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☆ It Was Banned for Decades. Now the Miami Heat May Use It to Win a Title.
▼ + stars: | 2023-06-09 | by ( Scott Cacciola | ) www.nytimes.com time to read: +1 min

Murray, the Nuggets’ point guard, missed a 3-point attempt from the left corner, and the Heat raced away for a game-tying bucket. Murray and Jokic both finished with triple-doubles for Denver, which, for one game, at least, was largely unfazed by Miami’s shape-shifting defense. “We didn’t offer much resistance,” said Heat Coach Erik Spoelstra, who bemoaned his team’s lack of effort but considered it an anomaly. He added: “I think the thing that we’ve proven over and over and over is we can win and find different ways to win.”And one of those ways is with their zone defense. So, in an effort to slow the pace of play and compensate for their lack of size, the Heat are occasionally abandoning their man-to-man defense by mixing in some zone.

Persons: Murray, Miami . Murray, Jokic, ”, Erik Spoelstra Organizations: Nuggets, Heat, Denver Locations: Miami .

Most big bank stocks were trading lower in afternoon trading with the S&P 500 banking index (.SPXBK) down nearly 1% on Monday. U.S. regulators, led by the Federal Reserve, are also expected to propose this month increasing average bank capital requirements by as much as 20% a person familiar with the matter told Reuters. Regional bank stocks also logged broad declines on Monday, with the KBW Regional Banking Index (.KRX) shedding 2%. The impending international capital rules come amid a broader Fed review of lenders' capital requirements. "It's not shocking that you should expect to see some capital requirements being increased and a little more oversight is expected given what has happened with regional banks," Janasiewicz said.

Persons: Wells, Goldman, Morgan Stanley, Jack Janasiewicz, Janasiewicz, Chibuike Oguh, Manya Saini, Michelle Price, Lance Tupper, Aurora Ellis Organizations: YORK, JPMorgan Chase &, Wells Fargo & Co, Goldman Sachs Group Inc, Citigroup, Bank of America Corp, Treasury, Natixis Investment, U.S, Federal Reserve, Reuters, Street Journal, Basel Committee, KBW, PacWest Bancorp, Western Alliance, Comerica Inc, Thomson Locations: U.S, Basel, Regional, New York

☆ Online College Classes Are Making the Student Debt Crisis Worse
▼ + stars: | 2023-06-05 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +18 min

She applied and was accepted to the online program in 2020. In exchange for expanding course offerings and recruiting students, OPMs receive a big chunk of the tuition revenue from the online programs, which usually cost the same as in-person schooling. While it's not always the case, many experts and grads told me that OPMs were offering online students a worse education for a sky-high price. A third-party provider to those schools, 2U signs a contract to offer services such as recruiting and technology to boost online enrollment. OPMs have helped fuel the student debt crisis, saddling may students with tens of thousands of dollars worth of debt and an uncertain future.

Persons: Iola Favell, Favell, Rossier, Zavareei, USC Rossier, OPMs, it's, grads, Eric Rothschild, John Katzman, Katzman, Clare McCann, McCann, —, Aaron Ament, Barack Obama, That's, STEFANI REYNOLDS, Helen Drinan, Cabrini University —, Drinan, Democratic Sens, Elizabeth Warren, Tina Smith, Sherrod Brown, Pearson, Rosa DeLauro, Virginia Foxx, Ament Organizations: University of Southern California's Rossier School of Education, USC, Student Defense, Zavareei LLP, US, Education Department upended, Education Department, Arnold Ventures, OPM, Office, Los Angeles Times, Wall Street, Canyon University, Grand Canyon, Century Foundation, Getty, Cabrini University, Simmons University, Democratic, GAO, Republican, GOP, Universities, Protection, Consumer Financial, Bureau Locations: California, Georgetown, —, Pennsylvania, Massachusetts

☆ G20 watchdog to study Silicon Valley Bank, Credit Suisse turmoil
▼ + stars: | 2023-06-01 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

European banking stocks plunged after the collapse of Silicon Valley (SVB) bank in the U.S. in March, creating turmoil that lead to the forced takeover of ailing Credit Suisse by UBS in Switzerland. Knot, who also heads the Dutch central bank, said the FSB has begun evaluating lessons from how the U.S. and Swiss authorities had responded to these events. "Why did FINMA, the Swiss supervisor, use a market and not a resolution solution to enable this sale? After all, we have come a long way in improving crisis preparedness in the banking sector," Knot told an event held by the European Banking Federation. Social media is also having an impact on the financial sector with one tweet able to cause a bank run to create liquidity problems, Knot said.

Persons: Klaas Knot, SVB, Huw Jones, Jason Neely, Sharon Singleton Organizations: Suisse, UBS, Basel III, European Banking Federation, Regulators, Thomson Locations: Silicon, U.S, Switzerland, Basel, Swiss

☆ Online College Class Providers Screwing Over Students, Adding to Debt Crisis
▼ + stars: | 2023-06-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +18 min

She applied and was accepted to the online program in 2020. In exchange for expanding course offerings and recruiting students, OPMs receive a big chunk of the tuition revenue from the online programs, which usually cost the same as in-person schooling. While it's not always the case, many experts and grads told me that OPMs were offering online students a worse education for a sky-high price. A third-party provider to those schools, 2U signs a contract to offer services such as recruiting and technology to boost online enrollment. But beyond scandals, the everyday business of OPMs is leaving many online students with exorbitant bills, despite how cheap it is to administer the courses.

Persons: Iola Favell, Favell, Rossier, USC Rossier, OPMs, it's, grads, Eric Rothschild, John Katzman, Katzman, Clare McCann, McCann, —, Aaron Ament, Barack Obama, That's, STEFANI REYNOLDS, Helen Drinan, Cabrini University —, Drinan, Democratic Sens, Elizabeth Warren, Tina Smith, Sherrod Brown, Pearson, Rosa DeLauro, Virginia Foxx, Ament Organizations: University of Southern California's Rossier School of Education, USC, Student Defense, US, Education Department upended, Education Department, Arnold Ventures, OPM, Office, Los Angeles Times, Wall Street, Canyon University, Grand Canyon, Century Foundation, Getty, Cabrini University, Simmons University, Democratic, GAO, Republican, GOP, Universities, Protection, Consumer Financial, Bureau Locations: California, Georgetown, —, Pennsylvania, Massachusetts

☆ Alcaraz sees off Daniel to reach French Open third round
▼ + stars: | 2023-05-31 | by ( Shrivathsa Sridhar | ) www.reuters.com time to read: +2 min

[1/5] Tennis - French Open - Roland Garros, Paris, France - May 31, 2023 Spain's Carlos Alcaraz in action during his second round match against Japan's Taro Daniel REUTERS/Lisi NiesnerPARIS, May 31 (Reuters) - Carlos Alcaraz came through a tricky early test at the French Open with flying colours, as the world number one sealed a 6-1 3-6 6-1 6-2 victory over Japan's Taro Daniel in windy conditions on Wednesday to reach the third round. Daniel pounced early in the next to grab a 3-0 lead before Alcaraz got on the board. He continued to batter the suddenly error-prone Spaniard with relentless hitting from the baseline before levelling the match. I try to think about myself, about my game, and try to put it into the match. All I can say is tomorrow is a day off for me and we're gonna think about the match tomorrow with my team."

Persons: Roland Garros, Spain's Carlos Alcaraz, Japan's Taro Daniel REUTERS, Lisi Niesner PARIS, Carlos Alcaraz, Japan's Taro Daniel, Alcaraz, Flavio Cobolli, Daniel, Daniel pounced, Philippe Chatrier, I'm, Denis Shapovalov, I've, Shrivathsa Sridhar, Toby Davis, Ed Osmond Organizations: Thomson Locations: Paris, France, Vienna, Canadian, Barcelona

☆ Fourth seed Ruud powers past qualifier Ymer into second round
▼ + stars: | 2023-05-30 | by ( Karolos Grohmann | ) www.reuters.com time to read: +1 min

PARIS, May 30 (Reuters) - Fourth seed Casper Ruud coasted into the French Open second round with a 6-4 6-3 6-2 victory over Swedish qualifier Elias Ymer on Tuesday to kick off his bid for a second straight final in Paris. Ymer was no match for the baseline power of the Norwegian world number four, who lost in the 2022 final to Rafael Nadal, an absentee this year. "Last year was one of the best tournaments of my life," Ruud said. "Last year was incredible for me and I will try to do it again wherever I play." He got his first break at 3-3 when Ymer sailed a forehand wide.

☆ 35-year-old who makes more than $5,000/month in passive income on her best career advice: Find ‘different communities of people’
▼ + stars: | 2023-05-30 | by ( Gili Malinsky | ) www.cnbc.com time to read: +3 min

Jen Glantz wasn't sure which career path to take when she graduated from the University of Central Florida in 2010. But outside of her professional life, Glantz noticed she was constantly being asked to be people's bridesmaid. Altogether her various income streams bring in more than $5,000 in passive income per month. You can do this by taking online courses like those on LinkedIn Learning or Udemy, taking in-person courses at a local college or university or by doing some one-on-one coaching with a professional in a skill you're looking to hone. "I learned a lot of those skills by taking online courses, a lot of them free courses that I found just to teach me the structure and the baseline."

☆ Proposed debt ceiling deal would cut part of $80 billion IRS funding
▼ + stars: | 2023-05-30 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

A tentative deal to raise the debt ceiling limit includes up to $21.4 billion of IRS budget cuts, slashing part of the nearly $80 billion in agency funding enacted last August to boost taxpayer service, technology and enforcement. If unchanged, a separate deal would also repurpose $20 billion of IRS funding for fiscal years 2024 and 2025, according to the White House. Since the original $80 billion in IRS funding was for a 10-year period, White House officials on Sunday said they don't expect the budget cuts to fundamentally change the agency's near-term plans. But the IRS may need to request more funding during the latter years of the original timeline, they said. The $80 billion IRS funding has been a hot-button political issue since its enactment, and repealing the money was a theme throughout the 2022 midterm elections in the fall.

Walking away, President Joe Biden wrapped his arm around Zelensky’s shoulders. None of the G7 leaders are particularly popular at home, even as they produce results abroad. After all, it was Trump who had argued over dinner at the 2019 G7 summit in Biarritz, France, that Russia should be allowed back into the group. That level of chaos was nowhere to be found in Hiroshima this past week, when leaders appeared to generally like each other. Even before Biden left for the G7 summit, the stalemate over raising the federal borrowing limit prompted a scramble to rearrange the president’s engagements so he could return to Washington early.

☆ Unbowed, Proud Boys are planning now for their biggest Pride Month disruptions ever, extremism watchdogs warn
▼ + stars: | 2023-05-20 | by ( Laura Italiano | ) www.businessinsider.com time to read: +10 min

But this year, the Proud Boys are redoubling their anti-LGBTQ+ efforts, and are laser focused on Pride month. "It's a dangerous thing, because the Proud Boys are all about violence, and so are the Patriot Front, she said. A banner shared to a Proud Boys Telegram channel by someone calling himself a member of the Middle Tennessee Proud Boys chapter. A banner posted on several Proud Boys Telegram channels by an individual identifying themselves as a member of the Proud Boys Michiana (Michigan/Indiana) chapter. The Proud Boys' planned propaganda promoting anti-LGBTQ+ "Proud Day" celebrations timed for Juneteenth, an annual commemoration of the end of slavery in the US.

LONDON, May 19 (Reuters) - U.S. oil refinery margins have halved since the middle of 2022 but they are still at historically high levels and will be supported through the summer of 2023 by high operating rates and low fuel stocks. Even at this reduced level, however, margins are in the 95th percentile for all trading days since 2001, which is underpinning refinery profitability and encouraging high levels of capacity utilisation. After adjusting for the impact of inflation, real margins are at the highest levels for almost eight years since July 2015. Gross margins have to cover operating expenses, including fuel, electricity and catalysts, as well as labour and capital costs. Related columns:- Low U.S. fuel stocks support prices and cracks (May 17, 2023)- U.S. diesel stocks tighten but fear of shortage eases (April 21, 2023)John Kemp is a Reuters market analyst.

☆ Medvedev rolls past Hanfmann to reach Rome semi-finals
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

[1/4] Tennis - Italian Open - Foro Italico, Rome, Italy - May 18, 2023 Russia's Daniil Medvedev celebrates after winning his quarter final match against Germany's Yannick Hanfmann REUTERS/Guglielmo... Read moreMay 18 (Reuters) - World number three Daniil Medvedev produced a dominant performance against German qualifier Yannick Hanfmann to reach his first Italian Open semi-final, cruising to a 6-2 6-2 victory on Thursday. "It is always a danger to say this if you lose the first round and you think, 'Why did I say this'. Medvedev soaked up Hanfmann's powerful hitting and controlled the baseline exchanges, dominating with his big first serve to wrap up the win in an hour and 20 minutes. "I knew I had to put as many balls into the court as possible because he plays aggressively. Reporting by Hritika Sharma in Hyderabad Editing by Toby DavisOur Standards: The Thomson Reuters Trust Principles.

☆ Novartis names Sandoz board members ahead of spin-off
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

ZURICH, May 15 (Reuters) - Novartis (NOVN.S) on Monday named the intended new board members of Sandoz, the generics business it plans to spin off to shareholders later this year. The Basel company approved the recommendations of Sandoz Chairman-designate Gilbert Ghostine for the 10 members of the board, which will start preparatory work in June. Others to be appointed to the board include former Novartis executive Karen Huebscher, Aarti Shah, who worked at Eli Lilly (LLY.N), and Deutsche Lufthansa (LHAG.DE) CFO Remco Steenburgen. Unilever (ULVR.L) Chief Legal Officer Maria Varsellona, and former Procter & Gamble (PG.N) executive Yannis Skoufalos, complete the nominations to the committee. "The Sandoz Board of Directors will start preparatory work from June onwards and will be effective following the planned spin-off of Sandoz in the second half of 2023, subject to Novartis Board of Directors and shareholder approval," Novartis said on Monday.

☆ Why Alaska is getting rid of several dozen jets in high demand by airlines after only flying them for roughly 5 years
▼ + stars: | 2023-05-13 | by ( Taylor Rains | ) www.businessinsider.com time to read: +4 min

Alaska Airlines is retiring its 10 remaining Airbus A321neo aircraft on September 30. Alaska Airlines is on track to be an all-Boeing operator by year's end. In a recent earnings call, the Seattle-based carrier said the remaining 10 planes in its Airbus A321neo fleet will be retired by fall 2023. Alaska once had 72 Airbus aircraft after merging with Virgin America in 2018 and has already gotten rid of its A319 and A320ceo aircraft as of January 2023. With all of the Airbus planes gone, Alaska will only operate Boeing 737 jets in its mainline fleet.

☆ Here are 5 questions that are top of mind for investors as the S&P 500 wavers and the Fed enters its next policy phase
▼ + stars: | 2023-05-09 | by ( Carla Mozée | ) www.businessinsider.com time to read: +6 min

Barclays outlined the top questions investors are asking as the S&P 500 looks stuck in a tight trading range. The S&P 500 is likely to remain rangebound in the short-term, Krishna said. Tail risks aside, markets may be lulled into thinking hurdles - just as the current earnings recession – can be cleared in record time. That scenario tilts the balance of risk toward its base case of a shallow recession base case and an S&P 500 price target of 3,725. The S&P 500 during Tuesday's session was at 4,125.

☆ Institutional interest in crypto is 'maturing,' says Cantor Fitzgerald's Han
▼ + stars: | 2023-05-08 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

It may look and feel like crypto has lost its shine for institutional investors, but their interest is still there to stay and may even be maturing, according to Cantor Fitzgerald's Elliot Han. Han, who leads the firm's crypto, blockchain and digital assets investment banking, told CNBC's "Crypto World" that those who have remained in crypto are exploring its different use cases. "There was all this crypto, blockchain hype and euphoria. Now, "we're seeing a lot more maturity," Han said, attributing it to regulation "slowly coming into place" and "more institutional players coming into the space." Most of the large banks like JPMorgan and Goldman Sachs that began experimenting seven years ago are still in the market, Han said.

☆ Opinion: Why I’m not reassured by our victory over Covid-19
▼ + stars: | 2023-05-08 | by ( Opinion Kent Sepkowitz | ) edition.cnn.com time to read: +6 min

Editor’s note: Kent Sepkowitz is a physician and infectious disease expert at Memorial Sloan Kettering Cancer Center in New York. CNN —At long last, the Covid-19 pandemic has entered its whimper phase. Last week, the World Health Organization decided to end the Covid-19 global health emergency. The US public health emergency is scheduled to end on Thursday, and beginning the following day, vaccination against Covid-19 will no longer be required for non-US travelers entering the States. Infectious diseases don’t ever really go away; they just change a little, then change some more till one day, they return bigger and fiercer than ever.

☆ Struff soaking in 'incredible journey' to Madrid final
▼ + stars: | 2023-05-06 | by ( ) www.reuters.com time to read: +2 min

May 6 (Reuters) - Jan-Lennard Struff is relishing his bid for a first ATP title following his "incredible journey" at the Madrid Open which has seen the German become the first lucky loser to reach the final of a Masters 1000 event. Struff claimed a 4-6 6-3 6-4 semi-final victory over Russia's Aslan Karatsev on Friday, days after losing to the same opponent in the final round of qualifying. Asked if he had expected to be in the final in Madrid, Struff told reporters: "No, of course not. I couldn't have imagined this ..."It's an incredible journey and story, here in Madrid, and very, very happy. He's a great athlete ... Really, really happy to be in the finals, and really looking forward to this match."

☆ A 'pay or play' clause in Tucker Carlson's contract with Fox News could keep him off the air through the 2024 election: report
▼ + stars: | 2023-05-06 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +2 min

Tucker Carlson was abruptly fired from Fox News on April 24 with little explanation. The popular conservative news host seeks to return on the air soon, The New York Times reported. However, Carlson's contract with Fox could restrict him from doing so until 2025, per NYT. Carlson was abruptly fired from Fox News on April 24 after the company's $787.5 million settlement with Dominion Voting Systems. One person with knowledge of Carlson's deal told the newspaper the former host's contract contains a "pay or play" clause that restricts network hosts from working with competitors for as long as they are under contract.

But with flights remaining limited after China's border reopening in January, European luxury stores will need to wait longer for the return of masses of tourists they once depended on for growth. The average transaction value by Chinese travellers in Europe in March was 28% above 2019 levels, UBS said, citing data from VAT refund provider Planet. Cartier-owner Richemont (CFR.S), Hermes (HRMS.PA) and LVMH were best placed to benefit from wealthy Chinese shoppers, UBS added. As wealthy Chinese return to Europe and other foreign destinations, the appeal of China's Hainan Island, a duty free shopping hotspot, appears to be waning among top luxury spenders. China's "higher income, top luxury spenders (are) already travelling abroad again," she said, leading to an observable lower per-capita spend in Hainan.

☆ Wall Street Investors Recession Bet May Cause Bond, Stock Market Crash
▼ + stars: | 2023-04-27 | by ( Neil Dutta | ) www.businessinsider.com time to read: +10 min

And it's becoming increasingly clear that the bond market is reading the economic tea leaves all wrong. On the economic side, the bond market view would probably look something like the Fed's latest GDP projections. So if the bond market ends up being right about the economy, there would be a serious, ugly wake-up call for the stock market. I don't think the Wall Street aphorism about the bond market being "right" holds up this time. On the other hand, the bond market would take it squarely on the chin.

☆ Fox agrees to give more Murdoch docs to Smartmatic in its defamation case
▼ + stars: | 2023-04-26 | by ( Marshall Cohen | ) edition.cnn.com time to read: +3 min

New York CNN —Fox News has agreed to give voting technology company Smartmatic additional documents about Fox Corp. Chairman Rupert Murdoch and other senior corporate executives. “We will produce the materials as quickly as we are able to,” Fox lawyer Winn Allen said. These materials will include deposition transcripts and exhibits, apparently from the recently settled defamation case involving Dominion Voting Systems, a Smartmatic lawyer said in court. The monster case pits Smartmatic against Fox News, Trump lawyer Rudy Giuliani, Fox hosts Maria Bartiromo and Jeanine Pirro, and former host Lou Dobbs, who all promoted the baseless lie that Smartmatic rigged the 2020 election. An appeals court recently dropped Fox Corp. as a defendant, but Smartmatic refiled its lawsuit and is trying to re-add the parent company.

Carlson, the highest-rated single host at Fox News, did not respond to multiple requests for comment. The decision to part ways with Carlson was made Friday evening by Fox Corporation chief executive Lachlan Murdoch and Fox News chief executive Suzanne Scott, a person familiar with the matter said. During his time as a prime time host on Fox News, Carlson ascended to become one of the most influential figures inside the GOP. In a text on Nov. 5, 2020 — two days after the 2020 election — Carlson wrote his producer Alex Pfeiffer: “We worked really hard to build what we have. Last month, she sued Fox News, Carlson, his executive producer Justin Wells and other figures, as well as Fox’s parent corporation.

☆ South Korea to join global stress test on banks
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

SEOUL, April 24 (Reuters) - South Korea will voluntarily join a global stress test on banks, hoping to gain from a thorough analysis of risks they face on an international level, the country's central bank and its financial regulator said on Monday. The Bank of Korea and the Financial Supervisory Service said in a joint statement that the country has decided to join the test led by the Financial Stability Board and the Basel Committee on Banking Supervision. The test involves countries submitting data on their banks so that it can be analysed and compared on a global context. "It will allow (the participating countries) to conduct an elaborate assessment of financial stability on a global level such as contagion effects due to the global interconnection," the South Korean agencies said. South Korea is not required to join the test as none of its banks are classified as globally systemically important banks, but is keen on monitoring global contagion risks.

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