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The risks of doing dealsA British regulator’s decision to reject Microsoft’s $69 billion takeover bid for Activision Blizzard stunned many who had expected the deal to go through. That’s especially because moves this month by the agency, the Competition and Markets Authority, suggested that the transaction might pass muster. Though it narrowed the scope of its Activision deal inquiry to just one issue, cloud gaming, the C.M.A. The tribunal that will weigh Microsoft’s appeal will examine mainly whether the regulator followed proper procedure. That institutional advantage positions the agency as one of the world’s most influential antitrust enforcers, alongside those in the United States and the European Union.

☆ Canadian Senate passes bill to compel local content on streaming giants
▼ + stars: | 2023-04-27 | by ( Ismail Shakil | ) www.reuters.com time to read: +2 min

OTTAWA, April 27 (Reuters) - Canada's Senate on Thursday passed the government's online streaming legislation after a 10-month debate over a law that will force firms like Netflix (NFLX.O) and Alphabet Inc-owned (GOOGL.O) YouTube to offer more Canadian content. Bill C-11, or the Online Streaming Act, cleared the unelected upper chamber of the Canadian parliament with 52 votes to 16 and one abstention. The government says the legislation will ensure that online streaming services promote Canadian music and stories, and support Canadian jobs. YouTube has said it does not oppose the bill in its entirety, but has raised concerns over its impact to user-generated content. The video platform says the law would force it to recommend Canadian content on its homepage, rather than videos tailored to a user's specific interests.

☆ World Bank's Malpass: debt assessments should reflect growing share of domestic debt
▼ + stars: | 2023-04-26 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, April 26 (Reuters) - Debt sustainability analyses carried out by the World Bank and International Monetary Fund should reflect the growing share of domestic debt in many developing countries' overall debt levels, World Bank President David Malpass said on Wednesday. Malpass called for urgent measures to jump-start sovereign debt restructuring efforts for the many countries that are in or near debt distress, after years of glacial progress under the Group of 20 Common Framework. Speaking at a World Bank event entitled "Breaking the Impasse in Global Debt Restructuring," Malpass said it was critical to get a better understanding of countries' total debt levels, including both domestic and external debt. Carmen Reinhart, the World Bank's previous chief economist, told the event that there were ongoing concerns about "hidden debt" and the transparency of external debt levels, including "severely underreported debt levels" owed to China, now the world's largest bilateral creditor. She said there were no publicly available data on net reserves, and questions about contingent liabilities also compounded the problem of accurately analyzing debt levels.

☆ Freddie Mercury's estate will auction hundreds of personal items belonging to the late Queen singer — including handwritten notes, song drafts, and costumes
▼ + stars: | 2023-04-26 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +2 min

Hundreds of items owned by Queen singer Freddie Mercury will be auctioned later this year. The auctions will include art he owned, along with notes, drafts of Queen songs, and costumes worn for concerts. One piece already on display at Sotheby's in London is a robe and crown worn by Mercury during Queen's final performances in 1986. Kin Cheung/The Associated PressMary Austin, Mercury's longtime friend and inheritor of his estate and belongings, made the "difficult decision" to sell the items, according to The Associated Press. Many of the items have been stored in Mercury's Garden Lodge home where she has lived since his death in 1991.

☆ Bears, Binoculars and Bucket-List Birds: A 15-Day Tour in Ecuador
▼ + stars: | 2023-04-26 | by ( Dorothy Spears | Alexis Rockman | ) www.nytimes.com time to read: +1 min

After a 4:30 a.m. breakfast at the Sani Lodge, where our group was staying, my husband, Alexis, and I pulled on our rubber boots. Our birding guide, Jeison Gualinga, whistled for a canoe while flashing his light among the reeds by the main dock. Our birding trip in Ecuador arose like a bird call, by word of mouth. Our friend Olaf Soltau, a devout birder, was tipped off by a respected birder friend to enlist Pablo Barrera of Adventures Columbia to coordinate a tour. Our trip would culminate with five days in the Yasuní National Park, whose humid green jungles are a birding paradise.

☆ Peru's Toledo returns home to join two other former heads of state in jail
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: +2 min

[1/2] Peru's former President Alejandro Toledo walks with others after his arrival at the airport following his extradition to Peru, in Callao, Peru April 23, 2023. Toledo, president between 2001 and 2006, turned himself in on Friday for extradition. They have requested a 20-year prison sentence. Toledo, an economist by profession and with a doctorate from Stanford University in the United States, became the second former Peruvian president to be extradited. Fujimori was extradited from Chile and is serving a 25-year prison sentence for human rights abuses.

☆ Morning Bid: Oil price relapse
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +4 min

Although oil prices have not yet reversed all their gains from OPEC move, Brent is down more than 5% over the past week and the year-on-year deflation in oil prices is running at 24%. And there's also signs oil loading from Russia's western ports this month is rising to the highest since 2019 -= despite Moscow's pledge to cut output. Tesla (TSLA.O) shares dropped 2% after the electric-vehicle maker's sixth U.S. price cut this year. Helped by the oil price retreat, 2-year U.S. Treasury yields fell back almost 10 basis points to 4.19%. VIX and bear marketsShare price performance, earnings and sales for TeslaReuters GraphicsReuters GraphicsBy Mike Dolan, <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>.

☆ SpaceX's Starship launch kicked up soil and sand that rained down on a nearby beachside town 5 miles away
▼ + stars: | 2023-04-20 | by ( Rebecca Cohen | Chris Panella | ) www.businessinsider.com time to read: +2 min

SpaceX's Starship launch kicked up soil and sand that rained down on a town 5 miles away. Port Isabel residents shared pictures of the "particulates" that rained down in the area. One representative from a nearby elementary school said cars were covered in the dust. Starship's explosion shortly after launch also caused a disturbance for Port Isabel residents. "The doors were shaking," the Derry Elementary School representative told Insider.

☆ Renault chooses banks for planned listing of electric car unit Ampere - source
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

PARIS, April 20 (Reuters) - French carmaker Renault (RENA.PA) has picked BNP Paribas (BNPP.PA), Goldman Sachs (GS.N) and JPMorgan (JPM.N) among the investment banks slated to work on the planned listing of its electric car business, Ampere, a source close to the matter said on Thursday. The three banks will act as joint global coordinators on the initial public offering (IPO) of Ampere, the source said. Renault aims to list Ampere in Paris this year, depending on market conditions. Renault's management has not yet given a valuation for the unit, saying it was up to the market to do so. Renault declined to comment on the names or roles of the banks picked for the planned listing.

☆ Morning Bid: Crowded bonds unnerved
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +5 min

This has some wondering if the recent dash for cash and top-rated bonds has become a bit crowded and how much more tightening central banks have to do. As we move into the weeds of the first-quarter U.S. earnings season, it's been a mixed bag so far. That clearly unnerved UK government bonds - where 10 year yields jumped 10bps - but it also jarred sovereign bonds around the world. Elsewhere, further signs of healing were evident in the global bank funding market. Japan's Sumitomo Mitsui Financial Group (8316.T) sold $1 billion of additional tier-1 debt, the first major global bank to sell the risky securities since similar bonds issued by Credit Suisse were wiped out last month.

☆ MLB roundup: Phillies score 9 in first, bash 23 hits to rout Reds
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +11 min

Lopez allowed two runs and seven hits in six innings. Both were 2-for-4 as Boston finished with seven hits. Alcantara (1-2) allowed seven hits and five runs (four earned) in six innings for the Marlins. Alek Manoah (1-1) allowed seven runs, nine hits and four walks in 4 2/3 innings for the Blue Jays. Castillo allowed two hits, didn't walk a batter and struck out nine over seven innings.

☆ 35 Ways Real People Are Using A.I. Right Now
▼ + stars: | 2023-04-14 | by ( Francesca Paris | Larry Buchanan | ) www.nytimes.com time to read: +24 min

People are using ChatGPT and other A.I. Here’s how 35 real people are using A.I for work, life, play and procrastination. People are using A.I to …Plan gardens. Chris Norn Researcher at the University of Washington Two years ago researchers cracked the code on using A.I. When you run a Dungeons & Dragons game, Mr. Green says, you have to be creative, but that almost always means pulling from existing fantasy literature.

In addition to mergers and acquisitions, the options include a sale of the bank and an initial public offering (IPO), the people said. Officials for Co-op Bank, Aldermore, OneSavings Bank, Paragon and Shawbrook declined to comment. Co-op Bank had an equity value of close to 1.3 billion pounds ($1.61 billion) as of the end of December, based on its latest annual accounts. It had more than 28 billion pounds of assets on its balance sheet and reported a profit before tax of 132.6 million pounds for 2022. Later that year, Co-op Bank made an offer for domestic rival TSB Group, which was rejected by Spanish parent Banco Sabadell (SABE.MC).

☆ Exploring the Lakes of Minneapolis With $350,000: Could She Afford Three Bedrooms?
▼ + stars: | 2023-04-13 | by ( Mitch Smith | ) www.nytimes.com time to read: +2 min

When Rae Bullinger returned to the Minneapolis area three years ago after a spell in Nebraska, she knew she was there to stay. Ms. Bullinger, 26, loved summer bike rides around the city’s lakes and enjoyed the lively food scene. She liked the apartment’s location and hoped to stay in South Minneapolis, where well-kept neighborhoods of single-family homes are interspersed with parkland and walkable retail districts. “You’re still a part of the city of Minneapolis, but you’re not downtown,” she said. When Ms. Bullinger began looking last fall, he said, there were plenty of choices within her budget.

☆ Banking turmoil questions begin at board level, says Basel's de Cos
▼ + stars: | 2023-04-12 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

These events marked the first real stress test of banks since the global financial crisis of 2007-09, de Cos told an Institute of International Finance roundtable in Washington. While it was unlikely a single culprit was to blame, he said the "whodunnit" task should start with bank boards. "A bank’s board, senior management and risk management function should be asking themselves questions in a timely fashion and taking credible measures to shore up resilience," de Cos said. De Cos also said supervisors should also ask tough questions and take "decisive action" to ensure safety and soundness of banks. Mark Carney, former governor of the Bank of England and former chair of the Financial Stability Board (FSB), the G20 watchdog that drove through post-global financial crisis reforms of banking rules, has called for a rethink of bank liquidity rules.

☆ Hippo attacks: How to avoid one of Africa's most dangerous animals
▼ + stars: | 2023-04-12 | by ( Forrest Brown | ) edition.cnn.com time to read: +22 min

“Hippos attack not to eat people, but to get them the hell away from them,” Lewison said. Larger vessels can offer more protection from a sudden hippo attack. photocech/Adobe StockGet to know the signs of disturbed hippos, Muruthi advised, in case you wander too closely. … If you slap the water, the percussion 99.9 times out of 100 will turn the hippo,” Templer said. Remember to suck in air if on the surface.”Another hippo attack survivor in this National Geographic video also was able to conserve her breath.

☆ Morning Bid: Stocks defy negativity in CPI vigil
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +5 min

The Federal Reserve's interest rate stance hinges on incoming data such as Wednesday's consumer price report, but fears of recession remain just that. And so investors return to scrutinising the Fed to see if the central bank forces the recession by tightening ever further. With Fed policy meeting minutes due later in the day, the runes of what must have been a tense gathering of officials in the middle of the regional banking shock will be eyed closely. Minneapolis Fed President Neel Kashkari reckoned recession was still a risk but inflation wouldn't get back close to the 2% target until next year. Hong Kong stocks (.HSI) underperformed overnight - with geopolitical tensions high surrounding Taiwan and Chinese military operations around the island.

☆ How to avoid the next crisis? Banks may have to hold more cash
▼ + stars: | 2023-04-12 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Regulators must learn “important lessons” from this year’s banking turmoil, the world’s top financial watchdog has said. Requiring banks to hold more cash to pay out depositors may be one of them. External shocks that have roiled global markets in recent years include the coronavirus pandemic and Russia’s invasion of Ukraine. In other words, banks could be told to hold more assets that can be easily converted into cash to pay back creditors in times of crisis. In the United States, the Federal Deposit Insurance Corporation said it would guarantee all deposits held within Silicon Valley Bank, including those above $250,000 per person.

☆ BoE's Bailey says bank reforms worked but questions about liquidity buffers
▼ + stars: | 2023-04-12 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

"Today I do not believe we face a systemic banking crisis. Bailey, however, echoed calls from his predecessor Mark Carney by saying there might be questions over the size of liquidity buffers required of banks in order to tide them over short-term shocks. This must beg the question of what are appropriate and desired liquidity buffers that create the time needed to take action to solve the problem." Data from the European Central Bank on Wednesday showed a slight weakening in liquidity buffers at banks it regulates, though they are still well above minimum requirements. Banks' holdings of liquidity have more than doubled since the global financial crisis, helping to contain fallout from the recent banking turmoil, de Cos said.

☆ MLB roundup: Ryan Mountcastle's 9 RBIs propel Orioles to win
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +11 min

Austin Hays also homered and went 4-for-5 as the Orioles won for the second night in a row. Kyle Schwarber hit a solo home run and Bryson Stott added two hits and two RBIs for Philadelphia. Guardians starter Hunter Gaddis (0-1) allowed eight runs on eight hits with three strikeouts and two walks in three-plus innings. Blue Jays 9, Tigers 3Alejandro Kirk hit a three-run home run and had four RBIs as Toronto won its home opener, beating Detroit. Detroit right-hander Matt Manning (1-1) allowed four runs on six hits with one walk and three strikeouts in six innings.

☆ 6 Picasso Shows to See This Year
▼ + stars: | 2023-04-06 | by ( Gabe Cohn | ) www.nytimes.com time to read: 1 min

Pablo Picasso’s 1921 painting “Three Women at the Spring” will be shown at the Museum of Modern Art this fall, in one of several exhibitions at American and European museums marking the 50th anniversary of the artist’s death. Credit... Estate of Pablo Picasso/Artists Rights Society (ARS), New York; via The Museum of Modern Art

By offloading some of the risk on their loans, the banks can significantly reduce how much capital they need to set aside to cover potential losses, according to law firm Clifford Chance. A bank can normally transfer risks of losses equivalent to around 7% to 12% of a loan portfolio, two market sources said. With synthetic structures, a bank transfers the risk via credit derivatives or guarantees but keeps holding the underlying exposures. The IFC sold BNP a $50 million guarantee on $1 billion of loans to emerging markets, they said, without disclosing terms. While Europe has been at the forefront for risk transfers, the stock of loans covered by SRTs is small relative to European banks' balance sheets.

☆ Picasso: Love Him or Hate Him?
▼ + stars: | 2023-04-05 | by ( Deborah Solomon | April | ) www.nytimes.com time to read: +14 min

It is not hugely cool to profess a love for Picasso these days. This is what Picasso’s detractors — like Hannah Gadsby, the Australian comedian and Picasso basher, who will help curate a Picasso show at the Brooklyn Museum opening on June 2 — often miss. Picasso, by contrast, brought the weight of lived experience into his work, even when he was tethered to archetypal subjects. “The Mother” (1901), an early painting by Picasso, shows a view of motherhood purged of Renaissance idealization. The conventional view of the painting holds that the women are “dolled-up cocottes,” as John Richardson glibly put it in his biography of Picasso.

[1/6] Spanish Labour Minister and Second Deputy Prime Minister Yolanda Diaz applauses as she presents new political platform 'Sumar' in Madrid, Spain, April 2, 2023. REUTERS/Isabel InfantesMADRID, April 2 (Reuters) - Spanish Labour Minister Yolanda Diaz launched her bid to become the country's first woman prime minister on Sunday at a packed event in Madrid, where the absence of two government ministers signalled a deepening rift among the progressive left. Today, I want to become our country's first female prime minister," Diaz told the crowd to a standing ovation. Although she has yet to release a detailed platform, Diaz outlined the broad outline of her manifesto, including a new "bill of rights" and a democratic, economic and social "contract" for the next decade. She also touted her ministry's accomplishments, such as raising the minimum wage and a pro-union labour law reform.

Despite a rebound in fundraising and block trading activity, year-to-date IPO volumes came in at their lowest level since 2019. Equity capital markets (ECM) advisers, however, are optimistic of a recovery in listing activity in the latter part of the year. In the United States, IPO volumes jumped more than 50% from the fourth quarter of 2022, but were still 11% down from the same period last year. IPOs briefly flickered back to life in February, as companies including solar tech firm Nextracker (NXT.O) and Chinese sensor maker Hesai Group (HSAI.O) pushed ahead with their listings. RECOVERY DELAYEDIn Europe, investment bankers said the market volatility spurred by the banking crisis is likely to affect the pipeline of deals.

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