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☆ European tech CEOs urge 'Europe-first' mentality to counter U.S. dominance after Trump victory
▼ + stars: | 2024-11-18 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

Thomas Plantenga, CEO of used fashion resale app Vinted, on center stage during Web Summit 2024 in Lisbon, Portugal. The Republican politician's victory was a key topic on various prominent tech bosses' lips at the Web Summit conference in Lisbon, Portugal. "It's time for Europe to step up," Yen told CNBC on the sidelines of Web Summit. US Big Tech 'playing extremely unfairly'However, Proton's Yen urged the EU not to water down its push to rein in America's tech giants. 'AI sovereignty' now a key battlegroundAnother theme that attracted much chatter on the ground at Web Summit was the idea of "AI sovereignty."

Persons: Thomas Plantenga, Harry Murphy, Donald Trump's, Andy Yen, Yen, Trump, Proton's Yen, Mitchell Baker, Baker, it's, Plantenga, we'll, OpenAI, Christian Kroll, Shelley McKinley, GitHub, McKinley Organizations: Web, Getty Images, Portugal — Tech, Big, Republican, Proton, CNBC, European Union, Apple, Microsoft, Meta, Markets, US Big Tech, Mozilla Foundation, Google, Trump Locations: Lisbon, Portugal, Getty Images LISBON, Europe, America, EU, Lithuania

☆ European Google rivals partner on search engine infrastructure to counter Big Tech
▼ + stars: | 2024-11-12 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

The two internet search firms agreed a joint venture, called the European Search Perspective or EUSP, with ownership split 50-50 between both firms. Why build a European search index? Currently, alternative search engines like Ecosia, Qwant and DuckDuckGo don't develop their own back-end infrastructure. The new venture will see them build their own search index from scratch, however, amassing results from a mix of different search engines. Both companies will use the search index themselves but the tech will also be made available to other independent search engines and tech firms.

Persons: Nikolas Kokovlis, Portugal —, it's, Christian Kroll, DuckDuckGo, Bing, Olivier Abecassis, Abecassis, Kroll, Donald Trump, Ecosia's Kroll, ChatGPT Organizations: Nurphoto, Getty, Google, . Big Tech, Microsoft, CNBC, European Union, The, Markets, Big Tech, U.S Locations: LISBON, Portugal, France, Berlin, Paris, Qwant, United States, Russia, Europe, Ukraine

A man who set himself on fire Friday outside the courthouse where former President Donald Trump's hush money trial is taking place has died, New York City police said early Saturday. The man, whom police identified as Maxwell Azzarello of St. Augustine, Florida, was in the designated protest area outside. It appeared to happen around the time that the jury for Trump's trial was fully empaneled — with 12 jurors and six alternates selected to sit for a trial that's expected to last about six weeks. It occurred just before the court took a lunch break. Chief of Detectives Joseph Kenny said Azzarello was born in 1987 and arrived in New York City earlier in the week.

Persons: Donald, Maxwell, Jeffrey B, Maddrey, Azzarello, Laura Kavanagh, Kavanagh, Joseph Kenny, Kenny, Kaz Daughtry Organizations: New York City, NYPD, Police, New, Weill Cornell Medical Center Locations: New York, St, Augustine , Florida, New York City

☆ The Best Style From the Independent Spirit Awards
▼ + stars: | 2024-02-25 | by ( The Styles Desk | ) www.nytimes.com time to read: +1 min

“The Independent Spirit Awards, where the dress code is, get dressed,” said John Mulaney during his bit at the 2018 show, which he co-hosted along with comedian Nick Kroll. There are substantial differences between these awards and the rest of the seasonal intake of trophies this time of year — including, for the second year, all acting categories are gender-neutral — but last year “Everything Everywhere All at Once” won best picture awards at both the Oscars and the Indie Spirits. Held in broad daylight in a tent on a beach in Santa Monica, the show has always been presented as the looser, hipper distant cousin of the Oscars — the outfits could also be somewhat described the same way. Due to the time of day it’s held (2 p.m. PST), this is one place during awards season when the industry can kick off their heels, leave the evening gowns at home and show off their casual wares, which has the potential for interesting style choices. Here are some of the best ones.

Persons: ”, John Mulaney, Nick Kroll, Aidy Bryant, Joel Kim Booster, Greta Lee, Jude Law, Colman Domingo, Emma Corrin, hipper, it’s Locations: Santa Monica

The city of Minneapolis agreed Thursday to pay $950,000 to settle a lawsuit alleging that journalists were subjected to police harassment and even hurt while covering protests over the police killings of George Floyd. Several journalists reported being struck by less-lethal munitions and being herded and detained while covering protests. And the ACLU added the Hennepin County Sheriff’s Office to the suit then. The lawsuit continues against the Hennepin County Sheriff’s Office and its former sheriff, Dave Hutchinson. The city, as well as the sheriff's office, did not immediately respond to requests Thursday afternoon for comment from The Associated Press.

Persons: George Floyd, Jared Goyette, Daunte Wright, Goyette, It's, Bob Kroll, Kroll, ”, Teresa Nelson, Dave Hutchinson Organizations: American Civil Liberties Union of Minnesota, Minneapolis, Washington Post, Guardian, Brooklyn Center, Hennepin County Sheriff’s, ACLU, Communications Workers of America, Minneapolis police, Minnesota State Patrol, Hennepin County Sheriff’s Office, Associated Press Locations: Minneapolis, Brooklyn, Hennepin County, Ukraine, Croatia, Minnesota, The

GRAND RAPIDS, Mich. (AP) — Bartender Catey Regis had a pricey misadventure buying a used car recently — an experience that speaks to why voters are worrying about the U.S. economy going into this year's presidential election. “To me, it’s a telltale sign about the economy," Regis explained from a bar stool after her shift. But conversations with dozens of voters around Grand Rapids — a city of 200,000 in one of Michigan’s swing counties — show they're thinking about the economy through their own experiences. Grand Rapids is the seat of Kent County, which backed Trump in 2016 and then flipped to Biden in 2020. To the extent that the economy is doing well, there is little confidence that it is necessarily sustainable.

Persons: Catey Regis, it’s, Regis, Joe Biden, Donald Trump, Biden, Trump, ”, Cameron Brown, “, Scott Thompson, Uber, ” Thompson, Teresa Johnson, Johnson, Nikki Haley, Charles Kroll, he’s, ” Kroll, Arick Davis, Davis, ” Davis, ___ Boak Organizations: Founders Brewing, Toyota Corolla, Republican, Westwood, Trump, Democrat, South, Biden, Census, Chamber, Commerce, Business Locations: GRAND RAPIDS, Mich, U.S, Grand Rapids, Kentwood, East, Ukraine, Caledonia, South Carolina, Grand, Kent County, South East Grand Rapids, Commerce “, Washington

☆ The state of Wall Street's drug culture
▼ + stars: | 2024-01-19 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

In today's big story, we're looking at the state of Wall Street's drug culture. What's on deck:AdvertisementBut first, does Wall Street have a drug problem? The big storyHigh on Wall StreetVartika Sharma for BIOf the many stereotypes about Wall Street, one of the most prevalent is the industry's rampant drug use. From Martin Scorsese's "The Wolf of Wall Street" to HBO's "Industry," extreme drug use and working in finance are often portrayed as being hand-in-hand. Business Insider's finance team spoke to more than a dozen current and former finance professionals, along with several health professionals, to get a sense of Wall Street's drug culture these days.

Persons: —, Jennifer Lopez's, Vartika Sharma, Martin Scorsese's, JAMES ARTHUR GEKIERE, Marty Chavez, Goldman Sachs, Chavez, that's, It's, Ted Shaffrey, Justin Sullivan, MGM Studios Jen Salke, Rachel Weisz, Alice Birch, MGM Studios Sue Kroll, Kevin Mazur, they'll, Josephine Maida, I've Organizations: Service, Business, BI, Sixth, Apple, Netflix, Big Tech, Tech, Amazon, MGM Studios, Apple Vision, Schlumberger Locations: Wall

Jack Burke Jr., who was the oldest living Masters champion and staged the greatest comeback ever at Augusta National for one of his two majors, died Friday in Houston. Burke, a member of the World Golf Hall of Fame, also won the PGA Championship and was equally skilled as a teacher. He built the fabled Champions Golf Club in Houston and delivered lessons along with a dose of homespun wisdom. His passing was confirmed by Steve Timms, the CEO and president of the Houston Golf Association who spoke with Burke's wife, Robin. Burke was part of the original PGA Hall of Fame in Pinehurst and was among PGA champions not ushered into the new World Golf Hall of Fame when it opened in 1998 in Florida.

Persons: Jack Burke Jr, Burke, ”, Steve Timms, Burke's, Robin, Ken Venturi, Venturi, Ted Kroll, Burke’s, Jack Burke, “, I’m, ” Burke, Claude Harmon, Winged, Bing Crosby, Ben Hogan, Arnold Palmer, Harmon, Jack Grout, Johnny Revolta, Paul Runyan, ‘, ’ I’m Organizations: Augusta National, Hall of Fame, PGA, Golf Club, Houston Golf Association, Masters, Ryder, Great Britain, River Oaks Country Club, Marines, Miramar, USGA, Metropolis Country, Bing Crosby Pro, Champions, Oakland Hills, of Fame, Curtis, Women’s Locations: Houston, Fort Worth, San Diego, New Jersey, New York, Churchill, Europe, Texas, Pinehurst, Florida

☆ Private-asset binge exposes insurance to new risks
▼ + stars: | 2023-11-30 | by ( John Foley | ) www.reuters.com time to read: +7 min

The concept is not new: Warren Buffett’s Berkshire Hathaway (BRKa.N) has used its insurance premiums to help fund everything from railways to cowboy-boot makers. The prospect of insurance companies buying risky loans or private equity investments has raised eyebrows. Many private credit assets, for example, rely on so-called private letter ratings based on confidential data. Given the private nature of private credit, it’s hard to see from the outside how big these risks are, or where they lurk. Besides, even if the share of life insurance assets that are mis-rated or undercapitalized is tiny, smaller insurers could carry more concentrated risk.

Persons: Blackstone, Warren Buffett’s Berkshire Hathaway, Fitch, Kroll, Egan, Jones, DBRS Morningstar, Banks, SVB, Jonathan Guilford, Neil Unmack, Peter Thal Larsen, Oliver Taslic Organizations: Reuters, Apollo Global Management, KKR, Global Atlantic, Investments, National Association of Insurance, England’s Everton FC, Rivals, Reuters Graphics Reuters, Federal Reserve, Federal Deposit Insurance Corp, Athene, P Global, Insurance, SVB, Thomson Locations: Global, Delaware , New York, Iowa, New York, London

Livent CEO Paul Graves will take the top job at the newly minted Arcadium Lithium, if Allkem shareholders vote for the deal on Dec. 19. Merging the two companies would create the world's third-largest lithium producer by volume with assets spanning Australia, Canada and Argentina. Graves has said that one of his first priorities would be expanding Arcadium's footprint in Western Australia's world-class lithium districts. Under the deal, Allkem shareholders will get one share in the combined entity for each of their shares and the company will ultimately own 56% of the new firm. Livent shareholders will get 2.406 shares in the new firm, which will be called Arcadium Lithium, for each existing share.

Persons: Arcadium, Paul Graves, Kroll, Chile's, Graves, Albemarle, Livent Corp, Livent, Allkem, Scott Murdoch, Melanie Burton, Robert Birsel Organizations: JV, SYDNEY, Albemarle Corp, Liontown Resources, Hancock, Livent, FMC Corp, Galaxy Resources, Thomson Locations: Australia, U.S, Canada, Argentina, Western Australia, Sydney, Melbourne

☆ Asia fintech MoneyHero slides on first day of trading after merger with Peter Thiel-backed SPAC
▼ + stars: | 2023-10-13 | by ( Sheila Chiang | ) www.cnbc.com time to read: +5 min

Bymuratdeniz | E+ | Getty ImagesAsian fintech firm MoneyHero on Friday fell on its first day of trading on the Nasdaq, following the completion of its merger with special purpose acquisition company Bridgetown Holdings . The deal with Bridgetown valued MoneyHero at approximately $310 million, according to an announcement on Thursday. Across five markets, MoneyHero operates personal finance websites Singsaver and Seedly in Singapore, Moneymax in The Philippines, MoneyHero in Hong Kong, Money101 in Taiwan and CompareHero in Malaysia. MoneyHero Group has yet to become profitable. In November, MoneyHero Group, or Hyphen Group before the rebranding, laid off employees and saw the departure of its CEO.

Persons: MoneyHero, Peter Thiel's, Richard Li, Prashant Aggarwal, Aggarwal, Kroll Organizations: Getty, Nasdaq, Bridgetown Holdings, Thiel Capital, PayPal, Pacific Century Group, Bridgetown Holdings's, CNBC, The, MoneyHero, SEC, Visa, American Express Locations: Bridgetown, –, Hong Kong, U.S, Asia, Southeast Asia, MoneyHero, Singapore, Seedly, Moneymax, The Philippines, Money101, Taiwan, CompareHero, Malaysia, Thailand

Those are just a few of the takeaways in a new book, “this is so awkward,” aptly lowercased and titled to break down all things puberty for today's parents. The book, out this week from Rodale, is written by pediatrician Cara Natterson, whose “Care & Keeping of You” series has sold more than 7 million copies, and Vanessa Kroll Bennett, a puberty educator and Natterson's co-host of “The Puberty Podcast." AP: One of the things that really struck me about the book is the often inconclusive state of science on puberty, leaving parents to suss out the truth for themselves. So issues of sleep, issues of self-esteem, issues of body image. This is a perfect opportunity for a do-over because controlling our kids' social media feels so big and it feels so hard.

Persons: Cara Natterson, Vanessa Kroll Bennett, Natterson's, Natterson, Kroll Bennett, KROLL BENNETT, That’s, hookup, don’t, they’ve, It's, We're, Vanessa, Let’s, You’re, It’s Organizations: Rodale, Technology

Prosecutors are calling some FTX customers to testify that they were told their assets were safe, and to share how FTX's collapse affected them. "As the crypto market has recovered, many FTX customers are concluding that they can sell their claim, buy crypto again, and do much better than letting their claim depreciate," said Matthew Sedigh, CEO of Xclaim, a bankruptcy claims exchange. Some creditors Reuters interviewed declined to share evidence of their FTX claims because they contained personal information. 'A GREAT SUPPORT'Looking for answers, FTX creditors have created support groups. Xclaim lists over 2,000 FTX claims for sale, worth around $610 million at last November's crypto prices, Sedigh said.

Persons: Sam Bankman, Eduardo Munoz, Lee Rees, FTX, Rees, doesn't, Fried, scammers, Matthew Sedigh, John Ray, Kroll, ”, Maxime, Marc Antoine, Julliard, …, Sunil Kavuri, Kavuri, Sedigh, Luc Cohen, Michelle Price, Sharon Singleton Organizations: REUTERS, Alameda Research, Reuters, FTX, Thomson Locations: New York, U.S, London, FTX, Washington

☆ Kroll discusses money laundering, regulation, artificial intelligence
▼ + stars: | 2023-10-04 | 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 EmailAnti-money laundering: Even regulators expect financial institutions to rely on tech, Kroll saysSaket Bhartia, Kroll's managing director of forensic investigations and intelligence, discusses the advancements in technology, such as artificial intelligence, that will help with anti-money laundering compliance.

Persons: Kroll, Saket Bhartia

REUTERS/Jim Bourg/File Photo Acquire Licensing RightsNEW YORK, Sept 29 (Reuters) - The U.S. securities regulator on Friday said it had fined 12 companies, including brokers, investment advisers and credit rating firms, for record keeping failures. The Securities and Exchange Commission (SEC) said the companies, including Interactive Brokers Corp, Fifth Third Securities and Nuveen Securities, agreed to pay a total of $79 million and admitted they violated the record keeping rules. Credit rating agencies DBRS Inc. and Kroll Bond Rating Agency, LLC also agreed to pay civil penalties to settle SEC charges related to the record-keeping failures, the regulator added. Employees at both firms failed to preserve electronic communications, including off-channel messages on personal and work-issued devices, the SEC said. To settle the charges, DBRS agreed to pay $8 million in civil penalties and KBRA agreed to pay $4 million in civil penalties, the SEC said.

Persons: Jim Bourg, Kroll, DBRS, KBRA, Chris Prentice, Carolina, Barbara Lewis Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, Securities, Interactive Brokers Corp, Fifth Third Securities, Nuveen Securities, Reuters, Wall, DBRS Inc, Kroll Bond Rating Agency, Employees, Thomson Locations: Washington, U.S

☆ China Blocks Executive at U.S. Firm Kroll From Leaving the Mainland
▼ + stars: | 2023-09-29 | by ( Rebecca Feng | Chun Han Wong | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/world/china/china-blocks-executive-at-u-s-firm-kroll-from-leaving-the-mainland-99c9bd0f

Persons: Dow Jones, kroll

☆ U.S. expat in New Zealand was 'embarrassed' this moving cost tripled his budget—but has no regrets
▼ + stars: | 2023-09-03 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +2 min

Since the early 2000s, he and his wife, Karen, traveled to New Zealand for vacation. But one other major expense caught them by surprise: bringing along their two dogs, Xena the Warrior Princess and Buffy the Vampire Slayer. Jon Kroll"I cannot emphasize enough how important it is, if you plan to bring animals with you, to make that part of your early planning process," Kroll tells CNBC Make It. And it's an expensive process, at that. "But once we retrieved Buffy and Xena from quarantine, our house instantly felt like a home."

Persons: Jon Kroll's, Kroll, Karen, Wellington, Buffy, Jon Kroll, I'm Organizations: CNBC Locations: New Zealand, Los Angeles, LA, Wellington

☆ This New Zealand city is trying to recruit Americans—what it's actually like to move there
▼ + stars: | 2023-08-31 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +4 min

If you've ever dreamt about moving abroad, the capital city of New Zealand just made it easier. Wellington tends to attract early-career workers and those in search of a better balance, Allen says: "Here, people are more relaxed in their work life. Jon Kroll moved from LA to Wellington, New Zealand, in 2022. New quality of life boost is 'off the charts'Kroll says the cost of living is pretty comparable to life in LA. Want to be smarter and more successful with your money, work & life?

Persons: John Allen, Allen, That's, Wellington Jon Kroll, Jon Kroll, Karen Kroll Kroll, Karen, Kroll, Warren Buffett Organizations: New Zealand, U.S, FIFA, WellingtonNZ, Wellington Locations: New Zealand, Wellington, Australia, LA, Los Angeles, Wellington , New Zealand

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTX, Genesis and BlockFi customer data compromised in Kroll breachCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry.

Persons: explainers Organizations: Kroll, CNBC

☆ 4 Americans moved to New Zealand for safety, scenic hikes, and the small-town feel. "I just felt this calm, like, 'I'm home,'" one said.
▼ + stars: | 2023-08-16 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +9 min

He moved back to his home base of Irvine, California, in 2003 but always hoped to return to New Zealand. Four Americans who moved to New Zealand told Insider their reasons for departing the US. A Los Angeles resident visited for 20 years before making his move more permanentJon Kroll lived in Los Angeles for 35 years and visited New Zealand on and off for 20 years as a break from the congestion of Los Angeles. He downsized from his four-bedroom home in Los Angeles. Wellington, New Zealand, provides the small-town feel his family was looking forNative Wyomingite Ryan Rogers departed for New Zealand more than a decade ago for work.

Persons: Garvey Daniels, Daniels, Daniels —, —, they've, Garvey Daniels Daniels, he's, Jon Kroll, Kroll, WellingtonNZ Kroll, who's, I've, Heather Gadonniex, Gadonniex, Heather Gadonniex Matakana, she's, Wyomingite Ryan Rogers, Rogers, WellingtonNZ Rogers Organizations: Service, New Zealand, Stats NZ, New, NZ, Los, Auckland —, Zealand, CoreLogic NZ, Kiwis, San, San Francisco Bay Area Locations: New Zealand, LA, Wall, Silicon, Auckland , New Zealand, Irvine , California, California, New, Australia, Colorado, Los Angeles, Wellington, Auckland, Zealand, San Francisco Bay, Northern California, Matakana , New Zealand, Oakland, Bay, San Francisco, Wellington , New Zealand, London, Vancouver, Wyoming

☆ Fintech Vesttoo seeks Chapter 11 bankruptcy protection
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

LONDON, Aug 14 (Reuters) - Israel-based fintech Vesttoo is seeking Chapter 11 bankruptcy protection in a U.S. court which will enable it to pursue legal action against those responsible for a fake collateral scandal, it said in a statement on Monday. Vesttoo - partly backed by Banco Santander's (SAN.MC) fintech venture capital arm Mouro Capital - has laid off staff, closed offices and appointed an interim chief executive following the discovery of fraudulent letters of credit used on its platform. Vesttoo provides insurers with access to so-called insurance-linked securities - an alternative form of reinsurance. Led by Mouro, Vesttoo last raised $80 million at a $1 billion valuation last October. In its bankruptcy filing, Vesttoo said it had appointed law firm DLA Piper and financial adviser Kroll to represent the firm.

Persons: Vesttoo, Ami Barlev, Mouro, DLA Piper, Kroll, Carolyn Cohn, Sonali Paul Organizations: Banco Santander's, Thomson Locations: Israel, U.S

☆ Bank of England set to raise rates for 14th time in a row
▼ + stars: | 2023-08-02 | by ( David Milliken | ) www.reuters.com time to read: +4 min

A pedestrian carrying an umbrella walks near the Bank of England in the City of London, Britain, July 30, 2023. Market expectations for peak Bank Rate reached 6.5% on July 11 after data showed record wage growth before falling back to 5.75% after a sharp decline in consumer price inflation. Investors see a two-in-three chance of the BoE raising Bank Rate to 5.25% on Thursday but for most economists polled by Reuters the BoE's decision is finely balanced. However, some BoE critics argue it risks causing an unnecessary downturn, and that higher rates are a poor tool to tackle inflation caused by higher food and energy prices. "The main winners are banks, whose profits have flourished thanks to higher rates," said Fran Boait, co-executive director of campaign group Positive Money.

Persons: Hollie Adams, Bailey, BoE, Rishi Sunak, James Smith, Smith, Andrew Bailey, Dave Ramsden, Swati Dhingra, Silvana Tenreyro, Megan Greene, Fran Boait, ING's Smith, David Milliken, William Schomberg, Giles Elgood Organizations: Bank of England, City of, REUTERS, U.S . Federal Reserve, European Central Bank, Mortgage, Investors, Reuters, ING, Kroll Institute, Monetary, Thomson Locations: City, City of London, Britain, Germany

☆ Bank of England set to raise rates to 5.25% as high inflation persists
▼ + stars: | 2023-07-28 | by ( David Milliken | ) www.reuters.com time to read: +5 min

Expectations for peak BoE rates reached 6.5% on July 11 after data showed record wage growth. But they fell back after a bigger-than-expected decline in consumer price inflation. Still, that inflation rate is nearly four times the BoE's 2% target and double the rate in the United States. Following the end of Silvana Tenreyro's tenure on the BoE's Monetary Policy Committee, fellow external member Swati Dhingra is likely to be alone in making the case that producer price inflation - rather than wage growth - is a better guide to future consumer price inflation trends. Annual producer price inflation fell to 0.1% in June, its lowest since December 2020, down from a high of nearly 20% last July, which it hit just a few months before CPI peaked at 11.1%.

Persons: BoE, Andrew Goodwin, BoE Governor Andrew Bailey, Dave Ramsden, Ramsden, Peter Schaffrik, Cathal Kennedy, Silvana Tenreyro's, Swati Dhingra, Megan Greene, Bailey, Huw Pill, David Milliken, Kirsten Donovan Organizations: Bank of England, U.S . Federal Reserve, European Central Bank, Oxford Economics, Reuters, MPC, HSBC, RBC, Committee, Kroll Institute, Tenreyro, Monetary, Thomson Locations: Britain, United States, Germany

They are a key source of financing for some fintech lenders, which have fewer funding options than banks. As the end of pandemic stimulus and rising inflation led delinquency rates to normalize, investors shunned the fintech ABS market late last year. Fintechs like Upstart (UPST.O), Affirm (AFRM.O) and OneMain Financial (OMF.N) say they are boosting credit quality, in another example of how lenders have been pulling back amid uncertainty over the economic outlook. Still, analysts say it is a sign the fintech ABS market is recovering. For fintech loans to borrowers with weighted average credit scores between 660 and 710, annualized net losses rose by 1.88% month-over-month to 16.61%.

Persons: Sanjay Datta, Datta, Max Levchin, Doug Schulman, OneMain, Finsight, Robert Wildhack, Kroll, Hannah Lang, Matt Tracy, Josie Kao Organizations: Wall Street, OneMain, AAA, Autonomous Research, Kroll Bond Rating Agency, Thomson Locations: Washington

☆ Manhattan office market's tough outlook persists, leaving investors on sidelines
▼ + stars: | 2023-07-12 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

[1/2] The Empire State Building and Manhattan skyline are pictured from the Summit at One Vanderbilt observatory in Manhattan in New York City, U.S., April 14, 2023. "There's essentially almost no market for office buildings right now because people don't know where the bottom is," said Andrew Nelson, a real estate economist who runs Nelson Economics in Washington. Opportunistic investors who could clear the market of unneeded office space and help lift values are biding their time, sitting on the sidelines, Lim said. The increase in negative absorption comes despite the number of office jobs in Manhattan now exceeds pre-pandemic levels. And Savills Plc (SVS.L) said direct available office space in Manhattan now measures 70.4 million square feet, the highest in history.

Persons: Mike Segar, There's, Andrew Nelson, Andrew Lim, Lim, JLL, Nelson, Mark Berry, Kroll, Herbert Lash, Nick Zieminski Organizations: Empire, Vanderbilt, REUTERS, Reuters, Nelson Economics, Jones Lang LaSalle Inc, SOAR, Kroll Bond, Agency, Thomson Locations: Manhattan, New York City, U.S, Washington, New York

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