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☆ Food delivery fees are rising, and everyone's feeling the pinch
▼ + stars: | 2024-07-27 | by ( Justine Fisher | ) www.cnbc.com time to read: +11 min

Third-party food delivery is becoming the norm for American consumers, as delivery apps like Grubhub, DoorDash and Uber Eats take hold in day-to-day dining. It's also presenting customers and restaurants with an increasingly complicated equation of service fees, delivery costs and worker tips. San Francisco resident Zainab Batool, who said she orders delivery from either Uber Eats or DoorDash weekly, called the added fees "insane." The share of consumers choosing third-party delivery services over direct restaurant delivery is rising, up from 15% in 2020 to 21% in 2024, according to Technomic's 2024 Delivery & Takeout Consumer Trend Report. But using their delivery services instead of paying for in-house delivery is worth it for a business on the smaller side, he said.

Persons: Luiz C, Ribeiro, Uber, It's, Zainab Batool, Batool, Gordon Haskett, Grubhub, it's, DoorDash, Covid, Spencer Platt, they've, Shelle Santana, Lindsey Nicholson, Tony Scardino, Pizza, He's, Scardino, Meredith Sandland, Ann, Phillis Engelbert, Engelbert, Gabby Jones Organizations: Ribeiro | New York Daily News, Tribune, Service, Getty, Gordon Haskett Research Advisors, Companies, U.S . Mobility, Uber, Bentley University, Grubhub Marketplace, UCG, Amazon, Bloomberg Locations: Manhattan, Ribeiro |, Francisco, Amsterdam, California, New York City, U.S, Canada, Illinois, Chicago, Ann Arbor , Michigan, Detroit

Three Israeli hostages were rescued from his family’s building on June 8. “Hamas only trusts Hamas when it comes to those very sensitive issues such as Israeli hostages,” he said. The Israeli Prime Minister’s Office told CNN she was held by the Abu Nar family but did not provide further details. Three relatives of Abu Nar also posted on social media announcing he had been killed by Israeli forces that day. Many locals questioned why so many Palestinians had to die for the Israeli forces to rescue just four hostages.

Persons: Gaza’s, Almog Meir Jan, Andrey Kozlov, Shlomi Ziv, Noa Argamani, Abu, Ahmed Aljamal, “, Abu Muhammad El Tahrawi, Aljamal, Dr Fadel Naim, Abdelrahman El Tahrawi, ” Dr, Aljamal’s, Abdallah, ”, Gilad Shalit, ” Abdallah Aljamal, Abdallah Aljamal, Mkhaimar Abusada, Ashraf Amra, Benny Gantz, Hussein Ibish, Israel “, ” Andrey Kozlov, ‘, Kozlov, Aviram Meir, Israel’s, Nuseirat, Zainab Aljamal, Abdallah’s, Fatima, Ahmed, Zainab, Thomas Bordeaux, Zainab, –, Argamani, Mohamed Ahmad Abu Nar, Abu Nar, Bilal Mazhar, ” Mazhar, Khalil Al, ” Noa Argamani, Yakov Argamani, Kahlot, CNN he’d, Mohamed Ahmed Organizations: CNN, Nova, Palestine, Neighbors, Gaza’s Ministry of Labor, Facebook, Qassam Brigades, Hamas, Palestinian Center, Policy, Survey Research, Science, Al, Azhar University, Civil, Getty, Gulf States Institute, Palestine Chronicle, Israel Defense Forces, Minister’s, Israeli Army, Reuters Locations: Gaza, Nuseirat, Israel, Cairo, Anadolu, Israeli, Washington

☆ Wall Street banks see investment banking improvement, with some caution
▼ + stars: | 2024-07-12 | by ( ) www.reuters.com time to read: +3 min

The results by three major U.S. banks kicked off the second-quarter earnings season. Maximize Item 1 of 2 Signs of JP Morgan Chase Bank, Citibank and Wells Fargo & Co. bank are seen in this combination photo from Reuters files. REUTERS/File Photo [1/2] Signs of JP Morgan Chase Bank, Citibank and Wells Fargo & Co. bank are seen in this combination photo from Reuters files. Wells Fargo CFO Mike Santomassimo said on a call that the bank has seen good activity across the investment grade desk, capital markets and the leverage finance business. Goldman's earnings are expected to more than double versus the second quarter of 2023, when they dropped to a three-year low.

Persons: Wells, Goldman Sachs, Morgan Stanley, Mark Mason, Mason, JP Morgan, Jeremy Barnum, Mike Santomassimo, Moody's, Goldman, Noor Zainab Hussain, Manya Saini, Niket, Nupur Anand, Tatiana Bautzer, Saeed Azhar, Megan Davies, Matthew Lewis Organizations: Citigroup, JPMorgan, Citi, Equity, JP Morgan Chase Bank, Citibank, Wells Fargo & Co, Chevron Chevron, Morgan, Thomson Locations: Chevron Chevron The U.S, U.S, Bengaluru, New York

Some of the hardest-hit are babies, young children and their parents, with diapers and formula either hard to find or spiking to unaffordable prices, leading parents to look to inadequate or even unsafe alternatives. “I sold my children’s food so I can buy diapers,” said Raafat Abu Wardeh, who has two children in diapers. A pack of diapers before the war cost 12 shekels ($3.50). There isn’t even aid.”Some parents are using cloth diapers, but those require washing with water, which is also scarce. “This is far from being enough to address the colossal needs of the children in Gaza,” said UNICEF spokesperson Ammar Ammar.

Persons: — Zainab al, Zein, ”, “, Raafat Abu Wardeh, Anis, Zainab, Israel, Ammar Ammar, ” Ammar, Zainab al, Linda, ceaselessly, Magdy Organizations: Health Ministry, Hamas, United Nations ’, UNICEF Locations: DEIR, Gaza, Israel, handouts, Deir, Cairo, israel

☆ South Gaza battles rage as heavy rain hits displaced people further north
▼ + stars: | 2024-01-27 | by ( ) www.cnbc.com time to read: +3 min

Displaced Palestinian children walk on a hill facing their makeshift camp in Rafah, on the southern Gaza Strip on the border with Egypt on January 19, 2024, amid continuing battles between Israel and the militant group Hamas. Residents reported heavy aerial and tank fire across Khan Younis, an area of southern Gaza that has become the focus of Israel's ground offensive against Hamas, and around two main hospitals there. The Gaza Health Ministry said Israeli strikes hit the vicinities of Al-Amal Hospital and the largest functioning medical facility in the south, Nasser Hospital. Israel launched its air, sea and land offensive after militants from the Hamas group that rules Gaza stormed into Israel on Oct. 7, killing 1,200 people and abducting 253. It says it has killed at least 9,000 Gaza militants so far, a figure that Hamas has dismissed.

Persons: Israel, Gaza's Khan Younis, Khan Younis, Al, Ashraf Al, Benjamin Netanyahu, Zainab Khalil Organizations: Hamas, Islamic, Gaza Health Ministry, Amal, Nasser Hospital, Court, International, West Bank Locations: Rafah, Gaza, Egypt, Israel, Khan, Nasser, Israeli, Jenin

☆ KKR to buy remaining stake in insurer Global Atlantic for $2.7 billion
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 29 (Reuters) - KKR & Co (KKR.N) said on Wednesday it would buy a remaining 37% stake in Global Atlantic Financial Group that it does not already own for $2.7 billion in an all-cash deal. Private equity firm KKR has served as the manager of Global Atlantic's investment portfolio since 2021 and said in July 2020 that it would buy the annuities and life insurance provider. Global Atlantic's assets under management have grown to $158 billion from $72 billion in 2020, the companies said. Under the terms of the deal, KKR will pay Global Atlantic's minority shareholders an amount in cash equal to Global Atlantic's book value, with certain adjustments. Global Atlantic serves policyholders through its retirement and life insurance products.

Persons: Brendan McDermid, Joe Bae, Scott Nuttall, Goldman Sachs, Noor Zainab Hussain, Devika Organizations: KKR, New York Stock Exchange, REUTERS, Co, Global Atlantic Financial Group, Global, Global Atlantic, Thomson Locations: New York, U.S, Bengaluru, Chibuike

Many organisers choose to buy that cover through an add-on political violence and terrorism policy. Insurers cannot change policy wordings of existing policies, so any event organisers who bought political violence cover and cancelled after the conflict started on Oct 7 should be covered. Insurers are also considering restricting cover for event cancellations outside the region, the sources added. Ryan at Marsh said some political violence insurers were proposing wordings which would allow them to break or review policies due to "conditions relating to armed involvement in the 2023 Israel war". Specialist political violence policies are typically offered by firms operating in the Lloyd's of London (SOLYD.UL) insurance market, as well as by U.S. insurers.

Persons: Evelyn Hockstein, Edel Ryan, Marsh, Ryan, Sinead Cruise, Alexander Smith Organizations: Hamas, REUTERS, European Aquatics, MTV, Thomson Locations: Gaza, Israel, Palestinian, Lebanon, Egypt, Jordan, Paris, Washington, Gaza City, London

El Al Israel Airlines planes are seen on the tarmac at Ben Gurion International airport in Lod, near Tel Aviv, Israel March 10, 2020. Insurers for Israeli flag carrier El Al Airlines (ELAL.TA), Israir (ISRG.TA) and Arkia have previously said they can issue such notices due to the war between Israel and the Palestinian group Hamas. Israeli airlines have now received the notices, two sources told Reuters, without naming the airlines. Israeli's parliamentary finance committee last week approved a plan to provide a state guarantee of $6 billion to cover insurance against war risks to Israeli airlines. Airlines normally take out two types of policy - an "all risks" policy which covers both regular damage to the hull and passenger liability, and a "war" policy to cover war or terror-related losses to the aircraft.

Persons: Ronen, Bruce Carman, Arkia, Israir, Garrett Hanrahan, Hanrahan, Carolyn Cohn, Sinead Cruise, David Evans Organizations: El Al Israel Airlines, Ben, REUTERS, Aviation, El Al Airlines, Palestinian, Hamas, Hive Underwriters, El Al, Lebanese, East Airlines, Airlines, Marsh's Global Aviation, Reuters, Hezbollah, Norwegian Air, Thomson Locations: Ben Gurion, Lod, Tel Aviv, Israel, Lebanon, Europe, United States, London, Turkey, Beirut, Eilat

☆ Morgan Stanley profit beats on wealth management strength
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

[1/2] People take photos by the Morgan Stanley building in Times Square in New York City, New York U.S., February 20, 2020. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 18 (Reuters) - Morgan Stanley's (MS.N) third-quarter profit dropped less than expected as a strong performance in the bank's wealth management division offset a hit from lethargic dealmaking. The wealth management business, which has been a bright spot for Morgan Stanley in recent quarters, has reduced the lender's reliance on trading and investment banking, which are largely tied to economic cycles. "Our equity and fixed income businesses navigated markets well, and both wealth and investment management produced higher revenues." INVESTMENT BANKING WEAKNESSTotal revenue from investment banking fell 27% to $938 million, as global mergers and acquisitions activity showed few signs of improvement.

Persons: Morgan Stanley, Brendan McDermid, Morgan Stanley's, James Gorman, Goldman Sachs, Manya Saini, Noor Zainab Hussain, Niket, Tatiana Bautzer, Lananh Nguyen, Shounak Organizations: New York City , New York U.S, REUTERS, Wall, Equity, U.S, Treasury, Thomson Locations: New York City , New York, Bengaluru, New York

☆ Goldman profit tops estimates as dealmaking cushions hit from GreenSky, real estate
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +3 min

The Wall Street giant's net profit slumped 33% to $2.06 billion, or $5.47 per share, it said on Tuesday. Goldman's investment banking fees of $1.55 billion was largely unchanged from last year as debt underwriting activity resumed and the market for initial public offerings picked up. Goldman had taken a charge of $504 million on GreenSky in the second quarter. Solomon has shifted the firm's focus back to its traditional strengths - investment banking and trading, and aims to grow in asset and wealth management. Investment banking results have been mixed for peers, with JPMorgan Chase (JPM.N) reporting a 6% decline in revenue, while Citigroup (C.N) said fees jumped 34%.

Persons: Goldman Sachs, Brendan McDermid, Solomon, Goldman, SoftBank Group's, Morgan Stanley, Niket Nishant, Noor Zainab Hussain, Saeed Azhar, Lananh Nguyen, Arun Koyyur Organizations: New York Stock Exchange, REUTERS, Arm Holdings, Sixth Street Partners, Investment, JPMorgan Chase, Citigroup, U.S . Federal, Thomson Locations: New York, U.S, Bengaluru

Having seen several previous Israeli strikes, Shawa told CNN they were certain it would be targeted. Born in Seattle to an American mother and Palestinian father, Shawa is one of an estimated 500-600 Palestinian-Americans in Gaza. It’s an impossible situation to be in.”Trapped with no way outEven if Shawa decided to leave Gaza, he can’t right now. “We anticipate that the situation at the Rafah crossing will remain fluid and unpredictable,” the US State Department advised US citizens. Despite the dire situation the Palestinian-Americans face, they at least have some hope of being able to leave Gaza soon – a remote prospect for those without alternative passports.

Persons: Jason Shawa, Shawa, Zainab, Malak, Najla, we’re, Abdulla Okal, Haneen, –, Nabil Alshurafa, Naela Elshorafa, Nabil Alshurafa “, ” Alshurafa, “, haven’t, ”, Ahmad Hasaballah, I’ve, Lena Beseiso, Beseiso –, Haneen Okal, Abdulla, ” Shawa, aren’t, Shawa’s, Jason Shawa's, Jason Shawa “, Alshurafa Organizations: CNN, Israel Defense Forces, US Embassy, US State Department, Palestinian Ministry of Interior, US, Department’s, State Department Locations: Gaza City, Palestinian, Gaza, Seattle, American, Rafah, United States, New Jersey, Kuwait, Camarillo , California, Egypt, Jerusalem, Salt Lake City, Israel, U.S

☆ Major US banks show profit boost, but some caution from consumers
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +5 min

Consumers were starting to deplete savings, the banks said, and Citibank and Wells Fargo noted that losses on credit cards and other debts were starting to rise. Wells Fargo said it was seeing charge-offs, or loans written off, increasing in its credit card portfolio. "Currently, U.S. consumers and businesses generally remain healthy, although consumers are spending down their excess cash buffers," said JPMorgan CEO Jamie Dimon. JPMorgan, Citigroup and Wells Fargo, the first, third and fourth biggest U.S. lenders, respectively, also increased their outlook for NII. Shares of JPMorgan and Wells Fargo rose between 1% and 3%.

Persons: Shannon Stapleton, Wells Fargo, Jane Fraser, Wells, Charlie Scharf, Scharf, JPMorgan Chase, Jamie Dimon, Eric Kuby, Dimon, PNC's NII, Rick Meckler, Saeed Azhar, Nupur Anand, Lewis Krauskopf, Tatiana Bautzer, Sinead Carew, Niket, Manya Saini, Noor Zainab Hussain, Jaiveer Shekhawat, Pritam Biswas, Ann Saphir, Megan Davies, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: JPMorgan Chase's, REUTERS, JPMorgan, Federal, Consumers, Citibank, Valley Bank, Citigroup, U.S, PNC Financial Services, delinquencies, Bank, Citi, North Star Investment Management Corp, JPMorgan Chase, PNC, Cherry Lane Investments, Thomson Locations: New York, Major U.S, Wells Fargo, U.S, Chicago, Wells, Bengaluru, San Francisco

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon Acquire Licensing RightsOct 13 (Reuters) - Wells Fargo on Friday beat analysts' estimates for third-quarter profit as it benefited from customers paying more interest and raised its annual forecast for future income from interest payments. The swiftest tightening of U.S. monetary policy in 40 years aimed at reining in sticky inflation has buoyed banks' interest income. Rival banking giant JPMorgan Chase (JPM.N) on Friday posted a rise in third-quarter profit as higher interest rates boosted its income from loans. Wells Fargo earned $1.48 per share in the third quarter, beating analysts' expectations of $1.24, according to LSEG data.

Persons: Wells, NII, JPMorgan Chase, Wells Fargo, Charlie Scharf, Banks, Noor Zainab Hussain, Manya, Saeed Azhar, Lananh Nguyen, Sriraj Organizations: REUTERS, Friday, JPMorgan, Wells, Manya Saini, Thomson Locations: Wells Fargo Bank, New York City, U.S, Wells Fargo, Wells, Bengaluru, New York

☆ Rupert Murdoch: the billionaire mogul at the helm of a global media empire
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +3 min

Media mogul Rupert Murdoch leaves his home in London, Britain March 4, 2016. Murdoch wed former supermodel Jerry Hall in a low-key ceremony in central London on Friday, the fourth marriage for the media mogul. REUTERS/Stefan Wermuth/File Photo Acquire Licensing RightsSept 21 (Reuters) - Rupert Murdoch stepped down as the chairman of Fox Corp (FOXA.O) and News Corp (NWSA.O) on Thursday, ending a long reign that saw him develop and lead a global media empire. SPLIT OF THE MURDOCH EMPIREBowing to pressure from shareholders, Murdoch separated News Corp's (NWSA.O) publishing and entertainment assets in 2013. Murdoch reportedly has an unflattering opinion of the former president and has also criticized Fox News anchors for siding with Trump.

Persons: Rupert Murdoch, Murdoch, Jerry Hall, Stefan Wermuth, Ann Lesley Smith, Michael Bloomberg, Donald Trump, Niket Nishant, Noor Zainab Hussain, Saumyadeb Organizations: Fox Corp, News Corp, Daily Express, San, Murdoch's, New York Times, Fox News, Trump, Forbes, Thomson Locations: London, Britain, Australia, United States, U.S, New York City, San Francisco, Bengaluru

☆ Bahrain activist al-Khawaja says airline denied her boarding to Manama
▼ + stars: | 2023-09-15 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +3 min

Human rights activist Maryam al-Khawaja flashes a "V" sign after being released outside the Airport Police Station, in Muharraq, north of Manama September 18, 2014. Maryam al-Khawaja said she was told at a British Airways' counter at Heathrow Airport that she was not allowed to board her flight and should contact Bahraini immigration authorities. "Effectively we are being denied boarding by British Airways on behalf of the Bahraini government," she said in a video taken in British Airways' check-in area, and posted on X, formerly called Twitter. British Airways did not immediately respond to request for comment. Abdulhadi al-Khawaja, also a Danish citizen, is a former president of the Bahrain Centre for Human Rights and is serving a life sentence for his role in Bahrain's pro-democracy protests in 2011.

Persons: Maryam al, Khawaja, Hamad, Mohammed, Abdulhadi al, Maryam, General Agnes Callamard, Olive Moore, Maryam Al, Zainab, Mary Lawlor, Abduljalil, Naji Fateel, " Lawlor, Abdulhadi, Al Khalifa, Aziz El Yaakoubi, Muvija M, Emma Farge, William Maclean, Mark Potter Organizations: Police, REUTERS, Rights, British Airways, Heathrow Airport, Bahraini, Reuters, Bahrain Centre for Human Rights, Amnesty International, Wednesday, Thomson Locations: Muharraq, Manama, Rights RIYADH, London, Gulf, Bahrain, Danish, Riyadh, Shi'ite Iran, Teheran

A view of a damaged house after the arrival of Hurricane Idalia, in Cedar Key, Florida, U.S., August 31, 2023. REUTERS/Marco Bello Acquire Licensing RightsAug 31 (Reuters) - Florida-only insurers such as Citizens Property Insurance anticipate fewer losses from Hurricane Idalia than from previous storms in the state, even as industry experts expect further insurer pullback from the market. "This certainly will not help with ongoing challenges to Florida's insurance market, but it could have been a lot worse," said Steve Bowen, chief science officer at reinsurer broker Gallagher Re. The top 10 U.S. homeowners insurers such as State Farm and Allstate Corp (ALL.N) average only about 4.1% of their premiums in Florida, Moody's said. Reuters GraphicsThe exit of insurers from Florida comes amid a broader pullback from the market, including from reinsurers, according to an Aug. 24 Fitch report.

Persons: Hurricane Idalia, Marco Bello, Ian, Idalia, Moody's, Steve Bowen, Gallagher, Fitch, Noor Zainab Hussain, Manya, Matt Tracy, Shinjini Ganguli, Megan Davies, Matthew Lewis Organizations: REUTERS, Property Insurance, Hurricane, Reuters, Citizens, UBS, Insurance Information Institute, Gallagher Re, Farmers Insurance, Bankers Insurance, Lexington Insurance, AIG, Farmers, Bankers, Farm, Allstate Corp, Insurance, Institute, Manya Saini, Thomson Locations: Cedar Key , Florida, U.S, Florida, Florida's, Coast, Tampa Bay, Jacksonville, Idalia, USA, Lexington, reinsurers, South Carolina, Bengaluru, Washington

A vehicle drives on a flooded road after the arrival of Hurricane Idalia, in Cedar Key, Florida, U.S., August 30, 2023. Hurricane Idalia plowed into Florida's Gulf Coast with fierce winds, torrential rains and pounding surf before weakening but turning its fury on southeastern Georgia, where floodwaters trapped some residents in their homes. At about $10 billion, Idalia would cost insurers less than 10 of the costliest hurricanes to hit the United States. Higher reinsurance rates can affect the premiums that insurers charge their customers. FLORIDA PAINFlorida has a large number of very small, thinly capitalized insurers, insurance experts have said.

Persons: Hurricane Idalia, Julio Cesar Chavez, Thomas Hayes, Gallagher Re, Michael Peltier, Berkshire Hathaway, Ajit Jain, Noor Zainab Hussain, Manya, Chibuike Oguh, Jon Stempel, Devika Syamnath, Megan Davies, Cynthia Osterman Organizations: REUTERS, Hurricane, UBS, Global, Great, Great Hill Capital, Farmers Insurance, Bankers Insurance, Lexington Insurance, AIG, Farmers, Florida Office, Insurance, Bankers, Property Insurance Corp, Property Insurance, Berkshire, Manya Saini, Thomson Locations: Cedar Key , Florida, U.S, Florida, Coast, Georgia, United States, Ukraine, California, Great Hill, New York, FLORIDA, USA, Lexington, Berkshire, Bengaluru, Chibuike

☆ Lahaina wildfire insured property loss to be about $3.2 bln - KCC
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

The damage at the Ho'Onanea condominium complex is seen in the aftermath of a wildfire, in Lahaina, Maui, Hawaii, U.S. August 10, 2023. REUTERS/Jorge Garcia Acquire Licensing RightsAug 16 (Reuters) - Insured property losses from the wildfire that ravaged the resort town of Lahaina in Hawaii last week are estimated to be about $3.2 billion, catastrophe modeling firm Karen Clark & Company (KCC) said on Wednesday. More than 2,200 structures fall within the fire perimeter, KCC estimated, citing an independent geospatial analysis of satellite and aerial imagery. The high proportion of wood frame and older construction present in the Lahaina buildings likely contributed to the damage, it said. Moody's Investors' Service said on Tuesday that estimated insured losses from wildfires on Maui in Hawaii would be at least $1 billion.

Persons: Jorge Garcia, Karen Clark, KCC, Aon, Noor Zainab Hussain, Saumyadeb Organizations: REUTERS, Karen Clark & Company, Insurance, Investors, Tokio, Allstate, Thomson Locations: Lahaina, Maui, Hawaii, U.S, Bengaluru

☆ Insurer AIG profit beats estimates on gains in life and retirement unit
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File PhotoAug 1 (Reuters) - American International Group (AIG.N) exceeded second-quarter profit expectations on Tuesday, driven by growth at its life and retirement unit and lower-than-expected catastrophe losses in what was a very expensive quarter for the industry. AIG, one of the world's biggest commercial insurers, said net premiums written in its general insurance arm for the quarter ended June grew 10% to $7.5 billion. AIG's life and retirement unit saw a 42% jump in premiums and deposits, partly helped by record sales in fixed index annuities. AIG's general insurance accident year combined ratio was 88%, compared with 88.5%, a year earlier. The metric excludes catastrophe losses and a ratio below 100 signifies that the insurer earns more from premiums than it pays out in claims.

Persons: Brendan McDermid, Mawar, Gallagher, Noor Zainab Hussain Organizations: AIG, REUTERS, American International, Companies, Thomson Locations: New, New York, Guam, United States, Bengaluru

☆ Wells Fargo approves new $30 billion share buyback program
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: 1 min

July 25 (Reuters) - Wells Fargo (WFC.N) said on Tuesday its board had authorized a new share buyback program of up to $30 billion. The bank's shares rose 1% in extended trading after earlier jumping almost 4% after the announcement. Wells Fargo announced the buybacks days after it reported a 57% jump in profit in the second quarter, which was lifted by customer interest payments. The lender and rival U.S. banking giants raised their third-quarter dividends after sailing through the Federal Reserve's annual health check, which showed they have enough capital to weather a severe economic downturn. Reporting by Noor Zainab Hussain in Bengaluru and Lananh Nguyen in New York; Editing by Arun Koyyur and Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Persons: Wells, Wells Fargo, Noor Zainab Hussain, Lananh Nguyen, Arun Koyyur, Chris Reese Organizations: Federal, Thomson Locations: Bengaluru, Lananh, New York

So far the signs of revival has not translated into strong investment banking revenue, but markets see a better outlook. Goldman took $1.4 billion in writedowns in the second quarter tied to its consumer businesses and real estate investments. In discussing their earnings, Wall Street executives cited a flurry of initial public offerings as an encouraging sign that activity in capital markets will pick up after months in the doldrums. The lender was buoyed by a slight pickup in equity capital markets and a focus on its middle-market business. At Citigroup (C.N), CEO Jane Fraser warned on Friday that "the long-awaited rebound in investment banking has yet to materialize."

Persons: Morgan Stanley, Brendan McDermid, dealmaking, Goldman Sachs, Morgan, ”, Rick Meckler, Goldman, Meckler, Mike Loewengart, David Solomon, Sharon Yeshaya, Alastair Borthwick, Jane Fraser, Mark Mason, Jeremy Barnum, Tatiana Bautzer, Sinead Carew, Saeed Azhar, Noor Zainab Hussain, Lananh Nguyen, Nick Zieminski Organizations: New York Stock Exchange, REUTERS, Cherry Lane Investments, Wall Street, Morgan, Reuters, Bank of America's, Citigroup, JPMorgan, Thomson Locations: New York City, U.S, New Vernon , New Jersey, writedowns, New York, Bengaluru

NEW YORK, July 19 (Reuters) - Goldman Sachs' (GS.N) profit dropped 60% in the second quarter, missing estimates, as the bank's retreat from consumer businesses and declining real estate investments weighed on earnings. The results were the worst for the Wall Street giant since the second quarter of 2020, when it took writedowns over corruption scandal linked to Malaysian state fund 1MDB. "It definitely feels better over the course of the last six, eight weeks," Solomon told analysts on a conference call. "This moment in the economic cycle creates meaningful headwinds for Goldman Sachs," Solomon said told analysts on a conference call. Net earnings dropped 62% to $1.07 billion in the second quarter versus $2.79 billion a year earlier.

Persons: Goldman Sachs, David Solomon, Solomon, Goldman, Keith Horowitz, Goldman's Marcus, Marcus, Morgan Stanley, MS.N, headcount, Niket Nishant, Noor Zainab Hussain, Saeed Azhar, Johann M Cherian, Arun Koyyur, Nick Zieminski, Anna Driver Organizations: YORK, Analysts, Citigroup, Goldman, Revenue, JPMorgan Chase, Reuters, Thomson Locations: Malaysian, writedowns, Bengaluru, New York

☆ Goldman profit slides to three-year low on consumer losses
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +3 min

The bank took a writedown of $504 million tied to its GreenSky business and $485 million related to its consolidated real estate investments. It was Goldman's lowest quarterly profit since the second quarter of 2020. Trading revenue for fixed income, currency and commodities fell 26%, while equities trading revenue was broadly unchanged. On Tuesday, Goldman's peer Morgan Stanley (MS.N) said its investment banking revenue was in line with last year, but the trading business had weakened. However, uncertainty about the trajectory of the economy continues to be a hurdle with global mergers and acquisitions activity falling 36% from last year in the second quarter.

Persons: Goldman, David Solomon, GreenSky, Goldman's Marcus, Marcus, Morgan Stanley, MS.N, Niket Nishant, Noor Zainab Hussain, Saeed Azhar, Arun Koyyur Organizations: Goldman Sachs, Analysts, Investment, Federal Reserve, Reuters, Thomson Locations: Bengaluru, New York

☆ Paneer Chile Dry is Spicy and Sticky, Crisp and Melting
▼ + stars: | 2023-07-17 | by ( Melissa Clark | More About Melissa Clark | ) www.nytimes.com time to read: 1 min

“Fried cheese,” he said, without missing a beat. The only fried cheese I knew of at the time was the mozzarella sticks at sports bars. Mozzarella sticks got love too; his devotion to fried cheese was vast and deep. He’d adore Zainab Shah’s new recipe for paneer chile dry (above), a dish of shallow-fried paneer cubes with a peppery, gingery ketchup-soy sauce. Served on both sides of the Pakistani-Indian border, it’s spicy and sticky, crisp and melting, and you can even swap out the cheese for tofu.

Persons: Zainab Shah’s Locations: New York

July 14 (Reuters) - Wells Fargo (WFC.N) raised its annual forecast for net interest income (NII) after its profit surged 57% in the second quarter, sending its shares modestly higher. Wells Fargo reported profit of $1.25 per share for the three months ended June 30, beating analysts' average estimate of $1.16 per share, according to Refinitiv data. Shares of Wells Fargo rose 1% to $44.17 in midday trading. Wells Fargo is still operating under an asset cap that prevents it from growing until regulators deem that it has fixed problems from a fake accounts scandal. In January, Wells Fargo said it will slim down its home lending business by reducing its mortgage servicing portfolio and exiting the correspondent lending business.

Persons: Wells, NII, Charlie Scharf, CRE, Michael Santomassimo, Wells Fargo, Scharf, We're, JPMorgan Chase, Noor Zainab Hussain, Manya, Saeed Azhar, Lananh Nguyen, Arun Koyyur Organizations: Federal Reserve, U.S, Wells, U.S . Consumer Financial, JPMorgan, First, Bank, Manya Saini, Thomson Locations: U.S, Wells Fargo, Bengaluru, New York

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