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☆ Russia has continued to use Western insurance services to ship its oil despite sanctions
▼ + stars: | 2023-03-30 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Russia is still using western shipping and insurance services for around half of its oil trade, Bloomberg reported. That's despite recent sanctions, which prevent Russia from using western services unless crude is sold below $60 a barrel. Tankers that are not insured with western services could be insured by Russia itself, or unknown insurance firms, Bloomberg added. Russian energy execs have also warned of a more difficult year as sanctions continue to bite, particularly as the European Union mulls lowering the Russian oil price cap threshold. Russia will need to focus on developing its own shipping insurance providers or finding an alternative to western insurance, Russia's deputy prime minister Alexander Novak said on Tuesday.

☆ Analysis: Rate rises pile pain on SME firms in U.S. and Europe
▼ + stars: | 2023-03-30 | by ( Chiara Elisei | ) www.reuters.com time to read: +6 min

Summary SME vulnerability to rate hikes gone under radarUS, European credit conditions tighteningUK SMEs especially vulnerable -analystsLONDON, March 30 (Reuters) - U.S. and European small and medium-sized (SME) firms may be next to feel the pain of rapid interest rate rises, with analysts and investors warily watching for the impact of tighter credit conditions exacerbated by recent banking turmoil. In the U.S. the average rate that small businesses pay on bank loans rose from around 5% to 7.6% in 2022, and is likely to hit about 9.5% by mid-year, Jefferies analysts estimate. British SMEs, hurt by weak growth, double digit inflation and rising Bank of England rates, are seen as particularly vulnerable. "The Government needs to demonstrate that it is on the side of small businesses who are feeling stressed and under huge margin pressure," McTague added. HARD TIMESMeanwhile the rate of small business loan approval at big U.S. banks meanwhile fell in February for nine straight months and business loan approvals at small banks has also fallen, said online financing platform for small businesses Biz2Credit.

Dividend stocks may be the way to go for investors as a recession becomes more likely, according to UBS. Dividend stocks on average outperformed the market by 4.5% during the 2001, 2008 and 2020 recessions, the bank said. "Dividend stocks can provide a margin of safety during uncertain times." Given this backdrop, UBS highlighted a slew of dividend stocks with big upsides, based on the bank's price targets. Analysts also forecast three-year dividend growth that's at least in the mid-single digits, in addition to sustainable payout ratios.

☆ Most Gulf markets rise in early trade; Fed meeting in focus
▼ + stars: | 2023-03-22 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

March 22(Reuters) - Most Stock markets in the Gulf rose in early trade on Wednesday, mirroring gains in global peers ahead of the U.S. Federal Reserve's interest rate decision, as worries on a banking crisis eased. The Qatari Stock index (.QSI) rose 0.7%, with gains in most sectors, led by finance and industry. The region's largest bank Qatar National Bank and Qatar International Islamic Bank gained 0.6% and 1.5% respectively, while conglomerate Industries Qatar climbed 2.9%. In Abu Dhabi, the benchmark stock index (.FTFADGI) was up 0.2%, aided by a 1.7% gain in Alpha Dhabi Holding and 0.9% rise in First Abu Dhabi Bank, the largest lender in the United Arab Emirates. Dubai's benchmark stock index (.DFMGI) fell 0.3% in early trade, weighed down by losses in finance and communication sectors, with Emaar Properties dropping 0.5% and Dubai Commercial Bank losing 2.1%.

☆ Meet some of the 'hot rodders' making classic gas-powered cars run on electric motors and batteries — see their coolest conversions
▼ + stars: | 2023-03-19 | by ( Alexa St. John | ) www.businessinsider.com time to read: +7 min

"We're seeing that more and more, as the next generation of hot rodders come up, that they do want to do an EV conversion. 1974 BMW 2002 5-Speed electric conversion Bring a TrailerThe proof? Gadget, who was featured in the "Revenge of the Electric Car" documentary, starts by taking batteries out of crashed Teslas. "You'll see electric cars actually beat gasoline cars with the same horsepower out of the gate, but when they're absolutely quiet, you'll lose some people," Drewry said. 1966 VW Bus 21 Window with a Netgain Hyper 9 motor and EV West’s bolt-in “6 pack” Tesla battery EV WestFor Bream, it's actually about prolonging legacy.

Markets have ramped up bets on further rate increases after the ECB has already tightened monetary policy by 3 percentage points since July. ECB President Christine Lagarde reckons a 50 basis points (bps) rate hike "is very, very likely". "The ECB is prioritising getting policy rates as high as needed and nothing else is as important," Pictet Wealth Management's head of macroeconomic research Frederik Ducrozet, said. Signs of economic resilience suggest ECB growth forecasts, also out on Thursday, could be revised upwards for 2023. Falling energy prices and a stronger euro, up around 6% in trade-weighted terms from August lows, suggest headline inflation forecasts could be revised lower.

☆ Meet the typical Tesla owner: A white man with a household income over $130,000
▼ + stars: | 2023-03-12 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Tesla drivers are typically white men, a study that analyzed Model S, 3, and X owners found. The typical Tesla owner has a household income over $130,000 per year, per the study. The average Tesla owner is an upper middle class white male, according to a study from Hedges & Company, a digital marketing firm for automakers. The analysis found Tesla drivers largely come from the upper middle class (commonly referred to as individuals that have household incomes over $100,000 per year). Hedges and Company's analysis mostly lines up with other studies of Tesla drivers when it comes to gender and income.

"We feel it's the right thing to do by allowing all shareholders to vote on such critical issues rather than keeping it away from the voting process," Lui told Reuters. Ping An in November urged HSBC to lower costs by cutting jobs and disposing of peripheral non-Asian businesses. "The shareholders will need to demonstrate that the requisition is valid before it can be formally accepted," a spokesperson for HSBC said. HSBC's other institutional shareholders, particularly in Britain, have so far shown little appetite for a break-up. Lui told Reuters that HSBC has requested both proposals to be submitted as 'special' resolutions, which he said shows the lender is "very worried" that the proposal will be passed.

Summary U.S. bonds set for worst month since SeptWild swings at start of year may continueLONDON, Feb 28 (Reuters) - March madness? After a euphoric January was followed by a somber February, with bonds and equities selling off as strong data renewed rate-hike bets, more wild swings could be next for world markets. February fallsData on Friday showing a key inflation U.S. gauge accelerated last month stoked rate hike bets. The ECB lifted its key rate by 300 basis points since last July to 2.5%. If upcoming data weakens, markets could resume their bullishness, Yardeni Research said.

The London-headquartered bank (HSBA.L) said on Tuesday it would pay a special dividend of $0.21 per share, from the proceeds of the $10 billion sale of its Canada business. HSBC's conservative outlook echoed that of British rival NatWest (NWG.L), which warned last week that profit earned from rising interest rates may have peaked. HSBC said annual expected credit losses rose to $3.6 billion, more than the $3.2 billion analysts had estimated, due to rising inflation pressuring borrowers and lingering problems in China's property market. That matched the $17.5 billion average estimate of 22 analysts compiled by the bank. Meanwhile, HSBC said it still expects to complete the sale of its Russia business in first-half 2023, taking a $300 million loss.

But some analysts had expected HSBC to also raise its key performance target of reaching a return on tangible equity of at least 12% from this year onwards, a target the bank stuck to in its earnings report. Meanwhile, HSBC said it still expects to complete the sale of its Russia business in first-half 2023, taking a $300 million loss. So far this year, the shares have risen 20% versus a 7% rise in the FTSE index (.FTSE). HSBC said annual expected credit losses rose to $3.6 billion, more than the $3.2 billion analysts had estimated, due to rising inflation pressuring borrowers and lingering problems in China's property market. Despite the fourth-quarter surge, annual profit fell to $17.5 billion from $18.9 billion for 2021, due to an impairment of $2.4 billion related to the sale of its retail banking operations in France.

☆ Factbox: Chinese business tycoons, executives who disappeared from public view
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +5 min

Following is a list of some other high-profile Chinese executives who have abruptly gone missing from public view in recent years. Three months later, On Nov. 27, the company said Yang had resumed his duties after assisting an investigation in China. Shares and bonds related to CEFC China Energy plunged on the news, which was first reported by Chinese magazine Caixin. Chinese financial regulators in 2020 took over brokerages, trust companies and insurers linked to the group. Reporting by Brenda Goh and Xie Yu; Editing by Sumeet Chatterjee and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ AIG Margins Improve but Earnings Hit by Weak Markets and Bad Weather
▼ + stars: | 2023-02-16 | by ( Leslie Scism | ) www.wsj.com time to read: 1 min

Insurer American Insurance Group had some of the best underwriting performance in its history although net income fell. American International Group Inc. had improved profit margins in its core property-casualty unit and rising sales of some products, which were offset by volatile markets and severe winter weather that hurt results in some other areas. AIG , one of the biggest insurers by premium volume of businesses worldwide, had some of its best underwriting performance in history, continuing the company’s multiyear turnaround. The unit showed improvement in a key profitability metric that measures how much of each premium dollar is sent out the door in claims and related costs. For the full-year, AIG held those costs to below 90 cents, a long-held goal.

☆ India's largest insurer LIC says it may review stake in Adani after management meeting
▼ + stars: | 2023-02-13 | by ( Sumathi Bala | ) www.cnbc.com time to read: +4 min

watch nowIndia's largest insurer says it "might" review its stake in the embattled Adani Group after meeting with the management. "We propose to speak to them about this ... just to try and understand what's really happening within the organization, within the Adani group." In a further blow, global index provider MSCI last week said it will cut the weightings of some Adani Group businesses, including flagship firm Adani Enterprises. Still, the LIC chairman said the national insurer isn't too concerned about the conglomerate's high debt levels or the recent volatility in Adani's share price. Adani falloutThe Adani fallout has raised concerns about the group's exposure to India's leading banks and insurers.

☆ End of easy-cash era is going to hurt
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +5 min

LONDON, Feb 1 (Reuters) - The end of the easy-cash era is over and its impact yet to be felt on world markets, hopeful that the pain of aggressive rate hikes and high inflation has passed. Reuters Graphics3/ GOING PRIVATEPrivate debt markets have ballooned since the financial crisis to $1.4 trillion from $250 billion in 2010. Reuters Graphics Reuters Graphics4/CRYPTO WINTERRising borrowing costs roiled crypto markets in 2022. Reuters Graphics5/FOR SALEReal estate markets, first responders to rate hikes, started cracking last year and 2023 will be tough with U.S. house prices expected to drop 12%. How the sector services its debt is in focus and officials warn European banks risk significant profit hits from sliding house prices.

☆ These midcap stocks are cheap and expected to see booming earnings growth in 2023
▼ + stars: | 2023-01-30 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

In a year when corporate earnings are broadly expected to deteriorate , some midcap names with cheap valuations are forecast to see strong earnings growth. However, the blended S & P earnings decline for the fourth-quarter is -5%, per FactSet. Midcap stocks are faring slightly better, with the S & P 400 MidCap up nearly 8% year to date. Each is also expected to post earnings growth of at least 20%, per FactSet. Earnings growth at $8.3 billion market cap company is expected to expand by nearly 32% and it has a P/E of 10.4.

☆ Here comes the biggest week of earnings. Plus an AI ode to the Dow
▼ + stars: | 2023-01-28 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

While only six companies in the Dow Jones Industrial Average are reporting next week, about 20% of the S & P 500 reports, making it the biggest week of earnings this season. The Dow and the S & P 500 gained 2.2% and 2.9% this week, respectively, while the Nasdaq Composite rose 4.7%. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ British motor insurer Direct Line's CEO Penny James steps down
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

Jan 27 (Reuters) - Direct Line Insurance Group's (DLGD.L) chief executive of nearly four years, Penny James, will step down with immediate effect after the British motor and home insurer faced "significant headwinds" in recent months, the company said on Friday. James, who joined Direct Line as finance chief in late 2017, took over as CEO in May 2019 and steered the company through the COVID-19 pandemic, when motor insurers performed well as restrictions limited the number of drivers on the road, leading to fewer accidents. The appointment of a new CEO will allow the company to "reset and rebuild" after a "tumultuous time", JPMorgan analysts wrote in a note. The company appointed Chief Commercial Officer Jon Greenwood as acting CEO, with Chair Danuta Gray saying Greenwood would focus on driving performance and restoring the balance sheet. Spells of extreme weather in Britain over the past year have also led to more claims for subsidence and burst pipes.

☆ Davos 2023: Global recession seen likely in 2023 -WEF survey
▼ + stars: | 2023-01-16 | by ( Mark John | ) www.reuters.com time to read: +2 min

DAVOS, Switzerland, Jan 16 (Reuters) - Two-thirds of private and public sector chief economists surveyed by the World Economic Forum (WEF) expect a global recession in 2023, the Davos-organiser said on Monday as business and government leaders gathered for its annual meeting. Some 18% considered a world recession "extremely likely" - more than twice as many as in the previous survey conducted in September 2022. Only one-third of respondents to the survey viewed it as unlikely this year. Definitions of what constitutes recession differ around the world but generally include the prospect of shrinking economies, possibly with high inflation in a "stagflation" scenario. On inflation, the WEF survey saw large regional variations: the proportion expecting high inflation in 2023 ranged from just 5% for China to 57% for Europe, where the impact of last year's rise in energy prices has spread to the wider economy.

REUTERS/Agustin Marcarian/File PhotoJan 11 (Reuters) - Failure to tackle climate change and environmental degradation dominate the ranking of top risks facing the planet in the next decade, a World Economic Forum (WEF) survey of global risk specialists found. Failure to mitigate and adapt to climate change; natural disasters; biodiversity loss; natural resource loss and large-scale environmental damage dominate the top-10 ranking of global risks deemed most severe over a 10-year period. The WEF report raised the prospect of risks interacting with each other to form a "polycrisis", which it defines as a cluster of related risks with compounding impacts and unpredictable consequences. It cited big-power resource rivalry as having the potential to generate one such cluster of related risks. (For daily Davos updates in your inbox sign up for the Reuters Daily Briefing here.)

☆ Global experts worry simultaneous crises could become the new norm
▼ + stars: | 2023-01-11 | by ( Julia Horowitz | ) edition.cnn.com time to read: +3 min

London CNN —Business executives, politicians and academics are bracing for a gloomy world battered by intersecting crises, as rising volatility and depleted resilience boost the odds of painful simultaneous shocks. Natural disasters and extreme weather events are seen as the next greatest risk, followed by economic warfare, failure to mitigate climate change and the polarization of society. The top five long-term risks were identified as failure to mitigate climate change, failure to adapt to climate change, natural disasters and extreme weather events, biodiversity loss and ecosystem collapse and massive refugee crises. Climate concerns topped long-term risks in a survey of global experts by the World Economic Forum. The World Economic Forum’s 2022 survey put “interstate conflict” near the bottom of a list of risks that had worsened since the start of the pandemic.

☆ Inflation crisis poses greatest near-term global threat, Davos survey warns
▼ + stars: | 2023-01-11 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

A customer hands over an Egyptian pound banknote for a purchase at Al-Monira food market in the Imbaba district of Giza, Egypt, in January 2023. Egypt is one of many countries where consumers are struggling with sharply higher prices, highlighted by the World Economic Forum as the greatest global risk in 2023. The World Economic Forum's annual Global Risks Report highlights the cost of living crisis as the biggest short-term risk facing the world right now, with climate change as the biggest long-term threat. "We're looking at something that feels new, but at the same time eerily familiar," Carolina Klint, risk management leader for Continental Europe at Marsh, told CNBC's Joumanna Bercetche. The impact of the cost of living crisis on vulnerable populations are "very difficult to accept," Klint said.

☆ Factbox: Global banks cut jobs as cost pressures mount
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +5 min

The British investment bank has performed well in recent quarters, especially in fixed income trading, but a blunder in the United States that saw it sell more securities than permitted has cost it hundreds of millions of dollars in penalties. CITIGROUPCiti (C.N) eliminated dozens of jobs across its investment banking division, as a dealmaking slump continues to weigh on Wall Street's biggest banks, Bloomberg News reported on Nov. 8. The cost savings reported are likely to involve more job cuts than previously announced for the first wave of reductions, including in its wealth business, Reuters reported. DEUTSCHE BANKDeutsche Bank (DBKGn.DE), Germany's largest bank, cut staff in its investment bank's origination and advisory teams in October, in a move than affected mostly junior bankers. MORGAN STANLEY (MS.N)In December, the investment bank slashed about 2% of its workforce, a source familiar with the company's plans told Reuters.

☆ Vista to take Duck Creek Technologies private in $2.6 bln deal
▼ + stars: | 2023-01-09 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

Jan 9 (Reuters) - Duck Creek Technologies (DCT.O), which serves some of the biggest clients in the property and casualty sector, will be taken private by Vista Equity Partners in an all-cash deal valued at about $2.6 billion, the insurance tech firm said on Monday. The deal for Duck Creek at a purchase price of $19 per share, represents a premium of 46% to Duck Creek's last close. Duck Creek provides cloud-based property and casualty insurance solutions to its customers including Berkshire Hathaway Specialty Insurance and American International Group (AIG.N). Duck Creek expects the deal to close in the second-quarter of this year. J.P. Morgan is acting as financial advisor to Duck Creek.

☆ The dark web's criminal minds see Internet of Things as next big hacking prize
▼ + stars: | 2023-01-09 | by ( Elizabeth Macbride | ) www.cnbc.com time to read: +4 min

But 2022, say experts, may have marked an inflection point due to the rapid proliferation of IoT (Internet of Things) devices. For the past decade, manufacturers, software companies and consumers have been rushing to the promise of Internet of Things devices. IoT devices are a key entry point for many attacks, according to Microsoft's Digital Defense Report 2022. "While the security of IT hardware and software has strengthened in recent years, the security of Internet of Things (IoT) … has not kept pace," according to the report. What many experts are anticipating is the day enterprising criminals or hackers affiliated with a nation-state figure out an easy-to-replicate scheme using IoT devices at scale.

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