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☆ HSBC vote gives Ping An a fresh shove towards exit
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 5 (Reuters Breakingviews) - Ping An Insurance (601318.SS) is having an underwhelming week. Instead, HSBC’s results were decent and the AGM resolution was crushed. True, 20% of votes cast went in favour of plans for a strategic review each quarter which could assess whether to spin off HSBC’s key Asian arm, and to reinstate the bank’s pre-Covid dividend. Ping An could continue to chunter away at HSBC boss Noel Quinn from the sidelines. Throw in the lack of investor support implied by the vote, and Ping An’s essential choice – to pipe down or to sell its stake – has become ever more stark.

☆ Activist shareholder Ken Lui on HSBC spin-off resolutions
▼ + stars: | 2023-05-05 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHSBC spin-off: Even if you don't support it, you shouldn't vote against it, says Ken LuiHSBC activist shareholder Ken Lui says he's confident that Resolutions 17 and 18 will be passed because they can stimulate the bank's share price.

☆ Johnson & Johnson's consumer health unit Kenvue started trading. What it means for J&J shareholders like us
▼ + stars: | 2023-05-05 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +9 min

For now, it's not exactly clear how J & J will go about the second step of this divestiture. In this scenario, we would have the option to relinquish some, all or none of our J & J shares. In fact, our optimism around the breakup was a big reason we bought into J & J nearly a year ago . J & J continues to argue against claims that its baby powder and other talc products caused cancer lack merit. "Look at it as a whole company today, knowing that [roughly] 10% doesn't belong to J & J," explained Cantor Fitzgerald analyst Louise Chen, who has a buy rating and maintains a $215 price target on J & J.

☆ HSBC faces down protests on strategy, climate at annual meeting
▼ + stars: | 2023-05-05 | by ( Lawrence White | ) www.reuters.com time to read: +3 min

BIRMINGHAM, England, May 5 (Reuters) - HSBC (HSBA.L) faced down opposition to its strategy and climate policy at a fractious annual investor meeting in Birmingham in England on Friday, including a shareholder proposal to spin-off its lucrative Asia business backed by major investor Ping An. Shareholder Lui questioned HSBC's board directly at the meeting on Friday, prompting the bank's chairman Mark Tucker to say criticism of the bank's performance showed "a fundamental misunderstanding of HSBC's business." HSBC's Tucker told the meeting that any break-up of the bank would undermine its global strategy and dent its revenue, repeating the bank's argument that it would be risky and costly. "So it would not be in shareholders' interests to split the bank," Tucker said. Like Barclays' investor meeting earlier this week, HSBC's event was repeatedly interrupted by climate campaigners singing songs, while one protester stood up at the front of the hall with a banner reading 'No more dirty coal'.

☆ Italians judge Spanish pizzeria as the best in Europe
▼ + stars: | 2023-05-04 | by ( Julia Buckley | ) edition.cnn.com time to read: +6 min

Enter 50 Top Pizza, an international guide run by Italians that produces a series of annual rankings rewarding some of the best pizzerias on the planet. The 2023 European list has just been published – and, according to 1,000 anonymous “inspectors” across the continent, the best pizza in Europe is in… Spain. The entity – a pizza guide, which has been ranking restaurants since 2017 – has separate listings for the 50 best pizzerias in the cradle of pizza. The best pizza was judged to be Panatieri's "Salsa de tomates cherry asados, mozzarella y holandesa de albahaca." Today this is not the case.”As for the Italy rankings, they will be revealed in Rome on July 12.

☆ Analysis: Kremlin drone incident gives Putin cover to deepen Ukraine war
▼ + stars: | 2023-05-04 | by ( Andrew Osborn | ) www.reuters.com time to read: +6 min

[1/3] The Russian flag flies on the dome of the Kremlin Senate building, while the roof shows what appears to be marks from the recent drone incident, in central Moscow, Russia, May 4, 2023. Inside Russia, it helped reinforce the Kremlin-backed narrative that its war in Ukraine is an existential one for the Russian state and people. "It's an attempt to gather all the sacred things in one statement," Alexander Baunov, a former Russian diplomat and Kremlin watcher, said of the Kremlin's response. Former president Dmitry Medvedev and Vladimir Solovyov, one of the most prominent pro-Kremlin TV commentators, both argued for precisely such action in the aftermath of the drone incident. An investigation into the drone incident is certain to uncover shortcomings in Russia's own air defences.

☆ Twitter employees bonuses nixed as fear spreads that Elon Musk's promised stock grants are worthless
▼ + stars: | 2023-05-04 | by ( Kali Hays | ) www.businessinsider.com time to read: +5 min

Elon Musk for months has said "excellent" Twitter employees will be rewarded for their efforts. Employees at Twitter are frustrated by Elon Musk's unkept promises. The latest is paid parental leave, which is now just two weeks, down from a previous paid leave policy of 20 weeks. Outside of that leave period, Twitter employees will be able to take unpaid leave up to the amount mandated by state law. In California, where Twitter is still based, workers are legally entitled to 12 weeks of protected, but unpaid, parental leave.

☆ It’s time HSBC’s top owner calms down or sells up
▼ + stars: | 2023-05-04 | by ( Una Galani | ) www.reuters.com time to read: +5 min

Sticking around as a noisy unhappy owner with an 8% stake, though, risks hurting itself, HSBC and maybe even Hong Kong. A vote on Friday at HSBC’s annual meeting will test whether Ping An has garnered much support for its stance. A second resolution from the group wants the pre-Covid dividend reinstated and paid at not less than that level each year. Chances are both resolutions will pick up some votes, the latter especially from retail shareholders who globally between them own about one-third of the bank. If any large institutional investment houses join the Chinese group, it will be a blow to HSBC boss Noel Quinn.

☆ How to watch the Coronation live stream for free: see King Charles crowned online
▼ + stars: | 2023-05-04 | by ( Brendan Griffiths | Senior Commerce Director | ) www.businessinsider.com time to read: +6 min

We have everything you need on how to watch the Coronation live stream for free this weekend, wherever you are in the world. Chances are, you're already well set up to watch the King Charles III Coronation live as it will be a widely broadcasted event, to say the least. The BBC2 Coronation live stream will also include sign language. Coronation live stream scheduleHere's the planned schedule for the day's televised events with timings for the UK and US. ET: Coronation procession back to Buckingham Palace1:45 p.m. BST / 8:45 a.m.

☆ Inside Wells Fargo's 'chaotic' journey to transform its services for the ultrarich
▼ + stars: | 2023-05-04 | by ( Hayley Cuccinello | Reed Alexander | ) www.businessinsider.com time to read: +23 min

In late 2020, some 300 Wells Fargo employees were summoned to a conference call. "I actually welcomed that, although I did like Abbot Downing," he said of folding Abbot Downing into the private bank. One team of legacy Abbot Downing employees with $3.5 billion in assets left for Hirtle Callaghan in June 2021. Today, Ginter runs a registered investment advisor called Callan Family Office, which some former Abbot Downing employees refer to as "the new Abbot Downing." Are you a current or former client of Wells Fargo Private Bank or Abbot Downing?

☆ Shopify CEO Harley Finkelstein goes one-on-one with Jim Cramer after announcing massive layoff
▼ + stars: | 2023-05-04 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Shopify CEO Harley Finkelstein goes one-on-one with Jim Cramer after announcing massive layoffShopify CEO Harley Finkelstein joins 'Mad Money' host Jim Cramer after announcing Shopify will layoff 20% of its staff and spin off its logistics business to Flexport.

The future of Credit Suisse's business in Switzerland is being closely watched as one of UBS's key strategic decisions. Credit Suisse's Swiss bank is one of the lender's four operating units and is seen as the jewel in the crown. In January, Credit Suisse had moved the business from its broader investment banking division into the Swiss unit, according to Credit Suisse's 2022 annual report. On a possible sale, Ermotti has said all options for the Swiss business are on the table. On Sunday, NZZ am Sonntag newspaper reported that UBS was working towards spinning off Credit Suisse's domestic unit.

☆ Opinion | I Was Raped. I Didn’t Scream.
▼ + stars: | 2023-05-04 | by ( ) www.nytimes.com time to read: 1 min

To the Editor:I cannot begin to express my gratitude for Jessica Bennett’s May 2 Opinion essay, “Questions Not to Ask a Rape Accuser.”I didn’t scream when I regained consciousness while being raped by a boy who was part of a group of exchange students newly arrived in southern Vermont. I didn’t scream when the room began to spin. Awakening, pinned, I didn’t scream when I heard other boys pounding on the door. “They want their turn,” the boy on top of me said. I didn’t scream: To protect myself from further rape, I told him I liked him best and wanted only him.

☆ UBS aims to close Credit Suisse deal by end of May, early June
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

ZURICH, May 3 (Reuters) - UBS (UBSG.S) Chief Executive Sergio Ermotti said on Wednesday that the Swiss bank was working on closing its merger with Credit Suisse (CSGN.S) by the end of May or early June. Speaking at the Finanz '23 conference in Zurich, Ermotti also repeated his bank's line that all options were still on the table concerning Credit Suisse's Swiss business. In March UBS agreed to takeover its struggling cross-town rival for 3 billion Swiss francs ($3.37 billion) and said it would assume up to 5 billion ($5.61 billion) in losses as part of a deal hastily arranged by Swiss authorities. On Sunday, NZZ am Sonntag newspaper reported that the country's largest bank was working towards spinning off Credit Suisse's domestic unit, with its current head, Andre Helfenstein, expected to run it. The Swiss newspaper cited a source as saying that UBS had come around to the idea of a spin-off, which it initially ruled out, because of growing public and political pressure.

If the Fed opts to pause, Treasury yields are expected to decline. Stocks that could gain on falling interest rates Here are the top stocks that are poised to move higher if the Fed signals it will pause rate increases. The gold miner benefits from a rise in gold prices, and in general, gold tends to rise when interest rates fall. Meanwhile, genetics company Illumina should gain if interest rates fall, according to its correlation to the SHY ETF. Stocks poised to gain on rate increases However, if the Fed suggests rate hikes will continue, short-term Treasury yields will likely go up, benefiting these stocks.

☆ This GOP senator declared DeSantis the 'leader of the Republican Party.' Despite his recent struggles, she still thinks that holds true.
▼ + stars: | 2023-05-03 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +5 min

Sen. Cynthia Lummis declared that Ron DeSantis was the "current leader" of her party in November. Ron DeSantis — not former President Donald Trump — was the "current leader of the Republican Party." That's why I think he's the leader of the party." Her initial November comments in support of DeSantis came on the heels of a poor midterm performance that many in the party blamed on Trump. In 2020, the party notably opted not to adopt a platform, citing pandemic-era restrictions and its "strong support" for Trump.

HSBC posted a pretax profit of $12.9 billion for the quarter ended March, versus $4.2 billion a year earlier. HSBC said the planned $10 billion sale, originally slated to be completed by the end of this year, will now only likely go through in the first quarter of 2024. HSBC reported deposits fell 0.6% to $1.6 trillion, excluding those it acquired by bailing out the UK arm of failed U.S. lender Silicon Valley Bank and the reclassification of French retail deposits. Despite the surging profit, HSBC did not raise its key performance target of a return on tangible equity of at least 12% from this year onwards, which analysts were anticipating. Reporting by Selena Li ing Kong Kong and Lawrence White in London; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

HSBC CEO Noel Quinn said the results showed its strengths in a rising rate environment, and played down the risks of further contagion for the banking sector. HSBC posted a pretax profit of $12.9 billion for the quarter ended March, versus $4.2 billion a year earlier. The profit was much higher than the $8.64 billion average estimate of 17 analysts compiled by the bank. Despite the surging profit, HSBC did not raise its key performance target of reaching a return on tangible equity of at least 12% from this year onwards, while analysts were estimating the key metric would be lifted. Reporting by Selena Li ing Kong Kong and Lawrence White in London; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

HONG KONG, May 2 (Reuters) - HSBC Holdings (HSBA.L) reported on Tuesday a better than expected tripling of quarterly profit, as rising interest rates worldwide boosted the lender's income and helped it pay a first quarterly dividend since 2019. Europe's largest bank posted a pretax profit of $12.9 billion for the first quarter ended March, versus $4.2 billion a year earlier. The results were better than the $8.64 billion average estimate of 17 analysts compiled by HSBC. It announced a dividend of $0.10 per share, its first quarterly dividend since 2019, following calls of shareholders to increase the dividend payout. Reporting by Selena Li ing Kong Kong and Lawrence White in London; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ Rihanna puts her own spin on the Chanel bride at the Met Gala
▼ + stars: | 2023-05-02 | by ( Scottie Andrew | ) edition.cnn.com time to read: +2 min

Alton Mason, the first Black man to walk in a Chanel show, and Penelope Cruz also put their own spins on Lagerfeld’s Chanel bride, among other attendees. Rihanna stole the show in 2015 with this Guo Pei yellow gown at the "China: Through The Looking Glass" Met Gala. Dimitrios Kambouris/Getty ImagesRihanna is also known for arriving to the Met Gala fashionably late. (Anna Wintour joked in a Vogue “73 Questions” video that Rihanna is one of the only celebrities allowed to arrive late to the Met Gala). She skipped out on last year’s Met Gala — giving birth to her first child later that May.

REUTERS/Robert GalbraithCompanies Novartis AG FollowAmgen Inc Follow(Reuters) - Amgen Inc sued Novartis AG's Sandoz in New Jersey federal court Monday, accusing Sandoz's proposed versions of its multibillion-dollar bone-strengthening drugs Prolia and Xgeva of infringing several patents. Amgen asked the court to block Sandoz's biosimilars of the drugs until its patents expire. Thousand Oaks, California-based Amgen sold $3.6 billion worth of Prolia and $2 billion worth of Xgeva last year, according to a company report. The FDA accepted Sandoz's application for biosimilar versions of the Amgen biologic drugs — which are derived from living cells, unlike traditional small-molecule drugs — in February. Amgen said the proposed biosimilars infringe 21 patents covering Prolia and Xgeva.

☆ HSBC stock jumps as Q1 profits triple and and it announces share buyback
▼ + stars: | 2023-05-02 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —HSBC announced it had tripled its quarterly profit Tuesday, blowing past expectations as it benefited from high interest rates around the world. Europe’s biggest bank recorded a whopping $12.9 billion in pre-tax profit for the quarter ended March. That was up 207% from a year earlier, and significantly higher than the $8.6 billion average predicted by a poll of 17 analysts compiled by HSBC. The bank’s revenue also surged to $20.2 billion, compared with $12.5 billion for the same period the previous year. HSBC (HSBC) attributed the jump in profits partly to a provisional sum of $1.5 billion it expects to gain from buying the UK unit of failed US lender, Silicon Valley Bank (SVB).

☆ Amazon Pet Day deals event coming May 2-3: food, toys, carriers, and more
▼ + stars: | 2023-05-01 | by ( Brendan Griffiths | Senior Commerce Director | ) www.businessinsider.com time to read: +3 min

The 48-hour Amazon Pet Day deals event is just around the corner, with big discounts expected from early tomorrow. Pet food deals will be a highlight and subscribe and save offers could keep the discounts going over time too. In our dedicated Pets Guides section, we've got you covered for best cat food, best dog food, best litter boxes, best dog harnesses, and many more. Officially, Amazon Pet Day begins at midnight PT on Tuesday, May 2 and will end at 11:59 p.m. PT on Wednesday, May 3. Unlike the Prime Day deals, the discounts are not blocked behind Amazon Prime paywalls.

☆ Last time Trump lawyer Joe Tacopina called a rape accuser greedy and crazy he won. It's a different world now.
▼ + stars: | 2023-05-01 | by ( Laura Italiano | ) www.businessinsider.com time to read: +13 min

By the time he won an acquittal in a high-profile, 2011 Manhattan criminal trial, Tacopina had attacked what he called her "functional tolerance" for alcohol. She remembered in graphic detail being immobilized in her bed — too drunk to resist — as she was allegedly raped, she told jurors. "She called him a rapist," Tacopina told the jury in openings Monday. "I can dance backwards and forwards in four-inch heels," she told Tacopina when he questioned her dressing-room balancing act. "It caused me to realize that staying silent does not work," she told Tacopina of the courage she saw in that #MeToo wave.

☆ Ukraine Wants to Push Forward. Not So Fast, Says Its Black Soupy Mud.
▼ + stars: | 2023-05-01 | by ( Michael Schwirtz | ) www.nytimes.com time to read: +1 min

The troops of Ukraine’s 43rd Separate Artillery Brigade have just about everything they need to begin the expected spring counteroffensive. They are well rested, have plenty of ammunition and are now in possession of several advanced German-made self-propelled howitzers, which have replaced their old Soviet artillery pieces. But for the moment, they are barely moving forward, stalled not by ferocious Russian attacks, but by an enemy no less tenacious: the viscous central Ukrainian mud. “Until the weather improves, there will be no counteroffensive,” said a lieutenant with the brigade named Serhii. Wheels and treads spin and spin, only digging military vehicles deeper into the mire.

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