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☆ A Timeline of How the Banking Crisis Has Unfolded
▼ + stars: | 2023-05-01 | by ( Madeleine Ngo | ) www.nytimes.com time to read: +9 min

March 9Gregory Becker, the chief executive of Silicon Valley Bank, urged venture capital firms to remain calm on a conference call. March 10In the biggest bank failure since the 2008 financial crisis, Silicon Valley Bank collapsed after a run on deposits . Regional bank stocks plunged after the unexpected seizure of Silicon Valley Bank and Signature Bank , with shares of First Republic tumbling 60 percent. The Treasury secretary believed the actions by the private sector would help underscore confidence in the stability of the banking system. April 28The Fed released a report faulting itself for failing to “take forceful enough action” ahead of Silicon Valley Bank’s collapse.

☆ White House banking headache won’t end with First Republic deal
▼ + stars: | 2023-05-01 | by ( Stephen Collinson | ) edition.cnn.com time to read: +7 min

JPMorgan Chase is buying most assets of the troubled First Republic Bank and assuming all of its deposits in a deal announced Monday that was arranged by the US Federal Deposit Insurance Corporation. The independent agency’s new forced intervention is likely to fuel concerns about the overall health of the US banking sector. Biden’s new political headacheThe new concerns over the banking sector put the administration back in an unappealing position. Some progressive Democrats have balked at the idea that already mighty banks will get bigger by stepping in to snap up assets of troubled banks. On Sunday, he called for a shift in federal government policy to ensure all bank deposits.

☆ Big China investor Ray Dalio says that if the US goes to war with China, there should be rules like not fighting on each other's soil
▼ + stars: | 2023-04-28 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

China investor Ray Dalio encouraged the US and China to agree on mutual red lines if war breaks out. Dalio wrote a LinkedIn memo on Thursday laying out fears that both nations are on the brink of war. "It is hoped that in that way, if there is war, it will be contained," Dalio wrote. "But such a contained war is not the worst-case scenario because history has shown that when conflicts have reached this stage 1) they have terrible economic consequences and 2) there is a high risk of moving from a contained war to an all-out war," Dalio added. Even so, "almost all" the policymakers Dalio spoke to are "scared of war," the billionaire wrote.

☆ Premarket stocks: Here's what we know about First Republic Bank
▼ + stars: | 2023-04-27 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —First Republic Bank has been teetering on the edge for weeks. The San Francisco-based lender could be next in the line to collapse, following in the footsteps of former competitors Silicon Valley Bank and Signature Bank. The FDIC, Federal Reserve, White House and First Republic did not respond to requests for comment about those reports. The stock’s trading was halted numerous times both days as its rapid decline triggered volatility-triggered timeouts by the New York Stock Exchange. “It’s becoming clearer each day” that First Republic is “toast,” said Don Bilson at Gordon Haskett, in a note Wednesday.

☆ Catastrophic drought that’s pushed millions into crisis made 100 times more likely by climate change, analysis finds
▼ + stars: | 2023-04-27 | by ( Laura Paddison | ) edition.cnn.com time to read: +6 min

CNN —The unrelenting drought that has devastated the Horn of Africa and left more than 20 million people facing acute food insecurity would not have been possible without climate change, a new analysis has found. In a world without human-caused climate change, this devastating drought would not have happened. The organization is made up of a team of international scientists who, in the immediate aftermath of extreme weather events, analyze data and climate models to establish what role climate change played. The scientists also looked at whether climate change was to blame for the lack of rain, but concluded there was no overall impact. “The country continues to pay the price of global warming and climate change,” he added.

☆ Barclays and Deutsche profits defy banking jitters
▼ + stars: | 2023-04-27 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

Deutsche Bank (DB) gained 2.6%. Deutsche Bank’s shares plunged as much as 14.5% during the March 24 trading session. Deutsche Bank’s profit reached its highest in a decade, vindicating the once-struggling lender’s turnaround plan, launched in 2019. “In the first quarter, we again proved the strength and resilience of Deutsche Bank in challenging conditions,” chief financial officer James von Moltke said in a statement. Barclays and Deutsche Bank’s results contrast with the troubles at First Republic Bank in the United States.

☆ Biden’s Quiet Re-election Strategy
▼ + stars: | 2023-04-26 | by ( David Leonhardt | ) www.nytimes.com time to read: +1 min

The biggest reason that many Democratic officials are nervous about President Biden’s age is not his ability to do the job in a second term. Four decades later, the government managed its relationship with a teetering Soviet Union while Ronald Reagan’s mental capacities slipped. In each case, White House aides, Cabinet secretaries and military leaders performed well despite the lack of a fully engaged leader. The issue that makes many Democrats even more anxious than Biden’s second-term capabilities is whether his age will prevent him from winning a second term. Today, I will look at the biggest question about Biden’s re-election campaign — which he formally announced yesterday — and how he might address that question.

☆ Fifty-three million tons of electronics become junk every year. Here's how one company is tackling the problem.
▼ + stars: | 2023-04-26 | by ( Sponsor Post | Created Insider Studios With Dell Technologies | ) www.businessinsider.com time to read: +6 min

Dell is stepping up to tackle this problem, committing to a circular business model. By 2030, Dell will ensure that 100% of its packaging will be either reused or made from recycled or renewable material. Additionally, more than half of its product content will also be made from recycled, renewable, or reduced carbon emissions material. Already, there are almost 400 million pounds of sustainable materials in Dell's products and packaging and 55% of its electricity comes from renewable sources. "Our emphasis on environmental, social, and governance measures ensures that while we accomplished our business goals, we also delivered positive results for all of our stakeholders," he said.

☆ First Republic handed out billions in ultra-low-rate mortgages to the wealthy. It backfired horribly.
▼ + stars: | 2023-04-25 | by ( Matt Turner | ) www.businessinsider.com time to read: +4 min

The bank won wealthy clients with the offer of jumbo mortgage loans that required no principal payments for a decade. First Republic first moved into focus back in the March banking crisis that claimed Silicon Valley Bank, Signature Bank, and Silvergate. Like SVB and Signature, a large percentage of First Republic deposits were not insured by the FDIC, making it especially susceptible to deposit flight. Wealthy clients can easily move their deposits away from First Republic while keeping their mortgage with the firm, which creates a liquidity challenge. First Republic is now backtracking from this strategy, saying it will focus on writing loans that are guaranteed by Fannie and Freddie.

☆ Mattel introduces first Barbie doll representing a person with Down syndrome
▼ + stars: | 2023-04-25 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +4 min

New York CNN —Mattel on Tuesday introduced its first-ever version of the Barbie doll representing a person with Down syndrome. The new doll is part of Mattel Barbie Fashionistas line, which aims to offer kids more diverse representations of beauty and fight the stigma around physical disabilities. Mattel introduced its first Barbie doll representing a person with Down syndrome. The new Barbie is part of Mattel's Barbie Fashionista line of dolls which champions diverse representations of beauty and appearance. We are proud to introduce a Barbie doll with Down syndrome to better reflect the world around us and further our commitment to celebrating inclusion through play,” she said.

PinnedThe United States military airlifted embassy officials out of Khartoum, the capital of Sudan, amid continuing violence as rival military leaders battled for control of Africa’s third-largest country, President Biden said late on Saturday. (Mr. Godfrey — the first U.S. ambassador to Sudan in a quarter-century — arrived in the country about eight months ago.) They had lived in the same apartment buildings as some American diplomatic staff and arrived together at the embassy, he said. “I am proud of the extraordinary commitment of our embassy staff, who performed their duties with courage and professionalism and embodied America’s friendship and connection with the people of Sudan,” Mr. Biden said. Credit... Ebrahim Hamid/Agence France-Presse — Getty ImagesU.S. officials have said that about 16,000 American citizens were living in Sudan, many of them dual nationals.

☆ Bed Bath & Beyond files for bankruptcy
▼ + stars: | 2023-04-23 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +9 min

Chris Hammons unloads a bag of items she purchased at a Bed Bath & Beyond store in Dallas, Texas September 23, 2009. In its bankruptcy filing, Bed Bath & Beyond said it had $5.2 billion in debt and assets of just $4.4 billion. Discount chains such as HomeGoods and TJ Maxx have also undercut Bed Bath & Beyond’s prices. Without the differentiators of the lowest prices or widest selection, Bed Bath & Beyond’s sales stagnated from 2012 to 2019. And Bed Bath & Beyond is the latest retail chain to file for bankruptcy this year.

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☆ Newcastle vs Tottenham Hotspur: Magpies hammer closest top 4 rival 6-1 with five goals in opening 21 minutes
▼ + stars: | 2023-04-23 | by ( Issy Ronald | ) edition.cnn.com time to read: +4 min

Joelinton scored Newcastle's second goal. Alex Dodd/CameraSport/Getty ImagesEvery attack seemed to yield a corner, an opportunity, a shot on goal and Newcastle continued to press while Tottenham’s defense continued to buckle. And then, barely two minutes after kickoff, there was another for Isak who made it five goals for the Tyneside club in 21 minutes. “It’s very embarrassing,” Lloris told Sky Sports afterwards. We didn’t show a good face and we could not match the performance of the Newcastle players.”

☆ Finding Love in a Fake World
▼ + stars: | 2023-04-18 | by ( Julia May Jonas | ) www.nytimes.com time to read: +1 min

A lightly varied collection of conventionally attractive heterosexual humans compete to marry a single conventionally attractive human of the opposite sex. Argy’s heroine did not submit an application for the reality TV show “The One,” the novel’s stand-in for the “Bachelor” franchise. Instead, she was plucked off the streets by Miranda, a producer who has devoted her adulthood to working her way up the ranks. Each producer is responsible for a group of girls on “The One,” and the more prominently their girls feature, the more the producer is rewarded. The win will provide Miranda with job security, remuneration and confirmation of her own excellence.

☆ Opinion: How Sudan went from revolution to civil war
▼ + stars: | 2023-04-17 | by ( Justin Lynch | ) edition.cnn.com time to read: +8 min

CNN —Four years ago, almost to the day, the people of Sudan were celebrating a revolution after overthrowing longtime dictator Omar al-Bashir. On one side are the Sudanese Armed Forces (SAF), led by Gen. Abdel Fattah al-Burhan. On the other side are the Rapid Support Forces (RSF), a paramilitary group led by Mohamed Hamdan Dagalo, known as Hemeti. Hamdok found that the legacy of 30 years of dictatorship meant that Sudan’s political and economic models were dilapidated. The lesson from Sudan is that a revolution is only the start of change, not the end.

☆ Opinion: I’m betting on Cousin Greg. But I’m not a serious person
▼ + stars: | 2023-04-12 | by ( Gene Seymour | ) edition.cnn.com time to read: +6 min

By now, we should be used to HBO’s series pulling the rug out from beneath our expectations. Still, as more than one pundit observed of Logan’s death, this one shocked more than merely surprised. Not me, though I do miss Brian Cox already because few actors anywhere are as adroit at playing dyspeptic sociopaths. It would be at the very least ironic if “Greg the Egg,” the minion’s minion, stumbled into power as if he tripped on a sidewalk. I’ll say no more on this except to suggest that you all try to remember who in the end won that “Game of Thrones.” It’s not inevitable.

☆ The stock market is gearing up for its strongest 4 weeks of the year as another signal suggests the US banking crisis is over
▼ + stars: | 2023-04-03 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The research firm said the S&P 500 could surge more than 4% to nearly 4,300 by the end of April. Supporting the macro environment is a cool down in bond volatility, which suggests the US banking crisis has ended. The investment research firm analyzed historical seasonal market data that suggests the S&P 500 could surge just over 4% in April to 4,275. "The Rule of 1st five days looks at years when S&P 500 gains >1.4% in 1st five days and is negative the prior year. Also supporting the case for more upside in stock prices is a signal that suggests the US banking crisis that started with the collapse of Silicon Valley Bank last month is nearing its end.

☆ Stocks finished the quarter surprisingly strong. What’s next?
▼ + stars: | 2023-04-02 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

The tech-heavy Nasdaq made a remarkable resurgence, soaring nearly 17% in its best quarterly gain since the fourth quarter of 2020. The labor market has remained red hot, despite the Fed’s aggressive tightening campaign. The number of job openings fell in January , signaling a slight cooling but still hot labor market. The March jobs report. Friday: March jobs report and February consumer credit.

“I have argued for years that the biggest banks in the world are still too big to fail. In practice, however, the economic damage would be considerable.”Keller-Sutter was at the center of a government-orchestrated rescue of Credit Suisse by its larger rival UBS (UBS) earlier this month. Global standards for dealing with teetering “too big to fail” banks were key a part of the package of rules introduced after the global financial crisis. They were designed to make it possible to wind down a big bank without destabilizing the financial system or exposing taxpayers to the risk of losses. The rest is lent out at higher interest rates or invested, because that’s how big banks make most of their profit.

“I have argued for years that the biggest banks in the world are still too big to fail. In practice, however, the economic damage would be considerable.”Keller-Sutter was at the center of a government-orchestrated rescue of Credit Suisse by its larger rival UBS (UBS) earlier this month. They were designed to make it possible to wind down a big bank without destabilizing the financial system or exposing taxpayers to the risk of losses. Although some investors in Credit Suisse bonds lost everything, Swiss taxpayers are still on the hook for up to 9 billion Swiss francs ($9.8 billion) of potential losses arising from certain Credit Suisse assets. The rest is lent out at higher interest rates or invested, because that’s how big banks make most of their profit.

☆ Stocks bounced back in the first quarter, but it’s too early to celebrate
▼ + stars: | 2023-03-31 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

The broad-based S&P 500 seesawed throughout the quarter, ending January on a high note before tumbling in February, rising again in March and ultimately ending the quarter up about 7%. The tech-heavy Nasdaq made a remarkable resurgence, soaring nearly 17% in its best quarterly gain since the fourth quarter of 2020. That comes after a tough 2022 for tech stocks, as investors sought out less risky avenues to ride out turbulence from the Fed’s interest rate hike campaign. Bond prices rose as investors wagered that the Federal Reserve won’t raise rates as high as previously expected due to the banking crisis. Wall Street largely shrugged it all off, however, with stocks recouping their losses — and then some — as investors started snapping up tech stocks, boosting the broader equity market.

☆ Stocks bounced back this quarter, but it’s too early to celebrate
▼ + stars: | 2023-03-31 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

☆ 'The first bank crisis of the Twitter generation': The pressure on banks is very different from 2008
▼ + stars: | 2023-03-27 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +6 min

It is "unlikely" that European banks will undergo anything as serious as in 2008, according to economists. But a banking crisis today would look very different from 15 years ago thanks to social media, online banking, and huge shifts in regulation. This is "the first bank crisis of the Twitter generation," Paul Donovan, chief economist at UBS Global Wealth Management, told CNBC earlier this month, in reference to the collapse of Credit Suisse . watch nowRegulators shuttered Silicon Valley Bank on March 10 in what was the biggest U.S. bank collapse since the global financial crisis in 2008. Risk in the banking system today is significantly less than it has been at any time over the last 20 or 30 years.

☆ Virgin Orbit extends worker furlough, continues funding talks -CEO
▼ + stars: | 2023-03-27 | by ( Joey Roulette | ) www.reuters.com time to read: +2 min

March 27 (Reuters) - Billionaire Richard Branson's cash-strapped Virgin Orbit Holdings (VORB.O) will extend an unpaid furlough for most of its employees as talks seeking new funding continue, the company's chief executive said in an email to employees on Monday. Virgin Orbit declined further comment. Reuters reported last week that Texas-based Matthew Brown had been in talks to invest $200 million in the company. Branson owns a controlling stake of Virgin Orbit of roughly 75%. Virgin Orbit shares were down 12% in after-hours trading Monday after closing down 26 cents, or 33%, at 54 cents a share.

☆ Investing in Space: The latecomer
▼ + stars: | 2023-03-23 | by ( Michael Sheetz | ) www.cnbc.com time to read: +3 min

CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. A small group of Virgin Orbit employees are rolling back into the company's Long Beach, California, headquarters today. Virgin Orbit this week announced a partial resumption of operations, potentially bolstered by a surprising new backer: private investor Matthew Brown. A person close to the Virgin Orbit deal described Brown as a "latecomer" and said company leadership initially considered his bid "super fringe." From another investor's perspective, Virgin Orbit was "the most likely to succeed after Rocket Lab " in the small satellite launch market.

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