DIRS.INFO The most relevant business & tech news

☆ Morning Bid: Bonds calm down but Chinese markets smolder
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +4 min

Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. REUTERS/Mike Segar/File Photo Acquire Licensing RightsA look at the day ahead in U.S. and global markets from Mike DolanRestive bonds showed signs of calm on Wednesday, but China's struggling economy and markets continue to unnerve world markets. A twin jolt from resurgent western debt yields and China's deepening economic funk and property sector troubles have made for a bumpy August to date. After a slew of dour retail, industrial and property investment numbers earlier this week, China reported on Wednesday that home prices fell for the first time this year. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Segar, Mike Dolan Restive, swooned, Goldman Sachs, Neel Kashkari, I'm, Fitch, JPMorgan Chase, Mike Dolan, Emelia Sithole Organizations: Wall, New York Stock Exchange, REUTERS, Minneapolis Fed, United States, AAA, JPMorgan, Bank of America, of, Cisco, Amcor, New, New York Fed, . Federal Reserve, Reuters Graphics Reuters, Reuters, Thomson Locations: Manhattan, New York City , New York, U.S, Wall St, China, United, New York, Canada

The minutes of the Fed's July monetary policy meeting showed most policymakers continue to prioritize the battle against inflation, adding to uncertainty among investors about the outlook for interest rates. Bank shares extended losses, with the S&P 500 bank index <.SPXBK> down 1% and Bank of America (BAC.N) leading losses among bigger banks to end 2.2% lower. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Equities have suffered through a rough patch in August, with the S&P 500 languishing near one-month lows as data underscoring sticky inflation and a robust economy fans fears of interest rates staying elevated for longer. The S&P 500 posted four new 52-week highs and 18 new lows; the Nasdaq Composite recorded 36 new highs and 255 new lows.

Persons: Banks, we're, Peter Tuz, Brendan McDermid, Mike Reynolds, Saeed Azhar, Noel Randewich, Amruta, Lewis Krauskopf, Maju Samuel, Vinay Dwivedi, Deepa Babington Organizations: Nasdaq, Dow, Federal, Chase Investment, ”, Dow Jones, Bank, Bank of America, Nvidia, New York Stock Exchange, REUTERS, Walmart, NYSE, Thomson Locations: Charlottesville , Virginia, New York City, U.S, New York, Bengaluru

☆ US investor group clinches tax credit deal for $1.5 bln renewable power acquisition
▼ + stars: | 2023-08-16 | by ( Isla Binnie | ) www.reuters.com time to read: +2 min

Power-generating Siemens 2.37 megawatt (MW) wind turbines are seen at the Ocotillo Wind Energy Facility California, U.S., May 29, 2020. Invenergy said in a statement it agreed to sell tax credits worth $580 million to Bank of America, and put those funds towards buying 14 projects from American Electric Power (AEP.O). It "creates a financeable transferability product that will be used to scale the growth of renewable energy," Fang said. Analysts at investment bank Credit Suisse have estimated the IRA could lead to the generation of tax credits worth $576 billion by 2031. Private equity firm Blackstone has invested around $4 billion in Invenergy.

Persons: Bing Guan, Joe Biden's, Invenergy, Karen Fang, Fang, Blackstone, Isla Binnie, Marguerita Choy Organizations: Energy Facility, REUTERS, Invenergy, Blackstone, Bank of America, American Electric Power, Bank of, International Energy Agency, Credit Suisse, Treasury Department, Internal Revenue, Canada's, Thomson Locations: Energy Facility California, U.S, Invenergy, Canada's Caisse, Quebec

☆ U.S. bank stocks fall on Fitch downgrade warning, tougher oversight worries
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +2 min

A person waits on the Wall Street subway platform in the Financial District of Manhattan, New York City, U.S., August 20, 2021. The warning followed rival Moody's downgrading 10 mid-sized lenders earlier this month, citing funding risks and weaker profitability. Among the mid-sized lenders, Western Alliance Bancorp (WAL.N) and PacWest Bancorp (PACW.O) fell 8.4% and 1.6%, respectively. The S&P 500 banks index (.SPXBK) was down 2.1%, hitting its lowest in a month. Separately, Discover Financial Services (DFS.N) shares fell 8.3% to $94.10, a day after its CEO stepped down.

Persons: Andrew Kelly, Banks, Wells, JPMorgan Chase, Goldman, Morgan Stanley, MS.N, Michael Burry's, Niket, Arun Koyyur Organizations: Financial, of, REUTERS, CNBC, Federal Deposit Insurance Corp, Bank of America, JPMorgan, Goldman Sachs, Citigroup, Western Alliance Bancorp, PacWest Bancorp, Michael Burry's Scion Asset Management, Comerica, Discover Financial Services, Thomson Locations: of Manhattan , New York City, U.S, Bengaluru

☆ Fitch warns it may be forced to downgrade dozens of banks, including JPMorgan Chase
▼ + stars: | 2023-08-15 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

This time, Fitch is intent on signaling to the market that bank downgrades, while not a foregone conclusion, are a real risk, said Wolfe. And if top institutions like JPMorgan are cut, then Fitch would be forced to at least consider downgrades on all their peers' ratings, according to Wolfe. Shares of lenders including JPMorgan, Bank of America and Citigroup dipped in premarket trading Tuesday. JPMorgan declined to comment for this article, while Bank of America and BankUnited didn't immediately respond to messages seeking comment. Defaults tend to rise in a rate-hiking environment, and Fitch has expressed concern on the impact of office loan defaults on smaller banks.

Persons: JPMorgan Chase, Chris Wolfe, Fitch, Wolfe, Moody's, Jamie Dimon, JPMorgan, BankUnited didn't, Morgan Stanley Organizations: JPMorgan, CNBC, . Bank, Bank of America, Citigroup, BBB, Federal Reserve, AA Locations: U.S, York, Miami Lakes , Florida

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. The Commerce Department's report showed retail sales grew 0.7% last month against expectations of a 0.4% rise, suggesting the U.S. economy remains strong. "The retail sales number might indicate that the Fed would continue to raise rates." Home Depot (HD.N) added 1% after the home improvement chain posted a smaller-than-expected drop in quarterly same-store sales and topped profit estimates. Declining issues outnumbered advancers by a 5.29-to-1 ratio on the NYSE and a 2.90-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Wells, Fitch, jitters, Peter Andersen, JPMorgan Chase, Zions, Wells Fargo, Bilibili, Berkshire Hathaway, Warren Buffett's, Horton, Amruta Khandekar, Shristi, Shashwat Chauhan, Maju Samuel, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Nvidia, UBS, Wells Fargo, PT U.S, Dow, Nasdaq, U.S, Commerce, Andersen Capital Management, Fed, Federal Reserve, JPMorgan, Bank of America, PacWest Bancorp, Western Alliance Bank, Federal Deposit Insurance, Treasury, Alibaba, Dow Jones, General Motors, Berkshire, Warren, Lennar Corp, NYSE, Thomson Locations: New York City, U.S, Boston, China, Beijing, Warren Buffett's Berkshire, homebuilder D.R

The logo of Swiss bank UBS is seen at the company's office at the Bahnhofstrasse in Zurich in this July 1, 2009 file photo. REUTERS/Arnd Wiegmann/File PhotoWASHINGTON/NEW YORK, Aug 14 (Reuters) - UBS (UBSG.S) agreed to pay $1.435 billion to settle U.S. charges that the Swiss lender misled investors into buying troubled mortgage securities, concluding an industrywide probe into a root cause of the 2008 global financial crisis. The largest settlement, $16.65 billion, was reached in 2014 with Bank of America (BAC.N), which had bought mortgage specialist Countrywide Financial six years earlier. Credit Suisse, which UBS bought in June, reached a similar $5.28 billion settlement in 2017. In a press release, UBS said it previously set aside reserves to cover the $1.43 billion payout.

Persons: Arnd, RMBS, Attorney Breon, Kanishka Singh, Jonathan Stempel, Mark Porter, Jonathan Oatis Organizations: Swiss, UBS, WASHINGTON, U.S . Department of Justice, Bank of America, Countrywide Financial, Credit Suisse, U.S, Attorney, Thomson Locations: Zurich, Brooklyn, Washington, New York

A Midea company sign is seen at the Appliance and Electronics World Expo (AWE) in Shanghai, China March 23, 2021. REUTERS/Aly Song/File PhotoAug 9 (Reuters) - Chinese home appliance maker Midea Group (000333.SZ) said on Wednesday it is studying a potential listing in Hong Kong as part of its global strategy. The new shares to be issued would account for no more than 10% of enlarged capital, Midea, already listed in the Shenzhen stock exchange, said in a filing. Midea's market capitalisation was $56.47 billion before the listing plan was made public, meaning a deal of up to 10% would be one of the largest listings in Hong Kong since 2021. The initial filing to the Hong Kong Stock Exchange would be made this year, with a likely share sale sometime in 2024, one of the sources added.

Persons: Aly, Midea, Scott Murdoch, Roxanne Liu, Kane Wu, Jason Neely, Gerry Doyle Organizations: Appliance, Electronics, REUTERS, Midea, Bank of America, China International Capital Corp, HK, Hong Kong Stock Exchange, Thomson Locations: Shanghai, China, Hong Kong, Midea, Shenzhen, Sydney

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 7, 2023. The consumer price index (CPI) dropped in the world's second-largest economy, the National Bureau of Statistics said, its first decline since February 2021. Of the 443 S&P 500 companies that have reported results as of Tuesday, 78.6% beat analyst expectations, according to Refinitiv data. Declining issues outnumbered advancing ones on the NYSE by a 1.18-to-1 ratio; on Nasdaq, a 1.63-to-1 ratio favored decliners. The S&P 500 posted 16 new 52-week highs and 7 new lows; the Nasdaq Composite recorded 60 new highs and 178 new lows.

Persons: Brendan McDermid, Jason Krupa, Patrick Harker, Gina Bolvin, Wells, Penn Entertainment's, Walt Disney's, Uber, Krupa, Echo Wang, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Penn Entertainment, Dow, Nasdaq, Consumer, Index, Lenox Advisors, New York Federal Reserve Bank, Philadelphia Fed, Bolvin Wealth Management Group, Traders, FedWatch, Wall, Nvidia, Apple, National Bureau of Statistics, Dow Jones, Bank of America, Casino, Walt, Walt Disney's ESPN, NYSE, Thomson Locations: New York City, U.S, Boston, New York, Bengaluru

The Consumer Price Index (CPI) for July, due on Thursday, is expected to show a slight acceleration from last year. The consumer price index (CPI) dropped in the world's second-largest economy, the National Bureau of Statistics said on Wednesday, its first decline since February 2021. According to preliminary data, the S&P 500 (.SPX) lost 31.47 points, or 0.70%, to end at 4,467.91 points, while the Nasdaq Composite (.IXIC) lost 162.31 points, or 1.17%, to 13,723.96. Six of the top 11 S&P 500 sectors rose, with energy stocks (.SPNY) leading the gain. Of the 443 S&P 500 companies that have reported results as of Tuesday, 78.6% beat analyst expectations, according to Refinitiv data.

Persons: Brendan McDermid, Jason Krupa, Patrick Harker, Gina Bolvin, Michelle Bowman, Wells, Penn Entertainment's, Walt Disney's, Uber, Krupa, Echo Wang, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Penn Entertainment, Dow, Nasdaq, Lenox Advisors, New York Federal Reserve Bank, Philadelphia Fed, Bolvin Wealth Management Group, Traders, FedWatch, Wall, Nvidia, Apple, Index, Bank of America, National Bureau of Statistics, Dow Jones, Casino, Walt, Walt Disney's ESPN, Thomson Locations: New York City, U.S, Boston, New York, Bengaluru

☆ Wall St ends lower after bank rating cuts spark wider sell-off
▼ + stars: | 2023-08-09 | by ( David French | ) www.reuters.com time to read: +4 min

The S&P 500 Banks index (.SPXBK) has slipped 2.5% year to date, compared with a 17.2% gain by the S&P 500, and the downgrades exposed the fragility of investors' confidence towards financial stocks. The banks index slid 1.1% on Tuesday, while the KBW Regional Banking index (.KRX) dipped 1.4%. Reaction to the bank downgrades pushed up the CBOE Market Volatility index (.VIX), Wall Street's fear gauge, at one point hitting a two-month high. Eight of the 11 major S&P 500 sectors fell. The S&P 500 posted 13 new 52-week highs and 17 new lows; the Nasdaq Composite recorded 46 new highs and 195 new lows.

Persons: Eli Lilly, Moody's, Goldman Sachs, Jason Pride, Brendan McDermid, Bansari Mayur Kamdar, Johann M, David French, Sriraj Kalluvila, Vinay Dwivedi, Richard Chang Organizations: Dow, Nasdaq, Bank of New York Mellon, U.S . Bancorp, Truist, Silicon Valley Bank, Bank of America, Traders, New York Stock Exchange, REUTERS, Dow Jones, Novo Nordisk, Dish Network, United Parcel Service, Thomson Locations: U.S, Silicon, KBW, New York City, China, Denmark, Bengaluru, New York

☆ Here are 20 stocks Jim Cramer is watching Wednesday, including Datadog and IFF
▼ + stars: | 2023-08-09 | by ( Jim Cramer | ) www.cnbc.com time to read: +3 min

In Customer relationship management software, the CNBC Investing Club owns Salesforce (CRM). Again do not dismiss this one and Alteryx (AYX) as I think that there is real weakness in this quarter's enterprise software market. 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.

Persons: WEN, Jim Cramer's, Jim Cramer, Jim Organizations: Palo Alto, JPMorgan, CNBC, Club, Mizuho, Datadog, Bloomberg, Boston, Citi, Barclays, Brands, RBC, Holdings, PepsiCo, Jim Cramer's Charitable Locations: Wells

The Consumer Price Index (CPI) for July, due on Thursday, is expected to show a slight year-over-year acceleration. On a month-to-month basis, consumer prices are seen increasing 0.2%, the same rate as in June. [1/2]Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 7, 2023. ET, Dow e-minis were up 44 points, or 0.12%, S&P 500 e-minis were up 9 points, or 0.20%, and Nasdaq 100 e-minis were up 31.5 points, or 0.21%. Of the 443 S&P 500 companies that have reported earnings as of Tuesday, 78.6% beat analyst expectations, according to Refinitiv data.

Persons: Patrick Harker, Michelle Bowman, FEDWATCH, Brendan McDermid, Michael Hewson, Penn Entertainment's, Walt Disney's, Uber, Bansari Mayur, Shounak Dasgupta Organizations: Penn, Dow, Nasdaq, Federal Reserve, Index, Philadelphia Fed, Traders, Bank of America, Citigroup, New York Stock Exchange, REUTERS, ECB, Bank of England, CMC Markets, Dow e, Casino, Walt, Walt Disney's ESPN, Rivian, Thomson Locations: U.S, New York City, Asia, Bengaluru

"We think that at this point there is some profit taking and retrenchment in the short term on the card," said Aadil Zaman, partner at Wall Street Alliance Group. However, Fed Governor Michelle Bowman on Monday said the combination of still-elevated inflation and continued economic growth meant further rate increases are likely. The Consumer Price Index (CPI) for July, due on Thursday, is expected to show a slight year-over-year acceleration. Seven of the top 11 S&P 500 sectors rose, led by gains in energy stocks (.SPNY), that increased 1.6%, touching a near six-month high, tracking a jump in crude oil prices. Of the 443 S&P 500 companies that have reported results as of Tuesday, 78.6% beat analyst expectations, according to Refinitiv data.

Persons: Aadil Zaman, Patrick Harker, Michelle Bowman, Monday, It's, Zaman, Brendan McDermid Big, Wells, Penn Entertainment's, Walt Disney's, Uber, advancers, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta Organizations: Penn, Dow, Nasdaq, . Federal Reserve, Wall, Nvidia, Apple, Wall Street Alliance Group, Philadelphia Fed, Traders, FedWatch, Index, CPI, New York Stock Exchange, REUTERS, Bank of America, Dow Jones, Casino, Walt, Walt Disney's ESPN, NYSE, Thomson Locations: U.S, New York City, Bengaluru

☆ US bank stocks drop as Moody's downgrade sours sentiment
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. REUTERS/Mike Segar/File PhotoAug 8 (Reuters) - Shares of U.S. banks fell in premarket trading on Tuesday after ratings agency Moody's downgraded 10 mid-sized lenders, reigniting investor concerns about the challenges facing the industry. Moody's also warned it may cut ratings of some of the biggest U.S. lenders, and placed six of them under review for a potential downgrade. "It is significant for U.S. growth too, as U.S. regional banks are the financing lifeblood for small and mid-size enterprises." Shares of Bank of America (BAC.N), Citigroup (C.N) and JPMorgan Chase (JPM.N) fell more than 1%.

Persons: Mike Segar, Moody's, Stuart Cole, JPMorgan Chase, Georgios Leontaris, Niket Nishant, Mayur, Shashwat Chauhan, Shounak Dasgupta, Saumyadeb Organizations: Wall, New York Stock Exchange, REUTERS, Bank of New York Mellon, U.S . Bancorp, Truist, Equiti, Bank of America, Citigroup, JPMorgan, Bank, EMEA, HSBC Global Private Banking, Wealth, Thomson Locations: Manhattan, New York City , New York, U.S, Silicon, Switzerland, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. The ratings agency also warned that the sector's credit strength would likely be tested by funding risks and weaker profitability. Big banks Goldman Sachs (GS.N) and Bank of America (BAC.N) eased 0.8% and 1.4%, respectively, in premarket trading, while Bank of New York Mellon and U.S. Bancorp shed 2.3% each. "It also means that the concern that we had in March over those three bank defaults, is not over yet." Remarks by Philadelphia Fed President Harker and Richmond Fed President Barkin will be closely watched for cues about the U.S. central bank's rate path after mixed messages from New York Fed President John Williams and Fed Governor Michelle Bowman on Monday.

Persons: Brendan McDermid, Eli Lilly, Moody's, Goldman Sachs, Sam Stovall, Chris Montagu, Thursday's, Harker, Barkin, John Williams, Michelle Bowman, LLY.N, Zachary Kirkhorn, Elon Musk, Bansari Mayur Kamdar, Johann M, Sriraj Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Bank of New York Mellon, US Bancorp, Truist, Bank of America, U.S . Bancorp, U.S . Treasury, CFRA, Silicon Valley Bank, Signature Bank, Citi, Wall Street, Dow e, Philadelphia, Richmond Fed, New York Fed, United Parcel Service, Elon Musk ., Alibaba, Thomson Locations: New York City, U.S, Silicon, Richmond, New, Elon Musk . U.S, Bilibili, Bengaluru

By increasing the degree of risk attributed to certain assets, the proposed rules would require banks to hold proportionately more capital, potentially eating into returns on equity and profits. Making such lending more expensive will shrink credit available to historically under-served borrowers, something the industry is likely to fight, he said. Chen Xu, an attorney in the financial institutions group at Debevoise & Plimpton, said the new rules viewed high-revenue business lines as higher risk. Morgan Stanley (MS.N) analysts say the largest banks may take up to four years to set aside profits to comply with the new capital rules. Dennis Kelleher, head of the financial reform advocacy group Better Markets, said the banking industry had made similar complaints in the past which he believed had proven unfounded.

Persons: Mike Segar, Joe Saas, Chen Xu, Plimpton, Michael Barr, JPMorgan Chase, Jamie Dimon, Wells Fargo, Kevin Stein, Morgan Stanley, Richard Ramsden, Goldman Sachs, Ramsden, Dennis Kelleher, Douglas Gillison, Tatiana Bautzer, Nupur Anand, Saeed Azhar, Megan Davies, Anna Driver Organizations: Wall, New York Stock Exchange, REUTERS, Industry, Financial Services, Bank Policy Institute, Securities Industry, Financial Markets Association, Debevoise, JPMorgan, CNBC, Citigroup, Bank of America, Klaros Group, Banking Supervision, Better, Thomson Locations: Manhattan, New York City , New York, U.S, Washington, Wells, Basel

Logos of Swiss banks UBS and Credit Suisse are seen on an office building in Zurich, Switzerland March 19, 2023. The changes are aimed at producing unified teams following the completion of UBS's emergency takeover in June of Credit Suisse. Under the shake-up some Credit Suisse bankers will take on bigger roles in the combined company while some others leave, the sources said. Matt Eilers, UBS's global head of financial sponsors, is also in talks about possibly leaving, two of the sources said. His co-head would be Christian Lesueur, who has been global head of TMT investment banking, the sources added.

Persons: Denis Balibouse, Sergio Ermotti, Jeff Rose, Jon Levin, Matt Eilers, Rob DiGia, Rose, Levin, Eilers, DiGia, Laurence Braham, Lesueur, Steve Pettigrew, Braham, Neil Meyer, Abigail Summerville, Milana Vinn, David Carnevali, Leslie Adler Organizations: UBS, Credit Suisse, REUTERS, UBS Group AG, Suisse, Reuters, Swiss, Barclays Plc, Bank of America Corp, Barclays, Thomson Locations: Zurich, Switzerland, Americas, Milana, New York

The logo of Swiss bank UBS is seen at its headquarters in Zurich, Switzerland October 25, 2022. UBS was 8th in Refinitiv's global M&A league table in the first half of 2023, down from 6th a year earlier. Steve Pettigrew, who just joined UBS from Bank of America Corp (BAC.N), would be leading software M&A under Braham, according to the sources. Some Credit Suisse technology bankers may lose their jobs as part of the shake-up, while others may be retained or also be promoted, the sources said. Reuters reported on Wednesday that Credit Suisse had initiated broad layoffs in New York.

Persons: Sergio Ermotti, Laurence Braham, Lesueur, Steve Pettigrew, Braham, Neil Meyer, Milana Vinn, Amy, Jo Crowley, Jane Merriman Organizations: Swiss, UBS, REUTERS, UBS Group AG, Credit Suisse, Swiss Re AG, Barclays Plc, Bank of America Corp, Barclays, Reuters, Suisse, Credit Suisse's, Thomson Locations: Zurich, Switzerland, Swiss, dealmaking, United States, Americas, New York, London

☆ JPMorgan says it expects to pay about $3 billion to help refill FDIC fund
▼ + stars: | 2023-08-03 | by ( Nupur Anand | ) www.reuters.com time to read: +1 min

JPMorgan Chase Bank is seen in New York City, U.S., March 21, 2023. REUTERS/Caitlin OchsNEW YORK, Aug 3 (Reuters) - JPMorgan Chase (JPM.N) expects to set aside about $3 billion to replenish the Federal Deposit Insurance Corporation's (FDIC) fund once proposed rules are finalized by the bank regulator, the company said in a filing on Thursday. U.S. banking giants are expected to shoulder the bulk of costs to refill the fund, which was drained of $16 billion this year after three banks collapsed. Wells Fargo(WFC.N) estimated it will face a pretax "special assessment" of up to $1.8 billion, while Bank of America (BAC.N) said it could face a pretax expense of about $1.9 billion once the FDIC proposal is finalized, according to separate filings this week. Reporting by Nupur Anand in New York; Editing by Jonathan Oatis, Lananh Nguyen and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Persons: Caitlin Ochs, JPMorgan Chase, Wells Fargo, Nupur Anand, Jonathan Oatis, Lananh Nguyen, Richard Chang Organizations: JPMorgan Chase Bank, REUTERS, YORK, JPMorgan, Deposit Insurance, Bank of America, FDIC, Thomson Locations: New York City, U.S, New York

☆ Exclusive: Banks vote to limit accounting of emissions in bond and stock sales
▼ + stars: | 2023-07-30 | by ( Tommy Wilkes | ) www.reuters.com time to read: +5 min

Banks' accounting of these emissions will impact their targets for becoming carbon-neutral. The banks have also expressed concern about capital market-related emissions dwarfing their lending-related emissions, the sources said. The Partnership for Carbon Accounting Financials (PCAF), an association of banks seeking to harmonise carbon accounting across the industry, formed the working group comprising major banks in the hope that others will follow the standard that emerges. PCAF's board will now have the final say on whether to adopt the 33% accounting share for capital markets. A Standard Chartered spokesperson said the bank was comfortable with any emissions accounting threshold and declined to comment further.

Persons: Banks, Morgan Stanley, PCAF, ShareAction, Xavier Lerin, Tommy Reggiori Wilkes, Greg Roumeliotis, Rosalba O'Brien Organizations: Sierra Club, Carbon Accounting, Barclays, Bank of America, Citigroup, HSBC, BNP, NatWest, Standard Chartered, United Nations, Thomson Locations: London

☆ Exclusive: Sigma Lithium CEO says in talks with potential buyers
▼ + stars: | 2023-07-28 | by ( Ernest Scheyder | Thomson Reuters | Ernest Scheyder Is An Award-Winning Senior Correspondent Covering The Green Energy Transition | ) www.reuters.com time to read: +3 min

Bank of America has been Sigma's bank on retainer for some time and has been holding meetings for at least four months with parties that approach with interest in acquiring the lithium miner, Sigma CEO Ana Cabral-Gardner said in an interview. Cabral-Gardner said that while Bank of America is coordinating meetings with parties that approach Sigma, Sigma has not yet picked a bank to advise on any potential transaction. "We need to find someone to marry, and when we find someone to marry, then we choose a priest," Cabral-Gardner said, making an analogy between an M&A banker and a priest. Cabral-Gardner added that Sigma does not plan to sell the Brazilian mine separately from the company itself. Sigma has projected the mine will reach annual free cash flow of $455 million for its first phase of production.

Persons: Ana Cabral, Gardner, Cabral, " Cabral, Ernest Scheyder, Cynthia Osterman Organizations: Sigma, Bank of America, Reuters, LG Energy, Bloomberg News, Tesla Inc, Vancouver, Nasdaq, Thomson Locations: Brazil, Sigma's

[1/3] FILE PHOTO: A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson/File PhotoNEW YORK, July 25 (Reuters) - U.S. banking giants may take up to four years to set aside profits to meet new capital rules, according to a report by Morgan Stanley. U.S. banking regulators will on Thursday unveil a sweeping proposal for stricter bank capital requirements known as the "Basel III endgame" aimed at ensuring the stability of big banks under international rules rolled out after the 2008 financial crisis. Holding more RWA will require banks to set aside more capital under the new standards. Most of the need to raise capital would come from assessments of the bank's operational risks and their trading books.

Persons: Morgan Stanley, Lucas Jackson, Betsy Graseck, Goldman Sachs, JPMorgan Chase, Morgan, Michael Barr, Tatiana Bautzer, Pete Schroeder, Lananh Nguyen, Chris Reese Organizations: New York U.S, REUTERS, Citigroup, JPMorgan, Bank of America, Federal, Federal Reserve, Federal Deposit Insurance Corporation, Thomson Locations: New York, Basel, Washington

☆ Porsche's iconic 911 to be sole survivor of automaker's combustion models
▼ + stars: | 2023-07-26 | by ( Nick Carey | ) www.reuters.com time to read: +3 min

[1/3] FILE PHOTO-A Porsche 911 Carrera S is on display during the 75 years Porsche sports car exhibition "Driven by Dreams" in Berlin, Germany, January 25, 2023. The automaker will electrify its compact SUV Macan, followed by the 718 sports car and then the best-selling Cayenne, Porsche e-fuels team leader Karl Dums said. Porsche's EV plans and e-fuels investment are separate, he said. Major automakers will likely avoid new e-fuel models after 2035, having already committed $1.2 trillion to electrification. A host of smaller carmakers also want to sell luxury, high-performance e-fuel models to customers rich enough to afford the expensive fuel, which today can cost up to 10 pounds ($12.90) per liter.

Persons: Lisi Niesner, Karl Dums, Dums, Morgan, Massimo Fumarola, Fumarola, Mike Flewitt, Nick Carey, Paul Lienert, Victoria Waldersee, Giulio Piovaccari, Matthew Lewis Organizations: Carrera, Porsche, REUTERS, EU, HIF Global, Automotive, Ferrari, Morgan Motor, Briggs Automotive Company, Victoria, Thomson Locations: Berlin, Germany, Malvern , England, U.S, Liverpool, EVs, London, Detroit, Milan

That special fee, which the FDIC proposed in May, would be assessed based on their uninsured deposits at the end of 2022. The regulator said some banks were "not reporting estimated uninsured deposits in accordance with the instructions." A July 6 report by S&P Global noted 55 banks restated their fourth-quarter uninsured deposits in FDIC reports, more than twice the norm. Specifically, the FDIC reminded banks they must report uninsured deposits backed by pledged assets as well as uninsured deposits held at their own subsidiaries. “Earlier this year, we identified certain internal or intra-bank accounts that shouldn’t have been reported,” Bank of America spokesman Bill Halldin said.

Persons: Zions, Paul Burdiss, Bill Halldin, Bank spokespeople, Niket, Pete Schroeder, Tatiana Bauzer, Shweta Agarwal, Megan Davies Organizations: U.S, Federal Deposit Insurance Corporation, Valley Bank, FDIC, P Global, Bank of America, ” Bank of America, P, Huntington National Bank, Bank, Bank Policy Institute, Thomson Locations: Bengaluru, Washington

Search resuls for: "Bac"

25 mentions found