say “biology,” what I really mean is DNA. The momentous discovery of the DNA double helix in 1953 more or less ushered in a new era in science that culminated in the Human Genome Project, completed in 2003, which decoded all of our DNA into a biological blueprint of humankind. You may remember learning about RNA (ribonucleic acid) back in your high school biology class as the messenger that carries information stored in DNA to instruct the formation of proteins. Such messenger RNA, mRNA for short, recently entered the mainstream conversation thanks to the role they played in the Covid-19 vaccines. But RNA is much more than a messenger, as critical as that function may be.

Organizations: Genome

☆ The Disease Detectives Trying to Keep the World Safe From Bird Flu
▼ + stars: | 2024-05-20 | by ( Stephanie Nolen | Thomas Cristofoletti | ) www.nytimes.com time to read: +1 min

The condition of a 9-year-old boy she had been caring for had deteriorated sharply, and he had been intubated, one doctor reported. Dr. Luch told her colleagues her theory. They warned her that if she set off the bird flu warning system, many senior government officials might get involved. Anxious but increasingly certain, Dr. Luch phoned the local public health department, located just across the street. At 8 p.m., Cambodia’s National Public Health Laboratory confirmed Dr. Luch’s suspicion: He had died of highly pathogenic avian influenza.

Persons: Sreyleak Luch, ”, Luch, Virun, Virun’s Organizations: Public Health Laboratory Locations: Kratie, Cambodia, Phnom Penh

☆ Man Linked to ‘I Raped You’ Message Is Detained in France, Authorities Say
▼ + stars: | 2024-05-16 | by ( Johnny Diaz | Aurelien Breeden | ) www.nytimes.com time to read: +1 min

A man accused of sexually assaulting a Pennsylvania college student in 2013 and then, years later, sending her a message that said “So I raped you” has been arrested in France, the authorities said. The man, Ian Thomas Cleary of Saratoga, Calif., had been sought since 2021, when a warrant for his arrest was issued charging him with sexual assault. Mr. Cleary, 31, was detained last month in Metz, France, according to the prosecutor’s office at the Metz Appeals Court. The prosecutor’s office said that Mr. Cleary had been arrested in connection with a case involving the possession of stolen goods. Mr. Cleary is still in detention, the prosecutor’s office said.

Persons: ”, Ian Thomas Cleary, Cleary Organizations: Court Locations: France, Saratoga, Calif, Metz, United States

☆ Opinion | Justices Speak, and Are Greeted With Dissent
▼ + stars: | 2024-05-16 | by ( ) www.nytimes.com time to read: +1 min

And yet, these are the facts: He accepted lavish gifts from powerful friends and failed to report them. His wife was indisputably involved in an attempt to stop the peaceful transfer of power from one president to the duly elected new one. Which Justice Thomas plainly detests when applied to minorities, because (I guess) he believes that it belittles the accomplishments of those who receive a helping hand. I’ve doubted Justice Thomas’s judgment in the past; now I doubt his advocacy skills in general. Because his arguments are self-pitying and unpersuasive.

Persons: Thomas, Clarence Thomas, Ginni, I’ve, Thomas’s Organizations: Ivy League

☆ A Ukrainian war reporter's story: Why I refused to make a 'deal with the devil'
▼ + stars: | 2024-05-04 | by ( Cameron Manley | ) www.businessinsider.com time to read: +7 min

He was a student at Mariupol State University in 2014 when war broke out in the Donbas, and Russia annexed the Crimean peninsula. "I refused to make a deal with the devil. Ponomarenko said he believes the war has "shown what ordinary people are capable of" and has helped reveal "their true selves," pointing to Ukrainian President Volodymyr Zelenskyy as evidence. AdvertisementCapturing it would put Russian forces within striking distance of Ukrainian operational and supply centers in the area. "Bucha was the greatest moment for me because it shows that life prevails," Ponomarenko said.

Persons: —, Ponomarenko, Viktor Yanukovych, Libkos, Rushing Organizations: Service, Mariupol State University, Business, Kyiv, Kyiv Independent Locations: Volnovakha, Ukraine's, Donetsk, Russia, Kyiv, Dnipro, Avdiivka, Ukraine

☆ C.J. Sansom, Mystery Novelist Drawn to Tudor England, Dies at 71
▼ + stars: | 2024-05-03 | by ( Trip Gabriel | ) www.nytimes.com time to read: +1 min

An 800-page novel about the peasant uprisings of 1549!” Marilyn Stasio, the longtime mystery and crime reviewer for The New York Times Book Review, began a column in 2019. It was an assessment of “Tombland,” the seventh work of historical fiction by C.J. Sansom to feature Matthew Shardlake, a hunchbacked lawyer-turned-detective whose exploits solving chilling murders in Tudor England come steeped in suspense and granular historical detail. Readers are made privy to the court intrigues of Thomas Cromwell and King Henry VIII, eavesdrop on women arguing in a market stall, and inhale the stench of London streets. “Sansom describes 16th-century events in the crisply realistic style of someone watching them transpire right outside his window,” she wrote.

Persons: goody, Marilyn Stasio, C.J . Sansom, Matthew Shardlake, Thomas Cromwell, King Henry VIII, eavesdrop, “ Sansom, ”, . Sansom Organizations: The New York Locations: Tudor England, London

☆ The fall of Gucci was inevitable
▼ + stars: | 2024-05-03 | by ( Madeline Berg | ) www.businessinsider.com time to read: +13 min

"We got used to hearing about double-digit growth at Gucci," Fflur Roberts, the head of luxury goods at Euromonitor, told Business Insider. "I think of what a fashion editor is wearing — it's not Gucci," Lindsey Solomon, a fashion publicist, told BI. After taking the top spot on the Lyst Index of fashion's hottest brands in 2022, Gucci dropped to number 11 last quarter. "We still believe the Gucci brand's current growth rate, which is 10 times higher than that of the industry, represents a risk going forward," Morningstar's Sokolova wrote in a 2017 note. Gucci relied heavily on China for its growth, but stores — perhaps including this one in China's Hainan Province — have struggled recently.

Persons: Alessandro Michele's, loafers, Gigi Hadid, Sienna Miller, Steve Madden, ASOS, Sally Singer, Michele, Fflur Roberts, Alessandro Michele, Harry Styles, Billie Eilish, Jared Leto, Kevin Mazur, Bauer, Griffin, Jeff Kravitz, Gucci, Sabato De Sarno, Lindsey Solomon, De Sarno, François, Henri Pinault, China —, Jelena Sokolova, Solomon, Daniele Venturelli, Michele —, Sokolova, It's, Thomas Chauvet, Morningstar's Sokolova, Michele's Gucci, wasn't, Jeremy Moeller, Chauvet, Roberts, Chanel, Gucci's, Gucci hadn't, Hermès, Birkin, Louis Vuitton's Neverfull, Pinault, Louis, Euromonitor's Roberts Organizations: Creative, Gucci, The Recording Academy, Axelle, Morningstar, BI, Citi, Disney, Getty, Revenue, China News Service, Bain, Louis Vuitton Locations: Euromonitor, China, The Asia, Pacific, China's Hainan Province, Asia

☆ How cell phones are killing our kids, and what we can do about it
▼ + stars: | 2024-04-16 | by ( Matt Villano | ) edition.cnn.com time to read: +12 min

Jonathan Haidt: Kids always had play-based childhoods, but we gradually let that fade away because of our growing fears of kidnapping and other threats in the 1980s and 1990s. If they have the phones, they will be texting during class, and they will be focused on their phones. If they don’t have phones, they will listen to their teachers and spend time with other kids. Most middle school kids are entirely enmeshed in smartphones and social media. Because kids are somewhat sex-segregated online (they interact less with kids of the opposite sex), the situation is unconducive to heterosexual dating and marriage.

Persons: Jonathan Haidt, ”, Haidt, Dave Cicirelli, Thomas Cooley, New York University’s Leonard N, Jayne Riew, You’ve, we’re, There’s, you’ve, they’re, We’re, they’ve, Matt Villano Organizations: CNN —, Penguin Press, American Psychological Association, New York, Stern School of Business, CNN, Jayne Riew CNN, YouTube, Getty, Meta Locations: United States, America, American, Northern California, whalehead.com

☆ BMO says there's a buying opportunity in small caps, gives a list of the best ones to buy
▼ + stars: | 2024-03-27 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Since the start of the year, the S & P MidCap 400 index and S & P SmallCap 600 index have added 8.2% and 0.2%, respectively. The large-cap S & P 500, meanwhile, has gained roughly 9.5%. March has proved to be a better month for so-called SMID-cap stocks, however, with the S & P MidCap 400 gaining about 4%, while its large-cap counterpart has added 2.4%. To play this trend, he listed several stocks in BMO's SMID-cap universe that the firm rates as outperform. Other top stocks included in BMO's SMID-cap coverage include social media company Snap , discount retailer Ross Stores and electric power and natural gas supplier Constellation Energy .

Persons: Brian Belski, Belski, Piper Sandler, Thomas Champion, Morgan Stanley, Keith Bachman Organizations: BMO Capital Markets, BMO, BMO's, Software, BMO Capital, Ross Stores, Constellation Energy Locations: Tuesday's, Real

INDIANAPOLIS (AP) — One person is dead and five others suffered injuries in a shooting at an Indianapolis bar early Saturday morning, according to a news report. Indianapolis Metro Police Department Commander Matthew Thomas confirmed the death and the injuries to the other victims resulting from the shooting shortly before 1:30 a.m., WXIN-TV reported. Thomas said five victims were transported by emergency responders to area hospitals and the sixth went to a hospital on their own after the shooting at Landsharks on Broad Ripple Avenue, WXIN reported. The police did not immediately share the circumstances of the shooting or a description of any suspects and there were no immediate arrests, WXIN reported. This material may not be published, broadcast, rewritten or redistributed.

Persons: Matthew Thomas, Thomas, WXIN Organizations: INDIANAPOLIS, Indianapolis Metro Police Department, Associated Press Locations: Indianapolis, Landsharks

☆ CNBC Daily Open: Stubborn inflation is a problem for the Fed
▼ + stars: | 2024-03-13 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Despite high inflation, the BOJ hasn't really shifted from its ultra-loose monetary policy that has been in place in 2016. Rate cut pivot in 2024Central banks worldwide could make a rate cut pivot in 2024. Boeing crisis hurt airlinesCEOs from several airlines say Boeing's delivery delays have forced the carriers to change their growth plans.

Persons: Thomas Calomiris Organizations: Washington , DC, CNBC, Japan's Nikkei, Dow, Nasdaq, Bank of Japan, Economist Intelligence, Boeing, Alaska Airlines Max, Southwest Airlines, Alaska Airlines, United Locations: Washington ,, Asia, BOJ, Central, Beijing

☆ Archimedes’ death ray might have worked, teen science project suggests
▼ + stars: | 2024-03-08 | by ( Taylor Nicioli | ) edition.cnn.com time to read: +7 min

But one fabled device has left scientists speculating on its existence for hundreds of years — the death ray. For his 2022 science project, Sener recreated the Archimedes screw, a device for raising and moving water. Sener found the death ray to be one of the more intriguing devices — sometimes referred to as the heat ray. Archimedes’ death ray is more commonly speculated to have been an array of several mirrors or polished shields. Sener’s mom, Melanie, was not surprised by her son’s choice in science project.

Persons: Archimedes, Brenden Sener, Sener, ” Sener, Melanie Sener, Cliff Ho, Ho, ”, “, Thomas Chondros, Melanie, … He’s Organizations: CNN, London Public, Canadian Science Fair, Sandia National Laboratories, US Department of, National Nuclear Security Administration, Greece’s University of Patras, Massachusetts Institute of Technology, University Locations: Greece, London , Ontario, Syracuse, Albuquerque , New Mexico, Chondros

A New York bank is under severe pressure Friday close to one year after absorbing a large chunk of another bank 30 miles away that had failed. That pressure has been compounded at the Hicksville, New York, bank because it grew massively almost overnight after absorbing the failed Signature Bank. That put New York Community Bancorp at a new level that requires higher regulatory scrutiny, a transition that has been rocky. One of those failed banks, Signature, was acquired by New York Community Bancorp, pushing it above $100 billion in assets, which by law puts it under more scrutiny from regulators. DiNello was CEO of Flagstar Bank, which New York Community Bancorp acquired in late 2022.

Persons: Thomas Cangemi, ”, Joe Biden, ” Citi’s Keith Horowitz, Horowitz, Cangemi, Alessandro DiNello, DiNello Organizations: New York Community Bancorp, Moody’s, U.S . Securities, Exchange Commission, Bank, Industry, Flagstar Bank, New, Community Bancorp Locations: York, New, , New York

☆ Real-estate lender NYCB is in turmoil, shredding nerves on Wall Street
▼ + stars: | 2024-03-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

The turmoil at New York Community Bancorp continued Thursday with a string of announcements that sent shares down over 20%. It appointed a new CEO and disclosed "material weaknesses" relating to how it reviews loans. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe turmoil at New York Community Bancorp, or NYCB, is getting worse. More worryingly, it added in regulatory filings that its management "identified material weaknesses in the Company's internal controls related to internal loan review."

Persons: —, NYCB, Alessandro DiNello, Thomas Cangemi Organizations: New York Community Bancorp, NYCB, Signature Bank, Service, Business

☆ NYCB shares tumble after regional lender swaps out CEO, says it identified ‘material weakness’ in internal controls
▼ + stars: | 2024-02-29 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

New York CNN —Shares of New York Community Bank (NYCB) fell by as much as 20% in after-hours trading on Thursday after the beleaguered regional lender said in a filing it had identified “material weakness” in the company’s controls. The issues caused a $2.4 billion loss to shareholders last quarter, NYCB said. The bank also announced that Alessandro DiNello, its recently appointed executive chairman, will be the new president and CEO, effective immediately. In the same filing, NYCB disclosed Hanif (Wally) Dahya resigned from serving as director of the board. In his February 25 resignation letter, he said he “did not support the proposed appointment” of DiNello to president and CEO.

Persons: NYCB, Alessandro DiNello, Thomas Cangemi, Hanif, Wally, Dahya, “, DiNello, Marshall Lux, Chase Organizations: New, New York CNN, New York Community Bank, Silicon Valley Bank, Signature Bank, First Republic Bank, Securities and Exchange Commission Locations: New York, Silicon

☆ Idaho paused the execution of a 73-year-old serial killer because it couldn't find his veins for a lethal injection, leaving time for his death warrant to expire
▼ + stars: | 2024-02-29 | by ( Matthew Loh | ) www.businessinsider.com time to read: +5 min

Thomas Creech, 73, had his execution stopped because the medical team couldn't find a vein to administer a lethal injection. Officials said they would let his death warrant expire at 11:59 p.m. on Wednesday. AdvertisementIdaho officials stopped the execution of a 73-year-old convicted serial killer after the medical team couldn't find his veins for a lethal injection. Creech was returned to his cell, and his death warrant was set to expire that day at 11:59 p.m., per the department. AdvertisementCreech is not the only US inmate to be saved from death row — at least temporarily — by an unsuccessful IV.

Persons: Thomas Creech, couldn't, Creech, —, Josh Tewalt, Tewalt, Deborah A, Prosecutors, Jill Longhurst, Alva Campbell Organizations: Service, Security, Federal Defender Services of, Idaho Statesman, Federal Defender Services, Street Locations: Idaho, Federal Defender Services of Idaho, Ohio, California, Oregon, Ada

☆ Prison inmate led scheme swindling U.S. out of $550 million in Covid tax credits, feds say
▼ + stars: | 2024-02-26 | by ( Dan Mangan | ) www.cnbc.com time to read: +3 min

A California prison inmate locked up on a gang-related murder conviction led a scheme that defrauded the U.S. government out of more than $550 million in Covid-era federal tax credits, prosecutors said. Five other people were charged with Thomas in the alleged drug trafficking scheme. The employee retention credits became a refundable federal tax credit for employers during the Covid-19 pandemic to encourage businesses to retain workers. "But that apparently was not enough: he also conspired to pursue over half a billion dollars in federal tax credits that were meant to help struggling businesses during the COVID-19 pandemic," Talbert said. DEA agents intercepted those calls and also intercepted text messages showing Thomas communicating about the tax fraud scheme, prosecutors said.

Persons: Kristopher Thomas, Thomas, Kettisha Thompson, Dozier, Charmane Dozier, Sharon Vance, Philip Talbert, Talbert Organizations: Main Street Mafia, Attorney's, Eastern, Eastern District of, Drug Enforcement Administration Locations: California, Covid, Kern Valley, Waldorf , Maryland, Hawthorne , California, Los Angeles, Eastern District, Eastern District of California, Las Vegas, U.S, Delano , California, Hawaii

☆ New data shows asthma medicine may help reduce severe reactions in people with multiple food allergies
▼ + stars: | 2024-02-25 | by ( Amanda Musa | ) edition.cnn.com time to read: +9 min

CNN —A new study finds that the asthma medication Xolair may substantially reduce severe allergic reactions in people who have multiple food allergies and are accidentally exposed to those foods. There is no cure for food allergies, and the only other FDA-approved treatment is Palforzia, an oral immunotherapy for peanut allergies in children between 4 and 17 years old. “But the reality is that most of our patients don’t just have peanut allergy,” Wood added. For people who have multiple severe food allergies and even moderate to severe allergic asthma, Casale says, Xolair might be the best treatment option. Xolair does not eliminate food allergies, and unlike with some environmental allergies such as pollen, many people never outgrow them, Casale added.

Persons: ”, Sharon Chinthrajah, “, ” Xolair, Robert Wood, ” Wood, Xolair, Wood, omalizumab, Thomas Casale, Palforzia, Casale, they’ve, ” Lindsey Mathias, Dr, Sanjay Gupta, Chinthrajah, “ We’re Organizations: CNN, New England, of Medicine, US Food and Drug Administration, Stanford University, of Allergy, Immunology, Johns Hopkins Children’s, Genentech, Novartis, FDA, National Institutes of Health, University of South, American Academy of Allergy Asthma, CNN Health, Xolair Locations: anaphylaxis, Eudowood, Johns, University of South Florida Tampa

☆ GlobalFoundries CEO talks impact of $1.5 billion investment from the CHIPS Act
▼ + stars: | 2024-02-20 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGlobalFoundries CEO talks impact of $1.5 billion investment from the CHIPS ActThomas Caulfield, GlobalFoundries CEO, joins 'Closing Bell Overtime' to talk a $1.5 billion investment from the CHIPS Act.

Persons: Thomas Caulfield Organizations: GlobalFoundries

Autocracies – governments in which one person possesses unlimited power – are on the rise. Meanwhile, the percentage of electoral democracies – political systems that hold meaningful, free and fair elections with multiple political parties – has gone down. Starting in the 1960s and again in the 1980s, the global share of autocracies decreased dramatically as democracy started to gain more of a foothold around the world, according to V-Dem’s analysis. And despite the relative rise in autocracies in recent years, there were still 58 elected democracies globally compared to 30 closed autocracies in 2022. In 2022 there were also 58 electoral autocracies, which “hold multiparty elections but their quality or conditions around them are not sufficient to be classified as an electoral democracy,” according to V-Dem experts.

Persons: ”, Thomas Carothers, –, “, Barbara Wejnert, Carothers, Viktor Orbán, Recep Tayyip Edrogan, Narendra Modi, Subianto, it’ll, “ It’s, ” Carothers, Donald Trump, Vladimir Putin, Trump’s Organizations: Carnegie Endowment, International Peace, University of Buffalo, Global Democracy, European Union, Brookings Institution, The Washington, New York Times, Reuters Locations: Indonesia, autocracies, China, Russia, Hungary, Turkey, India, Indonesian, U.S

☆ Semiconductor industry 'needs another quarter or so' to bring inventory down: GlobalFoundries CEO
▼ + stars: | 2024-02-13 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSemiconductor industry 'needs another quarter or so' to bring inventory down: GlobalFoundries CEOThomas Caulfield, GlobalFoundries CEO, joins 'Closing Bell Overtime' to talk quarterly results, the state of the economy, the semiconductor industry and more.

Persons: Thomas Caulfield Organizations: Email Semiconductor, GlobalFoundries

☆ NYCB's slide sparks fears of more banking and commercial real estate turmoil
▼ + stars: | 2024-02-07 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

The regional bank reported disappointing earnings, stoking fears of commercial real estate trouble. AdvertisementA smaller lender is facing a firesale of its stock fueled by concerns about its stability, echoing the regional-banking problems last year that stoked fears of a full-blown financial crisis and commercial real estate meltdown. AdvertisementThe increases hit the value of their fixed-income and commercial real estate portfolios. In particular, commercial real estate is under pressure from ongoing remote working, tighter credit availability as lenders have pulled back, and higher debt costs, all of which have weighed on asset values. Treasury Secretary Janet Yellen told lawmakers this week she expects the commercial real estate pressures to "put a loss of stress" on property owners, although she expected it to be manageable, Bloomberg reported.

Persons: stoking, —, stoked, NYCB, Banks, Moody's, Wall, Thomas Cangemi, pare, Janet Yellen Organizations: Community Bancorp, Service, New York Community Bancorp, Flagstar Bank, Signature Bank, Valley Bank, Silvergate, Bloomberg, Federal

☆ New York Community Bank stock drops even after lender says deposits increased
▼ + stars: | 2024-02-07 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

The bank announced earlier on Wednesday that it had appointed DiNello, formerly the president of Flagstar Bank, to the position effective immediately. The bank holds total deposits of approximately $83 billion, the lender said in a statement Tuesday evening. US banks hold about $2.7 trillion in commercial real estate loans. But while the last crisis was all about interest rate risk, this one revolves around the $20 trillion commercial real estate market. The increase was driven partly by expected losses on commercial real estate loans, it said.

Persons: ” Alessandro DiNello, DiNello, NYCB, ”, weren’t, Fitch, Thomas Cangemi, ” DiNello, Goldman Sachs, Moody’s, Neel Kashkari, ” Kashkari, he’s, Janet Yellen, “, Yellen, “ I’m, ” Yellen Organizations: New, New York CNN —, New York Community Bancorp, Moody’s Investors Service, Flagstar Bank, Bank, Moody’s, JPMorgan, Signature Bank, Silicon Valley, Regulators, Federal, Community Bancorp, CNBC, Financial Locations: New York, Flagstar, New, Minneapolis

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