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☆ This Payments Company Is Winning Big After SVB Collapse
▼ + stars: | 2023-08-10 | by ( Angel Au-Yeung | Peter Rudegeair | ) www.wsj.com time to read: 1 min

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Companies National Indigenous Australians Agency FollowSYDNEY, May 11 (Reuters) - Two key Australian Indigenous leaders opposed to a proposal to constitutionally recognise the country's Aboriginal and Torres Island people joined forces on Thursday in an effort to strengthen their campaign ahead of a referendum later this year. A YouGov poll out last month showed 83% of Indigenous Australians support the referendum, while a wider poll by the Guardian said 60% of Australians will vote for it. Any constitutional alterations in Australia require a national referendum. To succeed, a referendum requires a national majority of votes as well as a majority of votes in at least four of the six states. The conservative Liberal-National opposition coalition will oppose the national vote.

[1/2] The logo of battery recycler Li-Cycle Holdings Corp is displayed on their offices in Phoenix, Arizona, U.S. June 30, 2022. REUTERS/Ernest ScheyderMay 9 (Reuters) - Battery recycler Li-Cycle Holdings Corp (LICY.N) said on Tuesday it planned to develop a recycling hub in Italy along with Swiss miner and commodity trader Glencore Plc (GLEN.L) to produce battery materials including lithium. Canada-based Li-Cycle had earlier announced in March that it would be building a French battery processing facility amid rising demand for lithium due to its key role in transition towards net zero. The two companies are expected to complete a joint feasibility study for the project by mid-2024, Li-Cycle said. Once the companies make a final investment decision on the project, commissioning of the hub in Portovesme, Italy, is expected to commence in late 2026 to early 2027.

REUTERS/Sarah MeyssonnierTOKYO, May 9 (Reuters) - Two major European asset managers have jointly filed a shareholder resolution at Japanese electricity generator Electric Power Development Co Ltd (9513.T), known as J-Power, for the second consecutive year in a row. The asset managers are calling on J-Power, Japan's largest operator of coal-fired power stations, to set and disclose credible short and medium-term emissions reduction targets, aligned with the goals of the Paris Agreement. The resolution is supported by Man Group (EMG.L), the world's largest publicly traded hedge fund, ACCR said. Amundi, Man Group, and HSBC Asset Management have nearly $3 trillion in assets combined under management. J-Power will "carefully consider" proposals and disclose its board of directors' opinions "as soon as they are determined", the company said on Tuesday.

[1/2] A logo of Amundi is seen outside the company headquarters in Paris, France, February 3, 2023. Amundi (AMUN.PA) and HSBC Asset Management filed the resolution with the Australasian Centre for Corporate Responsibility (ACCR), the non-profit climate group said in a statement on Tuesday. The resolution is supported by Man Group (EMG.L), the world's largest publicly traded hedge fund, ACCR said. Amundi, Man Group, and HSBC Asset Management have nearly $3 trillion in assets combined under management. Last year, Man, Amundi and HSBC filed a similar shareholder resolution, which they say was the first climate-related proposals by an institutional investor group to a Japanese firm.

May 8 (Reuters) - Vanguard Group, the largest provider of mutual funds, has secured regulatory approval to continue to own big stakes in U.S. power utilities, overcoming Republican concerns over its environmental, social and governance (ESG) policies. Regulators had previously allowed Vanguard to exceed that antitrust limit on the basis that this would not interfere with the utilities' operations. Vanguard countered that its funds do not exert control over the decisions of the utilities. Vanguard reiterated in a statement on Monday that it leaves "management decisions to companies and policy decisions to policymakers." A representative for Indiana Attorney General Todd Rokita, one of the leaders of the group challenging the FERC extension, said he would comment in coming days.

SYDNEY, May 8 (Reuters) - Australia's 30 biggest pension funds increased their investments in key coal, oil and gas producers by 50% in 2022 despite the funds' long term commitments to net zero carbon emissions, environmental activist group Market Forces said. Superannuation or retirement funds raised their investment to more than A$34 billion ($23 billion) in companies most responsible for expanding fossil fuels, Market Forces said. Market Forces only named AustralianSuper, which it said had increased its stake in Woodside Energy Group Ltd (WDS.AX), Australia's top independent gas producer, by about 19 times in 2022. In an emailed response, AustralianSuper said it had raised its stake as gas was a key part of an "orderly energy transition" ahead. It estimated more than A$140 billion of Australians' retirement savings are invested in fossil fuel companies through the funds, which have more than 9% of members' share investments in these firms on average.

By margins of at least 3-to-1, shareholders voted against three proposals that Berkshire disclose more about its climate-related risks or greenhouse gas emissions and efforts to address them, and its efforts to promote diversity. They also voted down by a nearly 10-to-1 margin a renewed call for an independent director to replace Buffett as chairman. The proponent of the independent chair proposal said it would leave Berkshire "less identified" with Buffett's "political activities." The votes were not surprising because Buffett owns special shares that give him a nearly 32% voting stake in Berkshire, making it difficult to adopt proposals he opposes. Berkshire shareholders also reelected the company's 15-person board.

Companies Berkshire Hathaway Inc FollowOMAHA, Nebraska, May 6 (Reuters) - Berkshire Hathaway Inc (BRKa.N) shareholders on Saturday overwhelmingly rejected six proposals for environmental, social and governance changes at Warren Buffett's conglomerate, all of which the billionaire investor and his board opposed. By margins of at least 3-to-1, shareholders voted against three proposals that Berkshire disclose more about its climate-related risks or greenhouse gas emissions and efforts to address them, and its efforts to promote diversity. The proponent of the independent chair proposal said it would leave Berkshire "less identified" with Buffett's "political activities." The votes were not surprising because Buffett owns special shares that give him a nearly 32% voting stake in Berkshire, making it difficult to adopt proposals he opposes. Berkshire shareholders also reelected the company's 15-person board.

LONDON, May 6 (Reuters) - Shell (SHEL.L) shareholders should vote against a climate activist resolution seeking faster emissions cuts, proxy advisory firm Institutional Shareholder Services (ISS) said on Saturday, while acknowledging the merits of the proposal. Shell investors will vote at an annual general meeting on May 23 on a resolution filed by the Follow This activist shareholder group which asks the energy giant to align with the 2015 Paris climate deal. Shell has recommended its shareholders vote against the Follow This proposal. It said the merits of the activist resolution are "fully accepted" but if adopted it would "represent a change in strategy from the one that Shell has adopted" which is why ISS recommends a vote against it. At Shell's 2022 shareholder meeting, Follow This received 20% of votes, down from 30% the previous year.

WASHINGTON, May 5 (Reuters) - The Biden administration on Friday launched a $4 billion effort to electrify U.S. ports and cut heavy duty truck emissions as the government looks to address disproportionate impacts on nearby communities. The U.S. Environmental Protection Agency (EPA) said it was seeking input in its $3 billion Clean Ports Program to reduce pollutants at U.S. ports and its $1 billion Clean Heavy-Duty Vehicle Program to reduce vehicle emissions near ports and other truck routes. EPA wants details about the availability, market price, and performance of zero-emission trucks, zero-emission port equipment, electric charging and other infrastructure needs for zero-emission technologies. The Senate voted 50-49 last week to overturn those rules that aim to drastically cut smog- and soot-forming emissions from heavy-duty trucks but President Joe Biden has promised to veto the measure. The EPA proposed in April new sweeping cuts to medium- and heavy-duty tailpipe emissions limits.

☆ UK government and BoE weigh immediate access to cash after SVB collapse - Bloomberg News
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

April 27 (Reuters) - The Bank of England and Britain's finance ministry are considering reforms that would provide uninsured depositors with immediate access to their cash in the event of a bank failure, Bloomberg News reported on Thursday. Authorities were looking into whether some money could be released upfront, which would be covered by taxpayers based on how much cash uninsured depositors were likely to recover, Bloomberg said, citing government officials. Spokespeople for the Treasury and the BoE declined to comment. Bloomberg said discussions were at an early stage and a number of options on deposit insurance reform were being considered. Reporting by Chandni Shah in Bengaluru; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

Paying more for deposits is an effective way for banks to keep customers loyal, analysts said. Smaller banks, which were most strained by the recent crisis, have been able to stem the exodus of deposits for now, according to weekly from the Federal Reserve. That said, the Fed’s data showed deposits at smaller banks were still down some $216 billion during the week ending March 22 from a December high. Meanwhile, large U.S. banks lost out on $96.2 billion in deposits in the week ending March 22, the Fed data showed. Deposits at large banks dropped some $519 billion from as high as $11.2 trillion in February last year.

☆ Small business owners reconsider regional bank relationships after SVB collapse
▼ + stars: | 2023-04-05 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSmall business owners reconsider regional bank relationships after SVB collapseCNBC's Kate Rogers reports on the changing relationship between small businesses and regional banks.

☆ US bank deposit outflows decelerated in second week after SVB collapse
▼ + stars: | 2023-04-01 | by ( ) www.reuters.com time to read: +3 min

Data released on Friday by the Federal Reserve showed the $125.7 billion drop in deposits at all U.S. banks in the week ended March 22 was roughly $50 billion less than the record $174.5 billion outflows in the first week after the collapses of Silicon Valley Bank and Signature Bank (SBNY.O). Revisions to the prior week's data showed deposit outflows in that first week of bank sector turmoil was almost double the $98.4 billion initially estimated. Deposits at small U.S. banks edged up to $5.386 trillion in the week ending March 22 from $5.381 trillion the prior week. Deposits at the largest 25 banks by assets, meanwhile, fell to $10.65 trillion from $10.74 trillion. Deposit outflows from foreign banks with U.S. operations accounted for the remainder of the week's decline.

House lawmakers tore into top U.S. bank regulators Wednesday, questioning their competency and saying examiners were asleep at the wheel, at a second day of congressional hearings this week about how Silicon Valley Bank and Signature Bank collapsed practically overnight on March 10 and March 12. "We need competent financial supervisors, but Congress can't legislate competence," House Financial Services chairman Rep. Patrick McHenry, R-N.C., told top officials at the Federal Reserve, Treasury and FDIC at the beginning the hearing. "The light touch cautions from the Fed to SVB management are clearly not what Congress intended for bank supervision," said Waters. Republican Rep. Bill Huizenga, Mich., demanded raw, confidential supervisory information about the banks, available to regulators ahead of the collapses. Members of the Republican majority House challenged many of the decisions made by regulators in the hours and days after SVB collapsed and Signature Bank followed 48 hours later.

☆ CNBC Daily Open: After SVB collapse, stricter rules coming for banks?
▼ + stars: | 2023-03-29 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The rise in yields suggests traders are growing confident the banking turmoil is subsiding, and they're turning their attention back to inflation. In a bizarre way, even if that's bad news for inflation, that's probably good news for everyone who's been consumed by banking fears in recent days. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ First came bank failures. Now comes the House hearing
▼ + stars: | 2023-03-26 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —Federal regulators are being called to testify before the House Financial Services Committee on Tuesday about the collapse of Silicon Valley Bank and Signature Bank. What lawmakers are saying: Elected officials want a review of what happened at Silicon Valley Bank and Signature Bank earlier this month, as well as stricter regulations to prevent it from happening again. Regulators on March 12, just days after SVB collapsed, announced a guarantee of all deposits at the bank and Signature Bank. What to expect: It’s unclear what will come of the hearings on SVB and Signature Bank. Wednesday: The House Financial Services Committee’s hearing on the banking crisis continues for a second day.

☆ Small US banks see record drop in deposits after SVB collapse
▼ + stars: | 2023-03-25 | by ( ) edition.cnn.com time to read: +1 min

Deposits at small US banks dropped by a record amount following the collapse of Silicon Valley Bank on March 10, data released on Friday by the Federal Reserve showed. Deposits at small banks fell $119 billion to $5.46 trillion in the week ended March 15, which was more than twice the previous record drop and the biggest decline as a percent of overall deposits since the week ended March 16, 2007. Borrowings at small banks, defined as all but the biggest 25 commercial US banks, increased by $253 billion to a record $669.6 billion, the Fed’s weekly data showed. The rise equates to about half as much as the deposit decline at small banks, suggesting some of the cash may have gone into money market funds or other instruments. It was unclear if the shift in deposits out of small banks will persist.

☆ Small U.S. banks see record drop in deposits after SVB collapse
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +2 min

March 24 (Reuters) - Deposits at small U.S. banks dropped by a record amount following the collapse of Silicon Valley Bank on March 10, data released on Friday by the Federal Reserve showed. Deposits at small banks fell $119 billion to $5.46 trillion in the week ended March 15. Borrowings at small banks, defined as all but the biggest 25 commercial U.S. banks, increased by $253 billion to a record $669.6 billion, the Fed's weekly data showed. The rise equates to about half as much as the deposit decline at small banks, suggesting that some of the cash may have gone into money market funds or other instruments. It was unclear if the shift in deposits out of small banks will persist.

☆ Anxiety Strikes $8 Trillion Mortgage-Debt Market After SVB Collapse
▼ + stars: | 2023-03-22 | by ( Matt Wirz | ) www.wsj.com time to read: 1 min

Strains in the banking sector are roiling a roughly $8 trillion bond market considered almost as safe as U.S. government bonds. So-called agency mortgage bonds are widely held by banks, insurers and bond funds because they are backed by the mortgage loans from government-owned lenders Fannie Mae and Freddie Mac . The bonds are far less likely to default than most debt and are easy to buy and sell quickly, a crucial reason they were Silicon Valley Bank’s biggest investment before it foundered.

☆ Banks, Investors Revive Push for Changes to Securities Accounting After SVB Collapse
▼ + stars: | 2023-03-21 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

Some bank executives and investors are reviving calls for changes to U.S. accounting rules around held-to-maturity securities in the wake of the collapse of Silicon Valley Bank, a move that was considered after the financial crisis but largely abandoned after hundreds of banking-industry objections. If banks designate bonds as held-to-maturity securities, the firms are allowed to exclude unrealized losses on them from equity as long as they don’t sell. Banks have to carry HTM instruments at amortized cost, or an adjusted version of the original price they paid. Bonds the banks plan to sell need to be classified as available-for-sale securities and accounted for at fair market value. If banks sell any HTM securities, they must reclassify all of their HTM securities as available for sale and potentially take a big loss on the securities they didn’t sell.

☆ This stock can rally more than 50% as people turn to larger regional banks after SVB collapse, Baird says
▼ + stars: | 2023-03-20 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

U.S. Bank could be a beneficiary as the bank crisis pushes depositors to move holdings to larger regional banks, according to Baird. George's price target of $52 implies the stock could rally 57.8% from where it closed Friday. The SPDR S & P Regional Banking ETF (KRE) ending last week down 14.3%, while US Bank lost 18.9% over the course of last week. George said US Bank and other "super regionals," a term for larger regional banks, will likely gain deposits as customers look away from smaller banks amid concerns of future bank runs. USB KRE 5D mountain US Bank and KRE ETF — CNBC's Michael Bloom contributed to this report.

March 17 (Reuters) - HR and payment software startup Rippling said on Friday it has raised $500 million in a new funding round initially intended to help customers make payroll in the immediate aftermath of Silicon Valley Bank's collapse. The round, led by technology investor Greenoaks Capital, gave Rippling the same valuation of $11.25 billion it had clinched after its previous capital raise last year, the company said. Unclear if customers' funds would be recovered by Monday, Conrad started to seek more capital from investors, whose funds were also partly stuck with SVB. Growth equity firm Greenoaks was one of Rippling's investors that have funds available to wire on Monday. Rippling offers services to businesses to manage their human resource and information technology operations such as employees' onboarding and payroll management.

☆ Janet Yellen Says Banking System Is Healthy After SVB Collapse
▼ + stars: | 2023-03-16 | by ( Andrew Duehren | ) www.wsj.com time to read: 1 min

WASHINGTON—Treasury Secretary Janet Yellen told lawmakers that the U.S. banking system remained in good health after the collapse of two midsize banks, saying that bank regulators’ depositor-rescue plan had stemmed fallout from the panic. Ms. Yellen appeared Thursday before the Senate Finance Committee to take lawmakers’ questions about the steps the federal government took over the weekend to guarantee all deposits at Silicon Valley Bank and Signature Bank. She was also expected to discuss President Biden’s $6.9 trillion budget proposal.

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