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A patent application showed a foldable iPhone could close itself to protect the screen if dropped. Apple has not confirmed any plans to start producing a foldable iPhone. Speculation about a foldable iPhone has circulated online for several years without any confirmation from Apple. Ben Wood, chief of research at CCS Insight, told CNBC last October that a foldable iPhone would probably sell for about $2,500. Patent applications do not mean that Apple has any plans to start making a foldable iPhone but indicate the company is still mulling the idea.
March 19 (Reuters) - The U.S. Federal Deposit Insurance Corp (FDIC) is planning to relaunch the sale process for Silicon Valley Bank (SIVB.O) after failing to attract buyers in its latest auction, with the regulator seeking a potential break-up of the failed lender, according to people familiar with the matter. One of the options under consideration by the regulator is a sale process for the private bank of SVB for which bids are due on Wednesday, according to one of the sources, who requested anonymity as these discussions are confidential. The private bank, which is housed within SVB's retail operations, caters to high net-worth individuals. Bids for the whole of SVB were due on Sunday. Bloomberg News reported on the FDIC's plans to break up SVB earlier on Sunday.
The investment portfolios where the regional banks have parked the deposits of their clients comprise mainly Treasuries and other securities, such as mortgage bonds. Some of the loan books of these banks are also underwater, due to high rates and concerns about an economic slowdown. Another complication in cutting a deal with regional banks is the uncertainty over the interest rate outlook, said a lawyer who works on transactions involving banks. Those studying deals and trying to assess the future value of regional banks are hoping for clarity on how aggressively the central bank will move to raise rates further, the lawyer said. MUDDLING THROUGHIt is unclear how long some regional banks can muddle through without a deal.
March 18 (Reuters) - U.S. authorities are working with Swiss counterparts to broker a deal for UBS AG (UBSG.S) to buy all or part of Credit Suisse Group AG (CSGN.S), Bloomberg News reported on Saturday citing people familiar with the matter. U.S. officials might seek to weigh in on matters which can impact the finals terms of the deal between the banks, according to the report. The plan could see the Swiss government offer a guarantee against the risks involved, while Credit Suisse's Swiss business could be spun off. The Biden administration has moved to backstop consumer deposits while the Swiss central bank loaned billions to Credit Suisse to stabilize its shaky balance sheet. Reporting by Akanksha Khushi in Bengaluru; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.
March 18 (Reuters) - BlackRock Inc (BLK.N) Vice Chairman Philipp Hildebrand is taking part in talks as Swiss officials try to put together a deal for UBS Group (UBSG.S) to take over Credit Suisse Group AG (CSGN.S), Bloomberg News reported on Saturday, citing unidentified sources. Asked about the report, BlackRock spokesman Ryan O'Keeffe said in a telephone interview that "Philipp has no formal involvement in these discussions at all." Hildebrand, who joined New York-based asset manager BlackRock in 2012, previously chaired the governing board of the Swiss National Bank. Sources have told Reuters that UBS was mulling a takeover of embattled peer Credit Suisse, which could allay fears that an unfolding crisis at the latter bank could destabilize the global financial system. Earlier on Saturday, BlackRock said it has no plans or interest in acquiring Credit Suisse, after a report it was working on a bid to counter UBS.
[1/2] Britain's Chancellor of the Exchequer Jeremy Hunt walks at Downing Street in London, Britain, November 17, 2022. REUTERS/Toby Melville/File PhotoLONDON, March 18 (Reuters) - British finance minister Jeremy Hunt and Bank of England Governor Andrew Bailey are in regular contact this weekend over the fate of Credit Suisse Group AG (CSGN.S), according to a source with knowledge of the matter. UBS Group AG (UBSG.S) is mulling a takeover of its embattled Swiss rival Credit Suisse, other sources told Reuters on Saturday, amid a crisis of confidence in the bank that risks destabilizing the global financial system. A spokesperson for the Bank of England's Prudential Regulation Authority, which oversees lenders, declined to comment. Credit Suisse's UK entity, Credit Suisse International, has $60 billion of risk weighted assets, according to the company's latest filings.
FCC cracks down on spammy text messages
  + stars: | 2023-03-17 | by ( Brian Fung | ) edition.cnn.com   time to read: +2 min
Washington CNN —The Federal Communications Commission is cracking down on spammy text messages with new rules for telecom companies, citing a surge of consumer complaints in recent years tied to unwanted robotexts. The new rules require phone providers to block text messages from suspicious sources including phone numbers that appear to be “invalid, unallocated, or unused.” Carriers will also have to block text messages coming from phone numbers that claim not to ever send text messages, or that the government has identified as numbers not used for texting, the FCC said. But in recent years, an explosion of spam and scam text messages appears to have taken their place, leading to more than 18,000 consumer complaints at the FCC last year. The FCC is mulling additional regulations that could, among other things, apply Do Not Call registry protections to text messages for the first time. The FCC said it is also considering making it harder for marketers to use a single consumer consent to flood that user with calls and text messages from multiple sources and numbers.
Meta, the parent of Facebook, could go through another round of layoffs, according to reports. CEOs often see layoffs as a way to fix a company's problems, but the cuts can do lasting damage. Just a few months ago, Meta conducted its first-ever round of mass layoffs. One bout of layoffs dents morale; a second can be devastatingIt's uncommon for a company to conduct multiple rounds of layoffs, according to data from Crunchbase. One bout of layoffs can leave a dent in employee morale; a second round can be devastating.
New York CNN —Adidas has received hundreds of offers for the mountain of unsold Yeezy shoes designed by Ye, the artist formerly known as Kanye West. That represents a potential €500 million ($527 million) hit to the company’s bottom line. To his point, demand in the secondary resale market for Yeezy shoes is surging. Mocadlo said Impossible Kicks has about $2 million in Yeezy sneaker inventory currently, about 10,000 pairs. Prices for Yeezy sneakers are climbing due to tighter supply, according to StockX, a leading sneaker resale platform.
U.S. mulling a probe of deceptive advertising on social media
  + stars: | 2023-03-09 | by ( ) www.reuters.com   time to read: +1 min
WASHINGTON, March 9 (Reuters) - The U.S. Federal Trade Commission is expected to vote next week on whether to send demands for information about deceptive advertising to eight social media and video streaming companies, the agency said on Thursday. The agency did not say which social media companies would receive the demands but said that the information would be used to determine what steps they have taken to detect and remove deceptive advertising from their platforms. Some of the biggest social media companies are Facebook and its subsidiaries Instagram and WhatsApp. Top video streaming platforms include Alphabet's YouTube and TikTok. The commissioners will also vote on issuing demands for information to five business credit reporting agencies, which were not named, regarding how they collect data and market their products.
HONG KONG, March 9 (Reuters Breakingviews) - European financial centres are rolling out the red carpet for Chinese companies. Its free-float market capitalisation of $1.9 trillion is just a tenth of the New York Stock Exchange, January data from the World Federation of Exchanges show. Yet as tensions between Washington and Beijing rise and Chinese companies in New York face the threat of delisting, traditionally neutral Zurich has become an attractive alternative. That removes the risk that overseas regulators will demand access to mainland companies’ books - the source of a lengthy spat between the U.S. Public Company Accounting Oversight Board and Beijing. Deutsche Börse (DB1Gn.DE), which operates Frankfurt’s stock exchange, is technically ready to launch the China-Germany Stock Connect, board representative Niels Tomm said in November.
CNN —The White House’s endorsement of a bill that would give the Biden administration new powers to restrict or ban TikTok in the United States marks a significant shift in the White House’s approach to the Chinese-owned social media app. It’s also a move that the White House has been actively mulling for several weeks while working with lawmakers on Capitol Hill to draft the legislation, Democratic and Republican aides said. The bill does not target TikTok specifically for a ban. The bill was drafted in close consultation with the White House’s National Security Council as well as the Commerce, Treasury and Justice Departments, according to aides familiar with the process. “A U.S. ban on TikTok is a ban on the export of American culture and values to the billion-plus people who use our service worldwide.”– CNN’s Brian Fung contributed to this report.
Paramount Global mulls sale of majority stake in BET -source
  + stars: | 2023-03-07 | by ( ) www.reuters.com   time to read: +1 min
March 6 (Reuters) - Paramount Global (PARA.O) is mulling the possible sale of a majority stake in BET Media Group, which includes the BET cable network, BET Studios and VH1, a source with knowledge of the matter told Reuters. BET drew an immediate expression of interest from Byron Allen, whose Allen Media Group's assets include The Weather Channel. A spokesperson for Allen Media Group said it "will be pursuing the acquisition of the network." Paramount also formed BET Studios in 2021 through a partnership with "Black-ish" creator Kenya Barris, actress Rashida Jones and "S.W.A.T" co-creator Aaron Rahsaan Thomas. The Wall Street Journal first reported that Paramount was exploring a possible sale of BET as it looks to improve its balance sheet.
Carrie Skowronski is a workplace communication expert who says there's a right way to reach out to a laid off colleague. To show your support, reach out, follow up via email or text, and tap into a shared experience if you have one. Don't assume you know how they feelIt's incredibly difficult to predict how people will react to the shock of job loss. To be a continuous source of support for your colleague, Skowronski suggested shooting them a brief check-in message, such as:"Hey there! You may not have all of the answers that someone's looking for after their job loss, but your genuine support can go a long way.
Paramount Global mulls sale of majority stake in BET
  + stars: | 2023-03-06 | by ( ) www.reuters.com   time to read: +1 min
March 6 (Reuters) - Paramount Global (PARA.O) is mulling the possible sale of a majority stake in BET Media Group, which includes the BET cable network, BET Studios and VH1, a source confirmed. The company believes BET, an entertainment brand focused on the Black community and culture, would attract substantial interest from Black investors or institutions, the source said. Paramount hopes to maintain a minority stake to benefit from any value that might be unlocked by the transaction. Previously, the media company partnered with the actor and filmmaker Tyler Perry to launch the BET+ subscription service in 2019, and he retains a minority stake. It also formed BET Studios through a partnership with "Black-ish" creator Kenya Barris, actress Rashida Jones and "S.W.A.T" co-creator Aaron Rahsaan Thomas.
March 6 (Reuters) - Software maker Qualtrics International Inc (XM.O) said on Monday it has received a $12.4 billion go-private offer from private equity firm Silver Lake Management and Canada Pension Plan Investment Board (CPPIB). The offer values Qualtrics at $18.15 per share, a premium of nearly 6% to the stock's last closing price. They have gained 8.8% since the start of February when Silver Lake first expressed its interest in Qualtrics. Qualtrics and Silver Lake have entered into an exclusivity agreement for the deal talks, which ends on March 15. Silver Lake already holds a near 4.2% stake in Qualtrics.
GOP lawmakers have refused a clean increase, but have yet to produce details on what they want in a deal. The US could breach the debt ceiling as soon as July, the CBO estimated. That's because no one seems to be ready or willing to negotiate over how to raise the debt ceiling. The debt ceiling dictates how much money the government can borrow to pay off the expenses it's already approved. For now, Biden's administration has maintained that raising the debt ceiling should be done in a bipartisan way, and without negotiations.
WASHINGTON, March 2 (Reuters) - The impact of higher U.S. interest rates on the economy may only begin to "bite" in earnest this spring, an argument for the Federal Reserve to stick with "steady" quarter-point rate increases, Atlanta Federal Reserve President Raphael Bostic said on Thursday. "I am still very much of a mindset that slow and steady is going to be the appropriate course of action," Bostic said in comments to reporters. The cumulative effect of the Fed rate increases "should bite through the spring ... He has penciled in another half percentage point of increases as likely needed, but that depends on what upcoming data show about an economy that continues to outperform expectations. The Fed targets a 2% rate of annual increase in the Personal Consumption Expenditures price index, which as of January was increasing at a 5.4% annual rate.
HONG KONG, Feb 27 (Reuters Breakingviews) - The open-source software movement has been an unprecedented driver of global innovation and productivity growth. As with most Chinese handset makers, founder Ren Zhengfei relied on Android’s open-source code to run his company’s smartphones. Beijing has reciprocated, per a Nikkei report, by instructing its own tech companies not to incorporate ChatGPT into their platforms - a rare example of a mutual firewall. Dividing the world into competing open-source camps would mark another reverse for free trade. Follow @petesweeneypro on TwitterCONTEXT NEWSRegulators have told major Chinese tech companies not to offer ChatGPT services, the Nikkei news service reported on Feb. 22 citing sources with direct knowledge, causing shares in Chinese companies building chatbots to fall.
Mike Pence said he's "confident we'll have better choices" than former President Trump in 2024. "Well, I think the times call for different leadership," he said during an interview with NBC News. Pence said he hadn't spoken with Trump lately and added that he was still mulling over a 2024 bid. And I'm confident we'll have better choices than my old running mate come 2024," the former vice president told NBC News during an interview. If Pence does jump into the race in the coming weeks, he'll join Trump and former South Carolina Gov.
U.S. officials say China is considering delivering artillery and drones to Russian forces that could prolong the war, even as Beijing called for peace talks to end the fighting on the first anniversary of the Russian invasion of Ukraine. The officials said no weapons deliveries have yet taken place. But, if China were to go ahead and deliver lethal aid to Russia, the resulting tensions could shape Western relations with Beijing for years and potentially have profound consequences on the battlefield in Ukraine, at a point when both sides are gearing up for a spring offensive.
Jeff Bezos taps investment firm while mulling Commanders bid
  + stars: | 2023-02-23 | by ( ) www.reuters.com   time to read: +1 min
[1/2] Sep 15, 2022; Kansas City, Missouri, USA; Amazon executive chairman Jeff Bezos in attendance before the Kansas City Chiefs play against the Los Angeles Chargers at GEHA Field at Arrowhead Stadium. Mandatory Credit: Jay Biggerstaff-USA TODAY SportsFebruary 23 - Amazon founder Jeff Bezos hired investment firm Allen & Company as he considers bidding on the Washington Commanders, the Washington Post reported Thursday. Bezos, who also owns the Washington Post, is the third-richest person in the world with a net worth of $119 billion, according to Forbes' rankings. It is presumed that he would be able to outbid any competitors should he decide he wants to buy the Commanders. Bezos did not submit an official bid before the late December date for the first round, the reports said.
Mixetto | E+ | Getty ImagesIf you don't need the income, consider a low-stress jobIf your reasons for considering work are nonfinancial, you're not alone. "Boredom is a huge problem," said CFP David Mendels, director of planning at Creative Financial Concepts in New York. watch nowIf you're seeking work for fulfillment, it's worth considering a job that is low-stress and provides some flexibility, Bunio said. Then, when you reach full retirement age, the money comes back to you in the form of a permanently higher monthly check. At that point, you also can earn as much as you want from working without it affecting your Social Security benefits.
Challenged to respond to the invasion, Biden said the United States and its NATO allies replied: "Yes, we would stand up for sovereignty. Biden went on to say that "there should be no doubt: Our support for Ukraine will not waver, NATO will not be divided, and we will not tire." Biden rejected Russia's assertion that Western allies were seeking to control or destroy Russia through their backing of Ukraine. In two speeches last September, Putin indicated that he would, if needed, use nuclear weapons to defend Russia. The biggest land war in Europe since World War Two has displaced millions, left Ukrainian cities, towns and villages in ruins and disrupted the global economy.
This week, the Supreme Court is set to hear oral arguments on two pivotal cases dealing with online speech and content moderation. A set of rulings against the tech industry could significantly narrow Section 230 and its legal protections for websites and social media companies. If that happens, the Court’s decisions could expose online platforms to an array of new lawsuits over how they present content to users. Such a result would represent the most consequential limitations ever placed on a legal shield that predates today’s biggest social media platforms and has allowed them to nip many content-related lawsuits in the bud. “The massive social media industry has grown up largely shielded from the courts and the normal development of a body of law.
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