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WASHINGTON, March 30 (Reuters) - Efforts to build a floor under U.S.-China relations have yet to be successful and coming months will determine if it is possible to reestablish constructive diplomacy with Beijing, a top White House official said on Thursday, stressing the need for "Cold War"-era hotlines and other crisis mechanisms. Campbell said the U.S. was in the early stages of a new phase of competitive relations with China. Campbell said the United States was stepping up its focus on the Indo-Pacific in spite of the war in Ukraine and this would been seen in its budgets, engagements, aid and assistance. He pointed to India, which is due to take part in another summit of the so-called Quad countries in Australia expected in May, and said he believed its relationship with the United States was the most important of the 21st century. Reporting by David Brunnstrom and Michael Martina; Editing by Leslie Adler and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ 2 Army Blackhawk helicopters crash during training in Kentucky
▼ + stars: | 2023-03-30 | by ( Phil Helsel | ) www.cnbc.com time to read: +1 min

Two U.S. Army Blackhawk helicopters crashed during a training incident in Kentucky on Wednesday night, officials said. The command is currently focused on caring for the servicemembers and their families," the Army base Fort Campbell said in a statement early Thursday. They were involved in a training incident when they crashed around 10 p.m. in Trigg County, which is to the west of Fort Campbell, according to base officials. "We've got some tough news out of Fort Campbell, with early reports of a helicopter crash and fatalities are expected," Beshear tweeted. Nicknamed the "Screaming Eagles," the 101st Airborne Division is the only air assault division of the U.S. Army.

☆ New Zealand defence minister says military needs more resources amid growing challenges
▼ + stars: | 2023-03-30 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

WELLINGTON, March 30 (Reuters) - New Zealand's military will require big investment as it faces new challenges and greater expectations from regional allies, the country’s new defence minister, Andrew Little, said Thursday. The United States is "certainly keen to have New Zealand engaged but it’s not a decision I get to take alone,” he said. Little said that whatever New Zealand decided in terms of engaging with AUKUS, it was important that the defence force was equipped to work with its Australian counterparts. New Zealand, which spends roughly 1.5% its of GDP on its military, is undertaking a defence policy review as the country grapples with regional geopolitics and climate change. The Defence Force has been struggling with record attrition in part because of low pay, which has forced the navy to idle three of its ships and to retire its P-3 Orion fleet early.

☆ Goldman Sachs isn't getting a new private jet, but are there better places to cut costs on Wall Street?
▼ + stars: | 2023-03-28 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

If there is a senior Goldman Sachs' executive in your life, please keep them in your thoughts and prayers. Insider's Dakin Campbell has the scoop on Goldman nixing plans to buy a third corporate aircraft under CEO David Solomon. So as the bank has looked to cut costs this year more broadly, the private jets, naturally, were a topic of discussion. I will say, I think corporate jets have been unfairly labeled as the poster child for excessive spending at the corporate level. Now, regional banks are looking to serve the firms looking for a new banking home, per The Wall Street Journal.

☆ Goldman Sachs scraps plan to buy a third corporate jet amid scrutiny of CEO's plane use and cost-cutting
▼ + stars: | 2023-03-27 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +5 min

Goldman Sachs had an option to buy a third Gulfstream when it bought two in 2019. Goldman Sachs has decided to scrap a plan to buy a third corporate jet for the company's use, a move that follows scrutiny of the CEO's plane use and a companywide plan to review expenses. The decision means that the company won't exercise an option it received in 2019, when it purchased two other Gulfstream jets: a G280 and a G650ER. Goldman also received an option to purchase a third jet, according to people briefed on the arrangement. Both of Goldman's planes feature simple paint jobs of thin blue and gray stripes running from nose to tail.

☆ Spring training roundup: Astros pound Cardinals 24-1
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +8 min

Astros starter Jose Urquidy scattered four hits over four innings, allowing the lone run on a multiple-error play in the second that scored Oscar Mercado. Cardinals starter Jack Flaherty yielded six earned runs on four hits and three walks over 3 2/3 innings. Wil Myers hit an RBI double and Michael Siani added an RBI single for the Reds. Elehuris Montero hit his fifth homer of the spring, a two-run shot, and Brenton Doyle went 2-for-3 with an RBI triple for the Rockies. Padres starter Michael Wacha went five innings and yielded eight hits, two walks and four runs.

WASHINGTON/NEW YORK, March 25 (Reuters) - The banking crisis set off by the swift collapse of Silicon Valley Bank (SIVB.O) has exposed a sharp disconnect between Washington and Wall Street. Some critics are asking whether the Biden administration could have contained the crisis with aggressive actions at the start. FINDING A BUYER FOR SVBThe failure of the nation's 16th largest bank caught regulators off guard. The banking industry itself is not united on how to reassure depositors. The banking industry is searching for sweeping relief to calm markets, while Washington is discussing how to prevent the next crisis.

Both Goldman and Fitch did not specify which small lenders were most vulnerable. The total exposure of the U.S. banking system to CRE loans was $2.5 trillion at the end of December, Fitch said. HEADWINDSThe CRE market faces headwinds that could hobble small banks. Rising interest rates have also depressed demand for CRE loans, while weighing on real estate investment trusts (REITs). Goldman's Viswanathan cited several indicators that reflected a weakening market for office real estate: declining occupancy rates, falling appraisal values and rising defaults.

☆ India's travel industry may not overtake China soon but there are still 'massive' opportunities
▼ + stars: | 2023-03-24 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +5 min

Nurphoto | Nurphoto | Getty ImagesIndia's airline industry may be on a strong growth trajectory — but don't expect India's outbound travel to overtake China's soon, aviation analysts say. "The gap between China and India is huge," Lalitya Dhavala, valuations consultant at travel analytics firm Cirium told CNBC. India's robust growth trajectoryThe analysts agree there's potential for growth in India's domestic and international travel market. In comparison to China, India has a larger share of young adults, with 40% of its population under 25 years old, Dhavala said. Late last year, Indian conglomerate Tata Group announced that Vistara will merge with national carrier Air India by March 2024.

☆ Here's an exclusive look at the 12-slide pitch deck generative AI startup Sutro used to score $2.2 million in funding
▼ + stars: | 2023-03-23 | by ( Stephanie Palazzolo | ) www.businessinsider.com time to read: +3 min

Sutro helps non-technical users build apps, including their websites, mobile versions, and backends. Here's an exclusive look at the pitch deck it used to raise $2.2 million in seed funding from Eniac. Sutro also offers low-code tools that help its non-technical users inspect code for issues. Sutro is currently in beta and is accessible through a waitlist, mainly serving non-technical startup founders and small businesses so far. Here's an exclusive look at the 12-slide pitch deck Sutro used to raise $2.2 million in seed funding from Eniac Ventures and angel investors:

☆ Adidas event shut down by protestors as factory wages become hot-button issue for the sneaker and garment industry
▼ + stars: | 2023-03-23 | by ( Matthew Kish | ) www.businessinsider.com time to read: +5 min

Protestors on Thursday disrupted an event featuring Rupert Campbell, Adidas' top US executiveThe protestors allege Adidas has not paid Asian contract factory workers and demanded payment. A speaker rose roughly 40 minutes into the one-hour event and demanded Adidas pay wages he alleged are owed to contract factory workers in countries including Cambodia and Indonesia. The $11.7 million allegedly owed to Adidas workers comes from a report produced by trade unions and other industry groups. Before protestors disrupted the event, Adidas North American President Rupert spoke about his childhood and his career path. Ballinger noted several recent instances of factory workers getting restitution for unpaid wages, including at a Nike contract factory in Cambodia.

☆ China firm wins Solomon Islands port project as Australia watches on
▼ + stars: | 2023-03-22 | by ( Kirsty Needham | ) www.reuters.com time to read: +4 min

The Solomon Islands and China have consistently denied that their security pact would allow a naval base. The Solomon Islands Infrastructure Development Ministry has said that there will be no expansion of the port for dual use," a spokesperson for Australia's Department of Foreign Affairs and Trade said on Wednesday evening. Delegations from China and the United States are visiting Honiara this week, competing for influence in the strategically-located Pacific islands nation. "This will see the rehabilitation of the old Honiara international port and construction of the Honiara domestic port and two provincial ports," the Solomon Islands government said in a statement. "It is not about bases it is about access," Connolly, a former military officer, said, referring to the security pact between Honiara and Beijing.

☆ China firm wins tender to redevelop Solomon Islands port
▼ + stars: | 2023-03-22 | by ( Kirsty Needham | ) www.reuters.com time to read: +3 min

"This will be upgrading the old international port in Honiara and two domestic wharves in the provinces," Qaqara said. The Solomon Islands and China have denied the security pact would allow a naval base, however. Delegations from China and the United States are visiting Honiara this week, competing for influence in the strategically-located Pacific islands nation. "This will see the rehabilitation of the old Honiara international port and construction of the Honiara domestic port and two provincial ports," the government said in a statement. Writing in the Australian Foreign Affairs this month, Connolly noted that ADB infrastructure contracts in the Pacific islands had been dominated by Chinese state companies who offered the lowest bids.

☆ Swiss banking, known for its secrecy, gets put in the spotlight
▼ + stars: | 2023-03-21 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Credit Suisse stock plummeted on Wednesday during the bank's largest one-day selloff to date. UBS begrudgingly agreeing to acquire rival Credit Suisse has put Swiss banking on center stage. Credit Suisse has stumbled through its fair share of crises in recent years. The sale of Credit Suisse for $3.2 billion begs the question: What the hell are neobanks worth? If a long-established, albeit beleaguered, investment bank was sold at such a discount, then what could a digital-only consumer bank really go for?

☆ China's Xi appeared more relaxed than Putin in first Moscow meeting, experts say
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +2 min

[1/2] Russian President Vladimir Putin and Chinese President Xi Jinping attend a welcome ceremony before Russia - China talks in narrow format at the Kremlin in Moscow, Russia March 21, 2023. Sputnik/Pavel Byrkin/Kremlin via REUTERSMarch 21 (Reuters) - Body language experts say Chinese President Xi Jinping came across as more relaxed and commanding than his Russian counterpart Vladimir Putin at Monday's televised first meeting of Xi's state visit to Moscow. "If you juxtapose it with Xi, Xi is the composed statesman," she said. Putin, 70, is in fact a few months older than Xi, and has been in power more than twice as long. Leong said Xi had offered a sign that he too had been feeling some pressure, blinking unusually frequently during the sit-down.

☆ 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.

☆ India's on its way to becoming a key pillar in global aviation, says Air India CEO
▼ + stars: | 2023-03-20 | 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 EmailIndia's on its way to becoming a key pillar in global aviation, says Air India CEOCampbell Wilson, the airline's chief executive officer, says "the next decade is India's story" as much as any other player in the aviation industry.

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Some companies have expressed concern that a ruling against Jack Daniel's would weaken their control over their brands and reputations. The toy mimics Lynchburg, Tennessee-based Jack Daniel's famous whiskey bottles with humorous dog-themed alterations - replacing "Old No. "Jack Daniel's loves dogs and appreciates a good joke as much as anyone," the company told the justices in a brief. "But Jack Daniel's likes its customers even more, and doesn't want them confused or associating its fine whiskey with dog poop." VIP Products has said a ruling favoring Jack Daniel's would make it easier for trademark owners to stifle free speech.

☆ Supreme Court to hear trademark dispute case over Jack Daniel's whiskey and poop-themed dog toy
▼ + stars: | 2023-03-19 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +3 min

The Supreme Court is set to hear arguments in a case over a dog toy modeled after a Jack Daniel's bottle. Lower courts have differed on whether the toy harms Jack Daniel's brand or is protected expression. "But VIP's profit-motivated 'joke' confuses consumers by taking advantage of Jack Daniel's hard-earned goodwill." "The Bad Spaniels dog toy, although surely not the equivalent of the Mona Lisa, is an expressive work," Judge Andrew Hurwitz wrote in the ruling. Jack Daniel's did not immediately respond to Insider's request for comment.

☆ Beware of these S&P 500 stocks expected to struggle
▼ + stars: | 2023-03-19 | by ( Fred Imbert | ) www.cnbc.com time to read: +3 min

Investors may want to consider dumping some stocks expected to underperform going forward, especially as market volatility remains elevated. Bleach maker Clorox made the list with an average analyst rating of underweight. The transportation stock has an average rating of hold, and 25% of analysts covering it rate it as sell. The average analyst price target on C.H. Other stocks that made our list are Pinnacle West Capital , Expeditors International of Washington , Consolidated Edison and T. Rowe Price .

"Not only are these big banks not sitting around and waiting for the phone to ring, they are also being proactive." Amid the nation's most troubling turmoil in banking since the global financial crisis nearly 15 years ago, the big banks are flexing their collective muscle. The 2008 financial crisis humbled the banking behemoths; the 2023 crisis of regional banks has now only cemented their power. For an increasingly stretched financial system, the big banks provide a needed stability. The flight to safety that is benefiting the big banks will have a cost, however.

☆ Silicon Valley Bank's CEO and CFO were ousted but other bank executives still have their jobs — and they're wooing new customers, acting CEO told clients.
▼ + stars: | 2023-03-17 | by ( Kali Hays | Darius Rafieyan | Dakin Campbell | ) www.businessinsider.com time to read: +5 min

Clients were told that the CEO and CFO are out of SVB, while other managers remain. His message to them: Silicon Valley Bank was fully operational, protected by unlimited FDIC insurance even for new deposits, and all business was functioning normally, as if the bank run on Friday never happened. In this case, Silicon Valley Bridge Bank is a full-service bank." Retaining management is, perhaps, a good outcome for the moment for SVB employees who have been cast in a pall of uncertainty since last week. SVB employees now seem to fall into three groups, according to the recruiter, who has spoken with SVB employees in recent days.

☆ Goldman Sachs just told us the banking crisis makes it more pessimistic about the economy - and other recession signals are blaring too
▼ + stars: | 2023-03-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

The bank crisis that started with Silicon Valley Bank last Friday continues to unfold with what feels like to-the-minute developments. First Republic Bank branch on Park Avenue in New York City. In light of the bank runs, bank failures, and bank stock volatility, those odds are now at 35%, strategists said Thursday, citing "increased near-term uncertainty" surrounding the effects of small bank stress. Silicon Valley Bank and Signature Bank marked the second and third largest bank failures in history, respectively, behind only Washington Mutual in 2008. She explained why you should be prepared for more interest-rate volatility as fears of a financial crisis rise.

☆ Big banks to the rescue
▼ + stars: | 2023-03-17 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Goldman Sachs' decision to charge employees for coffee might not be that outrageous after all! The largest US banks — headlined by Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo — just pledged a total of $30 billion in deposits to First Republic Bank. As detailed in a release announcing the news, the 11 banks, which also included Goldman Sachs and Morgan Stanley, believe the move "demonstrates their overall commitment to helping banks serve their customers and communities. I can't imagine the big banks looking to pull the rug out from First Republic four months from now, but this money was a deposit, not a donation. Read more about how big banks came to the rescue of First Republic with $30 billion in deposits.

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