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☆ UBS likely to shrink Credit Suisse's $10 bln shipping portfolio -WSJ
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

March 22 (Reuters) - UBS Group AG (UBSG.S) will likely shrink Credit Suisse Group's (CSGN.S) $10 billion shipping portfolio that it inherited as part of its emergency takeover on Sunday, the Wall Street Journal reported on Wednesday. UBS could also try to sell the portfolio, but doing so could prompt owners to move their accounts elsewhere, the WSJ reported, citing people familiar with the matter. About half of the shipping portfolio involves Greek ship owners that use their deposits in the bank's wealth management arm as collateral to finance new ships, the report added. Credit Suisse did not immediately respond to a request for comment. Swiss authorities announced last week that UBS had agreed to buy its rival Credit Suisse in a merger aimed at containing a crisis of confidence that was spreading through global banking.

☆ UBS set for talks with Michael Klein to terminate Credit Suisse investment bank deal - FT
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +1 min

March 21 (Reuters) - UBS (UBSG.S) is set to enter talks with Michael Klein to terminate a deal that would have seen the Wall Street dealmaker take control of much of Credit Suisse's (CSGN.S) investment bank, the Financial Times reported on Tuesday. UBS on Sunday agreed to buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking. Klein, a veteran dealmaker, was merging his eponymous advisory boutique into Credit Suisse's investment banking operations to create CS First Boston as a standalone business which he would have led from New York. UBS has now assigned a legal team to examine how to void the contract Credit Suisse signed with Klein in the cheapest way possible, according to the FT report, which cited people with direct knowledge of the matter. UBS and Credit Suisse declined to comment, while Klein could not be immediately reached for comment.

☆ California's financial regulator to issue report on Silicon Valley Bank by May
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: 1 min

March 20 (Reuters) - California's financial regulator said on Monday it will issue a report on a comprehensive review of its own oversight and regulation of Silicon Valley Bank (SIVB.O) by early May. "Through this review, we will examine how we can strengthen and update our system of financial regulation to meet emerging and evolving challenges," the Department of Financial Protection and Innovation said in a statement. Reporting by Anirudh Saligrama in Bengaluru; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ S&P again downgrades First Republic Bank ratings
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: 1 min

March 19 (Reuters) - Credit rating agency S&P Global Inc said it downgraded First Republic Bank's (FRC.N) ratings for the second time in less than a week on Sunday. The credit rating agency lowered First Republic's sovereign credit ratings to "B+" from "BB+". The report comes after S&P on Wednesday downgraded the bank's credit rating to "BB+" from "A-." Bloomberg News first reported on Sunday the bank would be downgraded again by S&P, citing people familiar with the matter. Reporting by Anirudh Saligrama in Bengaluru Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Pacific Western Bank faced 'elevated' withdrawals after bank failures
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +1 min

March 17 (Reuters) - Pacific Western Bank, a unit of PacWest Bankcorp (PACW.O), said on Friday it had witnessed 'elevated' withdrawals following the collapses of Silicon Valley Bank and Signature Bank, but deposit movements had stabilized since Monday. In a statement, Pacific Western Bank said it still maintained solid liquidity, with available cash exceeding $10.8 billion as of Friday. Pacific Western Bank said that as of March 16, insured deposits accounted for over 62% of total deposits, while insured venture-specific deposits made up more than 77% of total venture deposits. The bank also said it had a diversified deposit base with venture deposits comprising approximately 25% of total deposits. Pacific Western Bank's announcement came after Reuters reported on Thursday that PacWest was in talks about a liquidity boost with Atlas SP Partners and other investment firms.

☆ Tiktok to be removed from Scottish parliament phones and devices - Sky News
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: 1 min

March 17 (Reuters) - TikTok will be removed from Scottish Parliament phones and devices amid security concerns, Sky News reported on Friday. The members of the Scottish Parliament and staff were "strongly" advised to remove TikTok, including from personal devices used to access the Scottish Parliament's IT systems, the report said citing an email. Reporting by Anirudh Saligrama in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ Bank of England in emergency talks as Credit Suisse crisis deepens - Telegraph
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: 1 min

March 15 (Reuters) - The Bank of England was holding emergency talks with international counterparts last night amid rising concerns as the crisis deepens in Swiss bank Credit Suisse Group AG (CSGN.S), the Telegraph reported on Wednesday. The report comes after the turbulence at Credit Suisse renewed fears of a banking crisis that is reshaping international financial conditions on a daily - or even hourly - basis. Bank of England declined to comment. Reporting by Anirudh Saligrama in Bengaluru; Editing by Sandra Maler and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ Brussels to curb imports of Chinese green tech -FT
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

March 15 (Reuters) - The European Union is planning to introduce restrictions on the import of green technologies from China, reducing the chances of Chinese companies winning public contracts and creating additional barriers for buyers seeking subsidies, the Financial Times reported on Wednesday. Public procurement bids using products from a country with more than 65% EU market share would be downgraded, the report said, citing a draft of the Net Zero Industry Act seen by the newspaper. The European Commission's trade directorate is, however, concerned that the proposed revisions to the public procurement rule book may violate international law, people familiar with the matter told FT.On Tuesday, Financial Times had reported that the European Union was seeking fresh ways to monitor how European companies invest in production facilities overseas, in an attempt to limit China's ability to acquire new technologies from the West. Reporting by Anirudh Saligrama in Bengaluru; Editing by Leslie Adler and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ France accused of 'delaying' EU shells for Ukraine -The Telegraph
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: 1 min

March 15 (Reuters) - France was accused of slowing down a European Union 2-billion-euro ($2.12 billion) package for purchasing weapons for Ukraine by demanding that the munitions be manufactured inside the bloc, The Telegraph reported on Wednesday. "Paris wanted guarantees that a deal to jointly procure weapons would only benefit firms based in the EU," the newspaper reported, quoting European sources. ($1 = 0.9454 euros)Reporting by Anirudh Saligrama in Bengaluru; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. FDA approves Acadia's Rett syndrome drug
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +3 min

The approval comes months after the FDA declined to approve expanded use of Acadia's drug Nuplazid to treat psychosis related to Alzheimer's disease. Acadia said it plans to make the drug available to patients by the end of April. He forecast peak U.S. trofinetide sales of $487.2 million by 2035. After the FDA declined to approve the expanded use of Nuplazid, Acadia said it would not pursue that indication for Nuplazid further. Improvement of symptoms was measured according to the assessment scales Rett Syndrome Behaviour Questionnaire and the Clinical Global Impression of Improvement.

☆ Venture capitalists weigh 'long-shot plan' to preserve parts of SVB -FT
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: 1 min

March 13 (Reuters) - Venture capital firms are working on a "long-shot plan" to preserve parts of Silicon Valley Bank (SVB) in a move to keep servicing their clients in the technology sector, the Financial Times reported on Monday citing people briefed on the effort. A group of several VC firms are in talks since late last week about how to enable SVB to continue lending to, investing in and advising companies and executives in the sector, the FT reported, adding General Catalyst, Andreessen Horowitz and Khosla Venture are among the firms involved in talks. Forming a consortium with Apollo Global Management Inc (APO.N) that could bid for portions of SVB is one of the proposals being discussed, the newspaper quoted people as saying. Reporting by Anirudh Saligrama in Bengaluru Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. FDA approves Acadia's genetic Rett syndrome drug
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +3 min

March 10 (Reuters) - The U.S. Food and Drug Administration approved Acadia Pharmaceuticals Inc's (ACAD.O) drug for the treatment of Rett syndrome, a genetic brain disorder, the company said on Friday, making it the first approved drug for the condition. The approval comes months after the FDA declined to approve expanded use of Acadia's drug Nuplazid to treat psychosis related to Alzheimer's disease. Acadia said it plans to make the drug available to patients by the end of April. He forecast peak U.S. trofinetide sales of $487.2 million by 2035. Improvement of symptoms was measured according to the assessment scales Rett Syndrome Behaviour Questionnaire and the Clinical Global Impression of Improvement.

☆ US lawmakers met Fed, FDIC to discuss Silicon Valley Bank's collapse - Coindesk
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +1 min

March 11 (Reuters) - U.S. lawmakers met with the Federal Reserve and Federal Deposit Insurance Corporation on Friday to discuss the collapse of SVB Financial Group (SIVB.O), Coindesk reported on Saturday citing a source. Democratic U.S. Representative Maxine Waters held briefings with officials from the two regulators and the Treasury Department, hours after the startup-focused SVB's collapse, the report said. Separately, Representative Ro Khanna said in a tweet on Friday that he reached out to both the White House and the Treasury Department to discuss the situation with the bank. U.S. Treasury Secretary Janet Yellen on Friday met with banking regulators on the collapse of SVB, as she and the White House expressed confidence in their abilities to respond to the bank failure. Reporting by Anirudh Saligrama in Bengaluru Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Meta explores strategic alternatives for Kustomer business-software firm
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - Meta Platforms Inc (META.O) said on Friday it is exploring strategic alternatives for customer service company Kustomer that it acquired in a process ending last year. "We are currently exploring strategic alternatives for Kustomer and will continue to support Kustomer's product and customer base throughout this process," the Facebook owner said in an emailed statement to Reuters, without providing additional details on the alternatives. Kustomer sells CRM software for businesses to communicate with consumers by phone, email, text messages, WhatsApp, Instagram and other channels. Meta has made the decision to focus on its fastest growing business messaging offerings, including the monetization opportunity for WhatsApp in light of the company's "efficiency efforts," the company said. Reporting by Yana Gaur, Rishabh Jaiswal and Anirudh Saligrama in Bengaluru; Editing by Diane Craft and William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ Chip equipment maker ASMPT draws takeover interest - Bloomberg News
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - Semiconductor and electronics equipment maker ASMPT Ltd (0522.HK) is attracting takeover interest from private-equity companies, Bloomberg News reported on Friday, citing people with knowledge of the matter. ASMPT did not immediately respond to a Reuters request for comment, while PAG declined to comment. Shares of the equipment maker rose as much as 5.2%, while Hong Kong's Hang Seng benchmark (.HSI) dropped 3.2%. The market capitalization of ASMPT stood at nearly 30.5 billion Hong Kong dollars ($3.89 billion), as of Friday. ($1 = 7.8496 Hong Kong dollars)Reporting by Anirudh Saligrama in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

NEW YORK, March 4 (Reuters) - Sam Bankman-Fried should be allowed while on bail to have a flip phone with no internet capability and a basic laptop with limited functions, but be forbidden from using other electronic communication devices, the U.S. Department of Justice said. The judge said he did not want to set Bankman-Fried "loose in this garden of electronic devices," following accusations that Bankman-Fried tried to contact possible government witnesses and used a virtual private network to watch football. The proposed flip phone or other non-smartphone for Bankman-Fried would be limited to voice calls and SMS text messages. Laptop internet use would be restricted to specified virtual private networks, 23 websites for personal use including news, sports and food delivery, and websites to help Bankman-Fried prepare for his scheduled Oct. 2 trial. The parents agreed to submit sworn affidavits that they would not bring other electronic devices into their home or let their son use theirs.

☆ US prepares new rules on investment in technology abroad- WSJ
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +1 min

The Biden administration's work on the new rules would in practice largely deal with U.S. investments in China though the report given to lawmakers did not identify any countries, the WSJ said. The new rules are expected to cover private-equity and venture-capital investments in advanced semiconductors, supercomputing and some forms of artificial intelligence, the WSJ reported quoting people familiar with the matter as saying. The Treasury and Commerce departments expected to finalize their policy in the near future, it added. Reuters reported last month that Biden administration was planning an outright ban on investments in some Chinese technology companies and increased scrutiny of others. Reporting by Jose Joseph and Anirudh Saligrama in Bengaluru; Editing by Himani Sarkar and Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ Ex-Goldman banker Ng deserves 15 years in prison, US prosecutors say
▼ + stars: | 2023-03-04 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +2 min

In his own sentencing request on Feb. 25, Ng asked that he be given no prison time and be allowed to return to Malaysia. He had spent six months in a Malaysian prison before waiving his right to contest extradition to the United States in 2018. Prosecutors said $4.5 billion of that sum was embezzled by officials, bankers and their associates, in one of the biggest scandals in Wall Street history. In October 2020, Goldman agreed to pay $2.9 billion and its Malaysian unit pleaded guilty to a corruption charge. Leissner pleaded guilty and testified against Ng as part of a cooperation agreement.

☆ Actor Tom Sizemore, known for tough-guy roles and scandal, dead at 61
▼ + stars: | 2023-03-04 | by ( Steve Gorman | ) www.reuters.com time to read: +5 min

March 3 (Reuters) - Actor Tom Sizemore, known as much for his struggles with drug addiction and run-ins with the law as for his tough-guy roles in such films as "Saving Private Ryan" and "Black Hawk Down," died on Friday at age 61, said his manager, Charles Lago. Sizemore's first major leading role came in the 1997 horror thriller "The Relic," again playing a police detective. On television, Sizemore won plaudits for his starring role as a police detective in the short-lived CBS television drama "Robbery Homicide Division." He was arrested again on suspicion of domestic abuse in 2016 and the following year pleaded no contest, the legal equivalent of guilty in California, and was sentenced to three year's probation. Sizemore chronicled his turbulent life in the 2013 memoir, "By Some Miracle I Made It Out of There."

☆ Twitter's revenue, adjusted earnings drop about 40% in December - WSJ
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +1 min

March 3 (Reuters) - Twitter Inc reported a drop of about 40% year-over-year in both revenue and adjusted earnings for the month of December, the Wall Street Journal reported on Friday citing people familiar with the matter. Twitter did not immediately respond to a Reuters request for comment. Musk, who warned in November about the possibility of the Twitter going bankrupt, said in December that the company was on track to be "roughly cash flow break-even" in 2023. Twitter made its first interest payment in January on a loan that banks provided to help finance billionaire Musk's purchase of the social media company last year. Reporting by Anirudh Saligrama in Bengaluru; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

☆ Walgreens won't dispense abortion pills in some Republican states
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

March 2 (Reuters) - Walgreens Boots Alliance Inc (WBA.O) on Thursday said it will not dispense abortion pills in the states of 20 Republican attorneys general who have told the pharmacy chain it risked breaking the law should it dispense them to the states by mail. The decision comes after the U.S. Food and Drug Administration allowed retail pharmacies to dispense mifepristone pills, including by mail, provided they are certified under special safety rules for the drug. A Walgreens spokesperson said the pharmacy's decision was in response to a letter from the attorneys general. They said Walgreens intended to become a certified pharmacy and would only dispense in jurisdictions where it was legal to do so. Mifepristone, used in combination with another drug, misoprostol, is approved for abortion within the first 10 weeks of pregnancy.

☆ China holds up chipmaker Arm's plan to offload joint venture - FT
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

March 2 (Reuters) - China is holding up Softbank Group Corp (9984.T) -owned Arm's plan to offload its troubled joint venture in the country, Financial Times reported on Thursday. Arm and Softbank did not immediately respond to Reuters' request for comment. The report comes after the United States passed a sweeping set of regulations last year aimed at kneecapping China's semiconductor industry. China does not want to lose Arm at this juncture, FT reported, quoting an official involved in overseeing Arm China. "The chip war between the U.S. and China continues to escalate and Arm is a must-have ally for China's chip industry," the official told FT.

☆ Elon Musk recruits team to develop OpenAI's ChatGPT rival - The Information
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] Tesla CEO Elon Musk arrives on the red carpet for the automobile awards "Das Goldene Lenkrad" (The golden steering wheel) given by a German newspaper in Berlin, Germany, November 12, 2019. REUTERS/Hannibal Hanschke/File PhotoFeb 27 (Reuters) - Elon Musk has approached AI researchers in recent weeks about forming a new research lab to develop an alternative to OpenAI's ChatGPT, the Information reported on Monday, citing people with direct knowledge of the effort. Tesla and Twitter chief Musk has been recruiting Igor Babuschkin, a researcher who recently left Alphabet's (GOOGL.O) DeepMind AI unit, the report said. Babuschkin added that has not officially signed onto the Musk initiative, according to the report. Musk and Babuschkin could not be reached immediately for comments.

☆ ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages
▼ + stars: | 2023-02-18 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Apple Inc logo is seen at the entrance to the Apple store in Brussels, Belgium November 28, 2022. REUTERS/Yves HermanFeb 18 (Reuters) - Proxy advisory firm Institutional Shareholder Services (ISS) has urged Apple Inc's (AAPL.O) investors to vote for its director nominees and the pay packages for top executives, including Chief Executive Tim Cook. "Continued monitoring of the pay program is warranted to ensure that pay magnitude is supported by continued strong performance by the company," ISS said in a note. The proposed amendment to the proxy access right would enhance the company's existing right for shareholders while maintaining safeguards on the nomination process, the note added. During last year's annual meeting, Apple shareholders had voted down a proposal requesting that the company report on its gender and racial pay gaps, with 66.4% of votes cast against it.

☆ Britain's Tesco to explore sale of banking unit, Sky News reports
▼ + stars: | 2023-02-18 | by ( ) www.reuters.com time to read: +1 min

Feb 18 (Reuters) - Britain's biggest retailer Tesco Plc (TSCO.L) is planning to review its presence in the UK banking sector in a move that could lead to a sale of its banking arm, Sky News reported on Saturday. The supermarket chain operator is lining up Goldman Sachs to advise on the future of Tesco Bank, the report said. The review was at a very preliminary stage and may not lead to a formal sale process, the report quoted sources as saying. A partial sale or joint venture could also be an option for the retailer, the report added, quoting one source. Tesco Bank, which was founded in 1997, has more than five million customers across its banking and insurance business, according to the data available on its website.

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