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[1/2] The landfall facilities of the 'Nord Stream 1' gas pipeline are pictured in Lubmin, Germany, March 8, 2022. Russia has a 51% stake in Nord Stream 1 through a subsidiary of state-owned energy group Gazprom (GAZP.MM). While the import of Russian crude oil and oil products is banned under European Union (EU) sanctions, Russian gas imports are allowed. In September 2022, several unexplained underwater explosions ruptured the Nord Stream 1 and newly-built Nord Stream 2 pipelines, each more than 1,200-km-long, that link Russia and Germany across the Baltic Sea. Gazprom and Swiss-based Nord Stream AG did not immediately respond to requests for comment.

☆ Investor Michael Farr: Why Wall Street should not be hoping for rate cuts
▼ + stars: | 2023-04-03 | by ( Michael K. Farr | ) www.cnbc.com time to read: +4 min

Wall Street is desperate for the Federal Reserve to stop raising rates and begin easing, and Wall Street couldn't be more wrong. I liken this error to delivering cardiac drugs to the patient suffering from a dangerously high heart rate. I've been privileged to know many members of the Federal Reserve over the years. The Federal Reserve's Open Market Committee will not cut rates because they want to help the S&P 500 climb to new highs. Some on Wall Street are calling for three rate cuts before year-end.

☆ Up to 30% of jobs to be cut by enlarged UBS, Tages-Anzeiger reports
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +1 min

[1/4] The logo of Swiss bank UBS is seen in Zurich, Switzerland, March 20, 2023. REUTERS/Denis Balibouse/File PhotoGENEVA, April 2 (Reuters) - The bank created by the UBS (UBSG.S) takeover of Credit Suisse (CSGN.S) is poised to reduce its workforce by 20-30%, Swiss daily Tages-Anzeiger reported on Sunday, citing an unnamed senior UBS manager. The report said the bank could cut about 11,000 jobs in Switzerland. Jobs in its U.S. investment banking arm will also be affected, the report said, with UBS set for talks to terminate a deal that would have given Wall Street dealmaker Michael Klein control of much of Credit Suisse's investment bank. Reporting by Gabrielle Tetrault-Farber Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ The Best Places to Buy a House on a Budget
▼ + stars: | 2023-03-30 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

First-time home buyers around the country are struggling to amass a down payment in this high-inflation economy. For those who work remotely or are open to relocating, a recent study by Rocket Homes can help find a new locale. To arrive at the 10 best metros for these buyers, researchers compared home prices, mortgage payments, income and sales taxes, unemployment and crime rates, the health of residents and climate hazards. Thirty-year fixed-rate mortgages and 20 percent down payments with an interest rate of 6.5 percent were factored into the calculations. Pittsburgh came in seventh, thanks in large part to the health of its residents.

☆ Golden gains? Bullish options bets
▼ + stars: | 2023-03-30 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGolden gains? Bullish options betsCNBC's Michael Khouw breaks down the options bets getting places around the GLD Gold ETF.

☆ VIEW Sergio Ermotti makes surprise comeback to lead UBS into new era
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

STORIES: read moreANDREAS VENDITTI, HEAD OF BANKS RESEARCH, BANK VONTOBEL"We welcome the appointment of Sergio Ermotti and believe that he is right person for the challenging task, given his experience of successfully transforming UBS after the Global Financial Crisis." In addition, UBS is already facing significant political pressure due to its large size and importance for the country. MICHAEL KLIEN, ANALYST, ZUERCHER KANTONALBANK"With this change of leadership, the bank is sending a clear signal that its focus is on the successful integration of Credit Suisse. With Ermotti, UBS is bringing on board a proven expert on the bank and an effective enforcer for the successful merger of the two banks. JERRY DEL MISSIER, CHIEF INVESTMENT OFFICER AT COPPER STREET CAPITAL AND FORMER CHIEF OPERATING OFFICER AT BARCLAYS"They needed to strengthen management.

☆ Fintech has a fraud problem, and the onus is on you to figure it out
▼ + stars: | 2023-03-29 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Fintech's fraud misfortune. Which brings us to a story by Insider's Bianca Chan and Paige Hagy about concerns over the prevalence of fraud within consumer-facing fintechs in recent years. Click here to read more about fintech's fraud problem. We've also got the deck StellarFi, a fintech that helps users improve their credit score, used to raise $15 million. For more than 50 different decks used by fintechs to raise fresh funds, check out our library.

☆ Sergio Ermotti makes surprise comeback to lead UBS into new era
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

STORIES: read moreASHLEY PITTARD, HEAD OF GLOBAL EQUITIES, PENDAL, SYDNEY: (A SHAREHOLDER)"Without a doubt, he is the right person for the job. "Sergio was in the trenches during and post the global financial crisis when UBS was in a lot of trouble. VICTORIA SCHOLAR, HEAD OF INVESTMENT, INTERACTIVE INVESTOR, LONDON"Having steered UBS through the aftermath of the 2008 GFC and a rogue-trading scandal, Ermotti is a dab hand at crisis management. He also helped UBS to navigate through the onset of the pandemic and the corresponding market volatility during most of 2020. With Ermotti, UBS is bringing on board a proven expert on the bank and an effective enforcer for the successful merger of the two banks.

☆ Going to war? Good news! The United States is 13 years behind in ammunition production.
▼ + stars: | 2023-03-26 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +5 min

Since production capacity changed after the Cold War, the US can no longer keep up with wartime demands. In fulfilling those promises, The New York Times reported the US has sent Ukraine so many stockpiled Stinger missiles that it would take 13 years of production at recent capacity levels to replace them. US officials in January proposed a production increase up to 90,000 rounds of 155mm ammunition each month to keep up with demand. The United States has rarely seen production shortages in ammunition and missiles to the degree the country currently faces. While improvements to production facilities have been budgeted for going forward, the US is currently pushing suppliers to capacity to meet current wartime demands in Ukraine and keep pace with China's production.

☆ A key air defense system wasn't working right when a drone killed an American in Syria, pushing the US to retaliate with force
▼ + stars: | 2023-03-24 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

The main air defense system at a coalition airbase was "not fully operational" when the attack unfolded, The New York Times reported on Friday. One US official told the Times that the Avenger defense system could have been suffering from a maintenance problem. The drone, which the US intelligence community suspects is of Iranian origin, killed a US contractor and wounded five American service members and an additional contractor. The three injured service members and the contractor were transported to a coalition medical facility in Iraq, while the other two injured service members were treated on site. Austin said his thoughts are with the family and colleagues of the contractor who was killed and also with the wounded service members.

☆ Medical debt can be 'a bit of a surprise,' expert says — and 21% who have it owe $5,000 or more
▼ + stars: | 2023-03-22 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +3 min

Antonio_diaz | Istock | Getty ImagesThe largest bills are mostly owed to hospitalsThe Urban Institute study found that 73% of adults with medical debt owe hospitals at least some of it. Almost two-thirds, or 63%, of adults with past-due medical debt incurred it when they had insurance, the research found. An estimated 100 million adults have medical debtOverall, an estimated 41% of people — or about 100 million adults — face medical debt, ranging from under $500 to $10,000 or more, according to a report from the Kaiser Family Foundation. watch nowNo Surprises Act is reducing unexpected billsOne of the biggest causes of unexpected large medical bills historically was out-of-network providers being involved in your care — often at a hospital — without you realizing it. Some medical debt is dropping off credit reports

☆ Republicans' plans to cut the budget could mean millions lost in back pay, more dangerous workplaces, and jobs sent overseas, the White House says
▼ + stars: | 2023-03-22 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The White House is once again attacking the Freedom Caucus for its plan to cut spending. Per a fact sheet, the White House said the Caucus' plan would result in lost wages and harmful working conditions. Through cutting back on investigations and inspections, the White House estimates that the House Freedom Caucus' plans would cost 135,000 workers an average of $1,000 in back pay. Reversing spending in the Inflation Reduction Act – the cutting of which is one of the House Freedom Caucus' core tenets — would move millions of jobs for those projects overseas, the White House said. —House Freedom Caucus (@freedomcaucus) March 10, 2023Last week, the Freedom Caucus unveiled their broad plan to address the debt ceiling through major spending cuts.

☆ Ukraine is betting big on a bloody battle for a ruined town, but the gamble could break its ability to drive Russia back
▼ + stars: | 2023-03-21 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +8 min

The bloody battle of Bakhmut continues to wage as Russia and Ukraine both face mounting losses. Ukrainian losses in Bakhmut could hinder a more strategically critical counteroffensive in the future. Yet, despite the resources committed to the battle from both sides, Bakhmut remains a minimally-important city, strategically speaking. "The best estimates we have are that the Russian military and Wagner Group are a spent force," D'Anieri said. A tank carrying Ukrainian soldiers who have returned from the frontline passes along a street in Chasiv Yar, Ukraine.

☆ 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.

☆ Ukrainians are riding tanks captured from an elite Russian unit into battle in Bakhmut, but their new gear may not last long
▼ + stars: | 2023-03-21 | by ( Michael Peck | ) www.businessinsider.com time to read: +6 min

That includes T-80 tanks captured the 1st Guards Tank Army, an elite Russian armored unit. But Russian tanks are designed for Russian forces, and Ukraine might get limited use out of them. No wonder Western observers have been thrilled by reports of Ukraine capturing hundreds of Russian tanks and turning them against the invaders. "You can see an entire unit composed of nothing but captured Russian tanks." Interestingly, Kofman believes Ukraine doesn't need tanks as much as it needs armored vehicles to carry infantry into battle.

☆ Credit Suisse's investment bankers are so concerned about cuts, employees are being told to look for new jobs. 'They encouraged it.'
▼ + stars: | 2023-03-20 | by ( Carter Johnson | Casey Sullivan | Dakin Campbell | ) www.businessinsider.com time to read: +12 min

The fate of Credit Suisse's investment bank hangs in the balance after being sold to UBS. The investment bank's planned spinoff has been put on hold and bankers are bracing for job cuts. People said they expect Credit Suisse's planned spinoff of its investment banking operations, announced last year, to be scuttled. Over at 11 Madison Ave., where Credit Suisse's NY operations are headquartered, emotions were running hot on Monday. Now, the proposed CS First Boston deal hangs in the balance, with both industry experts and Credit Suisse employees uncertain whether it will go through.

☆ Russia's new offensive in Ukraine has likely fizzled out after only a month, Western intel says
▼ + stars: | 2023-03-17 | by ( John Haltiwanger | ) www.businessinsider.com time to read: +4 min

UK intelligence suggests Russia's new offensive is on its last legs, just a month after it began. Russian forces have depleted their "combat power," the assessment said. "Even local offensive actions are not currently sustainable," it added. The British Defense Ministry said this is likely because Russian forces have depleted their "combat power" to such a degree that "even local offensive actions are not currently sustainable." There's been an evolving debate between Kyiv and its Western partners over Ukraine's insistence on continuing to defend Bakhmut, which analysts have suggested could fall to Russian forces in the coming days.

☆ A top US general warns ISIS will be able to strike Western interests from Afghanistan within 6 months
▼ + stars: | 2023-03-16 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

ISIS could strike Western interests from Afghanistan within months, a top US general says. Gen. Michael Kurilla warned the terror group's Afghanistan affiliate could stage attacks abroad. Its "ultimate goal" is to strike the US homeland, Kurilla told lawmakers, which would be difficult. The terror group continued to carry out attacks across Afghanistan in 2022 — targeting everything from schools to mosques, and killing scores of people. In the latter two countries, US and partner forces have carried out nearly 100 operations against the terror group since the start of 2023, according to CENTCOM fact sheets.

☆ All the ingredients are there for a hard landing, according to Piper Sandler's Michael Kantrowitz
▼ + stars: | 2023-03-15 | 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 EmailAll the ingredients are there for a hard landing, according to Piper Sandler's Michael KantrowitzPiper Sandler Chief Strategist Michael Kantrowitz joins 'Power Lunch' to discuss the bank sell-off, commercial banks tightening lending standards and the Fed's rate plan.

☆ Explainer: Bakhmut: Why Russia and Ukraine are battling so hard for one small city
▼ + stars: | 2023-03-14 | by ( Andrew Osborn | ) www.reuters.com time to read: +8 min

Yet Russia and Ukraine are still battling for the small city of Bakhmut. After nearly eight months of trench warfare Ukrainian forces are surrounded on three sides, Kyiv's supply lines are fraying, and Moscow is in control of just under half of Bakhmut. Volodymr Zelenskiy, Ukraine's president, has portrayed "Fortress Bakhmut" as a symbol of defiance which is bleeding the Russian military dry. It also claims to be decimating Ukrainian forces. A regional transport and logistics hub, Bakhmut would be useful for Russian forces although that depends on how much of its infrastructure is intact.

☆ 38-year-old mom launched a frozen yogurt startup from her kitchen—now she's a 'Shark Tank' CEO with a $1.5 million company
▼ + stars: | 2023-03-13 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

The whipped, frozen Greek yogurt delicacy she put together became Sweetkiwi, a Dallas-based food startup founded in 2011. And on Friday's episode of ABC's "Shark Tank," Eigbe and her business partner — her husband, Michael Kindele — landed a $250,000 investment deal with Robert Herjavec valuing the company at more than $1.5 million. She initially offered the Sharks 5% of her company for that $250,000 investment, noting that the money would go toward brand-building and marketing. The duo expressed confidence despite their industry's heavy competition, noting that Sweetkiwi pints have less sugar than most other frozen yogurts. Herjavec's final offer was $250,000 for a 16% stake in the company — which Sweetkiwi accepted.

☆ Premarket stocks: From Wile E. Coyote to edibles: Recession forecasts are getting weird
▼ + stars: | 2023-03-13 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +12 min

And for the US economy, it could likely mean a “Wile E. Coyote moment,” Summers said — if we run off the cliff, gravity will eventually win out. AntibioticsWhen describing the state of the economy, Summers doesn’t just rely on Looney Tunes. “Will working people be better off if we just walk away from our jobs and inflation remains 5% or 6%?” Powell replied. Before the Bell: Is it necessary to increase the unemployment rate to successfully fight inflation? In a related action, the government shut down Signature Bank, a regional bank that was teetering on the brink of collapse in recent days.

☆ Stocks week ahead: US banks sitting on unrealized losses of $620 billion
▼ + stars: | 2023-03-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

US banks were sitting on $620 billion in unrealized losses (assets that have decreased in price but haven’t been sold yet) at the end of 2022, according to the FDIC. What’s happening: Back when interest rates were near zero, US banks scooped up lots of Treasuries and bonds. The result is that most banks have some amount of unrealized losses on their books. “Unrealized losses weaken a bank’s future ability to meet unexpected liquidity needs,” he added. Before the Bell: Do we need unemployment to rise in order to ease inflation rates?

"Credit Suisse remains committed to our investment banking & capital markets clients throughout the APAC (Asia Pacific) region," the company told Reuters in response to a query. Credit Suisse's restructuring plan includes creating a separate unit for its investment bank under the CS First Boston brand. Reuters was not immediately able to ascertain whether the few remaining staff at Credit Suisse's Japanese investment banking division would be shifted to the new unit. Credit Suisse also runs wealth management, equity research, securities trading and asset management businesses in Japan. Some of the major deals that Credit Suisse advised on in Japan included Hitachi Ltd's (6501.T) $9.6 billion acquisition of U.S. software company GlobalLogic Inc.

[1/2] Traders work on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., November 11, 2022. Stock sales reached $4.97 billion in the United States last week, the highest tally since the second week in 2022, according to data provider Dealogic. Globally, stock sales reached $12.3 billion, the most in more than 30 weeks. "Equity markets have regained some momentum and volatility has decreased, driving animal spirits on the buy side," said Santiago Gilfond, co-head of Americas equity capital markets at Credit Suisse Group AG (CSGN.S). A busy week for initial public offerings in early February offered some hope to stock market hopefuls, but advisors remain cautious as stocks sold off in recent weeks.

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