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☆ TikTok CEO appeals to U.S. users ahead of House testimony
▼ + stars: | 2023-03-21 | by ( Lauren Feiner | ) www.cnbc.com time to read: +2 min

TikTok CEO Shou Zi Chew appealed directly to the app's users ahead of what's expected to be a heated grilling in the U.S. House Energy and Commerce Committee this week, in a video posted to the platform Tuesday. Filming from Washington, D.C., Chew emphasized the large scale of TikTok users, small and medium-sized businesses and its own employees based in the U.S. that rely on the company. But many lawmakers and intelligence officials seem to remain unconvinced that the information can be safe while TikTok is owned by a Chinese company. That number includes 5 million businesses that use the app to reach their customers, with most of those being small or medium-sized businesses. Chew then appealed to users directly to share in the comments what they want their representatives to know about why they love TikTok.

☆ Goldman’s Oppenheimer says stocks will stay ‘fat and flat’ — and reveals how to trade it
▼ + stars: | 2023-03-21 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

But stock markets are not out of woods yet, according to Goldman Sachs Chief Global Equity Strategist Peter Oppenheimer. He believes contagion fears around the banking sector are just one of several risk factors afflicting stocks, and predicts the market will remain "fat and flat" in the near term. He said U.S. stocks continue to look stretched and offer "very little return," while cash and short-duration debt looks "very attractive" relative to stocks. How to trade it Despite uncertainty in the European banking sector, Oppenheimer believes European stocks will continue to outperform their U.S. peers. Outside of stocks, he is also overweight cash in his global asset allocation, given greater uncertainty about the near-term path for corporate profits.

☆ U.S. banks should defend by boosting liquidity, curbing risk -Morgan Stanley
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] People take photos by the Morgan Stanley building in Times Square in New York City, New York U.S., February 20, 2020. "Expect management teams will open up the defense playbook," said a Morgan Stanley report led by Betsy Graseck. The bank said the sector is already in "systemic risk territory," as the U.S. Treasury, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) jointly invoked the systemic risk exception last week. Morgan Stanley also said U.S. banks should tighten lending standards, which will make it tougher to get a loan. "We don't think large banks will come in and entirely fill the vacuum that the regional banks leave, as most banks will want to tighten standards," it said.

☆ US, China, Russia argue over North Korea at United Nations
▼ + stars: | 2023-03-20 | by ( Michelle Nichols | ) www.reuters.com time to read: +3 min

[1/2] People watch a TV broadcasting a news report on North Korea firing a ballistic missile into the sea off its east coast, at a railway station in Seoul, South Korea, March 16, 2023. REUTERS/Kim Hong-Ji/File PhotoUNITED NATIONS, March 20 (Reuters) - The United States, China and Russia argued during a United Nations Security Council meeting on Monday over who was to blame for spurring North Korea's dozens of ballistic missile launches and development of a nuclear weapons program. North Korea has been under U.N. sanctions for its missile and nuclear programs since 2006. China and Russia blamed joint military drills by the United States and South Korea for provoking Pyongyang while Washington accuses Beijing and Moscow of emboldening North Korea by shielding it from more sanctions. Russia and China, veto powers along with the United States, Britain and France, have said more sanctions will not help and want such measures to be eased.

☆ 'Climate time bomb ticking', emissions must urgently be cut, UN chief says
▼ + stars: | 2023-03-20 | by ( David Stanway | ) www.reuters.com time to read: +2 min

March 20 (Reuters) - U.N. Secretary General Antonio Guterres warned that the "climate time bomb is ticking" as he urged rich nations on Monday to slash emissions sooner after a new assessment from scientists said there was little time to lose in tackling climate change. "The rate of temperature rise in the last half century is the highest in 2,000 years," he said. The synthesis report summarised findings from three expert assessments published between 2021 and 2022 that looked at the physical science, impacts, and mitigation of climate change. The summary report is designed to provide clarity for policymakers as they consider further action to slash emissions. The document will also serve as a guide for a global climate change "stocktake" set to take place this year, in which countries will assess progress.

☆ UBS could see big gains after forced Credit Suisse merger. Big U.S. banks may also be winners, analysts say
▼ + stars: | 2023-03-20 | by ( Alex Harring | ) www.cnbc.com time to read: +5 min

UBS ' acquisition of Credit Suisse could lead to big gains for the Swiss bank. UBS agreed to buy Credit Suisse for 3 billion Swiss francs, or around $3.2 billion, in a forced deal announced Sunday. As part of the deal, Credit Suisse shareholders receive 1 UBS share for every 22.48 Credit Suisse shares they hold. But Barclays analyst Amit Goel wasn't so sure, cutting his view on European banks to neutral from positive on Monday. Wells Fargo's Mike Mayo, meanwhile, sees opportunity for U.S. banks coming out of the UBS takeover of Credit Suisse.

March 17 (Reuters) - A computer scientist who has waged a global campaign for patents covering inventions conceived by his artificial intelligence system asked the U.S. Supreme Court on Friday to hear his case. The U.S. Patent and Trademark Office and a Virginia federal court rejected patent applications for the inventions on the grounds that DABUS is not a person. Thaler has also applied for DABUS patents in other countries, including the United Kingdom, South Africa, Australia and Saudi Arabia. The UK's Supreme Court heard his case there earlier this month. The case is Thaler v. Vidal, U.S. Supreme Court.

☆ Google nixes paying out remainder of maternity and medical leave for laid-off employees
▼ + stars: | 2023-03-17 | by ( Jennifer Elias | ) www.cnbc.com time to read: +10 min

The group includes people who were approved for or are currently on maternity leave, baby bonding leave, caregiver's leave, medical leave and personal leave. Early last year, Google announced it would be increasing parental leave for full-time employees to 18 weeks for all parents and 24 weeks for birth parents. Pichai said U.S.-based employees would receive 16 weeks of severance pay plus two weeks for each additional year they worked at Google. The Laid off on Leave group sent its first email to executives in January, and shared specific examples of Google employees impacted by the job cuts while on their previously approved leave. The company didn't address whether it would cover full medical leave on top of the severance payout.

☆ FedEx hikes 2023 earnings forecast as cost-cutting initiatives bear fruit
▼ + stars: | 2023-03-16 | by ( Noah Sheidlower | ) www.cnbc.com time to read: +3 min

In this photo FedEx logo is seen in Washington D.C., United States on February 16, 2023. FedEx on Thursday hiked its full-year earnings forecast as it said cost-cutting measures offset continued demand weakness at units including FedEx Express. FedEx now expects adjusted earnings per share for fiscal year 2023 of between $14.60 and $15.20, up from a prior forecast of between $13.00 and $14.00. FedEx reported net income of $771 million for the period, down from $1.11 billion during the same quarter a year earlier. The company also said it expects volumes to improve in the current quarter and into its fiscal first quarter of next year.

☆ S&P says not seen rampant deposit outflows to merit rating action
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

March 15 (Reuters) - S&P has not placed other U.S. banks on CreditWatch negative since First Republic Bank as it has not seen widespread deposit outflows, the ratings agency said on Tuesday, hours after Moody's cut its outlook on the U.S. banking system to negative. read more read moreEarlier on Tuesday, S&P Global Ratings placed First Republic Bank (FRC.N) on CreditWatch negative, reflecting lower confidence in the lender's financial strength. However, later in the day, S&P said it had not seen evidence that the unmanageable deposit outflows seen at a few banks had widely spread across the banks it covers. Moody's Investors Service revised its outlook on the U.S. banking system to "negative" from "stable" earlier on Tuesday to reflect the rapid deterioration in the operating environment. Reporting by Lavanya Ahire and Shubham Kalia in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Russian jet downs U.S. Reaper drone over Black Sea
▼ + stars: | 2023-03-14 | by ( Amanda Macias | ) www.cnbc.com time to read: 1 min

General Atomics' Guardian drone, which is the maritime version of the company's Predator B or MQ-9 Reaper unmanned aerial vehicle. WASHINGTON — A Russian fighter jet downed a U.S. drone operating over the Black Sea on Tuesday, U.S. European Command said in a statement. "Our MQ-9 aircraft was conducting routine operations in international airspace when it was intercepted and hit by a Russian aircraft, resulting in a crash and complete loss of the MQ-9," said U.S. Air Force Gen. James Hecker, commander of U.S. Air Forces Europe and Air Forces Africa. Prior to the collision, two Russian aircraft harassed the drone, he said. "Several times before the collision, the Su-27s dumped fuel on and flew in front of the MQ-9 in a reckless, environmentally unsound and unprofessional manner," the statement added.

☆ Exclusive: Seoul mayor calls for South Korean nuclear weapons to counter threat from North
▼ + stars: | 2023-03-13 | by ( Hyonhee Shin | ) www.reuters.com time to read: +4 min

In an exclusive interview with Reuters, Seoul Mayor Oh Se-hoon added new fuel to a growing debate over how South Korea should arm itself as the North races to perfect its capability to strike the South with tactical nuclear weapons. "North Korea has nearly succeeded in miniaturising and lightening tactical nuclear weapons and secured at least dozens of warheads," Oh said. Oh, an influential member of President Yoon Suk Yeol's conservative People Power Party, is one of the highest-profile officials to actively advocate for a South Korean nuclear weapons programme. He dismissed opponents who warned of punishments from other countries, including sanctions, saying a South Korean nuclear programme would send a message to countries like China to curb the North's military buildup. "If North Korea’s nuclear threat becomes more visible and South Korea takes its own path to nuclear development, it will signal the start of a nuclear domino effect in Asia."

SummarySummary Companies Tech bank's troubles panic marketsFears spread over fallout from rising interest ratesBanks vulnerable as bond values dropLONDON, March 10 (Reuters) - For months, investors had shrugged off the threat of rising interest rates. In SVB's case, venture capital clients, unable to raise cash elsewhere, pulled money from the bank, forcing its hasty sale of bonds at a loss. In February, U.S. regulators said U.S. banks had unrealised losses of more than $620 billion on securities, underscoring the scale of the risks. Jason Benowitz, senior portfolio manager at CI Roosevelt, said SVB's risks were not unique with many banks sitting on such unrealised losses because rates have moved so rapidly. "The SVB situation is a reminder that many institutions are sitting on large unrealised losses," said AJ Bell investment research director Russ Mould.

☆ SVB collapse a sign of pain coming from end of easy-cash era
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +6 min

LONDON, March 10 (Reuters) - The easy-cash era is over and its impact is only just starting to felt by world markets yet to see the end of the sharpest interest rate hiking cycle in decades. European banks slid on Friday after JPMorgan (JPM.N) and BofA (BAC.N) shares fell over 5% on Thursday. BofA noted European banks' bond holdings have not grown since 2015. And with defaults rising, the focus is on the less visible private debt markets, which have ballooned to $1.4 trillion from $250 billion in 2010. Reuters Graphics5/FOR SALEReal estate markets started cracking last year and house prices will fall further this year.

[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.

☆ U.S. won't reach a new record in oil production 'ever again,' says Pioneer Natural Resources CEO
▼ + stars: | 2023-03-09 | by ( Ian Thomas | ) www.cnbc.com time to read: +4 min

Many oil companies have outlined production increases as part of spending plans this year, though oil companies are now in an era of greater fiscal discipline, not shy about signaling they will favor shareholder rewards like stock buybacks over higher production levels. "I think gas prices at the pump are not so bad at this price, so I think it's optimal," she said. The White House has pushed oil companies to use their record profits to ramp up production instead of on buybacks or increasing dividends. Biden said U.S. oil majors invested "too little of that profit" to ramp up domestic production to help keep gas prices down. "Instead, they used those record profits to buy back their own stock, rewarding their CEOs and shareholders."

Reuters reported last week that the United States and EU were working to make European minerals eligible for tax credits under the $430 billion U.S. Inflation Reduction Act (IRA), citing a senior EU official. That law requires rising percentages of battery minerals to come from the United States or a Free Trade Agreement (FTA) partner. Working with allies to reduce U.S. reliance on China for critical minerals would aid U.S. energy and economic security, the spokesperson added. The EU, South Korea, Japan and other U.S. allies have harshly criticized the IRA's provision requiring EVs to be assembled in North America to qualify for consumer EV tax credits. But the EU in December praised a U.S. Treasury Department decision to allow EVs leased by consumers to qualify for up to $7,500 in commercial clean vehicle tax credits.

WASHINGTON, March 8 (Reuters) - China will maintain its cooperation with Russia to continue trying to challenge the United States despite international concerns about the invasion of Ukraine, U.S. intelligence agencies said on Wednesday. "Despite global backlash over Russia's invasion of Ukraine, China will maintain its diplomatic, defense, economic, and technology cooperation with Russia to continue trying to challenge the United States, even as it will limit public support," they said in a report released as the Senate Intelligence Committee held its annual hearing on worldwide threats to U.S. security. "The next few years are critical as strategic competition with China and Russia intensifies in particular how the world will evolve, and whether the rise of authoritarianism can be checked and reversed," Haines added. Haines described "a grinding, attritional war" in Ukraine and said U.S. intelligence does not foresee the Russian military recovering enough this year to make major territorial gains. Reporting by Patricia Zengerle, Jonathan Landay, Michael Martina; Editing by Doina Chiacu;Our Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Ukraine seeks US cluster bombs to adapt for drone use, lawmakers say
▼ + stars: | 2023-03-06 | by ( Jonathan Landay | ) www.reuters.com time to read: +6 min

They said Ukrainian officials urged U.S. lawmakers at last month's Munich Security Conference to press for White House approval. Ukraine hopes cluster munitions will give it an edge in the grinding fight against Russian forces in eastern Ukraine. But cluster munitions could be a step too far for the administration and some in Congress. A 2008 pact prohibiting the production, use and stockpiling of cluster munitions has been adopted by 123 countries, including most of NATO's 28 members. "And cluster munitions really are pretty lethal to mass formations as well as armor.

☆ US soldiers receive Muay Thai lessons from Thai champion
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +1 min

[1/5] Thailand's champion Sombat Banchamek, or Buakaw, gives Muay Thai lessons to U.S. Marines as part of the "Cobra Gold 2023" (CG23) joint military exercise at the Lopburi Province, Thailand, March 5, 2023. REUTERS/Napat WesshasartaTHAILAND, Lopburi March 5 (Reuters) - American soldiers received Muay Thai lessons from a champion fighter in Thailand during the annual multilateral "Cobra Gold" military drills hosted by the Asian nation. Soldiers took instruction and punched and kicked alongside Thai champion Sombat Banchamek, or Buakaw (White Lotus) as he is widely known in the country. "For every U.S. soldier who came to train in Cobra Gold, they also want to exchange and study our culture regarding Muay Thai, which is our national art,” Buakaw said. The 42nd annual Cobra Gold exercises, a war games event, was attended by 7,394 personnel from 30 countries this year.

Biden and Scholz met in private in the Oval Office for over an hour, a senior administration official said. Sitting next to Scholz in the Oval Office, Biden thanked the German leader for his "strong and steady leadership" and support for Ukraine. Speaking before the meeting, U.S. officials said discussion points included the state of the war and how to respond if China provided military aid to Russia. "Every step China takes toward Russia makes it harder for China with Europe and other countries around the world." Biden hailed Scholz's decision to sharply increase Germany's military spending and diversify energy sources away from Russia, and said the two leaders had worked in lockstep with other allies to support Ukraine.

In Moscow, President Vladimir Putin said Russia had been hit by what he called a terrorist attack in its southern Bryansk region bordering Ukraine. Near the front lines west of Bakhmut, in the Ukrainian-held town of Chasiv Yar, the thump of outgoing artillery fire could be heard on Thursday morning. Ukraine says the city has limited strategic value but it is exhausting Russia's invasion force in what has become the bloodiest battle of the war. [1/5] Ukrainian service members ride a self-propelled howitzer, as Russia's attack on Ukraine continues, near the frontline city of Bakhmut, Ukraine February 27, 2023. In the southern city of Zaporizhzhia, Russian missiles crashed into a five-story apartment block overnight, collapsing upper floors.

☆ At least 20 torture centers in Kherson were directly financed by the Kremlin, international lawyers say in a new report
▼ + stars: | 2023-03-02 | by ( Amanda Macias | ) www.cnbc.com time to read: +6 min

A photo of a hallway in a building where Russian forces established a torture center in Kherson. In November, Ukrainian forces liberated the southeastern city, once home to more than 280,000 people. A photo of a cell used by Russian forces to detain Ukrainian civilians in the southeastern city of Kherson, Ukraine. A U.N. report previously outlined grisly accusations of war crimes committed by Russian forces in Ukraine. Pierre Crom | Getty ImagesSurvivors also said in interviews with lawyers that electric shock torture and waterboarding were common tactics used by Russian forces at the torture centers.

☆ Israel arrests suspects in settler rampage described by general as 'pogrom'
▼ + stars: | 2023-03-01 | by ( Maayan Lubell | ) www.reuters.com time to read: +2 min

JERUSALEM, March 1 (Reuters) - Police have arrested six suspects over a settler rampage in the occupied West Bank earlier this week that an Israeli general described as a "pogrom" and which followed a deadly Palestinian gun attack. Israeli police said on Wednesday they expected to make more arrests during their ongoing investigation into the settler violence in and around Huwara, a Palestinian village where the two Israeli brothers from a nearby settlement were shot dead. "The incident in Huwara was a pogrom carried out by outlaws," he told N12 News late on Tuesday. A 'pogrom' is a mob attack, often approved by authorities, against a religious, racial, or national minority. POLITICAL TENSIONSFuchs' comments came amid increased tensions within the nationalist-religious government of Prime Minister Benjamin Netanyahu, which includes hard-line settlers demanding tough action against Palestinian attacks.

☆ Here's our Annual Meeting update on 9 consumer names in the Club portfolio
▼ + stars: | 2023-02-27 | by ( Paulina Likos | ) www.cnbc.com time to read: +8 min

Here's an update on our consumer discretionary and consumer staples stocks in Jim Cramer's Charitable Trust, the 35 holdings that make up the CNBC Investing Club's portfolio. TJX Companies (TJX): TJX is a winner in a slower economy as shoppers love the treasure-hunting experience for cost-saving deals. If their stores have excess inventory, that could serve as a catalyst for TJX stock to go higher. Constellation Brands (STZ): Consumer demand for Constellation's premium alcoholic beverages is strong even as inflation weighs on consumers since people continue to drink beer in an economic slowdown. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

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