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☆ MLB roundup: Aaron Judge homers in Yankees' opening win
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +8 min

Houston had its modern-day record of 10 consecutive Opening Day wins snapped. Orioles 10, Red Sox 9Adley Rutschman's 5-for-5 Opening Day helped Baltimore to a win over host Boston. Mets 5, Marlins 3Brandon Nimmo's three RBIs backed Max Scherzer's quality start, leading New York to an Opening Day victory over Miami. Twins 2, Royals 0Pablo Lopez and four relievers combined on an Opening Day two-hitter as visiting Minnesota blanked Kansas City. It was O'Neill's fourth consecutive Opening Day with a homer, tying a major league record.

The Vatican on Thursday said Pope Francis' health was improving and that he has resumed working while treatment continues. In the Flores neighborhood, many people reminisced about the pope, who has not been back to his homeland in the decade since he was chosen as pontiff. In the Buenos Aires Cathedral on Thursday morning, prayers were held for Pope Francis too, though his illness was cast as a just a "slight halt." Back in the neighborhood of Flores, 50-year-old housewife Marcela Borda said everyone was praying for his "speedy recovery". "It's good to pray for him, to ask for the strength he always had, and health, health for him and for everyone.

☆ Galderma owners delay IPO, review Credit Suisse role - source
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

The shareholders, including Swedish buyout house EQT (EQTAB.ST) and the Abu Dhabi Investment Authority (ADIA), are also reviewing Credit Suisse's (CSGN.S) role as global coordinator for the IPO, the source added, after the troubled lender agreed to be taken over by rival UBS in a government-brokered rescue. Bloomberg first reported on the IPO delay and the review of Credit Suisse's role. Galderma had been preparing to list as soon as after the Easter holidays, sources had told Reuters, having previously delayed its IPO plans because of poor market conditions. Last year, the group was forced to postpone its listing ambitions after the invasion of Ukraine and soaring interest rates ground the IPO market almost to a halt, as reported. Galderma and Credit Suisse declined to comment.

☆ Bank of Spain sees turmoil rising funding costs, requiring liquidity sourcing review
▼ + stars: | 2023-03-28 | by ( Jesús Aguado | ) www.reuters.com time to read: +3 min

Non-performing loans stood at nearly record lows of 3.56% in January, far below the all time-high of 13.6% in December 2013. Deputy Governor Margarita Delgado also said that amid a tighter financing conditions following a period of abundant, cheap liquidity, banks should assess liquidity risks and have diverse, credible and plan-based funding sources to allow them to "adapt flexibly to the changing environment." In its report, the Bank of Spain said it expected Spanish lenders to maintain comfortable excess liquidity positions. As of February, Spanish banks' liquidity coverage ratio stood on average at 175% among the significant lenders, well above the global average of 140%, according to the Basel Committee on Banking Supervision. Olano said that Spanish banks' exposure to Credit Suisse (CSGN.S) stood at between 300 million euros ($325.23 million)and 400 million euros.

☆ The guy behind the viral fake photo of the Pope in a puffy coat says using AI to make images of celebrities 'might be the line' — and calls for greater regulation
▼ + stars: | 2023-03-28 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

An AI-generated image showing the Pope in a luxurious puffer coat went viral over the weekend. "I just thought it was funny to see the Pope in a funny jacket," he told the outlet. And while he hadn't considered the impact of AI images before, added: "It's definitely going to get serious if they don't start implementing laws to regulate it." He added that he had "no ill will" and "just thought it was funny to see the Pope in a funny jacket." "I figured I was going to get backlash," he told BuzzFeed.

☆ Morning Bid: Banks are leaking money
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +2 min

There is some relief that First Citizens BancShares Inc (FCNCA.O) is in advanced talks to acquire Silicon Valley Bank (SIVB.O). There was also some talk the Federal Reserve could expand its new lending programme for banks as another step to reassuring depositors. Money is clearly flowing out of smaller banks toward their bigger siblings and to money market funds, which have seen an inflow of more than $300 billion in the past month to a record $5.1 trillion. Capital Economics points out that deposits across all the banks have fallen by $663 billion in the past year as customers search for higher yield. Deutsche Bank's five-year CDS hit 222 bps on Friday, the highest since late 2018, while UBS CDS shot up to 139 bps.

☆ Spring training roundup: Astros pound Cardinals 24-1
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +8 min

Astros starter Jose Urquidy scattered four hits over four innings, allowing the lone run on a multiple-error play in the second that scored Oscar Mercado. Cardinals starter Jack Flaherty yielded six earned runs on four hits and three walks over 3 2/3 innings. Wil Myers hit an RBI double and Michael Siani added an RBI single for the Reds. Elehuris Montero hit his fifth homer of the spring, a two-run shot, and Brenton Doyle went 2-for-3 with an RBI triple for the Rockies. Padres starter Michael Wacha went five innings and yielded eight hits, two walks and four runs.

LONDON, March 23 (Reuters) - Credit Suisse (CSGN.S) bondholders are seeking legal advice after the Swiss regulator ordered 16 billion Swiss francs ($17.5 billion) of Additional Tier-1 (AT1) debt to be wiped out under its rescue takeover by UBS (UBSG.S). Not only did bondholders expect protection, but UBS is paying $3.23 billion to Credit Suisse shareholders. One Paris-based manager of a debt fund that held Credit Suisse AT1s said he had been "spammed" with emails from lawyers. Facing any challenge could be Credit Suisse, its new owner UBS, Swiss regulator FINMA or the Swiss government. It also cited an emergency March 19 ordinance which it said authorised FINMA to instruct Credit Suisse to write off the bonds.

☆ ChatGPT can help you write a standout CV in seconds, job experts say: It's 'the ultimate resume-writing cheat code'
▼ + stars: | 2023-03-22 | by ( Morgan Smith | ) www.cnbc.com time to read: +3 min

The secret to writing the perfect resume could lie with ChatGPT. Since its launch in November, more jobseekers have tapped the viral AI-powered chatbot to help write cover letters, tweak resumes and draft responses to anticipated interview questions. Out of more than 1,000 current and recent jobseekers polled in a ResumeBuilder.com survey last month, nearly half (46%) reported using ChatGPT to write their resume or cover letter. 'All you need to do is proofread and edit'If you're building a resume from scratch, ChatGPT can help you build a customized template. "ChatGPT can give you clear recommendations for exactly how to do this … all you need to do is proofread and edit as needed."

☆ Why Goldman Sachs alumni are being hoovered up by elite hedge funds like Citadel and Millennium
▼ + stars: | 2023-03-21 | by ( Alex Morrell | ) www.businessinsider.com time to read: +14 min

In November, one of the world's most consequential hedge funds announced a shake-up at the top of its power structure. In an internal memo, the founder of Millennium Management, Izzy Englander, said that Bobby Jain would be vacating the co-CIO role. "You can't readily find that managerial experience at other hedge funds and Goldman is a perfect place to look for those people." 8 former Goldman Sachs leaders are now Millennium execsEnglander isn't alone — firms rarely are in the copycat world of multistrats. In a statement to Insider, Abbey Collins, a spokesperson for Goldman Sachs, said, "Goldman Sachs has always been and remains a talent magnet.

LONDON, March 20 (Reuters) - Lawyers from Switzerland, the United States and UK are talking to a number of Credit Suisse (CSGN.S) Additional Tier 1 (AT1) bond holders about possible legal action after the state-backed rescue of Credit Suisse by UBS (UBSG.S) wiped out AT1 bonds, law firm Quinn Emanuel Urquhart & Sullivan said on Monday. Quinn Emanuel said it was in discussions with Credit Suisse AT1 bondholders representing a "significant percentage" of the total notional value the instruments. PIMCO had 3.49% of its 5.66 billion euro ($6.06 billion) GIS Capital Securities Fund in Credit Suisse AT1 bonds, the Morningstar data showed. Lazard Asset Management had 7.4% of its 1.45 billion euro Lazard Capital Fi SRI fund allocated to Credit Suisse AT1 debt. GAM's 1.15 billion euro Star Credit Opportunities fund's exposure to Credit Suisse AT1 debt was 4.81% at the end of last month, based on the Morningstar data.

FINMA, the Swiss regulator, said the decision would bolster the bank's capital. Engineered in the wake of the global financial crisis, AT1 bonds are a form of junior debt that counts towards banks' regulatory capital. "It's stunning and hard to understand how they can reverse the hierarchy between AT1 holders and shareholders," said Jerome Legras, head of research at Axiom Alternative Investments, an investor in Credit Suisse's AT1 debt. Credit Suisse's AT1 debt had rallied earlier on Sunday amid reports that shareholders would receive something in a deal with UBS, raising hopes that bondholders would be protected. The move by the Swiss regulator could make it harder for other lenders to raise new AT1 debt, investors said.

FRANKFURT/LONDON, March 19 (Reuters) - Swiss authorities are examining imposing losses on Credit Suisse (CSGN.S) bondholders as part of a rescue of the bank, two sources with knowledge of the matter said on Sunday. Losses on bondholders may need to be larger if Credit Suisse were wound down rather than if it were taken over by UBS, one of the sources said. Authorities are trying to engineer a UBS takeover of Credit Suisse before financial markets reopen on Monday. A $1 billion deal would mean Credit Suisse shareholders getting a fraction of what their shares were worth on Friday. "I would be surprised if Credit Suisse bondholders, including AT1 investors, weren’t made whole.

LONDON, March 19 (Reuters) - Credit Suisse has written down its Additional Tier 1 bonds to zero as part of its takeover by UBS, angering some bondholders who thought they would be better protected in a rescue deal announced on Sunday. The Swiss regulator and Credit Suisse said that the bonds, which are a riskier type of debt than traditional bonds, have a notional value of 16 billion Swiss francs ($17.24 billion). Credit Suisse said it had been informed by the regulator, FINMA, on Sunday of the decision to write the bonds down. Some bondholders were angry at the move to write down the bonds to zero, especially as it appears bondholders will fare worse than shareholders in the deal. ($1 = 0.9280 Swiss francs)Writing by Tommy Reggiori Wilkes; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ Elon Musk frequently told Twitter staff 'let them sue' in response to vendors and landlords complaining about unpaid bills, report says
▼ + stars: | 2023-03-17 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Elon Musk told staff "let them sue" in response to complaints from Twitter vendors over unpaid bills, the FT reports. Musk has sought to aggressively cut costs since taking over Twitter in October 2022. Various lawsuits have been filed against Twitter claiming more than $14 million over unpaid bills. The team frequently refused to compensate Twitter's vendors, landlords, and partners in an effort to keep costs low, the report added. At least nine lawsuits have been filed against Twitter claiming more than $14 million plus interest, over unpaid bills, the Wall Street Journal reported in February.

As part of the overhaul announced in October, it is seeking to spin off merger advice and leveraged finance into a new entity named Credit Suisse First Boston (CSFB), for which it has been seeking buyers. Credit Suisse is most valuable in separate parts, and there are high-level M&A talks taking place, said a senior banker who advises banks on deals. TAKEOVERSelling off parts of Credit Suisse could require time, which markets may not give. The two have complementary investment banking businesses -Credit Suisse is stronger in credit and UBS in equities. However, some have faith that Credit Suisse can still make it safely to the end of the tight rope.

REUTERS/Brian Snyder/File PhotoLONDON, March 15 (Reuters) - Investment managers Bridgewater Associates, Millennium Management and Marshall Wace added to short positions on European banking shares after the collapse of Silicon Valley Bank sparked contagion fears across global banks, according to data from Breakout Point. Short sellers had amassed bearish positions worth more than $15.7 billion against European banks by Tuesday, according to S&P Global Market Intelligence. Millennium Management, Citadel, Wellington Management, Capital Fund Management, Odey Asset Management and Marshall Wace declined to comment. Marshall Wace held the largest disclosed number of short positions against banks, public filings from Austria, Italy, Sweden, Britain, Spain and Poland analysed by Breakout Point showed. Its shares were up 18% at 1602 GMT, in a broader European banking index (.SX7P) up 1.4%In the week to Wednesday, some 120 billion euros had been wiped off the value of European bank shares.

☆ Zara owner Inditex's profit jumps in Marta Ortega's first year in charge
▼ + stars: | 2023-03-15 | by ( Corina Pons | ) www.reuters.com time to read: +2 min

MADRID, March 15 (Reuters) - Zara owner Inditex (ITX.MC) on Wednesday posted a 27% increase in net profits in 2022 as sales exceeded pre-pandemic levels in the first full year since Marta Ortega, daughter of founder Amancio Ortega, took over as company chair. Between Feb. 1 and March 13, Inditex said its sales jumped by 13.5% from the same period a year earlier. The 2022 revenues were in line with analysts' expectations as the company benefited from shoppers' appetite for fashion as COVID-19 lockdowns ended. The results may also lessen investor doubts about Marta Ortega succeeding the veteran Pablo Isla as non-executive chair in April, in a generational handover that began a decade ago when her father retired. Also on Wednesday, rival H&M (HMb.ST) reported a 12% increase in net sales for its December-February period.

Big hedge funds including Marshall Wace and Odey Asset Management added to short positions against Europe's banks, regulatory filings seen by Reuters and data from Breakout Point showed. Marshall Wace held the largest disclosed number of short positions against banks, public filings from Austria, Italy, Sweden, Britain, Spain and Poland analysed by Breakout Point showed. The banks included BAWAG (BAWG.VI), FinecoBank (FBK.MI), Handelsbanken (SHBa.ST), CaixaBank (CABK.MC), NatWest Group (NWG.L) and PKO Bank Polski (PKO.WA). BNP Paribas shares fell by as much as 12% on Wednesday before recovering to show a loss of 9%, while Deutsche Bank shares fell almost 9%. In the week to Wednesday, some 120 billion euros ($126 billion) had been wiped off the value of European bank shares.

☆ The man in charge of deporting Pablo Escobar's 'cocaine hippos' explains how he plans to fly 70 of them across the world
▼ + stars: | 2023-03-15 | by ( Crystal Raypole | Jessica Orwig | ) www.businessinsider.com time to read: +7 min

Authorities plan to relocate 70 of the hippos living wild in Colombia, but it's not an easy task. Very carefully, according to David Echeverri López, head of Biodiversity Management, Protected Areas, and Ecosystem Services at Cornare in Colombia. So, authorities will continue pursuing other options, from sterilization to searching for other zoos and sanctuaries willing to take hippos. The thickness of a hippo's skin, and the density of their subcutaneous tissue, also makes it challenging to deliver enough anesthesia to keep them asleep for the right amount of time. Cornare has sterilized 13 hippos, López said, and relocated seven to zoos in Colombia.

☆ Zara owner Inditex's profit jump in first year with Marta Ortega at helm
▼ + stars: | 2023-03-15 | by ( ) www.cnbc.com time to read: +1 min

Zara owner Inditex on Wednesday posted a 27% net profit increase in 2022 as sales exceeded pre-pandemic levels in the first full year since Marta Ortega, daughter of founder Amancio Ortega, took over at the helm of the company. In-store and online sales for the world's biggest fashion retailer reached 32.6 billion euros ($34.99 billion), 18% more than the 27.71 billion euros posted last year and 15% higher than in 2019, before the pandemic hit. The company net income soared to 4.1 billion euros ($4.40 billion). The fashion giant revenues were in line with what analysts expected as the company benefited from shoppers' appetite for fashion in the post-Covid period. Inditex's strong results will appease initial investor concerns about Marta Ortega succeeding the veteran Pablo Isla as non-executive chair in April, in a generational handover that began a decade ago when her father retired.

☆ Ruben Gallego slams Kyrsten Sinema for raking in Silicon Valley Bank contributions ahead of 2018 deregulation vote
▼ + stars: | 2023-03-14 | by ( Warren Rojas | ) www.businessinsider.com time to read: +3 min

Rep. Ruben Gallego says Kyrsten Sinema is responsible for the Silicon Valley Bank implosion. Gallego talked about campaign contributions Sinema got from the failed lender on Tuesday in Tempe. "Sinema is in the pocket of Wall Street," he said, citing her 2018 vote to slash banking rules. Gallego also went after Sinema a day earlier, alleging that, "When bank lobbyists asked me to weaken bank regulations, I said no. When they asked Senator Sinema, she asked how much—and voted yes," DC outlet The Hill reported.

WASHINGTON/SINGAPORE, March 13 (Reuters) - U.S. authorities launched emergency measures on Sunday to shore up confidence in the banking system after the failure of Silicon Valley Bank (SIVB.O) threatened to trigger a broader financial crisis. Silicon Valley Bank (SVB), a mainstay for the startup economy, was a product of the decades-long era of cheap money, with unique risks that made it especially vulnerable. With the Fed poised to continue raising interest rates, investors said the financial system may not be fully out of the woods just yet. Goldman Sachs' analysts said they no longer expect it to raise rates at that meeting, amid the stress in the banking sector. A senior U.S. Treasury official said the actions taken would protect depositors, while providing additional support to the broader banking system, but officials and regulators were continuing to monitor financial system stability.

With assets of around 5.5 billion pounds and deposits of around 6.7 billion pounds, SVB UK is a minnow compared to HSBC. The situation was urgent because SVB UK had lost almost half of its deposits in the 48 hours leading up to its rescue, the source said. Officials from the Bank of England and Treasury along with board members from SVB UK were then locked in talks. HSBC also plans to inject 2 billion pounds of liquidity into SVB UK, a spokesperson for HSBC said. Advisory firm Rothschild, which advised SVB UK according to sources, also declined to comment.

[1/2] A notice hangs on the door of Silicon Valley Bank (SVB) located in San Francisco, California, U.S. March 10, 2023. "Silicon Valley Bank cannot be allowed to fail given the vital community it serves," Bank of London co-founder and CEO Anthony Watson said. But an executive at a major UK bank said it was unlikely a high street lender would buy SVB UK because its credit products would not be a good fit for a mainstream bank. EXISTENTIAL THREATMore than 250 UK tech firm executives signed a letter addressed to Hunt on Saturday calling for government intervention and warned of an "existential threat" to the UK tech sector, a copy seen by Reuters shows. Sunak has said he wants to turn Britain into the "next Silicon Valley".

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