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☆ Morning Bid: Why payrolls might not matter to markets
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +4 min

It's payrolls Friday, yet the most keenly awaited U.S. economic data point may not hold much sway over markets that are already behaving as if the U.S. tightening cycle is over. If it holds at current levels, this would mark one of the biggest weekly drops in the last two years . One line of argument goes that to justify the move seen in government bond markets, the Fed needs to be more or less done in December. So, where does this all leave the November non-farm payrolls report out at 1330 GMT? In the light of that data, markets may be anticipating a lower number later on.

☆ Credit Suisse chairman says outflows have basically stopped
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Dec 2 (Reuters) - Credit Suisse (CSGN.S) Chairman Axel Lehmann said in a TV interview with Bloomberg on Friday the embattled bank's outflows have basically stopped and that it is seeing partial inflows. Credit Suisse has reported sharp outflows as wealthy clients move assets elsewhere, while the bank battles to recover from a string of scandals by focusing more on its flagship wealth management franchise and pruning back investment banking. Credit Suisse, whose shares have plunged this year to record lows, is in the midst of raising 4 billion Swiss francs ($4.23 billion) to bolster its finances. Reporting by Noele Illien; Editing by Michael ShieldsOur Standards: The Thomson Reuters Trust Principles.

☆ Outflows at Credit Suisse have partially reversed - chairman
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Dec 1 (Reuters) - Client fund outflows at Credit Suisse (CSGN.S) have partially reversed and very few clients have left entirely, Chairman Axel Lehmann told a Financial Times conference on Thursday. "It was a storm in the retail and partially in the wealth management segment, in particular in Asia, where we had really massive outflows for two to three weeks," Lehmann said. "Since then it completely flattened out and it partially reversed," he said. Credit Suisse has reported sharp outflows as wealthy clients move assets elsewhere, while the bank battles to recover from a string of scandals by focusing more on its flagship wealth management franchise and pruning back investment banking. Credit Suisse, whose shares have plunged this year to record lows, is in the midst of raising 4 billion Swiss francs ($4.23 billion) to bolster its finances.

☆ As overdoses soar in rural America, more clinicians are prescribing addiction medications
▼ + stars: | 2022-11-30 | by ( Tony Leys | Kaiser Health News | ) www.nbcnews.com time to read: +12 min

The Health Resources and Services Administration, which aims to improve health care for underserved people, offers many of these grants. But the use of methadone for addiction treatment is tightly regulated, due to concerns that it can be abused. Federal regulators approved Suboxone in 2002, opening an avenue for addiction treatment in towns without methadone clinics. Or a patient’s primary doctor could take over the buprenorphine treatment after an addiction treatment specialist stabilizes a patient. Storjohann said some health care professionals believe addiction treatment would lead to frustration, because patients can repeatedly relapse.

A Missouri inmate convicted of ambushing and killing a St. Louis area police officer he blamed for the death of his younger brother was executed Tuesday, officials said. Kevin Johnson, 37, was put to death by lethal injection at the state prison in Bonne Terre. The execution began at 7:29 p.m., and Johnson was pronounced dead at 7:40 p.m., said Karen Pojmann, spokesperson for the Missouri Department of Corrections. “We miss Bill every day of our lives.”Khorry Ramey with her father, Kevin Johnson, and her son, Kiaus. via ACLUOn July 5, 2005, police were searching for Johnson, who was on probation for assaulting his girlfriend.

[1/2] Christel Heydemann, CEO of Orange, attends the MEDEF union summer forum "La Rencontre des Entrepreneurs de France, LaREF" at the Paris Longchamp Racecourse in Paris, France, August 30, 2022. 1 telecoms operator Orange (ORAN.PA) said on Wednesday, as the prospect of energy rationing looms amid the war in Ukraine. Executives said at the time there were not enough back-up systems in many European countries to handle widespread power cuts. "The operators put pressure so that we don't cut their antennas, there's a kind of arm wrestling," the source told Reuters. Only a few thousands mobile antennas would be completely shielded from potential power cuts at this stage, a telecoms industry source said, thus covering a fraction of the population and of the territory.

☆ Juventus has no requirement of additional capital, says Exor's Elkann
▼ + stars: | 2022-11-30 | by ( Daniel Wiessner | ) www.reuters.com time to read: +1 min

MILAN, Nov 30 (Reuters) - Serie A soccer club Juventus (JUVE.MI) does not need a fresh capital injection, the chief executive of controlling shareholder Exor (EXOR.AS) said on Wednesday. Exor on Tuesday proposed accountant Gianluca Ferrero as the new chairman of Juventus, marking the end of the long reign of Andrea Agnelli as the Italian soccer club tries to get to grips with its financial and legal troubles. "Juventus has no requirement of capital," Exor CEO John Elkann told analysts and investors at a business presentation of the holding company of Italy's Agnelli family. "Football is a very valuable sector, the ingredients that Juventus has and the leadership ahead are going to make the differences," Elkann said, adding Exor was very encouraged by the future of the club. Reporting by Giulio Piovaccari Editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

Amazon fired Smalls in March 2020, saying he joined a protest at the Staten Island warehouse where he supervised other workers despite being on paid quarantine after he had close contact with someone diagnosed with COVID-19. Smalls in the lawsuit says he was targeted because of his race and his advocacy for the warehouse's largely non-white workforce. The 2nd Circuit judges on Tuesday said he failed to back up those claims, echoing a New York federal judge who dismissed the case last year. Smalls and other workers at the warehouse founded the Amazon Labor Union, which in April won the first U.S. union vote in Amazon's 27-year history. Smalls may have believed that Amazon's practices were racially motivated, Schwartz said, but "Amazon is not required to read his mind."

☆ Stocks have not yet bottomed and investors should be prepared for flat returns through 2023, Goldman Sachs says
▼ + stars: | 2022-11-28 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

Despite a relief rally this month, Goldman Sachs says the stock market has still not bottomed out. Investors should have less exposure to stocks and bonds in the near-term, the bank wrote in a note on Monday. A Goldman analyst broke down why investors may want to allocate more to cash and credit for now. But the party isn't going to last, according to Goldman Sachs strategist Christian Mueller-Glissmann, and there are a number of conditions that have still not been met in order for a market bottom to form. And the recent relief rally on peak inflation/hawkishness hopes has reduced risk premia on cyclical assets again."

CNN —Iran state media has called for the US to be kicked out of the 2022 World Cup after the United States Soccer Federation changed Iran’s flag on its social media platforms to show support for protesters in Iran. A now-deleted graphic of the Group B standings posted on Saturday displayed the Iranian flag only bearing its green, white and red colors. “We have the main flag on our website and other places.” The emblem is currently back on the flag on US Soccer’s social media channels. A US soccer federation screenshot displaying Iran's national flag on social media without the emblem of the Islamic Republic. “No matter how much I can respect what you did inside the pitch, those remarks about Iran Culture, Iran National Team and my Players are a disgrace to Football.

"You question my character with a typical prejudiced judgment of superiority," he said in an open message to Klinsmann, in remarks shared by the Iran team. "No matter how much I can respect what you did inside the pitch, those remarks about Iran culture, Iran national team and my players are a disgrace to football." 'FAMOUS DRAMATIC DIVES'Iran's football federation said it had sought clarity from world soccer governing body FIFA and demanded Klinsmann apologise and resign from the FIFA Technical Study Group. It also invited Klinsmann to visit the Iran team's World Cup camp "for a lecture on the millennial Persian culture and the values of football and sport". Queiroz, in his earlier remarks, said Klinsmann should socialise with his team and learn how much his players loved and respected football.

☆ Bank of England's Mann sees inflation at upper end of BoE forecasts
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 24 (Reuters) - Bank of England policymaker Catherine Mann said on Thursday that she expected inflation would be at the upper end of the range of forecasts published by the central bank earlier this month. BoE forecasts on Nov. 3 showed that under the median path for inflation in the central bank's model, inflation in two years' time should be below its 2% target. But the BoE's 'fan chart' - which puts error bands around these inflation forecasts - showed a 28% chance that inflation would still be above 3% at that point. "I can tell you that I am in the upper part of that fan, by a lot," Mann said in a presentation at a central banking conference hosted by King's College London. Mann added that she still thought sterling carried a political risk premium, contributing to its weakness against the dollar.

☆ Credit Suisse shareholders greenlight $4.2 billion capital raise
▼ + stars: | 2022-11-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021.Credit Suisse shareholders on Wednesday approved a 4 billion Swiss franc ($4.2 billion) capital raise aimed at financing the embattled lender's massive strategic overhaul. Credit Suisse's capital raising plans are split into two parts. The new share offering will see the SNB take a 9.9% stake in Credit Suisse, making it the bank's largest shareholder. The second capital increase issues newly registered shares with pre-emptive rights to existing shareholders, and passed with 98% of the vote. Credit Suisse Chairman Axel Lehmann said the vote marked an "important step" in the building of "the new Credit Suisse."

☆ Credit Suisse shareholders approve 4 billion Swiss franc capital raise
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 22 (Reuters) - Credit Suisse (CSGN.S) shareholders approved on Wednesday a 4 billion Swiss franc ($4.20 billion) share capital hike intended to fund the embattled Swiss bank's turnaround. Some 92% and 98% of shareholders at an extraordinary general meeting supported the two share capital increases which were first proposed last month under the scandal prone bank's restructuring plan. "Today’s vote by shareholders marks a further important step in our journey to build the new Credit Suisse" chairman Axel Lehmann said after Wednesday's result. "This vote confirms confidence in the strategy, as we presented it in October, and we are fully focused on delivering our strategic priorities to lay the foundation for future profitable growth," he addedThe approval comes after Credit Suisse on Wednesday also announced it expects to make a pre tax loss of up to 1.5 billion Swiss francs ($1.58 billion) during its fourth quarter, saying the "challenging" economic and market environment had had an adverse effect on client activity across its businessTo fund an overhaul which will see the Swiss bank cut thousands of jobs and scale back its investment bank, Credit Suisse had drawn up a plan that would give new and existing shareholders the chance to buy new shares. ($1 = 0.9520 Swiss francs)Reporting by Noele Illien, Editing by John RevillOur Standards: The Thomson Reuters Trust Principles.

☆ ECB's Holzmann says leaning towards a 0.75% rate hike as things stand
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: 1 min

VIENNA, Nov 22 (Reuters) - European Central Bank policymaker Robert Holzmann said on Tuesday he has not decided how he will vote at the next rate-setting meeting in December but unless there is a significant improvement he will favour an increase of 0.75 points. Holzmann told a news conference he could not decide between 0.5 points and 0.75 points but as things currently stood he preferred the latter. Reporting by Francois Murphy; Editing by Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.

☆ If the world avoids a recession, it’ll have India and China to thank
▼ + stars: | 2022-11-22 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN Business —Global growth will slow further in the coming year but the world will likely avoid a recession thanks to Asia’s biggest economies. “Persistent inflation, high energy prices, weak real household income growth, falling confidence and tighter financial conditions are all expected to curtail growth,” it added. If energy prices rise further or energy supply is disrupted, growth could be even weaker than expected. India is projected to have the world’s second highest growth rates, after Saudi Arabia, at 6.6% in 2022, followed by 5.7% in 2023. “Higher interest rates, while necessary to moderate inflation, will increase financial challenges for both households and corporate borrowers,” the OECD said.

☆ Europe to be hit hardest in global slowdown -OECD
▼ + stars: | 2022-11-22 | by ( Leigh Thomas | ) www.reuters.com time to read: +3 min

The OECD said the global slowdown was hitting economies unevenly, with Europe bearing the brunt as Russia's war in Ukraine hits business activity and drives an energy price spike. Previously the OECD had expected 0.2% growth. The OECD had previously expected growth of only 1.5% this year in the world's biggest economy and its estimate for 2023 was unchanged. China, which is not an OECD member, was one of the few major economies expected to see growth pick up next year, after a wave of COVID lockdowns. As tighter monetary policy takes effect and energy price pressures ease, inflation across OECD countries was seen falling from more than 9% this year to 5.1% by 2024.

☆ UK economy is lagging substantially behind other developed nations, OECD report says
▼ + stars: | 2022-11-22 | by ( Jenni Reid | ) www.cnbc.com time to read: +4 min

Aaron Chown - Pa Images | Pa Images | Getty ImagesLONDON — U.K. growth has lagged the world's biggest economies since the Covid-19 pandemic and is substantially below the OECD average, according to a new report from the influential Paris-based group. In the G-7 nations — which includes Canada, France, Germany, Italy, Japan, the U.S. and U.K. — GDP has grown by a cumulative 2.5%, with only the U.K. recording a decline. Former Bank of England policymaker Michael Saunders this week told CNBC Hunt's plan had a "massive" hole where an economic growth strategy should be. 'Light at the end of the tunnel'Tuesday also saw the release of the OECD's global Economic Outlook report. Pereira told CNBC: "We are facing a very challenging environment.

The GVA includes any type of shooting in its analysis including domestic violence, shootings in private homes, gang violence among others. The GVA recorded 610 multiple victim shootings in 2020 and 690 last year, when the pandemic was already easing and the pace of deadly violence increased across the United States. It has been keeping a tally of mass shootings since 2014, when it recorded 273. The GVA counts injuries and deaths in each incident. “Scary to think that in 2016 we recorded 382 mass shootings and now we will probably end 2022 with an estimated 680 mass shootings,” said Herrmann, who based his estimate on the fact that there has been an average of 13 mass shootings a week this year.

☆ Penguin Random House scraps $2.2 bln deal to merge with Simon & Schuster
▼ + stars: | 2022-11-21 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

REUTERS/Stefan Wermuth/File PhotoWASHINGTON, Nov 21 (Reuters) - Penguin Random House, the world's largest book publisher, and rival Simon & Schuster have scrapped a $2.2 billion deal to merge, Penguin owner Bertelsmann (BTGGg.F) said in a statement. But Bertelsmann said in a statement on Monday that it "will advance the growth of its global book publishing business without the previously planned merger of Penguin Random House and Simon & Schuster." Paramount said on Monday that Simon & Schuster was a "non-core asset" to Paramount. Penguin writers include cookbook author Ina Garten and novelists Zadie Smith and Danielle Steele, while Simon & Schuster publishes Stephen King, Jennifer Weiner and Hillary Rodham Clinton, among others. The top five publishers are Penguin Random House, HarperCollins, Macmillan, Simon & Schuster and Hachette, with Walt Disney Co (DIS.N) and Amazon.com Inc (AMZN.O) also in the market.

☆ Monday.com is restructuring over half of its workforce amid an exec shake-up
▼ + stars: | 2022-11-21 | by ( Paayal Zaveri | ) www.businessinsider.com time to read: +3 min

The firm is restructuring, and all customer-facing teams will now report to Osherov. The move comes at a critical time as Monday.com looks to strengthen customer ties amid the downturn. Over half of the company will be restructured to be under his new leadership role, Monday.com told Insider. As CRO, Osherov will oversee all customer-facing teams, including consulting and sales, customer experience, marketing, customer success, and partners. The main motivation behind the restructuring is to bring all customer-facing teams under one umbrella so they can more easily collaborate.

☆ Iowa GOP threatens to move caucuses to Halloween to mess with Democrats
▼ + stars: | 2022-11-20 | by ( Natasha Korecki | Natasha Korecki Is A Senior National Political Reporter For Nbc News. | ) www.nbcnews.com time to read: +4 min

But if a different state were to move into Iowa’s slot for Democrats, Kaufmann said he will make sure he keeps jumping so Iowa’s Republican caucus goes first. Kaufmann’s position could complicate the overall schedule even more since New Hampshire has a law on the books that it has to hold its primary just after Iowa’s caucuses. That old system began with the Iowa caucuses, then went to the New Hampshire primary, Nevada and South Carolina. Dozens of states have now applied to take one of the early state positions. The Democratic National Committee’s rules and bylaws committee is scheduled to meet in early December in Washington to discuss the presidential primary schedule.

☆ The big new Exxon Mobil climate change deal that got an assist from Joe Biden
▼ + stars: | 2022-11-19 | by ( Tim Mullaney | ) www.cnbc.com time to read: +7 min

The law may help oil companies like ExxonMobil build profitable businesses to replace some of the revenue and profit they'll lose as EVs proliferate. Maybe, if carbon capture and storage is indeed as big a deal as ExxonMobil's first-of-its-kind deal to extract, transport and store carbon from other companies' factories implies. Could it be that Big Oil's next big thing got a big assist from Joe Biden? An industrial facility on the Houston Ship Channel where Exxon Mobil is proposing a carbon capture and sequestration network. And big oil and gas companies are where the expertise is."

"It was like a bomb went off in that place," Patrick Hillmann, Binance CSO, told CNBC on Thursday. It was money that FTX didn't have, because it was using client deposits for other purposes. "Somehow they were always spending more and more and more and more money," Hillmann said. Hillmann said that early on there were some concerns with FTX and its unsavory relationship with Alameda Research, Bankman-Fried's hedge fund. WATCH: Binance decided FTX was beyond saving after two-hour review of balance sheet

☆ Sports-Teams may look beyond crypto after FTX collapse, say industry experts
▼ + stars: | 2022-11-14 | by ( Shrivathsa Sridhar | ) www.reuters.com time to read: +3 min

Nov 14 (Reuters) - Sports teams and businesses may shy away from long-term deals with crypto firms to minimise their risks after troubled crypto exchange FTX filed for U.S. bankruptcy protection last week, industry experts told Reuters on Monday. "I think crypto will be at the bottom of prospect lists for quite some time. Until that industry stabilises and has better oversight and controls -- if it happens -- then maybe it might be a viable partner." "As it relates to increasing sponsorship revenue, teams/leagues are always looking for new opportunities, but what's happening with FTX is a wake-up call." Singapore-based crypto exchange Crypto.com said on Monday it had moved about $1 billion to FTX over the course of a year, but most of it was recovered and exposure at the time of FTX's collapse was less than $10 million.

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