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☆ WWE near deal to be sold to UFC parent Endeavor, sources say
▼ + stars: | 2023-04-02 | by ( Alex Sherman | ) www.cnbc.com time to read: +3 min

Vince McMahon's World Wrestling Entertainment is in advanced talks to be sold to Ari Emanuel's Endeavor Group , the parent company of UFC, according to people familiar with the matter. McMahon, likewise, is expected to be executive chairman, while Endeavor President Mark Shapiro will also work in the same role at the new company. Dana White will remain as president of UFC, while WWE CEO Nick Khan will serve as president of the wrestling business. Paul Levesque, who's both Stephanie McMahon's husband and the wrestler known as Triple H, took over creative duties from Vince McMahon. When Vince McMahon came back in January, Stephanie McMahon stepped down and Khan fully assumed the CEO role.

[1/5] People hold Israeli flags during a demonstration against Israeli Prime Minister Benjamin Netanyahu and his nationalist coalition government's plan for judicial overhaul, in Tel Aviv, Israel April 1, 2023. REUTERS/Ronen ZvulunJERUSALEM, April 1 (Reuters) - Protests against Israeli Prime Minister Benjamin Netanyahu's judicial overhaul showed no sign of abating on Saturday, despite its suspension by the embattled premier this week, as tens of thousands took to the streets to demand it be scrapped entirely. Israeli media estimated more than 150,000 people attended anti-government protests nationwide on Saturday, the largest in commercial hub Tel Aviv. We cannot live in a state that is not democratic," said Limor Moyal, at the Tel Aviv demonstration. Additional reporting by Natalie Thomas in Tel Aviv Writing by Maayan Lubell Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Is Jamie Dimon the most powerful person in finance?
▼ + stars: | 2023-03-31 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Insider's Carter Johnson has a story on one executive whose profile continues to rise: Jamie Dimon. Carter's story got me thinking: Who's the most powerful person in finance? Warren Buffett: Before you jump down my throat, realize this is a list of the most powerful people in finance not on Wall Street. Place your vote here — or name someone else — for who you think is the most powerful person in finance. The bank was hit with a nearly $100 million fine for letting a foreign bank make prohibited transactions, The Wall Street Journal reports.

☆ Watch CNBC's full interview with Ariel's Charlie Bobrinskoy and Evercore's Julian Emanuel
▼ + stars: | 2023-03-30 | 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 Ariel's Charlie Bobrinskoy and Evercore's Julian EmanuelCharlie Bobrinskoy from Ariel investments and Julian Emanuel from Evercore ISI join 'Closing Bell Overtime' to discuss investment in high quality bank stocks, further concerns about the banking system, and the recession debate.

☆ Leaked org chart shows the 15 most important leaders in Google's AI division as it races to catch Microsoft
▼ + stars: | 2023-03-30 | by ( Hugh Langley | ) www.businessinsider.com time to read: +4 min

Central to those efforts is its Research and AI group, led by senior vice president Jeff Dean. An internal org chart seen by Insider shows the 14 other leaders under Dean who drive Google's efforts to catch the sudden success of OpenAI. Jeff Dean, senior vice president, Google AI Thomas Samson/Getty ImagesReporting directly to Dean is Eli Collins, a VP leading work on Google's ChatGPT competitor, Bard. Collins also works on AI Test Kitchen, an app that gives select users access to some of Google's latest AI demos. Jay Yagnik, VP of research, oversees the biggest number of employees within Dean's organization.

☆ Banking system still has fragility that didn't exist a month ago, says Evercore ISI's Julian Emanuel
▼ + stars: | 2023-03-30 | 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 EmailBanking system still has fragility that didn't exist a month ago, says Evercore ISI's Julian EmanuelCharlie Bobrinskoy from Ariel investments and Julian Emanuel from Evercore ISI join 'Closing Bell Overtime' to discuss investment in high quality bank stocks, further concerns about the banking system, and the recession debate.

☆ Inside a shake-up at the world's 'most feared law firm'
▼ + stars: | 2023-03-30 | by ( Casey Sullivan | ) www.businessinsider.com time to read: +30 min

It's been a tumultuous period for Quinn and the storied law firm he built over the past 37 years — now the world's largest litigation firm with hourly rates that can be north of $2,000. But behind the scenes, a shift at QE has been the talk of elite law firm circles. Indeed, the firm – known as a singular, even freewheeling, institution that brands itself as the "#1 Most Feared Law Firm in the World" — may appear to be less in the image of its founder as a generational shift brings changes. "We all thought it was important that the world understands this is not a one generation law firm." One former firm partner in California says he believes Quinn's inner circle generally got better deals.

☆ The second day of Tesla's racial bias trial included testimony from a former worker who said he found feces on a factory cart
▼ + stars: | 2023-03-29 | by ( Grace Kay | ) www.businessinsider.com time to read: +6 min

It was part of a retrial for an ex-contractor who filed a racial discrimination lawsuit against Tesla. Wheeler was one of a handful of former Tesla workers that testified on Tuesday regarding their experience as Black workers at Tesla's Fremont factory. Wheeler said that the incident occurred one evening during his night shift at the factory after he took a 30-minute break. Wheeler had testified about the alleged incident in the initial trial in 2021. His complaints echo similar lawsuits from other Tesla factory workers.

☆ Beware these debt-heavy stocks in your portfolio as borrowing costs rise
▼ + stars: | 2023-03-27 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

That leaves companies with high debt, accustomed to low financing costs, facing refinancing risks, Evercore ISI analyst Julian Emanuel said. Here are some of the names Evercore ISI said could be hurt by a material change in borrowing and business conditions. Carvana's short-term debt is 20.4% of its total debt and its net debt to equity is 503.6%. Meanwhile, Duke Energy 's short-term debt is 10.9% of its total debt and its net debt to equity is 107.3%, according to Evercore ISI. Lastly, Walgreens Boots Alliance 's short-term debt is 17.1% of its total debt and its net debt to equity is 115.2%.

☆ Bond giants Pimco and Invesco are facing losses of hundreds of millions on rotten Credit Suisse debt
▼ + stars: | 2023-03-25 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Bond giants Pimco and Invesco lost hundreds of millions of dollars, according to data from Bloomberg. They held Credit Suisse's AT1 bonds – which were marked down to zero by the Swiss regulator a week ago. FINMA, which is Switzerland's top financial regulator, marked the value of all Credit Suisse AT1s down to zero when UBS's takeover of the struggling bank was confirmed. Pimco had $807 million worth of Credit Suisse CoCos written off when the bank was rescued, according to Bloomberg – while Invesco held around $370 million worth of AT1 debt at the time of the takeover. Here's what you need to know about AT1 bonds.

☆ Miramax launched a film development team to resurrect its blockbuster-rich heyday. But a string of key departures has hobbled the vision and frustrated some Hollywood creatives.
▼ + stars: | 2023-03-24 | by ( Reed Alexander | ) www.businessinsider.com time to read: +7 min

Miramax built out a film development team early in the pandemic to bring in new projects and filmmakers. "He's the perfect leader to take the Miramax film team into this next chapter." Hammer's credits as a production executive include "Last Vegas" and "Inside Llewyn Davis." The first source said the film development team had worked to turn the company's reputation around by emphasizing relationships with respected filmmakers. But this person and an independent producer familiar with the Hollywood landscape, agreed that Miramax is no longer a top player in film development.

☆ Bank fears will likely lead to even more market volatility in the week ahead
▼ + stars: | 2023-03-24 | by ( Patti Domm | In | ) www.cnbc.com time to read: +8 min

Market turbulence could reign supreme once again in the week ahead, as investors worry about the potential for more trouble rippling through the banking system. The broader market was initially under pressure Friday as investors became jittery about Deutsche Bank . "The market is saying: 'You, the Fed, do not appreciate the slowdown that is going to hit us,'" Chandler said. "The market is going to do a lot better and it held onto its gains despite all the things that rocked the market. He added that market concern about banks has risen, and there is concern credit tightening will hurt the economy.

LONDON, March 23 (Reuters) - Credit Suisse (CSGN.S) bondholders are seeking legal advice after the Swiss regulator ordered 16 billion Swiss francs ($17.5 billion) of Additional Tier-1 (AT1) debt to be wiped out under its rescue takeover by UBS (UBSG.S). Not only did bondholders expect protection, but UBS is paying $3.23 billion to Credit Suisse shareholders. One Paris-based manager of a debt fund that held Credit Suisse AT1s said he had been "spammed" with emails from lawyers. Facing any challenge could be Credit Suisse, its new owner UBS, Swiss regulator FINMA or the Swiss government. It also cited an emergency March 19 ordinance which it said authorised FINMA to instruct Credit Suisse to write off the bonds.

LONDON, March 21 (Reuters) - Distressed debt investors and large hedge funds are buying up Credit Suisse (CSGN.S) additional tier-1 bonds at rock-bottom prices after they were written down to zero in the Swiss bank's rescue by cross-town rival UBS (UBSG.S). AT1 bonds issued by other European banks tumbled on Monday as the treatment of Credit Suisse AT1 bondholders highlighted the risks of this type of debt. Buyers have included a mixture of hedge funds and deep distressed debt funds, which Southey expected would need to hold the bonds for an extended period before they paid off. Some of those buyers intend to join groups that would litigate to improve odds on cashing in on the bonds, Southey said. "It's quite possible that we will see demand from buyers of subordinated bank debt to have more explicit protections written into these bond prospectuses in the future."

March 21 (Reuters) - Investors on Tuesday took some heart from the rescue of troubled lender Credit Suisse by its Swiss rival UBS (UBSG.S), though concerns lingered about the risk of shockwaves further damaging credit markets and smaller U.S. banks. "The current situation in U.S. regional banks and Credit Suisse has raised concerns about contagion risk," said Grace Tam, chief investment advisor Hong Kong at BNP Paribas Wealth Management. Credit Suisse CEO Ulrich Koerner, who was expected to attend the conference, however, dropped out and the event was closed to media after the weekend rescue. Shares in First Republic Bank (FRC.N) halved on Monday on worries that last week's $30 billion infusion of capital would not be enough. The regulators said owners of this type of debt would only suffer losses after shareholders have been wiped out - unlike at Credit Suisse, whose main regulators are in Switzerland.

☆ PIMCO lost $340 mln with Credit Suisse AT1 bonds write-off - source
▼ + stars: | 2023-03-21 | by ( Davide Barbuscia | ) www.reuters.com time to read: +2 min

Credit Suisse's (CSGN.S) Additional Tier 1 (AT1) bonds in PIMCO’s mutual funds had been worth about $340 million on Friday, the source familiar with the matter said. PIMCO's current holdings of Credit Suisse bonds, excluding the AT1 debt, were worth over $4 billion, said the source, who was speaking on condition of anonymity. Some Credit Suisse bonds rallied on Monday after the state-backed rescue of the embattled lender. AT1 bonds issued by other European banks, instead, fell sharply on Monday as the treatment of Credit Suisse AT1 bondholders highlighted the risks of investing in these securities. Meanwhile, law firm Quinn Emanuel Urquhart & Sullivan said it was talking to a number of Credit Suisse AT1 holders about possible legal action.

☆ Credit Suisse bondholders prepare lawsuit after contentious $17 billion writedown
▼ + stars: | 2023-03-21 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

A sign of Credit Suisse bank is seen at their headquarters in Zurich on March 20, 2023. A number of Credit Suisse bondholders said Tuesday that they were considering legal action after $17 billion of the bank's additional tier-one (AT1) bonds were wiped out as part of its emergency sale to UBS . David Benamou, chief investment officer at Axiom Alternative Investments and a holder of Credit Suisse AT1 bonds, told CNBC on Tuesday that he would be joining the lawsuit along with, he imagined, "probably most bondholders." Was Credit Suisse failing? The Credit Suisse write-down represents the largest loss ever inflicted on AT1 investors since their inception.

☆ Inside the demise of Vice, from turning away a $3.5 billion Disney offer to a 'painful' downward spiral that has the media giant scrambling for a buyer
▼ + stars: | 2023-03-21 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +19 min

The talks fizzled, Disney backed off, and Smith set off for California to drum up other interest in Vice Media. Vice Media Group co-CEOs Bruce Dixon, left, and Hozefa Lokhandwala. Vice Media GroupOne former Vice insider familiar with the current situation told Insider that staffers were warning vendors they needed to threaten to stop work in order to get paid. Just a few months later, Rupert Murdoch tweeted, "Who's heard of Vice Media? Refinery29 quickly lost key staff and was not well integrated into Vice Media, the two former staffers said.

☆ Canada's banking regulator reaffirms creditor hierarchy after Credit Suisse deal angers bondholders
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

March 20 (Reuters) - Canada's banking regulator said on Monday that those who hold Additional Tier 1 (AT1) and Tier 2 debt will be entitled to a more favorable outcome if a bank runs into trouble. If a bank reaches the point of "non-viability", common shareholders of the bank will be the first to suffer losses, the Canadian regulator said. It means AT1 bondholders appear to be left with nothing while shareholders, who usually rank below bondholders in terms of who gets paid when a company collapses, will receive $3.23 billion under the deal. Lawyers from Switzerland, the United States and UK are talking to a number of Credit Suisse AT1 bond holders about possible legal action, law firm Quinn Emanuel Urquhart & Sullivan said on Monday. ($1 = 0.9285 Swiss franc)Reporting by Niket Nishant in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Some $17 billion worth of AT1 Credit Suisse bonds will be written down to zero on the orders of the Swiss regulator as part of a rescue merger with UBS (UBSG.S). Under the deal, holders of Credit Suisse AT1 bonds will get nothing, while shareholders, who usually rank below bondholders in terms of who gets paid when a bank or company collapses, will receive $3.23 billion. AT1 bonds issued by other European banks fell sharply on Monday as the treatment of Credit Suisse AT1 bondholders highlighted the risks of investing in this type of debt. AT1 bonds act as shock absorbers if a bank's capital levels fall below a certain threshold. Meanwhile, law firm Quinn Emanuel Urquhart & Sullivan said it was talking to a number of Credit Suisse AT1 holders about possible legal action.

LONDON, March 20 (Reuters) - Lawyers from Switzerland, the United States and UK are talking to a number of Credit Suisse (CSGN.S) Additional Tier 1 (AT1) bond holders about possible legal action after the state-backed rescue of Credit Suisse by UBS (UBSG.S) wiped out AT1 bonds, law firm Quinn Emanuel Urquhart & Sullivan said on Monday. Quinn Emanuel said it was in discussions with Credit Suisse AT1 bondholders representing a "significant percentage" of the total notional value the instruments. PIMCO had 3.49% of its 5.66 billion euro ($6.06 billion) GIS Capital Securities Fund in Credit Suisse AT1 bonds, the Morningstar data showed. Lazard Asset Management had 7.4% of its 1.45 billion euro Lazard Capital Fi SRI fund allocated to Credit Suisse AT1 debt. GAM's 1.15 billion euro Star Credit Opportunities fund's exposure to Credit Suisse AT1 debt was 4.81% at the end of last month, based on the Morningstar data.

☆ Possible legal action by some Credit Suisse AT1 bondholders discussed - law firm
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 20 (Reuters) - A team of lawyers from Switzerland, the United States and UK are talking to a number of Credit Suisse (CSGN.S) Additional Tier 1 (AT1) bond holders about possible legal action after the state-backed rescue of Credit Suisse by UBS wiped out AT1 bonds, law firm Quinn Emanuel Urquhart & Sullivan said on Monday. Quinn Emanuel said they are in discussions with Credit Suisse AT1 bond holders representing a "significant percentage" of the total notional value the instruments. Just over $17 billion worth of Credit Suisse bonds, known as Additional Tier 1 or AT1, debt will be written down to zero on the orders of the Swiss regulator as part of a merger. A call for bondholders is likely to be convened to take place on Wednesday, 22 March, Quinn Emanuel said. Reporting by Chiara Elisei and Karin Strochecker; Editing by Dhara RanasingheOur Standards: The Thomson Reuters Trust Principles.

☆ France's Macron faces another test with parliamentary votes on Monday
▼ + stars: | 2023-03-19 | by ( Dominique Vidalon | ) www.reuters.com time to read: +3 min

However, while Monday's votes may put on display anger at Macron's government, they are unlikely to bring it down. Opposition lawmakers filed two motions of no-confidence in parliament on Friday. Centrist group Liot proposed a multiparty no-confidence motion, which was co-signed by the far-left Nupes alliance. Hours later, France's far-right National Rally party, which has 88 National Assembly members, also filed a no-confidence motion. None of them had sponsored the first no-confidence motion filed on Friday.

"Meta's discovery gluttony confirms its request of eBay is not worthy of the burden Meta seeks to impose," eBay's lawyers told the California court. EBay's Quinn Emanuel attorneys derided Meta as a "litigant that has completely disregarded the bounds of reason and proportionality" in seeking information from third parties. A representative from eBay and its attorneys at Quinn Emanuel did not immediately respond to requests for comment. Lawyers for eBay contend the company doesn't compete with Meta on social networking but does face off over the Facebook Marketplace e-commerce service. The case is Federal Trade Commission v. Meta Platforms Inc, U.S. District Court, Northern District of California, No.

☆ Stocks are bouncing but market will soon face next big hurdle
▼ + stars: | 2023-03-14 | by ( Patti Domm | In | ) www.cnbc.com time to read: +5 min

Strategists see the Federal Reserve's policy meeting next Tuesday and Wednesday as the next big hurdle for markets, barring any other unexpected developments. Traders in the futures market upped their bets Tuesday to a more than 70% chance that the Fed raises interest rates by a quarter point on March 22. Regional bank stocks rose sharply Tuesday after being crushed on fears there could be more bank failures, following the rapid collapse of Silicon Valley Bank and Signature Bank. The central bank will also release forecasts after that meeting, including new outlooks for interest rates and inflation. "Something pretty darn significant just broke as a result of higher rates," said Lori Calvasina, head U.S. equity strategist at RBC.

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