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LONDON, Feb 28 (Reuters) - British asset manager abrdn (ABDN.L) fell to a full-year pretax loss and reported a slide in client funds for 2022, as global markets turmoil and runaway inflation weighed on its finances. Abrdn reported a 615 million pound ($741 million) pretax loss for the year ended Dec. 31, compared to a 1.1 billion pound profit the prior year. Abrdn's assets under management fell 8% to 500 billion pounds from 542 billion pounds, while the company reported a further year of net outflows of client funds. The company also said it had agreed to sell its discretionary fund management arm abrdn Capital to Liechtenstein-based private bank LGT for 140 million pounds. The sale involves the transfer of around 6.1 billion pounds of assets and about 140 employees, the company said.

☆ Abrdn turnaround is still a marathon, not sprint
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 28 (Reuters Breakingviews) - Abrdn (ABDN.L) still has one big problem. Chief Executive Stephen Bird’s turnaround at the $5 billion asset manager is gaining traction. Full-year results on Tuesday showed that interactive investor, the savings platform he acquired last year, grew revenue by 20%, despite lower trading volumes. Assets under management fell 19%, after factoring in falling markets and client outflows, to 376 billion pounds, while operating profit fell 55%. That may cost some 200 million pounds, nearly double the unit’s 2022 operating profit.

The ruling authored by Jackson, who was confirmed last year by the Senate as the newest of the nine justices, was unanimous. Under that law, money orders that go uncashed can be generally taken by the state in which they are purchased. Circuit Judge Pierre Leval, later agreed with Delaware's view that they were not legally money orders but were "third-party bank checks." Jackson rejected that position, saying the financial instruments were similar to money orders in function and operation by allowing prepayment of a specified amount to a specific person. "And none of the differences Delaware identifies relates to the statutory text or ordinary meaning of a money order," Jackson wrote.

☆ Abrdn CEO: Making selective investments, expect Fed to continue raising rates
▼ + stars: | 2023-02-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAbrdn CEO: Making selective investments, expect Fed to continue raising ratesAbrdn CEO Stephen Bird argues the group's sweeping restructuring plan positions it well in a higher-for-longer rates environment.

☆ Shionogi sees COVID pill reaping $2 billion in annual sales upon U.S. approval
▼ + stars: | 2023-02-27 | by ( Rocky Swift | ) www.reuters.com time to read: +3 min

Xocova, a protease inhibitor like the COVID treatments developed by Pfizer Inc (PFE.N) and Merck & Co (MRK.N), was granted emergency approval by Japanese regulators in November, making it the nation's first domestically produced oral treatment for COVID. "If you kill the virus fast enough and sharp enough, the lower the probability of long COVID. According to one study by the Veterans Affairs St. Louis Health Care System, Pfizer's antiviral drug Paxlovid cuts the risk of developing many long COVID symptoms. Shionogi is hoping for Xocova sales of around $1 billion to $1.5 billion this year. "I have no regrets," Teshirogi said, adding that expectations among shareholders and the public had demanded that Shionogi devote its resources to fighting COVID.

☆ How Wall Street firms lift the velvet rope on funding deals for buzzy startups like Stripe for their wealthiest clients
▼ + stars: | 2023-02-24 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Goldman Sachs has invited wealth management clients to invest in fintech unicorn Stripe, as reported by Bloomberg. The message was a rare peek into how the richest bank clients can access investments normally off-limits to individual investors. Insider redacted the wealth management vice president's name and email address to protect their privacy. Citi and JPMorgan, for instance, both have teams dedicated to direct private investments for private bank clients. Private wealth is a real power alley for us, and those continue to be good sources of funding," said Salisbury at a conference in September.

☆ NHL roundup: Bruins edge Kraken on Jake DeBrusk's late tip-in
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +7 min

Brandon Carlo scored the first of the Bruins' two third-period goals, while McAvoy and Hampus Lindholm had two assists apiece. The winning goal was DeBrusk's third goal in three games since returning from injuries. Minnesota killed off its 22nd straight penalty in the win and has not given up a power-play goal in nine straight games. Oilers 7, Penguins 2Connor McDavid had two goals and two assists as Edmonton scored seven straight goals to defeat host Pittsburgh. Vincent Trocheck scored the only goal for the Rangers, who have lost three straight following a seven-game winning streak.

☆ The growing number of distressed office buildings reflects a recognition by owners and lenders that the robust return to office they had hoped for isn't likely to materialize
▼ + stars: | 2023-02-22 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +5 min

Office owners like Brookfield, RXR, and Related are in the process of defaulting on office loans. Some of real estate's biggest names have defaulted on their office debt in recent weeks. The delinquency rate for office loans is only 1.83% now, according to Trepp, a firm that researches real-estate debt. Loans come dueOver this year and next year, 24% of commercial real estate loans will be coming due, many of them office loans, per Hendry. Office buildings, from the newest and shiniest Class A towers to the older and less-sexy Class B buildings, were a pretty safe investment, as long as they were in the right locales.

☆ Steve Bannon's ex-lawyers sue him over nearly $500,000 in unpaid legal bills
▼ + stars: | 2023-02-22 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +3 min

Steve Bannon's ex-lawyers filed a lawsuit saying he hasn't paid nearly $500,000 in legal bills. The firm represented Bannon when he defied his January 6 subpoena. The lawsuit, filed Friday, says the firm billed Bannon $855,487.87 but was paid only $375,000, leaving an outstanding balance of $480,487.87. Trump pardoned Bannon shortly before leaving office, but the Manhattan district attorney's office brought a similar case against him that remains pending. Bannon is having trouble with his lawyers in the Manhattan district attorney's case, too.

☆ Morgan Stanley says these stocks are making improvements on ESG that can also boost returns
▼ + stars: | 2023-02-19 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Morgan Stanley honed in on publicly traded companies that are improving on ESG in ways that can boost shareholder returns. "We think ESG rate of change will be a critical focus for investors looking to identify companies that can generate alpha and ESG impact," he said in a note to clients in late 2022. Though he said both approaches to ESG screens can be useful, he specifically looked for companies doing under-the-radar ESG work. Eighty-percent of analysts rate the stock a buy, FactSet data shows. Roughly two-thirds of analysts rate the stock as buy or overweight, and the average price target implies upside of nearly 15%.

"Ant-Man and The Wasp: Quantumania" premiered in theaters on February 17. How to watch 'Ant-Man and the Wasp: Quantumania'"Ant-Man and The Wasp: Quantumania" is now available to watch exclusively in theaters. When will 'Ant-Man and the Wasp: Quantumania' be available on Disney Plus? "Ant-Man and The Wasp: Quantumania" is expected to start streaming on Disney Plus later this year. With this range in mind, "Ant-Man and The Wasp: Quantumania" should hit Disney Plus in April or May.

☆ The week that tech became exciting again
▼ + stars: | 2023-02-11 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +6 min

CNN Business —Let’s be honest: For much of the past decade, tech events have been pretty boring. In each case, the changes were powered by new AI technology that allows for more conversational and complex responses. And there are already rumors of another event next month for Microsoft to demo similar features in its Office products, including Word, PowerPoint and Outlook. Chinese tech giants Alibaba and Baidu also said this week that they would be launching their own ChatGPT-style services. Microsoft employee Alex Buscher demonstrates a search feature integration of Microsoft Bing search engine and Edge browser with OpenAI on Tuesday, Feb. 7, 2023, in Redmond.

☆ How to delete yourself from the internet
▼ + stars: | 2023-02-10 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +7 min

With so much personal data floating publicly on the internet, consumers have a legitimate interest in controlling the information flow. Self-help tools to remove personal informationFor those who are so inclined, there are ways to limit the amount of personal information available on the internet. If that fails, Google says it may remove personal information "that creates significant risks of identity theft, financial fraud, or other specific harms." It can be hard to gauge the effectiveness of these services, partly because there's so much personal information in the public domain. DeleteMe's website says that 2,389 pieces of personal information, on average, are found over a two-year subscription.

Brent crude settled up $1.40, or 1.7%, to $85.09 a barrel while U.S. West Texas Intermediate (WTI) crude settled up $1.33, or 1.7%, to $78.47. Investors hope less aggressive U.S. interest rate increases will help the world's biggest economy dodge a sharp economic slowdown or recession that would hit oil demand. "A looming oil demand surge together with lacklustre global supply growth will ensure that the oil balance tightens over the coming months," said Stephen Brennock of oil broker PVM. The earthquake that struck Turkey and Syria on Monday stopped crude oil flows from Iraq and Azerbaijan out of the Turkish port of Ceyhan. U.S. Energy Information Administration data showing U.S. oil production rose last week to the highest level since April 2020, however, limited oil's gains.

☆ Why Silicon Valleys massive layoffs haven't hit Detroit automakers
▼ + stars: | 2023-02-05 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +4 min

The auto industry could benefit from tech layoffs. But the auto industry doesn't need to undergo massive cuts — mostly because they already have over the past few years. Tech companies, meanwhile, had enjoyed a decade of unmitigated growth thanks to low interest rates and a flood of new investor money. "Legacy auto is underpopulated in order to fully go after the future of mobility — primarily, electrification, batteries, and software." The auto industry could benefit from tech layoffsWhile tech sheds thousands of jobs, automakers are desperate for workers.

☆ Europe is set to ramp up its oil war against Russia — and markets are bracing for more disruption
▼ + stars: | 2023-02-03 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

The European Union's ban on Russian oil product exports is slated to kick in on Feb. 5. The Group of Seven implemented a $60 price cap on Russian oil on Dec. 5. "We also expect this to put upward pressure on prices for oil products more generally." Yet this also means that they will continue to take cheap imported crude oil and process it domestically rather than buying refined oil." "This will create logistical challenges and higher transport costs if Russia seeks to redirect product flows to Asia, as it has done with crude oil," analysts at Eurasia Group said.

☆ Hunter Biden demands criminal probe into Trump allies with access to his laptop and retractions from Fox News: reports
▼ + stars: | 2023-02-02 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +3 min

Hunter Biden's lawyers sent letters singling out Trump allies and Fox News host Tucker Carlson. Among the recipients are the Justice Department and Deleware attorney general, WaPo reported. "This marks a new approach by Hunter Biden and his team," a person familiar with Biden's strategy told The Post. Also targeted by Biden's lawyers is Fox News and its host Tucker Carlson. The Justice Department and Delaware attorney general's office did not immediately respond to a request for comment.

☆ Electric cars are too expensive because Americans insist on having more car than they need
▼ + stars: | 2023-02-02 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

But Americans love SUVs and trucks, and they're going to have to pay for them in the near term. A lot of prospective EV buyers just haven't yet found the types of EVs they're looking for. They don't necessarily need more luxury electric sedans — they want the trucks and SUVs they're used to. A recent study found most car-buyers don't want to spend more than $50,000 to go EV, but they also want electric trucks and SUVs that inherently cost more. Bigger vehicles are often just more expensive, largely because they require bigger batteries — the most expensive part of these new EVs.

Brent crude futures were down $2.6, or 3.5%, at $82.50 a barrel by 12:50 p.m. West Texas Intermediate (WTI) U.S. crude futures fell $2.67, or 3.4% to $76.20. U.S. crude oil and fuel inventories rose last week to their highest levels since June 2021, the Energy Information Administration said, as demand remained weak. "The market is reacting to the report that indicates there isn't demand for crude oil or fuels," said John Kilduff, partner at Again Capital LLC in New York. Elsewhere, Russia's Deputy Prime Minister said he expected oil demand to rise on the back of Chinese economic activity.

LONDON, Feb 1 (Reuters) - Oil prices ticked up as the market is looking towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and U.S. government data on crude and fuel stockpiles on Wednesday. Brent crude futures rose 45 cents, or 0.5%, to $85.91 a barrel at 1215 GMT. West Texas Intermediate (WTI) U.S. crude futures rose 62 cents, or 0.8%, to $79.49 a barrel. Tamer U.S. rate hike expectations helped lower the dollar index , which supported oil prices as a weaker greenback makes the commodity cheaper for buyers holding other currencies, according to Stephen Brennock, analyst at PVM. OPEC's oil output fell in January, as Iraqi exports dropped and Nigeria's output did not recover, with the 10 OPEC members pumping 920,000 barrels per day (bpd) below their targeted volumes under the OPEC+ agreement, a Reuters survey found.

LONDON, Feb 1 (Reuters) - Oil prices were broadly stable as the market is looking towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and U.S. government data on crude and fuel stockpiles on Wednesday. Brent crude futures dipped 11 cents, or 0.1%, to $85.35 a barrel at 0949 GMT. West Texas Intermediate (WTI) U.S. crude futures rose 8 cents, or 0.1%, to $78.95 a barrel. Tamer U.S. rate hike expectations helped lower the dollar index , which supported oil prices as a weaker greenback makes the commodity cheaper for buyers holding other currencies, according to Stephen Brennock, analyst at PVM. OPEC's oil output fell in January, as Iraqi exports dropped and Nigeria's output did not recover, with the 10 OPEC members pumping 920,000 barrels per day (bpd) below their targeted volumes under the OPEC+ agreement, a Reuters survey found.

☆ Former Allianz Fund Manager Accuses Firm and Its Lawyers of Double-Crossing Him
▼ + stars: | 2023-01-31 | by ( Dylan Tokar | ) www.wsj.com time to read: +5 min

In his brief, Mr. Tournant excerpted a slide containing photos of himself and two other former Allianz executives, which his lawyers likened to a most-wanted poster. Mr. Tournant was also represented by a third firm that wasn’t jointly retained by Allianz, according to his motion. The firms’ agreements required them to inform Mr. Tournant in the event that a conflict of interest arose, according to his motion. Allianz’s posture toward Mr. Tournant changed after Mr. Bond-Nelson broke ties with the firm’s defense team and began shifting blame to Mr. Tournant, according to his brief. The pivot was a direct result of the policies outlined in recent years by officials such as Deputy Attorney General Lisa Monaco, according to Mr. Tournant.

☆ Tech giants have cut tens of thousands of jobs. Automakers are ready to hire them.
▼ + stars: | 2023-01-29 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +4 min

But the auto industry doesn't need to undergo massive cuts — mostly because they already have over the past few years. Tech companies, meanwhile, had enjoyed a decade of unmitigated growth thanks to low interest rates and a floor of new investor money. As these companies enter a new phase and a different economy, the tech industry is experiencing its first real belt-tightening. The auto industry could benefit from tech layoffsWhile tech sheds thousands of jobs, automakers are desperate for workers. "The war for talent in the automotive industry is still raging and the talent pool is still relatively small."

☆ Brittney Griner's return could be the unlikely catalyst that forces the WNBA to relent on its most contentious policy
▼ + stars: | 2023-01-29 | by ( Meredith Cash | ) www.businessinsider.com time to read: +10 min

WNBA free agency is underway, with teams receiving the green light to recruit stars as of this weekend. Top free agent Breanna Stewart has reportedly made charter flights a key issue for teams wooing her. Private flights are not covered by the league's CBA, but Brittney Griner's return may force policy changes. The 2018 MVP took to Twitter to announce that she's prepared to help "subsidize charter travel for the entire WNBA" by offering her "NIL, posts + production hours." Several current WNBA players, including Nneka and Chiney Ogwumike, Elena Delle Donne, Napheesa Collier, Alysha Clark, Erica Wheeler, Kahleah Copper, and Natalie Achonwa, offered their support in the comments.

☆ Some donations from George Santos' failed 2020 campaign are attributed to addresses that don't exist, report says
▼ + stars: | 2023-01-28 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +3 min

Mother Jones tried to track down donors listed in George Santos' 2020 campaign filings. In one case, Santos' 2020 campaign filings listed a $2,500 donation from an individual named Stephen Berger at a Brawley, California address. However, the location is associated with William Brandt, a longtime California rancher and Republican donor, and his wife, Mother Jones reported. There were also instances where the addresses of reported donors did not exist. On his resume, Santos listed jobs he never held, such as project manager at Goldman Sachs and asset manager associate at Citigroup.

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