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☆ The New Financial Rite of Passage for Teens—and Their Parents
▼ + stars: | 2023-06-18 | by ( Oyin Adedoyin | ) www.wsj.com time to read: 1 min

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☆ Overdraft Fees Are Dwindling, Study Finds
▼ + stars: | 2023-06-16 | by ( Ann Carrns | ) www.nytimes.com time to read: +1 min

Are the days of overdraft fees almost over? The dreaded bank fees are shrinking, even as the share of households paying them remains the same, new financial research shows. Banks charge overdraft fees to cover shortfalls when customers spend more than the amount in their checking accounts. The typical overdraft fee is $15, half the amount it was two years ago, according to Moebs Services, a financial research firm. (Its calculation is based on more than 3,600 institutions, including banks, credit unions and financial technology companies.)

Persons: Banks, overdrafts Organizations: Financial Health Network, Moebs Services Locations: overdraft

SummarySummary Companies Shell to hold oil output steadyCompany to grow gas and LNG businessCapital spending reduced for 2024-25LONDON, June 14 (Reuters) - Shell (SHEL.L) will ramp up its dividend and share buybacks while keeping oil output steady into 2030, it said on Wednesday, as CEO Wael Sawan moved to regain investor confidence that wavered over its energy transition plan. Shell shares were up 1.5% at 1204 GMT, against a 1% rise for an index of European oil and gas companies (.SXEP). Reuters Graphics Reuters GraphicsOIL STEADYShell scrapped its previous target to cut oil output by 20% by 2030 after largely reaching the goal. It currently has a target to cut its 2030 emissions intensity, including from the combustion of the fuels it sells, by 20%. Shell also faces a Dutch court ruling ordering the company to drastically cut emissions.

Persons: Wael Sawan, Shell, Sawan, Biraj Borkhataria, Thilo, Bernard Looney, Ron Bousso, David Goodman, Jan Harvey Organizations: Shell, RBC, Reuters Graphics Reuters, Royal, REUTERS, BP, Lebanese, Thomson Locations: New York, Wesseling, Cologne, Germany, Bukom, Jurong, Singapore, Paris

☆ Shell makes risky pitch for the middle ground
▼ + stars: | 2023-06-14 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

He has stressed that Shell, currently trading around five times expected 2024 earnings compared to twice that for its U.S. peers, merits more generosity. Shell will hike its dividend by 15% and spend $1 billion more on buybacks, starting in the second quarter. He will invest $10 billion to $15 billion in so-called low-carbon solutions like biofuels and hydrogen between 2023 and 2025. Equally, Wednesday’s plan will disappoint climate-focused shareholders, who currently form roughly 15% of Shell’s investor register based on recent votes on emission cuts. Shell shares have outperformed both U.S. and European rivals since Sawan took over in January.

Persons: Wael Sawan’s, Sawan, Jefferies, George Hay, Pranav Kiran Organizations: Reuters, Shell, Chevron, Exxon Mobil, BP, International Energy Agency, Thomson Locations: U.S, New York, divestments, Namibia, New York City

The plan is the linchpin of Sawan's effort to boost Shell's share performance relative to its U.S. peers, which has suffered despite a record $40 billion profit last year. Its shares closed up 0.4%, against a flat index of European oil and gas companies (.SXEP) on Wednesday. Reuters Graphics Reuters GraphicsOIL STEADYShell scrapped its previous target to cut oil output by 20% by 2030 after largely reaching the goal. It currently has a target to cut its 2030 emissions intensity, including from the combustion of the fuels it sells, by 20%. Shell also faces a Dutch court ruling ordering the company to drastically cut emissions.

Persons: Wael Sawan, Sawan, Biraj Borkhataria, Thilo, Shell, Bernard Looney, Ron Bousso, Jan Harvey, Alexander Smith, Elaine Hardcastle Organizations: Shell, British, RBC, Reuters Graphics Reuters, Royal, REUTERS, BP, Lebanese, Reuters, Thomson Locations: New York, Wesseling, Cologne, Germany, Bukom, Jurong, Singapore, Paris

☆ Volkswagen passenger cars targets 10 billion euros of efficiency gains
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +2 min

BERLIN, June 14 (Reuters) - Volkswagen's (VOWG_p.DE) passenger car brand will implement savings and cost-cutting measures amounting to 10 billion euros ($10.83 billion) by 2026 to hit a return on sales target of 6.5%, a spokesperson said on Wednesday. "The Volkswagen Group is focusing even more strongly on profitability and cash flow," Antlitz said in his post. Antlitz's statement came after Volkswagen brand chief Thomas Schaefer told workers in an internal memo in mid-May it was planning an overhaul at its core brand to put it on more solid footing. Volkswagen is due to present new financial targets and an updated corporate strategy for the entire group at a capital markets day next Wednesday. The carmaker's supervisory board was due to discuss on Tuesday cost-cutting measures across the Volkswagen, Seat, Skoda and Cupra brands to achieve that goal, a source told Reuters.

Persons: Arno Antlitz, Antlitz, Thomas Schaefer, Schaefer, Victoria Waldersee, Jan Schwartz, Miranda Murray, Kirsten Donovan Organizations: Skoda, SEAT, Volkswagen, Reuters, Thomson Locations: BERLIN, Spain

SummarySummary Companies Shell to hold oil output steadyCompany to grow gas and LNG businessCapital spending reduced for 2024-25LONDON, June 14 (Reuters) - Shell (SHEL.L) will ramp up its dividend and share buybacks while keeping oil output steady into 2030 as part of CEO Wael Sawan's efforts to regain investor confidence that wavered over its energy transition plan. Reuters GraphicsOIL STEADYShell scrapped its previous target to cut oil output by 20% by 2030 after largely reaching the goal. Sawan, a 48-year-old Canadian-Lebanese national who previously headed Shell's oil, gas and renewables divisions, has in recent months scrapped several projects, including in offshore wind, hydrogen and biofuels, due to projections of weak returns. It currently has a target to cut its 2030 emissions intensity, including from the combustion of the fuels it sells, by 20%. Shell also faces a Dutch court ruling ordering the company to drastically cut emissions.

Persons: Wael Sawan's, Shell, Sawan, Ron Bousso, David Goodman, Jan Harvey Organizations: Shell, Reuters, Lebanese, Thomson Locations: New York, Bukom, Jurong, Singapore, Paris

☆ Coinbase is the latest target of the SEC’s crypto crackdown—how U.S. investors may be affected
▼ + stars: | 2023-06-12 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +6 min

On June 13, the U.S. Securities and Exchange Commission sued Coinbase, the second-largest crypto exchange by volume, according to CoinMarketCap.com. The federal regulator alleges Coinbase operated its crypto asset trading platform as an unregistered national securities exchange and broker, per the June 13 press release. The SEC also alleges at least 13 crypto assets that Coinbase made available to customers, including Solana and Cardano's tokens, qualify as "crypto asset securities," according to the complaint. This comes just one day after the SEC sued Binance, the world's largest crypto exchange, and its billionaire founder, Changpeng Zhao. Trading crypto on an exchange versus peer-to-peer

Persons: Coinbase, Coinbase's, Brian Armstrong, Paul Grewal, we'll, Binance, Changpeng Zhao, Zhao, Gary Gensler, Chen Arad, they've, Arad, Omid, Malekan, wasn't, Bitcoin, There's, bitcoin Organizations: The U.S, U.S . Securities, Exchange Commission, SEC, CNBC, Twitter, Solidus Labs, NBC, Columbia Business School, Architecting, Money, U.S, Commodity, Futures, Metrics Locations: Paris, France, The, Solana, U.S, Arad

Odey Asset Management "does not recognise the picture of the firm that has been painted" by the allegations, it told investors in a letter seen by Reuters. Within hours of the report being published, Wall Street firms including Goldman Sachs (GS.N), JPMorgan (JPM.N) and Morgan Stanley (MS.N) began reviewing their prime broking ties with Odey Asset Management, sources familiar with the matter told Reuters. "We are confident our service providers will continue to work with us," an Odey Asset Management letter said later. Industry experts consulted by Reuters said that did not necessarily indicate a major change in culture in the City, however. A London employment tribunal last month awarded a former Algebris employee over 32,000 pounds in a sex harassment claim against the asset management company.

Persons: Crispin Odey, Odey, Goldman Sachs, Morgan Stanley, MS.N, Schroders, Evan Nierman, Megan Tobias Neely, Neely, retrained, Daniel Beunza, Davide Serra, Serra, Algebris, Yasmine Chinwala, Nell Mackenzie, Sinead Cruise, Naomi Rovnick, Dhara Ranasinghe, Rosalba O'Brien Organizations: Odey Asset Management, Financial Times, Tortoise Media, Reuters, Odey, Wall, JPMorgan, FT, Financial, Bayes Business, Labour Party, New, Thomson Locations: City, London, Britain, New York

☆ Citi CEO commits to China expansion, Beijing says
▼ + stars: | 2023-06-07 | by ( Selena Li | ) www.reuters.com time to read: +2 min

The CEO also held meetings with Citi staff and clients, which include some of the largest U.S. multinational companies with presence in China, a Citi spokesperson said. Fraser's first trip to China since taking up the CEO role in March 2021 follows a visits by JPMorgan's chief Jamie Dimon last week and by other global financial executives in March. Sequoia said on Tuesday it plans to spin off its Chinese business as part of wider changes at the U.S. venture capital giant. Li told Fraser that China will open up its financial sector further. Citi is in the process of getting approval to set up a securities brokerage in China, having submitted its application in late 2021.

Persons: Jane Fraser, Fraser, Li Yunze, Li, NFRA, Fraser's, Jamie Dimon, Sequoia, Selena Li, Nivedita Bhattacharjee, Navaratnam, Alexander Smith Organizations: National Financial Regulatory Administration, Citi, U.S, United States . International, Beijing, Thomson Locations: HONG KONG, BEIJING, U.S, Beijing, China, United States, China's, Hong Kong

☆ Citigroup CEO pledges to Beijing to continue China expansion
▼ + stars: | 2023-06-07 | by ( Selena Li | ) www.reuters.com time to read: +2 min

Fraser held a meeting with the head of China's new financial regulator on Monday, the National Financial Regulatory Administration (NFRA) said in a statement on Wednesday. Most of the CEOs were reluctant publicly express their enthusiasm in growing their China business, as they tread a fine line between showing commitment to China and not antagonizing the United States. Citi currently offers corporate and institutional banking, global markets, wealth businesses and other banking services in China. The U.S. lender started winding down its retail banking business in China last December due to a global strategy shift, a move set to impact about 1,200 local staff. China will open up its financial sector further, Li Yunze, chief of China's financial regulator told Fraser.

Persons: Jane Fraser, Fraser, Morgan's, Jamie Dimon, Li Yunze, Li, Selena Li, Nivedita Bhattacharjee Organizations: National Financial Regulatory Administration, Citi, Beijing, Thomson Locations: BEIJING, China, J.P, United States, The U.S, China's, Hong Kong

☆ Danske Bank raises profit goal, puts Norway retail unit up for sale
▼ + stars: | 2023-06-07 | by ( Nikolaj Skydsgaard | ) www.reuters.com time to read: +3 min

"Danske Bank has during recent years made fundamental changes to refocus the bank, reduce our risk exposure, develop our organisation and accelerate our commercial momentum," said CEO Carsten Egeriis. Rival Nordic banks Nordea (NDAFI.HE) and DNB (DNB.OL) both have long-term ROE targets of more than 13%, while Swedbank (SWEDa.ST) has a goal of at least 15%. Danske Bank is Norway's third-biggest bank after DNB and Nordea with a market share of close to 5%, regulatory data shows. Danske also said it would double investments into the strategic development of the bank, including digital platforms, expert advisory services and sustainability. It plans to maintain its dividend payout ratio of between 40-60% of net profit.

Persons: Carsten Egeriis, Danske, JP Morgan, Nikolaj Skydsgaard, Terje Solsvik, Jason Neely Organizations: Bank, Danske Bank, Danske, Nordic, Thomson Locations: COPENHAGEN, United States, Denmark

☆ UK to curb crypto advertising with 'cooling off' periods, risk warnings
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +2 min

The Financial Conduct Authority (FCA) said "refer a friend" bonuses for crypto buyers would also be scrapped and that those promoting such assets would have to put in place clear risk warnings and ensure adverts were clear, fair and not misleading. But research shows many regret making a hasty decision," said Sheldon Mills, executive director at the FCA's consumers and competition division. "Consumers should still be aware that crypto remains largely unregulated and high risk," he said. FCA research shows that estimated crypto ownership has more than doubled from 2021 to 2022, with 10% of 2,000 people surveyed stating they own cryptoassets. Under the new rules, crypto firms will have to carry warnings such as: "Don't invest unless you're prepared to lose all the money you invest.

Persons: Dado Ruvic, Crypto, FTX, Sheldon Mills, Myron Jobson, Kirstin Ridley, Emelia Sithole Organizations: REUTERS, Financial Conduct Authority, FCA, Thomson Locations: Britain

☆ Golf’s new Saudi deal presents questionable political, business and sporting realities
▼ + stars: | 2023-06-07 | by ( Stephen Collinson | ) edition.cnn.com time to read: +12 min

And the deal is also undeniably a great piece of business, assuming PGA Tour players accept it. And all pending litigation between LIV Golf and the PGA Tour was also mutually ended under the new agreement. He “co-opted the 9/11 community last year in the PGA’s unequivocal agreement that the Saudi LIV project was nothing more than sports washing of Saudi Arabia’s reputation,” the group said in a statement. Unresolved sporting conundrumsThere are as many sporting questions about the PGA Tour/LIV Golf partnership that remain unanswered. Then there is the question of how current PGA Tour members will respond.

Persons: LIV Golf, Arnold Palmer, Jamal Khashoggi, Prince Mohammed bin Salman, –, LIV –, Jay Monahan, Monahan, ”, “, Saudi LIV, ” Monahan, Dustin Johnson, Phil Mickelson, Patrick Reed, Cam Smith, Donald Trump, LIV, Trump, Khashoggi, ” Trump, Joe Biden, Antony Blinken, Tuesday’s LIV, Qataris, Cristiano Ronaldo, Karim Benzema, ” Yasir Al, Rumayyan, of Famer Greg Norman, Collin Morikawa, Mickelson, Alan Shipnuck, Shipnuck Organizations: CNN, PGA, Saudi, Post, Premier League, Global, Families United, Saudi shills, Crown, Formula One, NBA, Tour, Qatar, Soccer, Manchester City, United, Newcastle, Indian Premier League, Al, Real, Saudi Public Investment, “, Saudi Public Investment Fund, CNBC, of Famer, Open, Twitter Locations: Washington, Saudi, Qaeda, Riyadh, China, Western Europe, East, India, United Arab Emirates, Saudi Arabia, Ittihad, Real Madrid, French

☆ China's disappointing rebound could bring in more stimulus, economists say
▼ + stars: | 2023-05-30 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Photographer: Qilai Shen/Bloomberg via Getty Images Qilai Shen | Bloomberg | Getty ImagesChina's much-vaunted economic rebound after its emergence from strict zero-Covid lockdown measures has yet to fully materialize, prompting some economists to speculate that further fiscal stimulus or monetary policy easing could be coming down the pipeline. Data from China's Bureau of Statistics shows that 6 million of the 96 million 16 to 24-year-olds in the urban labor force are currently unemployed. watch nowIn a research note Monday, Capital Economics assessed that, despite losing some momentum, China's economic recovery was still progressing at the start of the second quarter, with scope for further service sector-led improvement. But we do not expect policy rate cut or major fiscal stimulus, barring a precipitous fall in exports in the coming months." Any consensus among economists as to the trajectory of fiscal and monetary policy seems to be unraveling in light of the tenuous recovery.

☆ Why The F.D.A. Should Move Birth Control Over the Counter - The New York Times
▼ + stars: | 2023-05-22 | by ( Eric Reinhart | ) www.nytimes.com time to read: +1 min

An advisory panel at the Food and Drug Administration this month unanimously recommended that a contraceptive pill, Opill, be made available over the counter. At a 1992 conference on birth control, an official on the F.D.A.’s fertility and maternal health drugs advisory committee, Philip Corfman, noted that the birth control pill is safer than aspirin, which is available over the counter. subsequently announced plans to convene a hearing to consider moving oral contraceptives over-the-counter. It was believed that this would greatly expand access to birth control by bypassing doctors, to whom millions of Americans then — as still now — had little access. Dr. Prescott reported that the program director of the National Women’s Health Network at the time, Cindy Pearson, said that a “birth control prescription is the poor woman’s ticket to health care.” Advocates for women’s health were concerned that if birth control were made available over the counter, then insurance might stop paying for it and impose new financial barriers to access.

☆ Boohoo targets 'step-change' in U.S. fortunes with new warehouse
▼ + stars: | 2023-05-16 | by ( James Davey | ) www.reuters.com time to read: +2 min

Currently, orders placed in the United States, Boohoo's largest overseas market, are picked and packed in the United Kingdom then sent by plane to the United States, with delivery taking eight to 10 days. The warehouse in Elizabethtown, Pennsylvania, will open in late northern hemisphere summer, with the PrettyLittleThing brand, Boohoo's most popular in the United States, the first to go live. Shares in Boohoo were up 9% in late morning trading, paring losses over the last year to 47%. Boohoo expects sales to fall by 10% to 15% in the first half, before a return to growth in the second half. He noted that 2020 and 2021 were COVID years with trade skewed to athleisure wear, while trade in 2022 was skewed to occasion wear with post-COVID pent-up demand for events such as weddings.

☆ UK's Boohoo profit halves as shoppers squeezed
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

LONDON, May 16 (Reuters) - British online fashion retailer Boohoo (BOOH.L) reported a halving of annual core earnings as shoppers were hit by a cost-of-living crisis and many returned to physical stores post-pandemic. Sales at Boohoo and rival ASOS (ASOS.L) surged during COVID-19 when high street rivals were closed by lockdowns. But supply chain issues, higher product returns, competition from rivals like Shein and accelerating living costs have hit them hard. Boohoo does, however, expect an improved performance in its new financial year. It forecast 2023/24 revenue would be flat to down 5%, with a focus on profitable sales, and adjusted EBITDA of 69-78 million pounds, in line with market expectations.

☆ FTSE 100 edges up as consumer stocks offset Vodafone slump
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 up 0.2%, FTSE 250 adds 0.1%May 16 (Reuters) - UK's main stock index edged up on Tuesday as weakness in the sterling supported some internationally-focused consumer firms, although Vodafone slumped after it forecast a big drop in fresh cash flow. The telecom giant's stock (VOD.L) fell 4% to become the top decliner on the FTSE 100 (.FTSE) after the company announced job cuts and forecast a 1.5 billion euro ($1.65 billion) decline in free cash flow this year. However, the blue-chip FTSE 100 rose 0.2% and the mid-cap FTSE 250 (.FTMC) added 0.1%. The currency's weakness lifted shares of dollar earners like Unilever Plc (ULVR.L) and British American Tobacco Plc (BATS.L). Industrial metals miners (.FTNMX551020) slipped 0.2%, tracking easing copper prices on investor worries of patchy economic recovery in top consumer China.

☆ Ukraine rebuilding would be small wager for Europe
▼ + stars: | 2023-05-16 | by ( Pierre Briancon | ) www.reuters.com time to read: +6 min

The irony is that effort had started when Russian President Vladimir Putin annexed Crimea in 2014, thus ensuring that Ukraine would firmly aspire to belong to Europe. The war inflicted severe damage on Ukraine, with GDP down 30% last year according to the International Monetary Fund. Rebuilding Ukraine will require help, expertise and guidance – and a lot of time and money. And the United States, Japan and multilateral organisations such as the IMF will continue to flank Europe in its efforts to rebuild Ukraine. Nevertheless, it is in Europe’s interest to play a major part in Ukraine’s reconstruction before the country is accepted as a formal candidate member of the EU.

☆ Poland to ramp up child benefit payments from 2024
▼ + stars: | 2023-05-14 | by ( ) www.reuters.com time to read: +1 min

WARSAW, May 14 (Reuters) - The Polish government will increase monthly child benefit payments to 800 zlotys ($193.13) per child from 500 zlotys from the start of 2024, the leader of the ruling Law and Justice Party, Jaroslaw Kaczynski, said on Sunday. The family support program called "Family 500 plus" is a flagship project of the Law and Justice party (PiS), which was introduced in 2016. "... from the new year, 500 plus will be 800 plus," Kaczynski told a convention before parliamentary elections due this autumn. Child benefit payments currently cost the state budget over 40 billion zlotys a year. The next election convention of the Law and Justice party is to be held in June.

☆ Ukraine banks’ robust health masks big challenges
▼ + stars: | 2023-05-11 | by ( Pierre Briancon | ) www.reuters.com time to read: +8 min

Across the banking sector, deposits are as abundant as they’ve ever been, and the country’s lenders have found ways to remain profitable. The National Bank of Ukraine, the country’s central bank, deserves plaudits for both its preparations before the war and after it began. NPLs crept up to 38% of total sector loans as of January 1 this year, according to the central bank. It has the equivalent of $4.8 billion in non-performing loans, a staggering 67.5% of its loan portfolio, according to central bank numbers. The fact that Ukraine’s banks not only still exist but are thriving is an achievement in itself.

☆ China names head of NFRA as financial industry faces greater scrutiny
▼ + stars: | 2023-05-11 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China has appointed the head of its powerful new financial watchdog, which was created as part of sweeping reforms aimed at reining in the $60 trillion industry. Currently, several provincial leaders had previous careers in the financial industry, including Wu Qing, vice mayor of Shanghai and formerly the chairman of the Shanghai Stock Exchange. China’s sprawling financial industry is coming under closer scrutiny as Xi and his key allies have asserted greater direct control over financial policy. For years, Xi has said the financial industry should better serve the real economy, including making money available to businesses that need it. To further consolidate control, according to analysts, the top anti-graft body has carried out a sweeping anti-corruption campaign in the financial industry, which has ensnared more than a dozen senior executives from state-owned financial institutions.

She will warn about "the global impact of this standoff and highlight the need to avoid default," a senior Treasury official said. It will lead to a freeze in global financial markets," said Muehleisen, now a fellow with the Atlantic Council. G7 counterparts will question Yellen "about the financial stability risks in the U.S., the regional banks' exposure to commercial real estate. Real risks that are not manufactured for political posturing," said Stephanie Segal, a former U.S. Treasury official who is a senior fellow at the Center for Strategic and International Studies in Washington. The far more complicated "Pillar 1" plan to allow countries to tax global technology giants and other highly profitable corporations on their local sales is still under negotiation.

HONG KONG, May 10 (Reuters) - China will appoint Li Yunze as the head of a new financial regulator as part of a broader restructuring of its financial regulatory regime, three sources with knowledge of the matter said on Wednesday. Li, 52, a banking veteran and currently vice governor of southwestern Sichuan province, will take the helm of the National Financial Regulatory Administration (NFRA), the sources told Reuters. The NFRA is a new government body under the State Council tasked to supervise the multi-trillion dollar financial industry, excluding the securities sector. Li has a relatively low-profile in the sector compared to previous financial regulatory heads. In 2018, he was appointed as vice governor of Sichuan province.

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