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WASHINGTON, May 15 (Reuters) - A U.S. banking regulator plans to tell lawmakers his agency is "open-minded" when it comes to potential bank mergers and would act on any proposed deal in a timely fashion. Recent turmoil has added "urgency" to the OCC's work on updating bank merger guidelines, Hsu said. Tuesday's hearing will be the first for regulators since the FDIC agreed to sell failed First Republic Bank to JPMorgan Chase & Co (JPM.N) this month. Watchdogs have been under intense scrutiny after the collapses of SVB and Signature set off fears of contagion. In prepared testimony, he said rapid interest rate increases and social media-fueled rumors drove the "unprecedented" bank run that sank his firm.

Some Chinatown residents benefited from the development boom, selling properties to developers or drawing more customers from increased foot traffic. Some residents have shown tentative support for the luxury buildings, saying they might make the neighborhood safer or bring in wealthier Asian residents who could boost Chinatown's economy. Manhattan Chinatown's housing stock is "really aged," which has led to costly fires, according to Thomas Yu, executive director of Asian Americans for Equality. Chinatowns and the pandemicMany debates surrounding luxury development and affordable housing were accelerated by the pandemic, which shuttered hundreds of businesses across Chinatowns. However, business owners who spoke with CNBC said Chinatown's businesses, though still recovering, are keeping the city's culture alive.

☆ Debt ceiling worries deepen as early June U.S. default reinforced
▼ + stars: | 2023-05-12 | by ( Richard Cowan | ) www.reuters.com time to read: +6 min

The U.S. Congressional Budget Office report, issued Friday morning, confirms Treasury Secretary Janet Yellen's earlier warnings that a default could come as early as June 1. Congress' budget scorekeeper also noted that the federal government's debt payments "will remain uncertain throughout May, even if the Treasury ultimately runs out of funds in early June." She also said she remained optimistic that the debt limit problem would be resolved. A senior Treasury official told Reuters she would do that with board members of the Bank Policy Institute lobby group. Democratic Representative Abigail Spanberger said members of the U.S. Congress ought to have their paychecks withheld until the debt limit problem is resolved.

Linda Yaccarino, NBCUniversal’s advertising chief, was preparing to interview Elon Musk, Twitter’s owner, onstage at a conference last month when she received an email from a peer in the advertising industry. Rob Norman, a former executive at the ad giant WPP, wanted to know if Ms. Yaccarino had seen the op-ed he wrote after Mr. Musk bought Twitter last year. Ms. Yaccarino said that she had and that she planned to raise such concerns, Mr. Norman said. Mr. Musk said on Friday that he had selected Ms. Yaccarino, 60, to become the company’s chief executive. Hours earlier, NBCUniversal announced that Ms. Yaccarino was leaving, effective immediately.

☆ American consumers are growing worried about a US debt default
▼ + stars: | 2023-05-12 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

“If policymakers fail to resolve the debt ceiling crisis, these dismal views over the economy will exacerbate the dire economic consequences of default.”The latest survey showed that the university’s consumer-sentiment index fell by 9% in May. Monthly household spending growth tumbled to 5.4% from a revised 7.1% in December, according to the New York Fed’s Household Spending Survey, which is fielded every four months. Michigan’s report showed US household spending was flat in March from the prior month, after limping just 0.1% in February. Stack on top of that the Federal Reserve’s punishing interest-rate increases and still-high inflation, and consumers might just tap out. The Conference Board’s sentiment survey showed that consumer confidence worsened in April as Americans became more worried about the jobs market.

☆ I Got My Name From Connie Chung. So Did They. - The New York Times
▼ + stars: | 2023-05-11 | by ( Connie Wang | ) www.nytimes.com time to read: +21 min

In my freshman class alone, there was a Connie Zheng, a Connie Guo, a Connie Xu, a few Connie Chengs, and multiple Connie Wangs. That ayi was Constance Yu-Hwa Chung, or, as the world knows her, Connie Chung. Connie Chung hosting the “CBS Evening News” in 1991, the year after the author named herself Connie. Connie Wang Connie Koh Connie Yang Connie Tang Connie Jang Connie Chung Connie Moy Connie Huang Connie Kwok Connie Chang Connie Sun Connie Chung, center, surrounded by 10 members of Generation Connie. Clockwise from top right, Connie Yang, Connie Tang, Connie Moy, Connie Sun, Connie Chang, Connie Kwok, Connie Huang, Connie Jang, Connie Wang and Connie Koh.

☆ Taiwan's wind industry braves cross-strait risks in clean energy boom
▼ + stars: | 2023-05-10 | by ( Sarah Wu | ) www.reuters.com time to read: +8 min

With large swathes of Taiwan's territorial waters restricted due to defense, shipping and other uses, offshore wind developers will soon run out of space. It's a question of whether you want to pay the price," insurance broker Clive Lin told offshore wind developers in a packed lecture hall in Taipei. Political risk insurance is typically not covered in mainstream insurance policies, so developers have to buy it additionally. The risk of a military confrontation and its impact on Taiwan's wind farms are hard to quantify, analysts say. "In a kinetic conflict invasion, Taiwan's going to have so many other problems, offshore wind is going to be way down on the list," Cancian said.

☆ Summer movie preview 2023
▼ + stars: | 2023-05-05 | by ( Dan Heching | ) edition.cnn.com time to read: +12 min

CNN —Most moviegoers can pinpoint one summer movie – or perhaps, a summer of movies – in their formative years that really and truly cemented their love for going to the cinema, whether it be 1975’s “Jaws,” “E.T. And while streaming has clearly siphoned off part of the audience, particularly for more serious films, what we think of as “summer movies” still have the potential to rake in cash just like the old days. (CNN and DC are both part of the same parent company, Warner Bros. Courtesy Warner Bros. PicturesInitially meant for streaming platforms, this vehicle will herald the cinematic arrival of DC Studios’ first Latino superhero, played by Xolo Maridueña of “Cobra Kai” and “Parenthood” fame. If the fast-paced trailer is any indication, the movie looks sure to whisk those dog days of summer doldrums away quite nicely.

☆ A Towering, Terrifying Demon Horse Isn’t Even the Weirdest Part
▼ + stars: | 2023-04-29 | by ( Tiffany Hsu | ) www.nytimes.com time to read: +1 min

Equine art lives in many airports: Seattle and San Francisco have bronze horses shaped like driftwood, Central Illinois has wire horses suspended from the ceiling, Tucson has a winged horse and Barcelona has a burly horse. None of them have a horse like Blucifer. Rearing 32 feet tall in a median outside Denver International Airport, the cobalt-colored, demon-eyed, vein-streaked steed has terrified travelers and mobilized conspiracy theorists since it arrived 15 years ago. First, though, it killed its creator. The horse came to stand for something darker: In 2006, as Mr. Jimenez was finishing the 9,000-pound cast-fiberglass sculpture, a piece came loose and fatally severed an artery in his leg.

Mr. Boerman said he had tried hard to leave obvious hints that he was an impersonator. He made up an organization with a ludicrous name: the New York City Porcine Benevolent Association. “Pretty much everybody got that it was a joke immediately, which was my hope — I wasn’t trying to mislead anyone,” Mr. Boerman said. “The problem comes when you have accounts that maybe have hundreds of thousands of followers and are positioning themselves as the real thing,” Mr. Boerman said. “Twitter’s approach of ‘Well, if people pay for verification, certainly they must be legit’ is so inane I don’t even know how to put words to it.”

[1/2] A Tesla Model 3 vehicle drives on autopilot along the 405 highway in Westminster, California, U.S., March 16, 2022. Tesla denied liability for the accident and said in a court filing that Hsu used Autopilot on city streets, despite a user manual warning against doing so. "This case should be a wakeup call to Tesla owners: they can't over-rely on Autopilot, and they really need to be ready to take control and Tesla is not a self-driving system," he said. The Hsu trial unfolded in Los Angeles Superior Court over three weeks, with testimony from three Tesla engineers. The main question in Autopilot cases was who is responsible for an accident while a car is in driver-assistant Autopilot mode - a human driver, the machine, or both?

After the verdict on Friday, juror Mitchell Vasseur, 63, told Reuters that he and his fellow jurors felt badly for Hsu, but ultimately determined that Autopilot was not at fault. Jury foreperson Olivia Apsher, 31, said the Autopilot system reminds drivers when they are not adequately taking control. "There are audible warnings and visual warnings both for the driver, indicating that it is your responsibility." The trial unfolded in Los Angeles Superior Court over three weeks and featured testimony from three Tesla engineers. Reporting by Abhirup Roy in Los Angeles, and Dan Levine and Hyun Joo Jin in San Francisco Editing by Peter Henderson and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

[1/2] A Tesla Model 3 vehicle drives on autopilot along the 405 highway in Westminster, California, U.S., March 16, 2022. It said in a court filing that Hsu used Autopilot on city streets, despite Tesla's user manual warning against doing so. The main question in Autopilot cases is who is responsible for an accident while a car was in driver-assistant Autopilot mode - a human driver, the machine, or both? That executive, Ashok Elluswamy, director of Autopilot software at Tesla, testified during the Hsu trial last week about the videotape. Also at issue in the Hsu trial is the airbag.

☆ Young people in Greater China are blowing their paychecks every month — even if they don't have to
▼ + stars: | 2023-04-13 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +7 min

"Yue guang zu" ("moonlight clan") refers young singles in Greater China who go broke at the end of each month, or live paycheck to paycheck. Hsu belongs to a group of people in Taiwan, typically young and single workers, called the "yue guang zu" — the so-called "moonlight clan." Eric Hsu Civil engineerBut when a serious knee injury took him out of work for two weeks without pay, Hsu realized he was unable to support himself. "Young people would rather give up that dream and spend money on things they are guaranteed to get today." After his experience, he canceled his credit cards two years ago and committed to saving one third of his salary each month.

☆ Australia and New Zealand mark 100-day countdown to Women's World Cup
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +4 min

"But this women's tournament is not just about football, it's about celebrating women's sports and women's empowerment all over the world." "Currently, only 40% of football facilities nationwide are classified as female-friendly," Football Australia said in a statement. 'UNITY BEAT'New Zealand is staging its third global sporting event in less than two years, having hosted the women's Rugby World Cup and women's Cricket World Cup last year. Rugby World Cup organisers hailed record crowds as New Zealand's Black Ferns swept to the title last November. According to a FIFA report, some 1.12 billion viewers tuned into the 2019 Women's World Cup in France where the U.S. won their fourth title and their second in succession.

☆ Photo catches Taiwan pilot with a patch of Winnie the Pooh getting punched in the face — a jab at China's Xi as Beijing ups the pressure
▼ + stars: | 2023-04-11 | by ( Jake Epstein | ) www.businessinsider.com time to read: +5 min

Amid this, Taiwan's defense ministry published a photo of a patch worn by fighter pilots. The patch depicts a cartoon Winnie the Pooh getting punched by a bear — a dig at Xi Jinping. Her visit stoked ire in Beijing, with China's defense ministry calling it "provocative." Beijing's defense ministry said the war games — dubbed "Joint Sword" — are meant to be a "stern warning" to Taiwan, which sharply criticized the exercises. #ROCArmedForces have monitored the situation and tasked CAP aircraft, Navy vessels, and land-based missile systems to respond these activities," Taiwan's defense ministry wrote in a statement posted to social media.

[1/5] Alec Hsu shows to the camera patches depicting a Formosan black bear holding Taiwan’s flag and punching Winnie the Pooh at his store in Taoyuan, Taiwan April 10, 2023. The patch shows an angry Formosan black bear holding Taiwan's flag and punching Winnie the Pooh, with the slogan "Scramble!" The endangered Formosan black bear is seen as a symbol of Taiwanese identity. China claims democratically governed Taiwan as its own territory and has not ruled out taking the island by force. While the Winnie the Pooh patch cannot be found on Chinese social media, Beijing has also been promoting videos and commentary about its drills around Taiwan.

☆ Can We No Longer Believe Anything We See?
▼ + stars: | 2023-04-08 | by ( Tiffany Hsu | Steven Lee Myers | ) www.nytimes.com time to read: +1 min

Authoritarian governments have created seemingly realistic news broadcasters to advance their political goals. Last month, some people fell for images showing Pope Francis donning a puffy Balenciaga jacket and an earthquake devastating the Pacific Northwest, even though neither of those events had occurred. The images had been created using Midjourney, a popular image generator. If any image can be manufactured — and manipulated — how can we believe anything we see? Plug in a text description, and the technology can produce a related image — no special skills required.

☆ Deepest-ever fish caught and filmed off Japan by scientists
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, April 3 (Reuters) - Fish have been caught more than 5 miles (8 kilometres) under the surface of the ocean for the first time ever - and filmed even deeper - by a joint Japanese-Australian scientific expedition. The snailfish, of the Pseudoliparis belyaevi species, are the first to be caught below 8,000 metres, the expedition said. It wasn't immediately clear how big the fish were, but the species has been recorded as reaching a length of close to 11 centimetres (4.3 inches). "The Japanese trenches were incredible places to explore; they are so rich in life, even all the way at the bottom," said Jamieson, founder of the Minderoo-UWA Deep Sea Research Centre. "We tell people from the very early ages, as young as two or three, that the deep sea is a horrible scary place that you shouldn't go and that grows with you with time," said Jamieson.

☆ US consumer mood darkens but banking turmoil impact limited so far, UMich says
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

The University of Michigan's monthly Consumer Sentiment Index slid to 62.0 in March from 67.0 in February and a mid-month reading of 63.4. "This month's turmoil in the banking sector had limited impact on consumer sentiment, which was already exhibiting downward momentum prior to the collapse of Silicon Valley Bank." Still, consumers had more pessimistic assessments of both their current situation and the future than they did a month ago, the survey showed. The survey also showed consumers' views of inflation over the near-term moderated further over the course of the month. One-year inflation expectations fell to 3.6% from 4.1% in February and 3.8% two weeks earlier.

☆ Senate Democrats led by Elizabeth Warren press federal bank regulators to implement stronger capital requirements
▼ + stars: | 2023-03-30 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

WASHINGTON — Senate Democrats are pressing federal banking regulators to toughen bank capital requirements following back-to-back congressional hearings where officials testified about the failures of Silicon Valley Bank and Signature Bank. "We write to urge you follow through with establishing strong capital requirements that protect consumers and taxpayers, and preserve the safety and soundness of our banking system," Warren, along with Sens. Under the "stress capital buffer" implemented at the time, the capital requirements for banking firms is determined annually according to supervisory stress tests. The lawmakers urged regulators to enforce strong capital requirements to fend off aggressive lobbying from Wall Street and safeguard against more bank failures. "In order to prevent future bank crises and protect working Americans, I urge your agencies to quickly implement strong capital requirements and resist industry pressure to weaken or delay these requirements."

☆ Former Taiwan president Ma open to meeting leaders on landmark China trip
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +3 min

Ma met Chinese President Xi Jinping in Singapore in late 2015 shortly before now Taiwan President Tsai Ing-wen won a presidential election. "Can't Ma Ying-jeou see China's true nature?" Given that neither Taiwan nor China's governments recognise each other, Ma will simply be referred to as "Mr. Ma Ying-jeou" while he is in China, Hsiao said, to avoid thorny political issues. The KMT says outreach to China is needed now more than ever given the tensions across the Taiwan Strait. If young people can communicate and have dialogue, it will definitely reduce the current tensions," Hsiao said of Ma's thoughts on the visit.

☆ US consumer sentiment deteriorates in March, inflation expectations retreat
▼ + stars: | 2023-03-17 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

SummarySummary Companies Consumer sentiment slips in MarchInflation expectations easeManufacturing production edges up 0.1% in FebruaryWASHINGTON, March 17 (Reuters) - U.S. consumer sentiment fell for the first time in four months in March, but households expected inflation to subside over the next year and beyond, which could offer some relief to the Federal Reserve as it confronts financial market instability. The University of Michigan's preliminary March reading on the overall index of consumer sentiment came in at 63.4, down from 67 in the prior month. While the correlation between consumer sentiment and spending is weak, economists expect tighter financial conditions will undercut consumption and push the economy into recession. A separate report from the Conference Board showed its Leading Economic Index, a gauge of future economic activity, dropped for an 11th straight month in February. Durable manufacturing production nudged up 0.1%, while nondurable manufacturing output climbed 0.2%.

☆ U.S. consumer sentiment ebbs in March; inflation expectations ease
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +6 min

SummarySummary Companies Consumer sentiment slips in MarchInflation expectations easeManufacturing production edges up 0.1% in FebruaryWASHINGTON, March 17 (Reuters) - U.S. consumer sentiment fell for the first time in four months in March, but households expected inflation to subside over the next year and beyond, which could offer some relief to the Federal Reserve as it confronts financial market instability. The University of Michigan's preliminary March reading on the overall index of consumer sentiment came in at 63.4, down from 67 in the prior month. Durable manufacturing production nudged up 0.1%, while nondurable manufacturing output climbed 0.2%. Mining output fell 0.6%, with oil and gas well drilling dropping 3.1%. Industrial productionCapacity utilization for the manufacturing sector, a measure of how fully firms are using their resources, dipped 0.1 percentage point to 77.6% in February.

☆ US regulators say deposits into First Republic Bank show system's resilience
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, March 16 (Reuters) - Federal regulators and the Treasury Department on Thursday welcomed a decision by 11 larger banks to deposit $30 billion into regional bank First Republic Bank (FRC.N) and said it showed the resilience of the U.S. banking system. "This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system," they said. First Republic was one of the banks that had been under more stress amid worries of another run on a regional bank, and a significant shift in deposits to larger banks. The rescue plan executed for First Republic averts an outright takeover of the bank by a larger institution, which would have run counter to a broad White House push against excessive concentration in other U.S. sectors. Reporting by Andrea Shalal and Rami Ayyub; editing by Dan Whitcomb and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

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