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The world's largest economy risks defaulting on its debt for the first time in modern history this summer as politicians wrangle over raising the country's debt limit, currently capped at $31.4 trillion. The U.S. is expected to reach its debt limit Thursday, Treasury Secretary Janet Yellen said last week. But coming to a deal to increase the U.S. debt limit won't be easy in a political environment that's grown even more polarized in the past decade. While conservative members of his caucus insist they do not want the country to default on its debt, McCarthy is under pressure to demand deep spending cuts. Another top Wall Street CEO said he planned to push lawmakers at Davos to focus more on spending cuts rather than the debt ceiling.

☆ The year has started off better than anyone expected, Citi's says Jane Fraser
▼ + stars: | 2023-01-17 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe year has started off better than anyone expected, Citi's says Jane FraserCNBC's Sara Eisen talks with Jane Fraser, CEO of Citigroup, at Davos 2023 about the future of the company, recession risk and more.

☆ Gold prices fall from multi-month highs
▼ + stars: | 2023-01-17 | by ( ) www.cnbc.com time to read: +2 min

A display of gold ornaments at a gold shop in Chinatown, Bangkok, Thailand, 10 March 2022. Gold prices on Tuesday fell from a more than eight-month peak hit in the previous session on hopes that the U.S. Federal Reserve would adopt a less aggressive approach to rate hikes going forward. Spot gold fell 0.7% to $1,904.87 per ounce after hitting its highest since the end of April on Monday. With lower rates translating into lesser returns on interest-bearing assets such as government bonds, investors may prefer zero-yield gold. "We expect gold prices to trend around $1,950/oz in 2023," Goldman Sachs said in a note dated Friday.

Japan's Nikkei (.N225) fell 0.4% and the yen, which surged 2.7% against the dollar overnight, kept going and rose about 0.2% further to 128.65 per dollar. "No change in policy this month would be a setback for the yen," said Rabobank FX strategist Jane Foley. "However, we would look to buy the yen against the dollar on dips on anticipation of another (policy) move ... in the spring." INFLATION IN RETREATBeyond Japan, market sentiment was dominated by overnight U.S. December inflation data that landed more or less on consensus expectations. The U.S. dollar dropped 0.9% to a nine-month low of $1.0868 per euro and the risk-sensitive Australian dollar rose to a roughly five-month high at $0.6984.

Here are the fourth-quarter numbers versus what Wall Street expected:Net income: $2.5 billion versus $3.2 billion a year ago. Net Interest Income: $13.27 billion, above the 12.7 billion expected by analysts, according to StreetAccountTrading Revenue: Fixed Income $3.16 billion, above expectations. Revenues in services and markets divisions increased 32% and 18% respectively, driven by growth in interest income and in fixed income markets. The fixed income markets division saw revenues jump 31% to $3.2 billion, the highest fourth-quarter results ever, due to strength in rates and currencies. There was also strength in banking, with private bank revenues gaining 5% and U.S. personal bank revenues up 10%.

☆ Banks dress up for a business-casual recession
▼ + stars: | 2023-01-13 | by ( John Foley | ) www.reuters.com time to read: +4 min

NEW YORK, Jan 13 (Reuters Breakingviews) - A recession is coming for U.S. banks, but it’s wearing comfortable shoes. Bank of America is writing off 1.7% of its card loans, on an annualized basis, compared with an average of 2.7% since 2013. America’s collective credit card limit is growing at a 9% annual clip, according to the New York Federal Reserve, the fastest since 2008. Citi has put aside enough to cover 7.6% of its credit card loans going up in smoke - more than triple the current level. It said 1.7% of credit card loans had been written off, on an annualized basis, compared with a 2.7% average rate since 2013.

☆ The Davos elite likes to make bold predictions. But they don't always get them right
▼ + stars: | 2023-01-13 | by ( Silvia Amaro | ) www.cnbc.com time to read: +4 min

George Soros, billionaire and founder of Soros Fund Management, at the World Economic Forum in Davos, Switzerland, in Jan. 2016. It's an annual meeting where a global elite of business leaders, politicians and economists make bold predictions and try to set the agenda for the year ahead — but they don't always get it right. Nuclear warBillionaire investor George Soros warned during a speech at Davos in 2018 that the United States could be heading for a nuclear war with North Korea. "The United States is set on a course towards nuclear war by refusing to accept that [North] Korea has become a nuclear power," he said at the time. So far, the United States has avoided any military conflict with North Korea.

☆ Bank earnings are under way. Here are the biggest storylines everyone on Wall Street is focused on.
▼ + stars: | 2023-01-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

Starting today, the six big US banks (Bank of America, Citi, Goldman Sachs, JPMorgan, Morgan Stanley, and Wells Fargo) report their Q4 and year-end earnings. But instead of a boring preview on what to expect, I figured I'd have some fun by setting gambling lines on some of the biggest storylines heading into earnings. OK, let's get into the biggest storylines and their odds:David Solomon discusses the recent headcount reduction at Goldman Sachs. What'll be interesting is if he teases even more cuts coming down the line as the bank looks to cut costs. (-150)Background: The bank got ahead of this one by announcing its plans to step back from mortgages earlier this week.

☆ Banks take No. 1 spot, tech loses a market crown: The 2023 Just 100 rankings
▼ + stars: | 2023-01-10 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +5 min

1 on the 2023 Just 100 list, and it's not alone among peers. On last year's list, the top four spots all went to tech companies. "Banks have been steadily improving their game and that's the standout," he said of this year's Just 100 list. 71, making the cut for the Just 100 list. This year's top 10 still included five tech companies: NVIDIA , Microsoft , Hewlett Packard Enterprise , Apple , and Intel .

What people do to their bodies is their own business, but the ubiquity of injections, fillers and surgery in Hollywood creates a trickle-down problem. The longer you stare at your own face, the more you see how you don’t look like your favorite actor — or influencer. In another catch-22, stars also risk backlash if they do get cosmetic surgery — or if fans believe they have. Bullock, like Kidman, has previously denied getting plastic surgery (although she has talked about using something called Epidermal Growth Factor). Steroids have the same pernicious impact in Hollywood as cosmetic surgery, artificially elevating physical expectations and increasing peer pressure to keep up with the new standards.

☆ Stocks steady, yields rise as rate risks cloud 2023 outlook
▼ + stars: | 2022-12-19 | by ( Danilo Masoni | ) www.reuters.com time to read: +5 min

By 1152 GMT, the index was broadly unchanged after a heavy week for rate increases on Friday sent it to its lowest point since Nov. 10. Long-term borrowing costs rose for a fourth straight session and short-dated yields remained not far off their highest levels in more than a decade. It wreaked havoc even on rate markets," said Carlo Franchini, head of institutional clients at Banca Ifigest in Milan. Ten-year Treasury yields rose 4 basis points (bps) to 3.522%. Gold inched 0.1% higher at $1,764 an ounce, as a softer dollar countered pressure from expectations of higher U.S. rates.

Summary Global stocks index up 0.1%Japan could tweak inflation target - sourceshttp://tmsnrt.rs/2yaDPgnhttp://tmsnrt.rs/2egbfVhMILAN, Dec 19 (Reuters) - World stocks inched higher on Monday but stayed near 6-week lows as investors started the year's last full trading week still mindful of interest rate hike risks to the economy in 2023. By 0902 GMT, the index rose 0.1% after a heavy week for interest rate increases on Friday sent it to its lowest point since Nov. 10. It wreaked havoc even on rate markets," said Carlo Franchini, head of institutional clients at Banca Ifigest in Milan. "Except for the BOJ and perhaps the Bank of England, there's little confidence in the other central banks. Japan's Nikkei (.N225) fell 1.05% to a six-week low and the yen rose 0.5% to 135.9 per dollar.

☆ Jane Fonda Says Her Cancer Is in Remission
▼ + stars: | 2022-12-16 | by ( Ginger Adams Otis | ) www.wsj.com time to read: 1 min

The 84-year-old Jane Fonda said that she feels blessed, and thanked those who prayed for her. Oscar-winner Jane Fonda , who was diagnosed with non-Hodgkin lymphoma earlier this year, said her cancer is in remission and she no longer needs chemotherapy treatments. The 84-year-old actress and activist said her doctor gave her the happy news last week.

Oscar-winning actor and activist Jane Fonda, who revealed earlier this year that she had been diagnosed with non-Hodgkin lymphoma, announced Thursday that her cancer is in remission and she can stop chemotherapy treatments. I am confident that it played a role in the good news," Fonda wrote in a blog post titled "BEST BIRTHDAY PRESENT EVER!!!" "The last chemo session was rough and lasted 2 weeks making it hard to accomplish much of anything," she wrote. In early September, Fonda announced she'd been diagnosed with non-Hodgkin lymphoma. In recent years, she has focused intensely on climate change and environmentalism, lobbying lawmakers to take immediate action to save the planet.

☆ Citi, Revlon lenders reach deal over $500 mln accidental payment
▼ + stars: | 2022-12-16 | by ( Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | Thomson Reuters Institute | ) www.reuters.com time to read: +1 min

[1/2] The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Citigroup, as Revlon's loan agent, had accidentally used its own money in August 2020 to prematurely pay off an $894 million loan owed by billionaire Ronald Perelman's now-bankrupt cosmetics company. "About three quarters of the mistaken payments have now been returned to Citibank," lawyers for both Citigroup and the lenders said in a letter to a federal judge. Citibank expects to file notices of dismissal in the coming weeks if payments are made as per the agreement, the document said. Reporting by Ann Maria Shibu and Urvi Dugar in Bengaluru; Editing by Chris Reese and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Jane Fonda reveals 'best birthday present ever:' her cancer is in remission
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

[1/2] Cast member Jane Fonda attends a special event for the television series "Grace and Frankie" in Los Angeles, California, U.S., April 23, 2022. REUTERS/Mario AnzuoniLOS ANGELES, Dec 16 (Reuters) - Actress Jane Fonda, who turns 85 next Wednesday, said on Friday she had received an early birthday gift when her doctor told her that her cancer was in remission. Fonda disclosed in September that she was undergoing chemotherapy for what she said was a treatable form of non-Hodgkin's lymphoma. I am confident that it played a role in the good news," Fonda wrote on Instagram. Fonda has worked in film and television for more than six decades, winning Oscars for roles in 1971 movie "Klute" and 1978′s "Coming Home."

☆ Citigroup to Pull Out of Consumer Banking in China
▼ + stars: | 2022-12-15 | by ( Dave Sebastian | ) www.wsj.com time to read: 1 min

Citigroup Inc. is winding down its consumer-banking operations in China, the latest step in its retreat from the business in Asia. The move followed a strategic shift for Citi last year, one of the first big steps taken by Chief Executive Jane Fraser after she got the top job. The U.S. bank laid out plans to shed most of its retail operations in Asia and devote resources to wealth management and corporate customers.

☆ Chief of Mexico's Mifel says it is still in bidding process for Citibanamex
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Dec 14 (Reuters) - Mexico's Banca Mifel is still in the bidding process for Citigroup's (C.N) Mexican retail bank Citibanamex, Mifel's head Daniel Becker told Reuters on Wednesday. Speaking at an event hosted by Mexico's banking association, Becker - the bank's chairman and CEO - said the race was not over, but declined to comment further. The competition to buy one of Mexico's biggest retail banks has narrowed to two bidders, with smaller rival Mifel, in conjunction with a band of investors, battling billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX). The two remaining bidders are now conducting further due diligence on the business, sources told Reuters late last month. Reporting by Valentine Hilaire; Writing by Isabel Woodford; Editing by Anthony Esposito and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

☆ The ‘90s Blowout Is Back. Here’s How to Do the Big ’Do Right.
▼ + stars: | 2022-12-14 | by ( Fiorella Valdesolo | ) www.wsj.com time to read: +1 min

Topanga from “Boy Meets World.” Cher from “Clueless.” These are among the retro references name-checked in the blowout hair tutorials blowing up all over TikTok. (At last count, videos tagged #90sblowout had more than 84 million views on the app.) “[Social media] is really driving the trend,” explained Fekkai founder and CEO, Frédéric Fekkai, referencing Matilda Djerf (TikTok follower count: 1.3 million), an influencer whose signature fluffy blowout has become a frequent subject of viral posts. Jessica Gillin, a stylist at New York’s Jenna Perry Hair, sees her clients’ zeal for fluffy manes as just the latest expression of ’90s and Y2K nostalgia. “Big hair is femininity...it’s also power.”

☆ Eddie Murphy to be honored with the Cecil B. DeMille Award at Golden Globes
▼ + stars: | 2022-12-14 | by ( Chloe Melas | ) edition.cnn.com time to read: +1 min

CNN —Eddie Murphy will be honored with this year’s Cecil B. DeMille Award at the 80th Annual Golden Globe Awards in January. Murphy, who has previously won a Golden Globe, is also a six-time nominee. “We’re honored to present this year’s Cecil B. DeMille Award to the iconic and highly esteemed Mr. Eddie Murphy,” HFPA President, Helen Hoehne said in a statement. “The Banshees of Inisherin” led among film nominees announced Monday by the Golden Globes with eight nominations. The ceremony, which was not broadcast last January over controversy surrounding the HFPA, will return to NBC on Jan. 10.

☆ Citigroup promotes most women ever to MD role- memo
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +1 min

Dec 14 (Reuters) - Citigroup Inc (C.N) promoted over 100 women to the role of managing director, the highest ever for the bank, according to a memo seen by Reuters. For the bank, which named a total of 331 employees in 26 countries to the role, it is "one of the largest and most diverse cohorts" in its history, the memo said. The news, first reported by Bloomberg on Tuesday, highlights the New York-based company's push to improve the representation of women at top levels and encourage diversity. Citigroup became the first major Wall Street bank to appoint a woman, Jane Fraser, as its chief executive last year. Citigroup said in September it aimed to boost global representation of women in assistant vice president to managing director levels to 43.5% in 2025 from the current 40.6%.

☆ Eddie Murphy to receive lifetime achievement award at Golden Globes
▼ + stars: | 2022-12-14 | by ( Lisa Richwine | ) www.reuters.com time to read: +1 min

LOS ANGELES, Dec 14 (Reuters) - Comedian Eddie Murphy will accept a lifetime achievement honor next month at the Golden Globes, the annual ceremony that is trying to restore its reputation in Hollywood after a diversity and ethics scandal. The Hollywood Foreign Press Association, the group that votes on the Globe winners, announced on Wednesday that Murphy would receive the Cecil B. DeMille award to celebrate his contributions to entertainment. Previous DeMille award recipients have included Oprah Winfrey, Meryl Streep, Sophia Loren, Tom Hanks, Jane Fonda and Robert De Niro. The honor for Murphy adds a big name to the Globes telecast on Jan. 10. The Globes were tainted after a 2021 Los Angeles Times investigation probed the HFPA's practices and revealed the organization had no Black members.

Technology stocks rose 3.1% as all sectors and major bourses climbed. The British pound and euro both gained around 1% against the dollar, with sterling hitting a six-month high of 1.242 against the greenback shortly after the announcement. The euro also reached a six-month high of 1.0659. U.S. stocks also moved higher and the 10-year Treasury yield fell below 3.5% after the reading came in. Thursday will also see monetary policy decisions from the Bank of England, European Central Bank and the Swiss National Bank.

☆ Uralsib completes purchase of Citi's Russian consumer loan portfolio
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, Dec 12 (Reuters) - Russian commercial bank Uralsib said on Monday it had completed the acquisition of a portfolio of consumer loans from Citigroup Inc's (C.N) Russian unit, as the major U.S. lender reduces its exposure to Russia on the way to a full exit from the country. "The acquired portfolio includes unsecured consumer loans, which going forward will be serviced by Uralsib Bank from the moment of purchase," Uralsib said in a statement. Privately-owned Uralsib, among Russia's top 30 banks by assets, said the loan portfolio had high credit quality, giving it the opportunity to increase its client base in Moscow and St Petersburg. Citi said in October it would also sell a portfolio of credit card balances, if it secures customers' consent. Citi last year agreed to shed its retail operations in Russia as part of an overhaul led by Chief Executive Jane Fraser.

☆ Mexico president says two bidders remaining for Citi's local retail bank
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Dec 9 (Reuters) - Mexican President Andres Manuel Lopez Obrador said on Friday there are two remaining parties bidding to buy the Mexican retail arm of U.S. banking giant Citigroup . Lopez Obrador expects the bid for one of Mexico's biggest banks to be resolved in the beginning of 2023, he said during a regular news conference. Sources have told Reuters billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX) is battling Daniel Becker's smaller Banca Mifel to buy the lender. Citigroup Chief Executive Officer Jane Fraser has been looking to simplify the firm by selling off some its international operations. Reporting by Valentine Hilaire; Editing by Sarah MorlandOur Standards: The Thomson Reuters Trust Principles.

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