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☆ Private bankruptcy filings are blowing past their COVID-era peaks as credit stress builds for small businesses
▼ + stars: | 2023-04-01 | by ( Carla Mozée | ) www.businessinsider.com time to read: +5 min

Private bankruptcy filings this year have surpassed a peak set in the early stage of the pandemic, UBS said. So far in 2023, private bankruptcy filings have outstripped a peak set in the early stage of the COVID pandemic by a wide margin. Bankruptcy hot spots include the real estate industry, which has led this year's increase in private bankruptcy filings. The UBS Evidence Lab Corporate Bankruptcy Monitor tracks US corporate chapter 7, 11, and 15 bankruptcy filings. After sifting through data, UBS outlined several takeaways, including that private bankruptcy filings are led by the real estate, chemicals, healthcare, and retail industries.

☆ ABC News staffers were stunned at the departures of veteran colleagues and 'outraged' about how the exits were handled
▼ + stars: | 2023-04-01 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +6 min

Some ABC News staff were in tears on Thursday after layoffs of respected news veterans. Kim Godwin has made positive changes as ABC News president and has faced a string of complex situations. ABC News staffers are in shock over the departure of multiple senior-level colleagues, most notably Wendy Fisher, SVP news gathering. ABC News alone lost 50 staffers on Thursday as part of the slim-down and a leadership reorganization by division President Kim Godwin. A second ABC News insider said it was unprecedented to dismiss longtime veterans in such a manner.

☆ Wall Street wants to lend to Hollywood, and that could be bad news for the rest of us
▼ + stars: | 2023-03-30 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Today, we've got stories on an upheaval within BlackRock's communications department, a debate over the merits of the man bun on Wall Street, and why I'm not intimidated by Gen Z anymore. Insider's Rebecca Ungarino and Reed Alexander have a story on private lenders looking to make investments in media and entertainment. Hollywood has long represented an interesting investment opportunity for Wall Street, but lending to the industry is an interesting twist. As Reed pointed out in a follow-up story, Wall Street is keen to apply artificial-intelligence tools to identify projects worth greenlighting. And here's more on why Wall Street is so high on the entertainment industry leveraging AI.

Hong Kong island and Victoria Harbour cityscape, viewed from Victoria Peak. In the foreground, the Bank of China tower and Cheung Kong Center skyscrapers. Asia-Pacific markets were trading mixed on Thursday with Hong Kong looking to extend its gains. On Wednesday, Hong Kong markets gained over 2%, led by China's tech giant Alibaba on news of its major shakeup. South Korea's Kospi was up fractionally, while the Kosdaq index gained 0.54%.

That should unlock value for weary shareholders, and please regulators and politicians keen to control strategic businesses. The restructuring will give each of Alibaba’s six businesses, which include its core commerce division, as well as cloud computing, games and logistics units, their own chief executive and board of directors. Investors promptly added nearly $23 billion, or 10%, to the New York-listed company’s market value, now at $250 billion, following Tuesday’s announcement. The $460 billion video-game giant also operates in sensitive areas like online media, cloud computing and mobile payments. Daniel Zhang will continue to serve as chairman and chief executive of Alibaba, which will follow a holding company management model, and concurrently serve as CEO of Cloud Intelligence.

☆ Oscar Health CEO shakeup: Mark Bertolini to take over April 3
▼ + stars: | 2023-03-28 | 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 EmailOscar Health CEO shakeup: Mark Bertolini to take over April 3Mark Bertolini, incoming Oscar Health CEO, and Mario Schlosser, co-founder and outgoing Oscar Health CEO, joins 'Squawk Box' to discuss why Schlosser decided to let go of executive control, Bertolini's first plans when he takes over as CEO and more.

☆ US corporates and China hug awkwardly in Beijing
▼ + stars: | 2023-03-27 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +4 min

The final quarter saw a slight rebound, but American FDI into China has been slowing for years. Despite their suspicions of the U.S. government, Chinese officials don’t want American capitalists to stop investing in the country because their firms create jobs, bring technology and best practices. Anecdotal evidence suggests even in harmless industries like textiles and market research, decoupling is becoming the default American investment thesis. If China surprises by dramatically boosting internal demand, U.S. executives and their shareholders will be placated. Cook is in Beijing to attend the China Development Forum, a flagship investment conference organised by the government and held March 25-27.

Hong Kong/Beijing CNN —Jack Ma, the billionaire founder of Alibaba (BABA) and once one of China’s most prominent entrepreneurs, has made a rare public appearance in the country. Ma visited the city of Hangzhou and was seen meeting with students and teachers at the Alibaba-funded Yungu School. That intervention by regulators followed a speech from Ma in which he criticized China’s banks and financial regulators. In a statement to CNN about the trip, the Jack Ma Foundation said the Alibaba founder “travels very often in China and overseas.”“Mr. He paid a visit to Hangzhou Yungu School today and had a chat with teachers there on education,” a spokesperson said.

With markets increasingly volatile, BMO Capital Markets thinks investors should turn to a two-way strategy that provide returns and protection at the same time. The S & P 500 gained more than 1% last week, but it wasn't a smooth ride. Given this uncertain backdrop, BMO suggests relying on a dual-tiered approach encompassing growth at a reasonable price strategy, or "GARP," and a dividend growth barbell. The firm compiled a list of outperform-rated stocks that fit into the GARP or dividend growth themes. CF Industries and ConocoPhillips were also highlighted by BMO under their dividend growth strategy.

☆ Lyft announces new CEO, says co-founders will step aside from management positions
▼ + stars: | 2023-03-27 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +2 min

CNN —Lyft announced on Monday that Amazon veteran David Risher will join as chief executive next month, and that co-founders Logan Green and John Zimmer will step down from their management positions at the ride-hailing company. Green, who is currently the CEO, will be succeeded by Risher effective April 17, the company said in a statement. Both Green and Zimmer will stay on at Lyft in non-executive roles as chair and vice chair of the Lyft board, respectively. Lyft (LYFT) emphasized Risher’s management experience at Amazon (AMZN) and Microsoft (MSFT), though he has not worked at either in two decades according to his LinkedIn profile. He was the 37th employee of Amazon (AMZN), and went on to become the e-commerce giant’s first head of product and head of US retail, according to a statement from Lyft (LYFT).

☆ Exclusive: Biden nominee to head FAA withdraws after Republican criticism
▼ + stars: | 2023-03-26 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

WASHINGTON, March 25 (Reuters) - U.S. President Joe Biden's nominee to head the Federal Aviation Administration (FAA) is withdrawing his nomination after Republican criticism that he was not qualified to serve as the top aviation regulator. Last year, Biden nominated Denver International Airport CEO Phil Washington to serve as FAA administrator. A White House official had earlier told Reuters "politics must not hold up confirming an administrator to lead the FAA, and we will move expeditiously to nominate a new candidate for FAA administrator." Some industry officials think the White House could name acting FAA Administrator Billy Nolen as a new nominee. Nolen, who was named head of the FAA's aviation safety office, has been the acting FAA administrator since April 2022 and has received backing from many Republicans in Congress.

☆ Challenger wins UAW labor union presidency, vows reforms
▼ + stars: | 2023-03-25 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, March 25 (Reuters) - Shawn Fain on Saturday won the race for United Auto Workers president, narrowly defeating incumbent head Ray Curry in a shakeup for the Detroit-based labor union. Labor contracts with Detroit's Big Three automakers expire in September and Fain has vowed to take a tough line with them. The UAW is working to organize new battery plants and members worry that shifting to electric vehicles will cost jobs. The UAW won a key victory in December, when workers at an Ohio General Motors-LG Energy (373220.KS) battery cell factory voted to join the union. The union has unsuccessfully sought to organize workers at foreign-based U.S. auto plants including Volkswagen (VOWG_p.DE) and Nissan (7201.T).

☆ Challenger wins United Auto Workers presidency vowing reforms
▼ + stars: | 2023-03-25 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, March 25 (Reuters) - Shawn Fain narrowly won the race as United Auto Workers president, narrowly defeating the current union head Ray Curry in a shakeup for the Detroit-based union. Curry said in a statement Fain will be sworn in Sunday, a day ahead of the start of the union's bargaining convention. Fain has vowed to take a tough line in contract talks with the Detroit Three automakers. The UAW won a key victory in December, when workers at an Ohio General Motors (GM.N)-LG Energy (373220.KS) battery cell factory voted to join the union. Reporting by David Shepardson Editing by Marguerita Choy and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

☆ Swiss banking, known for its secrecy, gets put in the spotlight
▼ + stars: | 2023-03-21 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Credit Suisse stock plummeted on Wednesday during the bank's largest one-day selloff to date. UBS begrudgingly agreeing to acquire rival Credit Suisse has put Swiss banking on center stage. Credit Suisse has stumbled through its fair share of crises in recent years. The sale of Credit Suisse for $3.2 billion begs the question: What the hell are neobanks worth? If a long-established, albeit beleaguered, investment bank was sold at such a discount, then what could a digital-only consumer bank really go for?

☆ The S&P 500 is acting as though the bank crisis 'never happened.' 'Fast Money' traders urge caution
▼ + stars: | 2023-03-21 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Those worries eased Tuesday following comments from Treasury Secretary Janet Yellen saying the government will step in if needed to guard the banking sector against further crises. Regional bank stocks surged, and all three of the major indexes notched their second consecutive day of gains. Regardless, "Fast Money" traders were skeptical of the rally, noting the Fed will have to navigate battling higher inflation against a weaker economic outlook. The S & P 500 seems to be trading as if the shakeup in the banking sector "never happened," said Guy Adami of Private Advisor Group. "Because I will tell you, as much as you think these bank problems are over, I don't necessarily think they are."

☆ From spying to Swiss bailout: How years of turbulence at Credit Suisse came to a head
▼ + stars: | 2023-03-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

The logo of Swiss bank Credit Suisse is seen at an office building in Zurich, Switzerland February 21, 2022. The announcement that Credit Suisse would borrow up to 50 billion Swiss francs ($54 billion) from the central bank came after consecutive sessions of steep drops in its share price. It made Credit Suisse the first major bank to receive such an intervention since the 2008 Global Financial Crisis. Scandals Credit Suisse is currently undergoing a massive strategic overhaul in a bid to address these chronic issues. These oversight failures resulted in a massive shakeup of Credit Suisse's investment banking, risk and compliance and asset management divisions.

☆ People are pouring cash into money market funds at the highest rate since the start of COVID as depositors flee banking turmoil
▼ + stars: | 2023-03-17 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Money market funds drew in the most cash since early 2020 as depositors sought safety during a shakeup in the banking industry. About $121 billion was poured in money market funds over the past week, the Investment Company Institute said. Last week's shutdown of Silicon Valley Bank was the first bank seizure since 2008. For the week that ended on Wednesday, $120.93 billion flew into money market funds, the Investment Company Institute said Friday. The push of cash into money market funds resulted in a record $5.01 trillion in total assets tracked by ICI.

☆ Stock futures are flat after banks bolster deposits at First Republic: Live updates
▼ + stars: | 2023-03-16 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

U.S. stock futures were flat on Thursday night. S&P 500 and Nasdaq 100 futures dipped 0.03% and 0.09%, respectively. Shares of First Republic Bank slid about 24% in after-hours trading, a sharp reversal from its nearly 10% surge in the regular session. These gains came after a group of banks said it would aid First Republic with $30 billion in deposits as a sign of confidence in the banking system. We urge people to be a little bit cautious, particularly until we hear what the Fed has to say," Hatfield added.

☆ Gap announces big loss, declining sales and executive shakeup
▼ + stars: | 2023-03-09 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +5 min

Gap reported sales of $4.24 billion, down 6% from $4.53 billion a year earlier. Online sales, which represent 41% of total net sales, plummeted 10% compared to last year, the company said. It expected first quarter net sales to decrease in the mid-single digit range compared to the prior fiscal year and expects fiscal 2023 net sales to decrease in the low to mid-single digit range. Overall, net sales for the year dropped to $15.62 billion compared to $16.67 billion in the prior fiscal year. Net losses for the year came in at $202 million, compared to a net income of $256 million in the prior fiscal year.

☆ Allbirds admits missteps, unveils new strategy after brutal holiday quarter
▼ + stars: | 2023-03-09 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +2 min

A woman walks past an Allbirds store in the Georgetown neighborhood of Washington, D.C., on Tuesday, Feb. 16, 2021. The company is betting its new strategy will reignite growth, improve capital efficiency and drive profitability in the coming years. The company said its most recent quarter was hurt by a "disappointing" holiday season. While full year net revenue increased by 7% to $297.77 million, Allbirds' net losses in its first full year as a public company ballooned to $101.35 million, more than double the $45.37 million in losses it recorded in 2021. Gross margins in the quarter decreased to 43.1% compared to 50.2% in the year ago period as selling, general and administrative expenses jumped to $41.6 million, compared to $36.7 million in the fourth quarter of 2021.

☆ China's State Council shakeup aims to counter rising US tech restrictions and financial risks
▼ + stars: | 2023-03-08 | by ( Laura He | ) edition.cnn.com time to read: +6 min

“These proposed institutional changes reflect key focus areas of Chinese policymakers in the next few years, namely improving financial regulation coordination to enhance financial stability,” Goldman Sachs analysts said on Wednesday. Among the changes announced Tuesday during the annual gathering of the National People’s Congress, Beijing will set up a new powerful financial regulator: the National Financial Regulatory Administration (NFRA). VCG/Getty ImagesA super regulatorChina’s financial system has traditionally been jointly overseen by the People’s Bank of China, the CBIRC and the China Securities Regulatory Commission (CSRC). The new regulator is meant to “better manage risks” in the financial system and strengthen the supervision of “institutions, behaviors, and functions,” the government proposal said. The move comes as risks to the stability of China’s financial system are rising amid a housing market slump and economic slowdown.

☆ Factbox: What is China's new government restructuring plan?
▼ + stars: | 2023-03-08 | by ( Laurie Chen | ) www.reuters.com time to read: +5 min

The restructured ministry will be overseen by a newly created Communist Party body, the Central Science and Technology Commission, strengthening party oversight of science and technology policy. A new national data bureau will be responsible for coordinating the sharing and development of data resources, as well as planning the digital economy and promoting initiatives. Since taking power in 2012, Xi has established several new central party committees overseeing multiple ministries, which report directly to him. Analysts expect the party reforms to be revealed soon after the NPC concludes its meetings on Monday. A top-level party financial watchdog, the Central Financial Work Commission, is likely to be resurrected after the NPC, sources earlier told Reuters.

☆ Stock futures are flat Tuesday night following a selloff fueled by Powell’s comments: Live updates
▼ + stars: | 2023-03-07 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

The action comes after a selloff spurred by Federal Reserve Chairman Jerome Powell's comments indicating interest rates may need to go higher for longer. Dow Jones Industrial Average futures ticked higher by 2 points, or 0.01%. S&P 500 and Nasdaq 100 futures slipped by 0.04% and 0.05%, respectively. The shakeup in markets came after Fed Chair Powell spoke before the Senate Banking, Housing and Urban Affairs Committee. January's job openings and labor turnover data is due, as is the ADP jobs report for February.

☆ NPC 2023: Xi Jinping hits out at US as he urges China's private firms to 'fight' alongside Communist Party
▼ + stars: | 2023-03-07 | by ( Laura He | ) edition.cnn.com time to read: +5 min

“The private sector is an important force for our party to govern in the long term,” Xi said. Business confidence has plummeted following an unprecedented regulatory crackdown on the private sector and increasing uncertainties about China’s future path. Major contributorThe private sector, despite being dwarfed in size by the state sector, contributes more than 60% to China’s GDP and over 80% of employment, according to official statistics. It’s also necessary to protect the property rights of private companies and entrepreneurs and treat state firms and private companies equally, so as to “boost market expectations and confidence,” he said. “[We should] let private companies play an important role in stabilizing employment and increasing [government] income,” he said.

☆ In Selma, Biden presses for voting rights on 'Bloody Sunday' anniversary
▼ + stars: | 2023-03-06 | by ( Jeff Mason | ) www.reuters.com time to read: +4 min

SELMA, Alabama, March 5 (Reuters) - President Joe Biden pressed for the passage of measures to strengthen U.S. voting rights during a visit to Selma, Alabama, on Sunday to commemorate the 58th anniversary of "Bloody Sunday," when state troopers beat peaceful protesters marching against discrimination. It also came as his efforts to pass voting rights legislation have stalled in Congress. Coverage of the brutality of that day against the marchers, including John Lewis, a Black civil rights activist who went on to become a U.S. congressman, shocked the nation and helped spark the 1965 Voting Rights Act. DeSantis recently rejected an Advanced Placement high school course in African American studies claiming that it contained a political agenda, drawing criticism from civil rights leaders and educators. In January, Biden spoke at the Atlanta church of slain civil rights leader Martin Luther King Jr.Biden's visit to Selma follows Vice President Kamala Harris's trip there last year for the anniversary of the march.

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