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☆ Government vows aid for tech firms but Israel stocks slide on SVB collapse
▼ + stars: | 2023-03-12 | by ( Steven Scheer | ) www.reuters.com time to read: +5 min

Israel's tech sector is the country's main growth engine, and its relationship with the Silicon Valley region is strong. NextVision (NXSN.TA), a maker of micro stabilised cameras, said in a regulatory filing in Tel Aviv that it withdrew on Thursday almost all of the $2.7 million it held in SVB. The Tel Aviv index of the five largest banks (.TELBANK5) was down 4% in afternoon trading, while the index of eight insurers (.TAINS) fell 4.7%. Israel's two largest banks, Leumi (LUMI.TA) and Hapoalim (POLI.TA), said their tech banking arms would issue loans to startups and other tech firms that were without access to credit in the wake of SVB's collapse. Reporting by Steven Scheer; Editing by Hugh Lawson, Frank Jack Daniel and Raissa KasolowskyOur Standards: The Thomson Reuters Trust Principles.

WASHINGTON, March 12 (Reuters) - U.S. Treasury Secretary Janet Yellen on Sunday said she was working closely with banking regulators to respond to the collapse of Silicon Valley Bank (SIVB.O) and protect depositors, but a major bailout was not being considered. Yellen told the CBS News "Face the Nation" show that she had been working with regulators to "design appropriate policies to address the situation," the largest bank collapse since the 2008 financial crisis, but declined to give further details. "But we are concerned about depositors and are focused on trying to meet their needs," Yellen said. California banking regulators on Friday closed SVB, appointing the Federal Deposit Insurance Corporation (FDIC) as receiver to protect depositors at the startup-focused lender. The collapse of the startup-focused bank has raised concerns about runs on regional banks, and the ability of small businesses that banked with SVB to pay their employees.

☆ Six Hong Kong-listed firms say their deposits at SVB are immaterial
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: +3 min

HONG KONG, March 12 (Reuters) - Six Hong Kong-listed companies, mostly Chinese pharmaceutical firms, disclosed cash deposits at Silicon Valley Bank on Sunday, adding that their exposure to the failed U.S. lender and its impact on operations were immaterial, in an effort to calm investors. Startup-focussed SVB Financial Group (SIVB.O), which did business as Silicon Valley Bank, collapsed on Friday in the largest bank failure since the 2008 financial crisis, roiling global markets and stranding billions of dollars belonging to companies and investors. Broncus Holding Corporation (2216.HK) said it held $11.8 million at SVB, representing around 6.5% of its total cash. Noah Holdings Private Wealth and Asset Management Limited has less than $1 million with SVB, less than 0.2% of its total cash. CANbridge Pharmaceuticals Inc (1228.HK) said the amount of cash deposited with SVB is "immaterial and is generally within the amount guaranteed by the FDIC accordingly", without giving any figures.

☆ Payments firm Wise says exposure 'minimal' to Silicon Valley Bank
▼ + stars: | 2023-03-12 | by ( Martin Coulter | ) www.reuters.com time to read: +1 min

LONDON, March 12 (Reuters) - Payments firm Wise has "minimal exposure" to the collapse of Silicon Valley Bank, according to a spokesperson. London-based Wise, formerly known as Transferwise, said it held a small cash balance in a corporate account with SVB. "We have minimal exposure to SVB via a credit facility they are part of together with six other major banks, and a small cash balance in an operational corporate account," a spokesperson said. More than 250 UK tech firm executives signed a letter addressed to Hunt on Saturday, calling for government intervention and warning of an "existential threat" to the UK tech sector. Reporting by Martin Coulter; Editing by Hugh Lawson and Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.

☆ Israel stocks slip on SVB failure, government vows aid for tech firms
▼ + stars: | 2023-03-12 | by ( Steven Scheer | ) www.reuters.com time to read: +3 min

[1/2] A Tel Aviv Stock Exchange sign is seen at the bourse in Tel Aviv, Israel November 4, 2020. With Israel's trading week running Sunday through Thursday, it was the first opportunity for Tel Aviv investors to react to the failure of Silicon Valley Bank, the largest bank to fail since the 2008 financial crisis. Israel's tech sector is the country's main growth engine and its relationship with the Silicon Valley region is strong. NextVision (NXSN.TA), a maker of micro stabilised cameras, said in a regulatory filing in Tel Aviv that it withdrew on Thursday almost all of the $2.7 million it held in SVB. The Tel Aviv index of the five largest banks (.TELBANK5) was down 2.5% at midday, while the index of eight insurers (.TAINS) fell 4.2%.

☆ Premarket stocks: The Fed wants to limit wage growth. That's particularly bad for women
▼ + stars: | 2023-03-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

What’s happening: Never-married women earned just 92% of what never-married men did last year, according to the Wells Fargo report. Those wage gaps are “persistently disappointing,” ADP’s Chief Economist Nela Richardson told CNN on Thursday. Markets suffer: Companies with smaller gender pay gaps tend to be rewarded by their shareholders. “The gender pay gap is informing investment strategies,” wrote Refinitiv analysts in a recent report. “Our recent analysis shows that [shares of] companies with no gender pay gap outperform companies with pay gaps between male and female employees,” wrote Refinitiv.

Eight other people were wounded, including a seven-months pregnant woman who lost her unborn daughter, police and prosecutors said at a news conference. Authorities identified the gunmman only as Philipp F. The 35-year-old, a German citizen and former Jehovah's Witness, began shooting through a window at the hall, where dozens of people were gathered, before entering. Following the previous shootings, Germany introduced stricter gun ownership rules and the government has announced plans to tighten controls further. Jehovah's Witnesses are an international Christian denomination that was founded in the United States in around 1870. The officials said about 50 people were at an event held in the Jehovah's Witness Kingdom Hall in the Alsterdorf district of the city when the shooting started.

☆ Britain's early retired resist calls to work, despite higher living costs
▼ + stars: | 2023-03-09 | by ( David Milliken | ) www.reuters.com time to read: +8 min

The exodus of older workers has no equivalent in other advanced economies. "The best part of 90% of people who say they are early retired ... say that they will probably or definitely never work again." Based on data from before the pandemic, Britain's Resolution Foundation found the richest fifth of 50-59 year olds were 10 times likelier to retire early than the bottom fifth. Other companies say they value older workers for their experience. "Older workers are the ones that have got the skills - we don't find young people with the skills that we need.

☆ Stocks making the biggest moves midday: Stitch Fix, Tesla, WeWork, Campbell Soup and more
▼ + stars: | 2023-03-08 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

United Natural Foods — The organic food company tumbled 27% after posting earnings for its fiscal second quarter that missed analyst expectations. Stitch Fix — The styling company saw shares drop 10% after it reported weaker-than-expected revenue for the latest quarter as well as a wider-than-forecast loss. The Omaha-based conglomerate bought nearly 5.8 million shares of the oil company in a few trades on Friday, Monday and Tuesday, bumping Berkshire's ownership to 22.2%. Campbell Soup Company — Campbell Soup saw shares rise nearly 2% after its fiscal second quarter earnings, revenue and margins beat analysts' expectations. The company's revenue also topped expectations, coming in at $637 million compared to $625 million anticipated by Refinitiv analysts.

☆ Brown-Forman misses quarterly profit estimates as costs weigh
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

March 8 (Reuters) - Brown-Forman Corp (BFb.N) missed Wall Street expectations for third-quarter profit on Wednesday, as the Jack Daniel's whiskey maker struggled to keep a tight lid on costs. Spirit makers such as Brown-Forman have had to raise prices to shield their margins from soaring transportation and input costs. The company's selling, general and administrative expenses rose 14% to $186 million in the quarter. On an adjusted basis, the company earned 25 cents per share, missing analysts' average estimate of 47 cents, according to Refinitiv data. The Louisville, Kentucky-based company's quarterly revenue rose 4.2% to $1.08 billion, edging past analysts' expectations of $1.01 billion.

☆ Germany says no results yet of Nord Stream pipelines sabotage investigation
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

Companies Gazprom PAO FollowBERLIN, March 7 (Reuters) - The German government on Tuesday said it had taken note of a New York Times report that said new intelligence suggested a pro-Ukrainian group carried out the Nord Stream pipelines attack last year but its own investigation has not yet reached results. Sweden, Denmark and Germany informed the United Nations Security Council a few days ago that the investigations are ongoing and that there are still no results, a spokesperson for the Chancellery said. "The Federal Public Prosecutor has been investigating the matter since the beginning of October 2022. Germany's public prosecutor was not immediately available for comment on the report, which Reuters could not immediately independently verify. Reporting by Riham Alkousaa; Editing by Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.

☆ Jordan's king tells US defense secretary West Bank violence threatens stability
▼ + stars: | 2023-03-05 | by ( Suleiman Al-Khalidi | ) www.reuters.com time to read: +3 min

[1/3] Jordan's king Abdullah II meets with U.S. Defense Secretary Lloyd Austin in Amman, Jordan March 5, 2023. Jordanian Royal Palace/Handout via Reuters REUTERSAMMAN, March 5 (Reuters) - Jordan's King Abdullah told U.S. Defense Secretary Lloyd Austin on Sunday a surge in West Bank violence threatened regional stability and asked for assistance to fight a growing drug war along its borders with Syria blamed on Iranian-backed militias, Jordanian officials said. He wrote on Twitter before his departure that he would meet key leaders and "reaffirm the U.S. commitment to regional stability and advancing the shared interests of our allies and partners." The U.S. Defense Department said ahead of the visit that discussions would focus on the growing threat Iran poses to regional stability, and on advancing multilateral security cooperation with integrated air and missile defenses. Amman wants more U.S. military aid to bolster security on the border, where Washington has since the more than decade-long conflict began given around $1 billion to establish border posts, Jordanian officials say.

DHAKA, March 5 (Reuters) - A "major" fire that broke out at a Rohingya refugee camp in Bangladesh on Sunday, destroying several homes, is now under control, police officials told Reuters, adding that there were no casualties. The blaze hit Camp 11 in Cox's Bazar, a border district where more than a million Rohingya refugees live, with most having fled a military-led crackdown in Myanmar in 2017, Rafiqul Islam, additional police superintendent at Cox's Bazar told Reuters. Faruque Ahmed, a local police official, said the cause of the fire was not clear. The refugee camps in Cox's Bazar in southeastern Bangladesh are prone to such blazes. While the fire in 2022 only damaged homes, the massive blaze in 2021 killed at least 15 refugees and destroyed over 10,000 homes.

☆ Extinction Rebellion holds climate protest next to Rembrandt's The Night Watch
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, March 5 (Reuters) - The Netherlands arm of climate activist group Extinction Rebellion protested on Sunday next to Rembrandt's painting The Night Watch in Amsterdam's Rijksmuseum. It is obvious that this is due to the fossil industry, an industry that the Rijksmuseum is still sponsoring", 19-year-old protester Yara said, referring to the museum's partnerships with airline KLM and bank ING. Ten protesters, aged between 15 and 22 years old, wore T-shirts emblazoned with climate slogans, while some of their parents and grandparents stood nearby in support. A spokesperson for Rijksmuseum told Dutch press agency ANP that the protest didn't cause any damage to The Night Watch and that the protesters were escorted outside without incident. Reporting by Charlotte Van Campenhout; Editing by Frank Jack Daniel and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ International Islamic Trade Finance Corporation lends Tunisia $280 million
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: 1 min

TUNIS, March 3 (Reuters) - The International Islamic Trade Finance Corporation lent Tunisia $280 million to finance energy imports, the economy ministry said on Friday. Tunisia, suffering a financial crisis, has struggled to provide basic commodities such as energy and food amid a growing social and political crisis in the country. Reporting by Tarek Amara; Editing by Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.

Summary At least 46 killed in Greece's worst train disasterGovernment promises to fix ailing rail systemRailway workers walk off job in safety standards protestLARISSA, Greece, March 2 (Reuters) - The death toll from Greece's deadliest train crash was set to rise even higher, with 46 confirmed dead but ten people still missing, authorities said on Thursday. As many in Greece demanded answers, rescuers continued to comb through charred and buckled rail carriages to try and find more victims. [1/5] Rescuers operate on the site of a crash, where two trains collided, near the city of Larissa, Greece, March 2, 2023. INVESTIGATIONThe station master of Larissa train station was arrested on Wednesday and appeared before a local magistrate on Thursday. The Italian operation has responsibility for passenger and freight, and the Greek state-controlled OSE for infrastructure.

☆ UK Deputy PM Raab: I will resign if bullying allegations upheld
▼ + stars: | 2023-02-26 | by ( ) www.reuters.com time to read: 1 min

LONDON, Feb 26 (Reuters) - British Deputy Prime Minister Dominic Raab said on Sunday he would resign if an investigation into his conduct upheld allegations of bullying made against him by government staff. "If an allegation of bullying is upheld, I would resign," Raab told Sky News. In November, Raab requested an investigation into two formal complaints about his behaviour. A month later it was widened to include five further formal complaints. Reporting by William James; Editing by Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.

☆ Hong Kong police charge three in murder of model
▼ + stars: | 2023-02-26 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Feb 26 (Reuters) - Hong Kong police said on Sunday they had charged three people in connection with the murder of 28-year-old model Abby Choi, whose legs were found in a refrigerator in a house on the city's outskirts. They also found a meat slicer and an electric saw at the scene in the rural Tai Po district, according to a police statement. The gruesome murder of local influencer Choi, who recently appeared on the digital cover of L'Officiel Monaco fashion magazine, has gripped local tabloids. Police statements said that four people have been arrested and three charged in the case, but did not identify them by name. Choi disappeared on Tuesday and was last seen in the Tai Po district, where she was found, police said.

☆ UK deputy PM Raab: Hopeful for good news on Brexit deal in days, not weeks
▼ + stars: | 2023-02-26 | by ( ) www.reuters.com time to read: +1 min

LONDON, Feb 26 (Reuters) - Britain's Deputy Prime Minister Dominic Raab on Sunday said he was hopeful for good news within days, not weeks, on a deal with the European Union to resolve problems with post-Brexit trading rules applied to Northern Ireland. "Hopefully there'll be good news in a matter of days, not weeks," he told Sky News. Prime Minister Rishi Sunak told the Sunday Times newspaper he was "giving it everything" to get a deal done. But the protocol effectively created a border in the Irish Sea for some goods moving from Britain because it kept Northern Ireland in the EU's single market for goods. That has disrupted trade and the delicate political balance in the region, preventing the formation of its power-sharing government.

☆ Chinese bank says missing chairman is cooperating with Chinese authorities in an investigation
▼ + stars: | 2023-02-26 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Feb 26 (Reuters) - China Renaissance Holdings (1911.HK) said in an exchange filing on Sunday that its missing chairman and star dealmaker Bao Fan was currently cooperating with relevant Chinese authorities conducting an investigation. This is the first time the mainland China-based boutique bank has given a reason for the disappearance of its founder -- who was reported missing 10 days ago -- though no details about the investigation were shared. "The Board would like to reiterate that the business and operations of the Group are continuing normally," the bank said in the exchange filing. Reuters previously reported, citing sources, that authorities took Bao away earlier this month to assist in an investigation into a former colleague, Cong Lin, the company's former president. read moreBao's disappearance also comes against the backdrop of more than two years of sweeping regulatory crackdown on technology companies.

☆ Announcement about Northern Ireland Brexit deal expected imminently - BBC
▼ + stars: | 2023-02-26 | by ( ) www.reuters.com time to read: 1 min

LONDON, Feb 26 (Reuters) - An announcement about a deal between Britain and the European Union on post-Brexit trading arrangements for Northern Ireland is expected imminently, the BBC reported on Sunday citing multiple unnamed sources. BBC reporter Ione Wells said an announcement could come within the next hour although full details were more likely to be announced on Monday. Reporting by William James; Editing by Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.

☆ Yellen says will talk deficit-reduction with Republicans, not debt limit
▼ + stars: | 2023-02-25 | by ( David Lawder | ) www.reuters.com time to read: +2 min

Yellen told Reuters in an interview that the Biden budget for fiscal 2024 would contain "substantial deficit reduction over the next decade. "Republicans need to put a plan on the table, and a negotiation or discussion about that is certainly possible, but it can't be a condition or precondition for raising the debt ceiling." Republicans who hold a slim majority in the House of Representatives, have demanded that President Joe Biden agree to spending cuts as in exchange for raising the debt ceiling. Yellen said the United States "can't bargain over whether or not we're going to pay our bills. "The tax receipts will be informative about when the likely X-date is," she said, referring to a common Washington term for a potential default date.

☆ An American Airlines passenger forced the flight to make an emergency landing after she charged the cockpit after she couldn't get a drink: reports
▼ + stars: | 2023-02-24 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +4 min

An "unruly" passenger aboard an American Airlines flight forced an emergency landing this week. The traveler allegedly rushed at the cockpit after she couldn't get a cocktail, according to reports. "I started freaking out because so many people started getting up on me," Miles told the news outlet. However, law enforcement ultimately dismissed the charge against Miles following an investigation, the airport told Insider on Friday. The FBI told Insider "no further action is planned unless additional information or evidence comes to light."

☆ Iraq to allow trade with China in yuan - state media
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Feb 22 (Reuters) - Iraq's central bank said on Wednesday it planned to allow trade from China to be settled directly in yuan for the first time, in an attempt to improve access to foreign currency. The central bank could, as part of its plan, boost the balances of Iraqi banks that have accounts with Chinese banks in yuan, it said in a statement. Another option would be to boost local banks' balances via the central bank's accounts with JP Morgan and Development Bank of Singapore (DBS), it added. The first option would depend on the central bank's yuan reserves, while the other would use the bank's U.S. dollar reserves at JP Morgan and DBS. The two banks would convert the dollars to yuan and pay the final beneficiary in China, Salih explained.

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