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Troubled regional bank New York Community Bank faced a downgrade from JPMorgan, which said NYCB is facing a multitude of challenges. The firm upped its price target for the drug maker to $850, all the way from $200. Wells Fargo : Analyst Zachary Fadem kept his overweight rating and raised his target price by $200 to $2,800, implying 12.5% upside for shares. "After speaking to management, we confirmed these two executives had indeed left the company, wrote JPMorgan analyst Steven Alexopoulos. NXP's stock price is down 2.9% for the year, but still higher than 15% over the past 12 months.
Persons: Eli Lilly, Eric Gonzalez, Gonzalez, Wells, Zachary Fadem, Sara Senatore, Chipotle, — Pia Singh, JPMorgan downgrades, Steven Alexopoulos, Alexopoulos, John Melloy, Vivek Arya, Arya, Robyn Karnauskas, Karnauskas, Zepbound Organizations: CNBC, New York Community Bank, JPMorgan, Pharma, Truist Securities, Semiconductors, Bank of America, KeyBanc, Barclays, New York Community Bank JPMorgan, New, Community Bank, Financial Times, Bloomberg News, New York Community Bancorp, Battery Management Systems, Food and Drug Administration Locations: Wells Fargo, Tuesday's
The bank announced earlier on Wednesday that it had appointed DiNello, formerly the president of Flagstar Bank, to the position effective immediately. The bank holds total deposits of approximately $83 billion, the lender said in a statement Tuesday evening. US banks hold about $2.7 trillion in commercial real estate loans. But while the last crisis was all about interest rate risk, this one revolves around the $20 trillion commercial real estate market. The increase was driven partly by expected losses on commercial real estate loans, it said.
Persons: ” Alessandro DiNello, DiNello, NYCB, , weren’t, Fitch, Thomas Cangemi, ” DiNello, Goldman Sachs, Moody’s, Neel Kashkari, ” Kashkari, he’s, Janet Yellen, , Yellen, “ I’m, ” Yellen Organizations: New, New York CNN —, New York Community Bancorp, Moody’s Investors Service, Flagstar Bank, Bank, Moody’s, JPMorgan, Signature Bank, Silicon Valley, Regulators, Federal, Community Bancorp, CNBC, Financial Locations: New York, Flagstar, New, Minneapolis
CHARLESTON, W.Va. (AP) — A Virginia bank that is seeking to recover more than $300 million in longstanding unpaid business loans to the family of West Virginia Gov. Jim Justice is planning to auction off land at a sporting club located at the governor’s posh resort. The notice said that an auction involving the Greenbrier Sporting Club lots is scheduled for March 5 at the Greenbrier County Courthouse in Lewisburg. The Greenbrier Sporting Club is a private equity club and residential community that opened in 2000. Photos You Should See View All 45 ImagesMessages left with the governor’s office and with the Justice companies weren’t immediately returned Tuesday afternoon.
Persons: Jim Justice, Worth Carter, weren’t, Joe Manchin, Manchin Organizations: West Virginia Gov, Carter Bank & Trust, Charleston Gazette, Greenbrier Sporting, Justice, Carter Bank, Republican, U.S, Senate Locations: CHARLESTON, W.Va, Virginia, Martinsville , Virginia, Greenbrier, Lewisburg .
Wall Street continues to climb a wall of worry even as investors deliberate how much longer equities can maintain their record run. But questions remain for investors after some major disappointments in an intense week suggested more challenges ahead. Apple dropped 3% this week after reporting lackluster earnings, weighing on the Dow Jones Industrial Average. Elsewhere in corporate earnings, regional banks as represented by the SPDR S & P Regional Banking ETF slid 7% after poor results from New York Community Bank spurred investor fears of a wider contagion. Signs of market weakness For investors, there may be more issues in the market going forward in 2024.
Persons: Stocks, Jerome Powell, Apple, Scott Rubner, Goldman Sachs, Rubner, Russell, Liz Ann Sonders, Charles Schwab, CNBC's, Sonders, Lehman, Raymond James, Josh Beck, James McCann, Abrdn, McCann, Rhys WIlliams, Williams, it's, Art Hogan, They're, Hogan, Estee, Eli Lilly, Ralph Lauren, Rowe Price, Philip Morris Organizations: Meta, Dow Jones, Regional Banking, New York Community Bank, Bank, Microsoft, Nvidia, Apple, Markets, Wayve Capital Management, Riley, Atlanta, PMI, Simon Property, Companies, Tyson Foods, Semiconductor, Caterpillar, Prudential Financial, Ford Motor, Enphase Energy, GE Healthcare Technologies, Consumer, Walt Disney Co, Wynn Resorts, PayPal, Brands, CVS Health, Hilton Worldwide, Uber Technologies, Costco Wholesale, Motorola Solutions, Expedia, Rowe Price Group, ConocoPhillips, The Hershey Co, Philip Morris International, PepsiCo Locations: China
What’s really going on with bank stocks
  + stars: | 2024-02-02 | by ( Elisabeth Buchwald | ) edition.cnn.com   time to read: +4 min
Word quickly spread on Wall Street that the regional bank was under pressure, igniting a bout of selling of other bank stocks over fears of contagion. The KBW Regional Banking Index closed down 6% on Wednesday. Unlike many fellow regional banks, it held on to the vast majority of its deposits. He also highlighted that the banks’ losses were tied to faulty office building loans. The selloff that hit other regional bank stocks is “likely overdone given idiosyncratic factors tied to NYCB,” Bank of America analysts said in a note on Thursday.
Persons: Zions, NYCB, Thomas Cangemi, Chris Marinac, Janney Montgomery Scott, CNN he’s, , ” NYCB, That’s, It’s, isn’t, ” Marinac, Organizations: New, New York CNN, Federal Reserve, New York Community Bancorp, Western Alliance Bancorp, York Community Bancorp, Bank, CNN, ” Bank of America, Aozora Bank, First Republic, Valley Bank Locations: New York, ZION, York
People attend the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 18, 2024. Javier MileiArgentina's President Javier Milei delivers a speech at the World Economic Forum (WEF) meeting in Davos on January 17, 2024. Sam AltmanSam Altman, CEO of OpenAI, attends the 54th annual meeting of the World Economic Forum in Davos, Switzerland, on Jan. 18, 2024. He said AGI could be developed in the "reasonably close-ish future," speaking at a private gathering at the Bloomberg House in Davos, Switzerland. AI took a huge leap forward in the last year or two years," Benioff said on a World Economic Forum panel Thursday.
Persons: Denis Balibouse, Donald Trump, Ursula von der, Ursula von der Leyen, Jamie Dimon Jamie Dimon, JPMorgan, Adam Galici, Jamie Dimon, Dimon, Larry Fink's, bitcoin, Volodymyr Zelenskyy, CNBC's Andrew Ross Sorkin, Vladimir Putin, Zelenskyy, Putin, Javier Milei, Fabrice COFFRINI, FABRICE COFFRINI, Fabrice Coffrini, Milei, Adena Friedman Adena Friedman, Adena Friedman, Friedman, Sam Altman Sam Altman, Sam Altman, Altman, Antony Blinken Antony Blinken, CNBC Putin, Antony Blinken, Blinken, Trump's, it's, Christine Lagarde, Emmanuel Macron, Macron, Dmytro Kuleba, Arnd Wiegmann, Trump, Vladimir, Ukraine's, Kuleba, Michelle Yeoh Michelle Yeoh, Mike Coppola, Michelle Yeoh, CNBC's Tania Bryer, Yeoh, Pedro Sanchez Spanish, Pedro Sanchez, Isabel Infantes, Sanchez, Li Qiang Li Qiang, Li Qiang, Li, Isaac Herzog, Kfir Bibas, Herzog, Kfir, Hossein Amir, Abdollahian, Atta Kenare, Joe, Biden, Netanyahu, Amir, Sergio Ermotti, MICHAEL BUHOLZER, Ermotti, Marc Benioff Marc Benioff, Salesforce, CNBC's Sara Eisen, Marc Benioff, Benioff, Ray Dalio Ray Dalio, Bridgewater, Ray Dalio, Dalio, Mark Carney Mark Carney, DANIEL LEAL Organizations: Economic, Reuters, European, JPMorgan Chase, CNBC, BlackRock, Getty, Afp, NASDAQ, CNBC Nasdaq, Reuters OpenAI, Bloomberg, State, European Central Bank, Central Bank, Reuters Ukraine's, United Nations Development, Spanish, Getty Images, Hamas, Palestinian, Hezbollah, Turkish, AFP, Iranian, Sergio Ermotti UBS, Getty Images UBS, Credit Suisse, Bridgewater Associates, U.S, Bank of England, UN, OLIVAS Locations: Davos, Switzerland, Ukraine, Gaza, Russia, China, Moscow, WEF, AFP, OpenAI, U.S, Russian, Iran, Europe, United States, Hollywood , California, Madrid, Spain, Beijing, Washington, Lebanese, Tehran, Israel, Hiroshima
Citigroup on Friday posted a $1.8 billion fourth-quarter loss after booking several large charges tied to overseas risks, last year's regional banking crisis and CEO Jane Fraser's corporate overhaul. All told, the charges — so massive the bank preannounced their effect this week — hit quarterly earnings by $4.66 billion, or $2 per share, Citigroup said. Excluding their effect, earnings would've been 84 cents a share, the bank said. Revenue: $17.44 billion vs. $18.74 billion expected. Fraser called her company's performance "very disappointing" because of the charges but said Citigroup had made "substantial progress" simplifying the bank last year.
Persons: Jane, would've, Fraser, Mark Mason, Octavio Marenzi, Goldman Sachs, Morgan Stanley Organizations: Citigroup, LSEG, Revenue, Citi, Opimas, JPMorgan Chase, Bank of America, CNBC PRO Locations: Argentina
(PRO subscribers can view the official 2024 strategist survey here . ) "Lifting our 12-month S & P 500 target to 5100 as inflation falls, the Fed turns dovish, and real yields plunge," Kostin wrote. Other Wall Street firms with similarly bullish forecasts include Citigroup and BMO Capital Markets, which each have S & P 500 price targets of 5,100. Barclays' Venu Krishna was even more bearish, anticipating the S & P 500 would fall to 3,725. Entering the penultimate trading week of the year, the S & P 500 is almost 23% higher in 2023, while the Nasdaq Composite has advanced almost 42%.
Persons: , Stocks, Sam Stovall, Monday, Stovall, Goldman Sachs, David Kostin, Kostin, John Stoltzfus, Stoltzfus, America's Savita Subramanian, JPMorgan's, Bujas, Morgan Stanley, BofA's Subramanian —, Venu Krishna, Oppenheimer's John Stoltzfus, Dow Industrials Organizations: CNBC, Federal Reserve, Dow Jones, CFRA Research, Goldman, Oppenheimer Asset Management, Citigroup, BMO Capital Markets, Bank, America's, Nvidia, Microsoft, Barclays, Nasdaq Locations: Friday's
A pedestrian sheltering under an umbrella passes a Julius Baer Group Ltd. branch in Zurich, Switzerland, on Tuesday, July 13, 2021. The share price of Julius Baer plummeted after the Swiss private bank disclosed 606 million Swiss francs ($692.7 million) of loan exposure to a single conglomerate client. The 606 million Swiss franc exposure to one client — via three loans to different entities within a European conglomerate — is collateralized by commercial real estate and luxury retail, the company revealed. The bank last week booked provisions of 70 million Swiss francs to cover the risk of a single borrower in its private loan book. The European Central Bank recently examined the commercial real estate sector and the provisioning methods and capital buffers of European banks.
Persons: Julius Baer, Signa, Julius Baer's CET1, DBRS Morningstar, Vitaline Yeterian, Elisabeth Rudman, Julius Baer's Organizations: Julius Baer Group, Austrian, DBRS, CNBC, European Central Bank, Swiss Locations: Zurich, Switzerland, Swiss
Ukrainian servicemen board a boat on the shore of the Dnipro river at the front line near Kherson, Ukraine, on Oct. 15, 2023. Following the confirmation that Ukrainian forces had crossed the Dnieper river into Russian-occupied territory in recent weeks, hopes have risen that this could be a small but key breakthrough in the six-month counteroffensive against Russia. The Dnieper has effectively operated as a front line in the southern Ukrainian region of Kherson, separating Ukrainian troops on the west bank from Russian forces on the east, or left, bank. Russian forces had retreated to the east bank last year following an earlier counteroffensive by Ukraine that left the Kherson region — strategically important given its location above Russian-annexed Crimea — partially occupied. "The left-bank [of the Dnieper river] in Kherson is very important because it's near to Crimea," Oleksandr Musiyenko, a Ukrainian military expert and head of the Centre for Military and Legal Studies in Kyiv, told CNBC.
Persons: Oleksandr Musiyenko, Musiyenko Organizations: Crimea —, Centre for Military, Legal Studies, CNBC Locations: Dnipro, Kherson, Ukraine, Russian, Russia, Ukrainian, Crimea, Kyiv
A deal for a temporary cease fire was inching into view in Israel's war against Hamas, but Prime Minister Benjamin Netanyahu tempered expectations by vowing that the war would continue even if a deal is reached. “We are at war, and we will continue the war,” he said. Israel has vowed to continue the war until it destroys Hamas’ military capabilities and returns all hostages. Turkish President Recep Tayyip Erdogan, whose government maintains ties with Hamas officials, said Turkey’s foreign minister and intelligence chief were working with Qatari officials to negotiate releases. Hamas has released four hostages, Israel has rescued one, and the bodies of two were found near Shifa.
Persons: Benjamin Netanyahu, Netanyahu, Israel, Gaza — Israel, NETANYAHU, , , Mostafa Madbouly, ” Madbouly, Israel —, Hadas Kalderon, Kalderon, John Kirby, Kirby, “ We’ve, ” NETANYAHU, , ” Netanhayu, Khalil al, Hayya, Valdis Dombrovskis, ” BIDEN, WASHINGTON, Joe Biden, ” “, ” Biden, Biden's, Recep Tayyip Erdogan, Erdogan, Abdelmadjid Tebboune, Tebboune, ” Tebboune, ” Erdogan, Israel’s, Asad, Assad, Qassim Abdul, Bassem, Tara Copp, Benjamin Netanyahu’s, Sergey Lavrov, Lavrov, ” Lavrov, Ziad Makary, Farah Omar, Rabih Maamari, Kfar Kila, Laiqa Serhan, Reuters videojournalist, Abduallah, Qatar’s Al, Izzat, Ismail Haniyeh, Goren, Tal Chaimi, ” Netanyahu, Mosab Abu Toha, Hamza Abu Toha, Mosab, Hamza, ” Mosab Abu Toha, Abu, Abu Toha Organizations: Hamas, Senior, Palestinian, Troops, Health Ministry, West Bank, WAR, JERUSALEM, CAIRO —, Israel, White, National Security, Israel —, European Union, ” EU, HIT ISRAEL, Algerian, International Criminal, Hezbollah, Cabinet, MUSLIM, Arab League, Organization of Islamic Cooperation, United Nations Security Council, Lebanese, National News Agency, Reuters, Agence France, Jazeera, SEA DUBAI, United Arab Emirates, Galaxy Leader, U.S . Navy, OFFICIAL, PEN, Yorker Locations: Israel, United States, Qatar, Gaza, Gaza City, Gaza —, Iran, Yemen, Egypt, Cyprus, israel, Israeli, EGYPT, CAIRO, TEL AVIV, HAIFA, Beirut, EU, STRASBOURG, France, TURKEY, ALGERIA, GAZA ALGIERS, Algeria, Turkey, Turkish, BAGHDAD, Iraq, U.S, al, Baghdad, Anbar, Syria, Zahra, Bassem Mroue, Washington, JERUSALEM, , Russian, Moscow, Russia, LEBANON, ISRAEL, BEIRUT, Lebanon, Kibbutz Manara, Kfar, IRAN, YEMEN, United Arab, Tehran, American, Red, Persian, Hormuz, Shifa
A worker pushes a trolley loaded with goods past a construction site in the central business district (CBD) of Sydney in Australia, March 15, 2018. REUTERS/David Gray/File Photo Acquire Licensing RightsSYDNEY, Nov 16 (Reuters) - Australia employment rebounded strongly in October, after a soft patch the previous month, though the jobless rate still ticked higher as more people went looking for work and rapid migration boosted the supply of labour. Figures from the Australian Bureau of Statistics on Thursday showed net employment rose 55,000 in October from September, more than double market forecasts of 20,000. The jobless rate edged up to 3.7%, matching forecasts and largely due to a jump in the participation rate back to an all-time peak of 67%. Over the year to October, jobs growth of a healthy 2.8% was still not enough to match labour force growth of 3.8%.
Persons: David Gray, Bjorn Jarvis, Wayne Cole, Kim Coghill, Jacqueline Wong Organizations: REUTERS, Rights, Australian Bureau, Statistics, Reserve Bank of Australia, Thomson Locations: Sydney, Australia
Shock, grief and pain have cascaded across Israel since Hamas gunmen poured out of Gaza to kill an estimated 1,200 Israeli civilians and soldiers on Oct. 7. Mr. Netanyahu suspended Mr. Eliyahu, saying that his comments were “disconnected from reality.”Mr. Netanyahu says that the Israeli military is trying to prevent harm to civilians. Such reassurances are also belied by the language Mr. Netanyahu uses with audiences in Israel. “Gaza nakba 2023.”The rise in incendiary statements comes against a backdrop of rising violence in the West Bank. It will also make Israelis more inured to the civilian death toll in Gaza, which has isolated Israel around the world, he added.
Persons: , Yoav Gallant, We’re, Naftali Bennett, , Benjamin Netanyahu, FakeReporter, Ghazi Hamad, Israel, Itamar Ben, Netanyahu’s, Amichay Eliyahu, Netanyahu, Eliyahu, Mr, Amalek, Michael Sfard, Sfard, ” Yehuda Shaul, Eyal Golan, Sara Netanyahu, Yinon, Don’t, ” Mr, Golan, Ms, Magal, , Avi Dichter, Eran Halperin, Halperin, erodes, ’ ” Adam Sella Organizations: Twitter, Mr, Human Rights, West Bank, United Nations, Hebrew University, , Locations: Israel, Gaza, United States, Palestine, Jerusalem, Israeli
"It's pretty simple - you can't make a big business decision today without a geopolitical perspective," Orszag said in an interview at the Reuters NEXT conference in New York. Lazard has a geopolitical advisory unit that analyzes world events and their potential impact on clients' businesses. Orszag set an ambitious goal of doubling the investment bank's revenue by 2030. Some investment banks have laid off thousands of employees and cut other costs after several quarters of lethargic dealmaking. [1/5]Peter Orszag, CEO of Lazard, speaks with Reuters journalist Lananh Nguyen during the ReutersNEXT Newsmaker event in New York City, New York, U.S., November 9, 2023.
Persons: Peter Orszag, Orszag, Lazard, lethargic, Lananh Nguyen, Brendan McDermid, dealmaking, Brian Moynihan, Obama, We're, Leela de Kretser, Mark Porter, Emelia Organizations: Reuters NEXT, Wall, Reuters, REUTERS, Bank of America, reuters, Thomson Locations: China, Ukraine, New York, New York City , New York, U.S
REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Nov 8 (Reuters) - HSBC (HSBA.L) plans to launch in 2024 a custody service for storing blockchain-based assets excluding cryptocurrency, the bank said on Wednesday. The service, which is a partnership with Swiss digital asset firm Metaco, will allow institutional clients to store blockchain-based tokens representing traditional financial assets, as opposed to crypto or stablecoins, HSBC said. The bank last year launched a digital asset platform, HSBC Orion, which allows financial institutions to issue blockchain-based versions of financial assets, also known as tokenised securities. HSBC did not give a figure for the size of the market for blockchain-based assets excluding cryptocurrencies. In 2019, HSBC announced a platform called Digital Vault, which allows investors to access digital records of securities bought on private markets.
Persons: Dado Ruvic, Zhu Kuang Lee, Banks, Elizabeth Howcroft, Sinead Cruise, Mark Potter Organizations: HSBC Bank, REUTERS, HSBC, cryptocurrency, Swiss, HSBC Orion, Blockchain, blockchain, Thomson Locations: London
REUTERS/Maxim Shemetov/File photo Acquire Licensing RightsMOSCOW, Nov 8 (Reuters) - Russia's biggest bank Sberbank (SBER.MM) expects a sharp cooling of the mortgage market following an expected 80% rise in mortgage lending this year, CEO German Gref said on Wednesday. Gref said the bank's mortgage issuance for the whole of 2023 was expected to reach 4.6 trillion roubles ($50.1 billion). VTB, Russia's number two bank, expects mortgage loans across the entire sector to total 7.2 trillion roubles this year, falling to between 5 and 5.5 trillion roubles in 2024. Vyacheslav Dusaleyev, head of retail business at Rosbank, gave corresponding forecasts of 7.3 trillion roubles this year and 5 trillion next year. Mortgage demand has remained buoyant in part because of the wide range of preferential offers available, according to the central bank.
Persons: Maxim, Gref, Sberbank, Vyacheslav Dusaleyev, Olga Polyakova, Elena Fabrichnaya, Mark Trevelyan, Christina Fincher Organizations: St ., Economic, REUTERS, Rights, Mortgage, Thomson Locations: St, St . Petersburg, Saint Petersburg, Russia, Moscow, Rosbank
Fed is making progress on inflation, Goolsbee says
  + stars: | 2023-11-07 | by ( ) www.reuters.com   time to read: +2 min
"Over the next couple of months, we might equal the fastest drop in inflation in the last century," Goolsbee said in an interview with broadcaster CNBC. "So we're making progress on the inflation rate. The term premium is the added compensation investors expect for owning longer-term debt and is measured using financial models. Higher yields and more broadly tightening financial conditions help the Fed by tamping down growth and cooling inflation. If that's coming from term premium and it's tightening, then we have got to take that into account," Goolsbee said.
Persons: Austan Goolsbee, Goolsbee, I've, Lorie Logan, Lindsay Dunsmuir, Andrew Cawthorne, Paul Simao Organizations: Federal, Chicago Fed, CNBC, Dallas, Thomson Locations: U.S
"But I would say that an expectation of higher near-term policy rates does not appear to be causing the increase in longer-term rates." The interest rate on the 10-year Treasury bond has risen roughly a percentage point since the summer, breaching the 5% level late last month before dropping in recent days to its current level around 4.64%. The Fed has not raised its policy rate since July. Cook did not comment on her specific view of the Fed's policy rate, focusing instead on an overview of financial stability issues. In her overview of financial stability, Cook said she felt that the banking system had weathered the stresses of last spring, and "remains sound and resilient overall."
Persons: Lisa DeNell Cook, Ken Cedeno, Lisa Cook, Cook, Jerome Powell, Howard Schneider, Paul Simao Organizations: Governors, Federal Reserve System, Banking, Housing, Urban, Capitol, Washington , D.C, REUTERS, Rights, Federal, Duke University, Thomson Locations: Michigan, Washington ,, U.S
The naira has hit successive record lows on the black market, where it trades freely, as excess demand on the official market gets funnelled to the unofficial market. The naira crossed the 1,000 naira mark on the black market on Sept. 26, the day newly-appointed central bank governor Olayemi Cardoso appeared before the Nigerian senate for his confirmation hearing. The central bank has not intervened on the official market since October, helping accelerate the naira's slide on the black market. The currency hit a record low of 1,300 naira per dollar on the black market, a month after it crossed the 1,000 naira mark, amid thin trading volumes on the parallel market and dollar shortages on the official market. On the official market, the naira was trading at 884.53 to the dollar at 1200 GMT.
Persons: Afolabi, firmed, Olayemi Cardoso, Cardoso, Wale Edun, Chijioke, Mark Potter Organizations: REUTERS, Rights, Finance, Thomson Locations: Rights ABUJA, Nigeria
Dollar eases as traders bet Fed done with rate hikes
  + stars: | 2023-11-03 | by ( ) www.cnbc.com   time to read: +3 min
United States one dollar bills are curled and inspected during production at the Bureau of Engraving and Printing in Washington. The index is on course to clock a 0.3% drop for the week, just its third week of losses since July. The European Central Bank last week snapped a streak of 10 straight rate increases, with the discussion shifting to how long the rates would stay high. The Japanese yen was 150.41 per dollar, keeping traders nervy and looking for signs of intervention from Japanese authorities. The Australian dollar eased 0.19% to $0.642, while the New Zealand dollar fell 0.24% to $0.588.
Persons: Tapas Strickland, Flavio Carpenzano, Isabel Schnabel, Kazuo Ueda, Sterling Organizations: Engraving, U.S . Federal, NAB, Investor, Analysts, Fed, ECB, Investment, Capital Group, European Central Bank, Bank of Japan, Reuters, Bank of England, New Zealand Locations: United, Washington, U.S
[1/5] Palestinian labourers, who were in Israel during the Hamas October 7 attack, arrive at the Rafah border after being sent back by Israel to the strip, in the southern Gaza Strip, November 3, 2023. There will be no more Palestinian workers from Gaza," Prime Minister Benjamin Netanyahu's office said in a statement. "Those workers from Gaza who were in Israel on the day of the outbreak of the war will be returned to Gaza." However, a senior Palestinian Authority official said 4,950 Gaza residents had fled to the West Bank from Israel and some 5,000 were believed to have been detained by Israel. Palestinians have limited self-rule in areas where they live in the West Bank, which is under Israel military occupation.
Persons: Abu Mustafa, Jamal Ismail, Gazans, Benjamin Netanyahu's, Ghazal, Nidal Abu Jidian, Henriette Chacar, Jason Neely, Angus MacSwan, Mark Heinrich Our Organizations: REUTERS, West Bank, Hamas, Palestinian Authority, Israel, Thomson Locations: Israel, Rafah, Gaza, Egypt, Tel Aviv, Ramallah
People walk outside the Bank of England in the City of London financial district, in London, Britain, January 26, 2023. "U.K. economic activity appears to have slowed further, the housing market is weaker, consumer spending is falling, and inflationary pressure is showing further signs of dissipating. U.K. inflation came in at 6.7% in September , unchanged from the previous month and considerably higher than in other G7 economies. "The only way that we can rationalise this is if U.K. inflation remains stuck at 3% or higher forever, and/or the U.K. economy avoids a meaningful recession," he said. The European Central Bank last week held rates steady at their current record high of 4%, ending a run of 10 straight hikes.
Persons: Mike Riddell, BoE, Swati Dhingra, Riddell, Abbas Khan, Haskel, Mann, Dhingra, Catherine Mann, Allianz's Riddell Organizations: Bank of England, Allianz Global Investors, P, MPC, Bank, Monetary, LONDON, Barclays, U.S . Federal, Treasury, European Central Bank Locations: City, London, Britain, Israel
Chinese Vice Premier He Lifeng attends a joint press conference following the 10th China-EU High-Level Economic and Trade Dialogue at the Diaoyutai State Guesthouse in Beijing, China September 25, 2023. He, 68, replaced internationally respected Liu He as one of China's four vice premiers during its annual parliament session in March. The full scope of his portfolio had been largely unclear until Sunday when state media referred to him as the director of a powerful Communist Party economic body. "He Lifeng mainly implements policies from the top leader," said a policy adviser who spoke on condition of anonymity, referring to Xi. "Now under the leadership of the Party ... there will be closer cooperation among the top economic planner, central bank and the finance ministry."
Persons: Lifeng, Florence, Xi Jinping's, Liu, Xi, Liu He, Li Keqiang, Peng Liyuan, Kevin Yao, Laurie Chen, Joe Cash, Ellen Zhang, Marius Zaharia Organizations: REUTERS, Rights, Communist Party, Central Financial Commission, Harvard, Investors, State Council, Party, Xiamen University, National Development, Reform Commission, Thomson Locations: China, EU, Diaoyutai, Beijing, Rights BEIJING, China's, Washington, Europe, Quanzhou, Fujian, Xiamen, Tianjin, Lincoln
And some banks think the Bank of England may be the latest to paper over the QT cracks as soon as this week. Already, there's been some awkward shuffling of feet around a process that was meant to be just balance sheet plumbing. The Federal Reserve may be further away from dealing with the QT issue head on. Deutsche Bank's UK strategists agree and think "the bar for a shift in QT policy is lower heading into yearend." Deutsche argues the BoE could either skew gilt sales shorter or agree to sell evenly based on current market valuations.
Persons: there's, BOE, BoE, BofA, Deutsche, Mike Dolan, Lisa Shumaker Organizations: Bank of England, European Central Bank, Federal, . Treasury, Bank, Treasury, Bank of America, Deutsche Bank's, Reuters Graphics Reuters, Reuters, Thomson Locations: Treasuries, yearend
In a letter to Netanyahu and Finance Minister Bezalel Smotrich, the economists - including former Bank of Israel Governor Jacob Frenkel - said expenses as a result of the conflict would cost at least tens of billions of shekels. These funds were highly contentious within the finance ministry since much of the funds were aimed at encouraging ultra-Orthodox men to not join the workforce. "The government must face the challenges as soon as possible and try to restore the citizens' trust in its ability to do so. Netanyahu's office did not immediately comment while a spokesman for Smotrich said there will be a change in reallocating state funding. ($1 = 4.0404 shekels)Reporting by Steven Scheer; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.
Persons: Benjamin Netanyahu, Netanyahu, Bezalel Smotrich, Jacob Frenkel, Smotrich, Eugene Kandel, Leo Leiderman, Bank Hapoalim, Steven Scheer, Jonathan Oatis Organizations: Finance, Bank of Israel, Bank, Reuters, Thomson Locations: Gaza, Israel
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