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☆ Wells Fargo is pushing for quantity over quality in its private bank
▼ + stars: | 2023-05-04 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Which brings us to a fantastic story about Wells Fargo's decision to reorganize how it serves its ultra-rich clients. And while many understood some changes were necessary, nearly everyone agreed the bank didn't go about it the right way. Read more about Wells Fargo's chaotic reorganization of its private bank. It's the latest move in what has been an active 12 months for the bank's tech division. The accounting firm had signed off on financial statements from Silicon Valley Bank, Signature Bank, and First Republic, the Financial Times reports.

☆ Silicon Valley Founders and VCs Are Making Sobriety Popular
▼ + stars: | 2023-05-04 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +8 min

Sellers is among a growing contingent in the tech community that's going alcohol-free. From founders to investors, members of the startup community are eschewing booze in the name of staying sharp — and healthy. "About six months ago, I stopped drinking alcohol. That's really hard because in this industry, you have to be high energy. That's really hard because in this industry, you have to be high energy.

☆ Starbucks CEO worked in stores and said he found too many shortages and 1,500 combinations for cups and lids
▼ + stars: | 2023-05-03 | by ( Hayley Peterson | Gloria Dawson | ) www.businessinsider.com time to read: +3 min

Starbucks' CEO shared some of his key takeaways after spending time working in stores alongside baristas. He said the company needs to buy cheaper cups and slash the number of lid-and-cup combinations. He said the company needs to buy cheaper cups and slash the number of lid-and-cup combinations. He described stores as "theaters at the front with a factory in the back" and said the company needs to strengthen the factory, in particular. Later, he added, "We can buy different, and we can buy better.

☆ Morgan Stanley's wealth business just keeps on winning
▼ + stars: | 2023-04-28 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

It's good to be Morgan Stanley these days. Amid a difficult market for Wall Street banks — thanks in large part to non-existent deal flow — Morgan Stanley's massive wealth business has been paying off big time. But Morgan Stanley's success isn't coming in a vacuum. -Meanwhile, UBS, arguably Morgan Stanley's biggest competitor in the space, was begrudgingly saddled with Credit Suisse's carcass. With wealth advisors, a key part of hiring includes offering "bonuses" that are actually loans.

☆ China automating mines to improve safety as coal output grows
▼ + stars: | 2023-04-28 | by ( Andrew Hayley | ) www.reuters.com time to read: +3 min

REUTERS/Tingshu WangYULIN, China, April 28 (Reuters) - China is pushing automated technology to improve the safety and efficiency of its coal mining industry, the world's largest, which has long been plagued by safety lapses. The nearby Xiaobaodang mine, also owned by Shaanxi Coal, has cut its underground staff by 42%. Coal mines in China, which produced more than half the world's coal last year, are among the deadliest, with accidents causing almost 250 deaths in 2022, a six-year high. China's National Energy Administration is urging miners to accelerate their adoption of "smart mining" technology in a bid to improve safety and efficiency as coal output grows with Beijing's efforts to bolster energy security even as it expands its use of renewable sources. Huawei says the Hongliulin mine spent about 200 million yuan on installing intelligent mining.

☆ First Republic Advisors Are Fleeing to Firms Like Morgan Stanley
▼ + stars: | 2023-04-28 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

First Republic had raided Wall Street wirehouses including Morgan Stanley, UBS, and Wells Fargo for its top wealth advisor talent over the last several years. Now, the embattled bank is seeing an exodus of the talent it lured— and Morgan Stanley is emerging as a winner. Two sources familiar with hiring discussions at Morgan Stanley told Insider that the bank was not matching those top-of-market deals. Morgan Stanley was one of 11 banks to provide a combined $30 billion in uninsured deposits to First Republic. Morgan Stanley revealed in an earnings call that about $19.6 billion in net new assets were attributable to advisors and clients fleeing struggling banks like First Republic for Morgan Stanley.

☆ Morgan Stanley netted nearly $20 billion in new client assets from First Republic and other struggling regional banks
▼ + stars: | 2023-04-19 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +3 min

Morgan Stanley netted $109.6 billion in new client assets in the first quarter of 2023. Before the hiring binge, Morgan Stanley and other banks gave a $30 billion lifeline to First Republic. Morgan Stanley beat profit estimates with its first-quarter results and got a little boost from the banking crisis. Analyst Steven Chubak of Wolfe Research asked how First Republic advisors flocking to Morgan Stanley had boosted quarterly inflows. That leaves $19.6 billion attributable to advisors and clients fleeing struggling banks like First Republic for Morgan Stanley, a too-big-to-fail institution.

☆ Some travel is 'off the charts' expensive, experts say. Here are 3 ways to cut some costs
▼ + stars: | 2023-04-17 | by ( Greg Iacurci | ) www.cnbc.com time to read: +7 min

D3sign | Moment | Getty ImagesInternational travel costs have hit record highsThe Eiffel Tower and Seine River at sunrise in Paris. The so-called "revenge travel" dynamic has helped to push up prices, perhaps most acutely for travel abroad. These are record-high prices, Berg said. People should be prepared not just for a busy travel season, but an expensive travel season. Sally French travel expert at NerdWalletThis summer is expected to be the busiest on record for international travel, the U.S. State Department said in March.

Summary IEA warns supply cuts could stunt economic recoveryGlobal oil supply to fall by 400,000 bpd by year end -IEAWorld demand to climb by 2 mln bpd in 2023, IEA saysBEIJING, April 14 (Reuters) - Oil prices edged lower on Friday after the West's energy watchdog warned that output cuts announced by OPEC+ producers could exacerbate an oil supply deficit and hurt consumers. OPEC on Thursday flagged downside risks to summer oil demand as part of the backdrop for the 1.16 million barrels per day (bpd) cut. In its benchmark monthly report on Friday, the International Energy Agency (IEA) said the OPEC+ decision could hurt consumers and global economic recovery. "Consumers confronted by inflated prices for basic necessities will now have to spread their budgets even more thinly," the IEA said in its monthly oil report. At the same time, world oil demand is set to grow by 2 million bpd in 2023 to a record 101.9 million bpd, driven in most part by stronger Chinese consumption, it said.

☆ Oil inches up on tightening supply, IEA demand outlook to come
▼ + stars: | 2023-04-14 | by ( Andrew Hayley | ) www.reuters.com time to read: +2 min

BEIJING, April 14 (Reuters) - Oil prices rose in early Asian trade on Friday, after falling 1% in the previous session, as the market weighed supportive supply conditions ahead of the International Energy Agency's monthly demand outlook. A tighter supply outlook due to lower expected production in Russia supported prices. On the demand side, investor attention is focused on the IEA's monthly oil market report to be released later in the day, with the possibility the agency might downgrade the global demand outlook over faltering macroeconomic growth. The weakening greenback makes dollar-denominated oil cheaper for investors holding other currencies, boosting demand. "It looks like the rally in crude prices has finally hit a wall," OANDA analyst Edward Moya said in a note.

☆ What JPMorgan's Jamie Dimon, BlackRock's Larry Fink, and other Wall Street CEOs are saying about the impact of the banking crisis
▼ + stars: | 2023-04-14 | by ( Carter Johnson | Rebecca Ungarino | Hayley Cuccinello | ) www.businessinsider.com time to read: +2 min

JPMorgan, BlackRock, Wells Fargo, and Citi reported earnings Friday. Top execs described their response to the banking crisis — and future opportunities. The message was clear, wrote Wells Fargo bank analyst Mike Mayo in a note to clients Friday. Quarterly earnings calls held with research analysts marked an opportunity for Wall Street's biggest executives to face questions about the impact of the March banking crisis on their firms' bottom lines. Here's what the leaders of JPMorgan, BlackRock, Wells Fargo, and Citigroup had to say about SVB.

☆ Compact galaxy's discovery shows Webb telescope's 'amazing' power
▼ + stars: | 2023-04-14 | by ( Will Dunham | ) www.reuters.com time to read: +4 min

The discovery is another example of how observations by Webb, which was launched in 2021 and began collecting data last year, are transforming our knowledge of the nature of the early universe. The orbiting infrared observatory was designed to be far more sensitive than its Hubble Space Telescope predecessor. This galaxy, Kelly said, is "absolutely tiny" in relative terms. "Nonetheless, we found that it was forming about two stars each year, which is similar to the rate at which the Milky Way is forming stars," Kelly added. "The combined power of the James Webb Space Telescope and the galaxy's magnification due to gravitational lensing allows us to study this galaxy in detail," Williams said.

☆ China's March crude oil imports surge 22.5% from year earlier
▼ + stars: | 2023-04-13 | by ( Andrew Hayley | ) www.reuters.com time to read: +2 min

Crude imports in March totalled 52.3 million tonnes, or 12.3 million barrels per day (bpd), according to data from the General Administration of Customs. Analysts pointed to a sharp increase in refined fuel product exports as a key reason behind the jump in crude imports. Total crude imports for the first quarter stood at 136.6 million tonnes, a 6.7% increase over 127.9 million tonnes in the same period last year. China imported 8.9 million tonnes of natural gas in March, up 11.2% from 8.0 million tonnes a year ago. Total natural gas imports for the first quarter stood at 26.7 million tonnes, down 3.6% on last year.

☆ Russia imposes sanctions on 333 Canadians, including Olympians
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

April 12 (Reuters) - Russia on Wednesday imposed sanctions on 333 Canadian officials and public figures, including prominent Olympians, in what it said was a tit-for-tat response to Canadian restrictions on Moscow and support for Ukraine. Russia has routinely placed sanctions on Western officials and high-profile individuals - effectively a permanent ban on them entering Russia - since the West targeted hundreds of Russian individuals and companies over the invasion of Ukraine. "This measure is designed to encourage those on the black list to change their behaviour," the ministry said in a statement. The Canadian Olympians targeted by Russia include ice dancer Tessa Virtue, a five-time Olympic medallist, and hockey player Hayley Wickenheiser, a six-time Olympian. Reporting by Reuters; Editing by Emelia Sithole-Matarise and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Canadian Olympians among 333 banned from entering Russia
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

April 12 (Reuters) - Some of Canada's best known athletes, including Olympic gold medallists Tessa Virtue and Hayley Wickenheiser, have been included on a list of 333 Canadians banned from entering Russia, the Russian Foreign Ministry said on Wednesday. Most of the athletes on the list are retired Canadian Olympians who signed a letter last month urging the Canadian Olympic Committee (COC) to support a ban of Russia and Belarus from taking part at the 2024 Paris Summer Games unless Russia withdraws from Ukraine. The sanctions are mostly symbolic, with Russia banned from hosting major sporting events and Canadian athletes having no reason to travel to the country. Others on the list barred from entering Russia include the Governor General of Canada Mary Simon and members of the Ontario, Alberta and British Columbia provincial legislatures. Reporting by Steve Keating in Toronto, editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

☆ How two of North America's richest families came together to fortify Greg Fleming's Rockefeller Capital Management
▼ + stars: | 2023-04-10 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

A firm owned by one of Canada's richest clans has invested $622 million in wealth firm Rockefeller. Two of North America's richest families have partnered up to invest in wealth management powerhouse Rockefeller Capital Management. The Desmarais family invested $622 million through the Power Corporation of Canada, the financial services conglomerate the family controls, for a 20.5% stake in Rockefeller Capital Management. Paul's son and deputy chairman of Power Corp., Andre Desmarais considered the late David Rockefeller Sr. as a mentor. Courtesy of Rockefeller Capital ManagementThe Desmarais family has worked with Rockefeller on big dealsRockefeller chief executive Fleming also has a two-decade-long relationship with the Desmarais clan.

☆ Millennial and Gen Z travelers have bigger budgets but seek deals, Hopper app says
▼ + stars: | 2023-04-06 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +2 min

REUTERS/Eduardo MunozNEW YORK, April 6 (Reuters) - Most Millennial and Generation Z travelers are planning bigger 2023 travel budgets but also growing more cost-conscious when booking flights and hotel accommodations, according to travel booking app Hopper. Some 84% of Hopper users, primarily Millennial and Gen Z travelers, plan to spend more on travel in 2023, according to the company's 2023 Travel Trends Report which surveyed 1,500 Hopper users. About 70% of Hopper users are between ages 18 and 35. "It's not to say that Millennial and Gen Z travelers just have unlimited budgets and they're spending all their money on travel," said Hopper economist, Hayley Berg. Although Millennial and Gen Z travelers booked in 2019 travel earlier than the rest of the population, they are growing more averse to booking, the company added.

☆ Why two of North America's richest families are coming together to fortify Greg Fleming's Rockefeller Capital Management
▼ + stars: | 2023-04-05 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

A firm owned by one of Canada's richest clans has invested $622 million in wealth firm Rockefeller. Two of North America's richest families have partnered up to invest in wealth management powerhouse Rockefeller Capital Management. The Desmarais family invested $622 million through the Power Corporation of Canada, the financial services conglomerate the family controls, for a 20.5% stake in Rockefeller Capital Management. Paul's son and deputy chairman of Power Corp, Andre Desmarais considered the late David Rockefeller Sr. as a mentor. Courtesy of Rockefeller Capital ManagementThe Desmarais family has worked with Rockefeller on big dealsRockefeller chief executive Fleming also has a two-decade-long relationship with the Desmarais clan.

☆ Oil prices rise as investors move focus from OPEC+ cuts to demand outlook
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +3 min

Companies Goldman Sachs Group Inc FollowBEIJING, April 4 (Reuters) - Oil prices posted gains in Asian trade on Tuesday after OPEC+ plans to cut more production jolted markets the previous day, with investors' attention shifting to demand trends and the impact of higher prices on the global economy. The latest pledges bring the total volume of cuts by OPEC+ to 3.66 million bpd including a 2 million barrel cut last October, according to Reuters calculations - equal to about 3.7% of global demand. "In the short term, demand is expected to rise for the summer driving season, but higher oil prices may intensify inflationary pressures and prolong interest rate hikes in many countries, which could dampen demand," he said. The OPEC+ production curbs led most analysts to raise their Brent oil price forecasts to around $100 per barrel by year-end. "But for anything more than that something has to change dramatically from the demand side of the equation," he added.

"The new cuts are underpinning that the OPEC+ group is intact and that Russia is still an integral and important part of the group," SEB analyst Bjarne Schieldrop said. Higher prices will likely spell more income for Moscow to fund its expensive war in Ukraine, upsetting Saudi-U.S. relations further, Schieldrop said. "The U.S. administration may also argue that higher oil prices will counter its efforts to put out the inflation fire," he added. [1/2] An OPEC flag is seen on the day of OPEC+ meeting in Vienna in Vienna, Austria October 5, 2022. "Producing countries apparently want to see oil prices rise to $90-$100/bbl, but higher oil prices also mean higher risk of economic downturn and sluggish demand," he added.

☆ Rich families skimp when it comes to cybersecurity, and it can cost them millions
▼ + stars: | 2023-04-01 | by ( Paige Hagy | Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

More than one-third of North American family offices experienced at least one cyberattack in the past 12 months in 2022, per Campden. It comes down to three problems, said Bobby Stover, who leads family office and enterprise services at Ernst & Young. When it comes to cybersecurity, family office principals are cheap, uneducated, and "don't want to deal with it," he told Insider. They cost anywhere from $25,000 to $65,000, and family offices often struggle to understand the benefit, according to Stover. One survey found an incident that cost a family office more than $10 million.

☆ Oil settles 1% higher on tightening supplies, cooling US inflation
▼ + stars: | 2023-03-31 | by ( Shariq Khan | ) www.reuters.com time to read: +3 min

The most actively traded Brent futures, for June delivery, settled up $1.29, or 1.6%, at $79.89 a barrel. Brent futures for May delivery, which expired upon settlement, gained 50 cents, or 0.6%, to settle at $79.77 a barrel. West Texas Intermediate crude (WTI) for May delivery settled higher by $1.30, or 1.8%, at $75.67 a barrel, gaining about 9% for the week. Signs that inflation is slowing tend to support oil prices as this could point to less aggressive interest rate hikes from the Fed, lifting investor demand for risk assets like commodities and equities. Brent settled lower for the third quarter in a row, the first time that has happened since 2015.

☆ Oil ticks up as US inflation cools, but set to end March lower
▼ + stars: | 2023-03-31 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Brent futures , which have risen nearly 6% this week, were up 26 cents, or 0.3% at $79.53 a barrel by 10:56 a.m. EDT (1456 GMT). West Texas Intermediate crude (WTI) rose 37 cents, or 0.5% to $74.74, having gained about 8% so far this week. If those levels hold, oil prices will record their second straight week of gains, but Brent and WTI were also set for losses of about 5% and 3%, respectively. Oil prices were also buoyed after producers shut in or reduced output at several oilfields in the semi-autonomous Kurdistan region of northern Iraq following a halt to the northern export pipeline. OPEC pumped 28.90 million barrels per day (bpd) this month, a Reuters survey found, down 70,000 bpd from February.

LONDON, March 31 (Reuters) - Oil prices ticked up on Friday with U.S. inflation data showing some signs of slowing price rises, but on the month oil was on course for its weakest performance since November. Oil prices have broadly recouped these losses as worries about a global banking crisis have abated after banks in the U.S. and Europe were rescued. While the inflation data showed signs of cooling, it remained elevated, which could lead to the Federal Reserve raising interest rates one more time this year. Oil prices were buoyed after producers shut in or reduced output at several oilfields in the semi-autonomous Kurdistan region of northern Iraq following a halt to the northern export pipeline. Also sending a bullish signal was data showing U.S. crude oil stockpiles fell to a two-year low.

LONDON, March 31 (Reuters) - Oil prices dipped on Friday, with benchmarks heading for their weakest monthly performances since November, ahead of key U.S. inflation data which could give clues on future interest rate moves and the strength of the dollar. U.S. West Texas Intermediate (WTI) crude fell 44 cents, or 0.5%, to $73.93, having gained about 7% so far this week. Markets are now waiting for U.S. personal consumption expenditures (PCE) inflation figures, tracked closely by the Federal Reserve, which are due at 1230 GMT. Also sending a bullish signal was data showing U.S. crude oil stockpiles fell to a two-year low. With oil prices recovering from recent lows, the Organization of the Petroleum Exporting Countries and allies led by Russia are likely to stick to their existing deal to cut oil output at a meeting on Monday, sources said.

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