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There's a new top dog when it comes to yields on 1-year certificates of deposit, according to an analysis by Stephens. Bread Financial now has the highest annual percentage yield for 1-year CDs among banks in Stephens' coverage at 5.6%. However, the online bank didn't reach the top by raising its APY. Instead, it was because LendingClub slashed its 1-year CD yield by 10 basis points to 5.55%, analyst Vincent Caintic said. "Online banks had already been cutting 1yr CD rates and this may likely continue as near-term rate expectations fall," Caintic said.
Persons: Stephens, LendingClub, Vincent Caintic, Caintic, What's, Austan Goolsbee, Jerome Powell, Michael Bloom, Jeff Cox Organizations: Bread, Federal Deposit Insurance Corporation, The Fed, Investors, Chicago Fed Locations: Stephens
Lai, vice president and the ruling Democratic Progressive Party's (DPP) presidential candidate, has almost consistently led opinion polls ahead of an election taking place amid increased Chinese pressure on Taiwan to accept Beijing's sovereignty claims. Vincent Chao, spokesperson for the Lai campaign, declined to comment on Hsiao's role but said an announcement on a running mate would be made on Monday. Randall Schriver, the former U.S. assistant secretary of defense for Indo-Pacific Security Affairs, described Hsiao as a "good partner in promoting U.S.-Taiwan relations." The DPP-led government says only Taiwan's people can decide their future, and has repeatedly offered talks with Beijing but been rebuffed. Like Lai, Hsiao is detested by China, which has on two occasions placed sanctions on her, most recently in April, saying she is an "independence diehard".
Persons: Lai Ching, Lai, Democratic Progressive Party's, Hsiao, Vincent Chao, Ivan Kanapathy, Randall Schriver, Chen Shui, Ben Blanchard, Yimou Lee, Michael Martina, Gerry Doyle Organizations: Democratic Progressive, APEC, Asia, U.S . National Security Council, Reuters, Georgetown University, Patriot, Pacific Security Affairs, U.S, DPP, Taiwan Affairs Office, Thomson Locations: TAIPEI, United States, Washington, Taiwan, San Francisco, U.S, Taipei, Ukraine, China, Beijing, Japan
Cincinnati beat New York at Red Bull Arena in a penalty shootout on Saturday, advancing to the semi-finals of the MLS Playoffs. "After the Nov 4th NYRB/FC Cincinnati match, a player gained unauthorized entry into the Officials' locker room & was forcibly removed by stadium security while acting in an aggressive & hostile manner," the Professional Soccer Referees Association (PSRA) said on social media. PSRA referees officiate matches for MLS, the National Women's Soccer League (NWSL) and the United Soccer Leagues (USL). The PSRA did not confirm which player was removed or the nature of their dispute. "Major League Soccer is aware of the report of a player gaining unauthorized access into the officials’ locker room," the league said in a statement.
Persons: Enisa, Vincent Carchietta, Amy Tennery, Toby Davis Organizations: FC Cincinnati, New York Red Bulls, Red Bull, Major League Soccer, Cincinnati, New York, MLS, Professional Soccer Referees Association, National Women's Soccer League, United Soccer Leagues, USL, Thomson Locations: Harrison , NJ, USA, New, New York
The container ship Maersk Murcia sits moored in the port of Gothenburg, Sweden, on August 24, 2020. Shipping giant Maersk , a bellwether for global trade, on Friday announced plans to reduce its workforce by more than 10,000 people and said it expected profit to be at the low end of prior guidance. Shares of the Danish firm had fallen 18% by early afternoon to their lowest level since October 2020. Maersk maintained full-year EDITDA (earnings before interest, taxes, depreciation, and amortization) guidance of $9.5 billion to $11 billion, but said it expected it to come in at the lower end of this range. Third-quarter revenue dropped from $22.8 billion in 2022 to $12.1 billion.
Persons: Vincent Clerc Organizations: Shipping, Friday, Maersk Locations: Murcia, Gothenburg, Sweden
[1/2] Containers are seen on the Maersk's Triple-E giant container ship Majestic Maersk, one of the world's largest container ships, next to cranes at the APM Terminals in the port of Algeciras, Spain January 20, 2023. REUTERS/Jon Nazca/File photo Acquire Licensing RightsSummaryCompanies Signals sharp downturn in demandTo review share buyback program for 2024Says industry facing overcapacity and lower prices, demandShares down 17.5% to lowest in three yearsCOPENHAGEN, Nov 3 (Reuters) - Shipping group A.P. Moller-Maersk (MAERSKb.CO), reported a steep drop in third-quarter profit and revenue on Friday and said it would cut at least 10,000 jobs in the face of overcapacity, rising costs and weaker prices, sending its shares tumbling. The industry invested heavily in new container ships during and after the pandemic to meet strong demand and benefit from record freight rates. A large number of new ships entered the market since the summer with no signs of idling or scrapping, said Clerc.
Persons: Jon Nazca, Moller, Vincent Clerc, Clerc, Morten Holm Enggaard, Maersk, Jacob Gronholt, Pedersen, Louise Rasmussen, Johannes Birkebaek, Terje Solsvik, Miral Fahmy, Elaine Hardcastle Organizations: Triple, Majestic, APM, REUTERS, Shipping, Maersk, Walmart, Nike, Jyske Bank, Revenues, Thomson Locations: Algeciras, Spain, COPENHAGEN, North America, Copenhagen
Maersk's woes signal slow-motion industry crash
  + stars: | 2023-11-03 | by ( ) www.reuters.com   time to read: +2 min
Boss Vincent Clerc is not alone in trying to manage a crisis that is battering the container shipping world and which analysts at DNB Markets reckon could last up to 2030. He may also suspend the company's share buyback programme which has been put under review. Investors – spoilt by 16 consecutive quarters of earnings growth up to September – knocked 17% off the company’s share price following the news. The unit, which handles container shipping, reported a 56% drop in third-quarter sales due to a steep fall in freight rates. The World Trade Organization halved its growth forecast for global goods trade this year.
Persons: Evelyn Maersk, Fabian Bimmer, Moller, Boss Vincent Clerc, , Clerc, Pamela Barbaglia, Aston Martin, Aimee Donnellan, Streisand Neto Organizations: REUTERS, Reuters, Shipping, Maersk, World Trade Organization, X, Macquarie, Pfizer, Thomson Locations: Hamburg, Germany
COPENHAGEN, Denmark (AP) — Maersk, the world’s biggest shipping company, said Friday that it plans to eliminate 10,000 jobs due to what it described as a challenging environment for container trade and logistics services. The company said the move would result in savings of $600 million in 2024. The report cited “challenging market conditions resulting in substantially lower freight rates compared to the abnormally high rates in 2022.”A.P. Moller-Maersk CEO Vincent Clerc said the company will continue to streamline its organization and operations. The company said it now expected annual global container volume growth in the range of -2% to -0.5% compared to -4% to -1% previously.
Persons: — Maersk, ” A.P, Moller, Vincent Clerc, ” Clerc, Organizations: Maersk Locations: COPENHAGEN, Denmark, Copenhagen
REUTERS/Jon Nazca/File photo Acquire Licensing RightsSummaryCompanies Signals sharp downturn in demandTo review share buyback program for 2024Says industry facing overcapacity and lower prices, demandShares down more than 10% to lowest in three yearsCOPENHAGEN, Nov 3 (Reuters) - Shipping group A.P. Moller-Maersk (MAERSKb.CO), reported a steep drop in third-quarter profit and revenue on Friday and said it would cut at least 10,000 jobs in the face of overcapacity, rising costs and weaker prices. Shares in the Copenhagen-based group slid 11.1% by 0904 GMT, to their lowest level in three years. The group already warned in August of a steeper decline in global demand for shipping containers by sea this year. Reporting by Jacob Gronholt-Pedersen and Louise Rasmussen, editing by Terje Solsvik, Miral Fahmy, Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.
Persons: Jon Nazca, Moller, Vincent Clerc, Morten Holm Enggaard, Maersk, Jacob Gronholt, Pedersen, Louise Rasmussen, Terje Solsvik, Miral Fahmy, Elaine Hardcastle Organizations: Triple, Majestic, APM, REUTERS, Shipping, Maersk, Walmart, Nike, Jyske Bank, Thomson Locations: Algeciras, Spain, COPENHAGEN, Copenhagen
London CNN —Shipping giant Maersk is laying off thousands more workers as weak demand and lower freight prices pummel its revenues — a sign the pandemic-driven boom in shipping is turning to bust. “Our industry is facing a new normal with subdued demand, prices back in line with historical levels and inflationary pressures on our cost base,” Maersk Chief Executive Vincent Clerc said in a statement. The composite cost of shipping a 40-foot container on eight major global routes stood at $1,406 this week, according to London-based Drewry Shipping. Maersk also said it expected its full-year profit to come in at the lower end of its previously stated range of $9.5 billion to $11 billion. The company’s shares sank as much as 12.5% in early trade Friday, extending those losses later to trade down 17.2% by 7.41 a.m.
Persons: , Vincent Clerc, Maersk Organizations: London CNN — Shipping, ” Maersk, Drewry Shipping Locations: Danish, London
[1/104] Oct 29, 2023; East Rutherford, New Jersey, USA; New York Jets quarterback Aaron Rodgers (8) on the field before the game against the New York Giants at MetLife Stadium. Mandatory Credit: Vincent Carchietta-USA TODAY Sports Acquire Licensing RightsOctober 30 - Greg Zuerlein converted the game-tying and game-winning field goals for the New York Jets to stun the host New York Giants 13-10 in overtime on Sunday in rain-soaked East Rutherford, N.J. Zach Wilson finished 17-for-36 passing for 240 yards and one touchdown. The Jets and Giants combined for 24 punts, the most in an NFL game in at least 20 years. On the Jets' opening drive, Thibodeaux stripped Zach Wilson of the ball and Jihad Ward recovered to set the Giants up at the Jets 19-yard line.
Persons: Aaron Rodgers, Vincent Carchietta, Greg Zuerlein, Zuerlein, Graham Gano, Zach Wilson, Garrett Wilson, Allen Lazard, Jackson, Tommy DeVito, Tyrod Taylor, DeVito, Saquon Barkley, Kayvon Thibodeaux, Jihad Ward, Jermaine Johnson's, Gano Organizations: New York Jets, New York Giants, MetLife, The Jets, Giants, Jets, New, NFL, Jihad, Breece, Thomson Locations: East Rutherford , New Jersey, USA, East Rutherford, N.J, New Jersey
Insider spoke to five people who left Meta, McKinsey and more on why they left and what they do now. One said he only wishes he left his $120,000-a-year finance job sooner. Lu ultimately made the decision to leave because she wanted to explore and grow in other aspects of her career, but she said leaving McKinsey came with its tradeoffs. Read more: I quit my $370K job at Meta after having panic attacks and hitting the lowest point of my life. Read more: I quit my $120K finance job and make more money with YouTube videos.
Persons: , Vivian Tu, she's, Angelina Lu, Lu, Eric Yu, Meta, pinky, Yu, Read, Elizabeth Rosenberg, Rosenberg, Vincent Chan, Chan Organizations: Meta, McKinsey, Service, JPMorgan, McKinsey & Company, YouTube
Earnings season has been 'pretty ugly' so far, strategist says
  + stars: | 2023-10-27 | 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 EmailEarnings season has been 'pretty ugly' so far, especially in terms of market reaction: strategistVincent Chaigneau of Generali Investments discusses earnings season and the outlook for stock markets and investing.
Persons: Vincent Chaigneau Organizations: Generali Investments
When Victor Wembanyama steps onto a basketball court, its geometry changes. Vincent Collet, Wembanyama’s coach with Metropolitans 92 during his final season in France, has witnessed the phenomenon. An opposing team can choreograph the perfect sequence of screens and passes, springing a shooter into open air with the rim in his sights. Then Wembanyama—7-foot-4, with the arms of an even taller man and the quick stride of a smaller one—enters the frame. “You think you are alone,” Collet said in a recent interview.
Persons: Victor Wembanyama, Vincent Collet, Wembanyama’s, ” Collet, , Organizations: Metropolitans Locations: France
But Curtis Chin's parents urged their six kids to ask customers at their Chinese restaurant about their background. Recent hate crimes have evoked comparisons to Vincent Chin's beating death at the hands of two white autoworkers outside his bachelor party. Curtis Chin's uncle was Vincent Chin's best man. Asian American and Pacific Islander groups are behind several upcoming events. “I just can’t impress upon it enough how much I feel like my whole community is rallying behind me for this book,” Chin said.
Persons: Curtis Chin's, , Chin, , , “ Vincent Who, Vincent Chin, Curtis Chin, it's, ” Chin, Chung's, ” Roland Hwang, Vincent Chin's, Hwang, there’s, George Floyd's, I’ve, Lily Chen, Curtis, Chen, we've, it’s, ___ Tang Organizations: Detroit, Asian American Writers ’, The Washington Post, The, American Citizens, Justice, Detroit Historical Museum, , Pacific, Associated Press Locations: Los Angeles, The, Detroit, Chinatown, Detroit's, Cass, The Cass, That's, , Asian American, Phoenix, @ttangAP
This bank just hiked its 1-year CD rate to a fresh high
  + stars: | 2023-10-09 | by ( Darla Mercado | Cfp | ) www.cnbc.com   time to read: +2 min
Stashing money in safe assets is paying off — and another bank has just hiked the yield it pays on a 1-year certificate of deposit. LendingClub bumped the annual percentage yield on its 1-year CD to 5.65%, an increase of 15 basis points. That places LendingClub's 1-year CD some 55 basis points above the median CD peer rate, according to an analysis by Stephens, and it makes the bank's offering the top-paying CD within Stephens' coverage. "Following the market now anticipating a higher for longer rate cycle, we've seen a reversal of the CD rate cuts initiated in September by a few of our online banks," he said. The upside of buying a CD is you get to lock in your rate for the duration of the time you hold the instrument.
Persons: LendingClub, Stephens, Vincent Caintic, Caintic, Banks, — CNBC's Michael Bloom Organizations: Investors, Federal Deposit Insurance Corporation
[1/3] Oct 1, 2023; East Rutherford, New Jersey, USA; Taylor Swift, a guest of Kansas City Chiefs tight end Travis Kelce (not pictured), cheers during the game at MetLife Stadium. Mandatory Credit: Vincent Carchietta-USA TODAY Sports Acquire Licensing RightsOct 6 (Reuters) - Kansas City Chiefs tight end Travis Kelce is adjusting to life under the microscope with Taylor Swift, telling reporters on Friday the media frenzy surrounding their relationship is no distraction. But pop megastar Swift's appearance at his last two National Football League (NFL) games - in Kansas City and New York - has brought a whole other level of attention to his life. But at the same time, you know, it comes with it," Kelce told reporters. Reporting by Amy Tennery in New York; Editing by Ken FerrisOur Standards: The Thomson Reuters Trust Principles.
Persons: Taylor Swift, Travis Kelce, Vincent Carchietta, Bowler, Kelce, You've, Taylor, Amy Tennery, Ken Ferris Organizations: Kansas City Chiefs, MetLife, National Football League, Chiefs, Minnesota Vikings, Thomson Locations: East Rutherford , New Jersey, USA, Kansas City, New York
Banks that hiked yields in the final stretch of the third quarter include Bread Financial , which is now offering an annual percentage yield of 5.6% for a 1-year CD. One basis point equals one-hundredth of a percentage point. "We expect at least one more guide up from bank management teams on deposit betas as the Fed keeps rates higher for longer," wrote Morgan Stanley analyst Betsy Graseck. Those factors include competition from money market funds for depositors' dollars, and lower-yielding CDs repricing at higher rates, she added. The San Francisco Fed forecast that the last of these dollars would be depleted during the third quarter of 2023.
Persons: Stephens, Vincent Caintic, Banks, Ally Financial, Morgan Stanley, Betsy Graseck, — CNBC's Michael Bloom Organizations: Bread, Federal Reserve, Fed, Federal Reserve Bank of San, San Francisco Fed Locations: Stephens, Federal Reserve Bank of San Francisco
“We will not take a break and we cannot stop now, and we will continue to pass life-saving laws until we end gun violence in Connecticut. Our lives depend on it,” said Jeremy Stein, executive director of Connecticut Against Gun Violence. Immediately after it was passed, the law was challenged in court by gun rights supporters. Connecticut’s landmark 2013 gun law, passed in response to the 2012 elementary school shooting in Newtown that claimed 26 lives, is also being contested in court. Besides Connecticut, which has some of the strictest gun laws in the country, other politically liberal-leaning states including California, Washington, Colorado and Maryland also have passed gun laws this year that face legal challenges.
Persons: Ned Lamont, , , Jeremy Stein, Gavin Newsom, Newsom, Vincent Candelora, Pro Tempore Martin Looney, Looney, Lamont Organizations: , Sandy, Elementary, Democratic Gov, Besides Connecticut, U.S, Supreme, California, Republican, Assembly, Pro Tempore Locations: HARTFORD, Conn, Connecticut, Newtown, Besides, California, Washington , Colorado, Maryland, North Branford, , New Haven, ” Connecticut
[1/29] Sep 27, 2023; New York City, New York, USA; New York Mets first baseman Pete Alonso (20) doubles during the sixth inning against the Miami Marlins at Citi Field. Francisco Lindor hit a two-run homer in the third and Mark Vientos hit a two-run shot in the sixth for the Mets (72-85), who snapped a four-game losing streak. Brandon Nimmo had a two-run double in the eighth, when Alonso -- needing a triple for the cycle -- was plunked with one out. Alonso opened the scoring for the Mets with a two-run homer in the first off Braxton Garrett (9-7). Jon Berti finished a homer shy of the cycle for the Marlins, while Chisholm and Jake Burger each had two hits.
Persons: Pete Alonso, Vincent Carchietta, Francisco Lindor, Mark Vientos, Lindor, Jeff McNeil, Brandon Nimmo, Alonso, Braxton Garrett, Joey Lucchesi, Jazz Chisholm, Nick Fortes, Fortes, Jorge Soler, McNeil, Jon Berti, Chisholm, Jake Burger, Garrett Organizations: New York Mets, Miami Marlins, Citi Field, Marlins, Cubs, National League, Diamondbacks, Chicago White Sox, Atlanta Braves, Mets, Oakland Athletics, Thomson Locations: New York City , New York, USA, Chicago
Shipping is one of the biggest polluting industries in the world, but Maersk is looking to change that. The world's second-largest shipping firm presented the first containership powered with green methanol – an alternative fuel that allows these ships to emit less CO2 compared to traditional vessels. However, green methanol is costly and scarce. Analysts are concerned whether Maersk and other shipping firms will struggle to secure enough supply to achieve their carbon ambitions. Is powering ships with green methanol the solution to one of the world's heaviest polluting industries?
Persons: Vincent Clerc, Ulrik Bak, SEB Organizations: Shipping, Maersk Locations: Copenhagen
Fringes and slime at Prada Milan Fashion Week show
  + stars: | 2023-09-21 | by ( ) www.reuters.com   time to read: +2 min
[1/5] A model presents a creation from the Prada Spring/Summer 2024 collection during Fashion Week in Milan, Italy, September 21, 2023. REUTERS/Alessandro Garofalo Acquire Licensing RightsMILAN, Sept 21 (Reuters) - Models walked amid slime falling from the ceiling at Prada's catwalk show on Thursday, as the Italian luxury label presented its latest womenswear collection at Milan Fashion Week. Designers Miuccia Prada and Raf Simons opened the Spring/Summer 2024 show with an all-grey shirt and shorts look, worn with a patterned scarf on top. Milan, which will host shows by other fashion heavyweights including Giorgio Armani, Gucci, Dolce & Gabbana and Versace, is the third leg of the month-long Spring/Summer 2024 catwalk calendar that began in New York in early September. Milan Fashion Week runs until Monday.
Persons: Alessandro Garofalo, Miuccia Prada, Raf Simons, Miu Miu, Scarlett Johansson, Emma Watson, Benedict Cumberbatch, Vincent Cassel, Simons, Fabio Zambernardi, Giorgio Armani, Gucci, Versace, Marie, Louise Gumuchian, Elisa Anzolin, Christina Fincher Organizations: Prada, REUTERS, Milan Fashion, Dolce, Milan, Thomson Locations: Milan, Italy, Hong Kong, New York, London, Paris
Containers of Danish shipping and logistics company Maersk are seen in Copenhagen, Denmark, on September 14, 2023. Sergei Gapon | Afp | Getty ImagesThere are tentative signs of a bounce back in global trade, according to the CEO of shipping titan Maersk. North America is also looking strong for the next year, despite having faltered along with many other major economies due to macroeconomic factors, including Russia's full-scale invasion of Ukraine and tensions with China. "As this starts to normalize and works itself out, we will see a rebound in demand," Clerc said. "I would say emerging markets and North America are certainly the points where we see the most upside potential," he added.
Persons: Sergei Gapon, Vincent Clerc, CNBC's Silvia Amaro, Clerc, Kristalina Georgieva Organizations: Maersk, Afp, Getty, Consumers, IMF, CNBC Locations: Copenhagen, Denmark, U.S, Europe, India, Latin America, Africa, North America, Ukraine, China
Evergreen and other shipping firms have ordered similar vessels, though they have less ambitious carbon neutrality targets than Maersk. Shipping accounts for around 3% of global carbon emissions, an amount comparable to major polluting countries. Denmark's Minister of Industry Morten Bodskov said this is because it is a global industry. In June, a group of 20 nations supported a plan for a levy on shipping industry emissions. "I'm worried about the rhetoric that energy transition is a downside and not really a great opportunity," he added.
Persons: Moller, Vincent Clerc, Clerc, Morten Bodskov, Bodskov, Maersk's, I'm Organizations: Maersk, DENMARK — Shipping, CNBC, Evergreen, Maersk . Shipping, Organization for Economic Cooperation, Development Locations: Copenhagen, DENMARK, China, Argentina, Brazil
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMaersk CEO says the shipping giant is supportive of a carbon tax on the industryVincent Clerc, CEO of Maersk, speaks to CNBC's Silvia Amaro about the idea of a global shipping tax.
Persons: Vincent Clerc, CNBC's Silvia Amaro Organizations: Email, Maersk
CNN —Aaron Rodgers’ arrival in the MetLife Stadium on Monday night signaled that change and hope were on the way for the New York Jets, but it turns out that this season’s long-awaited new era has suffered a significant setback. However, just four snaps into Rodgers’ New York career, disaster struck. Gang Green forced four turnovers from Bills quarterback Josh Allen – a fumble to go along with three interceptions by Jordan Whitehead. Jets wide receiver Garrett Wilson (17) celebrates with teammates after catching a pass for a touchdown during the fourth quarter. Wilson throws a pass under pressure from the Bills' pass rush.
Persons: CNN — Aaron Rodgers, Rodgers, Leonard Floyd, Achilles, , Aaron, I’m, , Robert Saleh, ” Rodgers, Seth Wenig, Zach Wilson, Breece, Garrett Wilson, Greg Zuerlein, Green, Josh Allen –, Jordan Whitehead, That’s, Allen, Xavier Gipson, Stephen F, Adam Hunger, Allen Lazard, Jordan, Terrel Bernard, Vincent Carchietta, Sauce Gardner, Quincy Williams, Hall’s, Dalvin Cook, Wilson, ” Saleh, Tim Boyle, Wilson’s, Mike White, Joe Flacco, Elsa, Getty, Boyle, Matt Ryan, Carson Wentz Organizations: CNN, MetLife, New York Jets, Jets, Buffalo Bills, Green Bay Packers, Bills, Austin University, of Famer, NFL, Reuters Locations: Rodgers ’, York, Reed, Wilson, Rodgers
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