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☆ Credit Suisse shareholders re-elect chairman
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: 1 min

ZURICH, April 4 (Reuters) - Credit Suisse (CSGN.S) shareholders voted to re-elect Chairman Axel Lehmann at the company's annual general meeting in Zurich on Tuesday. Of the votes cast, 55.67% were in favour of keeping Lehmann chairman for the remainder of the time until the Swiss bank is officially merged with rival UBS (UBSG.S) as part of a forced takeover orchestrated by Swiss authorities. Lehmann said earlier that five board members would not stand for re-election. The remaining board members were all narrowly re-elected by shareholders. Reporting by Noele Illien Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Oil prices jumped over 6% on Monday, with U.S. crude futures topping $80 per barrel. The U.S. pumped nearly 12.5 million bpd in January, according to the latest government data. U.S. cash crude prices strengthened on Monday, with Mars Sour gaining 50 cents to trade at a $1.40 discount to U.S. crude futures . U.S. seaborne crude exports last month hit 4.74 million bpd, the highest monthly total since at least January 2020, Vortexa data showed. "This development should bode well for already strong U.S. crude exports with increased medium- and heavy-sour Canadian crude exports from the U.S. in order to supply a global market which is already short on sour crude," said Rohit Rathod, senior oil market analyst at Vortexa.

☆ Four bankers who helped Putin’s friend set up Swiss bank account convicted
▼ + stars: | 2023-03-30 | by ( ) edition.cnn.com time to read: +4 min

Four bankers who helped a close friend of Russian President Vladimir Putin move millions of dollars through Swiss bank accounts have been convicted of failing to perform due diligence in financial transactions. The executives — three Russians and one Swiss — helped Roldugin, who is godfather to Putin’s eldest daughter, Maria, deposit millions of francs in Swiss bank accounts between 2014 and 2016. The men, who cannot be identified under Swiss reporting restrictions, were found guilty at a hearing at Zurich District Court and were given fines totaling 741,000 Swiss francs ($809,000). Red flagsFurther investigations should have been conducted because of the amount of assets involved, which was more than 10 million Swiss francs ($11 million), the judge said. Sums of around 30 million Swiss francs ($31.84 million) were involved in the case, Hoffmann told an earlier hearing.

☆ The AI program used to generate fake viral images of Pope Francis and Donald Trump just suspended free trials — but professional photographers say they're still concerned
▼ + stars: | 2023-03-30 | by ( Jordan Hart | ) www.businessinsider.com time to read: +4 min

AI image generator Midjourney is pausing free trials due to "extraordinary demand and trial abuse," its founder said. Prior to the free trial shutdown, fake images created using Midjourney were going viral on Twitter and other social media platforms. The platform has been used to create fake images of Twitter CEO Elon Musk and President Vladimir Putin in the past. Professional photographers are becoming more vocal about their concerns as AI-generated images become increasingly harder to recognize as fake. "Additionally, it can lead to the creation of work that is not representative of the creative's own artwork, as AI-generated images can easily replicate styles and techniques."

☆ The Lamborghini Revuelto is a 1,001 horsepower hybrid supercar flagship
▼ + stars: | 2023-03-29 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +5 min

The Lamborghini Revuelto is a plug-in hybrid and, while it still has a V12 gasoline engine, it also has three electric motors. The new V12 engine is also slightly lighter – by 37.5 pounds – than the engine in the Aventador supercar it’s replacing. Lamborghini has not yet announced the price of the Revuelto but all these new plug-in hybrid models will cost significantly more than the models they replace, Winkelmann said. Still, the sharing of parts and production lines will do little to offset the increased cost of the shift to plugin hybrid power, he said. Given current battery technology, an electric Lamborghini supercar just isn’t possible, Winkelmann has said, because the batteries are simply too heavy.

☆ Elon Musk says he's working on Twitter's customer service — but some Tesla and Starlink customers haven't been impressed when trying to receive support
▼ + stars: | 2023-03-28 | by ( Kate Duffy | ) www.businessinsider.com time to read: +3 min

Elon Musk said Twitter users must have good customer service, and that he was working on it. Customers of his other companies have said they're disappointed at the lack of customer service. "Of course, you need to have good customer service for money," Musk tweeted, adding he was "working on it." Some commented on how slow and unresponsive Tesla's customer service was, while others said it was quick and easy. Are you a Starlink user or Tesla owner who is disappointed with the company's customer service?

☆ Zurich bank looks to capitalise on Credit Suisse's demise
▼ + stars: | 2023-03-27 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

"There is a chance that the situation might accelerate our existing plans," he added, and suggested the bank would be open to looking into purchasing businesses from Credit Suisse, should they become available. "We want to grow and we have stated that we are open to looking at external growth as well, regardless of the situation of Credit Suisse," Baumann said. The Canton of Zurich is liable under the state guarantee for any ZKB liabilities which the bank cannot cover in the event of trouble. Deposits in Swiss bank accounts are usually only protected up to 100,000 Swiss francs. ($1 = 0.9190 Swiss francs)($1 = 0.9168 Swiss francs)($1 = 0.9160 Swiss francs)($1 = 0.9164 Swiss francs)Reporting by Noele IllienOur Standards: The Thomson Reuters Trust Principles.

☆ Why Blackouts, Power Outages Are Becoming More Common
▼ + stars: | 2023-03-23 | by ( Taylor Dorrell | ) www.businessinsider.com time to read: +14 min

Power outages have increased 64% from the early 2000s, and weather-related outages — many driven by the worsening climate crisis — have increased 78%. A record-breaking blizzard in Buffalo, New York, this winter caused power outages throughout the city, resulting in the deaths of 47 residents. In 2021, a heat wave led to power outages and the deaths of hundreds in the Pacific Northwest. While regional organizations might use fees to penalize companies for power outages, it's now much harder to pinpoint and hold a person or entity responsible. In the meantime, the climate crisis will continue to wreak havoc on an aging grid system that puts profits over reliability.

The YouTube subscriber count has quickly become an outdated relic. YouTube shorts has lowered the barrier to entry, making it easier to gain subscribers. "Especially in the world of short-form content, where your viewers are one swipe away from moving onto someone else." Nearly every social platform, from YouTube to Facebook to TikTok, is still working to crack the code for monetizing short-form video well with advertising. Short-form video ad spending worldwide for 2022 to 2028, via Insider Intelligence.

☆ Giant bank deal triggers political backlash in Switzerland
▼ + stars: | 2023-03-20 | by ( John Revill | ) www.reuters.com time to read: +3 min

ZURICH, March 20 (Reuters) - Switzerland's two biggest political parties sharply criticized UBS's (UBSG.S) takeover of Credit Suisse (CSGN.S) saying multi-billion state support for the deal created enormous risks for the country. Credit Suisse and UBS could benefit from around 260 billion Swiss francs ($280 billion) in state and central bank support, a third of the country's gross domestic product. The Social Democrats are the second biggest party in the Swiss parliament and have two ministers in the country's ruling cabinet. In a memo seen by Reuters that was sent to staff on Sunday after the deal announcement, Credit Suisse reassured staff that their bonuses would be paid in full. The party, the biggest in the Swiss parliament and which also has two members of the seven-strong cabinet, demanded clear conditions for the takeover.

☆ ECB's Holzmann waters down call for three more rate hikes
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

VIENNA, March 20 (Reuters) - European Central Bank (ECB) policymaker Robert Holzmann on Monday watered down his recent call for three further interest-rate increases of 50 basis points in quick succession. Holzmann, who heads the Austrian National Bank, told German business daily Handelsblatt two weeks ago the ECB should raise rates by 50 basis points at each of its next four meetings because inflation was proving stubborn. That was a likely reference to how higher central bank rates and jitters in the banking sector tend to have the same effect by discouraging lending and cooling economic activity. Similarly, Holzmann said that since his Handelsblatt interview liquidity in the financial system had decreased, referring to banking stocks' recent fall on fears of a new banking crisis. Reporting by Francois Murphy and Alexandra Schwarz-Goerlich; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ 'Shotgun wedding': What the UBS rescue of Credit Suisse means for global markets
▼ + stars: | 2023-03-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

Axel Lehmann, chairman of Credit Suisse Group AG, left, and Colm Kelleher, chairman of UBS Group AG, during a news conference in Bern, Switzerland, on Sunday, March 19, 2023. "The accelerating loss of confidence and the escalation over the last few days have made it clear that Credit Suisse can no longer exist in its current form," Lehmann said. In equal parts "shotgun wedding" and arranged marriage, UBS agreed to buy stricken domestic rival Credit Suisse for 3 billion Swiss francs ($3.25 billion) on Sunday. The government will offer a loss guarantee of up to 9 billion Swiss francs, with UBS assuming the first 5 billion of potential losses. Shares of both UBS and Credit Suisse plunged on Monday morning, however.

☆ UBS is buying Credit Suisse in bid to halt banking crisis
▼ + stars: | 2023-03-19 | by ( Mark Thompson | ) edition.cnn.com time to read: +4 min

“UBS today announced the takeover of Credit Suisse,” the Swiss National Bank said in a statement. Credit Suisse shareholders will be largely wiped out, receiving just 1 UBS share for 22.5 Credit Suisse shares they own. UBS (UBS) and Credit Suisse rank among the 30 most important banks in the global financial system, and together they have almost $1.7 trillion in assets. “Given recent extraordinary and unprecedented circumstances, the announced merger represents the best available outcome,” Credit Suisse chairman Axel Lehmann said in a statement. The Swiss National Bank said it would provide a loan of 100 billion Swiss francs ($108 billion) to UBS and Credit Suisse to boost liquidity.

☆ UBS's Credit Suisse deal was the best solution says Swiss gov't
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +2 min

Keller-Sutter, who said she held a Credit Suisse bank account, said the worst case had been avoided. This is a commercial solution because UBS is taking over Credit Suisse," she told a press conference in Bern. "The bankruptcy of Credit Suisse would have had a huge collateral damage - on the Swiss financial market also internationally," she said. He said it was far too early to discuss job cuts at Credit Suisse, but he was very positive about Credit Suisse's Swiss business. His upbeat tone contrasted with Credit Suisse Chairman Axel Lehmann, who was emotional when he spoke about the demise of 167-year-old Credit Suisse as an independent bank.

The terms of the deal will see Credit Suisse shareholders receive 1 UBS share for every 22.48 Credit Suisse shares they hold. "This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue. The Swiss National Bank pledged a loan of up to 100 billion Swiss francs ($108 billion) to support the takeover. UBS initially offered to buy Credit Suisse for around $1 billion Sunday, according to multiple media reports. It reported a full-year net loss of 7.3 billion Swiss francs for 2022 and expects a further "substantial" loss in 2023.

☆ 'The weakest links are cracking': Investors consider possible Credit Suisse contagion
▼ + stars: | 2023-03-16 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

"But I would very strongly recommend sticking to high-quality companies — that means strong management, strong balance sheets, strong value proposition. Even before the shock collapse of two U.S. banks last week, Credit Suisse has been beset with problems in recent years, including money laundering charges and spying allegations. Credit Suisse management said Wednesday, however, that its latest step to secure a sizable funding deal showed "decisive action" to strengthen the business. Analysts at UBS, meanwhile, said market participants were "grappling with three interrelated but different issues: bank solvency, bank liquidity, and bank profitability." "In short, we think bank solvency fears are overdone, and most banks retain strong liquidity positions," they added.

☆ Microsoft adds OpenAI technology to Word and Excel
▼ + stars: | 2023-03-16 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +5 min

Photographer: Charles Pertwee/Bloomberg via Getty ImagesMicrosoft is bringing generative artificial intelligence technologies like the popular ChatGPT chatting app to its Microsoft 365 suite of business software. features, dubbed Copilot, will be available in some of the company's most popular business apps like Word, PowerPoint and Excel. The Copilot technology is built upon a type of artificial intelligence software known as a large language model, or LLM. Microsoft executives demonstrated some of the capabilities of its Copilot tool on Thursday during an online presentation. In February, Microsoft debuted a new version of its Bing search engine that included a chatbot powered by OpenAI's GPT-4 language technology.

☆ Europe didn't roll back post-2008 banking rules. That was smart
▼ + stars: | 2023-03-15 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

London CNN —Shares in European banks slumped Wednesday as speculation about the health of Credit Suisse (CSGKF) reignited the market turmoil sparked by the collapse of Silicon Valley Bank. Europe’s benchmark Stoxx Europe 600 Banks index, which tracks 42 big EU and UK banks, has fallen 13% since last Wednesday’s close. In 2018, former President Donald Trump watered down key parts of the Dodd-Frank Act, which set stricter rules for the banking sector. But European banks are required to hold capital to cover the risk of a large and sudden change in borrowing costs. “This means that European banks have less exposure to market risk on bonds, despite a similar rise in yields,” Moody’s said in its note.

☆ Talks underway on Black Sea grain deal extension in Geneva
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

GENEVA, March 13 (Reuters) - Negotiations began on Monday between U.N. officials and Russian Deputy Foreign Minister Sergei Vershinin on a possible extension to a deal allowing the safe export of grain from Ukraine's Black Sea ports, the Russian diplomatic mission in Geneva said. The deal, which was extended for 120 days in November, is up for renewal on March 18. Two sources involved with the talks said they were initially scheduled to last just one day but could be extended as needed. "Wheat and corn markets are weaker today as the talks start about extending the safe shipping agreement for Ukraine’s exports," said Matt Ammermann, StoneX commodity risk manager. "As such a large wheat and corn exporter, Ukraine’s supplies are vital to world markets."

☆ When everyone around you is quitting, don't wait for your boss to initiate a 'stay interview.' Ask for one yourself.
▼ + stars: | 2023-03-13 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +6 min

Experts suggest asking your boss for "stay interview." That's where the "stay interview" enters the equation. The stay interview is, essentially, a career conversation usually initiated by managers to understand why high-performing employees stay at an organization and what could cause them to leave. Insider spoke with four HR leaders and career experts and coaches to learn how to make the most of your stay interview. You don't want your manager to think that by asking for a stay interview you're issuing an ultimatum, said Joshua Luna, a leadership and development trainer in Chicago.

☆ Mexican stocks are on fire this year. Here's what's driving the gains
▼ + stars: | 2023-03-12 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

Closer supply chains to the U.S. are giving Mexican stocks a big boost to start the year. The iShares MSCI Mexico ETF (EWW) , which is made up of Mexican stocks, is performing even better — up 15.2%. EWW YTD mountain EWW in 2023 One key factor driving this early outperformance is "nearshoring," which refers to companies bringing supply chains closer to their home country. In this case, many U.S.-based companies are moving their supply chains to neighboring Mexico, which could lead to even more gains in Mexican stocks. Lippmann said the firm likes stocks directly helped by nearshoring trends, such as the real-estate firm Vesta and airport operator OMA .

☆ Italy's Visco raps ECB colleagues in widening hawk-dove divide
▼ + stars: | 2023-03-08 | by ( Gavin Jones | ) www.reuters.com time to read: +2 min

ROME, March 8 (Reuters) - European Central Bank governing council member Ignazio Visco on Wednesday criticized some fellow policymakers for comments on future interest rates that diverged from what had been agreed at ECB meetings. "For this reason I don't appreciate comments by my colleagues regarding future and prolonged increases in rates," Visco added, in unusually blunt remarks that highlight a widening rift at the Frankfurt-based ECB. Visco said that while the ECB had managed to stabilise inflation expectations, geopolitical uncertainties meant economic developments were hard to predict. Other governing council members, considered policy hawks who attach overriding importance to curbing inflation even if it means hurting growth and employment, have gone further. The ECB has no policy meeting in April.

☆ GE's investors seek solutions to renewable energy, supply chain challenges
▼ + stars: | 2023-03-08 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +3 min

But renewable energy remains a problem. Analysts have raised questions about whether GE may be forced to alter a plan to spin off GE Vernova into a separate company next year, including a possible delay or changing which assets are included. "I want to kind of understand is there any chance at all that Vernova will not include GE wind," William Blair analyst Nicholas Heymann said. But overall, GE is expected to reiterate its 2023 adjusted earnings outlook of $1.60 to $2.00 per share on Thursday. The aerospace business, which supplies engines to Airbus (AIR.PA) and Boeing (BA.N), is grappling with shortages of labor, parts and raw materials.

☆ As Customer Problems Hit a Record High, More People Seek ‘Revenge’
▼ + stars: | 2023-03-07 | by ( Katie Deighton | ) www.wsj.com time to read: +5 min

Some 74% of the 1,000 consumers surveyed said they had experienced a product or service problem in the past year. The rising dissatisfaction is accompanied by more frequent and aggressive complaints, according to the National Customer Rage study. At the same time, more companies have been turning to automation to cut costs and cover staffing shortages in their standard customer service. But that strategy is prone to angering customers further, the rage research found. Customer service technology such as artificial intelligence is less likely to be able to deliver that craving for empathy than human agents, Mr. Broetzmann said.

☆ Sterling slips after BoE's Mann warns of risks for the pound
▼ + stars: | 2023-03-07 | by ( Joice Alves | ) www.reuters.com time to read: +2 min

LONDON, March 7 (Reuters) - Sterling slipped against the U.S. dollar on Tuesday, after a Bank of England (BoE) rate-setter warned that the pound could be vulnerable to Federal Reserve and European Central Bank (ECB) outlooks. The pound could depreciate if investors have not yet fully priced in hawkish messages from central bank peers, Catherine Mann told Bloomberg Television in an interview. "The important question for me with regard to the pound is how much of that existing hawkish tone is already priced into the pound," she said. Traders are also attaching a 93% chance of a 25-basis-point rate increase when the central bank meets to decide policy on March 23. There's no probability priced in that the bank could raise rates by more than that.

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