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☆ South Africa fights to keep phone networks up as lights go out
▼ + stars: | 2023-04-05 | by ( Nqobile Dludla | ) www.reuters.com time to read: +8 min

A bank of expensive backup batteries, theft-proofed within a block of concrete. "Our costs have gone through the roof," lamented Sitho Mdlalose, managing director of Vodacom South Africa (VODJ.J). President Cyril Ramaphosa in February declared a national state of disaster, calling the crisis an existential threat to South Africa's social fabric. While most network towers in South Africa are equipped with a battery for backup power, more advanced systems are less common. That risks delaying South Africa's pivot to the digital economy and could leave rural areas, which already suffer from sparse coverage, lagging even further behind.

☆ C$ posts biggest gain in nearly 2 months on OPEC+ output cut
▼ + stars: | 2023-04-03 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The price of oil, one of Canada's major exports, settled 6.3% higher at $84.93 a barrel as the Organization of the Petroleum Exporting Countries and allies, or OPEC+, jolted markets with plans to cut more production. The Canadian dollar was trading 0.8% higher at 1.3412 per greenback, or 74.56 U.S. cents, its biggest single-day advance since Feb. 10 and its strongest level since Feb. 16. Canadian government bond yields eased across the curve, tracking the move in U.S. Treasuries. The 10-year was down 1.5 basis points at 2.884%, while the gap between it and its U.S. equivalent narrowed by four basis points to 55.1 basis points in favor of the U.S. bond. Reporting by Fergal Smith; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ TSX pads quarterly gain as interest rate concerns ease
▼ + stars: | 2023-03-31 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended up 158.90 points, or 0.8%, at 20,099.89, its highest closing level since March 8. For the month, the TSX lost 0.6% as global banking turmoil led to a selloff in heavily-weighted financials and volatility in the price of oil. It was up 3.7% in the first quarter of the year but trailing a gain of 7% for U.S. benchmark the S&P 500. It was up 2.4%, helped by a 14.4% jump in the shares of Blackberry Ltd <BB.TO> after the company reported quarterly results. Shares of Shaw rose 3.3%, while Rogers was down 2.9%.

☆ TSX rises as domestic economy outperforms; Rogers slides
▼ + stars: | 2023-03-31 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

[1/2] A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. of 0.3%TSX up 0.6%March 31 (Reuters) - Canada's main stock index edged up on Friday as investor sentiment gained steam after data showed the domestic economy grew more than expected in January. A Statistics Canada report showed that the Canadian economy performed better-than-expected in January versus December, driven by broad gains in both goods and services industries. ET (1410 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 130.39 points, or 0.65%, at 20,071.38. "The strength in January is consistent with an economy that remains resilient," said Angelo Kourkafas, investment strategist at Edward Jones Investments.

☆ ‘Rust’ assistant director pleads guilty to gun charge in movie set shooting case
▼ + stars: | 2023-03-31 | by ( Natasha Piñon | ) www.cnbc.com time to read: +3 min

David Halls, the "Rust" assistant director who handled the gun that killed cinematographer Halyna Hutchins in 2021, pleaded no contest Friday to a misdemeanor charge of negligent use of a deadly weapon. The New Mexico judge overseeing the "Rust" case sentenced Halls to six months of unsupervised probation, a $500 fine and 24 hours of community service. To date, "Rust" proceedings have been routinely disrupted by complications concerning the appointment of the case's previous special prosecutor. The first special prosecutor for the case, Andrea Reeb, stepped down earlier this month, after Baldwin's defense lawyers filed a motion requesting her removal. "My responsibility to the people of the First Judicial District is greater than any one case, which is why I have chosen to appoint a special prosecutor in the 'Rust' case," Carmack-Altwies said in a statement.

And that has the impact of postponing some announcements," said Anu Aiyengar, global head of M&A at JPMorgan Chase & Co (JPM.N). M&A volumes dropped 44% to $282.7 billion in the U.S. and 70% to $81.87 billion in Europe. Reuters Graphics"Having a well-functioning financing market is a critical ingredient for M&A. Global M&A volumes in Q1 2023LACK OF CONFIDENCEThe depressed market valuations also presented an opportunity for prominent activist investors to launch new proxy fights, with dealmakers anticipating a boost to M&A volumes from activist campaigns in the coming quarters. "Inflationary pressures aren't subsiding as fast as people expected; there's still a lot of geopolitical tensions, and in a lot of ways, the disruption in the financing market is intensifying," Langston said.

☆ TSX rises for fifth day as Filo Mining gains
▼ + stars: | 2023-03-30 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

ET (14:11 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 55.48 points, or 0.28%, at 19,893.13. Filo Mining Corp (FIL.TO) shares rose 4.8% after CIBC started the coverage of the miner with an "outperform" rating and a target price of C$38. Canadian equities are set to end the first quarter at 3% higher if gains hold. "Things are feeling a lot better than they did a few weeks ago, so people are allocating back to equities heading into quarter end," said Greg Taylor, chief investment officer at Purpose Investments. After a recent spike in investor concerns about a financial meltdown, banks (.GSPTXBA) are set to end the quarter down more than 1%.

☆ As weight-loss drugs hit the U.S. market, doctors debate how to use them
▼ + stars: | 2023-03-30 | by ( Patrick Wingrove | ) www.reuters.com time to read: +6 min

[1/2] The American Medical Association logo is seen at their office in Washington, D.C., U.S., August 30, 2020. REUTERS/Andrew Kelly/March 30 (Reuters) - As powerful new obesity drugs enter the U.S. market, medical associations are keen to advise their members on how to best use them for patients. "These new compounds are game changers, there's no doubt about it," said Anthony Comuzzie, chief executive of The Obesity Society. The group last provided obesity treatment guidelines in 2013 alongside the American Heart Association and American College of Cardiology. OBESITY AS A DISEASEThe American Medical Association, the nation’s largest medical group, recognized obesity as a disease in 2013.

☆ Gen Z job seekers are rattling older managers by asking about work-life balance in the first interview
▼ + stars: | 2023-03-29 | by ( Alexandra York | Josée Rose | ) www.businessinsider.com time to read: +8 min

Many Gen Z job seekers are asking about work-life balance during interviews. There wasn't a big focus on work-life balance when many of today's managers started working more than a decade ago. Gen Zers need to know the industry before asking about work-life balanceSome industries invite questions of work-life balance, according to Gen Zers and hiring managers who spoke with Insider. "If you were to directly ask, 'Can you describe the work-life balance for analysts at your firm?' Mary Cooney, the founder of the professional-development platform Generation IQ, said it's time to move on from this stigma of work-life balance.

☆ 'Rust' case district attorney appoints new special prosecutors, recuses herself
▼ + stars: | 2023-03-29 | by ( Natasha Piñon | ) www.cnbc.com time to read: +4 min

The New Mexico district attorney who had overseen the "Rust" movie set manslaughter case recused herself Wednesday and appointed new special prosecutors after weeks of upheaval and controversy in the case. New Mexico First Judicial District Attorney Mary Carmack-Altwies appointed New Mexico attorneys Kari Morrissey and Jason Lewis to serve as special prosecutors. "My responsibility to the people of the First Judicial District is greater than any one case, which is why I have chosen to appoint a special prosecutor in the 'Rust' case," Carmack-Altwies said in a statement. Reeb, a former district attorney, was named special prosecutor before being elected to New Mexico's legislature last fall. Gutierrez-Reed's legal team, however, called for the request to appoint a new special prosecutor to be denied.

☆ Gold retreats as waning banking crisis dampens demand
▼ + stars: | 2023-03-29 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

Spot gold was trading 0.7% lower at $1,960.91 per ounce, as of 0619 GMT, after rising 1% on Tuesday. "We've seen a natural retracement ... gold is pulling back after a failed 'bid' to break above $1,975," said Matt Simpson, senior market analyst at City Index. But some investors "still seem to be holding onto gold 'just in case' there's another skeleton or two lurking in the closet," Simpson said. The opportunity cost of holding non-yielding gold rises when interest rates are increased. Silver fell 0.8% to $23.08 per ounce, platinum lost 0.7% at $956.76 and palladium edged down 0.2% to $1,416.93.

SummarySummary Companies Futures down: Dow 0.10%, S&P 0.17%, Nasdaq 0.22%March 28 (Reuters) - U.S. stock index futures slipped on Tuesday as Treasury yields rose amid easing worries about a banking crisis following First Citizens BancShares' U.S. regulator-backed deal for failed Silicon Valley Bank. Shares of First Citizens BancShares Inc (FCNCA.O) fell 1% in premarket trading after surging more than 50% on Monday following its deal to acquire the deposits and loans of failed Silicon Valley Bank. Regional banks also rose, led by First Republic Bank's (FRC.N) 2.2% gain after a 12% rally on Monday. Later in the day, Fed Vice Chair for Supervision Michael Barr will testify before the Senate Committee on Banking, Housing and Urban Affairs on "bank oversight" in the first of several hearings on the collapse of Silicon Valley Bank and Signature Bank. ET, Dow e-minis were down 31 points, or 0.1%, S&P 500 e-minis were down 6.75 points, or 0.17%, and Nasdaq 100 e-minis were down 27.75 points, or 0.22%.

Bank shares rebounded sharply on Monday after First Citizens BancShares Inc (FCNCA.O) said it would acquire the deposits and loans of Silicon Valley Bank, whose collapse earlier this month sparked a selloff in the sector. "The fact that we've got answers on Silicon Valley Bank, Signature Bank and Credit Suisse means that we have more answers than questions," said Art Hogan, chief market strategist at B Riley Wealth in Boston. Lawmakers are expected to put U.S. bank regulators on the defensive over the unexpected failures of regional lenders Silicon Valley Bank and Signature Bank when they testify before Congress later on Tuesday. The S&P 500 and Dow rose on Monday after the SVB deal was announced, while the Nasdaq Composite closed lower, led by a decline in technology-related stocks. The S&P index recorded five new 52-week highs and no new low, while the Nasdaq recorded 13 new highs and 40 new lows.

☆ Softer dollar buoys gold, but banking optimism limits safe-haven appeal
▼ + stars: | 2023-03-28 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies Gold might retest support at $1,945/oz - technicalsU.S. dollar down 0.2%Global stocks rise on TuesdayMarch 28 (Reuters) - Gold prices rose on Tuesday as the dollar slipped, although an improvement in risk appetite after efforts by regulators to allay fears over the global banking system limited the safe-haven metal's appeal. "The U.S. dollar seems to be stabilising, this should entice fresh buying back into the (gold) market," said Clifford Bennett, chief economist at ACY Securities. However, gold remains the "resolute safe-haven" in a "rolling risk environment" for the banking sector as risks of contagion are far more persistent than the market would like to believe, Bennett added. Gold might retest a support at $1,945 per ounce, a break below could open the way towards $1,927, Reuters technical analyst Wang Tao said. Spot silver eased 0.1% to $23.06 per ounce, while platinum rose 0.5% to $976.87 and palladium added 0.7% at $1,418.44.

☆ Energy, industrial stocks lift TSX; Lundin Mining jumps
▼ + stars: | 2023-03-28 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

"But here it seems the market likes the deal and is giving a thumbs up with respect to the acquisition." ET (14:10 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 61.34 points, or 0.31%, at 19,686.08. Energy stocks (.SPTTEN) added 0.8%, tracking oil prices amid supply disruption risks from Iraqi Kurdistan. Still, the bourse is up for the quarter underpinned by gains from January as equities bounced back from previous year's losses. Reporting by Johann M Cherian in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Futures edge higher as SVB deal soothes bank fears
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures up: Dow 0.31%, S&P 0.34%, Nasdaq 0.17%March 27 (Reuters) - U.S. stock index futures edged higher on Monday after a buyout deal for failed Silicon Valley Bank's deposits and loans helped soothe some jitters around severe stress in the banking sector. First Citizens BancShares Inc (FCNCA.O) said on Monday it will acquire parts of Silicon Valley Bank (SIVB.O), the collapse of which earlier this month marked the largest bank failure since the 2008 financial crisis, unleashing fears about a liquidity crunch in the sector. Other regional banks Western Alliance Bancorp (WAL.N) and PacWest Bancorp (PACW.O) also climbed 5.4% and 9.2%, respectively. Shares of major U.S. banks JPMorgan Chase & Co (JPM.N), Citigroup (C.N) and Bank of America (BAC.N) advanced between 0.8% and 1.4%. While the Silicon Valley Bank deal has helped instill some confidence in the banking sector's stability, concerns about a bigger crisis have not abated completely, analysts said.

REUTERS/Thomas Suen/File PhotoJOHANNESBURG, March 28 (Reuters) - China spent $240 billion bailing out 22 developing countries between 2008 and 2021, with the amount soaring in recent years as more have struggled to repay loans spent building "Belt & Road" infrastructure, according to a study published Tuesday. People's Bank of China (PBOC) swap lines accounted for $170 billion of the rescue financing, including in Suriname, Sri Lanka and Egypt. China's rescue lending is "opaque and uncoordinated," said Brad Parks, one of the report's authors, and director of AidData, a research lab at William & Mary College in the United States. China is negotiating debt restructurings with countries including Zambia, Ghana and Sri Lanka and has been criticised for holding up the processes. In response, it has called on the World Bank and International Monetary Fund to also offer debt relief.

☆ TSX gains as commodity-linked stocks rise, Bombardier soars
▼ + stars: | 2023-03-23 | by ( Johann M Cherian | ) www.reuters.com time to read: +1 min

SummarySummary Companies Capstone copper slumps on secondary offeringBombardier rises to TSX top on upbeat 2025 targetsTSX rises 0.5%March 23 (Reuters) - Canada's key stock index edged higher on Thursday as mining and energy stocks advanced, with gains in Bombardier after its upbeat targets for 2025 also supporting the benchmark. ET (14:31 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 105.09 points, or 0.54%, at 19,637.87. The collapse of two mid-sized U.S. lenders in March had triggered a selloff in the financials-heavy TSX as investors lost confidence in the global banking system. Still, on a quarterly basis, TSX is up 1.4%, clinging to early gains from January when investors returned to battered markets from 2022. Capstone copper corp (CS.TO) was the top loser on the index after the copper miner announced a bought secondary deal offering of C$285 million.

☆ Trump's legal troubles are threatening to upend the 2024 GOP race, and he's not even charged
▼ + stars: | 2023-03-22 | by ( Kimberly Leonard | Oma Seddiq | ) www.businessinsider.com time to read: +14 min

Former President Donald Trump faces possible criminal charges as he's running for president. "If it's a circus, there's only one ringmaster and that's Trump," said GOP pollster B.J. Operatives thinking of ways to land punches on Trump say GOP primary candidates could argue that he would lose the general election because of his legal troubles. Political insiders widely concede that a potential indictment — and how Trump responds — could still backfire on GOP challengers and strengthen Trump. While the circumstances surrounding the 2024 primary are uncharted territory, polling shows a cohort of GOP voters has grown weary of Trump and is seeking an alternative.

☆ Nikki Haley's road to the White House will be difficult, but she has a key polling advantage her rivals lack.
▼ + stars: | 2023-03-22 | by ( John L. Dorman | ) www.businessinsider.com time to read: +11 min

Nikki Haley faces a number of challenges — namely Donald Trump — as she runs for the White House. But the former governor still has the potential to overcome her current standing as the Republican primary season heats up. And if it works, she could position herself as a forward-thinking leader who can move the GOP past the tumult of the 2020 presidential election. And in a mid-March Morning Consult poll, Haley's favorability among GOP voters sat at 47%, while only 16% had an unfavorable view of her; roughly 1 in 5 respondents said they were unfamiliar with the ex-governor. AP Photo/Alex BrandonA push to move beyond the 2020 electionSince November 2020, Trump has continued to question his election loss, alleging voter fraud despite no evidence of widespread malfeasance.

☆ Mistakes by the US's top spies allowed China to turn a deadly mid-air collision into an intelligence coup
▼ + stars: | 2023-03-22 | by ( James Bamford | ) www.businessinsider.com time to read: +36 min

On April 1, 2001, a US EP-3 spy plane collided with a Chinese fighter jet over the South China Sea. One of eleven left in the fleet, the tired 1960s-era spy plane bristled with porcupine-like antennas. Within minutes, however, the fighters had reached the lumbering spy plane, and while Zhao Yu hung back about a half-mile, Wang Wei rapidly closed in. In severe trouble, he immediately radioed the base, telling them he was unable to maneuver and being sucked in by the spy plane. "You are not allowed aboard the aircraft," Osborn said.

☆ Defense for 'Rust' armorer prepares to file motion to dismiss manslaughter case
▼ + stars: | 2023-03-22 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Defense attorneys for the original "Rust" movie armorer, Hannah Gutierrez-Reed, are planning in the next two weeks to file a motion to dismiss the criminal charges against her, according to a person familiar with the matter. "Rust" star and producer Alec Baldwin is also charged in the case. If approved, the dismissal motion on behalf of Gutierrez-Reed would not automatically drop the charges against Baldwin, according to another person familiar with the matter. Reeb was announced as special prosecutor in August, and she was elected to New Mexico's legislature last fall. She stepped down as special prosecutor last week after Baldwin's defense team sought to disqualify her.

Traders have raised bets of the Fed likely hitting a pause on rate hikes on Wednesday to ensure financial stability as bank sector troubles triggered by the collapse of Silicon Valley Bank and Signature Bank (SBNY.O) threaten to snowball. Over the weekend, UBS (UBS.N) agreed to buy rival Credit Suisse for $3.23 billion, in a merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking. U.S.-listed shares of Credit Suisse plummeted 48.5% to hit a fresh record low, while UBS reversed premarket declines to rise 7.8%. PacWest Bancorp (PACW.O) jumped 21% after the bank said deposit outflows had stabilized, while New York Community Bancorp (NYCB.N) also gained 33% after the bank's unit agreed to buy deposits and loans from Signature Bank. The S&P Banking index (.SPXBK) and the KBW Regional Banking index (.KRX), which on Friday had logged their largest two-week drop since March 2020, rose 1.4% and 3.2%, respectively, in early trade.

Over the weekend, UBS (UBS.N) agreed to buy rival Credit Suisse for $3.23 billion, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking. U.S.-listed shares of Credit Suisse were down 58.4% in premarket trading and set to open at a fresh record low, while those of UBS were down 3.6%, as focus shifted to the hit to some Credit Suisse bondholders from the acquisition. "Investors are still worried about the banking industry, even though UBS has agreed to take over Credit Suisse. Regional bank First Republic Bank (FRC.N) was down 19.1% after paring some declines, while peer Western Alliance Bancorp (WAL.N) edged 0.7% lower. The S&P Banking index (.SPXBK) and the KBW Regional Banking index (.KRX) on Friday logged their largest two-week drop since March 2020.

☆ Futures fall as Credit Suisse rescue, liquidity steps fail to quell bank scare
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures down: Dow 0.99%, S&P 0.96%, Nasdaq 0.70%March 20 (Reuters) - U.S. stock index futures fell on Monday as steps taken by central banks to boost liquidity and a deal to rescue Credit Suisse failed to quell investor worries of severe turbulence in the banking sector. U.S.-listed shares of Credit Suisse and UBS were down 59.6% and 12.5%, respectively, in premarket trading. Separately, top central banks, faced with the risk of a fast-moving loss of confidence in the financial system's stability, moved on Sunday to bolster the flow of cash around the world. The S&P Banking index (.SPXBK) and the KBW Regional Banking index (.KRX) on Friday logged their largest two-week drop since March 2020. Treasury yields edged lower on Monday, with investors flocking to bonds on worries over the interest-rate path the U.S. central bank may take.

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