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☆ Scott Shleifer steered billions into startups for Tiger Global. With his reign now over, the industry wonders what's next.
▼ + stars: | 2023-11-29 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +6 min

Few investors are more emblematic of the no-interest-rate private market frenzy than billionaire Scott Shleifer. Tiger's venture approach in 2020 and 2021 — constantly described as unsustainable by rivals — included maneuvers such as offering start-ups more money than they were asking and emailing founders term sheets after a single meeting. Shleifer's reputation and personal wealth grew with Tiger's venture success. As Tiger was fundraising late last year, investors learned of a $10 million settlement Tiger Global made to a former female employee. At least one Tiger investor was surprised to hear about it from Coleman and not Shleifer himself.

Persons: Scott Shleifer, —, Chase Coleman, Donald Trump's, Michael Gross, Tiger, Bain, John Curtius, Shleifer, Eric Lane, Evan Feinberg, Griffin Schroeder, Coleman, Sarah Samuels, Samuels, Scott, OpenAI's, Sam Altman's, Altman, Paul Graham Organizations: longtime Tiger Global, Business, Tiger, Walmart, The, Washington Post Locations: Florida, India, Flipkart, New York

☆ Charlie Munger, the 'Oracle of Pasadena' who was Buffett's second-in-command
▼ + stars: | 2023-11-28 | by ( Jonathan Stempel | ) www.reuters.com time to read: +8 min

Berkshire Hathaway Vice Chair Charlie Munger arrives to begin the company's annual meeting in Omaha May 4, 2013. EXPANDING BUFFETT'S HORIZONSMunger and Buffett did differ politically, with Munger being a Republican and Buffett a Democrat. Like Buffett, Munger was a fan of the famed economist Benjamin Graham. ORACLE OF PASADENAFans dubbed Buffett the "Oracle of Omaha," but Munger was held in equal esteem by his own followers, who branded him the "Oracle of Pasadena" after his adopted hometown in California. "I was raised by people who thought it was a moral duty to be as rational as you could possibly make yourself," Munger told Daily Journal shareholders in 2020.

Persons: Charlie Munger, Rick Wilking, Charles Munger, Warren Buffett's, Munger's, Buffett, Munger, Berkshire Hathaway, HORIZONS Munger, Santa Barbara, Warren, Benjamin Graham, Charlie, Ben Graham, Charles T, Kathy Kristof, Buffett's, Ernest . Buffett, Olson, Wheeler, Alice Schroeder, Nancy, Graham, Heinz, Todd Combs, Ted Weschler, Nancy Munger, Jonathan Stempel, Diane Craft, Rosalba O'Brien Organizations: Berkshire Hathaway, REUTERS, Berkshire Hathaway Inc, Munger, CNBC, Buffett, HORIZONS, Republican, University of California, Berkshire, ORACLE, PASADENA, Oracle, Wesco Financial Corp, Daily Journal Corp, Daily, Los Angeles Times, University of Michigan, U.S . Army Air Corps, Harvard Law School, Tolles, Munger &, Omaha Club, BNSF, 3G Capital, Kraft Foods, Reuters, Thomson Locations: Omaha, California, Berkshire, Omaha , Nebraska, Vienna, Santa, Pasadena, Munger, TETE, Los Angeles, New York

☆ The tug-of-war is on between deal-hungry shoppers and retailers wary of giving them throw-away prices on Black Friday
▼ + stars: | 2023-11-24 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +7 min

So are the start-of-the-season deals enticing enough for shoppers or are they holding out in a cat-and-mouse game with retailers? Michael Brown, retail industry leader and partner with management consulting firm Kearney, said the much earlier-than-usual jumpstart to holiday sales this year could be to blame. Shoppers will be holding out for better deals,” he said. Kena Betancur/Getty ImagesTotal holiday sales this year are expected to come in softer compared to last year. He said there were plenty of 25% off Black Friday deals mall-wide and some deeper 40% off promotions for early-bird shoppers.

Persons: New York CNN —, Michael Brown, Kearney, ”, Brown, Emily Elconin, Marshal Cohen, ” Cohen, Barbie, Willing, they’ve, Kena Betancur, Brian Schroeder, Kendra Scott, “, Aeropostale, Aritzia, Shannon Stapleton, Marc Rosen, Rosen, ” Rosen, Nathaniel Meyersohn Organizations: New, New York CNN, “, Shoppers, Black, National Retail Federation, Adobe Analytics, Disney Little, Marvel, Macy's, Brookfield Properties, Brookfield Asset Management, Nike, Apple, Simon Property Group, JCPenney Locations: New York, Oaks, Michigan, New York , New York, La Cantera, San Antonio , Texas, Brookfield, Roosevelt, Garden City , New York, Penney

Not only does it mean an additional game on Prime Video that Amazon hopes to make into a yearly tradition, but it comes on the busiest shopping day of the year. Hans Schroeder, the executive vice president of NFL Media, said the league had been exploring the possibility of adding a game on Black Friday for a while. Adding a Black Friday game gives the NFL another day to take over. According to Nielsen, the most-viewed Amazon game came in Week 2 this season when the Philadelphia Eagles hosted the Minnesota Vikings. NFL games are averaging 17.1 million viewers through 11 weeks, which is a 6% increase over last season.

Persons: We’re, Jay Marine, Hans Schroeder, ” Schroeder, “, Amazon, Garth Brooks, “ I’m, ”, Al Michaels, Kirk Herbstreit, there’s, Tim Boyle, Aaron Rodgers, Tua Tagovailoa, Hill, ___ Organizations: Miami Dolphins, New York Jets, NFL, NFL Media, Amazon, Shopping Network, Nielsen, Philadelphia Eagles, Minnesota Vikings, Jets, AFC East, Dolphins Locations: X’s

☆ Amazon will stream the first-ever NFL Black Friday game
▼ + stars: | 2023-11-23 | by ( Caroline Haskins | ) www.businessinsider.com time to read: +2 min

The NFL is hosting its first-ever Black Friday game on November 24. The game will be exclusively streamed on Amazon Prime Video. The Black Friday game gives Amazon a chance to tempt shoppers to stay at home and shop on their website instead. AdvertisementThe NFL is broadcasting its first-ever Black Friday game exclusively on Amazon Prime Video, where the New York Jets will face off with the Miami Dolphins at New Jersey's MetLife Stadium. The Black Friday game, which kicks off at 3 p.m. EST , presents a chance for Amazon to tempt would-be in-person Black Friday shoppers to stay at home instead, and shop on online e-commerce platforms like Amazon.

Persons: —, Hans Schroeder, Amazon Organizations: NFL, Amazon Prime, Amazon, Service, New York Jets, Miami Dolphins, New, MetLife, Black, CBS, NBC, Fox . Representatives Locations: U.S

The group usually has one active case against financial regulators, but currently has two against the Securities and Exchange Commission (SEC) and one against the Consumer Financial Protection Bureau (CFPB), he said. To be sure, the financial regulators have been sued many times during previous administrations, including by pro-reform advocacy groups. "There are some financial regulators that are walking right into it," he added. In September, for example, bank groups accused regulators including the Federal Reserve of violating the APA with a new capital rule. According to research by Wharton School professor David Zaring, neither industry groups nor individual lenders have filed more than one suit over the past decade challenging Fed policymaking.

Persons: Jim Bourg, Gibson, Dunn, Crutcher, Joe Biden's, Donald Trump's, Tom Quaadman, Jack Inglis, CFPB, Dennis Kelleher, Trump, Eugene Scalia, Gibson Dunn, Scalia, Antonin Scalia, Rebeca Romero Rainey, David Zaring, Kelleher, Douglas Gillison, Chris Prentice, Pete Schroeder, Nate Raymond, Jody Godoy, Megan Davies, Nick Zieminski Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, WASHINGTON, Democratic, Republican, Reuters, APA, U.S . Chamber of Commerce, Securities and Exchange Commission, Consumer Financial Protection Bureau, Funds, Alternative Investment Management Association, Fifth Circuit, Appeals, Better Markets, Biden, American Bankers Association, Labor, Supreme, Independent Community Bankers of, Federal, Wharton School, Thomson Locations: Washington, Independent Community Bankers of America

Speaking on CNBC, Boston Fed President Susan Collins also said the U.S. central bank must be "patient and resolute, and I wouldn't take additional firming off the table." Inflation by the Fed's preferred measure was 3.4% in September, down from its 7.1% peak last summer, but above the central bank's target. And he expressed increased confidence that the Fed can meet its inflation goal without the kind of rise in unemployment seen in the U.S. central bank's prior battles with inflation. Speaking on Thursday, Cleveland Fed President Loretta Mester, one of the central bank's more hawkish policymakers, said she had not yet assessed whether she would continue to pencil in a further rate hike. Fresh economic and interest rate projections are due to be the released at the Dec. 12-13 policy meeting.

Persons: Mary Daly, Daly, Susan Collins, Collins, Austan Goolsbee, Loretta Mester, Ann Saphir, Michael S, Pete Schroeder, Dan Burns, Balazs Koranyi, Paul Simao Organizations: Federal, San Francisco Fed, CNBC, Boston, Deutsche Bank, Chicago Fed, Fed, Cleveland Fed, Derby, Thomson Locations: Frankfurt, Germany, U.S

REUTERS/Evelyn Hockstein Acquire Licensing RightsNEW YORK, Nov 17 (Reuters) - The Federal Reserve's top bank watchdog defended its push to overhaul capital requirements, saying they would have a minimal impact on borrowing costs and make the industry more stable. Michael Barr, the Fed's vice chair for supervision, told a conference in New York on Friday that the so-called "Basel endgame" proposal is mainly focused on raising capital requirements for activities like trading, rather than lending. "Normally, we issue a proposal and then we get very detailed commentary, and we take those comment letters into account." Banks have loudly complained about the proposal, which overhauls how banks gauge their risk and require them to set aside more capital. Industry executives said the draft rules would force them to raise costs and potentially curb lending.

Persons: Michael Barr, Evelyn Hockstein, Banks, Barr, Pete Schroeder, Lananh Nguyen, Chizu Organizations: Banking, Housing, Urban Affairs Committee, Capitol, REUTERS, Federal, Bank, National Football League, Industry, Thomson Locations: Washington , U.S, New York

☆ It's time for retailers to stop blaming theft for so many of their problems
▼ + stars: | 2023-11-17 | by ( Alex Bitter | ) www.businessinsider.com time to read: +7 min

Shrink includes customer theft, but it also accounts lost or destroyed inventory and employee theft, to name a couple of other examples. But companies such as Target and Walgreens have cumulatively reported billions of dollars in losses from theft by citing shrink numbers. Often, company executives use "shrink" and "theft" interchangeably, while providing no breakdown of how much of their shrink is attributable to theft. Retailers could be pointing to theft to prompt government action or distract from operational issuesIf so many elements contribute to shrink, then why are some retailers pointing to theft only? Do you work at a major retail store such as Walmart and have a story idea to share?

Persons: —, Matthew Schroeder, Melodie van der, William Blair, Gillian Flaccus, der Baan, van der Baan, Jennifer Ortakales Dawkins, Blair Organizations: Service, Target, Walgreens, Aid, Home Depot, Max Retail, National Retail Federation, Walmart, AP Locations: Harlem , New York, Manhattan , New York

In an appearance the same day on the “Guy Benson Show” on Fox News Radio, Ms. Haley blamed the app for sowing sympathies for Hamas on some college campuses and stoking anti-American views. In a statement posted on X, TikTok responded to Ms. Haley by saying that the circulation of bin Laden’s letter violated the platform’s rules that ban support for terrorism, and it was policing related content accordingly. Mr. Trump, her former boss, continues to be the overwhelming front-runner, but Ms. Haley, a former South Carolina governor, is trying to overtake Gov. At a town hall for her campaign in Iowa on Thursday, Ms. Haley continued to press on TikTok and brought up the letter by bin Laden. For them to be here,” Ms. Schroeder said after hearing from Ms. Haley.

Persons: Nikki Haley ratcheted, Osama bin Laden, Haley, Donald J, Trump, ”, Guy Benson, “, Laden, TikTok, Ms, Ron DeSantis, Vivek Ramaswamy, Ramaswamy, DeSantis, “ Alexander Hamilton, John Jay, James Madison, ” Ms, bin Laden, you’ve, ’ ”, “ That’s, Linda Schroeder, Schroeder Organizations: U.S, Republican, United Nations, Chinese Communist Party, Fox News Radio, World Trade Center, Pentagon, New York Times, Gov, TikTok, CNBC Locations: Israel, America, U.S, South Carolina, Florida, Miami, Iowa, Waverly, China, Russia, Iran, TikTok, Dubuque

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsNEW YORK, Nov 16 (Reuters) - U.S. bank profits are expected to shrink in the coming months, but the industry has regained its footing after the biggest bank failures since the 2008 financial crisis, analysts said. "Nobody wants to own a lot of bank stocks, whether it's large cap, mid cap, ahead of a credit crunch, ahead of a recession." Michaud, CEO of KBW:"There are a lot of healthier banks, I think, that would look to acquire the banks that have low credit performance. Reporting by Lananh Nguyen, Nupur Anand and Pete Schroeder in New York Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Allegri, Thomas Michaud, Keefe, Erika Najarian, Morgan Stanley, We're, Eugene Ludwig, Ludwig, Mitch Eitel, Sullivan, Cromwell, " Michaud, Lananh Nguyen, Nupur Anand, Pete Schroeder, Mark Potter Organizations: New York Stock, REUTERS, delinquencies, UBS, Ludwig Advisors, Federal Deposit Insurance Corp, Thomson Locations: Manhattan, New York City , New York, U.S, New York

REUTERS/Evelyn Hockstein/ Acquire Licensing RightsWASHINGTON, Nov 14 (Reuters) - The Federal Reserve's top Wall Street cop Michael Barr and other bank regulators will defend plans to hike U.S. bank capital requirements when they appear before Congress this week as they come under increasing pressure from many lawmakers to rein in their efforts. The proposal would overhaul how banks gauge risk and, in turn, how much capital they must hold against potential losses. Regulators say stronger cash cushions will make the financial system safer and are especially crucial after three banks failed earlier this year. As part of their campaign to kill the Basel proposal, banks have been lobbying lawmakers to put pressure on the regulators. On Monday, 39 Senate Republicans stepped up the pressure, asking the regulators to scrap the proposal, citing economic harm.

Persons: Michael Barr, Evelyn Hockstein, Barr, Federal Deposit Insurance Corporation's Martin Gruenberg, Mike Hsu, Mark Warner of Virginia, Jon Tester, Isaac Boltansky, Gruenberg, Michelle Price, Pete Schroeder, Jonathan Oatis Organizations: Banking, Housing, Urban Affairs Committee, Capitol, REUTERS, Rights, Federal, Federal Deposit Insurance, Financial, Democrat, Senate, Republicans, Journal, Industrial, Commercial Bank of China, Treasury, Thomson Locations: Washington , U.S, U.S, Basel, Montana

Companies United States Senate FollowWASHINGTON, Nov 13 (Reuters) - A group of 39 Senate Republicans in a letter on Monday called on major U.S. banking regulators to withdraw a contentious proposal to significantly raise bank capital requirements, warning it could hinder lending and harm the economy. Regulators said stronger cushions will guard against future unforeseen risks, and cited the failures earlier this year of three large U.S. lenders as a warning. * Regulators have said they are continuing to gather data for the proposal, and have given firms more time to provide feedback. * Senator Tim Scott, the top Republican on the Senate Banking Committee and a former presidential candidate, and Senate Minority Leader Mitch McConnell were among the senior Republicans in the chamber to sign Monday's letter. WHAT'S NEXTU.S. banking regulators are due to testify before the Senate Banking Committee on Tuesday, when they are expected to be pressed on the proposal by Republicans.

Persons: Banks, Tim Scott, Mitch McConnell, Pete Schroeder, Paul Simao, Jonathan Oatis Organizations: United States, WASHINGTON, Republicans, Federal Reserve, Federal Deposit Insurance Corporation, Currency, Regulators, Republican, Senate Banking Committee, Fed, OCC, NEXT, Thomson Locations: Basel

☆ Amputees say this bionic hand startup gives them both strength and grace — they can even pick up raw eggs without crushing them
▼ + stars: | 2023-11-13 | by ( Ashley Capoot | ) www.cnbc.com time to read: +5 min

Now, 12 years later, Schroeder wears a bionic hand designed by the startup Aether Biomedical, and it's business as usual for him. Aether's hand, called the Zeus, can lift up to 77 pounds and switch between 12 different customizable grip patterns in real time. Aether works with upper limb amputees, and anyone with an amputation level between the wrist and the shoulder can use its Zeus hand. More than 200 patients are using Aether's Zeus hand, and like other bionic hands, it works by translating the electrical signals in the arm muscles. Aether's Zeus hand is approved by the U.S. Food and Drug Administration, and it's covered by all major insurance payers.

Persons: Andrew Hitz, Jeremy Schroeder, Schroeder, Schroeder's, Dhruv Agrawal, it's, Sarra Mullen, Mullen, Agrawal, they've Organizations: CNBC, U.S . Food, Drug Administration, J2 Ventures, Story Ventures, Technology Locations: Sherwood , Ohio, Poland, Chicago, Ukraine

☆ Crespo set to take charge at UAE club Al Ain
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

Nov 13 (Reuters) - Al Ain-bound Argentine coach Hernan Crespo will arrive on Monday to formally sign his contract, the UAE club said. Crespo will succeed Dutch coach Alfred Schreuder who parted ways with Al Ain last week after just six months in charge following media reports he would be moving to Saudi Arabia. Al Ain made the announcement on social media platform X with a video clip reviewing Crespo's career as a player and coach. Al Ain signed 51-year-old Schroeder last May after the departure of coach Sergei Rebrov, but media have linked the Dutch coach with Saudi champions Al-Ittihad, who have sacked Portuguese coach Nuno Espirito Santo. Al Ain are third in the UAE Pro League with 15 points after seven games.

Persons: Al, Hernan Crespo, Crespo, Alfred Schreuder, Al Ain, Duhail, Paris St Germain, Christophe Galtier, Schroeder, Sergei Rebrov, Nuno Espirito, Al Wasl, Saudi Arabia's, Ashraf Hamed Atta, Ken ferris Organizations: Argetina, Parma, Lazio, Inter Milan, Chelsea, Qatari, Al, Paris St, Saudi, Nuno Espirito Santo, UAE Pro League, Asian Champions League, Thomson Locations: Al Ain, Argentine, UAE, Saudi Arabia, Ittihad, Portuguese, Al

The logo of Industrial and Commercial Bank of China (ICBC) is pictured at the entrance to its branch in Beijing, China April 1, 2019. ICBC, whose U.S. arm was hit by a ransomware attack that disrupted trades in the U.S. Treasury market on Nov. 9, did not immediately respond to a request for comment. "They paid a ransom, deal closed," the Lockbit representative told Reuters via Tox, an online messaging app. "The market is mostly back to normal now," said Zhiwei Ren, a portfolio manager at Penn Mutual Asset Management. The ransomware attack came at a time of heightened worries about the resiliency of the $26 trillion Treasury market, essential to the plumbing of global finance, and is likely to draw scrutiny from regulators.

Persons: Florence, BNY Mellon, Zhiwei Ren, Ransom, Allen, James Pearson, Davide Barbuscia, Carolina Mandl, Tatiana Bautzer, Pete Schroeder, Michelle Price, David Goodman, Jonathan Oatis, Alexander Smith Organizations: Industrial, Commercial Bank of China, REUTERS, Commercial Bank of, Reuters, U.S . Treasury, Penn Mutual Asset Management, Treasury, U.S . Treasury Department, Financial, Authorities, Boeing, Overy, Washington DC, Thomson Locations: Beijing, China, Commercial Bank of China, U.S, Tox, United States, London, Carolina, New York, Washington

☆ US Treasury Dept aware of cybersecurity issue at ICBC affecting Treasury market -spokesperson
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: 1 min

The logo of Industrial and Commercial Bank of China (ICBC) is seen at its branch at its headquarters in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsCompanies Industrial and Commercial Bank of China Ltd FollowWASHINGTON, Nov 9 (Reuters) - The U.S. Treasury Department is aware of a cybersecurity issue at Industrial and Commercial Bank of China (601398.SS) that has affected the Treasury market, and is in regular contact with key financial sector participants and regulators, a spokesperson said on Thursday. The Treasury issued the statement following a Financial Times report that a ransomware attack at ICBC had "disrupted" the US Treasury market by preventing the bank from settling Treasury trades on behalf of other market participants. Reporting by Pete Schroeder Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Persons: Kim Kyung, Pete Schroeder, Chris Reese Organizations: Industrial, Commercial Bank of China, REUTERS, Commercial Bank of China Ltd, WASHINGTON, U.S . Treasury, Treasury, Times, US Treasury, Thomson Locations: Beijing, China, ICBC

China's foreign ministry said on Friday the lender is striving to minimise risk impact and losses after the attack. "We don't often see a bank this large get hit with this disruptive of a ransomware attack," said Allan Liska, a ransomware expert at the cybersecurity firm Recorded Future. TRADES CLEAREDICBC said it had successfully cleared Treasury trades executed on Wednesday and repurchase agreements (repo) financing trades done on Thursday. Some market participants said trades going through ICBC were not settled due to the attack and affected market liquidity. The Treasury market appeared to be functioning normally on Thursday, according to LSEG data.

Persons: Kim Kyung, ICBC, Wang Wenbin, Wang, Lockbit, Allan Liska, Scott Skrym, Michael Gladchun, Loomis Sayles, SIFMA, Urvi, Pete Schroder, Gertrude Chavez, Davide Barbuscia, Carolina Mandl, Paritosh Bansal, Joe Cash, Stephen Coates, Tomasz Janowski Organizations: Commercial Bank of China Ltd, REUTERS, Industrial, Commercial Bank of China, Commercial Bank of China's, U.S . Treasury, ICBC Financial Services, Cybersecurity, Infrastructure Security Agency, Boeing, U.S . Treasury Department, Treasury, Securities, Financial Times, U.S . Securities Industry, Financial Markets Association, Thomson Locations: Beijing, China, U.S, Bengaluru, Washington, Carolina

Industrial and Commercial Bank of China Ltd (ICBC)'s logo is seen at its branch in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsCompanies Industrial and Commercial Bank of China Ltd FollowNov 9 (Reuters) - A ransomware attack on Industrial and Commercial Bank of China (ICBC) disrupted some trades in the U.S. Treasury market on Thursday, the Treasury Department said. In ransomware attacks, hackers encrypt an organization's systems and demand ransom payments in exchange for unlocking them. The Financial Times reported earlier on Thursday that the U.S. Securities Industry and Financial Markets Association (SIFMA) told members that ICBC (601398.SS) had been hit by ransomware that disrupted the U.S. Treasury market by preventing it from settling trades on behalf of other market players. We continue to monitor the situation," a Treasury spokesperson said in a response to a question about the FT report.

Persons: Kim Kyung, Urvi, Pete Schroder, Zeba Siddiqui, Alexander Smith, Michelle Price, Lisa Shumaker Organizations: Commercial Bank of China Ltd, REUTERS, Industrial, Commercial Bank of China, U.S . Treasury, Treasury Department, Financial Times, U.S . Securities Industry, Financial Markets Association, Treasury, Thomson Locations: Beijing, China, U.S, Bengaluru, Washington

REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsWASHINGTON, Nov 7 (Reuters) - The U.S. regulator charged with overseeing the Federal Home Loan Banks said in a report on Tuesday the system is overdue for an overhaul in its mission and structure. The Federal Housing Finance Agency emphasized in the report that there needs to be a clearer distinction between the purpose of the FHL banks and the Federal Reserve, which is the primary emergency lender for banks. The agency said FHL banks were created by Congress in 1932 to provide liquidity to banks for affordable housing and other economic development. Tuesday's report was the culmination of a year-long project by the agency to review the FHL banks. FHL Banks are 11 regional government-chartered institutions that raise money for low-cost lending to their members.

Persons: Sarah Silbiger, Loan Banks, Banks, Ryan Donovan, Pete Schroeder, Aurora Ellis Organizations: REUTERS, Rights, Federal, Loan, Federal Housing Finance Agency, Federal Reserve, of Federal Home Loan, Thomson Locations: Washington , U.S, U.S

[1/2] Republican U.S. presidential candidate Florida Governor Ron DeSantis and Iowa Governor Kim Reynolds display "Get Shit Done" mugs during a "Fair-Side Chat" at the Iowa State Fair in Des Moines, Iowa, U.S., August 12, 2023. REUTERS/Evelyn Hockstein Acquire Licensing RightsWASHINGTON, Nov 5 (Reuters) - Iowa Governor Kim Reynolds will endorse Florida Governor Ron DeSantis's bid to be the Republican nominee in the 2024 presidential race on Monday, according to a source familiar with the matter. An endorsement from Reynolds could be a critical boost for DeSantis, who has fallen far behind former President Donald Trump in the race for the 2024 Republican presidential nomination. The DeSantis campaign and Reynolds's office did not respond to requests for comment. Reynolds will appear at a DeSantis rally in Des Moines, Iowa, on Monday at 6 p.m.

Persons: Ron DeSantis, Kim Reynolds, Evelyn Hockstein, Ron DeSantis's, Reynolds, Donald Trump, DeSantis, Trump, Pete Schroeder, Gram Slattery, Lisa Shumaker Organizations: Republican U.S, Florida, Iowa, Fair, REUTERS, Rights, Republican, DeSantis, NBC News, Trump, NBC, Thomson Locations: Iowa, Des Moines , Iowa, U.S

Both changes to the process for designating a non-bank as a "systemically important financial institution," or SIFI, were proposed in April. Friday's vote reversed a Trump administration policy that regulators should police risky activities rather than single out individual firms. Under the revamped process, FSOC will identify potential SIFIs based on existing information and give the company a chance to respond. Similarly, the Managed Funds Association, which represents hedge funds, said non-banks do not pose the same risks as banks. "The guidance imposes a black box designation process that introduces uncertainty for market participants," said MFA President and CEO Bryan Corbett.

Persons: Brendan McDermid, Donald Trump, FSOC, Trump, Janet Yellen, Eric Pan, Bryan Corbett, Barack Obama, Ian Katz, Pete Schroeder, Chris Reese, Michelle Price, Richard Chang Organizations: Wall, REUTERS, WASHINGTON, Treasury Department, U.S . Federal, BlackRock, Bridgewater, Investment Company Institute, Association, MetLife, Inc, General Electric Capital Corporation, American International Group, Prudential Financial, Capital Alpha Partners, Carolina, Thomson Locations: New York, U.S, BlackRock, Bridgewater

☆ Chunks of an alien world could be hidden deep within our planet, say scientists
▼ + stars: | 2023-11-01 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +7 min

This alien planet, Theia, was thought to have completely disappeared in the collision. AdvertisementAdvertisementAs well as shedding new light on the inner workings of our planet, scientists hope they will one day have access to these slabs of alien rock to reveal, once and for all, how our moon formed. The assumption has long been that Theia melded into moon, the Earth's mantle, and its core, in effect disappearing completely. Previous theories have suggested this core-mantle boundary could be made up of bits of ancient ocean floors. The problem is that the core-mantle boundary is very far from the surface — about 1,800 miles.

Persons: Theia, Vincent Eke, Jacob A, haven't, Edward Garnero, Li, Hongping Deng, Everest, Deng, Christian Schroeder Organizations: Service, Arizona State University, Chinese Academy of Sciences, Durham University, University of Stirling Locations: Theia, Iceland, Samoa

The scheduled Fed board meeting will mark the first time in over a decade that the central bank has proposed revising the fees, which generated around $24.31 billion for lenders in 2019, the most recent Fed data shows. The Fed has not said how it plans to change the fees, which have long been criticized by retailers as disproportionately high, and a spokesman for the central bank declined to comment. The Wall Street Journal reported last week that the Fed will lower the caps, sending shares in credit card companies Visa V.N and Mastercard MA.N lower. In 2011 the central bank capped them at 21 cents per transaction, plus 0.05% of the transaction cost. Analysts said that it is likely the Fed could face a legal challenge from either industry if it pursues new caps.

Persons: Austen Jensen, Dodd, Frank, Banks, TD Cowen, Jaret Seiberg, Pete Schroeder, Michelle Price, Aurora Ellis Organizations: U.S . Federal, Fed, Retail Industry, Association, Street, Visa V.N, Mastercard MA.N, Thomson

WASHINGTON, Oct 24 (Reuters) - U.S. regulators will begin grading banks on which communities and geographies they service via online lending under tougher new rules modernizing fair lending standards to be finalized on Tuesday. The changes to 1977 Community Reinvestment Act (CRA) regulations draw a line under a contentious multiyear effort that was delayed amid fierce lobbying by community groups and lenders, as well as by a change of presidential administrations. Conceived to prevent red lining, CRA regulations are central to banks' overall supervisory performance. Historically, CRA grades focused on how well banks serviced low-income communities where banks have branches. Banks on Tuesday said they supported fair lending but flagged concerns with the final rule.

Persons: Michael Barr, Michelle Bowman, Banks, Randy Benjenk, Lindsey Johnson, Pete Schroeder, Andrea Ricci, Michelle Price, Marguerita Choy Organizations: Federal, Fed, Federal Deposit Insurance Corporation, Office, Covington, Consumer Bankers Association, Thomson Locations: U.S, Burling

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