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☆ Here are 3 things to watch in the stock market after a very difficult week
▼ + stars: | 2023-10-14 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +10 min

MS YTD mountain Morgan Stanley YTD We certainly hope Morgan Stanley's numbers are as good as Friday's report from our other bank holding Wells Fargo (WFC). Morgan Stanley is expected to grow revenue by more than 2% year over year to $13.2 billion in the third quarter. During a recent conference, Morgan Stanley executives said that capital markets will likely improve in 2024. Shares of Morgan Stanley have struggled this year, dropping more than 8% compared to the S & P 500's nearly 13% advance in 2023. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Stocks, WTI, Jerome Powell's, There's, Patrick Harker, John Williams, Harker, Austan Goolsbee, Lorie Logan, Powell, Christopher Waller, Philip Jefferson, Waller, Jefferson, – Morgan Stanley, Gamble –, Morgan Stanley YTD, Morgan, Jim Cramer, Morgan Stanley, there's, Gamble, Jim, we'll, Charles Schwab, Goldman Sachs, Johnson, Philip Morris, — CNBC's Zev Fima, Jim Cramer's, Spencer Platt Organizations: Nasdaq, Dow, Columbus Day, West Texas, Federal Reserve, Club, Fed, Market, Philadelphia Fed, New York Fed, Chicago Fed, Dallas Fed, United Auto Workers, General Motors, Chrysler, Ford, National Association of Realtors, Procter, Procter & Gamble, Natural Resources, Exxon Mobil, Coterra Energy, of America, United Airlines, Gamble, Housing, Netflix, Alcoa, American Airlines, Taiwan Semiconductor Manufacturing Company, Alaska Air, CSX, American Express, Jim Cramer's Charitable, CNBC, New York Stock Exchange, Getty Locations: Israel, U.S, New, Wells, KBW, Silicon, Manhattan, New York City

☆ BoE's Bailey says he's puzzled by stubborn pay growth in UK
▼ + stars: | 2023-10-14 | by ( ) www.reuters.com time to read: +1 min

People walk outside the Bank of England in the City of London financial district in London, Britain May 11, 2023. REUTERS/Henry Nicholls/File photo Acquire Licensing RightsMARRAKECH, Morocco, Oct 14 (Reuters) - Bank of England Governor Andrew Bailey said on Saturday he was puzzled by the continued strength of pay growth in Britain which, unlike other areas of the economy, has not yet responded to the BoE's run of 14 back-to-back interest rate hikes. The increases in borrowing costs were having an impact on employment numbers and in the housing market, Bailey told a panel discussion on the sidelines of International Monetary Fund meetings in Morocco. "I should say what is more puzzling and in a sense we wait to see is the situation on pay and earnings where... the usual transmission mechanism is not yet being demonstrated," he said during the event organised by the Group of 30 consultative body. Reporting by Balazs Koranyi Writing by William SchombergOur Standards: The Thomson Reuters Trust Principles.

Persons: Henry Nicholls, Andrew Bailey, Bailey, Balazs Koranyi, William Schomberg Organizations: Bank of England, REUTERS, Rights, International Monetary Fund, Group, Thomson Locations: City, London, Britain, Rights MARRAKECH, Morocco

☆ India's state-run banks to lower bond purchases as liquidity tightens - treasurers
▼ + stars: | 2023-10-13 | by ( Dharamraj Dhutia | ) www.reuters.com time to read: +2 min

MUMBAI (Reuters) - India’s state-owned banks will slow government bond purchases in the weeks ahead as banking system liquidity tightens, treasury officials from nine state lenders said. REUTERS/Hemanshi KamaniBond yields have spiked since Oct. 6, when the central bank said it will keep monetary policy restrictive and sell bonds to manage banking system liquidity. These lenders have bought 253 billion rupees ($3 billion) of government debt since Sept. 22, including 100 billion rupees on Oct. 6. Banking system liquidity - the quantum of funds in the interbank market - has largely been in deficit from the middle of September. Bond traders expect the banking system’s cash position to stay in deficit because of tax payments and likely bond sales by the Reserve Bank of India (RBI).

Persons: “, ” Vijay Sharma, PNB Gilts, Bond Organizations: REUTERS, Banking, Reserve Bank of India, “ Locations: MUMBAI, ”, India

☆ Argentina central bank hikes key rate to 133% as inflation worsens
▼ + stars: | 2023-10-12 | by ( Jorge Otaola | ) www.reuters.com time to read: +2 min

The facade of Argentina's Central Bank is pictured in the financial district of Buenos Aires, Argentina December 7, 2021. Argentina's central bank is struggling to keep the benchmark interest rate in line with inflation expectations, with a central bank poll of analysts later in the day forecasting inflation to end the year at more than 180%. Reuters Graphics Reuters GraphicsThe impacts of inflation has been worsened by the government's near-18% devaluation of the peso in mid-August, which coincided with the prior central bank hike, where it increased the interest rate from 97% to 118%. Milei, who is seeking to shut the central bank and dollarize the economy to tame inflation, recently recommended depositors avoid renewing bank holdings in pesos, arguing that the peso does not even serve as "excrement." The central bank's rate change on Thursday came after a last-minute decision not to raise the rate to 145% "following a leak," after Reuters reported the higher figure, citing a source close to the bank.

Persons: Agustin Marcarian, Alberto Fernandez, Javier Milei, Jorge Otaola, Brendan O'Boyle, Isabel Woodford, Anthony Esposito, Richard Chang, Jamie Freed Organizations: Central, REUTERS, Graphics Reuters, Reuters, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES

☆ Argentina cenbank raises interest rate to 145% as peso falters - source
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

The facade of Argentina's Central Bank is pictured in the financial district of Buenos Aires, Argentina December 7, 2021. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsBUENOS AIRES, Oct 12 (Reuters) - Argentina's central bank raised the country's benchmark interest rate to 145% from 118% on Thursday, a source close to the matter told Reuters, as the South American country battles triple-digit annual inflation. The hike follows the rapid freefall of Argentina's peso, with the currency surpassing the psychological barrier of 1,000 pesos per U.S. dollar earlier this week with less than two weeks before a crucial presidential election. That brought the annual inflation rate to 138.3%. Reporting by Jorge Otaola; Writing by Brendan O'Boyle; Editing by Anthony EspositoOur Standards: The Thomson Reuters Trust Principles.

Persons: Agustin Marcarian, Jorge Otaola, Brendan O'Boyle, Anthony Esposito Organizations: Central, REUTERS, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, American

☆ UK economy grew 0.2% in August, propped up by services sector
▼ + stars: | 2023-10-12 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

U.K. gross domestic product grew by 0.2% in August, the Office for National Statistics estimated Thursday, partially recovering from a downwardly revised 0.6% contraction in July. "It does not change the outlook for the Bank of England and confirms that the Bank Rate does not have much upside from here, but will remain at current levels for an extended period." The Bank of England last month ended a run of 14 consecutive interest rate hikes after data showed inflation was running below expectations. "The UK has grown faster than France and Germany since the pandemic and today's data shows the economy is more resilient than expected," U.K. Finance Minister Jeremy Hunt said Thursday. U.K. headline inflation dipped to an annual 6.7% in August, below expectations but still well above the Bank's 2% target.

Persons: Mathieu Savary, Jeremy Hunt, Thiru Organizations: Citibank, HSBC, National Statistics, BCA Research, Bank of England, of England, Bank, Finance, Institute of Chartered Accountants, Wales, Bank of England's Locations: Wharf, London, United Kingdom, U.K, European, France, Germany, England

Official data showed economic output expanded by 0.2% in August from July, matching the median forecast in a Reuters poll of economists. "The UK economy is holding up but remains in a precarious state," said David Bharier, head of research at the British Chambers of Commerce. The data showed Britain's huge services sector grew by a slightly stronger than expected 0.4% in August from July while manufacturing and construction shrank by 0.8% and 0.5%. Investors are putting a chance of less than one in four on the BoE resuming its rate hikes after its next scheduled meeting in November. Britain's economy stood 2.1% bigger than in February 2020, just before the coronavirus pandemic hit, the ONS said.

Persons: Matthew Childs, Sterling, Elizabeth's, BoE, David Bharier, William Schomberg, Andy Bruce, Kate Holton Organizations: REUTERS, Bank of England, Monetary Fund, Chambers of Commerce, European Union, ONS, Thomson Locations: London, Britain, Miral

☆ KPMG hit with record fine for 'textbook failure' in Carillion audits
▼ + stars: | 2023-10-12 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

The Financial Reporting Council (FRC) said the number, range, and seriousness of the deficiencies in the audits of Carillion were exceptional, resulting in the watchdog's highest ever fine. On occasions, KPMG audit partner Peter Meehan told his team to record his review of working papers without having done a review, the FRC said. Meehan, no longer with KPMG, was fined 350,000 pounds after a discount to reflect his cooperation and admission of failures. It would have been 30 million pounds, but was discounted due to admissions and co-operation by the auditor. KPMG was fined 14.4 million pounds last year after providing false and misleading information to the FRC during spot checks on audits of Carillion and outsourcing firm Regenersis.

Persons: Reinhard Krause, Carillion, Richard Moriarty, Moriarty, Peter Meehan, Meehan, Jon Holt, Holt, Huw Jones, Sharon Singleton, Mark Potter Organizations: KPMG, Canary, REUTERS, BHS, Council, FRC, PwC, Deloitte, EY, Thomson Locations: London, Britain

☆ China funds look to Mideast cash as US investments wane
▼ + stars: | 2023-10-10 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

Seven China equity funds, including hedge funds and mutual funds, running more than $500 billion in combined assets, told Reuters they visited the Middle East this year to raise money, three of them for the first time. The search for new capital could affect Asia's hedge fund scene, where China firms account for more than half the market. "In the past perhaps the holy grail of capital raising was the U.S.," said Effie Vasilopoulos, co-Leader of law firm Sidley Austin's Asia-Pacific investment funds group. So that dynamic is leading many of our clients to the Middle East." However, sovereign funds in the Middle East have been large buyers.

Persons: Aly, Effie Vasilopoulos, Sidley, Steven Luk, Erin Wu, Wong Kok Hoi, Wong, Summer Zhen, Tom Westbrook, Jacqueline Wong Organizations: REUTERS, Seven, Reuters, FountainCap Research & Investment, OP Investment Management, POLITICO, Big U.S, ' Pension, California State Teachers, APS, Thomson Locations: Shanghai, Shenzhen, China, HONG KONG, Seven China, U.S, Asia, Pacific, Europe, Australia, Hong Kong, Texas, Singapore, Middle Eastern

☆ London's financial heart is sizing up a win for center-left Labour party at next year's UK election
▼ + stars: | 2023-10-10 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Bloomberg | Bloomberg | Getty ImagesLIVERPOOL, England — The U.K.'s main opposition Labour party is seeking to woo London's powerful financial center as it sets its sights on winning power at next year's General Election. At the party's conference this week, lawmakers were unanimous in emphasizing Labour's renewed focus under leader Keir Starmer on spurring economic growth as its number one priority. Speaking at a fringe event on Sunday, Shadow Financial Secretary to the Treasury James Murray reiterated the party's mission of achieving the highest growth in the G7 and engaging the private sector. It really is crucial to underpin the encouragement of businesses to invest, to underpin everyone working together for economic growth," Murray added. Shadow Chancellor Rachel Reeves announced a host of new economic pledges aimed at stimulating growth, vowing to "rebuild Britain" if Labour wins the 2024 General Election.

Persons: Keir Starmer, James Murray, Murray, Rishi, Liz Truss's, Kwasi Kwarteng, Rachel Reeves, Reeves, Jeremy Corbyn, Starmer, Emma Reynolds Organizations: Bloomberg, Getty, Labour, Shadow, Conservative Party, Treasury Locations: Canary, London, LIVERPOOL, England, Britain, Liverpool

☆ Bank of England warns U.S. tech stock valuations may be out of whack
▼ + stars: | 2023-10-10 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

People walk outside the Bank of England in the City of London financial district, in London, Britain, January 26, 2023. Valuations for U.S technology stocks may be too high given the current macroeconomic backdrop and spike in rates, according to the Bank of England. "Given the impact of higher interest rates, and uncertainties associated with inflation and growth, some risky asset valuations appear to be stretched," the BoE's financial policy committee said Tuesday. "Stretched risky asset valuations increase the likelihood of a greater correction in prices if downside risks to growth materialise." To be sure, this isn't the first time that a central bank has warned of valuations over the years, but as a general rule, central bankers would rather not offer an opinion on any specific market price.

Persons: BoE, premia, Ben Bernanke, Lehman, Alan Greenspan, Greenspan's, — CNBC's Scott Schnipper Organizations: Bank of England, Microsoft, Nvidia, Lehman Brothers Locations: City, London, Britain, U.S

☆ Shanghai stock exchange probes Zhejiang King after its public listing halt
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +2 min

A security guard stands at the Shanghai Stock Exchange building at the Pudong financial district in Shanghai, China, February 3, 2020. REUTERS/Aly Song/File Photo Acquire Licensing RightsBEIJING, Oct 8 (Reuters) - The Shanghai Stock Exchange said it will probe Zhejiang King Co Ltd after the Chinese maker of air conditioners halted its initial public offering (IPO) amid media reports about alleged issues such as the overpricing of shares. Zhejiang King on Saturday said it will suspend the new share subscription procedure initially scheduled on Monday because of the media reports, without specifying the nature of those reports. Zhejiang King said in its prospectus published last month that assets related to its air conditioner business were indirectly acquired from a different listed air conditioner company via a series of asset restructuring schemes. Zhejiang King said last month it aimed to raise 2.38 billion yuan ($325.98 million) at 68.07 yuan per share.

Persons: Aly, Zhejiang King, Roxanne Liu, Ryan Woo, Christian Schmollinger Organizations: Shanghai Stock Exchange, REUTERS, Rights, Zhejiang King Co, China Securities Index Co, Thomson Locations: Pudong, Shanghai, China, Rights BEIJING, Zhejiang King, Zhejiang

☆ Home Sweet Times Square: How New York City can save Midtown Manhattan from the 'urban doom loop'
▼ + stars: | 2023-10-08 | by ( Eliza Relman | ) www.businessinsider.com time to read: +10 min

And New York City has had success transforming single-use office districts, most notably Lower Manhattan's financial district, into more vibrant mixed-use places. Times Square is one of those, according to Tom Harris, president of the Times Square Alliance, which represents the district's businesses. AdvertisementAdvertisement"I'm not negating it, but certainly the opportunities south of Times Square, to the west of Times Square, are a little bit better for development of the housing stock," he said. The mix of businesses around Times Square has changed in a way that could be appealing to potential residents. Times Square lost 179 businesses during the pandemic, but has since welcomed more than 180 new businesses into the neighborhood, according to the Times Square Alliance.

Persons: —, Eric Adams, Dan Garodnick, Garodnick, Lynne Sagalyn, Sagalyn, Andrew Lichtenstein, Susan Mello, Walker, Dunlop, Mello, Luiz C . Ribeiro, Tom Harris, Harris, aren't, Le Bernardin, haven't —, Gardonick Organizations: Midtown, Service, Garment, Eighth, New York City's Department of City Planning, Columbia University, Getty, Financial, Times Square Alliance, Times, Lambs, —, Taco Bell, Grand Central Madison Locations: Midtown Manhattan, Midtown, Manhattan, America, Manhattan . Old, York City, Lower Manhattan, hasn't, Retail, Long, New York

☆ Kazakh fintech Freedom Holding is being investigated by DOJ, SEC, documents show
▼ + stars: | 2023-10-06 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

The SEC's Boston regional office has been probing Freedom for months, according to documents seen by CNBC and people familiar with the matter. The U.S. Attorney's Office for Massachusetts is also making preliminary inquiries into Freedom, documents seen by CNBC show. Nearly 115,000 Freedom shares changed hands in the first half hour of trading, 1.25 times the stock's 10-day average. Turlov and Freedom are aware of the SEC probe, which has been going on for months, a person familiar with the matter told CNBC. An SEC spokesperson told CNBC that it doesn't comment on the existence or nonexistence of an investigation.

Persons: that's, Timur Turlov, Turlov, Hindenburg, Citron Organizations: Nasdaq, Securities, Exchange, CNBC, Boston, Attorney's, Massachusetts, SEC, DOJ, Justice, Hindenburg, Citron Research, Las, Trump, Financial, Financial Industry, Authority, Freedom Locations: Almaty, Kazakhstan, Russian, U.S, Kazakh, Central Asia, Eastern Europe, New York, Las Vegas, New

The pandemic pushed financial giants to embrace a more casual dress code that many other corporations had begun to embrace. Diversity in dressFor some women on Wall Street, the shift from business formal to business casual has allowed them to step out of the unofficial uniform of pantsuits and sheath dresses. Lululemon in the boardroomNo Wall Streeters mentioned buying more Ferragamo ties, but many said they were leaning into athleisure. People still come in wearing their suits and ties and their Louboutins, and I'm like, 'what are we doing here?' "For a lot of client interactions, dressing business casual can make it more comfortable and can lead to a better relationship-building experience."

Persons: Luis Arteaga, Shanta Wu, Kristen Powers, Morgan Stanley, She's, Thom Browne, Anne, Victoire Auriault, Goldman Sachs, Jack Dillon, He's, David Trinh, It's, we've, Thoma Bravo, Andrew Almeida, Richard Handler, Jefferies, Katya Brozyna, I'm, Benjamin Kiflom, Neil Kamath, Sarah Sigfusson, Michael Wilkinson, Wells, Patrick McGoldrick, Laiwala, I've, Rachel Hunter, Goldman, Luna McKeon, Ricky Mewani, Dominic Rizzo, Rowe Price Organizations: Barclays, Fidelity, Vista Equity Partners, Bridgewater, Jefferies, Nike Air Force, Goldman Sachs Asset Management, Bank of, Moelis & Company, KKR, Blue Owl, Citadel Locations: Bridgewater, New York, Florida, Miami, San Francisco

We're buying 75 shares of Oracle (ORCL) at roughly $107.96 each. Following Thursday's trade, Jim Cramer's Charitable Trust will own 650 shares of ORCL, increasing its weighting to 2.54% from 2.26%. That's why we are buying more Oracle — bulking up our position size into the stock's recent weakness. Oracle stock pulled back in September after the company missed on quarterly revenue estimates and provided an outlook that failed to live up to lofty expectations. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Jim Cramer's, Mary Daly, Daly, Safra Catz, Catz, Jim Cramer, Jim, Spencer Platt Organizations: Oracle, ORCL, San Francisco Fed, Treasury, CNBC, New York Stock Exchange, Getty Locations: Manhattan, New York City

☆ Banks behind 70% jump in greenwashing incidents in 2023 -report
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Stephanie Lecocq/File Photo Acquire Licensing RightsLONDON, Oct 3 (Reuters) - The number of instances of greenwashing by banks and financial services companies around the world rose 70% in the past 12 months from the previous 12 months, a report on Tuesday showed. European financial institutions accounted for most of those instances, and much of the greenwashing involved claims about fossil fuels. "Over 50% of these climate-specific greenwashing risk incidents either mentioned fossil fuels or linked a financial institution to an oil and gas company. The European Banking Federation did not respond to a request for comment on the increasing number of greenwashing incidents found by RepRisk. The banking and financial services industry is second only to oil and gas for the number of greenwashing incidents, RepRisk said.

Persons: Stephanie Lecocq, RepRisk, greenwashing, Tommy Reggiori Wilkes, Mark Potter, Jan Harvey Organizations: La Defense, REUTERS, UK Finance, European Banking Federation, watchdogs, Thomson Locations: Paris, France

☆ I toured an office building that's being turned into apartments. It showed me just how much remote work is reshaping how we live and socialize.
▼ + stars: | 2023-09-30 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +3 min

I toured 160 Water Street, a major office-to-residential conversion in New York City. That's the whole point at 160 Water Street. In a past life, 160 Water Street was an office building in New York City's financial district. Standing next to 180 Water Street — an office building that was converted into units back in 2017 — 160 Water Street is preparing to welcome tenants by the end of the year. I got the opportunity to tour the building and saw just how much the rise of remote work is shaping how we use our spaces.

Persons: —, that's, That's, Dan Garodnick, It's Organizations: Service, Colliers, New York City's Department of City Planning, Vanbarton Group Locations: New York City, New York

☆ NYC and its suburbs won't build new housing, so New Yorkers are flooding into Jersey City and driving up prices
▼ + stars: | 2023-09-30 | by ( Eliza Relman | Noah Sheidlower | ) www.businessinsider.com time to read: +9 min

But prices are shooting up in Jersey City as its neighbors refuse to build. AdvertisementAdvertisementNew Yorkers have been taking notice of Jersey City real estate for years, and its popularity as an alternative to the ever-less-affordable housing market in the city is growing. Between 2010 and 2018, Hudson County, which includes Jersey City, built housing at more than twice the rate that New York City did. New housing in Jersey City is overwhelmingly market rate rather than being explicitly built as affordable housing for lower- and middle-income residents. "The issues facing Jersey City tenants are multifaceted, but the primary concern is to guarantee housing stability."

Persons: —, Steven Fulop, Alex Armlovich, Armlovich, Noah Sheidlower, Amy Klein, Klein, Isaac Jiménez, It's, Goldman Sachs, Abdul Rehman Khan, Jiménez, Fulop, That's, Rich Boggiano, Khan Organizations: Apple, Service, Jersey, Jersey City, New, Niskanen, realtors, Big Apple, Research, Jersey City . Financial, Seton Hall Law's Center for Social Justice Locations: Jersey City, The North Jersey, Jersey, Hudson County, York City, New York, North New Jersey, Newark, Elizabeth, Manhattan, Brooklyn, New York City, Hudson, New York City , Westchester, Long, New Jersey

X, formerly known as Twitter, sued Atlas Exploration in San Francisco Superior Court on Thursday in a complaint alleging breach of contract. X has faced an array of legal actions over unpaid rent and other invoices following Musk's $44 billion buyout last October. In one case, the owner of X's main office at 1355 Market Street in San Francisco sued X for more than $3.1 million in unpaid rent. Britain's Crown Estate, which manages the property portfolio belonging to the monarchy, in January filed claims against X over alleged unpaid rent on its London headquarters. The case is X Corp v Atlas Exploration Inc, San Francisco Superior Court, No.

Persons: Carlos Barria, Elon, X, Atlas, Kevin Hill, Hill, Jonathan Hawk, Mike Scarcella, Leigh Jones, Chris Reese Organizations: REUTERS, Elon Musk's X Corp, San, Twitter, Atlas Exploration, San Francisco Superior Court, Inc, X, X Corp, Exploration Inc, San Francisco Superior, Thomson Locations: San Francisco , California, U.S, San Francisco, San Francisco's, Britain's, London

During the third quarter, U.S. dealmaking contributed to a larger-than-usual share of global activity and offset a decline in volumes in Europe and Asia Pacific, accounting for about half of global volumes. Deal volumes in Europe and Asia Pacific fell 31% and 9%, respectively. To date, private equity deal volumes have slumped 48% to $313.73 billion, compared to the same period last year. Deal activity driven by activist shareholders was muted as several big-name activists reached settlements with corporate boardrooms. Dealmaking in technology, which typically accounts for the largest share of deal volumes, has fallen 51% so far this year.

Persons: Brendan McDermid, dealmaking, We're, Melissa Sawyer, Sullivan, Cromwell, dealmakers, headwinds, Tony Kim, Roark Capital's, ”, Andre Kelleners, Goldman Sachs, Naveen Nataraj, Kappa, WestRock, it’s, Rob Kindler, Weiss, Garrison, it'll, Anton Sahazizian, Anirban Sen, Timothy Gardner Organizations: REUTERS, Cromwell LLP, Asia Pacific, Investment, U.S . Steel, Centerview Partners, U.S . Investment, Evercore Inc, Cisco, Splunk Inc, Fidelity National Information Services, Reuters, Paul, Moelis, Thomson Locations: New York City, U.S, United States, Europe, Asia, Cleveland, Rifkind, Wharton, New York, London

☆ CNBC Daily Open: Long-term prospects are uncertain
▼ + stars: | 2023-09-29 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

People walk outside of the New York Stock Exchange (NYSE) in the financial district in Manhattan on June 14, 2022 in New York City. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Big population but small labor forceEven though India's population of 1.428 billion has surpassed that of China's, according to UN estimates, the country's labor force is only at 51%, trailing behind China's 75%. When that happens, this simple bond trade can earn you 40% in returns, said investment analysts.

Persons: Hong, Bill Ackman, Rick Rieder, Katie Koch Organizations: New York Stock Exchange, CNBC, Nikkei, Alpha, Pershing, Capital Management, Treasury, BlackRock, Federal, TCW, China's, Oxford Economics Locations: Manhattan, New York City, Asia, Pacific, Tokyo, U.S, China

☆ London is suffering an office market 'recession.' Meta just paid $181 million to dump a lease
▼ + stars: | 2023-09-27 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —London’s office market has plunged into a “rental recession,” with the share of empty space hitting its highest level in three decades, investment bank Jefferies said in a note Wednesday. Packing upOn Monday, British Land said Meta had agreed to pay £149 million ($181 million) to break its lease on a 310,000-square-foot office near London’s Regent’s Park. More bankers are reportedly leaving the area as UBS (UBS) begins relocating staff working for Credit Suisse to its main London office in the City. Regulators have been watching the commercial real estate market closely for any sign that spiraling vacancy rates and falling rents could become the source of the next financial crisis. The downturn in office rentals stands in stark contrast to London’s residential rental market where demand is high and supply chronically low.

Persons: London CNN —, Jefferies, Michael Prew, Meta, Clifford Chance, Banks Organizations: London CNN, The, City of, Jefferies, CNN, Derwent London, “, HSBC, UBS, Credit Suisse, City . Credit Suisse, Regulators, Investment, Hamptons Locations: The New York, City, City of London, London, Canary Wharf, London’s, Canary

☆ Three-quarters of firms globally are not ready for new ESG rules, KPMG finds
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Stephanie Lecocq/File Photo Acquire Licensing RightsLONDON, Sept 26 (Reuters) - Three-quarters of companies globally are not ready to have their environmental, social and governance (ESG) data audited externally months before new regulations kick in, according to a new report from KPMG published on Tuesday. Regulators say external auditing of sustainability-related data - while not as extensive as financial auditing - is crucial for giving investors information free of misleading environmental claims, known as greenwashing. The EU rules will require disclosures be audited while countries adopting the International Sustainability Standards Board's reporting requirements can also demand external checking. Yet of 750 companies surveyed by KPMG, only 25% feel they are sufficiently prepared. KPMG's ESG Assurance Maturity Index assessed the views of executives and board members across industries, regions and different firm sizes to measure companies preparedness.

Persons: Stephanie Lecocq, Larry Bradley, Mike Shannon, Tommy Reggiori Wilkes Organizations: La Defense, REUTERS, KPMG, Union, KPMG's, Audit, Global, ESG Assurance, Standards, Thomson Locations: Paris, France, EU, Japan, United States, Brazil, China

Cinven this month signed an accord with GIC, Singapore's sovereign fund, and another two investors to purchase from them 140 million euros of Tier2 Eurovita bonds, the source added. Cinven, which acquired Eurovita in 2017, also launched a tender offer to buy back another 20 million euros of bonds from investors including Italian financial institutions, so that only around 9 million remain outstanding, the source said. Italian insurance authorities placed Eurovita under special administration this year, the first time they have taken such a step, after rising rates blew a hole in the life insurer's cash reserves. Instead, Cinven was asked to carry out the debt buyback and cancel the bonds to support a solvent liquidation, one of the people added. Like other life insurers, especially those relying on banks to sell products, Eurovita was hit by early redemptions once rates started rising and savers sought better returns.

Persons: Matthew Childs, Cinven, Eurovita, Assicurazioni, Valentina Za, Emilio Parodi, Josie Kao Organizations: REUTERS, Reuters, GIC, Germany's Allianz, Allianz, Thomson Locations: London, Britain, Cinven

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