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☆ How top banks like JPMorgan and Morgan Stanley train young wealth managers to work with ultra-rich clients
▼ + stars: | 2023-02-08 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

Private banks cater to the wealthiest clientele, who typically have at least $10 million in assets. David Frame, CEO of the private bank, is doubling down on a recruiting push. JPMorgan aims to hire as many as 1,500 new private bank advisors over the next few years, which would double its current headcount. After three years of working for Goldman Sachs, about 25 to 40 analysts from the bank's private wealth division are handpicked for its advisory program. The course culminates with three case studies that involve portfolio strategy and estate planning, as well as a written and oral exam.

☆ Netanyahu to fire minister as ordered by top Israeli court, confidant says
▼ + stars: | 2023-01-22 | by ( Dan Williams | ) www.reuters.com time to read: +3 min

JERUSALEM, Jan 22 (Reuters) - Israeli Prime Minister Benjamin Netanyahu will dismiss coalition ally Aryeh Deri from the cabinet on Sunday following a Supreme Court order for his removal over his criminal record, said a confidant of the minister. However, Deri - who was appointed interior and health minister on Dec. 29 - will keep his ultra-Orthodox Jewish party Shas in Israel's coalition government, confidant Barak Seri, a former spokesman for the minister, told Army Radio. Seri said Deri would make a final showing as interior and health minister at the cabinet session, at the conclusion of which he would be formally dismissed by Netanyahu. "This (settlements) is a capstone issue for our participation in the government," National Missions Minister Ori Strock of Religious Zionism told Israel's Kan radio. Most countries deem Israel's West Bank settlements illegal.

[1/2] U.S. President Joe Biden and Japanese Prime Minister Fumio Kishida attend the Japan-U.S.-Australia-India Fellowship Founding Celebration event, in Tokyo, Japan, May 24, 2022. Kishida is in Washington as the last stop in a tour of countries of the G7 industrial powers. U.S. and Japanese foreign and defense ministers met on Wednesday and announced stepped-up security cooperation and the U.S. officials Tokyo's praised military buildup plans. He called the Japanese defense reforms "really, really significant." Reporting by David Brunnstrom and Michael Martina; Editing by Don Durfee and Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

The first full-color image released from the next-generation James Webb Space Telescope is the sharpest infrared image of the distant universe ever produced, according to NASA. Space Telescope Science Institut / NASA, ESA, CSA, STScI, Webb ERONASA released the first batch of images from the tennis court-sized observatory to much fanfare in July. The exoplanet HIP 65426 b in different bands of infrared light, as seen from the James Webb Space Telescope. Back to the moonFifty years after the final Apollo moon mission, NASA took key steps toward returning astronauts to the lunar surface. Chinese officials have also said they intend to use the space station for space tourism and commercial space initiatives.

☆ A former Times Square street vendor has helped 3,000 Black New Yorkers learn to code, changing their lives
▼ + stars: | 2022-12-28 | by ( Aaron Mok | ) www.businessinsider.com time to read: +6 min

He started We Build Black to help Black New Yorkers transition into tech and land high-paying jobs. And he credits a community of Black tech workers in New York City with his success in making the switch. But before starting We Build Black, Jackson first broke into software engineering himself from a non-technical background. We Build Black hosts coding meetups for Black tech workers to network and learn new skillsSimilar to organizations like Black Women Talk Tech, Black Boys Code, and Black Tech Pipeline, We Build Black offers coding classes, mentorships, and networking events to Black workers looking to pursue tech careers. The next step for We Build Black will be building out its job pipelineWe Build Black is now focused on building out its workforce-training programs, Jackson said.

☆ 10 money managers who quietly control the vast fortunes of Jeff Bezos, Sergey Brin, the Waltons, and other big-name billionaires
▼ + stars: | 2022-12-27 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +24 min

Many über-rich people don't outsource their wealth — they hire their own chief investment officers. He left SAC in 2005 for Dune Capital Management, but stayed in touch with Steve during his five-year term at the investment firm. Andrew oversees CPV's portfolio, which primarily comprises direct private investments such as Collectors Universe, a collectibles-authentication company, and the New York Mets. In 2011, Wildcat Capital Management was launched with Potter as president and chief investment officer. Since November 2021, Carland has also served as the interim chief investment officer for Builders Vision's asset arm.

☆ Judge dismisses demands for LME disclosures on cancelled nickel trades
▼ + stars: | 2022-12-23 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

AQR Capital Management said after the ruling it would continue to evaluate all legal options. The other claimants in the filing were Winton Capital Management, Capstone Investment Advisors, Flow Traders (FLOW.AS) and DRW Commodities. The London Metal Exchange was represented by global law firm Hogan Lovells, instructing Brick Court Chambers. "Hogan Lovells has today secured an important victory for its client the London Metal Exchange (LME)," it said in a statement. The LME also faces lawsuits from U.S. hedge fund Elliott Associates and Jane Street Global Trading, which are suing the LME for $456 million and $15.3 million, respectively, for the cancelled nickel trades.

☆ Jan. 6 Committee Releases Final Investigative Report on Capitol Attack
▼ + stars: | 2022-12-22 | by ( Scott Patterson | ) www.wsj.com time to read: 1 min

WASHINGTON—The House’s Jan. 6 select committee released its final investigative report Thursday, a sprawling capstone of more than 800 pages to the panel’s 18-month probe into the violent attack on the Capitol by a mob of supporters of former President Donald Trump. The report covers the full sweep of the committee’s findings from its investigation of the attempt by Mr. Trump and his allies to reverse the 2020 election. It was released three days after the nine-member panel voted, at its final meeting, to refer the former president to the Justice Department for potential criminal charges.

☆ British court set to hear demand for evidence over LME nickel crisis
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

The other claimants in the filing at the London Commercial Court were Winton Capital Management, Capstone Investment Advisors, Flow Traders (FLOW.AS) and DRW Commodities. The exchange, the world's oldest and largest market for industrial metals, has rejected the legal action as without merit. The LME is also facing lawsuits from U.S. hedge fund Elliott Associates and Jane Street Global Trading, which are suing the LME for $456 million and $15.3 million, respectively, for the cancelled nickel trades. British financial regulators launched a sweeping investigation in April of the suspension of nickel trading while the LME also commissioned its own independent review of the matter. Reporting by Eric Onstad and Nell Mackenzie in London Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Whitey Bulger Killed After Inmates Were Tipped Off on His Prison Transfer, Watchdog Says
▼ + stars: | 2022-12-07 | by ( Sadie Gurman | ) www.wsj.com time to read: 1 min

WASHINGTON—Inmates at a West Virginia federal prison knew well in advance that convicted Boston mobster James “Whitey” Bulger was being transferred there and placed bets on how long it would be before the notorious FBI informant was killed, the Justice Department’s inspector general wrote in a withering report released Wednesday. Bulger, 89 and in failing health, was bludgeoned to death with a padlock less than 12 hours after arriving at the U.S. Penitentiary Hazelton in October 2018, the violent capstone to his own murderous career and to what the watchdog’s report described as a series of management failures, flawed policies and bureaucratic ineptitude.

☆ Theranos Ex-Operating Chief Sunny Balwani Sentenced to Nearly 13 Years in Prison
▼ + stars: | 2022-12-07 | by ( Heather Somerville | Christopher Weaver | ) www.wsj.com time to read: 1 min

SAN JOSE, Calif.—Theranos Inc.’s former No. 2 executive, Ramesh “Sunny” Balwani, was sentenced to nearly 13 years in prison for his involvement in an elaborate fraud scheme at the blood-testing company, marking the capstone of a yearslong saga that is a blemish in Silicon Valley history. Mr. Balwani’s sentencing comes more than four years after the collapse of Theranos, which promised to revolutionize healthcare but peddled faulty technology to patients and investors, along the way delivering inaccurate health results and squandering hundreds of millions of dollars. Mr. Balwani helped lead the deception as Theranos’s former president and chief operating officer, and along with his longtime romantic partner, he became the focus of one of the highest-profile white-collar cases in recent years.

The answer is simple, according to more than a dozen Washington insiders, FTX employees, and crypto industry observers who spoke with Insider. I don't think anyone believed that he was going to fund candidates who were, quote unquote, committed to ending pandemics who were also hostile to the crypto industry." Alex Wong/Getty ImagesRebuffed by the SEC, Bankman-Fried turned his attention to Congress. "It's not that he was welcoming regulation," says the senior figure in the crypto industry who attended meetings with Bankman-Fried. But while Bankman-Fried was busy wooing Washington, FTX was about to become Exhibit A in the case for more effective oversight of the crypto industry.

☆ Investing in Space: Moon rising
▼ + stars: | 2022-12-01 | by ( Michael Sheetz | ) www.cnbc.com time to read: +2 min

The view of the moon and the Earth from the Orion capsule on Nov. 28, 2022..CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. Even one of the more difficult stories of this year – the bankruptcy of Masten – was largely about the moon. With NASA's Orion beaming back stunning images of our planet as it whipped by the moon, I spoke to Airbus Ventures partner Lewis Pinault. The next couple years should see a variety of spacecraft and robots sent to the moon. However the future shakes out, it's clear a lunar economy is no longer fiction.

The war on inflation is far from won, with the Fed's preferred measure of price increases still running at roughly three times the central bank's 2% target. That's the biggest ramp-up in U.S. rates over a nine-month period since Volcker battled even higher inflation in the early 1980s. Powell, who this year marked a decade since his appointment as a Fed governor and whose second term as Fed chief extends to 2026, has overseen some divided decisions. In a best-case scenario, inflation continues to fall and Fed officials, whether hawk or dove, align around a stopping point for the policy rate that doesn't lead to a sharp rise in unemployment. Reporting by Howard Schneider; Additional reporting by Ann Saphir; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. warns California cities to prepare for fourth year of drought
▼ + stars: | 2022-11-28 | by ( Sharon Bernstein | ) www.reuters.com time to read: +1 min

[1/2] The dried out Arroyo Pasajero Creek is seen alongside an aqueduct in Huron, California, U.S. on October 25, 2022. REUTERS/Nathan Frandino/File PhotoSACRAMENTO, Calif., Nov 28 (Reuters) - Federal water managers on Monday urged numerous California cities and industrial users to prepare for a fourth dry year, warning of possible "conservation actions" as drought conditions continue despite early rains. The U.S. Bureau of Reclamation said water storage is near historic lows in the reservoirs it operates in the state, which serve the Central Valley breadbasket as well as the cities of Sacramento and San Francisco. Shasta Reservoir, the state's largest and the capstone of the federal Central Valley Project, is currently at 31% capacity, the agency said. Initial water supply allocations for its customers would be announced in February, the agency said.

☆ How top banks like Morgan Stanley and JPMorgan train young advisors to work with ultra-rich clients
▼ + stars: | 2022-11-23 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

Private banks cater to the wealthiest clientele, who typically have at least $10 million in assets. Wall Street banks put analysts through their paces before letting them work with the most coveted clients. David Frame, CEO of the private bank, is doubling down on a recruiting push. JPMorgan aims to hire as many as 1,500 new private bank advisors over the next five years, which would double its current headcount. The course culminates with three case studies that involve portfolio strategy and estate planning, as well as a written and oral exam.

About 90 minutes later, the rocket's upper stage propelled the Orion capsule out of Earth orbit and on its trajectory to the moon, NASA said. And it was quite a sight," Artemis mission manager Mike Sarafin told a post-launch NASA briefing, using words from biblical scripture. LAUNCH PAD HEROICSWednesday's launch was not without its own drama. [1/2] NASA's next-generation moon rocket, the Space Launch System (SLS) rocket with the Orion crew capsule, lifts off from launch complex 39-B on the unmanned Artemis 1 mission to the moon, seen from Sebastian, Florida, U.S. November 16, 2022. It was so bright, so loud, you could feel it," said NASA astronaut Jessica Meir, an Artemis crew candidate.

☆ The fear of missing out can be a killer for investors. Here's how top-ranked financial advisors keep it at bay
▼ + stars: | 2022-10-30 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Michael H | Digitalvision | Getty ImagesThe fear of missing out, or FOMO, can be a powerful psychological force — and it may lead unwary investors to lose bundles of money, according to financial advisors. Financial advisor Josh Brown uses the term "animal spirits" to describe the concept of investors allowing their emotions to guide them. Problem is: Investors often only hear about the big winners, not the duds, advisors and experts said. Various hype-men and -women and social media communities helped nudge investors to buy in last year. watch nowHow advisors overcome investors' FOMOPlaying off that future regret is how top financial advisors try to dissuade investors from succumbing to FOMO.

☆ Here are tips for buying a home in a cooling market, according to top-ranked financial advisors
▼ + stars: | 2022-10-26 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +5 min

Add in higher mortgage rates, elevated home prices and unrelenting high inflation — i.e., the current home-buying environment — and it may feel decidedly unattainable. This means having a good handle on your current financial situation. While the purchase of a house is a single transaction, affordability is largely about monthly mortgage payments. "Look at your current credit score and see if you need to make improvements," Higgins said. Look at your current credit score and see if you need to make improvements.

☆ 3,000 Black New Yorkers have learned to code and changed their lives thanks to tech career coaching from this former Times Square street vendor
▼ + stars: | 2022-09-13 | by ( Aaron Mok | ) www.businessinsider.com time to read: +5 min

☆ EY's innovation leader explains why all leaders should invest in learning and development — and the strategy the firm is using to upskill its 300,000 employees
▼ + stars: | 2021-02-10 | by ( Weng Cheong | ) www.businessinsider.com time to read: +5 min

EY employees are encouraged to acquire skills in design thinking and robotics, and a pursue an accredited MBA. This article is part of a series called "Leaders by Day," which takes a look at how prominent business leaders are tackling various challenges in today's economy. Business leaders have had to adapt to the current climate by making budget cuts, investing in data analytics and AI technologies, and building new partnerships with vendors. How EY is investing in training programsIn 2020, EY invested $450 million in employee training. "We owe it to our employees to provide them the best opportunities that will make them more competitive in this world," Wong said.

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