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☆ Crypto Companies Behind Tether Used Falsified Documents and Shell Companies to Get Bank Accounts
▼ + stars: | 2023-03-03 | by ( Ben Foldy | Ada Hui | ) www.wsj.com time to read: 1 min

In late 2018, the companies behind the most widely traded cryptocurrency were struggling to maintain their access to the global banking system. Some of their backers turned to shadowy intermediaries, falsified documents and shell companies to get back in, documents show. One of those intermediaries, a major tether trader in China, was trying to “circumvent the banking system by providing fake sales invoices and contracts for each deposit and withdrawal,” Stephen Moore , one of the owners of Tether Holdings Ltd., said in an email viewed by The Wall Street Journal.

☆ Former Goldman Sachs partners represent the powerful allies and formidable foes the bank has across the Street
▼ + stars: | 2023-03-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

In many ways, it's easier to become a brain surgeon than a Goldman partner (doctors, please spare me your hate mail). Unlike other esteemed white-collar groups — the partners at law firm Cravath, Swaine & Moore, for example — turnover is somewhat common within the Goldman partnership. Insider's Carter Johnson and Dakin Campbell took a look at how many partners have left the bank since CEO David Solomon took over in 2018. In many ways, it's demonstrative of the allies the bank has across the Street. Former Goldman partners can be like missionaries for the bank, spreading the good word to anyone who will listen (and paying their fees).

Lavrov also said the question of when Russia will negotiate an end to the war should be put to Ukraine President Volodymyr Zelensky. Earlier in the day Blinken had met with his counterparts from the Quad, as the grouping is informally called, and they issued a statement saying "the use or threat of use of nuclear weapons is inadmissible". Late last month, Russian President Vladimir Putin suspended a landmark nuclear arms control treaty and threatened to resume nuclear tests. During their brief exchange on the sidelines of the G20 meeting on Thursday, Blinken told Lavrov to end the war and urged Moscow to reverse its suspension of the New START (Strategic Arms Reduction Treaty) on nuclear weapons. China has denounced the Quad as a Cold War construct and a clique "targeting other countries".

☆ Asian stocks rally sputters as China pulls back, higher U.S. yields weigh
▼ + stars: | 2023-03-02 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

U.S. futures erased earlier gains, with the S&P 500 stock futures falling 0.5% and Nasdaq futures down 0.7%. Tesla shares (TSLA.O) slumped 5.5% in after-hour trading, after the Tesla Investor Day failed to excite investors. On Thursday, the benchmark 10-year Treasury yields hit a fresh four-month high of 4.0160%, after hitting 4% overnight. In the currency markets, the U.S. dollar index, measuring the greenback's value against a basket of major peers, gained 0.2% to 104.6. Oil prices were largely steady on Thursday, having risen by 1% the previous day due to optimism over China's recovery.

☆ Mick Schumacher feels no need to watch 'Drive to Survive'
▼ + stars: | 2023-03-02 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

MANAMA, March 2 (Reuters) - Mick Schumacher's Formula One struggles last season feature strongly in the latest run of 'Drive to Survive' but the German says he feels no need to watch the Netflix docu-series. "I didn't watch it...that's a personal choice," Schumacher told Reuters when asked about the series at a 75th anniversary event for sportswear maker Puma at the season-opening Bahrain Grand Prix. "I just don't necessarily feel the need to watch myself on TV, I guess." Schumacher muses separately, in a frank scene on a Swiss mountainside, about the difficulties he faces and his determination to succeed. With the retirement of four times world champion Sebastian Vettel, the only German driver is veteran Nico Hulkenberg as Schumacher's replacement at Haas.

Mortgage rates had been broadly declining since October but resumed their ascent in recent weeks on expectations the Fed will keep its federal funds rate higher for longer. While house prices probably had a bit further to fall, an overall housing shortage will broadly support these historically-elevated levels, Sunbury said. "We don't think affordability will return to its post-GFC levels or even its pre-pandemic average in the coming years." The 30-year fixed mortgage rate, currently at 6.5%, will average 6.35% this year, the poll found. (For other stories from the Reuters quarterly housing market polls:)Reporting by Indradip Ghosh and Prerana Bhat; Polling by Susobhan Sarkar and Sujith Pai; Editing by Hari Kishan, Ross Finley and Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ US unit of Spain's ACS to build EV battery plant for Panasonic in Kansas
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

MADRID, March 2 (Reuters) - A joint venture between the U.S. unit of Spanish engineering group ACS (ACS.MC) and Philadelphia-based Yates Construction has won a contract to build an electric vehicle (EV) battery plant in Kansas as part of a $4 billion investment by Japan's Panasonic (6752.T) group, the companies said on Wednesday. The EV battery factory in the city of De Soto is expected to start operating by the end of March 2025 and will reach approximately 30 gigawatts-hour of annual production capacity, according to a statement by ACS' Turner Construction. "The battery manufacturing facility is a critical part of Panasonic's investment in the United States to expand EV battery production capacity," the company said. In addition to the assembly facility, the project will include construction of a central utility plant and support buildings, it added. Reporting by David Latona; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ Supreme Court signals it could sidestep ruling in major elections case
▼ + stars: | 2023-03-02 | by ( Lawrence Hurley | ) www.cnbc.com time to read: +3 min

WASHINGTON — The Supreme Court on Thursday sought additional briefings in a major elections case from North Carolina, signaling it could sidestep a ruling on a broad theory that could upend election law nationwide. The brief court order asked the parties involved to file new court papers on the impact of recent actions by the North Carolina Supreme Court. The case before the justices, argued in December, concerns whether the North Carolina Supreme Court had the authority last year to throw out Republican-drawn congressional districts. Since then, the North Carolina Supreme Court has flipped from Democratic to Republican control and the new majority has moved to revisit some of the earlier rulings. Oral arguments in the North Carolina court are scheduled for March 14.

☆ Djokovic targets elusive gold medal at Paris Olympics
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

March 2 (Reuters) - Novak Djokovic said he is already looking forward to next year's Olympic Games in Paris, as he seeks to win a gold medal that has so far eluded him in an otherwise glittering career. World number one Djokovic won a bronze medal in Beijing 2008 but has been unable to build on that in 2012, 2016 and 2021. The tennis competition at Paris 2024 will be held on the claycourts of Roland Garros where Djokovic has won two of his 22 Grand Slam titles -- in 2016 and 2021. "I look forward to the Olympics," Djokovic told reporters after beating Tallon Griekspoor in Dubai on Wednesday. "I always try to be very clear with myself what the goals are, what I want from competitive tennis," Djokovic said.

☆ Steven Spielberg's latest film 'The Fabelmans' could win Best Picture at this month's Academy Awards. Here are his top 10 most popular films.
▼ + stars: | 2023-03-01 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +3 min

Paramount Pictures Worldwide box office: $603.9 million ($925 million, adjusted for inflation) Total domestic box office: $234.3 million Domestic opening weekend: $64.9 million Budget: $132 million 9. Paramount Studios Worldwide box office: $474.2 million ($1.1 billion, adjusted for inflation) Total domestic box office: $197.2 million Domestic opening weekend: $29.4 million Budget: $48 million 7. Paramount Pictures Worldwide box office: $790.7 million ($1.1 billion, adjusted for inflation) Total domestic box office: $317.1 million Domestic opening weekend: $100.1 million Budget: $185 million 6. Universal Worldwide box office: $618.6 million ($1.15 billion, adjusted for inflation) Total domestic box office: $229.1 million Domestic opening weekend: $72.1 million Budget: $73 million 5. Universal Worldwide box office: $792.9 million ($2.5 billion, adjusted for inflation) Total domestic box office: $437.1 million Domestic opening weekend: $11.8 million Budget: $10.5 million 1.

☆ Watch live: Biden speaks at House Democrats' conference as 2024 elections approach
▼ + stars: | 2023-03-01 | by ( Emma Kinery | ) www.cnbc.com time to read: +1 min

Please refresh the page if you do not see a video above at that time.) President Joe Biden is speaking Wednesday at the House Democrats' 2023 Issues Conference in Baltimore, Maryland, as he tries to set the tone for the party ahead of the 2024 elections. The loss of House control means the party no longer dictates what comes to the floor and what legislation the chamber will pass. The conference allows Democrats to agree on messaging for the upcoming election, which will likely relate to accomplishments in the previous two years and warnings about the effects of Republican policies. He was the first Black person to be elected governor in the state and only the third Black governor to serve in the nation.

☆ Senate overturns federal rule on ESG investments, Biden vows to veto
▼ + stars: | 2023-03-01 | by ( Christina Wilkie | ) www.cnbc.com time to read: +1 min

Sen. Shelley Moore Capito (R-WV) talks to reporters during a news conference following the weekly Senate Republican policy luncheon at the U.S. Capitol on February 28, 2023 in Washington, DC. WASHINGTON — The Senate on Wednesday voted to overturn a Labor Department rule that permits fiduciary retirement fund managers to consider climate change and other factors when making investments on behalf of pension plan participants. The final vote in the Senate was 50-46, with two Democratic senators crossing party lines to support the repeal bill: West Virginia Sen. Joe Manchin and Montana Sen. Jon Tester. President Joe Biden said Monday that he will veto the Senate bill if it comes to his desk — the first veto of his presidency. ESG funds are designed to attract socially conscious investors with stock picks that promote renewable energy, inclusive policies, or good corporate governance.

☆ Shares skid, bonds face worst February since 1981 as US rates set to rise
▼ + stars: | 2023-02-28 | by ( Samuel Indyk | ) www.reuters.com time to read: +5 min

The concern now is not so much over global recession, but over the prospect of there being little respite any time soon from higher interest rates. MSCI's All-World index of global shares (.MIWD00000PUS) was last roughly steady on the day, but still close to Friday's seven-week low. Since then, a slew of U.S. and euro area economic data has reinforced the view that interest rates will rise further and stay high for longer. U.S. two-year Treasury yields , the most sensitive to shifts in expectations for interest rates, have risen by 60 basis points this month to almost 5%. Fed funds futures are fully pricing in a 25-bps rate rise from the Fed next month, with around a 20% chance of a larger 50-bps hike.

☆ Hedge funds unimpressed by Chinese internet giants' peppy earnings
▼ + stars: | 2023-02-28 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

HONG KONG, Feb 28 (Reuters) - A set of bumper earnings reports from the likes of Baidu Inc and other Chinese internet giants isn't impressing hedge funds and other investors who have cut exposure to the stocks and seem to be waiting for more good news. Despite easily beating expectations for their earnings and giving optimistic forecasts for the recovery in demand, shares in both companies fell. Mark Dong, co-founder of Minority Asset Management, who is based in Hong Kong, says expectations for Chinese growth are clouded by doubts over how Beijing plans to stimulate the economy and deal with external risks. The internet sector index (.H11137) nearly doubled between late-October and January but has since fallen 20%. Global hedge funds such as Bridgewater Associates, Tiger Asset Management and Coatue Management are big holders of China internet stocks, which makes the sector more vulnerable to the global economic cycle and geopolitical tensions.

The dollar index , which measures the currency against a basket of peers, was flat at 104.64, but was still set for a February gain of 2.6%, its first monthly increase since September. The next move in the dollar is really a function of how the February data starts to play out in March," Atrill said. U.S. Treasury yields have also moved higher with the inflation sensitive two-year yield back at three-and- a-half-month highs. [US/}The dollar on Tuesday gained particularly against the Japanese yen , climbing 0.44% to 136.84, its highest in over two months. ,Elsewhere, sterling built on its gains from the previous session against the dollar, rising 0.2% to $1.2082.

☆ Australia to limit tax breaks on multi-million dollar retirement savings
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, Feb 28 (Reuters) - The Australian government said on Tuesday it would limit tax breaks for members with pension balances of more than A$3 million ($2 million) in the face of mounting pressure on the federal budget and protracted deficits. The decision comes just days after the centre-left Labor government launched a consultation on reforming superannuation - retirement funds - saying it wanted the country's pension system to become sustainable and equitable. "This proposal does not change the fundamentals of our superannuation system, 99.5% of people with superannuation are unaffected by this reform," Albanese said. Tax breaks on retirement funds cost the Australian government about A$50 billion ($33.7 billion) every year, with the majority of those going to high-income earners, Treasurer Jim Chalmers said. Chalmers estimates these tax breaks will cost the budget more than the state pension by 2050.

☆ As China's birth rate slumps, political advisor urges egg freezing for single women
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

Lu, a fertility doctor in China's southern Hainan province, said giving single women access to freezing their eggs enables them "to preserve the eggs before they pass their peak reproductive years. Currently fertility treatments such as in vitro fertilisation (IVF) and egg freezing in China are banned for unmarried women. Lu's recommendations come as authorities try to bolster a faltering birth rate with incentives including expanding maternity leave, financial and tax benefits for having children as well as housing subsidies. Last year, China recorded its lowest ever birth rate, of 6.77 births per 1,000 people. While nine of the 10 most populous nations in the world are experiencing declines in fertility, China's 2022 fertility rate of 1.18 was the lowest and well below the 2.1 OECD standard for a stable population.

☆ Warren Buffett praised the practice of long-term investing in his annual shareholder letter. These are the 10 longest-held stocks in Berkshire Hathaway's portfolio.
▼ + stars: | 2023-02-28 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Warren Buffett has long praised the practice of long-term investing when it comes to stocks. "The world is full of foolish gamblers, and they will not do as well as the patient investor," Buffett said in Berkshire Hathaway's 2022 shareholder letter. These are the 10 longest-held stocks in Berkshire Hathaway's $299 billion stock portfolio. These are the 10 longest-held companies in Berkshire Hathaway's $299 billion individual stock portfolio. UPSJustin Sullivan/Getty ImagesTicker: UPSTime Held: 17 yearsPortfolio Value: $10.3 million7.

☆ Microsoft Windows 11 update puts AI-powered Bing front and center
▼ + stars: | 2023-02-28 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +4 min

(A preview version of the AI tool remains available on a limited basis.) Last year, Microsoft unveiled several AI-powered Windows 11 features, such as quieting background noise like lawnmowers and baby cries on video calls and automatic framing so the camera follows the speaker’s movements. A look at the new Bing on Windows 11 MicrosoftThe Bing integration is just one of several notable updates coming to Windows 11. Apple users will now be able to receive iOS alerts and messages directly on their Windows 11 devices, potentially chipping away at Apple’s closed ecosystem. It’s also adding a Recent Websites feature that allows users to transfer their browser sessions from their smartphone to their Windows PC.

Several climate scenarios suggest that to limit global temperature rises to 1.5 degrees Celsius above the pre-industrial average, the world needs to be investing $4 in renewable energy for every $1 invested in fossil fuels by 2030. In 2021, bank financing for energy supply totalled $1.9 trillion, just over $1 trillion of which went to fossil fuels and $842 billion to low carbon energy projects and companies, according to the report. The bank financing ratio, of 81 cents to $1, was below the global energy supply investment ratio of 90 cents to $1. Individual banks' financing ratios varied. The report's findings differ from another study published by environmental groups last month which said the share of bank financing going to renewables had stagnated.

☆ Morning Bid: It's all about inflation
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

A slew of strong U.S. economic data has reinforced the view that interest rates will stay higher-for-longer. Over in Europe, preliminary February inflation data is due from Germany, France, Spain and Portugal on Monday and Tuesday, followed by the euro bloc flash number on Thursday. Though headline euro area inflation is easing, there is mounting realisation that it could proving more stubborn than earlier expected. Traders are now pricing in another 75 basis points of moves in the 20-nation euro zone before the end of the summer. This week, European investors will also digest results from the likes of Lufthansa, fund manager Abrdn, London Stock Exchange and Telefonica.

☆ Communist rift plunges Nepal's ruling coalition into crisis
▼ + stars: | 2023-02-27 | by ( Gopal Sharma | ) www.reuters.com time to read: +3 min

KATHMANDU, Feb 27 (Reuters) - Splits within Nepal's communist-dominated ruling coalition plunged the Himalayan nation into crisis on Monday as a Marxist-Leninist party said it would withdraw support after the Maoist prime minister backed an opposition candidate for the presidency. Current prime minister Pushpa Kamal Dahal, a former Maoist guerrilla leader in the mountainous nation sandwiched between China and India, has held the post three times. Last week, Prachanda infuriated the UML by pledging support for the opposition Nepali Congress party's presidential candidate, Ram Chandra Paudel. Prachanda had earlier agreed to support a UML candidate for the presidency, according to politicians in the coalition. Four ministers, including a deputy prime minister from another party, also quit the government over the weekend due to the same issue.

☆ New Zealand launches global fundraiser for post-cyclone reconstruction
▼ + stars: | 2023-02-27 | by ( Lewis Jackson | ) www.reuters.com time to read: +1 min

SYDNEY, Feb 27 (Reuters) - New Zealand will launch an international fundraising appeal for the massive reconstruction work needed after Cyclone Gabrielle tore across the country's north earlier this month, forcing thousands of people into shelters and killing eleven. The appeal will fund longer term recovery projects and target wealthy expatriates, businesses and anyone with affection for New Zealand, said Prime Minister Chris Hipkins on Monday. The appeal will be modeled after the 2011 Christchurch earthquake fundraiser, which collected over NZ$94 million ($57.94 million). A national state of emergency, only the third declared in the country's history, will continue in cyclone-hit regions. ($1 = 1.6223 New Zealand dollars)Reporting by Lewis Jackson; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Feb 24 (Reuters) - Prosecutors will cross examine Richard "Alex" Murdaugh for a second day on Friday, one day after the disbarred South Carolina attorney took the stand and denied any involvement in the murder of his wife and son but admitted to lying to investigators. Waters told the judge that he stil had some financial matters to go over before tackling the "other evidence". He said would likely need three to four hours to finish cross examination when court resumes on Friday at 9:30 a.m. Murdaugh, 54, testified that he lied because he was suffering from paranoia tied to a years-long addiction to opiods, and did not trust the police. Murdaugh, the scion of an influential South Carolina legal family, was indicted by a grand jury in July on two counts of murder and two counts of possession of a weapon in connection with the shootings.

☆ Zelenskiy's message on Ukraine war anniversary: 'we will defeat everyone'
▼ + stars: | 2023-02-24 | by ( Olena Harmash | ) www.reuters.com time to read: +2 min

KYIV, Feb 24 (Reuters) - Ukrainian President Volodymyr Zelenskiy marked the first anniversary of Russia's full-scale invasion on Friday with a sombre message of defiance to his people, saying "we will defeat everyone". Western military officials estimate casualties on both sides of the largest conflict in Europe since World War Two at more than 100,000 killed or wounded. "Almost everyone has at least one contact in their phone that will never pick up the phone again," Zelenskiy said. These two simple words got a new meaning during the year of the war." With leaders of both countries showing no signs of backing down, the prospects of an end to the fighting any time soon look bleak.

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