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Jim Brown, legendary NFL running back, dead at 87
  + stars: | 2023-05-19 | by ( Bill Trott | ) www.reuters.com   time to read: +7 min
[1/2] Former NFL football player Jim Brown speaks after meeting with U.S. President Donald Trump at the White House in Washington, U.S., October 11, 2018. Brown led the NFL in rushing in eight of his nine seasons and was voted the league's most valuable player four times. "I didn't retire because I was broken down and slow," Brown told Sports Illustrated in 2015. "I was basically a proponent of economic development as a way to equality, social equality," Brown told the Cleveland Plain Dealer in 2013. The NFL this year honored Brown by renaming the league's rushing title the Jim Brown Award.
CNN —Ecuador’s embattled President Guillermo Lasso, who is facing a looming impeachment vote, has triggered a constitutional clause to dissolve government, a politically fraught move that could spark protests with the country already tackling a fragile security situation. Lasso, who took office in 2021, is accused of interfering in the negotiation of a shipping contract related to the export of oil products. The president’s decision to instate muerte cruzada means his government will remain in office until a new general election takes place in around six months. But calls for his resignation have grown louder in recent months, as Ecuador’s opposition and influential federation of Indigenous organizations accused Lasso of negligence in a country engulfed by a cost-of-living crisis and high rates of criminal violence. Will Freeman, a fellow at the Council on Foreign Relations, said the application of muerte cruzada “would absolutely cause instability.”“Lasso is too unpopular to benefit from the impression that he’s overriding checks and balances to finally get something done,” he told CNN, before the announcement on Wednesday.
The S&P Regional Banking Index fell approximately 25% during the quarter as a run on deposits sank Silicon Valley Bank and Signature Bank in March, both of which were at the time the largest banking failures since the Great Financial Crisis. The S&P Regional Banking index is now down 36% for the year to date. Famed "Big Short" investor Michael Burry's Scion Asset Management, meanwhile, added a number of new positions in regional banks, including stakes in First Republic, PacWest (PACW.O) and Western Alliance Bancorp (WAL.N). Shares of regional banks have remained volatile in recent weeks, with some investors wary of more tumult to come in the sector. London-based Marshall Wace sold 51,300 shares of First Republic in the first quarter, closing its position in the bank.
NEW YORK, May 15 (Reuters) - Billionaire investor Jim Simons' Renaissance Technologies LLC was among the prominent funds that took positions in embattled regional bank First Republic Bank (FRCB.PK) during the first quarter ahead of the firm's May 1 collapse, according to securities filings released on Monday. Renaissance Technologies LLC, which has more than $100 billion in assets under management, bought approximately 7.1 million shares of First Republic during the first quarter and held them as of March 31, when they closed at $13.99 per share. Boston-based Adage Capital Partners, meanwhile, added a new position of approximately 185,000 shares of First Republic during the quarter, while New York-based Alpine Global Management LP added a new position of approximately 1.7 million shares in the company, filings showed. Renaissance Technologies, Adage Capital and Alpine Global did not respond to requests to comment for this story. Reporting by David Randall; Editing by Ira Iosebashvili and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.
But Prince, who founded a business in the 1990s that has made a fortune printing gift cards, is a wealthy man. Prince says flying private is a magical experience: He can drive right up to the side of his plane and hop on board. If he’s flying in the afternoon, he’ll be greeted with a glass of scotch; in the morning, he’ll get coffee and a newspaper. A progressive activist — he’s the vice chair of Patriotic Millionaires, an organization of wealthy people who favor higher taxes on rich people like themselves — Prince argues that flying private is just too expensive and unfair. His group isn’t calling on other private fliers to ground their planes, but maintains that if rich people are going to continue to jet around in luxury, they should at least be taxed for the privilege.
The economists’ solution – often called the Chicago Plan – was to remove commercial banks from the money-creating business. One of the main problems of a central bank digital currency (CBDC) is that it would compete with old-fashioned bank deposits. With the digital money supply increasing in line with the economy’s potential growth, roughly as Friedman advised, inflation would soon come under control. Non-bank lenders like Apollo Global Management (APO.N) would have an enhanced role under the digital Chicago Plan. At present, there’s little chance of the digital Chicago Plan coming to pass.
Beer thrown from stands halts another Dutch league clash
  + stars: | 2023-04-23 | by ( ) www.reuters.com   time to read: +2 min
AMSTERDAM, April 23 (Reuters) - Beer thrown from the crowd caused a 15-minute stoppage to the match before PSV Eindhoven secured a 3-0 home win over Ajax Amsterdam in the Dutch league on Sunday in another incident involving objects thrown from the crowd. A similar incident on Saturday caused the abandonment of the league match between second-from-bottom Groningen and NEC Nijmegen. But while Saturday’s game was called off after a plastic beaker of beer struck the linesman, Sunday’s match was only halted temporarily because the beer thrown did not land on anyone on the field. Dutch football has been grappling with abuse from the stands and the throwing of objects. They also decided that if an object is thrown from the terraces but misses, play will be temporarily stopped with the players sent to the dressing rooms.
The US economy is barreling toward a 'student loan cliff,' with a moratorium on repayments set to end this year, according to Jefferies. Cash-strapped households could scale back spending if the loan repayments resume, hitting economic growth. "The additional risk to overall US economic growth is notable," Tim Simons, an economist at Jefferies, said. An end to the loan moratorium will affect about 45 million borrowers, according to the firm. "If the resumption of student loan repayments creates ~2% downward pressure on personal consumption expenditures, the additional risk to overall US economic growth is notable," Tim Simons, an economist at Jefferies, wrote in a recent research note.
Battle over Biden labor nominee Julie Su heats up
  + stars: | 2023-04-10 | by ( Nandita Bose | ) www.reuters.com   time to read: +6 min
[1/2] Julie Su applauds while being nominated by U.S. President Joe Biden to serve as the Labor secretary during an event in the East Room of the White House in Washington, U.S., March 1, 2023. Crucial senators in Montana, West Virginia and Arizona, who voted for Su to become deputy Labor Secretary in 2021, are on the fence about her confirmation for the top job. The AFL-CIO will target Montana, West Virginia, Arizona and Maine, communicating support for Su to its members to get them to contact their state senators. A spokesperson for Maine's Republican Senator Susan Collins said she does not support Su's nomination. She voted no on Su's deputy secretary nomination in 2021, as did all Republicans.
NBA roundup: Wolves take key step in play-in race with win
  + stars: | 2023-04-09 | by ( ) www.reuters.com   time to read: +3 min
Jazz 118, Nuggets 114Rookie Ochai Agbaji scored a career-high 28 points and Utah concluded its home slate with a win over Denver in Salt Lake City. Kris Dunn finished with 19 points, 14 assists and eight rebounds for the Jazz. Kentavious Caldwell-Pope scored 21 points and Jamal Murray netted 20 in the loss for Denver, which had already clinched the No. Kevin Knox led the Trail Blazers with game-high totals in points (30) and rebounds (11). Shaedon Sharpe scored 26 points and Trendon Watford added 24 for Portland.
Be the first to know about the biggest and best luxury home sales and listings by signing up for our Mansion Deals email alert. A home in Pennsylvania’s Bucks County is aiming for a local record with an asking price of $14.5 million, said Cary Simons of Kurfiss Sotheby’s International Realty, who is marketing the property with New York agent Stan Ponte.
Economists said the revisions brought the claims series closer to other data that have suggested the labor market was losing speed. Surveys from the Institute for Supply Management this week offered a downbeat assessment of the labor market. The labor market is expected to significantly loosen up starting in the second quarter as companies respond more to a slowdown in demand caused by the higher borrowing costs. Small businesses, like restaurants and bars, have been the main drivers of job growth since the recovery from the pandemic. "This presents a lot of downside risks for the labor market," said Thomas Simons, an economist at Jefferies in Bloomfield, New Jersey.
NBA roundup: Suns secure No. 4 seed in West
  + stars: | 2023-04-07 | by ( ) www.reuters.com   time to read: +4 min
Deandre Ayton scored 16 points, and Devin Booker had 15 points and eight assists. Christian Braun scored 15 points, Jeff Green had 14 and DeAndre Jordan registered 12 points and 11 rebounds. Bam Adebayo supplied 14 points and eight rebounds, while Max Strus also had 14 points as Miami connected on 18 of its 39 shot attempts from beyond the arc. Joel Embiid paced the 76ers with 21 points, six rebounds and two blocks, while James Harden finished with 14 points, four rebounds and four assists. Kris Dunn finished with 22 points, eight assists and seven boards, while Kelly Olynyk totaled 16 points, 14 rebounds and eight assists to pace the Jazz.
The home of Susan Simons and John Hagerty presents an untraditional profile in its Mount Pleasant, S.C., setting, and it reveals even greater surprises upon a closer look. The facade of the house is cedar presented in a playful variety of forms, painted and unpainted, with windows of varying sizes finished in a bold green trim. One side tilts outward from the ground. Most notable are the multiple oak trees poking through the four decks of the 4,036-square-foot, three-story home, earning it the name the Tree House.
NBA roundup: Warriors withstand Joel Embiid's 46-point game
  + stars: | 2023-03-25 | by ( ) www.reuters.com   time to read: +7 min
[1/5] Mar 24, 2023; San Francisco, California, USA; Golden State Warriors guard Stephen Curry (30) dribbles the basketball against the Philadelphia 76ers in the fourth quarter at Chase Center. A 23-9 run in the first 5:59 out of the locker room quickly flipped the game in the Kings' favor. Booker finished with 32 points, 14 in the fourth quarter, and Ross' 30 points marked a season high. Italian rookie Simone Fontecchio led Utah with 26 points, while Kelly Olynyk chipped in with 16 points and seven rebounds. Haliburton and Myles Turner each scored 20 points to lead Indiana, which trailed by 29 in the fourth quarter.
The influence of Fed rate hikes "is going to hit...That is how it is designed." As of December officials expected the policy rate would rise to around 5.1% by year's end. The experience of 1970s-era central bankers informed not only the extent of the rate increases, with the policy rate rising 4.5 percentage points from near zero as of last March. None of those reforms prevented SVB from funneling its rapidly growing deposits into long-term government bonds that lost value as the Fed raised rates. The Fed has announced a review of its supervision at SVB to see if warning signs were missed.
A round of financing on Sunday raised through JPMorgan had given First Republic access to $70 billion in funds. First Republic Bank's stock closed up 10% on news of the rescue but its shares fell 18% in after-market trading, after the bank said it would suspend its dividend. [1/2] A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. It said it would exercise an option to borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank, which confirmed it would provide liquidity to the bank against sufficient collateral. Since March 8, before last week's collapse of SVB, European banks have lost around $165 billion in market value, Refinitiv data shows.
That reverses a substantial portion of the balance sheet reduction accomplished since last summer. The bank lending facility is backstopped by $25 billion from the Treasury Department’s Exchange Stabilization Fund. Record discount window borrowing was somewhat unexpected as many analysts had thought banks would instead gravitate to the new lending facility. That said, some saw the discount window borrowing surge as a positive by itself. Reuters GraphicsBALANCE SHEET UPSWINGThe surge in emergency lending caused the Fed’s balance sheet to stop shrinking and grow notably larger.
Consumer inflation may have cooled off a little in February, but economists expect it is still running at a high pace. The consumer price index, expected Tuesday morning, is forecast to show headline inflation rose 0.4% last month, or 6% from the prior year, according to economists polled by Dow Jones. Core inflation, excluding food and energy, is expected to be higher by 0.4% and the annual pace is expected to be 5.5%. Tom Simons, money market economist at Jefferies, expects the Fed to stick with a quarter-point rate hike in March. By stopping here, it exposes them to risk of inflation expectations reaccelerating," said Simons.
SVB fallout: Is my money safe?
  + stars: | 2023-03-13 | by ( Ramishah Maruf | ) edition.cnn.com   time to read: +6 min
New York CNN —The question on so many bank customers’ minds in the aftermath of Silicon Valley Bank’s stunning collapse: Is my money safe? US customers held at least $151.5 billion in uninsured deposits by the end of 2022, SVB’s latest annual report said. But before markets opened this week, the Biden administration took an extraordinary step, guaranteeing that SVB customers will have access to all their money starting Monday, even uninsured deposits. Many SVB customers had much more than $250,000 deposited and now that they can’t get their money, some companies are struggling to make payroll. “I don’t think people should panic, but it’s just prudent to have insured deposits versus uninsured deposits,” Hatfield said.
This chorus of support for the energy transition has ignited an almost frantic renewable energy development spree across the world, with green energy generation capacity growing at a record pace in every major economy. On January 1st, 2020, the International Maritime Organisation (IMO) implemented ship emissions standards that slashed the maximum level of sulfur allowed in shipping fuels. As sulfur levels dropped more radiation was absorbed. Old solar panels face a similar predicament, especially ones that lack the efficiency of newer models and in the eyes of resellers are not worth collecting from old sites and homes. They can also face volatile market prices for the recycled and reclaimed materials they do manage to gather.
NBA roundup: Joel Embiid (42) guides Sixers past Pacers
  + stars: | 2023-03-07 | by ( ) www.reuters.com   time to read: +5 min
[1/3] Mar 6, 2023; Indianapolis, Indiana, USA; Philadelphia 76ers center Joel Embiid (21) shoots the ball while Indiana Pacers center Myles Turner (33) defends in the second half at Gainbridge Fieldhouse. Tyrese Maxey made six 3-pointers and scored 24 points for Philadelphia, and James Harden contributed 14 points, 20 assists and nine rebounds. Boston got 32 points, 13 rebounds and nine assists from Jaylen Brown. Trail Blazers 110, Pistons 104Damian Lillard recorded 31 points, 13 rebounds and 12 assists as visiting Portland handed Detroit its eighth consecutive loss. Cory Joseph had 14 points, Jaden Ivey contributed 13 points and 13 assists and Alec Burks also scored 13 points.
Land O'Lakes CEO Beth Ford told Time that allowing more immigration would help ease costs in the stretched industry. One food CEO is pointing to an untapped pool of people who could help businesses ease their labor shortage and lower prices for Americans: immigrants. To get some immigration reform," Beth Ford, the head of Land O'Lakes, a massive supplier of dairy goods, told Time's John Simons. It's a crisis out here in terms of labor availability." Amid labor shortage problems, Ford said that it's important to keep in mind that the demand for food is only growing.
Prada brings blooming flowers to designs at Milan Fashion Week
  + stars: | 2023-02-23 | by ( ) www.reuters.com   time to read: +1 min
[1/6] A model presents a creation from the Prada Fall/Winter 2023/2024 collection during Fashion Week in Milan, Italy, February 23, 2023. REUTERS/Alessandro GarofaloMILAN, Feb 23 (Reuters) - Florals bloomed on skirts, shoes and from the ceiling at Italian designer label Prada's Milan Fashion Week show on Thursday. Designers Miuccia Prada and Raf Simons turned wedding dresses into everyday looks, opening their autumn/winter 2023-24 catwalk presentation with a range of long and short white skirts embellished with white flowers and paired with knits. Models wore shirts with stick-out shoulders, knits and jackets with colourful inside collars, and pastel-coloured cigarette trousers paired with ribbed tops. Milan Fashion Week is the third leg of the month-long catwalk calendar, during which designers present their autumn/winter 2023-24 collections.
[1/3] Feb 13, 2023; Portland, Oregon, USA; Portland Trail Blazers guard Damian Lillard (0) stands with teammates during the singing of the national anthem before a game against the Los Angeles Lakers at Moda Center. / Troy Wayrynen-USA TODAY SportsFebruary 15 - Portland Trail Blazers guard Damian Lillard, who has hit the sixth-most 3-point shots in NBA history, will take part in the 3-Point Contest as part of All-Star Saturday Night this week in Salt Lake City. Also competing in the 3-point event will be Miami Heat guard Tyler Herro, Portland Trail Blazers guard Anfernee Simons and Sacramento Kings swingman Kevin Huerter. Curry won the 3-Point Contest in 2015 and 2021, and Allen won it in 2001. The Slam Dunk Contest will include one player, Mac McClung, who hasn't appeared in an NBA game this season.
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