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☆ A group of Wall Street banks have been fined $549 million for using WhatsApp and other messaging apps to discuss business
▼ + stars: | 2023-08-08 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

The SEC and CFTC have fined a group of Wall Street firms a combined $549 million. The firms admitted to employees using WhatsApp and other messaging services for business purposes. A pair of regulatory agencies on Tuesday announced large fines for a group of Wall Street banks that admitted to using WhatsApp and other messaging services for business purposes. The Securities and Exchange Commission is fining nine firms a total of $289 million, while the Commodity Futures Trading Commission issued $260 million in fines, for a combined sum of $549 million. The Wednesday announcements bring the SEC's total fines related to the matter to $1.5 billion, while the CFTC's statement said it's imposed more than $1 billion in penalties to date.

Persons: Grewal, SEC Wells, Houlihan Lokey Organizations: SEC, CFTC, Wall Street, BNP, BMO Capital Markets, Morning, Securities, Exchange, Futures Trading, Americas Securities, Capital Markets, Mizuho Securities USA, Company, Wedbush Securities, Nikko Securities America Locations: Wells Fargo, Wall

WASHINGTON, Aug 8 (Reuters) - U.S. regulators on Tuesday hit another batch of Wall Street firms with $549 million in civil penalties over widespread record-keeping failures related to employees' use of personal text messages and other messaging apps. Eleven firms, including Wells Fargo Securities and BNP Paribas Securities Corp, have agreed to pay $289 million in fines to the U.S. Securities and Exchange Commission to resolve the allegations. Regulators require broker dealers and investment advisers to keep certain work-related communications, but Wall Street dealers have increasingly used personal devices in recent years. Spokespeople for BNP, which agreed to pay $110 million to the regulators, and Mizuho, which agreed to pay $25 million to the SEC, declined to comment. The regulators have already fined units of JPMorgan Chase and Co (JPM.N), Barclays, Bank of America and others for similar record-keeping failures.

Persons: Wells, Société, Spokespeople, Gurbir Grewal, Chris Prentice, Susan Heavey, Nivedita Balu, Nupur Anand, Saeed Azhar, Bernadette Baum, Jason Neely Organizations: Wall Street, Wells, Wells Fargo Securities, BNP Paribas Securities Corp, U.S . Securities, Exchange Commission, Futures Trading, BNP, Bank of Montreal, Wedbush Securities Inc, Wall, SEC, CFTC, Mizuho, Nikko Securities, JPMorgan Chase, Barclays, Bank of America, Reuters, Thomson Locations: U.S, Wells Fargo, Nikko, New York, Washington, Toronto

That would be a lag of eight months, significantly longer than the average gap between last hike and first cut going back decades. "In the past markets have tended to underestimate how high rates are raised and underestimate how low rates are cut. Inflation targeting, more sophisticated financial markets, transparent central bank communications, and greater central bank autonomy since the 1990s have all contributed as well. Brazil's central bank, one of the first to raise rates in early 2021, has started cutting them after a 12-month pause. Current market pricing suggests that will not come until 2025, which would be an even longer lag.

Persons: Jerome Powell, Andrew Kelly ORLANDO, Richard de Chazal, William Blair, de Chazal, Joe Lavorgna, BoE, Milton Friedman's, Jamie McGeever, Richard Chang Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Nikko Securities America, Bank of, Reuters, The Reserve Bank of Australia, Thomson Locations: New, New York City, U.S, Andrew Kelly ORLANDO , Florida, Brazil's

☆ Aircraft lessors set for June 2024 trial over Russia insurance claims
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File photoDUBLIN, July 31 (Reuters) - Some of the world's largest aircraft lessors and insurers are aiming to be ready to go to trial in June 2024 over contested insurance claims for aircraft stuck in Russia, a lawyer for one of the lessors said on Monday. Those steps include finding a venue large enough for the 180 attendees Smith said were expected at the trial each day. Justice Denis McDonald told a packed hearing last month that no court in Ireland was large enough to hear the case. The world's biggest aircraft lessor, Irish-based AerCap (AER.N), is pursuing its insurance claims through London's High Court. AerCap's Chief Financial Officer said on Monday that it continued to have discussions with Russian insurers on a potential settlement regarding some of its aircraft stranded in Russia.

Persons: Dado Ruvic, Lessors, Kelley Smith, Avolon, Smith, Denis McDonald, we're, Peter Juhas, Padraic Halpin, Mark Potter Organizations: SMBC Aviation, REUTERS, BOC Aviation, HK, CDB Aviation, Nordic Aviation Capital, Carlyle Aviation Partners, world's, Thomson Locations: Russian, DUBLIN, Russia, Ukraine, Ireland, London's

☆ Rally setback: Top economist Joe LaVorgna sees key inflection point ahead
▼ + stars: | 2023-07-27 | by ( Melissa Lee | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRally setback: Top economist Joe LaVorgna sees key inflection point aheadJoseph LaVorgna, SMBC Nikko Securities America Chief Economist, joins 'Fast Money' to help make sense of market moves with the economy, Fed, GDP and markets. With CNBC's Melissa Lee and the FM Traders.

Persons: Joe LaVorgna, Joseph LaVorgna, Melissa Lee Organizations: Nikko Securities America, FM Traders

☆ Dollar teeters near one-year low; euro scales 17-month peak
▼ + stars: | 2023-07-18 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

FILE PHOTO: U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. “I think the dollar can stay under selling pressure,” said Carol Kong, a currency strategist at Commonwealth Bank of Australia. Money markets have largely priced in a 25-basis-point rate hike from the Fed at its policy meeting later this month, though see rates coming down as early as December. Conversely, investors expect the European Central Bank and the Bank of England to have further to go in their rate-hike cycle. Elsewhere, the Japanese yen rose marginally to 138.66 per dollar and remains more than 4% clear of a seven-month low it hit last month.

Persons: Rick Wilking, ”, Carol Kong, Ryota Abe, China’s, Khoon Goh Organizations: greenback, REUTERS, U.S, Federal Reserve, Commonwealth Bank of Australia, “, Fed, European Central Bank, Bank of England, Bank of Japan, SMBC, Reserve Bank of Australia’s, New Zealand, ANZ Locations: SINGAPORE, Westminster , Colorado, Asia

☆ Dollar teeters near one-year low while euro scales 17-month peak
▼ + stars: | 2023-07-18 | by ( ) www.cnbc.com time to read: +3 min

"I think the dollar can stay under selling pressure," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. Money markets have largely priced in a 25-basis-point rate hike from the Fed at its policy meeting later this month, though see rates coming down as early as December. Conversely, investors expect the European Central Bank and the Bank of England to have further to go in their rate-hike cycle. Elsewhere, the Japanese yen rose marginally to 138.66 per dollar and remains more than 4% clear of a seven-month low it hit last month. The Bank of Japan, or BOJ, holds its monetary policy meeting next week, with investors on the lookout for whether the central bank will start phasing out its ultra-dovish policy stance.

Persons: Carol Kong, Ryota Abe, China's, Khoon Goh Organizations: greenback, U.S, Federal Reserve, Commonwealth Bank of Australia, Fed, European Central Bank, Bank of England, Bank of Japan, SMBC, Reserve Bank of Australia's, New Zealand, ANZ Locations: Asia

If the U.S. economy has a "soft landing" - no recession this year with inflation near target, and only a mild downturn next year with unemployment staying historically low - Jerome Powell may lay claim to being the most successful Fed chief in history. Powell was frequently on the receiving end of public lashings from his then boss - "Clueless," "horrendous lack of vision" and "pathetic!" "Kudos to Powell if he can achieve a soft landing. Greenspan, dubbed 'the Maestro' by his admirers, was Fed chief from 1987 to 2006. Not only that, his 36% rating was the lowest of any Fed chair since the survey series began in 2001.

Persons: Jerome Powell, Powell, Janet Yellen, Donald Trump, Trump, Paul Volcker, Alan Greenspan, Volcker, Greenspan, Joe LaVorgna, Alan Blinder, Goldman Sachs, Jan Hatzius, Hatzius, Joe, Jamie McGeever, Andrea Ricci Organizations: Powell's, Republican, Nikko Securities, Trump White House, Reuters, New York Fed, Gallup, Thomson Locations: ORLANDO, Florida, U.S

☆ Recession worries are likely to carry over into the second half of 2023
▼ + stars: | 2023-07-01 | by ( Jeff Cox | ) www.cnbc.com time to read: +7 min

LaVorgna is in the camp that says it will be difficult if not impossible for the U.S. to avoid at least a modest period of negative growth in the second half. "The only way we won't have a deep recession is if the Fed has the courage to ease very quickly." "The second half will be difficult. And if history is any guide, the strength that has marked the first half of the year likely will carry over into the second half. In years when the index gained more than 10% in the first half, the second half usually sees double the normal second-half return, according to CFRA.

Persons: Joseph LaVorgna, Trump, LaVorgna, That's, Mark Zandi, Zandi, hasn't, CFRA, Sam Stovall, Ian Shepherdson, Shepherdson Organizations: Federal, Nikko Securities America, Fed, Market Committee, Atlanta, Moody's, University of Michigan, Treasury, Pantheon Locations: U.S, nonfarm payrolls, Friday's

☆ Japan stocks are roaring back. This rally may be different from the 1990's 'bubble high'
▼ + stars: | 2023-06-27 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +6 min

The bubble burst after the Bank of Japan tightened monetary policy at the start of 1990, triggering the collapse of equity and land prices. But analysts who spoke to CNBC said Japan is not headed for another crash like the one during the bubble. Furthermore, "current high inflation rates in Japan are due to higher import costs on the back of a weaker yen and high commodity prices. What led to Japan's bubble? Nikkei reported in March that share buybacks by Japanese companies was set to reach their highest level in 16 years.

Persons: Kazuhiro NOGI, KAZUHIRO NOGI, Nogi, Dong Chen, Ryota Abe, Abe, Japan's, Shinzo Abe, Chen, SMBC, Warren Buffet's Organizations: Nikkei, Getty, Afp, Bank of Japan, CNBC, Sumitomo Mitsui Banking Corporation, Tokyo Exchange, Billionaire, Global Locations: Tokyo, AFP, Japan, China

☆ The Fed might cut rates this year if the U.S. gets weak employment data, says SMBC's Joe Lavorgna
▼ + stars: | 2023-06-21 | 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 Fed might cut rates this year if the U.S. gets weak employment data, says SMBC's Joe LavorgnaJoe Lavorgna, SMBC Nikko Securities America, joins 'Fast Money' to discuss the possibility of a recession, recent comments from Fed Chair Jerome Powell and what would need to happen in order for the Fed to cut rates.

Persons: Joe Lavorgna Joe Lavorgna, Jerome Powell Organizations: Nikko Securities America, Fed Locations: U.S

As widely expected, the BOJ maintained its -0.1% short-term interest rate target and a 0% cap on the 10-year bond yield set under its yield curve control (YCC) policy. The yen fell broadly following the decision and hit a fresh 15-year low of 154.70 per euro and was set for the biggest weekly decline against the single currency in three years. Reuters GraphicsFED FACES GRIM DATAThe ECB's monetary policy decision came a day after the U.S. Federal Reserve left interest rates unchanged, snapping a string of 10 consecutive rate hikes. Production at U.S. factories almost stalled in May as manufacturing struggled under the weight of higher interest rates, while U.S. import prices similarly fell last month. Against a basket of currencies , the dollar index edged up 0.03% to 102.17, after slipping to a one-month low on Thursday.

Persons: we're, Kazuo Ueda, Hirofumi Suzuki, Goldman Sachs, Christine Lagarde, Shaun Osborne, Joice Alves, Rae Wee, Philippa Fletcher, Sohini Organizations: LONDON, Bank of Japan, European, Bank's, U.S, ECB, Sterling, Bank of England, Reuters Graphics, U.S . Federal Reserve, Fed, Labor Department, Scotiabank, Thomson Locations: SINGAPORE, United States, Europe, Toronto, London, Singapore

☆ Yen slips after BOJ stands pat, soft data dents dollar
▼ + stars: | 2023-06-16 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

As widely expected, the BOJ maintained its -0.1% short-term interest rate target and a 0% cap on the 10-year bond yield set under its yield curve control (YCC) policy. The U.S. dollar was last roughly 0.1% higher at 140.42 yen . That and a run of soft U.S. economic data saw the dollar fall broadly as traders scaled back their bets on how high U.S. interest rates would need to rise. FED HAWKISHNESS CHALLENGEDThe ECB's monetary policy decision came a day after the U.S. Federal Reserve left interest rates unchanged, snapping a string of 10 consecutive rate hikes. Production at U.S. factories almost stalled in May as manufacturing struggled under the weight of higher interest rates, while U.S. import prices similarly fell last month.

Persons: Kazuo Ueda's, Hirofumi Suzuki, Christine Lagarde, Sterling, Rae Wee, Edwina Gibbs, Kim Coghill Organizations: Bank of Japan, U.S, European Central Bank, ECB, Deutsche Bank, Bank of England, U.S . Federal Reserve, Fed, Labor Department, Thomson Locations: SINGAPORE, Asia, United States

That yen hoard has mostly been held as cash with the aim of ploughing into Japanese bonds when yields eventually turn higher. "We're all waiting for the end of YCC so we can buy JGBs," said a Japanese pension fund manager who requested anonymity as he is not authorized to speak to media. Japanese banks have ploughed money into overseas bonds, but insurance firms and pension funds have kept their powder dry. MARKETS WONT BLINKSuch is the positioning and inertia among long term Japanese investors that analysts expect markets to barely blink even if the BOJ plays for time this week. Lifers and pension funds say they have very little exposure to Japanese government bonds, so a surprise policy change won't hurt them either.

Persons: Androniki, Haruhiko Kuroda, Kazuo Ueda, Bart Wakabayashi, Hirofumi Suzuki, Suzuki, Kevin Buckland, Ankur Banerjee, Vidya Ranganathan Organizations: REUTERS, Bank of, Japan, Nippon Life Insurance, Sumitomo Life Insurance, Insurance, State, Thomson Locations: Japan, Tokyo, TOKYO, SINGAPORE, YCC, Singapore

☆ TenneT lines up 8 bln-euro credit ahead of German operations sale
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, June 14 (Reuters) - Electric grid operator TenneT Holding (IPO-TTH.AS) said on Wednesday it has signed an 8 billion euro ($8.63 billion) credit facility to support its spending plans as it awaits a deal to sell its German operations to the German state. Governments of the two countries have said they hope to agree a deal on the sale of TenneT Germany this summer and close a deal by the end of 2023, though talks have been going slowly. TenneT, which had a debt-heavy balance sheet of 38.5 billion euros at the end of 2022, in March estimated equity needs at its German arm of 15 billion euros and of 10 billion euros at its Dutch arm. TenneT said the 2.5-year facility is provided by BNP Paribas, ABN AMRO, BNG, Commerzbank, Deutsche Bank, ING, Rabobank, Santander, SMBC Nikko, and UniCredit. ($1 = 0.9271 euros)($1 = 0.9268 euros)Reporting by Toby Sterling, Editing by Louise Heavens and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: TenneT, Toby Sterling, Louise Heavens, Sharon Singleton Organizations: TenneT, BNP, ABN AMRO, Deutsche Bank, ING, Rabobank, Santander, Thomson Locations: AMSTERDAM, Dutch, Germany, Netherlands, BNG, Nikko

☆ Japan's Q1 GDP growth seen revised up on strong capex
▼ + stars: | 2023-06-02 | by ( Kantaro Komiya | ) www.reuters.com time to read: +2 min

TOKYO, June 2 (Reuters) - Japan's economy likely grew more than initially estimated in the first three months of this year, thanks to solid investments by manufacturers, a Reuters poll showed. Economists also projected Japan's current account balance stayed in black in April thanks to a smaller services deficit as tourists flocked back to the country. The median estimate for April current account stands at a surplus of 1.6638 trillion yen ($12 billion). The government will release the revised first-quarter GDP figures and the current account balance data at 8:50 a.m. on June 8 (2350 GMT, June 7). Household spending data is due at 8:30 a.m. on June 6 (2330 GMT, June 5).

Persons: Kantaro Komiya, Kim Coghill Organizations: Ministry of Finance, Manufacturers, Nikko Securities, Thomson Locations: TOKYO, Japan

☆ The Fed is making a classic policy mistake, says top economist Joe Lavorgna
▼ + stars: | 2023-06-01 | 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 Fed is making a classic policy mistake, says top economist Joe LavorgnaJoe Lavorgna, former NEC chief economist and SMBC Nikko Securities America chief economist, joins 'Squawk Box' to discuss the Fed's rate hike campaign, whether a hike or pause in rates is more likely this month, and more.

Persons: Joe Lavorgna Joe Lavorgna Organizations: NEC, Nikko Securities America

☆ Watch CNBC's full interview with SMBC Nikko Securities America's Joe Lavorgna
▼ + stars: | 2023-06-01 | 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 EmailWatch CNBC's full interview with SMBC Nikko Securities America's Joe LavorgnaJoe Lavorgna, former NEC chief economist and SMBC Nikko Securities America chief economist, joins 'Squawk Box' to discuss the Fed's rate hike campaign, whether a hike or pause in rates is more likely this month, and more.

Persons: Joe Lavorgna Joe Lavorgna Organizations: SMBC Nikko Securities, NEC, Nikko Securities America

☆ Here's what to watch out for in Friday's jobs report for May
▼ + stars: | 2023-06-01 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Joe Raedle | Getty ImagesWatching the monthly jobs reports this year has been something of a waiting exercise, with economists and market participants looking for a downturn that never seems to arrive. But judging by the way these reports have been going, the risk is probably to the upside in a jobs market that has been nothing if not resilient. "The labor market still looks tight. Defying the FedThe tight labor market and the pressure that has put on wages and inflation has bedeviled the Federal Reserve. A 'fully staffed' jobs market?

Persons: Joe Raedle, Dow Jones, We're, Joseph LaVorgna, LaVorgna, payrolls, we're, Donald Trump, Philip Jefferson Organizations: Labor Department, Nikko Securities America, National Economic Council, Federal Reserve Locations: Miami , Florida

NEW DELHI, May 30 (Reuters) - India's aviation watchdog has put on hold requests from lessors to repossess planes from Go First, as the airline's bankruptcy process imposes a freeze on assets which supersedes such requests, the regulator said in a court filing seen by Reuters. Lessors of Go First have locked horns with Go First and India's Directorate General of Civil Aviation (DGCA) to reclaim its planes for missed payments, filing as many as 40 requests with the watchdog to allow repossession. Go First's lessors include Standard Chartered's Pembroke Aircraft Leasing, SMBC, CDB Aviation's GY Aviation Leasing and BOC Aviation. India has ratified the treaty but the DGCA argued there was no local legislation enforcing it, rendering it ineffective. The DGCA filing said local laws "prevail over provisions of any international treaty that India is a signatory to".

☆ India appeals tribunal upholds Go First bankruptcy in setback for lessors
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, May 22 (Reuters) - An Indian appeals tribunal on Monday upheld insolvency proceedings against cash-strapped airline Go First, making it tougher for its lessors to repossess their aircraft. At least three leasing companies, including GY Aviation Lease and SMBC Aviation Capital, had challenged a tribunal ruling granting Go Airlines (India), widely known as Go First, bankruptcy protection earlier this month. The appeals tribunal said on Monday the National Company Law Tribunal will decide whether lessors who terminated their leases before the bankruptcy proceedings began can repossess their aircraft. Go First Chairman Varun Berry did not immediately respond to a Reuters request for comment. Reporting by Arpan Chaturvedi and Tanvi Mehta Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ India’s airline turbulence will be felt abroad
▼ + stars: | 2023-05-17 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

India’s Go First has gone into bankruptcy – the country’s second airline to do so since 2019. Its subsequent public and messy spat with engine suppliers and lessors will have ripple effects across the industry and abroad. Go, the country’s third largest airline with a 7% market share, blames Raytheon Technologies-backed (RTX.N) Pratt & Whitney’s “faulty” engines. A global industry association, Aviation Working Group, has put India on a watchlist for violating global conventions on repossession of airplanes. The trouble at Go may not put them off but it promises some extra turbulence ahead.

In granting bankruptcy protection, the National Company Law Tribunal in New Delhi ordered a moratorium on Go First's assets and leases. But bankruptcy protection supersede lessors' repossession requests. Go First's lessors also include SMBC Aviation Capital and CDB Aviation's GY Aviation Leasing. Its voluntary seeking of bankruptcy protection to renegotiate contracts and debt marks a first for an Indian airline, and Chief Executive Officer Kaushik Khona, who was present as the order was read, hailed the tribunal's decision as "historic". The Indian tribunal said the new resolution professional will take "all necessary steps including the execution of the arbitral award".

This is the first time an Indian airline has voluntarily sought bankruptcy protection to renegotiate contracts and debt. But if bankruptcy protection is granted, those laws supersede lessors' repossession requests. Go First's lessors include major global names such as Jackson Square Aviation, SMBC Aviation Capital and CDB Aviation's GY Aviation Leasing. Two advisers to some lessors said there were major concerns that the granting of bankruptcy protection for Go First could force the lessors to embark on lengthy litigation to repossess planes. The person added that the development could lead to higher lease rates for Indian airlines in the future.

[1/2] The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. The fourth-quarter earnings come after the Vision Fund unit posted four consecutive quarters of investment loss, with investors debating whether the value of privately held stakes have further to fall. Portfolio firms of the Vision Fund unit whose shares climbed during January-March include e-commerce firm Coupang Inc (CPNG.N) and robotics firm AutoStore Holdings Ltd (AUTO.OL). What matters is Arm for SoftBank to demonstrate it can get results as an investment company," said SMBC Nikko Securities analyst Satoru Kikuchi. Still, SoftBank executives are unlikely to offer meaningful new information about the Arm listing on Thursday, Kikuchi said.

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