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The Federal Deposit Insurance Corporation is doing what it was designed to do when banks like Silicon Valley and Signature go under: cover insured deposits. Here’s how the FDIC works and why it was created. Photo illustration: Madeline MarshallWhen Silicon Valley Bank ran into financial trouble, its customers ran for the exits because most of their deposits weren’t insured. In the weeks after, dozens of banks tweaked their numbers to reduce the portions of their deposits that they said were uninsured.
Persons: Madeline Marshall Organizations: Federal Deposit Insurance Corporation, Silicon Valley Bank Locations: Silicon
The Federal Deposit Insurance Corporation is doing what it was designed to do when banks like Silicon Valley and Signature go under: cover insured deposits. Here’s how the FDIC works and why it was created. Photo illustration: Madeline MarshallWhen Silicon Valley Bank ran into financial trouble, its customers ran for the exits because most of their deposits weren’t insured. In the weeks after, dozens of banks tweaked their numbers to reduce the portions of their deposits that they said were uninsured.
Persons: Madeline Marshall Organizations: Federal Deposit Insurance Corporation, Silicon Valley Bank Locations: Silicon
Amalgamated Financial calls itself America’s socially responsible bank. Its biggest shareholder is a labor union, and its customers include nonprofits, unions and political campaigns. It classifies about half of its deposits as “super core” because they come from customers who have been with the bank for an average of 17 years.
Organizations: Amalgamated Financial
"We first need to see Zambia's updated macroeconomic package, which is in part why we have to get restricted," one of the sources said. There will be a restriction period of two weeks, with the option to extend it if both sides agree, two sources added. Amia Capital, Amundi, BlueBay Asset Management, Farallon Capital Management, Greylock Capital and T. Rowe Price comprise the steering committee. Besides net present value (NPV) reductions, talks will focus on how to incorporate the impact of a potential improvement of Zambia's debt carrying capacity, or its ability to handle debt payments. Including in the overhaul a mechanism that would allow for higher payments through coupon payments, debt maturities or a combination of both if Zambia's debt capacity improves was "sacrosanct", one of the sources said.
Persons: Weil, Rowe Price, Jorgelina, Rodrigo Campos, Karin Strohecker Organizations: Paris Club, Newstate Partners, BlueBay Asset Management, Farallon Capital Management, Greylock, Monetary Fund, Bank, IMF, World Bank, Thomson Locations: China, Ghana, Sri Lanka, Zambia, U.S, Amia, Rosario, London, New York, Lincoln
Rebound in Rates Puts Pressure on Banks
  + stars: | 2023-07-05 | by ( Jonathan Weil | ) www.wsj.com   time to read: 1 min
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Persons: Dow Jones
NEW YORK/LONDON, June 30 (Reuters) - Global mergers and acquisitions (M&A) activity fell 36% year-on-year in the second quarter, but investment bankers and lawyers expressed optimism that the stock market's recovery will gradually restore chief executives' dealmaking confidence. "Global uncertainty is what is impacting M&A most - it just makes people uncomfortable. It's easier to say, I'll pass on a deal - nobody gets fired for passing on a deal. M&A volumes in the United States declined by 30% to $318.4 billion, while Europe and Asia Pacific volumes shrank 49% and 24% respectively. Not a single so-called mega-deal, which typically refers to transactions worth over $25 billion, was signed during the quarter.
Persons: Michael Aiello, Weil, Raymond McGuire, Steve Baronoff, Bunge, John Collins, Morgan Stanley, there’ll, Ethan Klingsberg, Deringer, Manolo Falco, Scott Miller, Sullivan, Cromwell, Howard Ellin, Flom, Dwayne Lysaght, Eric Schiele, Kirkland, Ellis, Anirban Sen, Andres Gonzalez, Stephen Coates Organizations: Manges LLP, Lazard Ltd, Bank of America, Reuters Graphics Reuters, Magellan Midstream Partners, Viterra Ltd, Carrier Global, Investment, Citigroup Inc, JPMorgan Chase, Antitrust, U.S . Federal Trade Commission, Horizon Therapeutics, Thomson Locations: United, Europe, Asia, Skadden, Slate, New York, London
Inflation in Europe falls again in June
  + stars: | 2023-06-30 | by ( Anna Cooban | ) edition.cnn.com   time to read: +2 min
London CNN —Inflation in Europe slowed for the second straight month in June. Economists polled by Reuters had expected slightly higher inflation of 5.6% this month. However, core inflation — which strips out volatile food and energy prices — edged up. The increase was because of a statistical anomaly, Christoph Weil, a senior economist at Commerzbank, wrote in a note. Food prices still highFood, alcohol and tobacco prices remained the main driver of inflation, rising 11.7% in June, down from 12.5% the month before.
Persons: That’s, Christoph Weil, Price, ” Weil, Jack Allen, Reynolds, ” Allen Organizations: London CNN, Reuters, Commerzbank, Capital Economics, European Central Bank Locations: Europe, Germany, Europe’s, European
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/mormon-church-temple-spending-spree-utah-e167977f
Persons: Dow Jones Locations: utah
CNN —China is on track to double its wind and solar energy capacity and hit its 2030 clean energy targets five years early, a new report has found. Solar capacity in China is now greater than the rest of the world combined. “China is rapidly and successfully scaling up its deployment of renewable power and has become the largest investor into renewables globally. This is both a cause and consequence of rapidly falling costs of renewable energy as compared to coal power,” he said. Tsang hopes that relative cheapness of renewable energy will persuade China to kick its coal habit.
Persons: Dorothy Mei, ” Martin Weil, Xi, Greg Baker, Byford Tsang, , Tsang Organizations: CNN, Global Energy Monitor, Center for Research, Energy, Clean Air, Getty, IEA Locations: China, Beijing, AFP, ERG
[1/2] The HSBC headquarters is seen in the Canary Wharf financial district in east London February 15, 2015. The ripple effects of so many companies slashing office space has significantly impacted wider markets. 'GENIE OUT OF THE BOTTLE'HSBC for its part has one of the most aggressive targets to cut office space among major employers, with a commitment to axe around 40% globally. Canary Wharf Group, the Docklands commercial landlord, declined to comment. One of the Canary Wharf estate's newer developments, the YY building - a recently completed redevelopment of Thomson Reuters' former headquarters opposite Canary Wharf station - remains vacant, Bloomberg has reported.
Persons: Peter Nicholls, Tony Travers, Travers, Knight Frank, Weil, Gerardine Davies, HSBC's, Moody's, YY, Andrew Mawson, Iain Withers, Chiara Elisei, Sinead Cruise, Paul Sandle, Mark Potter Organizations: HSBC, REUTERS, Companies, London School of Economics, of, Perenna Capital Management, BT, UBS, City of London Corporation, Canary, Canary Wharf Group, Docklands, Thomson Reuters, Bloomberg, Workplace Associates, Employees, Thomson Locations: Canary, London, St Paul's Cathedral, of London, Real, Sweden, Aldgate, City, Swiss, Docklands, Canary Wharf
CNN —Wendy Rush, the wife the executive who piloted the submersible that has been the subject of a desperate search after it went missing during a dive to the Titanic wreckage, has a personal connection to the ship. The couple were fictionalized by Lew Palter as Isidor and Elsa Raven as Ida in the Oscar-winning 1997 film “Titanic,” directed by James Cameron. Wendy Rush, born Wendy Hollings Weil, is the great granddaughter of the couple’s daughter, Minnie Straus Weil. Isidor Straus was a co-owner of Macy’s and the story of how they perished captured the attention of those interested in the story of the Titanic. “On the night of 14 April, after Titanic had hit the iceberg, Isidor and Ida were directed to lifeboat eight.
Persons: Wendy Rush, Isidor Straus, Ida, Lew Palter, Isidor, Elsa Raven, , James Cameron, Wendy Hollings Weil, Minnie Straus Weil, Rush, acccording, Stockton Rush, “ Ida, Ellen, ” Isidor Straus’s, Ida’s Organizations: CNN, New York Times, Paramount Pictures, National Archives, Titanic, UK National Archives Locations: United States, Germany, New, Woodlawn
Journal Reports: LeadershipInstead of Advertising in Videogames, These Companies Asked: ‘Why Not Make Our Own?’By Sarah E. NeedlemanPepsiCo, L’Oréal and others are investing in game worlds in hopes of reaching an audience known for using ad blockers online and eschewing linear TV.
Persons: Sarah E, L’Oréal Organizations: PepsiCo
Influencers Don’t Have to Be Human to Be Believable
  + stars: | 2023-06-10 | by ( Lisa Ward | ) www.wsj.com   time to read: 1 min
Journal Reports: LeadershipHow Major League Baseball Is Using Its Rules Changes to Win New FansBy Dan WeilThe organization’s chief marketing officer talks about the ad strategy it hopes will increase engagement.
Persons: Dan Weil Organizations: Major League Baseball, New
14 Nonfiction Books to Read This Summer
  + stars: | 2023-06-09 | by ( Joumana Khatib | Neima Jahromi | ) www.nytimes.com   time to read: 1 min
In 2020, English-speaking readers got “Time of the Magicians: Wittgenstein, Benjamin, Cassirer, Heidegger and the Decade that Reinvented Philosophy,” a celebrated biography of the interwar period as seen by some of the biggest Teutons to take on the life of the mind. Now, the German writer is back with another Mount Rushmore of philosophy, translated by Shaun Whiteside. The ideological mash-up of Hannah Arendt, Simone de Beauvoir, Ayn Rand, and Simone Weil may seem oil and water, but their responses to the world around them helps Eilenberger illuminate a fateful decade — 1933 to 1943 — terrifying years for Europe and an eventful period for these monumental thinkers. Penguin Press, Aug. 8
Persons: Wittgenstein, Benjamin, Cassirer, Heidegger, , Rushmore, Shaun Whiteside, Hannah Arendt, Simone de Beauvoir, Ayn Rand, Simone Weil Organizations: Magicians, Penguin Press Locations: Europe
Cynthia Weil, who with her writing partner and husband, Barry Mann, formed one of the most potent songwriting teams of the 1960s and beyond, churning out enduring hits like the Drifters’ “On Broadway” and the Righteous Brothers’ “You’ve Lost that Lovin’ Feelin’,” signature tunes of the baby boomer era, died on Thursday at her home in Beverly Hills, Calif. She was 82. Her death was confirmed on Friday by her daughter Jenn Mann, who did not specify a cause. “​​We lost the beautiful, brilliant lyricist Cynthia Weil Mann,” the chart-topping singer and songwriter Carole King wrote in a statement posted on social media. Recounting the friendship and rivalry that she and her former husband and songwriting partner, Gerry Goffin, shared with Ms. Weil and Mr. Mann (a friendship memorialized in Broadway’s “Beautiful: The Carole King Musical,” from 2014), Ms. King added, “The four of us were close, caring friends despite our fierce competition to write the next hit for an artist with a No. 1 song.”Ms. Weil and Mr. Mann, who were inducted into the Rock & Roll Hall of Fame in 2010, notched their first hit — “Bless You,” recorded by Tony Orlando — in 1961, two years after the music supposedly died with the Iowa air crash that claimed the lives of Buddy Holly, Ritchie Valens and J.P. Richardson, known as the Big Bopper.
Persons: Cynthia Weil, Barry Mann, , Jenn Mann, Cynthia Weil Mann, Carole King, Gerry Goffin, Weil, Mann, , King, Ms, Tony Orlando —, Buddy Holly, Ritchie Valens, J.P, Richardson Organizations: Broadway, Roll Hall of Fame, Iowa Locations: Beverly Hills, Calif
Some economists argued that the bigger than forecast drop in underlying inflation suggests that not much work is left to be done. "Underlying inflation has probably passed its peak," Commerzbank economist Christoph Weil said. "This supports our expectation that the ECB will raise key interest rates by 25 basis points for the last time in June." Services inflation slowed to 5.0% from 5.2% while price growth for industrial goods eased to 5.8% from 6.2%, still excessive but both moving in the right direction. Euro zone wage growth is hovering in the 5% to 6% range, twice the rate that would be consistent with the ECB's inflation target.
Persons: Christine Lagarde, Christoph Weil, Nordea, Balazs Koranyi, John Stonestreet Organizations: FRANKFURT, European Central Bank, ECB, Thomson Locations: Germany, Netherlands, Ireland
Fox will pay $6 million, and CBS, now known as Paramount Global (PARA.O), will pay $5 million, the court filing showed. Representatives for Cox, Fox and CBS either declined to comment or did not immediately respond to a message seeking comment. Representatives from those defendants either declined to comment on the pending litigation or did not immediately respond to messages seeking comment. Plaintiffs' attorney Megan Jones at law firm Hausfeld, on Tuesday did not immediately respond to a message seeking comment. The case is In re: Local TV Advertising Antitrust Litigation, U.S. District Court for the Northern District of Illinois, No.
Persons: Cox, District Judge Virginia Kendall, schemed, Sinclair, Kendall, Megan Jones, Hausfeld, Freed, Robins Kaplan, Jennifer Giordano, George Cary, Cleary Gottlieb Steen, Nathan Eimer, Eimer Stahl, Weil, Brian Sher, Bryan Cave Leighton, Mike Scarcella, Leigh Jones Organizations: Fox, CBS, Cox Media Group, Fox Corp, CBS Corp, Northern, Northern District of Illinois, Paramount Global, U.S, District Judge, Cox, Sinclair Broadcasting Group Inc, Scripps Company, TEGNA Inc, U.S . Justice Department, Local, Antitrust Litigation, Northern District of, Millen, Latham, Watkins, Hamilton, Thomson Locations: U.S, Northern District, Chicago, Northern District of Illinois
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Growth came mostly from exports, the result of a revival in global trade as China re-opened for business after the pandemic. But national data showed price growth remained stubbornly high, probably leaving the ECB with no choice but to keep raising interest rates. Friday's inflation data showed progress was slow. IMF CALLS FOR MORE RATE HIKESMoney markets currently price in another 70 basis points of ECB rate hikes by October, possibly followed by cuts as early as the start of next year. It also said European Union finance ministers should tighten fiscal policy in concerted action to bring down high inflation, which would probably depress consumption further.
“But those were Hollywood-centric narratives that traveled. “It really is like riding a bucking bronco,” Joe Russo said. (The Indian and Italian productions have different showrunners.) According to The Hollywood Reporter, reshoots pushed the cost of “Citadel” to more than $200 million, which would make it one of the most expensive series ever made. (Amazon did not respond to multiple queries about the show’s budget.)
Bed Bath & Beyond has been on bankruptcy watch and has been closing hundreds of stores since late 2022. Toys "R" Us and other chains that filed for bankruptcy have been criticized for failing to pay workers severance. There is no federal requirement for severance pay, although some collective bargaining agreements with unions cover severance agreements. At Bed Bath & Beyond, CEO Sue Gove is eligible for $7.1 million in severance pay and former Bed Bath & Beyond CEO Mark Tritton is suing the company for $6.8 million in unpaid severance. ‘This was our reward’Some Bed Bath & Beyond employees recently laid off in other states did not receive severance pay either, as first reported by Bloomberg.
Declines in Loan Values Are Widespread Among Banks
  + stars: | 2023-04-07 | by ( Jonathan Weil | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/declines-in-loan-values-are-widespread-among-banks-c3ee622f
When Sharon Weil decided in January to sell the Los Angeles home she inherited from her parents, she knew she’d be racing against the clock to get the deal done. A new Los Angeles mansion tax, to be enacted April 1, will require sellers to pay 4% on sales of homes priced between $5 million and $10 million, and 5.5% on sales of properties at $10 million or above.
"The pressure on the ECB to continue raising interest rates remains high," Commerzbank economist Christoph Weil said. Consumer prices in the euro zone rose by 6.9% in March after an 8.5% increase in February, implying the biggest drop since Eurostat started collecting data in 1991. Analysts polled by Reuters had expected headline inflation in the 20 countries that share the euro to come in at 7.1% and core inflation at 7.5%. Strengthening the case for more tightening, euro zone unemployment remained stubbornly low at 6.6%. This is a concern for policymakers who fear it could give workers greater bargaining power in salary negotiations and lead to higher wage increases that could perpetuate high inflation.
Summary SME vulnerability to rate hikes gone under radarUS, European credit conditions tighteningUK SMEs especially vulnerable -analystsLONDON, March 30 (Reuters) - U.S. and European small and medium-sized (SME) firms may be next to feel the pain of rapid interest rate rises, with analysts and investors warily watching for the impact of tighter credit conditions exacerbated by recent banking turmoil. In the U.S. the average rate that small businesses pay on bank loans rose from around 5% to 7.6% in 2022, and is likely to hit about 9.5% by mid-year, Jefferies analysts estimate. British SMEs, hurt by weak growth, double digit inflation and rising Bank of England rates, are seen as particularly vulnerable. "The Government needs to demonstrate that it is on the side of small businesses who are feeling stressed and under huge margin pressure," McTague added. HARD TIMESMeanwhile the rate of small business loan approval at big U.S. banks meanwhile fell in February for nine straight months and business loan approvals at small banks has also fallen, said online financing platform for small businesses Biz2Credit.
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