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How This Virginia Aquaculture Farm Raises Four Million Oysters for MarketWard Oyster Co. is one of the largest cage oyster farms on the East Coast, selling 4 million oysters and tens of millions of larvae each year. But it takes years for oysters to mature, and in that time, a lot can go wrong. Photo: Graham Copeland
Persons: Graham Copeland Locations: Virginia, East Coast
How This Virginia Aquaculture Farm Raises Four Million Oysters for MarketWard Oyster Co. is one of the largest cage oyster farms on the East Coast, selling 4 million oysters and tens of millions of larvae each year. But it takes years for oysters to mature, and in that time, a lot can go wrong. Photo: Graham Copeland
Persons: Graham Copeland Locations: Virginia, East Coast
How This Virginia Aquaculture Farm Raises Four Million Oysters for MarketWard Oyster Co. is one of the largest cage oyster farms on the East Coast, selling 4 million oysters and tens of millions of larvae each year. But it takes years for oysters to mature, and in that time, a lot can go wrong. Photo: Graham Copeland
Persons: Graham Copeland Locations: Virginia, East Coast
Major Trucking Company Yellow Files for Bankruptcy
  + stars: | 2023-08-07 | by ( ) www.wsj.com   time to read: 1 min
How This Virginia Aquaculture Farm Raises Four Million Oysters for MarketWard Oyster Co. is one of the largest cage oyster farms on the East Coast, selling 4 million oysters and tens of millions of larvae each year. But it takes years for oysters to mature, and in that time, a lot can go wrong. Photo: Graham Copeland
Persons: Graham Copeland Locations: Virginia, East Coast
How This Virginia Aquaculture Farm Raises Four Million Oysters for MarketWard Oyster Co. is one of the largest cage oyster farms on the East Coast, selling 4 million oysters and tens of millions of larvae each year. But it takes years for oysters to mature, and in that time, a lot can go wrong. Photo: Graham Copeland
Persons: Graham Copeland Locations: Virginia, East Coast
Multiple Killed in Pakistan Train Derailment
  + stars: | 2023-08-06 | by ( ) www.wsj.com   time to read: 1 min
How This Virginia Aquaculture Farm Raises Four Million Oysters for MarketWard Oyster Co. is one of the largest cage oyster farms on the East Coast, selling 4 million oysters and tens of millions of larvae each year. But it takes years for oysters to mature, and in that time, a lot can go wrong. Photo: Graham Copeland
Persons: Graham Copeland Locations: Virginia, East Coast
Watch: Ukrainian Drone Attacks Russian Oil Tanker in Kerch Strait
  + stars: | 2023-08-05 | by ( ) www.wsj.com   time to read: 1 min
How This Virginia Aquaculture Farm Raises Four Million Oysters for MarketWard Oyster Co. is one of the largest cage oyster farms on the East Coast, selling 4 million oysters and tens of millions of larvae each year. But it takes years for oysters to mature, and in that time, a lot can go wrong. Photo: Graham Copeland
Persons: Graham Copeland Locations: Virginia, East Coast
July Jobs Report: Hiring Holds Steady, Unemployment Rate Falls
  + stars: | 2023-08-04 | by ( ) www.wsj.com   time to read: 1 min
How This Virginia Aquaculture Farm Raises Four Million Oysters for MarketWard Oyster Co. is one of the largest cage oyster farms on the East Coast, selling 4 million oysters and tens of millions of larvae each year. But it takes years for oysters to mature, and in that time, a lot can go wrong. Photo: Graham Copeland
Persons: Graham Copeland Locations: Virginia, East Coast
Watch: Ukrainian Naval Drone Attacks Russian Warship
  + stars: | 2023-08-04 | by ( ) www.wsj.com   time to read: 1 min
How This Virginia Aquaculture Farm Raises Four Million Oysters for MarketWard Oyster Co. is one of the largest cage oyster farms on the East Coast, selling 4 million oysters and tens of millions of larvae each year. But it takes years for oysters to mature, and in that time, a lot can go wrong. Photo: Graham Copeland
Persons: Graham Copeland Locations: Virginia, East Coast
How This Virginia Aquaculture Farm Raises Four Million Oysters for MarketWard Oyster Co. is one of the largest cage oyster farms on the East Coast, selling 4 million oysters and tens of millions of larvae each year. But it takes years for oysters to mature, and in that time, a lot can go wrong. Photo: Graham Copeland
Persons: Graham Copeland Locations: Virginia, East Coast
Beijing Records Heaviest Rainfall in 140 Years, Causing 20 Deaths
  + stars: | 2023-08-03 | by ( ) www.wsj.com   time to read: 1 min
How This Virginia Aquaculture Farm Raises Four Million Oysters for MarketWard Oyster Co. is one of the largest cage oyster farms on the East Coast, selling 4 million oysters and tens of millions of larvae each year. But it takes years for oysters to mature, and in that time, a lot can go wrong. Photo: Graham Copeland
Persons: Graham Copeland Locations: Virginia, East Coast
Supermoon Lights Up August Sky
  + stars: | 2023-08-02 | by ( ) www.wsj.com   time to read: 1 min
How This Virginia Aquaculture Farm Raises Four Million Oysters for MarketWard Oyster Co. is one of the largest cage oyster farms on the East Coast, selling 4 million oysters and tens of millions of larvae each year. But it takes years for oysters to mature, and in that time, a lot can go wrong. Photo: Graham Copeland
Persons: Graham Copeland Locations: Virginia, East Coast
Why Fitch Downgraded U.S. Credit Rating and What It Could Mean
  + stars: | 2023-08-02 | by ( ) www.wsj.com   time to read: 1 min
How This Virginia Aquaculture Farm Raises Four Million Oysters for MarketWard Oyster Co. is one of the largest cage oyster farms on the East Coast, selling 4 million oysters and tens of millions of larvae each year. But it takes years for oysters to mature, and in that time, a lot can go wrong. Photo: Graham Copeland
Persons: Graham Copeland Locations: Virginia, East Coast
How This Virginia Aquaculture Farm Raises Four Million Oysters for MarketWard Oyster Co. is one of the largest cage oyster farms on the East Coast, selling 4 million oysters and tens of millions of larvae each year. But it takes years for oysters to mature, and in that time, a lot can go wrong. Photo: Graham Copeland
Persons: Graham Copeland Locations: Virginia, East Coast
A New Jersey school district has agreed to pay $9.1 million to the parents of a sixth grader who died by suicide in 2017, ending a lawsuit that accused administrators of failing to take bullying complaints seriously. Dianne and Seth Grossman sued following the death of their daughter, Mallory, during her first year at Copeland Middle School in Rockaway Township. Mallory had been repeatedly bullied by other students in text and Snapchat messages, and although administrators were routinely contacted about the bullying, the school did not do enough to respond, according to the lawsuit. The factors that contribute to suicide are complex and varied, and the act is rarely attributable to any one thing. But the question of a school’s culpability in cases where administrators made missteps or took insufficient action has become the subject of court cases around the country.
Persons: Dianne, Seth Grossman, Mallory, Northjersey.com Organizations: Copeland Middle School Locations: Jersey, Rockaway Township
PacWest Bank, which never fully recovered from its hammering during this year’s banking crisis, will be absorbed by a smaller lender, Banc of California, the banks announced on Tuesday. The development was a humbling end for the 24-year-old PacWest, a once fast-growing Los Angeles bank whose clients fled amid turmoil for regional lenders this year. The PacWest name will be retired, and the combined banks will operate under the Banc of California name. Jared Wolff, the chief executive of Banc of California, will run the new entity. In an indication of how weakened PacWest has become, the combined bank will have just $30.5 billion in deposits — considerably less than the $34 billion that PacWest had at the start of the year.
Persons: Jared Wolff, PacWest, Warburg Pincus Organizations: PacWest Bank Locations: Banc, California, Los Angeles
UBS will pay $387 million in fines to clean up lingering messes at Credit Suisse, the wounded Swiss banking rival it acquired this year. That incident helped shatter confidence in the 166-year-old Credit Suisse and foretold its eventual absorption into UBS. That UBS is now left with the bill is a reminder of the risk it took when it agreed, under pressure from the Swiss authorities, to rescue Credit Suisse for $3.2 billion. The settlement increases the takeover price more than 10 percent, and it saddles UBS with a host of measures ordered by regulators to prevent a repeat of such losses. Regulators also ordered UBS “to address additional longstanding deficiencies in other risk management programs at Credit Suisse’s U.S. operations.”
Persons: Credit Suisse’s, Organizations: UBS, Credit Suisse, Credit, Archegos Capital Management, Suisse, Federal Reserve, Regulators, UBS “, Credit Suisse’s Locations: United States, Britain
The NumbersGoldman Sachs reported a profit of $1.1 billion in the second quarter, down more than 60 percent from last year. Goldman acquired GreenSky less than two years ago, as part of an ill-fated foray into consumer lending. Goldman has gone through at least three rounds of layoffs this year, taking head count down 8 percent so far this year. Having already conceded some losses in that area, Goldman can now shift attention to other areas of the business. The bank is still unwinding the businesses, at a loss, and it may expect more ugly headlines until that is finished.
Persons: Goldman Sachs, Goldman, GreenSky, ” David Solomon, Solomon, JPMorgan Chase, Marcus Organizations: JPMorgan Locations: yore
Jamie Dimon, the bank’s chief executive, has deep political connections, and his prognostications on the economy are scrutinized in some circles as closely as a central banker’s musings. The U.S. economy “continues to perform better than many had expected,” said Charles W. Scharf, the bank’s chief executive. Unlike the other banks, Citigroup reported a fall in second-quarter profit, although the decline was not as severe as analysts had predicted. The U.S. government debt-limit standoff in April and May was also reflected in the banks’ results, with Citi citing anxiety during the negotiations as pushing investment-banking clients to the “sidelines” during the second quarter. What’s NextIn the next week or so, a slew of other banks will report quarterly earnings.
Persons: Jamie Dimon, Dimon, didn’t, , Wells, , Charles W, Scharf, Jane Fraser, Goldman Sachs Organizations: JPMorgan, Treasury, Citigroup, Citi, Western Alliance and Comerica Locations: U.S, Wells Fargo, Republic
Why It MattersGiven its size, JPMorgan is a proxy for the banking industry at large. Jamie Dimon, the bank’s chief executive, has deep political connections and his prognostications on the economy are scrutinized in some circles as closely as a central banker’s musings. On Friday, in a statement, Mr. Dimon said the U.S. economy was “resilient,” echoing language he has used repeatedly this year, but listed a litany of risks, including that consumers are burning through their cash buffers and that inflation remains high. BackgroundJPMorgan and Mr. Dimon have been all over the news this year, thanks to their prominent role as an attempted stabilizing force during the spring’s banking crisis that felled three smaller lenders. What’s NextThe next week or so will see a slew of other banks report their quarterly earnings.
Persons: Jamie Dimon, Dimon, Goldman Sachs Organizations: JPMorgan, Treasury, Western Alliance and Comerica Locations: U.S, Republic
The overhaul would require the largest banks to increase their holdings of capital — cash and other readily available assets that can be used to absorb losses in times of trouble. Mr. Barr predicted that his tweaks would be “equivalent to requiring the largest banks hold an additional two percentage points of capital,” if they are implemented. “The beauty of capital is that it doesn’t care about the source of the loss,” Mr. Barr said in his speech previewing the proposed changes. If the Fed Board votes to institute them, their implementations will involve transition time. But the sweeping set of changes that he set out meaningfully tweak both how banks police their own risks and are overseen by government regulators.
Persons: Michael S, Barr, ratcheting, Mr Organizations: Federal, Monday Locations:
Hisham al-Hashimi reached out to his friend Aws al-Saadi, a Meta Trusted Partner, to ask him to take down posts endangering his life. "One of the reasons for his killing was Meta," al-Saadi told Insider. "Mainly because they assumed that the slow response times had to do with a high volume of cases." Aws al Saadi, a Meta trusted partner, outside the Erbil Citadel in Iraq. Internews hopes this might help create a trusted-partner channel with improved communication, more transparency, and faster response times.
Persons: Hisham al, Hashimi, Saadi, Saadi Al, Meta, al, Saadi isn't, Meta's, Internews, Paul Barrett, University's, Barrett, Rafiq Copeland, Internews Rafiq Copeland, Copeland, Thaier, Sudani Internews, Copland, Meareg Amare, Reem Makhoul Organizations: ISIS, Facebook, Meta, Center for Business, Human Rights, NYU Stern School of Business Meta, Partners, University's Stern School of Business, Global, Internews, Ukrainian, Ethiopian, Erbil Citadel Locations: Baghdad, Iraq, al, Myanmar, Ethiopia, New, Ukraine, Tigray, Hashimi, Iraqi, Erbil, Netherlands
Mr. Vecchione said he had never spoken to Ms. Yellen or her staff before this year, and now he receives check-in calls from the deputy Treasury secretary, Wally Adeyemo. He said he had been asking regulators lately, “Do you even want us to exist?”There is a model for a more concentrated banking sector. In Canada, six banks dominate 90 percent of the market, versus about 50 percent for the six largest banks in the United States. Experts say there is little incentive for banks in Canada to take outsize risks, though there is also relatively little competition, which means borrowers may face higher interest rates. “I don’t think we want to get to the point of six banks, because that would really stifle lending,” said Ben Gerlinger, a regional bank analyst at Hovde Group.
Persons: Jamie Dimon, Janet L, Yellen, Vecchione, Wally Adeyemo, , Ben Gerlinger Organizations: JPMorgan, Experts, Hovde Group Locations: Canada, United States
Harvey Pitt, a legal wunderkind who lasted just 18 months as chairman of the Securities and Exchange Commission under President George W. Bush, died on Tuesday in Washington. His death, in a hospital, came after a sudden illness, according to his family, which did not specify the ailment. Mr. Pitt’s career had three consecutive legs, any one of which alone might have been the pinnacle on a lesser résumé. He began his career at the S.E.C. After only three years, he left to represent corporate clients for the powerful law firm Fried Frank.
Persons: Harvey Pitt, George W, Bush, Pitt’s, Fried Frank, Sen, Charles Schumer, Pitt Organizations: Securities and Exchange Commission Locations: Washington, firm’s Washington, New York, U.S
Money is pouring into the hedge fund business, adding to a war for talent. Maybe a bunch of NBA or NFL players end up on a trading floor for charity. The war for talent is partly a reflection of hedge-fund performance. My colleague Alex Morrell wrote recently:After years of relative quiet, macro strategies at hedge funds surged back to life in 2022 amid rising interest rates, inflation, and geopolitical convulsions. Writing for Insider recently, hedge-fund recruiter John Pierson said that "the competition for investment talent is escalating, and finding top portfolio managers is no longer a contact sport — it's an all-out war."
Persons: Bloomberg's Nishant Kumar, Maureen Farrell, Rob Copeland, Tom Brady, Steph Curry, Lamar Jackson's, Alex Morrell, Brevan Howard, Rokos, John Pierson Organizations: Millennium, Citadel, Morning, NBA, New York Times, Times, Golden State Warriors, ESPN, NFL, Baltimore Ravens, Premier League
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