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☆ Venture capitalists are blaming each other for triggering the disastrous collapse of Silicon Valley Bank
▼ + stars: | 2023-03-11 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

The collapse of Silicon Valley Bank has sent shockwaves through the tech industry. The failure of Silicon Valley Bank sent startup founders reeling on Friday as many lost access to their funds. In the wake of the abrupt collapse, venture capitalists are blaming each other for playing a role in the largest bank failure since the 2008 financial crisis. Ultimately, that's exactly what happened, Mark Suster, a manager partner at Upfront Ventures, told Insider on Friday. "This emergency was not helped by investors going into a frenzy and orchestrating a bank run," she told Insider.

☆ Asia stocks rally, bonds tense for U.S. rate tests
▼ + stars: | 2023-03-06 | by ( Wayne Cole | ) www.reuters.com time to read: +5 min

Japan's Nikkei (.N225) climbed 1.0% to a three-month top, while South Korean stocks (.KS11) added 0.6% helped by a softer reading on inflation. S&P 500 futures dipped 0.1% and Nasdaq futures 0.2%, after rallying on Friday as bond yields eased back a little. Futures imply a 72% chance the Fed will go by 25 basis points at its meeting on March 22. The BOJ jolted markets in December when it unexpectedly widened the allowed trading band for 10-year bond yields to between -50 and +50 basis points. Friday's pullback in bond yields helped gold recover some ground and it was trading at $1,855 an ounce .

☆ In Turkey's quake-devasted city of Antakya, an antiques seller is determined to stay put
▼ + stars: | 2023-03-04 | by ( Timour Azhari | ) www.reuters.com time to read: +4 min

Close by was a mosaic portrait of Ataturk, the founder of modern Turkey, old magazines and several Turkish flags. "Even before the earthquake, these chairs were outside, I had items outside to show that we run an antique shop ... In one room, a wall collapsed on top of his collection of Turkish antique glassware. A man who has made a living from old things, Sincan said he took a historical view of the earthquake's devastation. Sincan said he was confident the city would rise again.

MALATYA, Turkey, March 4 (Reuters) - The Trend Garden Residence, an upscale serviced apartment building in the Turkish city of Malatya, boasted a gym, freshly-furnished rooms and a roof-top cafeteria. Erdogan, who has led Turkey since 2003, said following the disaster that building standards have improved under his watch. Among those arrested as part of the Trend Garden probe is Engin Aslan, according to the government officials. Corporate records show he is the majority owner of a Turkish company that, according to land registration documents, owns the building. A spokesperson for the Yesilyurt district municipality, where Trend Garden was located, declined to comment about the building’s registration history.

☆ 'Business is very good, unfortunately': Arms fair spotlights bonanza year ahead for weapons companies
▼ + stars: | 2023-02-24 | by ( Natasha Turak | ) www.cnbc.com time to read: +8 min

Mohammed Zarandah | Anadolu Agency | Getty ImagesFew things illustrate the health of the arms industry like a massive defense fair. Indeed, many countries are ramping up their defense spending to unprecedented levels. On top of that, U.S. military spending on Ukraine alone hit nearly $50 billion in the last year. China and Saudi Arabia also set respective records for their own governments' defense spending in 2022, despite inflation, giving no indications of slowing down. France's Caesar self-propelled guns, which have been highly effective in battle for the Ukrainian military, normally take two years to make; the government aims to cut that time in half.

☆ Shares of Japan's Nintendo, SoftBank and Sharp tumble after earnings
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

Shares of Nintendo dropped 6% after the maker of the Switch video game console reported lower sales and profit and cut its full-year outlook. Nintendo shares were on track for their biggest one-day loss since November. SoftBank shares fell 6.2% after it reported a quarterly loss, hit by its massive Vision Fund investment unit, which fell into the red for the fourth straight quarter. Nintendo is struggling with softer sales for the ageing Switch, while SoftBank has seen valuations weaken for its sprawling tech portfolio. "The Nintendo Switch is now a six-year-old console and demand is now exhausted," analyst Mark Chadwick said on Smartkarma.

☆ Shares of Nintendo, SoftBank tumble after earnings
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

Shares of Nintendo dropped 7.6% after the maker of the Switch video game console reported lower sales and profit and cut its full-year outlook. Nintendo shares were on track for their biggest one-day loss since late 2021. SoftBank shares fell 6.6% after it reported a quarterly loss, hit by its massive Vision Fund investment unit, which fell into the red for the fourth straight quarter. Nintendo is struggling with softer sales for the ageing Switch, while SoftBank has seen valuations weaken for its sprawling tech portfolio. "The Nintendo Switch is now a six-year-old console and demand is now exhausted," analyst Mark Chadwick said on Smartkarma.

☆ Powerful earthquake kills at least 200 in Turkey and Syria, toll expected to rise
▼ + stars: | 2023-02-06 | by ( ) www.cnbc.com time to read: +5 min

Rescuers search for victims of a 7.8-magnitude earthquake that hit Diyarbakir, Turkey, in this video grab from AFP TV taken Feb. 6, 2023. A powerful 7.8 magnitude earthquake hit southern Turkey and northern Syria early Monday, toppling buildings and triggering a frantic search for survivors in the rubble in cities and towns across the area. At least 207 were killed and hundreds injured, and the toll was expected to rise. On both sides of the border, residents were jolted out of sleep by the tremors several hours before dawn and rushed outside in a cold, rainy and snowy winter night. The death toll in government-held areas of Syria climbed to 111 with at least 516 injured, according to Syrian state media.

☆ More than 3,000 dead as two massive earthquakes rock Turkey and Syria
▼ + stars: | 2023-02-06 | by ( Aina J. Khan | Mithil Aggarwal | ) www.cnbc.com time to read: +7 min

Just hours later, a 7.5-magnitude quake hit the same area, raising the specter of a new humanitarian crisis in a region devastated by years of conflict. A massive 7.8-magnitude earthquake hit southern Turkey on Monday , killing more than 3,000 people in the country and neighboring Syria with scores more trapped in the rubble as another huge temblor hit the region. People search for survivors under the rubble following an earthquake in Diyarbakir, Turkey February 6, 2023. The quake hit an area of Syria's northwest that is divided between government-held territory and the country's last remaining rebel-controlled enclave. Turkey sits on top of major fault lines and is frequently shaken by earthquakes; 18,000 people were killed in powerful earthquakes that hit northwest Turkey in 1999.

☆ Tesla just ignited a price war in electric vehicles. Investors should see it as an opportunity
▼ + stars: | 2023-02-06 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +11 min

The event may have created a compelling entry point for investors who have been on the sidelines of the long-term shift to electric vehicles. Electric vehicles are becoming much more popular in the U.S. but still make up a small portion of automobiles on the roads. Cutting prices certainly caught the eye of consumers and boosted interest in Tesla vehicles, according to data from Edmunds. And, there are still issues with electric vehicles that make them impractical for large groups of consumers, said Mike Ward, an analyst at The Benchmark Company. There’s also a huge potential in firms that make batteries, key parts of electric vehicles that are also seeing surging share prices.

☆ Powerful quake rocks Turkey and Syria, kills more than 3,400
▼ + stars: | 2023-02-06 | by ( ) www.cnbc.com time to read: +8 min

A man carries a girl following an earthquake, in rebel-held town of Jandaris, Syria February 6, 2023. People search through rubble following an earthquake in Diyarbakir, Turkey February 6, 2023. Rescuers carry out a girl from a collapsed building following an earthquake in Diyarbakir, Turkey February 6, 2023. He said their shared four-story building collapsed just as he, his wife and three children ran toward the exit. Rescuers stand on rubble of a collapsed building, following an earthquake, in Latakia, Syria, February 6, 2023 in this handout image.

☆ Morning Bid: Bursting bubbles
▼ + stars: | 2023-02-06 | by ( Alun John | ) www.reuters.com time to read: +3 min

LONDON, Feb 6 (Reuters) - A look at the day ahead in U.S. and global markets from Alun John. China's yuan hit a four-week low in both on and offshore markets Monday , and Chinese stocks sold off. The offshore yuan was last at 6.784 per dollar, having firmed from the 6.832 per dollar it hit in early trade. ING say a move into the 6.85-6.9 range would show investors are including more negative trade implications in their thinking. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Photos of Tyre Nichols' funeral at Mississippi Boulevard Church in Memphis show a community jolted into activism
▼ + stars: | 2023-02-01 | by ( Haven Orecchio-Egresitz | ) www.businessinsider.com time to read: +1 min

Tyre Nichols' funeral was held Wednesday at Mississippi Boulevard Christian Church in Memphis. A man arranges flowers around Tyre Nichols' casket at Mississippi Boulevard Christian Church in Memphis, Tenn., on Wednesday, Feb. 1, 2023. Andrew Nelles/The Tennessean via AP, PoolThe funeral of Tyre Nichols, the 29-year-old Memphian who was brutally beaten by five police officers on January 7, was held Wednesday at the Mississippi Boulevard Christian Church in Memphis. Nichols, who has a 4-year-old son, has been remembered by his family and friends as a lover of sunsets, photography, and skateboarding. Vice President Kamala Harris spoke with Nichols' mother, RowVaughn Wells, on Tuesday, accepting her invitation to the funeral.

☆ Telling the Truth About Possible War Over Taiwan
▼ + stars: | 2023-01-30 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Honesty is not the default policy in Washington these days, so the political and media classes were jolted this weekend by the leak of a private warning by a U.S. general telling his troops to prepare for a possible war with China over Taiwan in two years. Imagine: A warrior telling his troops to be ready for war. In an internal memo leaked to NBC News, Gen. Michael Minihan told his troops: “I hope I am wrong. My gut tells me we will fight in 2025.” The general runs the Air Mobility Command, the Air Force’s tank-refueling operation, and he says in his memo that he wants his force to be “ready to fight and win in the first island chain” off the eastern coast of continental Asia. He called for taking more calculated risks in training.

☆ China central bank to roll over lending tools to spur growth
▼ + stars: | 2023-01-29 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Jan 29 (Reuters) - China's central bank said on Sunday it will roll over three lending tools to increase support for targeted sectors of the economy. The central bank will also extend a relending tool for the transport and logistics sector to June 2023, it said. Some foreign financial institutions will be included in the scope of the carbon reduction tool, the central bank said. Outstanding loans made via structural tools amounted to nearly 6.45 trillion yuan ($950.98 billion) at the end of 2022, central bank data showed. The central bank is poised to ramp up targeted support for troubled sectors through its structural policy tools, according to policy sources and analysts.

NEW DELHI, Jan 12 (Reuters) - Google has been jolted after the Indian antitrust authority sought changes to how it markets its Android system, which powers 97% of smartphones in the world's second biggest mobile market. * Google should not impose any curbs in India on the practice of "sideloading", or downloading apps without using its app store. * Competitors and app developers should not be denied access to the programming interface of Google Play services, the underlying software system that powers Android devices. This directive is meant to ensure compatibility between apps on Play Store and third-party app stores based on Android variants, the antitrust authority has said. * The CCI asked Google not to restrict makers of Android smartphones from developing other devices, such as tablets or TVs based on modified versions of Android.

☆ Stocks are approaching a key bear market level heading into Thursday's inflation report
▼ + stars: | 2023-01-11 | by ( Michael Santoli | ) www.cnbc.com time to read: +4 min

This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics. The market continues to migrate back toward riskier assets, with the consensus entering 2023 in a defensive posture and ill-prepared for a benign tilt toward inflation data or reassuring signals on corporate results. Media and busted hypergrowth stocks abound on the year-to-date winners list, and this is probably why. It's the market's job to look ahead to handicap a potential inflection point no matter what the Fed is saying. VIX pretty subdued near 21, not exactly clenched up in fear ahead of key data, though probably will drain lower after CPI and ahead of a three-day weekend.

☆ Morning Bid: Seeing through another shock
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +4 min

Brazil's weekend political shock reminds world markets of fragile geopolitics, but investors more broadly appear happier to stick with a new year narrative of recovery from a dire 2022. Days after his inauguration, leftist President Luiz Inacio Lula da Silva announced a federal security intervention in Brasilia until Jan. 31. Fed chair Jerome Powell speaks on Tuesday but the big data release of this week is Thursday's consumer price report. The gap between positive euro zone economic surprise indices and negative U.S. equivalents is now at its widest since June. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ War and drought drove global food prices to record high in 2022
▼ + stars: | 2023-01-07 | by ( Associated Press | ) www.nbcnews.com time to read: +3 min

The FAO Food Price Index, which tracks monthly changes in the international prices of commonly traded food commodities, dipped by 1.9% in December from a month earlier, the Rome-based organization said Friday. “Calmer food commodity prices are welcome after two very volatile years,” FAO chief economist Maximo Torero said in a prepared statement. With critical Black Sea supplies disrupted, food prices rose to record highs, increasing inflation, poverty and food insecurity in developing nations that rely on imports. The organization’s Vegetable Oil Price Index hit an all-time high last year, even as it tumbled in December to its lowest level since February 2021. For all of 2022, the FAO Dairy Price Index and Meat Price Index also were the highest since 1990.

☆ U.S. EV Sales Jolted Higher in 2022 as Newcomers Target Tesla
▼ + stars: | 2023-01-06 | by ( Mike Colias | ) www.wsj.com time to read: 1 min

U.S. electric-vehicle sales leapt by two-thirds in 2022 while the broader auto market contracted, newly released year-end figures show, as fresh plug-in models from traditional auto makers whittled away at EV juggernaut Tesla Inc.’s lead. Auto makers sold 807,180 fully electric vehicles in the U.S. last year, or 5.8% of all vehicles sold, up from 3.2% a year earlier, according to year-end figures released this week by market-research firm Motor Intelligence. In comparison, total U.S. auto sales fell 8% in 2022 from a year earlier.

☆ Tokyo core CPI seen up 3.8% in December, new 40-year-high
▼ + stars: | 2023-01-06 | by ( Kantaro Komiya | ) www.reuters.com time to read: +2 min

The core consumer price index (CPI) in Tokyo, a leading indicator of nationwide inflation trends, was expected to have climbed 3.8% in December from a year earlier on widening retail price rises, according to the median estimate of 16 economists. The central bank jolted the market last month with a surprise tweak to its long-term yield cap, allowing rates to rise more. Household spending likely dropped 0.5% in November from the previous month, while it was forecast to have risen 0.5% from the same month a year earlier, according to the poll. The government will release the Tokyo CPI data and household spending data on Jan. 10 at 8:30 a.m. (Jan. 9, 2330 GMT). The current account data is due on Jan. 12 at 8:50 a.m. (Jan. 11, 2350 GMT).

☆ Natural-Gas Prices Plunge as Unseasonably Warm Weather Is Forecast
▼ + stars: | 2023-01-04 | by ( Ryan Dezember | ) www.wsj.com time to read: 1 min

Surfers at Venice Beach in Los Angeles took advantage of warm temperatures on Christmas Day. A sharp rise in temperatures has erased the effects of last month’s winter storm. Now forecasts for more unusually warm weather are melting down natural-gas prices. Natural-gas futures for February delivery dropped 11% on Tuesday to end at $3.988 per million British thermal units. That is down more than 50% from summer highs and is about what gas cost a year ago, when temperatures were also warmer than normal and before Russia’s invasion of Ukraine jolted energy markets.

☆ Dollar steady as investors await economic data, Fed minutes
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Jan 3 (Reuters) - The U.S. dollar was mostly flat on Tuesday as investors awaited slew of economic data this week along with minutes of the last Federal Reserve meeting that will shed light on the Central bank's thinking around interest rates and inflation. The index rose 8% last year in its biggest annual jump since 2015 on the back of the Fed raising interest rates to tackle inflation. The dollar is likely to consolidate as "market activity gradually picks up this week," said Christopher Wong, currency strategist at OCBC Bank in Singapore. After delivering four consecutive 75 basis points hikes, the U.S. Central Bank raised interest rates by 50 basis points last month. The minutes of the December meeting is due to be released on Wednesday, with investors looking for cues on what path the Fed is likely to take in 2023.

☆ Philippines main airport scrambles to restore normalcy after power cut
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

[1/2] A passenger wearing a face mask and face shield for protection against the coronavirus disease (COVID-19) walks towards a counter in the Ninoy Aquino International Airport in Paranaque, Metro Manila, Philippines, January 14, 2021. The ageing Ninoy Aquino international airport was early on Monday handling a maximum 15 arrivals per hour compared to 20 during normal operations, said Cesar Chiong, general manager of the Manila International Airport Authority. The outage was the result of the unprecedented failure of both primary and secondary power supplies, he said. Chiong said the airport had introduced its own power system in 2018 but on Sunday, both the main and backup systems failed. The Ninoy Aquino International Airport has previously been ranked among the world's worst international gateways, with flight delays a regular occurrence, and a history of upgrades being delayed or abandoned due to disputes between the airport and contractors.

☆ Magnitude 5.4 earthquake strikes northern California
▼ + stars: | 2023-01-01 | by ( ) www.reuters.com time to read: +1 min

Jan 1 (Reuters) - A 5.4-magnitude earthquake struck 15 km (9.3 miles) southeast of California's Rio Dell region, an area still recovering from a powerful earthquake last month. The latest earthquake was at a depth of 27.8 km, the U.S. Geological Survey said on Sunday. The California Department of Transportation said in a Twitter post that State Route 211 at Fernbridge was closed while it conducted safety inspections on the bridge following the tremor. That same region of California, located in Humboldt County, was jolted by a magnitude 6.4 earthquake on Dec. 20, which crumpled homes and roads, ruptured utility lines and left thousands of residents without running water and electricity. In the previous quake, at least a dozen people were injured, and two others died from medical emergencies that occurred during or just after the quake, according to the Humboldt County Sheriff's Office.

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