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☆ Hacker Stole My Phone, Credit Card, Identity. I Set Out to Find Them.
▼ + stars: | 2023-04-02 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +22 min

They left the Verizon store and went to a nearby Apple store, where they used my Chase credit card to spend $6,370. And two, because a physical credit card had been used to make the purchases, even though I was still in possession of my card. Typically, when your credit card is about to expire, as mine was, the bank sends you a new card a few weeks ahead of time. All told, the gang allegedly stole hundreds of identities and defrauded retailers and credit card companies of $1.3 million. Whoever hacked my identity, it makes sense that they started with my credit card.

LONDON, March 31 (Reuters) - Even after a bank shock that could well have changed the whole picture, investors appear reluctant to give up the ghost just yet. The tech-heavy, interest-rate sensitive Nasdaq (.IXIC) is up 14% and even broad European bank stock indices (.SX7P) are still up more than 4% for the year. Pull the lens out as far as it can go and MSCI's all-country index of world stocks (.MIWD00000PUS) is up more than 5%. That U-turn in thinking during the month saw wild swings in the bond and rates markets, where key volatility gauges (.MOVE) hit their highest since the 2008 crash. by Mike Dolan; Editing by Toby Chopra; Twitter: @reutersMikeDOur Standards: The Thomson Reuters Trust Principles.

☆ Meet Peter Tuchman, the most photographed stock trader on Wall Street
▼ + stars: | 2023-03-25 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +5 min

Peter Tuchman, one of the most recognizable stock brokers on Wall Street, has been at the NYSE for over 37 years. Tuchman, who has been at the New York Stock Exchange for nearly 38 years, is the most-photographed broker on the trading floor. Tuchman describes the New York Stock Exchange as "the delta of all information" and the "last standing human entity market in the world." He landed a summer job as a teletypist at the New York Stock Exchange days after getting back. In the midst of the craziness, the wildness, and the chaos of the stock market.

☆ Here's why Federated Hermes' Phil Orlando is concentrating on bonds
▼ + stars: | 2023-03-24 | 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 EmailHere's why Federated Hermes' Phil Orlando is concentrating on bondsPhil Orlando, chief equity market strategist at Federated Hermes, joins 'CNBC’s ‘Power Lunch’ to discuss why he expects the 10-year Treasury yield to return to 3% in 2023 and more.

☆ Watch CNBC's full interview with Federated Hermes' Phil Orlando
▼ + stars: | 2023-03-24 | 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 EmailWatch CNBC's full interview with Federated Hermes' Phil OrlandoPhil Orlando, chief equity market strategist at Federated Hermes, joins CNBC’s ‘Power Lunch’ to discuss why he expects the 10-year Treasury yield to return to 3 percent in 2023.

☆ China's super rich population drops as tech crackdown, global factors hurt wealth
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +3 min

[1/3] Jack Ma, billionaire founder of Alibaba Group, arrives at the "Tech for Good" Summit in Paris, France May 15, 2019. China lost 229 billionaires from the Hurun Global Rich List 2023, accounting more than half of the 445 people who disappeared from the list, which ranks moguls with a minimum net worth of $1 billion, the Hurun Report said on Thursday. The world's second biggest economy also added 69 new billionaires to the list during the period. In China, Jack Ma, founder of China's e-commerce giant Alibaba Group Holding , dropped to 52nd place from 34th a year earlier, due largely to China's regulatory crackdown on its tech sector. "The only thing I am not certain of is whether there would be a global financial crisis," he said.

☆ Wall Street is confident high-yielding banks won't cut their dividends
▼ + stars: | 2023-03-22 | by ( Scott Schnipper | ) www.cnbc.com time to read: +5 min

Atlanta's Truist Financial ($41 billion) now yields 6.2% while Minneapolis's U.S. Bancorp ($53 billion) pays 5.1% on its common stock. After all, high dividend yields are often a sign of financial or business distress, or a red flag that the payments so many mom-and-pop investors depend on are unsustainable. Wall Street just doesn't think most payouts will be cut — so long as any recession this year stays on the mild side. "Despite these lower dividend growth expectations, we believe these bank holdings still have attractive dividends," Peris added. A final straw in the wind: Wall Street has issued dozens of research reports since Silicon Valley Bank went under.

NEW YORK, March 21 (Reuters) - Worries over the banking crisis are boosting disparate assets, with traditional safe-havens such as gold, Treasuries and money markets seeing high demand along with more speculative instruments such as tech stocks and bitcoin. The gains have come alongside big moves in assets traditionally perceived as safe-havens during uncertain times. Yields on shorter-dated Treasuries, which move inversely to prices, saw a historic drop last week, while money market funds notched their biggest inflows since April 2020 in the week to March 15, Refinitiv Lipper data showed. Well, the 10-year U.S. Treasury yield is down about 60 basis points from early March,” said Keith Lerner, chief market strategist at Truist Advisory Services, in a Monday report. Reporting by Lewis Krauskopf and David Randall; Editing by Ira Iosebashvili and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Most Gulf markets turn south as Credit Suisse woes roil markets
▼ + stars: | 2023-03-15 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

[1/2] Saudi woman walks at the Saudi stock market (Tadawul), in Riyadh, Saudi Arabia March 9, 2020. The lender lost almost $25 billion in market value since Oct. 27 after committing to invest in the embattled Credit Suisse. Oil — a key catalyst for the Gulf's financial markets —extended losses, with Brent crude hitting a three-month low as unease over Credit Suisse spooked world markets, offsetting hopes of a Chinese oil demand recovery. "At the same time, traders will remain attentive to the developments in global markets and central bank decisions this week and the next." Outside the Gulf, Egypt's blue-chip index (.EGX30) plunged 4.2%, with investment bank EFG Hermes (HRHO.CA) diving more than 12%.

The SFDR defines sustainable investment as contributing to "an environmental or social objective", assessed by indicators such as use of raw materials or production of waste. The people Reuters spoke to said discrepancies among fund portfolios reflected a lack of clarity from the Commission over what constitutes a sustainable investment. Reuters GraphicsReuters GraphicsTEMPERATURE GAUGEMSCI, the finance industry data provider, has developed a way of checking on investment funds' green credentials with its ESG Implied Temperature Rise tool. Among them, for example, are BlackRock's Sustainable Energy Fund, Nordea's Global Climate and Environment Fund and Pictet's Global Environmental Opportunities Fund. "The characterisation of what constitutes a sustainable investment under the SFDR is also a concept that needs further clarifications at European level."

☆ UAE exchange house Al Ansari to float 10% in Dubai IPO
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

DUBAI, March 9 (Reuters) - UAE-based exchange house Al Ansari Financial Services said on Thursday it plans to float 10% of the company on the Dubai Financial Market (.DFMGI) through an initial public offering (IPO). Al Ansari said Abu Dhabi Commercial Bank (ADCB.AD), EFG Hermes UAE and Emirates NBD Capital were mandated as joint global coordinators for the IPO. It made 595 million dirhams ($162.01 million) in net profit last year, up from 491 million dirhams in 2021. Operating income rose to 1.15 billion dirhams from 988 million dirhams in 2021. The Emirates Investment Authority, the UAE's only federal sovereign wealth fund, has the right to subscribe to up to 5% of the offering, Al Ansari added.

☆ Chanel takes glittering, camellia-themed line-up to Paris catwalk
▼ + stars: | 2023-03-07 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

[1/2] A model presents a creation by designer Virginie Viard, as part of her Fall-Winter 2023/2024 Women's ready-to-wear collection show, for fashion house Chanel during Paris Fashion Week, in Paris, France March 7, 2023. The entire set was built around towering, white camellia sculptures that faced the audience, seated in steep risers ringing the space, a sprawling exhibition hall south of the Eiffel Tower. Most looks were black and white, paraded by models striding on shiny black platform boots, often with patterned white tights. For the finale, the massive camellia sculptures suddenly glowed red, and slowly shifted between red and a bright pink as models rounded the room. The catwalk presentation was held on the final day of Paris Fashion Week, which drew crowds of celebrities to the French capital, and featured big-name labels including Hermes, Valentino, LVMH-owned (LVMH.PA) Dior and Louis Vuitton, Kering-owned (PRTP.PA) labels Saint Laurent and Balenciaga.

"Most luxury retailers don't think Hong Kong will return to the dizzy levels of 2014 when the market here peaked," said Simon Smith, Savills' senior director of research and consultancy in Hong Kong. Morgan Stanley (MS.N) forecast Hong Kong visitor numbers this year will reach just 70% of 2018 arrivals. It estimates retail sales will grow 15%, holding at around 80% of retail trade from the pre-COVID year. That outstripped total Hong Kong retail sales from a peak hit in 2013 at HK$494.5 billion ($63.0 billion), according to the city's statistics department. ($1 = 6.8510 yuan)($1 = 7.8498 Hong Kong dollars)Reporting by Farah Master, Jessie Pang, Anne Marie Roantree, Angel Woo and Donny Kwok in Hong Kong, Sophie Yu in Beijing, and Mimosa Spencer in Paris; Writing by Miyoung Kim; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Hermes said in a court filing Friday that Rothschild has continued to market his NFTs despite the jury's verdict last month. Rothschild's attorney Rhett Millsaps said they will oppose Hermes' motion in court filings this week. Hermes sued Rothschild last year over his MetaBirkins, 100 NFTs associated with images depicting the bags covered in colorful fur. "Rothschild has continued acting as he has since November 2021 — brazenly violating Hermès's intellectual property rights," Hermes said. The case is Hermes International v. Rothschild, U.S. District Court for the Southern District of New York, No.

☆ Givenchy gowns sweep the runway at Paris Fashion Week
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +2 min

[1/5] A model presents a creation by designer Matthew M. Williams as part of his Fall-Winter 2023/2024 Women's ready-to-wear collection show for fashion house Givenchy during Paris Fashion Week in Paris, France, March 2, 2023. REUTERS/Benoit TessierPARIS, March 2 (Reuters) - Givenchy creative director Matthew M. Williams focused on dresses at the French fashion house’s fall runway show at Paris Fashion Week on Thursday, sending out a line-up of long, slinky gowns that swept the runway. Layered looks were less present than in previous seasons, though there were a few, mixing brown shearling and slick, black leather. While the models marched to a solemn, electronic beat in a temporary tent at the Ecole Militaire in central Paris, some of the guests were more flamboyant. The show took place on the fourth day of Paris Fashion week, which runs through March 7, and features big name labels including Dior, Saint Laurent, Louis Vuitton Hermes and Chanel.

☆ ECB confronts a cold reality: companies are cashing in on inflation
▼ + stars: | 2023-03-02 | by ( Francesco Canepa | ) www.reuters.com time to read: +9 min

"It's clear that profit expansion has played a larger role in the European inflation story in the last six months or so," said Paul Donovan, chief economist at UBS Global Wealth Management. "The ECB has failed to justify what it's doing in the context of a more profit-focused inflation story." Instead, national accounts and earnings reports from listed companies are being used as proxies to paint the inflation picture. "The main story of the risks going forward is still that there's a looming wage-price spiral which should make the central bank even more aggressive in hiking interest rates." loadingloadingEven inside the ECB, labour representatives demanding higher pay for central bank staff have distanced themselves from what they described as the institution's "anti-worker bias".

Fund managers say they are fielding more queries from clients about the odds of an invasion of Taiwan by China. Russia's invasion of Ukraine early last year has also made investors more wary of war risk, analysts said. Goldman Sachs' Cross-Strait Risk Index, which gauges the intensity of geopolitical risk between Taiwan and mainland China, hit a record high last August after then-U.S. House of Representatives Speaker Nancy Pelosi's trip to Taiwan. Jordan Stuart, client portfolio manager at Federated Hermes, says he cut China exposure last year while holding onto some small stocks that can "fly under the radar". The Taiwan Strait is a major route for ships transporting goods from East Asia to the United States and Europe.

☆ Analysis: European stocks lure global investors as rate hikes hurt U.S. more
▼ + stars: | 2023-02-27 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +4 min

Banks (.SX7P) accounted for nearly 16% of the STOXX 600 index (.STOXX) and have benefited from the high-rate environment, gaining nearly 20% to hit their highest in almost five years. In contrast, 35% of the S&P 500 (.SPX), the world's largest index by market value, are technology companies. Tech stocks (.SPLRCT) on the index have gained just 9% this year as rising rates make future profits for tech companies less valuable. CHEAPER IN EUROPEOn the valuation front too, the European stock market is much cheaper than the U.S. The STOXX 600 trades at about 13 times its 12-month forward price-to-earnings ratio, while the S&P 500 trades at some 18 times.

☆ Ray-Ban maker EssilorLuxottica's sales rise on solid European growth
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - Luxury eyewear maker EssilorLuxottica (ESLX.PA) on Thursday reported a rise in fourth-quarter revenues, citing sound growth amid a challenging environment, but its performance in China declined because of COVID-19 restrictions. The maker of Oakley and Ray-Ban sunglasses posted a 9.4% rise in revenues to 6.11 billion euros ($6.49 billion) in the final quarter of the year at current exchange rates. The French-Italian eyewear group said Europe, Middle East, and Africa (EMEA) was its best performing region in the quarter due to solid sales growth in France, Italy, Spain, the UK and Scandinavia. Sales in the region grew 6.2% at constant exchange rates to 2.09 billion euros. ($1 = 0.9416 euros)Reporting by Jagoda Darlak; editing by Shri Navaratnam and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ This startup is using precision fermentation to make plant-based food taste better. Check out the 10-slide pitch deck Paleo used to secure $12.8 million.
▼ + stars: | 2023-02-21 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Belgian startup Paleo just raised $12.8 million to make plant-based food taste better. A European foodtech startup cofounded by a former Belgian senator has just raised 12 million euros (around $12.8 million) to make plant-based food taste better. The proteins are a form of heme, which has been deemed key in unlocking a meaty look, taste, texture, and aroma for plant-based food. Paleo will sell its products to other plant-based food companies so they don't have to develop it in-house. "The main challenge now in the plant-based food space, it's taste, and that's exactly where we offer a solution," he said.

☆ Should You Beat Up Your Birkin? Why Worn-In Luxury Bags Are Selling Fast
▼ + stars: | 2023-02-18 | by ( Katharine K. Zarrella | ) www.wsj.com time to read: +1 min

ABOUT 20 YEARS ago, while dining in San Francisco, Lisa Unger Sandman was nearly startled out of her seat. That should never be on the floor!” shrieked a woman at a nearby table, pointing to Ms. Unger Sandman’s black Hermès Kelly bag. Chastened, Ms. Unger Sandman, now a retired banker in Raleigh, N.C., snatched up her purse which, in the current market, often costs at least five figures. Today, Ms. Unger Sandman, 60, would ignore such a reprimand and isn’t so worried if her Kelly risks bodily harm. In its 2023 luxury consignment report, resale site the RealReal noted higher demand than ever for bags in “fair” (i.e., heavily worn) condition.

☆ Investors pull cash from classic risk plays as Fed rate picture shifts
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +2 min

BofA Global Research's weekly "Flow Show", released on Friday, showed the largest outflows from technology funds since September, the largest outflows from emerging market debt funds in 14 weeks, and the largest outflows from junk debt funds in eight weeks. Emerging market debt funds saw outflows of $700 million, the largest weekly outflow in 14 weeks, according to the report which attributed the decline to debt investors reducing risk. High yield - or junk - debt saw outflows of $2.6 billion, the largest in eight weeks, and tech funds had $1.1 billion of outflows, the most since September. Elsewhere, there were $5.5 billion inflows to bonds, $1 billion inflows to cash, $300 million to equities and $45 million to gold. Reporting by Alun John; editing by Amanda Cooper and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ The good news is markets look resilient — but the bad news is just about everything else
▼ + stars: | 2023-02-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Wizardry aside, let's see why the stock market has proved so resilient this year, even though the economy's providing nothing to cheer for. DataTrek cofounder Nicholas Colas is chalking up stable markets to strong earnings. "The only explanation that makes sense to us for this conundrum of 'bad' news and stable markets is that US corporate earnings power remains resilient," Colas wrote in a Thursday note to clients. Even as markets act like everything's fine, there's still not quite enough optimism among investors to say that markets are nearing a peak, according to Ned Davis Research. A top-ranked stock-picker said January's hot CPI report suggests the stock market is far from the bottom.

☆ A luxury buying spree is sending shares of companies like Gucci owner Kering and Hermes soaring
▼ + stars: | 2023-02-16 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Shares of Kering and Hermes are up 17% and 23% year-to-date, partly on optimism around China's reopeningShares of LVMH hit an all-time high of $176.13 earlier this month. Kering, Hermes, and LVMH helped lead the French CAC 40 to a record high on Thursday. Shares of LVMH Moët Hennessy Louis Vuitton, commonly known as LVMH, hit an all-time high of $176.13 earlier this month. Kering, Hermes, and LVMH made up a third of the French CAC 40 index's 14% gain this year, which helped propel the benchmark index to a record high on Thursday. The CAC 40 is outperforming the Stoxx Europe 600 Index, which has increased about 9% year-to-date as well.

☆ How unusually mild weather prevented what could've been the first aircraft carrier battle since World War II
▼ + stars: | 2023-02-16 | by ( Sebastien Roblin | ) www.businessinsider.com time to read: +10 min

Argentine jets were poised to strike when the usually turbulent South Atlantic winds took a mild turn. Few of the half-dozen Argentine aviators expected to survive the attack, dubbed "Banzai Night" after the famous Japanese battle cry. Government of ArgentinaIronically, the Veinticinco de Mayo was originally a British carrier named the HMS Venerable launched by the Cammell Laird shipyard near the end of World War II. After a damaging boiler-room fire, the Karel was sold in 1969 to the Argentine Navy which extensively modernized and rebuilt the 25-year-old vessel. The Harrier and the Sea DartSea Harrier jump jets aboard HMS Hermes in the South Atlantic on May 1, 1982.

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