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☆ Workers demand respect, higher pay amid higher inflation
▼ + stars: | 2023-03-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWorkers demand respect, higher pay amid higher inflationFormer Senator Heidi Heitkamp (D-N.D.), Congressman Bryan Steil (R-Wisc.) and Yale University’s Joanne Lipman join CNBC’s Brian Sullivan and ‘Last Call’ to discuss strikes at more than 100 Starbucks locations today as workers walked off the job, demanding better pay and the power to unionize.

☆ Syngenta’s weakening crops may dim IPO prospects
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 22 (Reuters Breakingviews) - Syngenta’s earnings hit comes at an unfortunate time. Yet a 25% fall in fourth-quarter EBITDA may dim owner ChemChina’s hope for a bumper valuation. Valued on the same 9.2 times multiple as Corteva (CTVA.N), the business may command a valuation of less than $50 billion. In 2022, Syngenta reported the lowest EBITDA growth and margin of its three main rivals: Corteva, Bayer (BAYGn.DE) and BASF (BASFn.DE). They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Nike outruns its competitors
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

Its challenges include unsold goods it has to shift, an 8% drop in year-on-year sales in China, and falling gross profit margins. Nike is nonetheless in a relatively enviable position. Nike is also sporting a five-year total shareholder return of 105%, where Adidas and Under Armour’s are both negative. Even with blips, that shows it has been a better long-term run for investors. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Ardian, which is the second largest shareholder in INWIT behind European tower company Vantage Towers AG (VTWRn.DE), wants to take INWIT private and is working with advisers at JPMorgan Chase & Co (JPM.N) on a potential offer, the people said. Deutsche Telekom last year sold 51% of its tower business Funkturm to a consortium of Canada's Brookfield and U.S. private equity firm DigitalBridge. Any offer for INWIT could take months to materialise as preparations remain at a preliminary stage, one of the people said. The sources cautioned that an offer is not certain and asked not to be identified because the deliberations are confidential. Ardian, Vantage Towers, INWIT and JPMorgan declined to comment.

[1/2] A J.P. Morgan logo is seen outside the JPMorgan bank offices in Paris, France, January 27, 2023. REUTERS/Sarah MeyssonnierNEW YORK, March 20 (Reuters) - A U.S. judge said on Monday JPMorgan Chase & Co (JPM.N) and Deutsche Bank AG (DBKGn.DE) must face lawsuits accusing them of enabling Jeffrey Epstein's sex trafficking. Rakoff's decision gives the plaintiffs a chance to prove that JPMorgan and Deutsche Bank knowingly benefited from involvement in Epstein's sex trafficking. Epstein had been a client of JPMorgan from 2000 to 2013, and Deutsche Bank from 2013 to 2018. The cases in the U.S. District Court, Southern District of New York are: Jane Doe 1 v Deutsche Bank AG et al, No.

[1/2] A J.P. Morgan logo is seen outside the JPMorgan bank offices in Paris, France, January 27, 2023. REUTERS/Sarah MeyssonnierNEW YORK, March 20 (Reuters) - A U.S. judge on Monday said JPMorgan Chase & Co (JPM.N) must face a lawsuit by the U.S. Virgin Islands accusing the bank of enabling the late financier Jeffrey Epstein's sex trafficking. The judge also said JPMorgan and Deutsche Bank AG (DBKGn.DE) must face lawsuits by two women who said Epstein sexually abused them, and who also accused the banks of enabling his sex trafficking. U.S. District Judge Jed Rakoff in Manhattan dismissed some claims in all three lawsuits. Reporting by Jonathan Stempel in New York; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

In a package engineered by Swiss regulators on Sunday, UBS will pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit Suisse Group AG (CSGN.S) and assume up to $5.4 billion in losses. Investor focus has now shifted to the massive blow some Credit Suisse bondholders will take, adding to anxiety about other banking sector risks including contagion and the fragile state of U.S. regional lenders. UBS acquiring Credit Suisse for 3 billion francs a week ago would have seemed like a terrific deal. Buildings of Swiss banks UBS and Credit Suisse are seen on the Paradeplatz in Zurich, Switzerland March 20, 2023. QUESTIONS FOR UBSThe deal to buy Credit Suisse will make UBS Switzerland’s only global bank and the Swiss economy more dependent on a single lender.

European bank shares slumped, with an index of leading lenders (.SX7P) down 5.8%. Credit Suisse shares slumped 62%, reflecting the huge loss its shareholders will see in their investment in the bank. Monetary authorities in Singapore and Hong Kong, where Credit Suisse hosts large regional offices, separately said the Swiss bank's business continued without interruption. And Credit Suisse urged its staff to go to work, according to a memo to staff seen by Reuters. Credit Suisse staff arriving to work in Hong Kong and Singapore on Monday morning, however, fretted about retrenchments and retaining business.

Swiss authorities brokering Credit Suisse's (CSGN.S) rescue merger with UBS (UBSG.S) have said 16 billion Swiss francs ($17 billion) of its Additional Tier 1 (AT1) debt will be written down to zero. That puts holders of the AT1 bonds lower in priority than even investors who hold an equity stake in Credit Suisse and can expect to get 0.76 Swiss francs per share. The shock realisation reverberated through Asian markets on Monday as traders hurried to reprice bank debt, and pushed bank stocks down. Asian AT1 bonds were down 4-5 points, while European ones were down 10 points, he said. But you did enter this thing believing that you'd be senior to the equity holders, that's the thing that people are worried about."

March 20 (Reuters) - Nike is expected to report a rise in third-quarter revenue and grow its market share through 2023, helped by major rival Adidas' split with designer and rapper Kanye West that caused the German company to lose about $600 million in quarterly sales. Nike (NKE.N) is also expected to get a boost from higher sales of its Jordan Retros and some newer launches as the world's No. "There is an opportunity for Nike to pick more market from Adidas," said Jessica Ramirez, senior analyst at Jane Hali and Associates, adding that Adidas has not had as many bestsellers as Nike. Nike has also doubled down on its product lines such as the LeBron 20s and Nike Mercurial shoes, while also grabbing a bigger chunk of the growing China market. Still, Nike's margins are expected to be squeezed in the quarter as it continues to offer promotions and discounts to shed excess stock.

Credit Suisse Chief Financial Officer Dixit Joshi and his teams will hold meetings over the weekend to assess strategic scenarios for the bank, people with knowledge of the matter said on Friday. Swiss regulators are encouraging UBS and Credit Suisse to merge but neither bank wanted to do so, one source said. The boards of UBS and Credit Suisse were expected to separately meet over the weekend, the Financial Times said,Credit Suisse shares jumped 9% in after-market trading following the FT report. Credit Suisse and UBS declined to comment. Efforts to shore up Credit Suisse come as policymakers including the European Central Bank and U.S. President Joe Biden sought to reassure investors and depositors the global banking system is safe.

A source with knowledge of the matter said that Swiss regulators are encouraging UBS and Credit Suisse to merge, but that both banks do not want to do so. Credit Suisse shares jumped 9% in after-market trading following the FT report. Credit Suisse and UBS declined to comment on the report. "Credit Suisse is a very special case," said Frédérique Carrier, head of investment strategy at RBC Wealth Management. The supervisors were told deposits were stable across the euro zone and exposure to Credit Suisse was immaterial, a source familiar with the meeting's content told Reuters.

Credit Suisse declined to comment on the banks' actions. MARKET TROUBLES LINGERBanking stocks globally have been battered since Silicon Valley Bank collapsed, raising questions about other weaknesses in the wider financial system. A view of the Park Avenue location of the First Republic Bank, in New York City, U.S., March 10, 2023. The supervisors were told deposits were stable across the euro zone and exposure to Credit Suisse was immaterial, a source familiar with the meeting's content told Reuters. "Japan's financial system remains stable as a whole," Kishida told a news briefing.

☆ Former JPMorgan executive, ex-Barclays CEO Staley to be deposed next week
▼ + stars: | 2023-03-17 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +2 min

Lawyers for the bank said during a hearing on Thursday they would depose Staley, who also served as Barclays Plc's (BARC.L) chief executive, on March 23 and 24. JPMorgan has accused Staley, its former head of private banking, of "intentional and outrageous conduct" in concealing information about Epstein, with whom he had been friends. The lawsuit seeks to force Staley to return eight years of compensation and reimburse JPMorgan for damages the company might incur in the other lawsuits. Last week, Rakoff had ordered the bank to hand over more documents concerning its CEO Jamie Dimon. A separate trial involving an Epstein victim suing Deutsche Bank AG (DBKGn.DE) may also be rescheduled.

March 15 (Reuters) - Swiss regulators pledged a liquidity lifeline to Credit Suisse (CSGN.S) in an unprecedented move by a central bank after the flagship Swiss lender's shares tumbled as much as 30% on Wednesday. They said the bank could access liquidity from the central bank if needed. Credit Suisse said it welcomed the statement of support from the Swiss National Bank and FINMA. Hoping to quell concerns, FINMA and the Swiss central bank said there were no indications of a direct risk of contagion for Swiss institutions from U.S. banking market turmoil. The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022.

March 15 (Reuters) - Swiss regulators said Credit Suisse (CSGN.S) can access liquidity from the central bank if needed, racing to assuage fears around the lender after it led a rout in European bank shares on Wednesday. The U.S. Treasury is monitoring the situation around Credit Suisse and is in touch with global counterparts about it, a Treasury spokesperson said. They slid again as a crisis of confidence gripped Credit Suisse on Wednesday after its largest investor said it could not provide Credit Suisse with more financial assistance because of regulatory constraints. The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022. Ralph Hamers, CEO of Credit Suisse rival UBS (UBSG.S) said market turmoil has steered more money its way.

Two supervisory sources told Reuters that the European Central Bank (ECB) had contacted banks on its watch to quiz them about their exposures to Credit Suisse. The Swiss National Bank declined to comment on Switzerland's second-largest bank, after its largest investor said it could not provide Credit Suisse with more financial assistance because of regulatory constraints. Credit Suisse had appealed to the Swiss National Bank and Swiss financial watchdog FINMA for a public show of support, the Financial Times reported. The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022. Ralph Hamers, CEO of Credit Suisse rival UBS (UBSG.S) said market turmoil has steered more money its way.

The drop in Credit Suisse shares led a 7% fall in the European banking index (.SX7P), while five-year credit default swaps (CDS) for the flagship Swiss bank hit a new record high, highlighting increasing investor concerns. We move from the problems of American banks to those of European banks, first of all Credit Suisse," said Carlo Franchini, head of institutional clients at Banca Ifigest in Milan. The Swiss National Bank declined to comment on Switzerland's second-largest bank, after its largest investor said it could not provide Credit Suisse with more financial assistance because of regulatory constrains. The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022. Ralph Hamers, CEO of Credit Suisse rival UBS (UBSG.S) said it has benefited from market turmoil and seen money inflows.

☆ Crypto group DCG seeks new partners for portfolio firms amid SVB collapse - CoinDesk
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

March 14 (Reuters) - Crypto conglomerate Digital Currency Group (DCG) is looking to find new banking partners for portfolio companies following the collapse of Silicon Valley Bank (SIVB.O), Signature Bank (SBNY.O) and Silvergate (SI.N), CoinDesk reported on Tuesday, citing messages viewed by the outlet. Santander (SAN.MC), HSBC (HSBA.L) and Deutsche Bank (DBKGn.DE) are still willing to connect with crypto firms, CoinDesk said, after recent banking failures in the United States left crypto firms and tech startups stranded and hunting for new banking partners. DCG has also reached out to BlackRock (BLK.N), JPMorgan (JPM.N) and Bank of America (BAC.N), the report added. Banks may restrict some services for crypto firms, such as brokerage and money market services and the ability to wire money to third parties, according to the messages seen by CoinDesk. Traditional banks may set up banking accounts for crypto firms, but would place restrictions based on the level of crypto exposure, the report added.

☆ Kanye West blunder puts Adidas in play
▼ + stars: | 2023-03-15 | by ( Aimee Donnellan | ) www.reuters.com time to read: +4 min

After a disastrous breakup with the musician formerly known as Kanye West, the $28 billion sneaker maker is slashing dividends and heading for the first loss in decades. Last year, Adidas spent 12.3% of its 22.5 billion euros of revenue on marketing and similar expenses. If it were to return to the 13.9% it allocated in 2015, it would add 2 billion euros of extra costs over the next five years, Breakingviews calculations show. Swooping on Adidas would allow the U.S. athleisure giant to dominate sportswear by servicing women and men across a wide spectrum of categories. Shares in Adidas were down 2.4% at 144.50 euros by 0859 GMT on March 15.

☆ The Fed has been playing God with the fat finger for too long, says Vivek Ramaswamy
▼ + stars: | 2023-03-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed has been playing God with the fat finger for too long, says Vivek RamaswamyVivek Ramaswamy of Strive Asset Management and former Senator Heidi Heitkamp (D-N.D.) join Brian Sullivan and 'Last Call' to discuss whether Covid stimulus went on too long.

☆ Crypto group DCG looking for new partners following SVB collapse - CoinDesk
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

The pan-European STOXX 600 index (.STOXX) fell 1.7% on broad-based losses, with HSBC (HSBA.L), Deutsche Bank (DBKGn.DE), Barclays (BARC.L), Unicredit (CRDI.MI) and Commerzbank (CBKG.DE) down between 2.7% and 7.2%. If it can happen to a U.S. bank, it could potentially happen to a bank in Europe as well." Next week, the focus is likely to be on the European Central Bank which is expected to hike its key lending rate by 50 bps. Daimler Truck (DTGGe.DE) added 3.5% on dividend payment plans after hitting its 2022 targets and forecasting higher earnings and revenue this year. Reporting by Susan Mathew and Medha Singh in Bengaluru; Editing by Subhranshu Sahu and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

[1/2] European Central Bank and SVB (Silicon Valley Bank) logos are seen in this illustration taken March 10, 2023. SVB, which does business as Silicon Valley Bank, was not immediately available for comment. "Silicon Valley Bank is shedding light on vulnerabilities across the US banking sector, primarily in the bond holdings that many large institutions hold," said Karl Schamotta, Chief Market Strategist at Corpay. “The current liquidity run on Silicon Valley Bank is having a knock-on effect on the wider banking system," said Rick Seehra, Prudential Lead at Bovill. But banking experts said SVB's issues were unique and the worries about the broader sector were not warranted.

☆ Big bank selloff rests on tiny kernel of truth
▼ + stars: | 2023-03-10 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

LONDON, March 10 (Reuters Breakingviews) - The travails of Silicon Valley Bank (SIVB.O) are rippling across the global banking system, wiping billions off the market capitalisations of HSBC (HSBA.L), Deutsche Bank (DBKGn.DE) and JPMorgan (JPM.N). It’s nonetheless a useful reminder that rising interest rates bring risks as well as benefits. The trigger for the selloff seems to have been a $1.8 billion equity issue by SVB Financial, which does business as Silicon Valley Bank. Shrinking deposits saw Chief Executive Greg Becker sell down a $21 billion portfolio of Treasury and agency mortgage bonds. As interest rates rise banks are charging more for loans.

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