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☆ The U.S. heading into recession but that could be good for the dollar, strategist says
▼ + stars: | 2023-04-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe U.S. heading into recession but that could be good for the dollar, strategist saysValentin Marinov, managing director and head of G10 FX research at Credit Agricole CIB, discusses the economic outlook in the U.S., U.K. and Europe and the trajectory of their currencies.

☆ Experts from Morgan Stanley and Wells Fargo share insights on how digital transformation in finance protects and enhances client experiences
▼ + stars: | 2023-03-29 | by ( Elizabeth Wood | ) www.businessinsider.com time to read: +4 min

Experts shed light on what digital transformation in finance means for banks and people. In the session "Demystifying digital transformation in finance," part of the "Finance Meets Its Future" event presented by Amberdata, experts discuss digital transformation in finance on wall street. Customer convenience is at the forefront of digital transformation discussions. Reetika Grewal, head of digital transformation for CB and CIB at Wells Fargo said that that client concerns are at the center of digital transformation. Digital transformation poses key challengesWhen asked about the challenges of driving digital transformation in banks, Akwaboah said the industry is contending with multiple competing agendas.

☆ Credit Suisse's investment bankers are so concerned about cuts, employees are being told to look for new jobs. 'They encouraged it.'
▼ + stars: | 2023-03-20 | by ( Carter Johnson | Casey Sullivan | Dakin Campbell | ) www.businessinsider.com time to read: +12 min

The fate of Credit Suisse's investment bank hangs in the balance after being sold to UBS. The investment bank's planned spinoff has been put on hold and bankers are bracing for job cuts. People said they expect Credit Suisse's planned spinoff of its investment banking operations, announced last year, to be scuttled. Over at 11 Madison Ave., where Credit Suisse's NY operations are headquartered, emotions were running hot on Monday. Now, the proposed CS First Boston deal hangs in the balance, with both industry experts and Credit Suisse employees uncertain whether it will go through.

☆ Growth target and fiscal support are among the key issues for China's economy, says economist
▼ + stars: | 2023-03-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGrowth target and fiscal support are among the key issues for China's economy, says economistWei Yao, head of research and chief economist of APAC at Société Générale CIB, discusses the economic problems that will be addressed during China's forthcoming National People's Congress.

☆ Analysis: Traders relaxed as ECB starts running down massive bond holdings
▼ + stars: | 2023-03-01 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +6 min

So far traders are optimistic, comforted by an initially small pace of bond sales and a predictable structure. U.S. and UK central banks have started QT, although the Bank of England was forced to delay its plans following turmoil in British bond markets last year. said DZ Bank's head of government bond trading Dalibor Jarnevic. If APP reinvestments stop before the end of 2024, ECB market presence would rely on reinvestments under the more flexible Pandemic Emergency Purchase Programme (PEPP). Whatever the size or pace, traders are seeking opportunities as the ECB makes the shift to QT.

☆ Banks pile into euro zone bond sales as rates shoot up
▼ + stars: | 2023-02-28 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +4 min

Heavy central bank buying had kept borrowing costs and volatility low for years, so the key question now is who steps in as the ECB steps out. They were the top buyers in the European Union's debt sale this month, buying almost 50% of a seven-year bond and 35% of a 20-year bond. Banks also took 39% of an Italian 20-year debt sale in January, while fund managers took 25%. In a 16-year debt sale last year, banks bought 29%. Bank treasuries took 30% of a 30-year Belgian debt sale in February, versus 10% a year ago.

Global markets revenue jumped by about 24% in October-December, the euro zone's biggest bank said on Tuesday, fuelled by a 45% leap in revenue from trading in commodity derivatives, rates, foreign exchange and emerging markets. BNP's 45% sales growth in FICC trading (fixed income, commodities, currencies) compared with 25% growth at peers, analysts at Barclays said. Shares in BNP Paribas (BNPP.PA) were up as much as 4% by 1432 GMT on Tuesday, outperforming the euro zone bank index (.SX7E) and valuing the group at more than 78 billion euros ($83 billion). "These are upward revisions that are quite significant and not so frequent," Bonnafe told reporters in a call. BNP Paribas' net income fell by 6.7% to 2.15 billion euros.

☆ BNP Paribas Italy names ex-Intesa banker Lattuada as CIB deputy head
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: 1 min

MILAN, Feb 2 (Reuters) - BNP Paribas Italy (BNPP.PA) said on Thursday it had named Marco Lattuada as deputy head of its corporate and institutional banking division in the country, reporting to CIB Italy Executive Chairman Vittorio Ogliengo. Lattuada was the former global head of investment banking and structured finance at Intesa Sanpaolo (ISP.MI), in whose CIB division he had previously headed the telecoms, media and technology sectors. Prior to that he was senior director at Bank of America Merrill Lynch global investment banking and vice president at Bank of America CIB. Reporting by Valentina Za; editing by Francesca LandiniOur Standards: The Thomson Reuters Trust Principles.

☆ Police in Thailand arrested an American man in connection with an alleged fraud that left a New Jersey deli worth $100 million
▼ + stars: | 2023-01-19 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Thai police arrested a man over an alleged fraud involving a firm that owned a New Jersey deli. Peter Coker Jr. was detained on January 11 at a hotel in Phuket, the Bangkok Post reported. His father, Peter Coker Sr., and James Patten were arrested in September and have pleaded not guilty. Coker Jr was the subject of arrest warrants issued by Interpol, per the Post, after being accused of stock market manipulation and fraud in September. The Post reported that Coker Jr. admitted he was the man wanted on the Interpol register.

☆ JPMorgan's acquisition strategy is coming under fire. Here are the 15 fintech and consumer-focused deals done by the bank since 2020.
▼ + stars: | 2023-01-13 | by ( Carter Johnson | Rebecca Ungarino | ) www.businessinsider.com time to read: +19 min

NutmegDeal details: JPMorgan announced the acquisition in June 2021, paying approximately $1 billion. cxLoyaltyDeal details: JPMorgan said it would buy cxLoyalty's global loyalty division in December 2020. ProxymityDeal details: JPMorgan, Citi, HSBC, and other firms together invested $20.5 million in Proxymity in May 2020. Viva WalletDeal details: JPMorgan said it would acquire 49% of Viva Wallet in January 2022, pending regulatory approval. Christian Petersen-Clausen/Getty ImagesRenovite TechnologiesDeal details: JPMorgan announced on September 12 it plans to acquire Renovite.

☆ Russian rouble slips again as volatile year-end trade continues
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +2 min

The rouble lost about 8% against the dollar last week and is on course for a hefty monthly decline after an oil embargo and price cap came into force. At 0705 GMT, the rouble was 1.1% weaker against the dollar at 71.19 , moving in the direction of the almost eight-month low of 72.6325 struck last week. It lost 0.5% to trade at 75.37 versus the euro and shed 1.4% against the yuan to 10.12 . Brent crude oil , a global benchmark for Russia's main export, was down 0.7% at $83.7 a barrel. For Russian equities guide seeFor Russian treasury bonds seeReporting by Alexander Marrow; Additional reporting by Bansari Mayur Kamdar; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ Rouble weakens to 63 vs dollar as rate decision edges closer
▼ + stars: | 2022-12-12 | by ( Alexander Marrow | ) www.reuters.com time to read: +2 min

Markets also are awaiting a flurry of other interest rate decisions this week, including from the U.S. Federal Reserve and the European Central Bank. The rouble has showed a largely muted reaction to oil price swings in the last week. Volatility has been high as a price cap on Russian oil kicked in. Brent crude oil , a global benchmark for Russia's main export, was down 0.7% at $75.6 a barrel, pushing Russian stock indexes lower. For Russian equities guide seeFor Russian treasury bonds seeReporting by Alexander Marrow; Editing by Kim Coghill, KIrsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Chinese investors burnt by bond slump urged to have 'serene heart'
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +4 min

"We deeply understand your anxiety in a volatile market," HZBank Wealth Management, a unit of Bank of Hangzhou (600926.SS), told investors in a letter on Wednesday. The Bank of China's (601988.SS) asset management unit also asked investors not to worry. Investors need faith and a serene heart," BOC Wealth Management said in a public letter to investors, suggesting clients view volatility "from a rational and long-term perspective." A slew of other asset managers that sell banks' wealth management products to risk-averse investors, including Nanyin Wealth Management and CIB Wealth Management, wrote similar letters of good cheer. Xu forecasts the end of Chinese bonds' bull market, with the 10-year yield rising to a one-year high around 3%.

☆ Barclays cuts investment banking jobs as deals languish - source
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

Nov 8 (Reuters) - Barclays Plc (BARC.L) has cut its workforce in corporate and investment banking (CIB), according to a person familiar with the matter, joining rivals who also took similar steps to rein in costs as deals plunged from records set last year. As a result, premier banks including Goldman Sachs Group (GS.N) and Deutsche bank (DBKGn.DE) felt compelled to cut their workforce in mergers and acquisitions (M&A). read more read moreCitigroup Inc (C.N) also eliminated dozens of jobs across its investment banking division, Bloomberg News reported on Tuesday. The cuts at Barclays account for less than 3% of their headcount in investment banking, according to the source. Reporting by Mehnaz Yasmin in Bengaluru and Anirban Sen in New York; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Egyptian banks tighten dollar limits after currency pressure mounts
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +2 min

CAIRO, Oct 10 (Reuters) - Egyptian banks have tightened limits on foreign currency withdrawals from local currency accounts as they seek to conserve scarce dollars. Though no industry-wide rules have been announced, in recent days a number of banks have sent notifications instructing clients with Egyptian pound accounts of new monthly limits on how much foreign currency they can withdraw before travelling or when using debit and credit cards abroad. Because of domestic dollar scarcity, some customers had been depositing money in local currency in order to withdraw it in foreign currency at official rates abroad, said the source. The central bank has been letting the currency depreciate gradually after a sharp devaluation in March. Egypt is negotiating new financing from the International Monetary Fund, which has called for a more flexible exchange rate policy.

Bangkok, Thailand CNN —Thailand recoiled in horror Thursday after at least 36 people were killed, at least 24 of them children, in a massacre at a child care center in northeastern Thailand believed to be the country’s deadliest incident of its kind. Among the dozens of victims are Panya’s wife and stepson, whom investigators say he killed before taking his own life. “He also used a knife to stab both children and staff at the center,” Paisan said. Police General Damrongsak Kittiprapas said that the attacker “mainly used a knife” to kill the children. TPBS/ReutersMedics arrive at the child care center on Thursday, where more than 30 people, mainly children, were killed.

☆ See the pitch deck quantum computing startup Pasqal used to raise $29.3 million and compete with Google and IBM
▼ + stars: | 2021-10-05 | by ( Rosalie Chan | ) www.businessinsider.com time to read: +4 min

This is the pitch deck French quantum computing startup Pasqal used to raise a $29.3 million Series A in June. Pasqal competes with giants like IBM, Microsoft, Google, Intel, and Amazon in quantum computing. The French quantum computing startup Pasqal has big plans for the next two years. It's planning to provide cloud access to its quantum computing services to customers by the end of 2022 and a full quantum computing device operating on the cloud by 2023. Still, cloud quantum computing is early, and some experts predict it may take another five to 10 years to be ready for commercial use.

☆ Facebook заблокировал свыше 1,3 миллиарда фейковых аккаунтов
▼ + stars: | 2021-03-18 | by ( Mld Media Srl | ) noi.md time to read: +1 min

Социальная сеть Facebook с октября по декабрь 2020 года заблокировала свыше 1,3 миллиарда фейковых аккаунтов и продолжает бороться с дезинформацией на платформе, говорится в сообщении вице-президента компании Гая Розена, размещенном на сайте Facebook. "Начнем с фейковых аккаунтов. Мы занимаем жесткую позицию против такой активности и каждый день блокируем миллионы поддельных учетных записей, большинство из которых — во время создания. С октября по декабрь 2020 года мы отключили более 1,3 миллиарда таких аккаунтов", — говорится в сообщении. Соцсеть Facebook была основана в феврале 2004 года 19-летним американским студентом Марком Цукербергом.

Persons: WhatsApp Instagram, Гай Розен, Марк Цукерберг Organizations: Facebook, CIB Locations: менлопарк, Калифорния

Conform autorităților din Uganda, perioada preelectorală a fost până acum marcată de violenţe aproape zilnice. În luna noiembrie, 54 de persoane au fost ucise în timpul protestelor organizate după ce favoritul publicului la alegerile prezidențiale, Bobi Wine, a fost reținut. Am constatat că această reţea avea legături cu Centrul de interacţiune cu cetăţenii din cadrul Ministerului tehnologiei informaţiei şi comunicaţiilor din Uganda”, a precizat un comunicat de luni al Facebook. Interzicerea rețelelor sociale, o încălcare a dreptului la informațieNici instituțiile de presă nu sunt de acord cu măsura luată de autoritățile din Uganda, de a interzice toate platformele de socializare pe teritoriul țării. Astfel, Wine a folosit Facebook pentru a-și transmite în direct campania electorală și conferințele de presă, după ce numeroase mass-media au refuzat să îl primească.

Persons: Bobi, Yoweri, Kamala, Wine, Patrick Amuriat, Museveni, Robert Kyagulanyi Organizations: Facebook, Skype, Google Locations: -, autorităţile, Uganda, Snapchat, Kampala, CIB

За июль-сентябрь экспорт нефти, газа и нефтепродуктов принес в Россию 28,6 млрд долларов, сообщил ЦБ в оперативной оценке платежного баланса. По сравнению с провальным вторым кварталом, когда цены на нефть в Европе рушились до уровней конца 1980х, а в США падали ниже нуля, доходы удалось нарастить лишь на 2,1 млрд долларов. За три месяца на экспорте нефти экономика заработала 15,3 млрд долларов (-51% год к году), а на экспорте нефтепродуктов - 8,7 млрд долларов (-45%). Кроме того, чистого притока валюты (2,5 млрд долларов) не хватает, чтобы покрыть отток капитала (7,9 млрд долларов). Так, например, в третьем квартале нерезиденты вывели из российского госдолга всего 0,7 млрд долларов (около 2% от вложений), и еще 2,4 млрд долларов из других ценных бумаг.

Persons: Дмитрий Долгин, Долгин, Денис Порывай, Порывай, Татьяна Евдокимова, Евдокимова Organizations: ЦБ, ОПЕК+, Транснефть, Газпром, Райффайзенбанк, Росбанк, Сберанк, Сбербанк Locations: Россия, Европа, США, СНГ

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