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☆ Oil drops as US rate hike concern, weak China data offset OPEC+ cuts
▼ + stars: | 2023-05-01 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

The Fed, which meets on May 2-3, is expected to increase interest rates by another 25 basis points. The U.S. dollar rose against a basket of currencies on Monday, making oil more expensive for other currency holders. Weak economic data from China also weighed. "We believe the oil market will be in deficit through the remainder of the second quarter" following the OPEC+ cuts, said NAB's Moore, who added that the bank expected the curbs plus higher demand to drive prices higher. Reporting by Katya Golubkova; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Oil prices drop as US rate hike fears, weak China data offset supply cuts
▼ + stars: | 2023-05-01 | by ( Katya Golubkova | ) www.reuters.com time to read: +3 min

The Fed is expected to increase interest rates by another 25 basis points this week. The U.S. central bank has raised its policy rate by 475 basis points since March of last year from the near-zero level to the current 4.75%-5.00% range. In the week ahead, the Reserve Bank of Australia is widely expected to extend a rate hike pause on Tuesday and the European Central Bank could surprise with an outsized half-point increase on Thursday. Brent crude has been tracking broader markets in recent sessions, with a slew of economic data creating more uncertainty about the outlook," ANZ Research said in a client note. Reporting by Katya Golubkova; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ GM’s Chevy Bolt Heads to Scrapyard With Mixed Legacy
▼ + stars: | 2023-04-30 | by ( Mike Colias | ) www.wsj.com time to read: 1 min

General Motors Co. rolled out its Chevrolet Bolt electric vehicle in 2016 to nab a foothold in the nascent EV market and give consumers an affordable plug-in option. Now, the diminutive snub-nosed SUV is headed to the scrap heap.

☆ Asia stocks off to slow start in earnings-rich week
▼ + stars: | 2023-04-24 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) eased 0.1%, while Japan's Nikkei (.N225) nudged up 0.2%. S&P 500 futures and Nasdaq futures both eased 0.2% ahead of a busy week of earnings. The U.S. House of Representatives could this week vote on a Republican plan to raise the debt ceiling in exchange for spending cuts. Figures on U.S. wages and economic growth due this week will likely reinforce the case for further tightening. Oil prices also lost ground last week, though planned production cuts from OPEC offer some support.

☆ This startup founded by ex-Tesla, Google, and SolarCity staffers uses the ocean for carbon removal. Check out the 13-slide pitch deck Ebb Carbon used to raise $20 million.
▼ + stars: | 2023-04-20 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Ebb Carbon has found a way to remove carbon from the atmosphere while making the ocean less acidic. Check out the 13-slide pitch deck Ebb Carbon used to nab $20 million in Series A funding. California-based Ebb Carbon, founded in 2021, aims to capture and store carbon dioxide in the ocean while simultaneously tackling ocean acidification. Ebb Carbon has developed an electrochemical process that removes acidity from seawater while enhancing its ability to store carbon dioxide. Ebb CarbonThe alkaline release then helps to balance the pH of seawater locally, Ebb Carbon claims.

☆ The talent whisperer for Citadel, Blackstone, other firms breaks down the 4 biggest hiring mistakes and how to avoid them
▼ + stars: | 2023-04-19 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +10 min

About 40% of Smart's clients are in the financial services industry, which is keenly aware of the importance of attracting and maintaining talent. But not all financial services companies are getting it right, Smart said. While he directed his advice to financial services companies, his tips are broad-based and could be used by hiring managers in many different industries. Smart said most leaders recognize the importance of hiring and talent decisions but aren't dedicating enough time to it. "Five percent of your time as a senior leader in financial services is not enough," he said.

☆ Apple continues to quietly build on its fintech ambitions
▼ + stars: | 2023-04-18 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

In payments, specifically, its made progress via Apple Pay, the Apple Wallet, and the Apple Card. On Monday, Apple took another step deeper into financial services, announcing the launch of a high-yield savings account (4.15%) via its Apple Card. And now, as Goldman tries to salvage what's left of its consumer dreams, Apple continues to roll on. What's not clear, though, is what type of terms Goldman gets for serving as the back-end partner partner. Click here to read more about the top eight executives shaking up payments, including a key leader at Apple Pay.

☆ Want a fixer-upper in Japan? You could nab one of millions of country houses for sale for just $25,000.
▼ + stars: | 2023-04-17 | by ( Eliza Relman | ) www.businessinsider.com time to read: +3 min

Japan has a glut of abandoned homes in rural areas and small towns. Japan has a glut of older, abandoned homes in rural areas, as Insider has previously reported. The country has at least 8.5 million such "akiya," the Japanese word for unoccupied home, according to government data from 2018. They're increasingly buying up these houses and restoring them, the New York Times reported. In 2020, he co-founded a real estate consultancy, called Akiya & Inaka, that markets and sells akiya and other traditional homes, the Times reported.

☆ Dollar set for longest stretch of weekly losses since 2020
▼ + stars: | 2023-04-14 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

The dollar index , which measures the performance of the U.S. currency against six others, slid to a roughly one-year low of 100.78. This would mark a fifth straight weekly loss, the longest such stretch since July 2020. Out of the G10 currencies, investors hold the largest bearish position in the dollar against the euro. The New Zealand dollar rose 0.1% to $0.63035, after jumping 1.3% on Thursday. The Japanese yen rose marginally, leaving the dollar 0.2% down on the day at 132.27, while the offshore yuan rose 0.4% to 6.8463 per dollar.

Splash Financial Student Loan Refinancing Apply now Compare loan options and get your rates today. Types of Student Loans Offered by Splash FinancialSplash Financial only offers student loans refinancing in two forms, including:Student loan refinancingMedical student loan refinancingSplash Financial Student Loan Refinancing DetailsTo get a loan, you must meet the following qualifications:A low debt-to-income ratio (no more than 30%)A history of on-time paymentsGood to excellent credit (preferably 700 or higher)You should consider your federal student loan options before refinancing into any private student loan, including one with Splash Financial, as you can often get better terms and protections through the government. Splash Financial Frequently Asked QuestionsWhat credit score is needed for Splash Financial? Splash Financial CompetitorsSide-by-side snapshot Splash Financial Student Loan RefinancingLaurel Road Student Loan RefinancingEarnest Student Loan Refinancing Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Methodology: How We rated Splash Financial Student Loan RefinancingWe rate all student loan products in our reviews and guides on a 1-5 scale.

☆ Read 14 pitch decks that helped media and tech startups nab millions in funding to disrupt entertainment
▼ + stars: | 2023-04-11 | by ( Lucia Moses | ) www.businessinsider.com time to read: +2 min

Tech is disrupting all parts of media and entertainment, and investors are rushing to cash in. These pitch decks show how their founders sold their vision to raise outside capital from VCs. Technology is upending all facets of media and entertainment. Insider talked with founders about the pitches they used to raise millions and innovate in content creation and distribution. Check out the examples below to learn more about how these and other founders have sold their vision.

☆ Wall Street could stand to benefit from recruiting beyond just the Ivies
▼ + stars: | 2023-04-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Insider's Emmalyse Brownstein has one about an investor's unique path to Wall Street. I hope Alfieri's story isn't just valuable to students trying to break into Wall Street. Wall Street could also benefit from casting a wider net among universities to get some diversity of thought. Click here to read some tips for how to nab a job on Wall Street despite not coming from an elite school. This fintech helps Wall Street keep tabs on employees' messengers.

☆ RBA to hike rates 25 bps on April 4 but decision on a knife edge
▼ + stars: | 2023-03-31 | by ( Shaloo Shrivastava | ) www.reuters.com time to read: +4 min

BENGALURU, March 31 (Reuters) - Australia's central bank is expected to go for a final 25 basis point interest rate hike to 3.85% on Tuesday, although forecasts from economists polled by Reuters suggest the decision on whether to hike or hold rates is on a knife edge. However, eight of the 13 economists expecting a pause pencilled in a rate hike sometime in the second quarter. Although CBA and Westpac forecast a pause in April, they expect one more rate hike in the second quarter. Minutes from the March meeting showed RBA board members reconsidered the case for a pause at the following meeting, noting monetary policy was already in restrictive territory and the economic outlook was uncertain. Although the median forecast showed the cash rate would remain at 3.85% until the end of 2023, five economists predicted it to peak at 4.10%.

☆ National Australia Bank lowers peak rate call for Australia to 3.85%, from 4.1%
▼ + stars: | 2023-03-30 | by ( Stella Qiu | ) www.reuters.com time to read: 1 min

SYDNEY, March 30 (Reuters) - National Australia Bank said on Thursday it expects Australian interest rates to peak at 3.85%, down from a previous estimate of 4.1%. NAB added it still expects the Reserve Bank of Australia to raise its official cash rate by 25 basis points in April for a final time, beginning rate cuts in the first half of 2024. "We continue to see rate cuts in H1 2024 bringing the cash rate back to 3.1% as the economy slows and unemployment rises," the bank's chief economist Alan Oster said in a statement. Fellow Australian bank Westpac also cut its peak rate forecast to 3.85% earlier this month. Reporting by Stella Qiu in Sydney Editing by Alasdair PalOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. banks fallout will intensify margin headwinds for Aussie lenders, UBS says
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

Australian banks are "well regulated" and carry strong liquidity coverage ratios, UBS said. Regulators and bankers insist the country's banks, bolstered by post-global financial crisis reforms, are well placed to handle the solvency and liquidity shocks that rocked lenders overseas like Silicon Valley Bank in the United States. Competition for mortgages, accounting for anywhere between 45% and 65% of net interest income of banks, "has never been fiercer," with some banks "sub-economically" pricing new business, UBS said. Still, the brokerage expects the bank to report strong first half earnings on sustained operational momentum. Three of the "Big Four" banks barring CBA lost between 1% and 5% from March 10 when the first signs of trouble surfaced at the tech-focused lender Silicon Valley Bank.

☆ Australia regulator seeks risk reports from banks on startups, crypto -report
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, March 22 (Reuters) - Australia's prudential regulator has started asking the country's banks to declare their exposure to startups and crypto-focused ventures following the collapse of Silicon Valley Bank, according to the Australian Financial Review (AFR). The APRA declined to comment on the report but referred to its statement last week that it would intensify supervision of the local banking industry and seek more information on any potential impact from Silicon Valley Bank's collapse. ANZ Group Holdings (ANZ.AX) declined to comment, while Commonwealth Bank of Australia (CBA.AX), Westpac Banking Corp (WBC.AX) and National Australia Bank (NAB.AX) did not immediately respond to requests seeking comment. Treasurer Jim Chalmers last week said Australia was in a good position to withstand some of the market volatility because the country's banks were well capitalised, well regulated and had strong liquidity. Reporting by Renju Jose in Sydney; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Yen drops, dollar on defensive as central banks seek to reassure markets
▼ + stars: | 2023-03-20 | by ( ) www.cnbc.com time to read: +2 min

Currency markets showed some cautious optimism after global authorities moved to stem contagion from a simmering banking crisis, with the safe haven dollar on the back foot and the yen tumbling amid a rebound in Treasury yields. The risk-sensitive Australian dollar jumped to a two-week high, while the euro edged higher for a third straight day. Over the weekend, the Federal Reserve, European Central Bank, Bank of England, Swiss National Bank, Bank of Canada and Bank of Japan announced joint action to enhance market liquidity. The Australian dollar climbed 0.3% to $0.6721, and earlier touched $0.6743 for the first time since March 7. Although the banking system is the currency markets' most immediate focus, a Fed rate-setting meeting on Wednesday looms large.

[1/4] A combination of photographs shows people using automated teller machines (ATMs) at Australia's "Big Four" banks - Australia and New Zealand Banking Group Ltd (bottom R), Commonwealth Bank of Australia (top R), National Australia Bank Ltd (bottom L) and Westpac Banking Corp (top L). REUTERS/StaffSYDNEY, March 17 (Reuters) - An A$300 billion ($201.21 billion) refinancing task for Australia's biggest banks is about to get harder, say analysts, as appetite for new debt shrinks across global markets roiled by concerns about bank stability and liquidity. "Now major banks don't have to hit markets everyday... but ultimately banks can't stay out of the market forever." Refinancing today would add extra 5 to 10 basis points to banks' costs versus a week and a half ago, he added. ($1 = 1.4910 Australian dollars)Reporting by Lewis Jackson and Scott Murdoch; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ Read 12 pitch decks that helped media and tech startups nab millions in funding to disrupt entertainment
▼ + stars: | 2023-03-17 | by ( Business Insider | ) www.businessinsider.com time to read: +2 min

March 14 (Reuters) - Australia's economic health will be its central bank's compass for plotting the course of rate hikes, as stringent regulation insulates its banking sector from the collapse of Silicon Valley Bank (SVB) (SIVB.O), analysts at top domestic banks said. Analysts at three of the top four lenders - Commonwealth Bank of Australia (CBA.AX), National Australia Bank (NAB.AX), and ANZ Group Holdings (ANZ.AX) - continue to expect the RBA to deliver its 11th consecutive rate hike next month. 0#RBAWATCH"The Australian domestic fundamentals remain consistent with further tightening from the RBA," Adelaide Timbrell, senior economist at ANZ Research said. Australian banking sector, while not immune to the collapse of SVB, is in a "more insulated" position, Rodrigo Catril, senior FX strategist at NAB said. Globally, banking stocks have taken a hit from the collapse of SVB despite of assurances from U.S. authorities, prompting a reassessment of interest rate expectations.

Traders currently see a 50% chance of no rate hike at that meeting, with rate cuts priced in for the second half of the year. Shares of First Republic Bank (FRC.N) tumbled more than 60% as news of fresh financing failed to reassure investors, and so did Western Alliance Bancorp (WAL.N) and PacWest Bancorp (PACW.O). U.S. bank regulators sought to reassure nervous customers on Monday who lined up outside SVB's Santa Clara, California, headquarters, offering coffee and donuts. Regulators also moved swiftly to close New York's Signature Bank SBNY.O, which had come under pressure in recent days. In China, where SVB was the main go-to foreign bank for the majority of start-ups, entrepreneurs and venture funds were also scrambling for alternative funding.

☆ European stocks head for higher open but SVB's collapse rattles global market confidence
▼ + stars: | 2023-03-14 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

Oil prices dipped as the collapse of Silicon Valley Bank continues to reverberate across global markets. National Australia Bank expects the prices to drop further following a stronger than expected U.S. inflation data slated for release later. "Oil prices fall on market fall-out from the US Silicon Valley Bank collapse. While energy prices have seen some relief due to diminishing shortage concerns, upside risks remain said Commonwealth Bank of Australia. "We see upside risks to our outlook driven by a sustained fall in Russia's oil and diesel exports," CBA said.

☆ Australia business activity strong in Feb, even as confidence wanes
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, March 14 (Reuters) - Australian business conditions remained resilient in February with sales and employment strong, even as confidence took a turn for the worse amid high inflation and rising interest rates. The survey from National Australia Bank Ltd (NAB) (NAB.AX) released on Tuesday showed its index of business conditions dipped one point to +17 in January, still well above its long-run average. The survey was conducted from Feb. 20 to 28, so it missed the recent chaos in financial markets after Silicon Valley Bank's collapse. Conditions were generally upbeat with the survey's measure of sales at a very high +27 in February, supported by historically low unemployment and rapid population growth. The survey's measure of labour costs ticked up to a quarterly rate of 2.8%, but retail price growth eased to 1.9%.

☆ Australian regulator says banks paid $3.10 bln in compensation for wrongly charged fees
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

[1/3] Australian dollars are seen in an illustration photo February 8, 2018. REUTERS/Daniel MunozMarch 10 (Reuters) - Australia's corporate watchdog said the country's six largest banking services providers have paid or offered A$4.7 billion ($3.10 billion) in compensation to customers who suffered losses for fees charged for services that were not provided. The largest business lender in Australia, NAB, took the lead and coughed up A$1.49 billion in compensation as of the end of 2022, followed by CBA and Westpac coughing up a payout of A$1.13 billion and $1.03 billion, respectively. ASIC said its final update on remediation figures "draws a line" under its eight-year long programme of addressing financial institutions' failure to provide ongoing services to fee-paying customers. ($1 = 1.5177 Australian dollars)Reporting by Riya Sharma in Bengaluru; Editing by Krishna Chandra Eluri and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's 'Big Four' banks to hike home loan rates to match RBA move
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

March 9 (Reuters) - Australia's so-called 'Big Four' banks said on Thursday they would pass on the central bank's latest quarter-percentage point interest rate hike in full to their home loan customers. Among the top four lenders, the Commonwealth Bank of Australia (CBA.AX), National Australia Bank (NAB.AX), and ANZ Group Holdings (ANZ.AX) will hike their rates from March 17, while Westpac Banking Corp's (WBC.AX) will hike its rates from March 21, the banks said in separate statements. Interest rates in the country have already gone up by 350 bps since last May, when they were at an all-time low of 0.1%. However, RBA Governor Philip Lowe said the central bank was closer to pausing its aggressive cycle of rate increases as policy was now in restrictive territory, and suggested a halt could come as soon as April. Reporting by Navya Mittal and Himanshi Akhand in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

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