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☆ New Zealand, Wellington: hostel fire kills at least six, according to report
▼ + stars: | 2023-05-15 | by ( Tatiana Arias | ) edition.cnn.com time to read: +1 min

CNN —At least six people have reportedly died after a fire erupted inside a hostel in New Zealand’s capital city of Wellington early Tuesday local time. Emergency services survey the scene after a fire on May 16, 2023 in Wellington, New Zealand. Hagen Hopkins/Getty ImagesFirefighters rushed to the hostel shortly after midnight and were able to evacuate 52 people, Wellington’s Fire and Emergency District Manager Nick Pyatt told local media. According to authorities, about 100 people were believed to be inside the building, Newshub reports. The cause of the fire remains unknown, Pyatt said, adding that there will be a formal investigation into the blaze.

☆ Slava Zaitsev, Enduring Soviet-Era Fashion Designer, Dies at 85
▼ + stars: | 2023-05-13 | by ( Penelope Green | ) www.nytimes.com time to read: +1 min

Slava Zaitsev, an effervescent and enduring Soviet-era fashion designer, once called the “Red Dior” by the Western press, whose over-the-top theatrical creations and persona made him a go-to couturier at home, died on April 30 in Shchyolkovo, Russia. His longtime friend Tatiana Sorokko, a Russian-born model and journalist, said his death, in a hospital, was caused by internal bleeding that resulted from an ulcer. Mr. Zaitsev died just two days before Valentin Yudashkin, a pupil of his who was also known for his sumptuous creations, and who found greater success in the West than he did, died of cancer at 59. Mr. Zaitsev gave color, sparkle and opulence to a generation raised in drab Soviet gray, the uniform of the proletariat, by combining Western bling with nods to traditional Russian folk costumes and nostalgic references to Pasternak and Tolstoy. He was the first designer, in pre-perestroika days, to be allowed to put his name on his work, which he first did in 1982.

☆ Madonna's 'Sex' photos go to auction for the first time at Christie's
▼ + stars: | 2023-05-12 | by ( Carlie Porterfield | ) edition.cnn.com time to read: +5 min

Prints of photographs from Madonna’s wildly popular 1992 coffee table book “Sex” will be available for purchase for the first time at Christie’s New York this fall, part of ongoing projects to mark the 30th anniversary of the controversial publication. In October, over 40 prints first published in “Sex” will go up for sale as part of a special standalone auction. “Thirty years on, ‘Sex’ is still somewhat controversial, but it still reads as a very body-positive, sex-positive book,” Himes said. “Sex” also featured Madonna’s then-boyfriend, rapper Vanilla Ice, and stars like supermodel Naomi Campbell and socialite Tatiana von Fürstenberg. The prints will go on display at Christie's galleries in London, Paris and New York before the October auction.

☆ JPMorgan's Dimon says debt ceiling standoff could cause panic -report
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

"Panic isn't necessarily a rational thing," the website quoted Dimon as saying. And (when) you see people panic -- that's '08, '09 again, and that's really what you want to avoid." "There's a higher chance of a mistake here because of the politics of the situation" with damaging economic consequences, Dimon said. "I hope, one day, we get rid of it," he said, restating a call to scrap the debt limit permanently. Reporting by Tatiana Bautzer; Editing by Lananh Nguyen; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ A new law allows Putin to draft Russians via an online portal — even if they don't have an account. It 'brings the digital Gulag much, much closer,' critics say
▼ + stars: | 2023-05-07 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +6 min

A new law allows Russian conscripts to be notified of their military service via government portal. Critics say the move creates "a digital system of social control" akin to a virtual Gulag labor camp. The new conscription law, she wrote, "brings the Digital Gulag much, much closer." What is the Digital Gulag? With the digital registry and harsh punishments for noncompliance, "the government wants to create a digital system of social control by regulating individual access to rights and benefits," Stanovaya wrote.

CNN —The leaders of Sudan’s warring military factions have agreed to start preliminary talks in Jeddah aimed at ending the conflict, according to Saudi Arabia and the United States. Clashes between the Sudanese army and the paramilitary RSF erupted in mid-April, since when hundreds have been killed and thousands more injured. The RSF has already fully taken over Omdurman Maternity Hospital, a senior medical employee at a hospital in the state of Khartoum told CNN. However, it has obtained a widely circulated statement reportedly issued by the Omdurman Maternity Hospital administration that says the hospital was “attacked” at dawn on Thursday by RSF forces. CNN has not independently verified these claims, nor has CNN been able to reach the paramilitary RSF for their comments.

The latest case in point: The Federal Deposit Insurance Corp (FDIC) chose JPMorgan Chase & Co (JPM.N) as the winning bidder in an auction to buy collapsed lender First Republic Bank on Monday. FDIC officials, however, say would-be buyers risk losing out if they allow the value of an acquisition target to deteriorate over time while waiting for an FDIC receivership. SWEETENERSU.S. bank mergers were already sluggish as interest rates rose and recession loomed, analysts at Raymond James wrote in an Apr. The first quarter was the quietest opening to a year for bank deals in a generation, they said. Market volatility stops bank buyers from pulling together enough money to cover writedowns on struggling assets, which would be triggered by a traditional acquisition, said David Sandler, co-head of financial services investment banking at Piper Sandler Companies (PIPR.N).

May 1 (Reuters) - Regulators seized First Republic Bank (FRC.N) and sold its assets to JPMorgan Chase & Co (JPM.N) on Monday, in a deal to resolve the largest U.S. bank failure since the 2008 financial crisis and draw a line under a lingering banking turmoil. Shares of JPMorgan rose 2% on Monday, while those of mid-tier banks fell and the KBW Regional Banking Index (.KRX) closed down 2.7%. [1/3] People walk past a First Republic Bank branch in San Francisco, California, U.S. April 28, 2023. "This is not the world financial crisis, this is not the savings and loan crisis. The failed bank's 84 offices in eight states will reopen as branches of JPMorgan Chase Bank from Monday, it added.

Several analysts, industry executives and investors said they believe the March banking crisis has set conditions for a long-predicted round of industry consolidation to finally happen. We've also been approached by some big bulge bracket banks that are also looking to acquire the regional banks." Some bank deals have been stuck for months waiting for approvals. And Monday's deal shows larger banks with deeper pockets are better placed than mid-sized lenders, according to Jefferies analysts. "This may have precluded other regional bank bidders from making the math work as well as it does for JPM," they wrote.

Shares of JPMorgan and some of the other the largest U.S. banks rose on Monday, while those of mid-tier banks fell. [1/3] People walk past a First Republic Bank branch in San Francisco, California, U.S. April 28, 2023. "This is not the world financial crisis, this is not the savings and loan crisis. JPMorgan also entered into a loss-share agreement with the FDIC on single family, residential and commercial loans it bought, but will not take First Republic Bank's corporate debt or preferred stock. The failed bank's 84 offices in eight states will reopen as branches of JPMorgan Chase Bank from Monday, it added.

First Republic was one of the major casualties of the banking crisis triggered in March, when depositors fled en masse from some U.S. lenders to institutions such as JPMorgan that they thought were safer. [1/2] People walk past a First Republic Bank branch in San Francisco, California, U.S. April 28, 2023. JPMorgan has assumed all of the bank's deposits, it said, and will repay $25 billion of the $30 billion big banks deposited with First Republic in March. JPMorgan said it expected to achieve a one-time, post-tax gain of about $2.6 billion after the deal. The failed bank's 84 offices in eight states will reopen as branches of JPMorgan Chase Bank from Monday, it added.

STEPPING UPA security guard stands outside a First Republic Bank branch in San Francisco, California, U.S. April 28, 2023. The FDIC estimated in a statement that the cost to the Deposit Insurance Fund (DIF) would be about $13 billion. JPMorgan has assumed all of the bank's deposits, it said, and will repay $25 billion of the $30 billion big banks deposited with First Republic in March. New York-based JPMorgan will take on $173 billion of loans, $30 billion of securities and $92 billion of deposits. "Our government invited us and others to step up, and we did," said Jamie Dimon, JPMorgan Chairman and CEO.

May 1 (Reuters) - JPMorgan Chase & Co (JPM.N) will buy most of First Republic Bank's (FRC.N) assets in a last-ditch rescue led by U.S. regulators, marking the third major U.S. institution to fail in two months. First Republic Bank shares tumbled 43.3% in premarket trading. The FDIC estimated in a statement that the cost to the Deposit Insurance Fund would be about $13 billion. "Our government invited us and others to step up, and we did," said Jamie Dimon, Chairman and CEO of JPMorgan Chase. The failed bank's 84 offices in eight states will reopen as branches of JPMorgan Chase Bank from Monday, according to the JPMorgan statement.

☆ JP Morgan to buy First Republic's assets and assume deposits
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +3 min

The banking giant will take $173 billion of loans and about $30 billion of securities of First Republic Bank including $92 billion of deposits, JPMorgan said in a statement. First Republic Bank shares tumbled 36% in premarket trading. The FDIC estimated in a statement that the cost to the Deposit Insurance Fund would be about $13 billion. "Our government invited us and others to step up, and we did," said Jamie Dimon, Chairman and CEO of JPMorgan Chase. The failed bank's 84 offices in eight states will reopen as branches of JPMorgan Chase Bank from Monday, according to the JPMorgan statement.

☆ Quotes: Fed plans broad revamp of bank oversight in wake of SVB collapse
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +11 min

The assertion in the introduction that the Fed should focus on large bank capital requirements is disconnected from the report's conclusions. AMERICAN BANK ASSOCIATION PRESIDENT AND CEO ROB NICOLS"We take any bank failure seriously, and we will review the findings and proposed policy changes in these reports carefully, including where the conclusions may differ. JONATHAN MONDILLO, HEAD OF NORTH AMERICAN FIXED INCOME AT ABRDN"We're likely to see higher capital requirements. What that means for the overall markets is that the devil is in the details: how stringent those capital requirements will be. A potential First Republic Bank failure could similarly present a risk to the long-term investment strategy of high net-worth individuals."

☆ US Fed plans broad revamp of bank oversight in wake of SVB collapse
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +7 min

Many commentators linked the lessons learned from the earlier crisis to the ongoing concerns about First Republic Bank. INSTITUTE OF INTERNATIONAL BANKERS CEO BETH ZORC"The IIB commends the Federal Reserve's timeliness of producing its report on SVB. "There are similarities between SVB's situation and what is happening with First Republic Bank: both are affected by the rapid movement of very large sums of money." A potential First Republic Bank failure could similarly present a risk to the long-term investment strategy of high net-worth individuals." "It feels isolated, than the rest of the regional bank system, feels like it's in a different place than where FRC is."

☆ Putin's political enemies and Kremlin critics face an 'extremely dangerous' situation in Russia right now
▼ + stars: | 2023-04-27 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +9 min

"All of the opposition political leaders are either in jail or under restrictive measures or outside of the country. The oppression of political opposition figures in Russia is nothing new. Some accuse the Russian state of trying to poison them, while others have died in suspicious circumstances. Evgenia Novozhenina | ReutersThe persecution of political opposition figures attracted global attention in 2020 when the high-profile Kremlin critic Alexei Navalny was poisoned with a Novichok nerve agent. Russian political analyst Tatiana Stanovaya agreed that "it's extremely dangerous" to be a critic of the Kremlin now, no matter what your background is.

☆ Goldman shareholder criticizes CEO Solomon's leadership at annual meeting
▼ + stars: | 2023-04-26 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +1 min

DALLAS, April 26 (Reuters) - A Goldman Sachs Group Inc (GS.N) shareholder criticized its Chairman and CEO David Solomon on Wednesday at the bank's annual meeting and proposed its board appoint an independent chairman. The proposal, along with eight others put forward by shareholders, failed after receiving the support of 16% of stock holders who voted. All of Goldman's management proposals, including the appointment of its directors and executive compensation, were approved at its annual shareholder meeting, which was held in person in Dallas. "The Goldman Sachs processes look anything but robust -- to many of us outside observers and shareholders, they look pretty weak," Paul Chesser, a director at the National Legal and Policy Center, said at the bank's annual meeting. Shareholder calls for reports on lobbying, climate transition and pay equity got the support of 30% or more voters, according to preliminary tallies.

☆ Citigroup defends revamp as shareholders complain about sluggish stock
▼ + stars: | 2023-04-25 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +2 min

"We completely understand" shareholders' frustration with the share price, he said, after fielding several questions from shareholders on the topic. Still, Mayo welcomed Citigroup CEO Jane Fraser's pledge to receive 85% of her pay in stock, a higher proportion than peers at other banking giants. Separately, Fraser said the sale of Citigroup's Mexican consumer business, known as Banamex, was taking "longer than expected," because of its complexity. The bank is still pursuing two options for the business: a sale or initial public offering, she said. SHAREHOLDER PROPOSALSThe majority of Citigroup shareholders agreed to management proposals to elect board members and pay executives.

☆ An idyllic California town, a celebrity landlord, and a rental from hell
▼ + stars: | 2023-04-22 | by ( Tatiana Walk-Morris | ) www.businessinsider.com time to read: +11 min

Sonaar Luthra and Sarah Szalavitz left Los Angeles for a rental in La Quinta, California, last March. The couple found a rental home online for $4,000 a month in La Quinta, California, a palm-tree-dotted hamlet about 2½ hours away, nestled between the resort-haven Palm Springs and festival-famous Coachella. They were relieved, they told Insider, because they believed someone in the public eye would be a reliable landlord. Luthra and Szalavitz thought moving to La Quinta would afford them the time and space to begin personal projects, including planning a wedding. The couple detailed how the celebrity-owned house in a desert paradise became a rental from hell.

☆ JPMorgan bankers met with Epstein after his accounts were closed - WSJ
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +3 min

Bank employees also met with Epstein after his accounts were closed to discuss other clients and introductions he could make to potential clients, the newspaper said, citing people familiar with the meetings. The interaction with Epstein was typical for a client of the private bank, a JPMorgan spokesman said after the article was published. JPMorgan is being sued in Manhattan federal court by women who said Epstein sexually abused them, and by the government of the U.S. Virgin Islands, where Epstein owned a private island. JPMorgan did business with Epstein as early as 1998, and managed about 55 Epstein-related accounts worth hundreds of millions of dollars. Epstein was a client for about five years after he pleaded guilty in 2008 to a Florida state prostitution charge.

Gorman has transformed the Wall Street powerhouse into a more diversified firm that is less reliant on its traditional strengths -- trading and investment banking -- since taking the helm in 2010. He was also the key architect behind Morgan Stanley's purchase of Smith Barney, a brokerage and investment adviser that became a cornerstone of the bank's wealth management arm. Morgan Stanley's profit beat expectations as rising revenue from wealth management in the first quarter offset declines in investment banking and trading. Wealth management accounted for 45% of firm's revenue, the results showed. Despite strains at some U.S. banks, Gorman said the industry is not in a banking crisis, nor was it facing problems comparable to the mortgage crash in 2008.

☆ Morgan Stanley profit beats as wealth business cushions deals slump
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +4 min

[1/2] A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas JacksonApril 19 (Reuters) - Morgan Stanley's first-quarter profit beat expectations as rising revenue from its wealth management division offset declines in its investment banking and trading units. The downswing in investment banking activity for Morgan Stanley, which forms the core of the bank's business, dragged total revenue down nearly 2% to $14.5 billion in the quarter. Meanwhile, revenue from equities trading fell 14%, while fixed income trading dropped 12%. While investment banks like Morgan Stanley and Goldman remain relatively insulated from the broader contagion worries of the crisis, the resultant uncertainty has again hurt the outlook for dealmaking, dampening hopes of recovery in the near-term.

☆ Evan Gershkovich declares his innocence in a Moscow court, but his detention is upheld.
▼ + stars: | 2023-04-18 | by ( Ivan Nechepurenko | Anton Troianovski | ) www.nytimes.com time to read: +1 min

“Evan is wrongfully detained, and the charges of espionage against him are false,” the leaders of the Journal and Dow Jones, the paper’s publisher, said in a statement. The case represents one of Mr. Putin’s most dramatic attacks to date on freedom of the press. Mr. Putin’s spokesman has claimed that Mr. Gershkovich was caught “red-handed” and signaled that the Russian president personally approved of the arrest. Outside the courtroom after the hearing, Mr. Gershkovich’s legal team said that the court had rejected an offer from Dow Jones to post a 50 million ruble — $600,000 — bond on Mr. Gershkovich’s behalf. Tatiana Nozhkina, a lawyer for Mr. Gershkovich along with Ms. Korchagina, said he was not guilty and later, in response to written questions, added that the legal team would appeal his arrest by filing a complaint about the lower courts’ decisions.

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