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☆ Elon Musk's super-app ambitions might be a fool's errand
▼ + stars: | 2023-04-25 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Whether it's charging, or not charging, for blue check marks or blowing up mega-rockets, Elon Musk's businesses get plenty of scrutiny. Insider's Paige Hagy looked into Musk's plans around turning Twitter into a super app and spoke to industry experts about the strategy. A super app, or everything app, as Musk calls it, encompasses everything (no duh!) In short, if it's something you can do on your phone, you can do it on a super app. Click here to read more about Elon Musk's plans for creating an everything app.

☆ Retail traders are dumping tech stocks, but loading up on this one big bank
▼ + stars: | 2023-04-20 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Retail traders may be selling tech stocks en masse, but they're spying opportunity in one major financial institution — Bank of America. Beneath the hood, however, retail traders are increasingly pivoting away from big tech names in favor of financials – suggesting a rotation between the biggest gainers and laggards in markets this year. Given this, here are 10 of the biggest stocks retail traders bought into this past week: Retail traders snapped up Bank of America shares, resulting in $82 million in net inflows, according to JPMorgan. American Airlines Group saw a big surge in retail trader interest, which saw a net $68 million in inflows. On the other hand, retail traders dumped some notable tech names such as Apple , with saw net selling of $190 million this past week.

☆ Here are the top 15 companies to work for in Singapore, according to LinkedIn — most are new on the list
▼ + stars: | 2023-04-18 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +4 min

The list of top companies in Singapore sees a huge reshuffle this year, which is a testament to "Singapore's strong business ecosystem," according to LinkedIn. LinkedIn has released its annual list of top companies in Singapore to work for — and banking and information technology companies dominated the 2023 list. The list of top companies also saw a huge reshuffle this year, which is a testament to "Singapore's strong business ecosystem," according to the professional networking platform. The banking and finance sector in particular, saw 4 companies in the top 5 on the "LinkedIn Top Companies 2023″ for Singapore. It provides financial products and banking services to individuals, corporations, governments, investors and institutions.

☆ Buffett tells why he sold most of his bank stocks — except one
▼ + stars: | 2023-04-12 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Warren Buffett sold most of his bank stocks except for one — Bank of America. The Berkshire chairman and CEO held on to shares of Bank of America even after recently offloading other large bank stocks, including U.S. Bancorp, Wells Fargo, Goldman Sachs and JPMorgan. The 92-year-old investor said depositors can rest assured their funds remain safe in the wake of the Silicon Valley Bank and Signature Bank collapse last month. But he criticized the banking system for historically failing to punish its corporate leaders, such as during the 2008 financial crisis. As of December, Berkshire Hathaway had a 12.9% stake in Bank of America worth about $29.7 billion, according to CNBC's Berkshire Hathaway portfolio tracker .

☆ A Federal Tool Could Soon Make It Easier to Compare Credit Cards
▼ + stars: | 2023-03-31 | by ( Ann Carrns | ) www.nytimes.com time to read: +1 min

If a card’s rate depends on the applicant’s credit score — as most do — banks must report the lowest and highest rates charged, as well as the median A.P.R. (Credit scores are three-digit numbers that summarize your credit history; higher is better.) Now, the 25 biggest card issuers have to answer questions about all of their credit cards, not just their most popular offerings. The bureau is seeking more information about each card — asking, for instance, if it is a “secured” credit card, which requires a security deposit to establish a credit limit and is often used by people with limited credit histories or low credit scores. More than a dozen commercial websites already offer credit card comparison tools.

☆ 'Be very vigilant': Bank of England chief says the market is testing banks to identify weakness
▼ + stars: | 2023-03-28 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Andrew Bailey, Governor of the Bank of England, attends the Bank of England Monetary Policy Report Press Conference, at the Bank of England, London, Britain, February 2, 2023. LONDON — Bank of England Governor Andrew Bailey on Tuesday vowed to be "very vigilant" amid ongoing volatility and suggested that the market is "testing out" banks to find weaknesses. Global banking stocks have taken a beating in March, as contagion fears spread following the collapse of U.S.-based Silicon Valley Bank — the largest bank failure since the financial crisis — and the emergency rescue of Credit Suisse by Swiss rival UBS . Deutsche recovered partially on Monday to lead gains as the market panic appeared to subside, after First Citizens agreed to buy a large chunk of failed Silicon Valley Bank's assets. "I also think what we saw at the tail end of last week, Friday in particular, when there were quite sharp market movements [were] moves in markets to, if you like, test out firms," Bailey told lawmakers.

☆ Premarket stocks: Commercial real estate is in trouble. Why you should be paying attention
▼ + stars: | 2023-03-27 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Economists are growing concerned about the $20 trillion commercial real estate (CRE) industry. After decades of thriving growth bolstered by low interest rates and easy credit, commercial real estate has hit a wall. Before the Bell spoke with Xander Snyder, senior commercial real estate economist at First American, to find out. Before the Bell: Why should retail investors pay attention to what’s going on in commercial real estate right now? So the health of the market has an impact on the larger economy, even if you’re not interested in commercial real estate for commercial real estate’s sake.

☆ European bank stocks: UBS, Deutsche sink as fear returns
▼ + stars: | 2023-03-24 | by ( Anna Cooban | ) edition.cnn.com time to read: +1 min

Europe’s Stoxx Europe 600 Banks index, which tracks 42 big EU and UK banks, fell 5% in morning trade. Last week, Switzerland’s biggest bank UBS bought its embattled Swiss rival for 3 billion Swiss francs ($3.25 billion) in an emergency takeover brokered by the Swiss government. The DOJ had sent subpoenas to those employees before UBS took over Credit Suisse, according to the report. “Contagion fears are not yet going away — bank shares are lower again this morning and weighing on broader sentiment. Yesterday we witnessed Deutsche Bank credit default swaps blow out,” Neil Wilson, chief markets analyst at trading platform Markets.com, said in a note Friday.

☆ We're looking for stocks to buy for the Club now that regulators saved SVB depositors
▼ + stars: | 2023-03-12 | by ( Jim Cramer | ) www.cnbc.com time to read: +6 min

You can't just wipe out a bank and about $170 billion in SVB deposits and expect to see business as normal in the country. If you are a depositor, let's just say you aren't going to be so foolish as to concentrate your deposits going forward. But it did have a very low retail share of deposits, like SVB, so perhaps that may have had something to do with it. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

☆ Recession worries used to be bad for bank stocks. Not anymore
▼ + stars: | 2023-03-08 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

London CNN —Investors are bucking tradition this year by piling into big bank stocks just as major economies are expected to either slow down or fall into recession. Fed Chair Jerome Powell said Tuesday that interest rates would rise more than people anticipated. European bank stocks have risen particularly sharply in the past six months. “As those worries have unwound, European banks have done particularly well.”No ‘hidden skeletons’But European economies are still fragile. When economic activity slows down, bank stocks are typically among those hit hardest.

☆ Premarket stocks: Jerome Powell's testimony sent markets reeling. That may be a good thing
▼ + stars: | 2023-03-08 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Federal Reserve Chairman Jerome Powell on Tuesday cleared the way for larger interest rate hikes at this month’s central bank policy meeting, sending markets into a tailspin. The S&P 500 fell 1.5%, the Dow dropped 575 points, or 1.7%, and the tech-heavy Nasdaq composite ended 1.3% lower. After Powell’s testimony, market expectations for a half-percentage point rate hike spiked. If inflation fails to continue falling, he said, the Fed will keep trying to cool things down by raising rates. Even if Powell was sure that January’s economic data was a fluke, he still wants to maintain the Fed’s credibility.

☆ Stocks making the biggest moves midday: Rivian, Delta, Snap, Dish Network and more
▼ + stars: | 2023-03-07 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

United Airlines — United Airlines gained 4.4%, as the broader airline space got a boost after the Justice Department sued to block JetBlue's acquisition of American Airlines. Snap — The tech company's stock gained 4.1%, adding to the 13% it gained on Monday. Dish Network -- The stock climbed 7.4% after Dish co-founder and Executive Vice President James DeFranco disclosed the purchase of 1.45 million shares. DXC Technology — Shares fell 4.5% after DXC Technology said talks of a possible acquisition of the information technology company by a financial sponsor were terminated. Bank stocks — Bank stocks fell after Fed Chair Jerome Powell suggested that rates may need to go higher for longer.

Fizz Credit Builder Debit Card ReviewIt's always hard to argue with free services, and Fizz is no exception. With no fees or interest rates, the Fizz debit card offers a cost-effective method for building credit. If you have a good grip on budgeting and controlling your spending, a student credit card or a secured credit card may be a more practical option. How to Get a Fizz CardTo get the Fizz card, you need to download the Fizz app from the Apple app store. Fizz Debit Card Frequently Asked Questions (FAQ)How Does Fizz Make Money?

☆ Bank of England chief says pay raise negotiations should factor in falling inflation
▼ + stars: | 2023-02-09 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Andrew Bailey, Governor of the Bank of England, attends the Bank of England Monetary Policy Report Press Conference, at the Bank of England, London, Britain, February 2, 2023. Pool | ReutersLONDON — Bank of England Governor Andrew Bailey has urged workers and employers to consider the expected sharp fall in inflation this year when negotiating pay settlements. The soaring cost of living in the country has led to widespread industrial action among public sector workers, whose average pay increases drastically lag those of the private sector. "It very much depends what form it would take and let's also remember that, at the moment ... all of these pay settlements are under the level of inflation," Bailey said. What I would urge, particularly going forwards because we think inflation is going to fall very rapidly, that that is taken into account."

The rebranded Capital One Venture X Business card will be available through Capital One Relationship Managers starting next week. It's very similar to the personal Capital One Venture X Rewards Credit Card, except it's a charge card, not a credit card. The Capital One Spark Travel Elite card was noticeably similar to the issuer's premium credit card, the Capital One Venture X Rewards Credit Card, with parallel earning rates, travel benefits, and annual fees. The Capital One Spark Travel Elite card will rebrand next week as the new Capital One Venture X Business Card. Apart from that (and a yet-unknown welcome bonus offer), the Venture X Business Card is nearly identical to the Venture X Rewards Credit Card.

☆ Stocks making the biggest moves in the premarket: JPMorgan, Virgin Galactic, Tesla and more
▼ + stars: | 2023-01-13 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Check out the companies making the biggest moves in the premarket:JPMorgan — The bank reported fourth-quarter earnings and revenue before the bell that topped Wall Street expectations. JPMorgan slid nearly 3% in permarket trading. Wells Fargo — The bank slid nearly 4% after reporting shrinking profits, weighted down by a recent settlement and the need to build-up reserves. Salesforce — The software company slid 1.4% in the premarket after being downgraded by Atlantic Equities to neutral from overweight. Deutsche Bank downgraded the shares Friday.

Companies are increasingly working together to cut greenhouse-gas emissions but such collaboration faces the threat of antitrust action demanded by politicians who say it violates competition rules. There are now more than 150 business climate collaborations, according to research by Harvard Business Review. “There are a lot of ways to stay on the right side of antitrust laws,” says Justin Stewart-Teitelbaum, antitrust partner at Freshfields. Traditionally, in most jurisdictions, antitrust officials weigh whether the benefits of cooperation outweigh any economic harm caused by it. The anti-ESG movement in the U.S. bases its antitrust threats partly on an assertion that climate action provides little societal benefit to outweigh any economic harm of cooperation.

☆ Op-ed: FTX crash shows cryptocurrency market needs bank-like regulation
▼ + stars: | 2022-12-05 | by ( Rob Nichols | Dennis Kelleher | ) www.cnbc.com time to read: +6 min

Instead, many crypto-asset customers had accounts at nonbank crypto firms. This is very similar to what happened at nonbank financial firms during the 2008 financial crash and would have happened when the 2020 pandemic hit if the Fed had not acted so quickly. Finally, this principle doesn't mean that a company has to be a bank to offer financial products or services. Innovation in the financial sector is critical to maximizing benefits for consumers, and fair, properly and consistently regulated competition can drive this process forward. But consumers also expect that the rules that govern providers — whether bank or nonbank — protect them and financial stability.

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☆ We're not 'inflation nutters,' top Bank of England economist says
▼ + stars: | 2022-11-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The Bank of England accepted a record amount of gilts at a reverse auction on Wednesday. LONDON — Bank of England policymakers are not "inflation nutters" but tightening of monetary policy is necessary to prevent surging prices becoming entrenched in the economy, the central bank's Chief Economist Huw Pill said Tuesday. "We're not meant to be inflation nutters. We are meant to sort of manage this trade-off in a way that avoids unnecessary, counterproductive maybe, disruptions to the real economy," Pill said at a conference organized by Swiss bank UBS . The Bank of England has come under criticism for being too slow off the mark in its efforts to rein in sky-high inflation.

☆ Sen. Elizabeth Warren calls Wells Fargo CEO 'evasive,' presses bank for fraud complaints on Zelle payment platform
▼ + stars: | 2022-11-07 | by ( Chelsey Cox | ) www.cnbc.com time to read: +5 min

Sen. Elizabeth Warren called Wells Fargo CEO Charles Scharf "evasive," saying the bank's answers to her questions about fraud across the Zelle payment platform were misleading, "insulting and useless." Requests for comment from Wells Fargo and Early Warning Services weren't immediately returned. Jim Seitz, a spokesman for Wells Fargo, told CNBC in October that Warren's analysis is "misleading and inaccurate." Warren also said the reply she received from Wells Fargo was "wholly inadequate given the scope of the problems." "But this assertion, which is an attempt to minimize the impact of the problem at Wells Fargo, is false."

☆ JPMorgan's blockchain unit CEO says consumer protection needs to be a priority in digital asset projects
▼ + stars: | 2022-11-04 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

SINGAPORE — Banks have to prioritize consumer protection as they embark on digital asset experiments, said Umar Farooq, chief executive officer of JPMorgan's blockchain unit Onyx. Many blockchain projects and other crypto protocols have the potential to make financial services more efficient, accessible and affordable. For example, crypto exchange Binance was hit by a $570 million hack in October and Deribit lost $28 million in a hot wallet hack this month. "What a bank needs to do from a regulatory point of view and customer's point of view is that we need to protect our customers. We cannot lose their money," Farooq said during a panel at the Singapore Fintech Festival 2022 on Wedneday.

Best banks and credit unions in Florida Bank of AmericaAllyVystar Credit Union Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Editor's rating 3.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Category Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Best for a savings account Savings APY Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Best credit union Savings APY Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Best bank for opening a checking account: Bank of AmericaWhy it stands out: Bank of America has over 500 branches around Florida and a $100 sign-up bonus offer.

☆ Record buybacks imperiled by 1% excise tax and weaker CEO confidence in economic outlook
▼ + stars: | 2022-09-09 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

S & P 500 Buybacks Q3 2021: $235 billion Q4 2021: $270 billion Q1 2022: $281 billion (quarterly record) Q2: 2022: $226 billion (est.) Source: S & P Global Bottom line: the 12 months ending June 2022 saw $1.012 trillion in stock bought back, the first time buybacks topped one trillion, according to S & P Global. Technology companies who buy back their stock will be getting some larger tax bills, according to an analysis by S & P Global. While a 1% tax is not much, some argue it could open the door to heftier tax rates down the line." Weaker CEO confidence in the economic outlook may cause a slowdown in buybacks.

☆ Say goodbye to paper money — banks are quietly working to get rid of cash
▼ + stars: | 2022-06-14 | by ( Brett Scott | ) www.businessinsider.com time to read: +15 min

A payments system without cash is one dependent on banks that are prone to financial crises, systems failure, and cyberattacks. The digital chips promise you government-issued dollar bills, and that promise is empty if you can't get those from the ATM. Despite how crucial it is to maintain an inclusive, multimodal payments system with nonbank and non-digital options, our payments system is being driven toward a monoculture. Ads for digital payments don't say, "Enjoy the speed, convenience, surveillance, cyber-hacking, exclusion, and critical infrastructure weaknesses that our platform brings," yet that is what lies beneath the surface-level slickness of digital payments. The world's most vulnerable people rely on the already existing, physical cash system, and our priority should be to protect that system.

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