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☆ MLB roundup: Bullpen guides Reds past Cubs
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +7 min

Yan Gomes had three hits with an RBI for the Cubs, who have lost two straight after winning eight in a row. Marcus Stroman (10-8) allowed six runs on six hits in three innings. Orioles 4, Blue Jays 2Gunnar Henderson hit a solo homer, Kyle Gibson pitched six strong innings and visiting Baltimore defeated Toronto. Walker (12-4) allowed two runs on six hits and has won eight of his past nine decisions. France (7-3) allowed two runs on seven hits in seven innings for his ninth quality start in his past 10 outings.

Persons: Elly De La Cruz, Matt McLain, Joey Votto, Patrick Gorski, Christian, Will Benson, Luke Maile, Buck Farmer, Fernando Cruz, Alex Young, Lucas Sims, Ian Gibaut, Alexis Diaz, Christopher Morel's, Yan Gomes, Marcus Stroman, Gunnar Henderson, Kyle Gibson, Ryan Mountcastle, Gibson, Chris Bassitt, Bo Bichette, Tyler Glasnow, Brandon Lowe, Jhony Brito, Wander Franco, Isaac Paredes, Josh Lowe, Jake Bauers, Taijuan Walker, Walker, Johan Rojas, Bryson Stott lofted, Jorge Soler, Tanner Scott, Joey Meneses, Lane Thomas, Jordan Weems, Kyle Finnegan, Joey Wiemer, Christian Yelich, Elvis Peguero, Luis Rengifo, Randal Grichuk, Chad Wallach, Shohei Ohtani, Chase Silseth, Griffin Canning, Matt Olson bashed, Yordan Alvarez, Noah Syndergaard, Bo Naylor, Julio Rodriguez, Rafael Devers, Nick Pivetta, Pivetta, Ketel Marte, Geraldo Perdomo, Kevin Ginkel, Taylor Rogers, Emmanuel Rivera, Brandon Crawford, Ryan McMahon, Elehuris Montero, Brad Hand, San Diego's Trent Grisham, Juan Soto, Matthew Batten, Jake Cronenworth Organizations: Cincinnati Reds, Chicago Cubs, Wrigley, Cincinnati, Reds, National League Central, Chicago, Cubs, Orioles, Blue Jays, Baltimore, Toronto, Yankees, Tampa Bay, Rays, New York, Phillies, Marlins, Philadelphia, Miami, Nationals, Brewers, Washington, Milwaukee, Braves, Atlanta, Angels, National League, Astros, Houston, The Astros, Texas Rangers, American League West, Cleveland, Mariners, Red Sox, Cal Raleigh, Seattle, Boston, Raleigh, Diamondbacks, Giants, Arizona, San, National League West, Padres, Colorado, San Diego, The Rockies, Thomson Locations: Chicago , Illinois, USA, Christian Encarnacion, Canada, York, New York, New, Los Angeles, France, Cleveland, Boston, San Francisco, San, Denver

The European Banking Authority (EBA) said the test covered 70 banks, 20 more than in 2021 with 57 from the euro zone whose test was overseen by the European Central Bank, representing about 75% of banking assets in the EU. Of the 14 German banks tested, 8 were below the EU average for CET1 and leverage ratio, while 6 were above. The European Banking Federation, an industry body, said the results reaffirmed the resilience of the EU banking sector. The watchdog said that in year three of the test, 37 banks fell below capital levels that trigger curbs on payouts. Deutsche Kreditwirtschaft, an umbrella association representing the German financial industry, said the results proved that German banks were "resilient" but it criticized the ECB's approach.

Persons: Goldman, Banks, markups, Tom Sims, John O'Donnell, Mathieu Rosemain, Mark Potter Organizations: European Union, European Banking Authority, European Central Bank, EU, JPMorgan, Volkswagen Bank, La Banque Postale, European Banking Federation, Deutsche, ECB, Thomson Locations: FRANKFURT, Europe, United States, France, Frankfurt, Paris

But while Rose's departure means Europe's 25 biggest banks by assets are still 96% male-run, an analysis by Reuters has found that broader executive management teams have become slightly more balanced since last year. Top management teams at Europe's largest lenders are now 30.6% female, data compiled by Reuters shows, up from 25.6% for the same group of banks in early 2022. Reuters GraphicsAcross the broader financial services sector, however, a recent study by EY found that hiring of women at board of directors level in Europe had actually dipped. Companies appointed women to 44% of board openings in the 12 months through June 2023, down from 52% during the previous year. The overall gender split has nevertheless improved to 43% female and 57% male on the boards of European financial firms, EY found, from a 37%/63% split a year ago.

Persons: Alison Rose's, Isabelle Ferrand, Ann Francke, EY, Brenna Hughes, Tom Sims, Iain Withers, Jesus Aguado, Catherine Evans Organizations: NatWest, Reuters, Reuters Graphics, UBS, European, Chartered Management Institute, Companies, Thomson Locations: ZURICH, Europe, Frankfurt, London, Madrid

REUTERS/Kai Pfaffenbach/File PhotoFRANKFURT, July 27 (Reuters) - New construction plunged in Germany during the first half of the year, data on Thursday showed, the latest sign of stress in the property market of Europe's largest economy. The data underscore a steep rut that dominates the nation's real-estate sector in its worst crisis in decades. "There's strong caution in project development," said Sven Carstensen, chief executive of Bulwiengesa. The nation's property industry will ask the government for multi-billion euro support at a meeting with Chancellor Olaf Scholz in September, Reuters reported last week. "The situation is dramatic," said Jan-Marco Luczak, a parliamentarian who has pushed for a property tax cut demanded by industry.

Persons: Kai Pfaffenbach, Sven Carstensen, Chancellor Olaf Scholz, Marco Luczak, Marcus Gwechenberger, Bulwiengesa, Florian Schwalm, EY, Karim Rochdi, Tom Sims, Hugh Lawson Organizations: REUTERS, Bulwiengesa, Reuters, European Central Bank, Thomson Locations: Frankfurt, Germany, FRANKFURT, Frankfurt's

☆ The Looming Crisis in the Bridal Industry? Not Enough Seamstresses.
▼ + stars: | 2023-07-27 | by ( Shannon Sims | ) www.nytimes.com time to read: +1 min

They were discussing issues like: How do you handle a demanding mother of the bride? Some women said they preferred to work in-house at a bridal shop, where they could have a steady stream of clients and backup for when things went wrong. Other women said they liked working as independent tailors because their schedules could be flexible and there was no profit-sharing. In 2019, she founded Stitched Collective, an organization that hosts in-person events for seamstresses nationwide. A central conundrum framed the call: How can bridal seamstresses in the United States navigate the overwhelming amount of business being sent their way in 2023?

Persons: —, Melissa Oddo, hemming Locations: Connecticut, United States

Higher interest rates helped UniCredit (CRDI.MI) strongly beat earnings expectations in the second quarter. Germany's financial regulator BaFin has been calling on banks to raise the amount of money they set aside for bad loans. Deutsche Bank on Wednesday said provisions for bad loans nearly doubled in the second quarter from a year earlier to 401 million euros. Santander's financial chief said bad loans in Brazil may have already peaked. This sent the bank's shares up around 2% on Wednesday, with Jefferies saying that it sees upside potential to net interest income.

Persons: Ralph Orlowski, Lloyd's, Andrea Orcel, BaFin, James von Moltke, UniCredit, Jefferies, Tom Sims, Jane Merriman Organizations: Germany's Deutsche Bank, REUTERS, Deutsche Bank, Lloyds Banking Group, Lloyds, JPMorgan, Monetary Fund, European Central Bank, Union, Thomson Locations: Frankfurt, Germany, MILAN, MADRID, Europe, Spain, Santander, Brazil

The figures underscore broader trends in global banking, with investment banks struggling as deals are paused, while higher interest rates are a boon to other divisions. Analysts expect the retail unit will also overtake the investment bank as the main revenue driver for the full year, overturning the investment bank's pole position over the previous three years. Investment banking revenue dropped 11% during the quarter, better than an expected 16% drop. Deutsche Bank set out in 2019 to reduce dependence on its volatile investment bank and rely instead on more stable businesses that serve companies and retail customers as a way to restore profitability. Chief Financial Officer James von Moltke said the shift to the retail bank as the largest breadwinner was "significant" because the perception of the lender had been dominated over years by the investment bank, and Deutsche was becoming more balanced.

Persons: James von Moltke, Deutsche, Jeffrey Epstein, Tom Sims, Matthias Inverardi, Friederike Heine, Jamie Freed Organizations: Deutsche Bank, Reuters Graphics, Reuters, Deutsche, Reuters Graphics Deutsche, U.S . Federal Reserve, U.S, Thomson Locations: FRANKFURT

☆ The Friend Trip: Fun Without the Friction
▼ + stars: | 2023-07-26 | by ( Shannon Sims | ) www.nytimes.com time to read: +2 min

Whoever said a friend is a friend forever has clearly never experienced a group trip that has devolved into a maelstrom of conflicting plans and bickering over restaurant bills. All your friends are not travel friends,” advises N’dea Irvin-Choy, a 27-year-old Los Angeles-based travel influencer, on her popular TikTok account. She suggests picking travel partners who share similar interests, and deciding ahead of time what kind of a trip you will be taking — relaxation, partying, adventure. Once you’re in booking mode, Mobili provides a way to see each group member’s travel bookings at once, a tool that is especially useful for larger groups. Others in the group can then collaborate with the same trip by adding their own bookings to create a group itinerary.

Persons: ”, N’dea Irvin, Choy, Robert Driscoll, TripIt, “ It’s Organizations: Microsoft, VentureOut Locations: Los Angeles, ”

DWS said the resolution of allegations was a top priority but that it couldn't comment on timeframes or outcomes. Under Democratic leadership, the SEC has pledged to crack down on "greenwashing" and the inflating of ESG credentials to attract investors. DWS had earmarked civil litigation provisions of 8 million euros ($8.84 million) by the end of last year. DWS has been in settlement negotiations with Frankfurt prosecutors over a multi-million euro fine, one of the people said. Earlier in July, Reuters and other media reported that German prosecutors were investigating DWS' former CEO Asoka Woehrmann, who in the past has called allegations "unfounded".

Persons: DWS, Goldman Sachs, Asoka Woehrmann, Chris Prentice, Tom Sims, John O'Donnell, Louise Heavens, Susan Fenton Organizations: U.S . Securities, Exchange Commission, U.S, Deutsche Bank, Securities, SEC, Investigations, Democratic, Frankfurt, Reuters, Thomson Locations: FRANKFURT, Germany

☆ JPMorgan to expand online bank Chase to Germany, EU - Handelsblatt
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, July 21 (Reuters) - JPMorgan (JPM.N) will expand its online bank Chase to Germany and other European Union countries, CEO Jamie Dimon told German newspaper Handelsblatt, a move that increases competition for European rivals in a crowded market. Reuters has reported preparations for the move, but the CEO's comments to Handelsblatt published on Friday mark the first official confirmation. "It has always been clear to us that we want to introduce Chase not only in the UK, but also in Germany and other European countries," Dimon was quoted as saying. "In Germany, 'Chase' is not yet so well known, but worldwide it is a strong brand. We are also a trustworthy bank with a strong balance sheet - and private customers know that," he was quoted as saying.

Persons: Jamie Dimon, Handelsblatt, Chase, Dimon, Tom Sims, Rachel More, Christian Schmollinger Organizations: JPMorgan, Chase, Union, Reuters, Reuters Graphics JPMorgan, European Union, Deutsche Bank, Thomson Locations: FRANKFURT, Germany, United States, Frankfurt

☆ JPMorgan to expand online bank Chase to Germany, EU, Handelsblatt reports
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

"I am worried because we are in a deep real estate crisis. And the real estate crisis needs clear, structured and downright radical steps to fix it," Mattner said. For years, Germany's property market has been seen as a safe haven, becoming a major draw for foreign investors. Recent data shows the stress the property sector is facing as the European Central Bank hikes interest rates, with little respite in sight. The fall is "catastrophic," said Andreas Beulich, head of the Federal Association of Independent Real Estate and Housing Companies.

Persons: Kai Pfaffenbach, Chancellor Olaf Scholz, Andreas Mattner, Mattner, Tim, Oliver Mueller, Mueller, Scholz, Danyal, Andreas Beulich, Mathias Duesterdick, ”, Andreas Naujoks, Simone Zapke, Emma, Victoria Farr, Matthias Inverardi, Sharon Singleton Organizations: REUTERS, German Property Federation, German Construction Industry Federation, Reuters Graphics, European Central Bank, Federal Association of Independent, Housing Companies, Centrum Group, ECB, Thomson Locations: Frankfurt, Germany, Germany's, Europe's, Kai Pfaffenbach FRANKFURT, Baden, United States, Sweden

Ms. Sims, 54, may be the most surprising legal figure to emerge as the world grapples with the devastating impacts of a warming planet. And she is now the singular force behind a creative legal gambit to make oil and gas companies pay for the devastation being wrought by climate change in Puerto Rico. Her strategy is being carefully watched by the fossil fuel industry and environmental groups as well as other lawyers and municipalities. The lawsuit she filed in November goes after a who’s who of the fossil fuel industry — Exxon Mobil, Chevron, Royal Dutch Shell, BP and others. The case is part of a new wave of litigation targeting oil, gas and coal companies over climate change, which is driven by the burning of their products.

Persons: Sims Organizations: Exxon Mobil, Chevron, Royal, Shell Locations: Puerto Rico

☆ Fugitive Wirecard executive Marsalek contacts German court through lawyer
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

MUNICH, July 18 (Reuters) - Former Wirecard (WDIG.H) board member Jan Marsalek, who has been on the run since the implosion of the German payments company in 2020, has contacted a Munich court through his lawyer, according to the court and the public prosecutor's office. The turn of events comes amid a trial of Wirecard's former chief executive and marks the first known official communication from Marsalek, Wirecard's former chief operating officer, whose exact whereabouts have been unknown for several years. German police have been conducting an international search and had issued an arrest warrant for Marsalek, whom they accuse of "fraud in the billions". Spokespeople for the public prosecutor's office and the court confirmed on Tuesday that a letter from Marsalek's lawyer had been received, but did not comment on the content of the letter. ($1 = 0.8910 euros)Reporting by Alexander Huebner, writing by Tom Sims; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Jan Marsalek, Marsalek, Wirecard, EY, WirtschaftsWoche, Alexander Huebner, Tom Sims, Bernadette Baum Organizations: Thomson Locations: MUNICH, Munich, Marsalek

☆ I Love You, Let’s Stalk Each Other
▼ + stars: | 2023-07-18 | by ( Jessica Roy | ) www.nytimes.com time to read: +2 min

When the coronavirus pandemic forced Americans to turn to the internet for entertainment, home delivery and more, awareness of the way companies and governments use the personal data we publish online also increased. Ms. McKinney said that she had a few friends who don’t feel comfortable sharing their locations, but that she wasn’t a stickler for reciprocity. “Some of my buddies are private and don’t want me to see their location, but that’s fine: They must see my location anyway,” she said. It’s true that there is perhaps nothing more intimate than having live location sharing on — the level of trust you have to have in someone to willingly disclose just how much time you spend sitting in your apartment watching TV! But location sharing can also provide a feeling of closeness even when you’re far away.

Persons: there’s, ” Pew, McKinney, ”, ’ Organizations: Pew Research Center

☆ Battlefield conditions in Ukraine aren't 'ideal' for F-16 fighter jets, but Abrams tanks will 'certainly make a difference,' US general says
▼ + stars: | 2023-07-14 | by ( Jake Epstein | Christopher Woody | ) www.businessinsider.com time to read: +6 min

Kyiv hopes to one day field F-16 fighter jets, and it is expecting to receive Abrams tanks soon. F-16s aren't ideal for the fight now, a US general said, but Abrams tanks will make a difference. While there are still questions about Ukraine's F-16s, Abrams tanks are definitely going to be delivered and are expected to have a significant effect on the battlefield, Sims said Thursday. US M1A1 Abrams tanks needed for training the Armed Forces of Ukraine arrive by rail at Grafenwoehr, Germany, May 14, 2023. The Abrams tanks promised to Ukraine are part of more than $41.3 billion in security assistance that the US has provided Kyiv since Russia attacked in February 2022.

Persons: Abrams, Russia's, they're, Douglas Sims, Biden, Tylon Chapman, Sims, Kyiv's, Tylon, they'll Organizations: Service, Ukraine, NATO, Abrams, Russian, US military's Joint Staff, U.S . Air Force, Falcons, Ohio Air National, 180th Fighter Wing, U.S . Air Force KC, Iowa Air National, Air Refueling Wing, US Air National Guard, Tylon, Attack Munitions, Pentagon, US, Armed Forces, Tylon Chapman Locations: Kyiv, Wall, Silicon, Ukraine, Gen, Iowa, Tylon Chapman Russia, Moscow, Grafenwoehr, Germany, Russia

☆ Swiss Re nominates new chairman after Ermotti goes to UBS
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, July 12 (Reuters) - The insurer Swiss Re (SRENH.S) said on Wednesday that it planned to promote its deputy chairman Jacques de Vaucleroy to the role of permanent chairman of the board after his predecessor Sergio Ermotti resigned to lead UBS. The reshuffle is part of the continuing fallout from Swiss authorities' rescue of Credit Suisse in a shotgun merger with UBS and new management at the helm. De Vaucleroy, a Belgian previously with management roles at the French insurer AXA (AXAF.PA) and the Dutch bank ING (INGA.AS), has been acting as chairman since Ermotti left the chairmanship in April. Following the board's nomination, de Vaucleroy will stand for election as chairman in April at the company's annual general meeting. Reporting by Tom Sims and Oliver Hirt Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Jacques de Vaucleroy, Sergio Ermotti, De Vaucleroy, Ermotti, Vaucleroy, Tom Sims, Oliver Hirt, Miranda Murray Organizations: Swiss, UBS, Credit Suisse, AXA, ING, Swiss Re, Thomson Locations: FRANKFURT, Belgian, Dutch

When the torrential rain stopped on Friday afternoon, Laura Lowry could see the steam rising off the wet pavement. She was on her front porch in the Fifth Ward neighborhood of Houston, desperate for relief from the relentless humidity and 91-degree heat. The air-conditioner in her house worked, but she and her husband, reliant on disability checks, couldn’t afford to run it. The lack of cool air wasn’t simply a matter of discomfort for Ms. Lowry, 73. “I felt like I was passing out.”Another wave of dangerous heat sweeping across the South and into the West this week has posed particular perils for older people, who are among the most vulnerable to such extreme conditions.

Persons: Laura Lowry, Lowry, ”, “ Organizations: Fifth Ward Locations: Fifth, Houston

A lawyer for Woehrmann said DWS' internal investigations "did not reveal any evidence of misconduct on the part of my client". A spokesperson for prosecutors in Frankfurt, where DWS is headquartered, would only say an individual was targeted but would not name the person. DWS declined to comment on Woehrmann, but has said that it stands by its financial disclosures and fund prospectuses and is cooperating with investigators. At present, we cannot estimate when and how the proceeding of the Frankfurt Public Prosecutor’s Office will be concluded," DWS said. Woehrmann resigned as CEO of DWS last year after German prosecutors raided the offices of DWS and Deutsche Bank in Frankfurt over the allegations.

Persons: DWS's, Asoka Woehrmann, Patrizia, Woehrmann, DWS, BaFin, Matthias Inverardi, Miranda Murray, Sabine Wollrab, Susan Fenton, Louise Heavens Organizations: Deutsche Bank, Frankfurt Public, U.S . Securities, Exchange Commission, Thomson Locations: FRANKFURT, Frankfurt

Management at Deutsche Boerse has touted the acquisition announced in April as key to its future strategy, combining SimCorp's investment management software with Deutsche Boerse's data. "The chemistry is right," Deutsche Boerse Chief Executive Officer Theodor Weimer told its investors in May. Deutsche Boerse hopes to take "significantly" more than 50% of the company. Deutsche Boerse said it had received approval from authorities in the United States, Denmark and Italy. "The remaining filing process with the EU commission is on track," Deutsche Boerse said.

Persons: Theodor Weimer, SimCorp's, Deutsche Boerse, Tom Sims, Friederike Heine, Rachel More Organizations: Denmark Deal, Deutsche, European, Management, Deutsche Boerse, Thomson Locations: U.S, Italy, Denmark, FRANKFURT, United States

☆ 36 Hours in the Florida Panhandle
▼ + stars: | 2023-07-06 | by ( Shannon Sims | Shannon Sims Is A Regular Contributor To New York Times Travel. She Spent Her Childhood Summers Vacationing Along State Road | Has Previously Reported The Florida Panhandle Region For The New York Times. | ) www.nytimes.com time to read: +1 min

4 p.m. Hit the beachThe first thing any visitor to 30A is going to want to do is run onto the sugar sand and splash around in the clear water. Succumb to temptation at Topsail Hill Preserve State Park , the westernmost of the area’s excellent public beachfront parks. The large preserve includes 10 miles of trails through forests and lakes, plus campsites, R.V. But the pristine beach is the main attraction, with more than three miles of undeveloped coast to help you transition into unplugged vacation mode. Before swimming at Topsail and other beaches along 30A, it is crucial that visitors check the government's warning flag system on the shore, as red flags indicate dangerous conditions, such as the possibility of rip currents.

☆ Banking on Change at CNBC Equity and Opportunity: Exec Connect
▼ + stars: | 2023-07-06 | by ( Bertha Coombs | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBanking on Change at CNBC Equity and Opportunity: Exec ConnectAmalgamated Bank CEO, Priscilla Sims Brown is no stranger to speaking out on issues, including matters of racial and social justice. Brown joins CNBC's Bertha Coombs and shares what gives her the courage to boldly take on big issues that impact not only the economy, but society more broadly. 11:48 an hour ago

Persons: Priscilla Sims Brown, Brown, Bertha Coombs Organizations: Banking, CNBC Equity, Opportunity, Exec Connect Amalgamated Bank CEO

☆ Deutsche Bank completes final phase of Postbank tech integration
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, July 3 (Reuters) - Deutsche Bank (DBKGn.DE) on Monday said that it had completed a fourth and final phase of a years-long technology integration process with Postbank. Germany's largest bank said it would result in cost savings in 2023 and 2024, with annual savings of 300 million euros ($326.52 million) from 2025. Germany's largest bank began acquiring Postbank, with its millions of clients and roots in the country's postal system, in 2008 during the global financial crisis, but it has struggled to complete its integration. Some customers did not have access to all services over the weekend as the bank completed the merger of its IT platforms with Postbank customers. Deutsche will now begin to decommission Postbank hardware and software, contributing to the cost savings.

Persons: Tom Sims, Miranda Murray Organizations: Deutsche Bank, Deutsche, Thomson Locations: FRANKFURT, Germany's

☆ Germany's Scholz watching France unrest with concern
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: 1 min

BERLIN, July 2 (Reuters) - Chancellor Olaf Scholz said on Sunday that Germany was watching the unrest in France "with concern". French President Emmanuel Macron postponed a state visit to Germany that was set to begin Sunday because of turmoil on French streets in the wake of the police shooting of a teenager of North African descent. Scholz, in an interview with Germany's ARD television, said that, while watching with concern, he was confident that Macron would successfully calm the situation. "I don't expect that France will become unstable, even if the images of course are very distressing," he said. Reporting by Andreas Rinke and Tom Sims Editing by David Goodman and Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

Persons: Olaf Scholz, Emmanuel Macron, Scholz, Macron, Andreas Rinke, Tom Sims, David Goodman, Kevin Liffey Organizations: Germany's ARD, Thomson Locations: BERLIN, Germany, France, North

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