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☆ United shares tumble after airline forecasts first-quarter loss
▼ + stars: | 2023-03-13 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

A grounds crew member directs an United Airlines airplane to a gate at Terminal A at Newark Liberty International Airport (EWR) in Newark, New Jersey, US, on Thursday, Jan. 12, 2023. United Airlines shares fell about 6% in afterhours trading on Monday after the carrier forecast a first-quarter loss, citing weaker demand growth compared with other months and higher fuel costs. The carrier said as a result it trimmed its estimate for unit revenues to between 22% and 23% over a year earlier, down from previous guidance of a 25% increase. The airline said it still expects to earn between $10 and $12 a share this year, on an adjusted basis. The Chicago-based carrier is scheduled to present at a JP Morgan industry conference on Tuesday along with other airlines including Delta , American and JetBlue .

☆ 9 startup founders who banked with Silicon Valley Bank share where they're moving their money: 'We will not get caught like this again'
▼ + stars: | 2023-03-13 | by ( Samantha Stokes | Stephanie Palazzolo | Melia Russell | ) www.businessinsider.com time to read: +10 min

Silicon Valley Bank's failure has left startup founders scrambling for a new home for their money. Last Friday morning, the startup founder Mang-Git Ng zipped up the interstate before sunrise to a Silicon Valley Bank branch in St. Helena, in California's wine country. Ng's plight is similar to countless other founders following the failure of Silicon Valley Bank, who waited with bated breath over the weekend on whether they'd ever get their money back. DiversificationSilicon Valley Bank's collapse could forever change how startups stash their cash, at least two investors told Insider. Silicon Valley Bank had exclusivity clauses with some of its clients, according to a CNBC report, forcing them to use the firm for most or all of their banking services.

☆ Payments firm Wise says it has 'minimal' exposure to Silicon Valley Bank
▼ + stars: | 2023-03-12 | by ( Martin Coulter | ) www.reuters.com time to read: +2 min

LONDON, March 12 (Reuters) - Payments firm Wise became the biggest European company to reveal it held funds in Silicon Valley Bank on Sunday, but a spokesperson said the firm faced "minimal exposure". London-based Wise, formerly known as TransferWise, processes more than 9 billion pounds ($10.83 billion) in cross-border transactions every month. A company spokesperson told Reuters the firm held a small cash balance in a corporate account with SVB. More than 250 UK tech firm executives signed a letter addressed to Hunt on Saturday, calling for government intervention and warning of an "existential threat" to the UK tech sector. ($1 = 0.8314 pounds)Reporting by Martin Coulter; Editing by Hugh Lawson and Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.

☆ India tech minister plans to meet startups on SVB fallout
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: +3 min

"Start-ups are an important part of the new India economy. I will meet with Indian Startups this week to understand impact on them and how the government can help during the crisis," Rajeev Chandrasekhar, the state minister for IT said on Twitter. "Spoke to some founders and it is very bad," Ashish Dave, CEO of Mirae Asset Venture Investments (India), wrote in a tweet. "Especially for Indian founders ... who setup their U.S. companies and raised their initial round, SVB is default bank. Software firm Freshworks (FRSH.O) said it has minimal exposure to the SVB situation relative to the company's overall balance sheet.

After a bank run of $42 billion in withdrawals, Silicon Valley Bank was shut down by regulators on Friday. The founders were banking at Silicon Valley Bank and wanted to switch banks immediately after being told by their venture investors that the bank was suffering from "liquidity issues." The go-to bank of Silicon ValleySilicon Valley Bank has been a pillar of the startup of ecosystem for four decades, acting as the go-to financial institution for VC fundraising and building strong ties with founders and investors alike. This helped bolster SVB's reputation as the go-to bank of Silicon Valley in the good times, but exacerbated the crisis when it hit Thursday and Friday. "If you're given responsibility to run this iconic Silicon Valley company, you need some humility."

☆ Run on Silicon Valley Bank injects some panic into an already slumping stock market
▼ + stars: | 2023-03-11 | by ( Michael Santoli | ) www.cnbc.com time to read: +8 min

The charts suggest that breaking the December low in the S & P 500 around 3765 – down just 2.5% from here – would lose the bullish case a lot more credibility than has been surrendered so far. Of course, fears of contagion can outrun the facts and sometimes can become self-fulfilling, but the S & P 500 has (for now) simply backslid to a nine-week low. Jason Hunter, technical strategist at JP Morgan, had been expecting "a weakening corporate earnings environment would eventually take the narrative away from the Fed driven rates market. In the past week Apple shares lost about a third of what the S & P 500 did. Inflation has been at generational highs for two years as it was not then, and the labor market wasn't nearly as tight.

Venture capital firms on both sides of the Atlantic have been urging their portfolio companies to move money out of embattled lender Silicon Valley Bank, deepening fears of a run on the tech-focused bank. Silicon Valley Bank shares plunged 60% Thursday after disclosing that it needed to shore up its capital with a $2.25 billion equity raise from investors including General Atlantic. Pear VC, an early-stage VC firm based in San Francisco, urged its portfolio network to withdraw funds from SVB on Thursday. The wind-down of crypto-centric Silvergate Bank and pressure on Silicon Valley Bank this week reminded some founders of the 2008 financial crisis, in which banks toppled during the mortgage bust. We are seeing other funds encouraging companies to withdraw their funds from SVB.

☆ Silicon Valley Bank blowup highlights deposit risks vs Treasurys
▼ + stars: | 2023-03-10 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

The dramatic decline of Silicon Valley Bank (SVB) has caused concerns about contagion risk. The bank is a major lender to Silicon Valley venture capital funds and startups. Startup firms have seen a dramatic slowdown in growth as higher rates have hurt their ability to grow and raise funds. Those startups have been burning through cash at a rapid clip, which means they have also been reducing the size of their bank accounts. This has created some serious collateral damage in regional banks such as Zions, M & T Bank and Keycorp, but how much contagion risk is there?

☆ Silicon Valley investors and founders express shock over SVB's collapse, describe struggles to get money out
▼ + stars: | 2023-03-10 | by ( Jonathan Vanian Ashley Capoot Jordan Novet Annie Palmer | Jonathan Vanian | Ashley Capoot | ) www.cnbc.com time to read: +9 min

Nikolas Kokovlis | Nurphoto | Getty ImagesVenture capitalists and technology executives are scrambling to make sense and account for the potential repercussions of the sudden implosion of Silicon Valley Bank on Friday. The Federal Deposit Insurance Corp. said Friday that U.S. federal regulators shut down Silicon Valley Bank , the premiere financial institution for Silicon Valley tech startups for the past 40 years. On Friday, Yang returned to the Silicon Valley Bank branch 15 minutes before it opened to remove the remaining money. One person showed a tweet on their phone suggesting that bank employees had been instructed not to come to work. Watch: CEO's react to the closure of Silicon Valley Bank

☆ Hedge funds' Europe stock buying spree unlikely to be maintained -JP Morgan
▼ + stars: | 2023-03-09 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

European share prices may have been supported since November by hedge funds covering their short positions, essentially a bet that an asset price will weaken, the bank said, noting that there was less buying of UK equity. Trend funds, or CTAs, which frequently switch their buy and sell positions, have stayed bullish for longer than they usually would in European equities, the note said. As well as closing bearish bets, some hedge funds have added long positions since February, although the bank questioned whether this trend would continue. "The potential for cyclicals to keep getting bought as much as they have lately - by hedge funds at least - also seems unlikely," JP Morgan said. Equity funds, multi-strategy funds and computer led and trend trading were among the hedge funds involved in covering short positions and establishing long positions, it said.

☆ A man's world: gender parity will take more than five generations
▼ + stars: | 2023-03-08 | by ( Joice Alves | ) www.reuters.com time to read: +6 min

The analyses of the data in the WEF's Global Gender Gap report takes into consideration gender disparity in economic opportunities, education, political empowerment, health and safety. The BofA data shows that U.S. companies with greater gender diversity have offered a median 20% higher return on equity since 2005 than those who lack it. According to consultancy firm EY, almost half of European financial services investors state that gender diversity in the boardroom significantly influences their decision to invest in a company. For senior executive roles, gender parity still looks out of reach. U.S. companies focused on gender diversity on boards and senior executive level have achieved 43% lower earnings risk in subsequent three years than those who lack such diversity, BofA said, citing its own analysis.

☆ JPMorgan taps manager with solid track record to lead its first 'semi-transparent' ETF
▼ + stars: | 2023-03-08 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

The bank launches the JPMorgan Active Small Cap Value ETF (JPSV) on Wednesday with a goal to outperform the Russell 2000 index of small cap companies. Playford co-manages two other mutual funds — the JPMorgan Small Cap Blend Fund and the JPMorgan Mid Cap Value Fund — both of which sport four-star, silver ratings from Morningstar. Playford's small cap fund, for example, was in the top quartile of small cap growth funds in 2022, according to Morningstar. The new JPSV fund, with an expense ratio of 0.74%, will operate as a semi-transparent ETF. "Active small cap value can be a compelling addition to investor portfolios.

Carlsberg shares have risen more than 60% during Hart's tenure, outperforming AB Inbev and Heineken, whose shares have dropped around 47% and risen around 45% respectively. Carlsberg's shares fell 3.5% at market open in Copenhagen, but later pared losses and were 0.7% lower at 1118 GMT. "Cees 't Hart has delivered remarkable results during his time at Carlsberg," Supervisory Board Chair Henrik Poulsen said. It is also seeking an option to buy back the Russian business in the future. With only around 16% of revenue coming from Eastern Europe, Carlsberg's biggest markets are Western Europe and Asia.

☆ Carlsberg CEO Hart's retirement plan triggers share fall
▼ + stars: | 2023-03-07 | by ( Nikolaj Skydsgaard | ) www.reuters.com time to read: +2 min

Hired in 2015, partly to help restore sluggish sales in its Eastern Europe division, including Russia, Hart has successfully overseen Carlsberg's SAIL'22 strategy, which focused on cutting costs and improve sales of more premium beer brands. Carlsberg said in a statement that Hart planned to leave by the end of the third quarter. "Cees 't Hart has delivered remarkable results during his time at Carlsberg," Supervisory Board Chair Henrik Poulsen said. "He has really been a significant person in the transformation that has taken place, it's been very impressive to witness," Laustsen added. It is seeking an option with the buyer to buy back the Russian business in future.

☆ 0DTE options could turn 5% intraday market decline into 25% rout -JPMorgan
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +2 min

March 6 (Reuters) - Trading in new near-dated U.S. options contracts can supercharge volatility in U.S. stocks, potentially leading to tremendous intraday declines, analysts at JPMorgan said. The U.S. equity options market has seen a rise in the trading of options contracts set to expire at the end of the trading day - dubbed 0DTE (zero day to expiry) options - with their daily notional value rising to about $1 trillion, according to JPMorgan data. Their recent growth has been eyed as one cause of intraday volatility, with JPMorgan's Marko Kolanovic last month warning they could spark a massive volatility event under certain circumstances. Such a scenario could occur if the S&P 500 fell 5% in five minutes, triggering $30.5 billion in 0DTE option-related trading that would tack another 20 percentage points onto the index's decline, the bank’s analysts said. Furthermore, JPM noted that retail traders were not the main driver of volume growth in 0DTE options, with individual investors accounting for about 20% of the SPDR S&P 500 ETF Trust (SPY.P) options volume and only around 5% of the S&P 500 same-day options.

LONDON, March 6 (Reuters) - Two former JP Morgan credit bankers on Monday launched a new impact investment advisory firm focused on emerging market infrastructure, with a minority stake by British insurer Legal & General's (LGEN.L) alternative investments arm. The firm, ImpactA Global, aims to help address the World Bank's estimated need for $1 trillion in annual investment in emerging market infrastructure to meet development goals. Da Costa Mendes, a former JPMorgan executive director, shares the top job at ImpactA with co-founder Victoria Miles, who had served as a managing director of the Wall Street firm. ImpactA aims to bring in investors such as development finance institutions, export credit agencies and institutional asset managers to provide debt financing to these projects. ImpactA is among the very few investment firms focused solely on emerging market infrastructure debt, with a global rather than regional focus, she added.

☆ London court allows 'unprecedented' stranded Russian share sale
▼ + stars: | 2023-03-03 | by ( Naomi Rovnick | ) www.reuters.com time to read: +2 min

LONDON, March 3 (Reuters) - London's High Court has ruled that the administrators of Sova Capital, a collapsed London broker formerly controlled by Russian banker Roman Avdeev, can employ a novel deal structure to swap a portfolio of Russian shares. The broker collapsed a year ago as Western sanctions hit businesses with Russian ties. In his ruling, the judge noted that "MOEX prices for the Russian Securities are no more than nominal for Sova". Another constraint, he said, was Sova's ability to get cash from a sale of securities that were "effectively trapped". ($1 = 0.8338 pounds)Reporting by Naomi Rovnick; Editing by Dhara Ranasinghe and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Morgan Stanley, others now forecast 4% peak for key ECB rate
▼ + stars: | 2023-03-03 | by ( Sudip Kar-Gupta | ) www.reuters.com time to read: +1 min

March 3 (Reuters) - Morgan Stanley and two other investment banks have revised their forecasts for the European Central Bank's terminal rate - the level at which its key interest rate will peak - to 4% as inflationary pressures weigh. BNP Paribas and Barclays joined Morgan Stanley in the upward revisions. Morgan Stanley and BNP Paribas had previously seen the terminal rate at 3.25%. Barclays said in a note to clients that it expects 50 basis point rate increases in March and May, and 25 basis point rises in June and July. JP Morgan this week raised its forecast for the terminal rate to 3.75% from 3.50%.

☆ Morgan Stanley forecasts key ECB rate to peak at 4%
▼ + stars: | 2023-03-03 | by ( Sudip Kar-Gupta | ) www.reuters.com time to read: +1 min

PARIS, March 3 (Reuters) - Wall Street bank Morgan Stanley on Friday raised its forecast for the European Central Bank's (ECB) so-called terminal rate - the level to which it believes the ECB's key interest rate will rise - to 4% as inflationary pressures weigh on the euro zone. "Following material revisions to our inflation forecast, we now expect the ECB's terminal rate at 4%," the bank wrote in a research note. The move by Morgan Stanley, which had previously seen the ECB terminal rate at 3.25%, follows similar revisions by other leading investment banks, driven by inflationary pressures within the euro zone. JP Morgan this week raised its forecast on the ECB's 'terminal' rate to 3.75% from 3.50% previously. On Friday, ECB governing council member and Belgian national bank governor Pierre Wunsch said the ECB could consider raising its key interest rate to as high as 4% if underlying inflation in the euro zone remains persistently high.

HONG KONG/SYDNEY, March 2 (Reuters) - Major property developer China Vanke Ltd said on Thursday it had raised HK$3.92 billion ($499 million) in a share placement in Hong Kong, in the first test of investor appetite towards a mainland developer share sale in 2023. Vanke shares fell as much as 5.3% to HK$13.16 early on Thursday, but narrowed losses to 3.7% by noon, versus a 0.5% fall in the Hang Seng Mainland Properties Index (.HSMPI). JP Morgan said Vanke's placement, while not a "total surprise", came earlier than expected because it is in a blackout period prior to earnings announcement. Vanke's share sale represented 13.6% of its enlarged H shares and 2.51% of its enlarged total share capital, including both shares issued in Hong Kong and Shenzhen. ($1 = 7.8490 Hong Kong dollars)($1 = 6.8942 Chinese yuan)Reporting by Scott Murdoch and Clare Jim; Editing by Muralikumar Anantharaman and Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

Pros Check mark icon A check mark. Pros Check mark icon A check mark. No minimum opening deposit Check mark icon A check mark. Eligible for new accounts after your child turns 13 Check mark icon A check mark. But if you'd like to open a savings account for your child, it only lets you open one of the bank's regular savings accounts as a joint bank account.

Several climate scenarios suggest that to limit global temperature rises to 1.5 degrees Celsius above the pre-industrial average, the world needs to be investing $4 in renewable energy for every $1 invested in fossil fuels by 2030. In 2021, bank financing for energy supply totalled $1.9 trillion, just over $1 trillion of which went to fossil fuels and $842 billion to low carbon energy projects and companies, according to the report. The bank financing ratio, of 81 cents to $1, was below the global energy supply investment ratio of 90 cents to $1. Individual banks' financing ratios varied. The report's findings differ from another study published by environmental groups last month which said the share of bank financing going to renewables had stagnated.

For many economists, globalization appears to have stalled after three decades of low inflation, easy credit, China's integration into the world economy and a relatively peaceful period. As a share of global GDP, trade likely increased from the previous year's 57% and exports as per World Bank data. It is not really evident in the data," Nicita says, estimating that global trade grew by about 3% last year, at a pace similar to the global economy. "Trade and globalization are not on the wane, but they are changing," she told the Chatham House Global Trade Policy Forum in November, citing growth in service- and digital-based trade. UNIPOLAR V MULTIPOLARThis 'regionalization' will continue assuming Beijing's economic, trade and financial ties to the U.S. gradually loosen.

The Marcy Lab School in Brooklyn, New York, however, has created an alternative path — a one-year program to help students get lucrative tech jobs that typically go to college graduates with a four-year degree. Partnering with the business communityThe Marcy Lab School co-founders Reuben Ogbanna and Bhattacharjee-Marcantonio share ideas at the whiteboard. Tara McCurrie, CNBCThe co-founders worked with the local community to design a program to prepare students for upwardly mobile careers. "We think The Marcy Lab School can scale to thousands of students here in New York City, and potentially have impacts across the country," said Ogbonna. Overcoming degree requirementsDevonte Duncan was part of the orginal class of nine students at the Marcy Lab School in Brooklyn, New York.

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