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☆ What we know about the explosion at Rainbow Bridge near Niagara Falls
▼ + stars: | 2023-11-23 | by ( John Miller | Elizabeth Wolfe | ) edition.cnn.com time to read: +5 min

Alarms were raised from New York to Washington, DC, late Wednesday morning after the incident on the US side of the Rainbow Bridge crossing. “Two individuals died in the vehicle,” Hochul said, noting the car is associated with a western New York resident. The explosion prompted a temporary shutdown of all four bridges between Canada and the US near Niagara Falls on one of the busiest travel days of the year. Debris is scattered across the customs plaza at the Rainbow Bridge border crossing on Wednesday in Niagara Falls, New York. All cars coming into the airport were also being screened by bomb-detecting dogs, a Niagara Frontier Transportation Authority spokesperson said.

Persons: “, ”, Kathy Hochul, ” Hochul, Hochul, Rickie Wilson, Derek Gee, Trini Ross, Matthew Miraglia, We’re, Pete Muntean, Raja Razek, Dave Alsup, Josh Campbell, Sabrina Souza Organizations: CNN — Investigators, FBI, New Yorkers, ” New York Gov, Customs, CNN, AP FBI, Western, of, Buffalo Niagara International, US Federal Aviation Administration, Niagara Frontier Transportation Authority, Amtrak, Terrorism Task Force, Niagara, Niagara Falls Police Department Locations: New York, Canada, Niagara Falls, Washington, DC, Buffalo, Niagara Falls , New York, of New York, Toronto

Police investigators in Niagara Falls, N.Y., on Thursday were untangling the mystery behind why a Bentley crashed and burned at a bridge at the U.S.-Canada border, killing a local couple and causing panic on both sides on one of the year’s busiest travel days. Among the possibilities that investigators were considering on Thursday was whether the car, an older model, experienced a mechanical failure that caused it to accelerate, according to Robert Restaino, the mayor of Niagara Falls. The victims were a man and his wife from Grand Island, N.Y., both in their 50s, who owned several businesses in western New York, according to Mr. Restaino. He declined to release their names because the family had not been officially notified. Mr. Restaino said the couple had originally been headed to a concert in Canada, and investigators believe it was a Kiss show that was called off after a member’s illness.

Persons: Bentley, Robert Restaino, Restaino Organizations: U.S . Locations: Niagara Falls, N.Y, U.S, Canada, Grand Island, New York

Hours later, federal and state authorities said investigators had found no evidence of an act of terrorism, though circumstances surrounding the crash on the Rainbow Bridge remained murky, leaving it to be determined whether it was accidental or intentional. [1/15]A vehicle burns at the Rainbow Bridge U.S. border crossing with Canada, in Niagara Falls, New York, U.S. November 22, 2023 in a still image from video. The Rainbow Bridge and all three other border crossings along the Niagara River between western New York and the Canadian province of Ontario - the Peace Bridge, the Lewiston-Queenston Bridge and the Whirlpool Bridge - were shut for several hours as a precaution. The three bridges that were not involved were reopened early Wednesday evening, but the Rainbow crossing remained closed during the investigation and as officials assessed the crossing's safety. He said the vehicle, which he described as a luxury sedan, was "fish-tailing" out of control before it crashed.

Persons: Kathy Hochul, Paul Stanley, Hochul, Mike Guenther, Guenther, ”, Ted Hesson, Jonathan Landay, Ismail Shakil, Katharine Jackson, Daphne Psaledakis, Susan Heavey, Daniel Trotta, Andrew Hay, Ward Jasper, Makini Brice, Gabriella Borter, Joseph Ax, Richard Cowan, Daniel Whitcomb, Steve Gorman, David Gregorio, Leslie Adler Organizations: FBI, Twitter, U.S . Customs, Border Protection, Authorities, CNN, Bentley, Wednesday, U.S . Federal Aviation Administration, FAA, Buffalo Niagara International, Rainbow Bridge, REUTERS, Whirlpool, Niagara - Frontier Transit Authority, Buffalo, Thomson Locations: New York, Ontario, Niagara Falls, U.S, Toronto, Canada, Niagara Falls , New York, Niagara, Canadian, Lewiston, Queenston, New York City, Kitchener , Ontario, Washington

Passersby wait at a crossing in front of an electronic board showing Japan's Nikkei average outside a brokerage, in Tokyo, Japan, March 17, 2023. REUTERS/Androniki Christodoulou/File Photo Acquire Licensing RightsNov 21 (Reuters) - A look at the day ahead in Asian markets from Alden Bentley, U.S. The benchmark S&P 500 (.SPX) is now less than 2% away from its highest level this year that was reached in July. There are few potential U.S. market moving events this week, besides Tuesday's day early release of the minutes from the Federal Open Market Committee's last meeting. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Androniki, Alden Bentley, Satya Nadella, Sam Altman Organizations: Nikkei, REUTERS, Breaking, Finance, Markets, Reuters, Microsoft, Treasury, Fed, Federal, Reserve Bank of Australia, Bank Indonesia, Kuaishou Technology, Tongcheng Travel, Alden Bentley Our, Thomson Locations: Tokyo, Japan, Alden, U.S, Asia

When Ms. Coombes, 41, sat down to eat very small portions, an interrogation broke out at the Thanksgiving table. “There was a lot of ‘Why aren’t you eating?’ or ‘Why isn’t there more on your plate?’” she said. That reality has sent many people who take Ozempic and similar drugs into preparation mode. Dr. Scott Hagan, an assistant professor of medicine at the University of Washington who studies obesity, said patients ask him if they can skip doses of Ozempic or similar drugs before a food-focused event like Thanksgiving. He advises them not to, for a few reasons: For people with diabetes, missing a dose of Ozempic and then consuming a high-carb meal could lead to a blood sugar spike.

Persons: Coombes, ”, Amy Bentley, Bentley, Scott Hagan Organizations: New York University, University of Washington

☆ The automakers and suppliers pushing to cut rare earths from EVs
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +4 min

1 U.S. automaker says it is "exploring options to limit or potentially eliminate rare earth materials in EV motors." BORGWARNER (BWA.N)The U.S. supplier already has an EV motor in production that has reduced heavy rare earth content. ZF (ZFF.UL)German supplier ZF has developed an EESM EV motor that could be in production in two years. The German premium automaker says it aims to remove heavy rare earth content entirely. EuroGroup Laminations (EGLA.MI) Electric motor component maker EuroGroup Laminations is working on both rare earth free permanent magnet motors and motors with limited rare earth content for automaker customers.

Persons: Darrin Zammit Lupi, Tesla, Stellantis, Zoe, Mercedes, Nick Carey, Sharon Singleton Organizations: REUTERS, BMW, GENERAL MOTORS, Volvo, ROVER, Tata Motors, Renault, RENAULT Renault, NISSAN, Nissan, MERCEDES, BENZ, TOYOTA, Toyota, Volkswagen, U.S, KKR, Thomson Locations: Malta, China, U.S, Niron Magnetics, Niron

☆ Want a four-day workweek? You’re not alone
▼ + stars: | 2023-11-07 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

New York CNN —If you’ve always thought you might be happier with a four-day workweek, you’re hardly alone. While studies of four-day workweek experiments in the United States and Europe have found generally positive results in terms of employee productivity and well-being, it’s not necessarily a positive for everyone in every situation. Those who always have to work onsite might get a greater benefit from a four-day workweek because it provides an element of flexibility that they don’t have now. “Whereas, in remote-ready jobs, there is some built-in flexibility, which may create less need for a four-day workweek,” he noted. While the four-day workweek was the top pick overall in the newly released Gallup survey, when it comes to having a positive impact on well-being, two other options were not far behind.

Persons: you’ve, you’re, it’s, Gallup, ”, Jim Harter, Harter, workweek Organizations: New, New York CNN, Gallup, Bentley University . Locations: New York, United States, Europe

☆ Fiat, maker of Italian cars, is opening an apartment building in New Jersey
▼ + stars: | 2023-10-31 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

CNN —Fiat, the Italian car brand best known in the United States for its tiny, retro-styled cars, is putting its name on an apartment building across the river from Manhattan. The Fiat House residences will be in a far more pragmatic location, near the western approaches to the George Washington Bridge in Fort Lee, New Jersey. Fiat House residents will have access to a car-sharing fleet of Fiat 500e electric cars, according to an announcement from Fiat and UNLMTD Real Estate. The building will include more than 300 apartment units ranging from studios to 2-bedrooms, some furnished, according to the announcement. While Fiat’s cars cost far less than those of ultra-luxury brands like Bentley and Aston Martin its sales have been similarly small in number.

Persons: CNN —, Aston Martin, George Washington, Fiat’s Organizations: CNN, CNN — Fiat, Fiat, Porsche, Bentley, Honda Locations: United States, Manhattan, South Florida, Fort Lee , New Jersey, New Jersey, New York City, UNLMTD

☆ Volkswagen plans job cuts, further launch delays at software unit -manager magazin
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +2 min

Volkswagen logo is pictured at the 2022 New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsBERLIN, Oct 27 (Reuters) - Volkswagen (VOWG_p.DE) wants to cut 2,000 jobs at its troubled software unit Cariad as part of a restructuring plan which will see its long-awaited new software architectures delayed even further, news outlet manager magazin reported on Friday. There is no concrete information on where positions should be cut in terms of structure and tasks," a Volkswagen works council spokesperson said. A Cariad spokesperson declined to comment on the article, but said Cariad CEO Peter Bosch has been working on a "comprehensive transformation plan" for "repositioning" the company since the summer. Volkswagen appointed Bosch, formerly Bentley production chief, as head of the unit earlier this year in an effort to get Cariad back on track.

Persons: Brendan McDermid, magazin, Peter Bosch, Herbert Diess, Miranda Murray, Friederike Heine, Kirsten Donovan Organizations: New York, REUTERS, Rights, Audi, Porsche, VW, Volkswagen, Bosch, Bentley, Thomson Locations: Manhattan , New York City, U.S

☆ Deductions for megamansions and Ferraris: The IRS details tax dodges by the ultra-wealthy and says it recently squeezed 100 millionaires for $122 million in missing taxes
▼ + stars: | 2023-10-20 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

There's more enforcement to come, thanks to the Inflation Reduction Act. The passage of the Inflation Reduction Act infused billions of dollars into the previously perpetually underfunded and paper-laden IRS. "Inflation Reduction Act funding gives us the ability to take swift and aggressive action to improve compliance and close the tax gap." Since the passage of the IRA, the IRS has closed several cases of high-earning taxpayers getting creative with their business expenses and deductions. The IRS is specifically taking aim at Americans who earn over $1 million, and have over $250,000 in tax debt.

Persons: it's, —, Daniel Werfel, That's, Werfel Organizations: IRS, Service, dodgers, Ferrari, Bentley, Lamborghini Locations: COVID

NASHVILLE, Tenn. (AP) — Maren Morris has filed for divorce from her husband Ryan Hurd, citing the prominent country music couple's “irreconcilable differences” after five years of marriage. Morris filed the divorce complaint in Nashville circuit court on Oct. 2, writing that the couple have been separated since that date. She joined the country music supergroup The Highwomen in 2019. Recently, she made the decision to step away from country music. His debut solo album, “Pelago,” was released on Sony Music Nashville in 2021.

Persons: — Maren Morris, Ryan Hurd, Morris, Hurd, Hayes, Hurd “, ” Morris, ”, Zedd, “, Tim McGraw, Dierks Bentley, Blake Shelton –, Shelton, Ashley Monroe, ” ___ Sherman Organizations: New York Times, Sony Music Nashville Locations: Tenn, Nashville, Texas, Chicago, Los Angeles

☆ Tupac, Cocaine, Murder: Henchmen Brothers, Hip-Hop's Forgotten Moguls
▼ + stars: | 2023-09-17 | by ( David Kushner | ) www.businessinsider.com time to read: +39 min

Mario called Tupac. All he could do was listen to her cry as he explained that he didn't know when he'd be back. He didn't speak Spanish, didn't know a soul in Mexico, and had no clue where he would be sent. Mario didn't ask why, and the guy didn't inquire about Mario's predicament. "It's all good, man," Mario told Jimmy.

Persons: Mario Rosemond, Rosemond, Jimmy, Mario, Akon, Sean Kingston, Gucci Mane, Jimmy Rosemond —, Lowell, Lodi Mack, Fletcher, Tupac Shakur, Tupac, Biggie Smalls, Jimmy Rosemond, Saul Goodman, Tommy Davis, Mario stammered, It's, Jimmy Jr, Andrea, Constantin, Johnny Nunez, Rikers, —, Slick, Russell Simmons, Benny Medina, Lyor Cohen, Chris Lighty, Mona Scott, Mark Sparks, Shoop, Paul Bergen, Bryce Wilson, Wilson, Mohammed, Tef, Stewart, Little Shawn, Puff Daddy, Pac, Freddie Moore, Moore, Al Pereira, would've, Jimmy wasn't, They'd, didn't, Jimmy didn't, —, Mike Tyson, Lennox Lewis, Wyclef Jean, Garland, Cyrus, THONY BELIZAIRE, Mariah Carey, LL, Missy Elliott, Cent, Tef Stewart, Jimmy Rosemond Jr, Jimmy Sr, Khalil Abdullah, Jimmy Iovine, determinedly, DJ Skee, Mario couldn't, Mario chuckles, he'd, GummyBone, Mario didn't, I'm, freckling, he's, isn't, I've, Jim Brown, Michael K, Williams, Donald Trump, Arturo Holmes, Scott Olson, Trump, Brown, James Rosemond Jr, David Kushner Organizations: FBI, Entertainment, Justice Department, Bronx ., Quad Studios, AP, grandad, Wall, Black Panthers, Junior Mafia, Hollywood, Haiti, Management, Apollo, Lowell, Racing, Interscope Records, Interscope, Feds, Department of Motor Vehicles, DMV, Colombian, York Post, Drug, Administration, NFL, Trump, Stone, Atari Locations: Mexico, Haiti, Brooklyn, Bronx, Cuernavaca, Spanish, Rahway , New Jersey, Port, New York City, Vanderveer Estates, East Flatbush, Rikers, Islam, Miami Beach, New York, New Jersey, East Coast, West Coast, Plainfield , New Jersey, Brandy, Los Angeles, Czar's, Harlem, LA, California, Beverly Hills, San, Tijuana, Mexico City, Colombian, San Diego, Manhattan

☆ The Latest Cool Amenity? A Name Brand. How About Porsche?
▼ + stars: | 2023-09-15 | by ( Debra Kamin | More About Debra Kamin | ) www.nytimes.com time to read: +1 min

Chart a 10-mile path down the Miami coast, and the options for luxury shopping are endless. But from Fendi to Missoni to Porsche to Bentley, the branded products many shoppers are buying aren’t items you can take home. Branded real estate is surging: The market for name-brand luxury condominium units is projected to grow 12 percent each year between now and 2026, according to a report from the global real estate consultants, Knight Frank. Like blue jean makers and handbag designers, developers have long understood the power of a label, and today in nearly every major city, homeowners can shop residences from well-known hospitality brands like Four Seasons, Aman and Ritz-Carlton. Now more surprising brands are getting in on the trend, with purveyors of both luxury cars and couture looking to condos for their next frontier.

Persons: Knight Frank, jean, Aman, Armani Casa Organizations: Porsche, Bentley, Ritz, Carlton, Armani, Bentley Residences Locations: Miami, Fendi, Missoni, Dade County, British

☆ Check out Toyota's new $170,000 SUV taking on Bentley and Rolls-Royce
▼ + stars: | 2023-09-11 | by ( Tim Levin | ) www.businessinsider.com time to read: +1 min

Toyota unveiled the new Century, a $170,000 SUV. The Century SUV is designed for people who prefer being chauffeured. But it saves something special for its home market: the Century, an ultra-luxury sedan designed to be chauffeured in. On Wednesday, Toyota unveiled a new Century SUV that looks ready to take on the likes of Bentley and Rolls-Royce. And this Century, Toyota said, will be available to customers outside Japan.

Persons: Bentley Organizations: Toyota, Service, Corolla, Royce Locations: Wall, Silicon, Japan

☆ Mercedes to release a smaller version of its G Class luxury SUV
▼ + stars: | 2023-09-03 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

The Mercedes-Benz G Class is a luxury SUV that has become popular in the U.S.Mercedes plans to launch a smaller version of its high-end G Class sports utility vehicle, the German carmaker's CEO told CNBC in an interview Sunday. The G Class, a rugged off-road car which starts at just under $140,000, is popular with buyers in the U.S. Now Ola Kallenius, CEO of Mercedes, confirmed a "little G" is on the horizon, a smaller version of the G Class. The G Class is known for being difficult to get your hands on, with Mercedes controlling the supply of the luxury off-road car. "The G Class is an icon, it is difficult to get one.

Persons: Mercedes, Ola Kallenius, Kallenius, CNBC's Annette Weisbach, Bentley Organizations: Mercedes, Benz, CNBC, Rover Locations: U.S

☆ VW cuts 2023 deliveries outlook, aims to boost cash flow
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +3 min

Supply of key components such as semiconductors had improved but transport and logistics delays weighed on the first half, Volkswagen said. Still, it expected significantly shorter waiting times in the second half and said demand was stable with order books full at 1.65 million vehicles. Reuters GraphicsWorldwide, the Volkswagen Group delivered 2.3 million vehicles in the period from April to June, 18% more than in the same period last year. The focus for the second half is now on strengthening net cash flow," said Chief Financial Officer Arno Antlitz. In May, Volkswagen said it had sold its shares in Volkswagen Group Rus to Art-Finance, which is supported by autodealer group Avilon.

Persons: DAX, Arno Antlitz, Cupra, Miranda Murray, Rachel More, David Goodman Organizations: VW, BERLIN, Volkswagen, Benz, Renault, Graphics Worldwide, Volkswagen Group, VW Commercial Vehicles, Skoda, Audi, Lamborghini, Bentley, Ducati, Reuters Graphics Reuters, Rus, Art, Finance, Victoria, Thomson Locations: Kaluga

☆ China's Huawei says it earned patent revenues of $560 million last year
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

SHENZHEN, China, July 13 (Reuters) - Chinese tech giant Huawei Technologies(HWT.UL) received $560 million in royalty revenues in 2022, Alan Fan, its head of intellectual property (IP), said on Thursday in a speech at company headquarters in the city of Shenzhen. Huawei earned more than it paid out in royalties over the last two years as the decline in handset sales meant it needed to pay less to other IP holders, Fan said. The company has entered into patent licenses with phone makers Samsung and Oppo and automakers including Audi, Mercedes Benz, BMW, Porsche, Subaru, Lamborghini and Bentley, Huawei said. Last year, Huawei spent $23 billion on research and development, with 114,000 staff, 55% of its total, working on research, the company said. From 2019, rounds of U.S restrictions after authorities there called the company a security risk reduced its access to chipmaking tools.

Persons: Alan Fan, Fan, Mercedes Benz, David Kirton Organizations: Huawei Technologies, Huawei, Samsung, Oppo, Audi, BMW, Porsche, Subaru, Lamborghini, Bentley, Thomson Locations: SHENZHEN, China, Shenzhen

☆ Mitch McConnell says Congress can't pass an NIL bill unless universities get their act together
▼ + stars: | 2023-07-13 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +4 min

Mitch McConnell urged a majority of universities to get behind a single name, image, and likeness (NIL) bill. NIL has upended college athletics as states jockey to pass the most expansive law. His observation isn't surprising as some universities, governors, and lawmakers see a benefit in allowing each state to determine its own NIL standards. Having a more expansive state law is now an asset akin to a new practice facility or a massive weight room. Missouri's newly passed NIL law is regarded as one of the most expansive in the country, explicitly allowing coaches and school officials to talk about NIL with potential recruits.

Persons: Mitch McConnell, haven't, McConnell, Hugh Hewitt, I've, Charlie Baker, Republican Sen, Tommy Tuberville, Democratic Sen, Joe Manchin, Nick Saban, Rand Paul, Paul, LIV Golf Organizations: Service, Republican, NCAA, College, Auburn University football, Democratic Locations: Wall, Silicon, Massachusetts, Alabama, Sen, Saudi

☆ At Auction, American Cars Are Often Not Valued as Highly as their European Counterparts
▼ + stars: | 2023-07-11 | by ( Rob Sass | ) www.nytimes.com time to read: +1 min

He said “cars like the Duesenberg have a cult following among those who simply must have the best of the best, but they tend to be viewed as more of a museum piece than a driver’s car.”“Vintage European cars deliver a more sophisticated driving experience and are therefore used more regularly by their owners,” said Mr. Hyman, who also noted that there were many opportunities for owners of 1930s Bentleys and Alfa Romeos to take part in organized tours and rallies that push the cars quite hard, but fewer such opportunities exist for high-end American classic cars. “Usability is a driver of value, and vintage European cars tend to be more sporting, they handle and brake more like modern cars, and people will pay more because of this,” he said. One exception is the Cord 810/812. “When they’re properly sorted out, they’re fast, and they handle very well, but the number of people who understand and support these cars is a fraction of what you see in the vintage Bentley world, and this in turn negatively affects usability and value,” Mr. Hyman said.

Persons: ”, Hyman, Romeos, Mr Organizations: Bentley Locations: American

☆ Thames Water: Why Britain's water industry is struggling with sewage spills, huge leaks and crushing debts
▼ + stars: | 2023-07-08 | by ( Hanna Ziady | ) edition.cnn.com time to read: +8 min

The UK water sector is “clearly in a state of multiple crises,” said Dieter Helm, a professor of economic policy at the University of Oxford. Thames Water in troubleThe industry’s long-running problems have been thrust into the spotlight by a looming cash crunch at Thames Water, which serves 15 million people in London and the southeast of England. An aerial view of a Thames Water sewage treatment works in west London. A screen displays real-time notifications of sewage leaks into waterways in the region controlled by Thames Water in January 2023. Will Thames Water be nationalized?

Persons: ”, Dieter Helm, “, ” Helm, Ofwat, Abu Dhabi, David Black, Ben Stansall, Iain Coucher, they’ve, ” Black, Margaret Thatcher’s, David Hall, Leon Neal, ” Hall, Sarah Bentley “, Maureen McLean, Helm Organizations: London CNN —, University of Oxford, CNN, Thames, Getty, Yorkshire Water, Margaret Thatcher’s Conservative, Public Services International Research Unit, University of Greenwich, Thames Water, Ontario, BBC Locations: England, Wales, London, China, Abu, AFP, Yorkshire, Windsor, UK

☆ King Charles III and Queen Camilla's coronation marked in Scotland with day of pageantry
▼ + stars: | 2023-07-05 | by ( Hafsa Khalil | ) edition.cnn.com time to read: +4 min

London CNN —Scotland has concluded a day of festivities celebrating British monarch King Charles III’s recent coronation. King Charles III is presented with the Crown of Scotland at St. Giles' Cathedral, Edinburgh on July 5, 2023. Jane Barlow/ReutersThe service was preceded by a “people’s procession” and a royal procession to the cathedral, and rounded off with a gun salute. Danny Lawson/Getty ImagesCharles arrived at the cathedral in the royal procession in the state Bentley, accompanied by Queen Camilla. King Charles III and Queen Camilla during the service Andrew Milligan/ReutersCamilla wore a long white dress by British designer Bruce Oldfield.

Persons: King Charles III’s, Chris Jackson, Elizabeth, ” –, Queen Elizabeth II –, James IV, Pope Julius II, King Charles III, Giles, Jane Barlow, Royal Air Force flypast, Cruachan IV, “, ”, Danny Lawson, Charles, Bentley, Queen Camilla, Andrew Milligan, Camilla, Bruce Oldfield, Oldfield, Prince William, Catherine, Duke, Duchess of, Royce, Giles ’, Charles ’, William, Kate, John Linton, CNN’s Max Foster Organizations: London CNN, Combined Cadet Force, Getty, Cathedral, Royal Air Force, Royal Regiment of, Police Scotland, Protesters, Royal Navy, Thistle, Edinburgh Castle, King’s, Guard, Royal Company of Archers, RAF, 12th Regiment Royal Artillery, Holyrood Locations: Edinburgh, Scottish, St, Royal Regiment of Scotland, British, Scotland, Duchess of Rothesay, Gordonstoun, AFP

☆ Wall Street wealth helps boost endowments at posh New York City private schools
▼ + stars: | 2023-07-05 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +4 min

The tuition to attend private day schools in New York City can range from $58,000 to about $65,000 per year. Roughly 20% of school children attend private schools in New York City, according to think tank Manhattan Institute. With larger endowments and higher income from tuition, New York City private schools have bigger investment portfolios as well, which include long-term investments. New York City private schools have yet to report figures for 2022, when the S&P 500 fell 19%. Tuitions at New York City private schools are also outpacing those of their counterparts around the country.

Persons: outsized, Horace Mann, Walter Dillingham, Dillingham, Myra McGovern, McGovern, Gertrude Chavez, Dreyfuss, Alden Bentley, Mark Porter Organizations: YORK, Manhattan Institute, Wilmington Trust, National Association of Independent Schools, New York, New, Internal Revenue Service, Horace, Brearley School, Prep Day School, Little Red School House, Harlem Academy, Tuitions, Thomson Locations: New York, New York City, Wilmington, Bronx, Brooklyn, Manhattan, NAIS, Washington, Kansas City

☆ US 2yr/10yr yield curve hits deepest inversion in 42 years
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: 1 min

July 3 (Reuters) - A widely watched section of the U.S. Treasury yield curve on Monday hit its deepest inversion since the high inflation era of Fed Chairman Paul Volcker, in a signal that financial markets see the current Fed tightening cycle eventually tipping the U.S. into recession. The spread between the 2-year and 10-year U.S. Treasury note yields hit the widest since 1981 at -110.80 basis points in early trade, a deeper inversion than in March during the U.S. regional banking crisis. The gap was last at -108.30 bp. Reporting by Alden Bentley; editing by Philippa FletcherOur Standards: The Thomson Reuters Trust Principles.

Persons: Paul Volcker, Alden Bentley, Philippa Fletcher Organizations: U.S, Treasury, Fed, Thomson

☆ Spread between 2- and 10-year Treasuries at deepest inversion since '81
▼ + stars: | 2023-07-03 | by ( David Randall | ) www.reuters.com time to read: +2 min

The closely-watched spread between the 2-year and 10-year U.S. Treasury note yields hit the widest since 1981 at -109.50 in early trade, a deeper inversion than in March during the U.S. regional banking crisis. A yield curve inversion - in which shorter-dated Treasuries trade at higher yields than longer-dated securities - has been a reliable signal of upcoming recessions. The spread between 2 and 10-year Treasuries has been inverted since last July. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, rose 3.6 basis points at 4.913% in morning trading Monday. The yield on 10-year Treasury notes was up 1.2 basis points to 3.831%.

Persons: Paul Volcker, Ian Lyngen, Treasuries, Alden Bentley, Philippa Fletcher, Susan Fenton Organizations: U.S, Treasury, Fed, BMO, San Francisco Fed, Thomson Locations: United States, U.S

While there has been some scrambling to amend contracts linked to Libor over the past month, the transition was well telegraphed and no major issues are expected, loan and derivatives market participants and lawyers said in interviews. "I feel like it has been two to three years now that we have been re-papering all the legacy loans and legacy securities we purchased tied to Libor," said Scott DiMaggio, co-head of fixed income, at Alliance Bernstein. Friday at 11:55 a.m. British Summer Time (1055 GMT) marked the last publication for the 1-month, 3-month and 6-month U.S.-dollar Libor interest rates. Other U.S. dollar tenors were largely phased out for new contracts at the end of 2021 along with Libor rates linked to other currencies. Derivatives markets based on Libor had already mostly moved to new benchmarks without major disruption, while some corners of the loan markets, such as syndicated loans, have been busy with contract amendments, market participants said.

Persons: Scott DiMaggio, Alliance Bernstein, Shah, Federal Reserve Bank of New York's, Libor, Tal Reback, Gennadiy Goldberg, John McCrank, Gertrude Chavez, Dreyfus, Alden Bentley, Stephen Coates Organizations: YORK, Alliance, Regulators, Federal Reserve Bank of New, U.S, Britain's, Authority, Libor, TD Securities, Thomson Locations: London, Iran, U.S, New York

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