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☆ Ease capital rules on EU banks to boost lending, banking industry says
▼ + stars: | 2023-01-27 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Banking regulation is internationally coordinated by regulators, but differences remain in how the rules work in practice, and how they are implemented, the report said. EBF Graphic 2The report said the difference in regulatory-induced costs at EU banks compared with their U.S. peers can explain 0.8-1.0 percentage points of a gap in return on equity, which is a measure of profitability. "Policymakers should redouble their efforts to complete the banking and capital markets unions," the report said, referring to EU projects to deepen its capital market and create a more competitive cross-border banking market. Banks now hold more capital after being bailed out by taxpayers in the 2008 financial crisis. The EU is finalising the remaining leg of global bank capital rules that were written in response to the financial crisis, with temporary waivers from some elements.

☆ British banking damaged by slow supervisors warns industry report
▼ + stars: | 2023-01-26 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

[1/2] People walk over the Millennium Bridge with the City of London financial district in the background, in London, Britain, January 13, 2023. REUTERS/Henry Nicholls/File PhotoLONDON, Jan 26 (Reuters) - Britain's regulators can be slow, inefficient and unpredictable, raising costs and slowly damaging the financial sector's global competitiveness, industry body TheCityUK said in a report. Complex, opaque and slow authorisations, such as for a new chief executive or a new product, can discourage growth and investment, the report published on Thursday said. It said The Financial Conduct Authority (FCA) and the Bank of England's Prudential Regulation Authority (PRA) were taking steps to speed up authorisations, but further action was needed. The Bank of England said it recognised the need to improve the timeliness of approving senior managers in particular and was taking steps in line with many of the recommendations.

☆ German business morale brightens further in January - Ifo
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Kai Pfaffenbach/File PhotoBERLIN, Jan 25 (Reuters) - German business morale brightened in January as Europe's largest economy started the new year with easing inflation and an improved outlook, a survey said on Wednesday. The Ifo institute said its business climate index rose to 90.2, in line with consensus according to a Reuters poll of analysts and up from a reading of 88.6 in December. "The German economy is starting the new year with more confidence," Ifo's president Clemens Fuest said. The increase is driven by considerably less pessimistic expectations, while companies were, however, somewhat less satisfied with their current situation, Ifo said. "The Ifo business climate has recovered significantly for the third time in a row as the easing on the gas market further diminished companies' fears of a severe recession," Commerzbank's chief economist Joerg Kraemer said.

☆ German consumer sentiment consolidates upward trajectory -GfK
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Kai Pfaffenbach/File PhotoBERLIN, Jan 24 (Reuters) - German consumer sentiment is set to improve for a fourth consecutive month in February as energy prices fall, a GfK institute survey showed on Tuesday. The institute said its consumer sentiment index rose to -33.9 heading into February from a revised reading of -37.6 in January, but was slightly below forecasts from analysts polled by Reuters of -33.0. "Falling energy prices, such as for gasoline and heating oil, have ensured that consumer sentiment is less gloomy," said GfK consumer expert Rolf Buerkl. Among the three sub-indices, income expectations posted a noticeable increase in January and economic expectations climbed to pre-war levels. According to GfK, a one-point change in the indicator corresponds to a year-on-year change of 0.1% in private consumption.

☆ Meet Jesse Cohn, the hedge fund wunderkind building a campaign on Salesforce
▼ + stars: | 2023-01-23 | by ( Casey Sullivan | Bradley Saacks | ) www.businessinsider.com time to read: +10 min

One of the key players behind the campaign is 42-year-old Jesse Cohn, Paul Singer's right-hand man. Hedge fund Elliott Management has taken a multi-billion dollar stake in Salesforce, as the tech company deals with layoffs and a management shake-up. And Cohn, one of Elliott's chief agitators, has emerged as quarterback, announcing his respect for co-CEO Marc Benioff in a statement. "He said, 'Hey, let me talk to you,'" Knowles told BI in 2019. He had the files laid out on a conference-room table when the board met with Cohn in Elliott's New York office.

☆ Most Chinese provinces set growth targets of above 5% in 2023
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +3 min

BEIJING, Jan 18 (Reuters) - Most Chinese provinces aim for economic growth of above 5% this year, pledging to focus on boosting consumption following a lifting of stringent COVID curbs, according to local government work reports. Zhejiang province, which is a "demonstration zone" for China's common prosperity campaign, has set a more than 5% growth target this year, after missing its "around 6%" goal by half in 2022. Growth is expected to rebound to 4.9% in 2023, according to a Reuters poll. China is likely to aim for economic growth of at least 5% in 2023 to keep a lid on unemployment, policy insiders said. The tropical southern province of Hainan set an ambitious target of around 9.5% for 2023 growth, after the island's main tourist hub, Sanya, locked in tens of thousands of tourists last August.

☆ Amazon is rapidly opening new Whole Foods stores after halting Amazon Fresh's expansion, in a troubling sign for online grocery sales
▼ + stars: | 2023-01-18 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

Whole Foods wants to triple the number of stores it opens, CEO Jason Buechel said Monday. Last year, Whole Foods opened 11 stores, according to industry publication Winsight Grocery Business. Last March, Amazon said it would close 68 stores, including all of its Amazon Books and Amazon 4-Star locations. Amazon has also reportedly paused new store openings for its Amazon Fresh grocery chain, The Information reported in December. "We are so bullish on our potential to continue to add stores," Buechel said according to Winsight.

☆ UK economy ekes out growth in November surprise — but recession still seen as inevitable
▼ + stars: | 2023-01-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

A Reuters poll of economists had forecast a 0.2% contraction amid a bleak overall picture for the British economy. watch nowThe boost in services seemingly offset some of the negative impact of mass strike action across the U.K., particularly in the rail and postal sectors. "What's more, the effects of the Bank's monetary tightening are still to feed through the economy fully. Together with the corporation tax increase to 25% and the expiration of the tax reduction on new investments, the economy only stands to contract further." The Bank of England has projected that the U.K. economy will experience at least a four-quarter recession, its longest on record.

☆ Asia-Pacific shares trade mixed as U.S. inflation data remains firmly in spotlight
▼ + stars: | 2023-01-12 | by ( Lee Ying Shan | ) www.cnbc.com time to read: 1 min

SHANGHAI, CHINA - MARCH 01: Skyscrapers stand at the Pudong Lujiazui Financial District on March 1, 2022 in Shanghai, China. Asia-Pacific shares traded mixed as investors look ahead to the U.S. consumer price index report Thursday. Australia's S&P/ASX 200 traded up 1.03% in its first hour of trade. The Nikkei 225 dipped fractionally after reversing earlier gains, while the Topix climbed 0.19%. South Korea's Kospi traded flat, while the Kosdaq declined 0.19%.

☆ Chinese embassy in UK: 'Firmly opposed' to Britain's Hong Kong report
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Chinese national flag is seen in front of the financial district Central on the Chinese National Day in Hong Kong, China October 1, 2022. REUTERS/Tyrone SiuLONDON, Jan 12 (Reuters) - China's embassy in Britain said on Thursday it had lodged "stern representations" about the UK's latest six-monthly report on Hong Kong, which criticised what it called the erosion of freedoms in the former British territory by China. "It distorted facts, grossly interfered in Hong Kong affairs, which are China’s internal affairs, and seriously violated the basic norms governing international relations," an embassy spokesperson said of the report. "We are strongly dissatisfied with and firmly opposed to it, and have lodged stern representations with the British side." Reporting by Sachin Ravikumar and William James; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

More than 30 mutual funds launched this week, mostly equity-focused, offering vehicles for recovery bets. Yang Delong, chief economist at First Seafront Fund Management expects China's economic growth to exceed 5% this year as COVID curbs are scrapped. Cao Ludi, fund manager at Fullgoal Fund Management, predicts an "N-shaped" economic recovery, as an expected Spring revival in activity will likely succumb to a harsh reality check in the second quarter. She advised against chasing the high-flying real estate and tourism stocks, as their "fundamentals remain a question mark." This should mean economic recovery by the second quarter, if not earlier."

☆ Markets rally on signs inflation is abating, as investors look to next week's consumer price data
▼ + stars: | 2023-01-06 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

Later in the day, markets were also buoyed by the ISM's nonmanufacturing purchasing managers' index, which said the services industry contracted last month. The next big test will be December's consumer price index report, to be released Thursday. Meanwhile, the fourth-quarter earnings season kicks off next Friday, when the banks – including Club holding Wells Fargo (WFC) – are set to report. On Thursday, the December ADP employment report was released, showing an additional 235,000 jobs, well above the 153,000 expected by analysts. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ UK stock funds lost a record $10 billion last year, new research shows
▼ + stars: | 2023-01-06 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

U.K.-focused equity funds saw record outflows in 2022. LONDON — Investors ditched U.K. stock funds at a record rate last year, according to new research, with the selling outpacing that in other major markets. That compared with £2.65 billion in outflows from other European stock funds, £1.17 billion from North American funds and £1 billion from Asia-Pacific funds. Meanwhile, passive equity funds, which track a stock market or market sector, saw their first year of net outflows on its records. Bright spots were global environmental, social, and corporate governance equity funds, which added £6.35 billion, and emerging market funds, which added £647 million.

☆ Asia-Pacific markets set to trade mixed as investors look ahead to Fed minutes
▼ + stars: | 2023-01-04 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

A woman walks at the Bund in front of the financial district of Pudong in Shanghai, China. The Nikkei futures contract in Chicago was at 25,800 while its counterpart in Osaka was at 25,790. Both are lower compared to the Nikkei 225 's last close at 26,094.50. Asia-Pacific shares are poised to trade mixed as investors look ahead to the Federal Reserve's meeting minutes for December, watching for signs of more interest rate hikes. In the day, investors look ahead to the release of the U.S. Job Openings and Labor Turnover Survey, better known as JOLTS, as well as the minutes of the Fed's latest policy meeting set to come out in the afternoon stateside.

Months into their hunt for an apartment in San Juan, Valentina Valldejuli and her partner, Rafael, pivoted from searching local real estate websites to browsing Facebook Marketplace. Valldejuli was born and raised in Puerto Rico and has lived her entire life in San Juan. I live in this center of an area, but I can just take a ten-minute drive and get to the beach here in Ocean Park in San Juan," she says. Hato Rey is the financial district in San Juan, Puerto Rico. CNBC Make itIn October 2020, the couple found a Facebook Marketplace listing for a three-bedroom, two-bathroom in Hato Rey, Puerto Rico, for $1,000 a month.

☆ How San Francisco can tackle two of its biggest issues: office vacancies and housing
▼ + stars: | 2022-12-30 | by ( Sydney Boyo | ) www.cnbc.com time to read: +6 min

"Prior to the pandemic, in the city of San Francisco, our office vacancy rate was about 4%. San Francisco has been referred to as the work-from-home capital of the United States, with the American Community Survey finding that 46% of employees in San Francisco worked from home in 2021, up from 7% in 2019. Under the Housing Element, the state of California is mandating that San Francisco build 82,000 new units of housing, including affordable units meant for low-income residents, by 2031. "The rents that you can get for a life sciences lab space are much higher than office space. The San Francisco mayor said the problem is that it takes a long time to build housing, especially given all the requirements.

☆ Asia markets set to trade lower; China says it will end quarantine for inbound travelers
▼ + stars: | 2022-12-27 | by ( Jihye Lee | ) www.cnbc.com time to read: 1 min

SHANGHAI, CHINA - JUNE 08: Aerial view of skyscrapers standing at the Lujiazui Financial District at sunrise on June 8, 2022 in Shanghai, China. (Photo by Zhang Zhuoming/VCG via Getty Images)Asia-Pacific markets are set to fall as China officially announced overnight it will end quarantine for inbound travelers — symbolizing an end to its zero-Covid policy that it's held for nearly three years. Australia's S&P/ASX 200 fell 0.63%. The Nikkei futures contract in Chicago was at 26,400 while its counterpart in Osaka was at 26,370 – lower against the Nikkei 225's last close at 26,405.87.

Last year, the industry handed out the biggest awards since 2006 as the economy roared back from the pandemic. It's a head-spinning reversal for dealmakers who racked up record profits for their firms last year and clinched eye-watering payouts for themselves. Compensation for FICC traders will probably rise slightly or stay flat, said Bell at Sheffield Haworth, while stock traders could see a small drop. Worsening economic conditions have already prompted firms including Morgan Stanley (MS.N) and Citigroup Inc (C.N), to trim their workforces. In the United Kingdom, most big firms are discussing and allocating bonuses now, with decisions not usually announced until early next year.

☆ Zara founder buys Seattle skyscraper for $323 million
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

MADRID, Dec 15 (Reuters) - Spanish billionaire and Zara founder Amancio Ortega has bought a residential skyscraper in Seattle for $323 million, his private firm Pontegadea said on Thursday. Ortega, the main shareholder of fashion giant Inditex (ITX.MC) and one of the world's 30 wealthiest entrepreneurs, signed the deal yesterday through his family office, Pontegadea added. Kiara tower, located in Seattle's South Lake Union neighbourhood in the United States, has 461 luxury apartments and is 133 metres tall. The purchase follows a $500-million investment in a 64-floor skyscraper of luxury apartments in New York's Financial District. Just this year, Ortega's investment vehicle also bought Royal Bank Plaza, a landmark skyscraper in Toronto, and one of the largest single-office buildings in Scotland.

☆ London suffers IPO 'drought' as fund raising plunges by 90% this year
▼ + stars: | 2022-12-14 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The number of firms listing in London fell by 67% in 2022. LONDON — Funds raised by companies listing in London plunged by more than 90% this year, according to new research. Year-to-date, 40 firms have floated on the London Stock Exchange's main and alternative investment markets, according to data published by KPMG Wednesday. Total funds raised dropped from £14.3 billion ($17.7 billion) to £1 billion, the research said. However, London has failed to notch any blockbuster IPOs that raise more than a billion pounds.

☆ One of New York's largest commercial landlords is spending $1.5 billion to convert office buildings into apartments as office vacancy rates remain elevated
▼ + stars: | 2022-12-10 | by ( Robert Davis | ) www.businessinsider.com time to read: +5 min

Prior to the pandemic, office buildings were the lifeblood of central business districts across the country. For example, data from commercial real estate giant CBRE shows that about 25% of all New York's offices remain available for lease while other markets, like San Francisco and Boston, face similarly high vacancy rates. Silverstein's move also comes at a time when commercial real estate property values are declining. According to a November study from RentCafe, developers created more than 28,000 apartments through conversion projects in 2021, an increase of 25% when compared to 2020. Sage acquired Econo Lodge and a Travel Lodge in Tacoma, Washington for $14.2 million and plans to convert both buildings into apartments.

☆ UK announces major overhaul of its financial sector in attempt to spur growth
▼ + stars: | 2022-12-09 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

The U.K. government on Friday announced extensive reforms to financial regulation that it says will overhaul EU laws that "choke off growth." Finance Minister Jeremy Hunt said he wanted to ensure the U.K.'s status as "one of the most open, dynamic and competitive financial services hubs in the world." "And we will go further – delivering reform of burdensome EU laws that choke off growth in other industries such as digital technology and life sciences." Researchers at the London School of Economics said earlier this year that financial services will be among the sectors worst hit by Brexit. Another proposed reform would see regulators' remit increased to include facilitating the competitiveness of the U.K. economy, particularly the financial services sector.

In the central city of Wuhan, where the pandemic erupted in late 2019, there were more signs of life with some areas busy with commuters on Friday. "They've relaxed the measures but still, there’s nobody about," said a taxi driver surnamed Wang, who didn't want to give his full name. But there are signs the reassuring new message has still to convince many of the country's 1.4 billion people. China's current tally of 5,235 COVID-related deaths is a tiny fraction of its population of 1.4 billion, and extremely low by global standards. Some experts have warned that toll could rise above 1.5 million if the exit is too hasty.

☆ Remote Work Is Gutting Downtowns, Will Cost Cities $453 Billion
▼ + stars: | 2022-12-06 | by ( Emil Skandul | ) www.businessinsider.com time to read: +13 min

Even 2 1/2 years later, most city downtowns aren't back to where they were prepandemic. Without more-robust policies to address failing downtowns, cities are going to start hurting. The increased cancellations of office leases have cratered the office real-estate market. Since 2016, only 112 commercial office spaces in the US have been converted, while 85 projects are underway or have been announced, according to CBRE's data. The birth of the central social districtTo avoid a commercial real-estate apocalypse, cities will need to streamline conversions.

The global job cuts at the London-headquartered bank will fall across several business units and geographical locations and result in the loss of at least 200 positions, mostly with the title of Chief Operating Officer (COO), the sources said. HSBC, which used to position itself as the world's local bank, employs many COOs because country and business lines have their own separate COO, the sources said. The lender has been shrinking its sprawling global business for several years, downsizing in many regions and exiting some countries entirely as it tries to improve shareholder returns. The initiative, codenamed Project Banyan, follows HSBC's last major redundancy plan in 2020, which targeted up to 35,000 job cuts globally across all staffing levels. Three separate sources confirmed job cuts were underway, as HSBC joins a chorus of other western banks axing staff as a bleak global economic outlook weighs on business, consumer and investment banking revenues.

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