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☆ Explainer: Oil price surge changes ECB narrative only at the margins
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +4 min

The following examines how higher crude prices - which jumped around 5.5% on Monday following the OPEC+ decision - could impact ECB policy. IS AN OIL PRICE SURGE INFLATIONARY? Part of the issue is that high energy prices slow growth further out and thus become deflationary because they reduce households' and businesses' purchasing power. "The case for more ECB rate hikes is still intact," UniCredit said in a note. If high energy prices spook the Fed, rate-cut bets will unwind and push up the dollar.

☆ Premarket stocks: How big of a problem is greedflation?
▼ + stars: | 2023-03-29 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

“Executives at SVB and Signature [Bank] took wild risks and must be held accountable for exploding their banks,” Warren said. Republican Senators say the Fed’s focus on climate change led to banking turmoilRepublican Senators repeatedly insinuated on Tuesday that the recent US banking turmoil came as a result of the Federal Reserve’s focus on climate change. In his opening statement, Republican Sen. Tim Scott of South Carolina, the ranking member of the banking committee, called the Fed’s focus on climate change a waste of time. It’s what our supervisors do all the time.”In an interview with Montana Public Radio in 2014, Daines said that “the jury’s still out” on whether climate change is real. The public reasonably expects supervisors to require that banks understand, and appropriately manage, their material risks, including the financial risks of climate change.”

Diverse hiring helps life insurance companies connect with underserved communities. Life insurance companies are focusing on community and product development. Many of the largest insurance companies have historically denied Black applicants, given them lower-value life insurance than white applicants who paid the same amount, and engaged in other discriminatory activity. Research from William G. Gale, a Brookings Institution economics expert and co-author of "Racial Discrimination in Life Insurance," found that while Black families were 3% more likely than their white counterparts to have a life insurance policy, the differences in inheritances (often including life insurance payouts) accounted for 10-20% of the wealth gap. Aside from eliminating blatantly discriminatory underwriting, Guardian Life has opened the door to life insurance for people with HIV.

☆ 'The first bank crisis of the Twitter generation': The pressure on banks is very different from 2008
▼ + stars: | 2023-03-27 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +6 min

It is "unlikely" that European banks will undergo anything as serious as in 2008, according to economists. But a banking crisis today would look very different from 15 years ago thanks to social media, online banking, and huge shifts in regulation. This is "the first bank crisis of the Twitter generation," Paul Donovan, chief economist at UBS Global Wealth Management, told CNBC earlier this month, in reference to the collapse of Credit Suisse . watch nowRegulators shuttered Silicon Valley Bank on March 10 in what was the biggest U.S. bank collapse since the global financial crisis in 2008. Risk in the banking system today is significantly less than it has been at any time over the last 20 or 30 years.

Food prices soared 18.2% through the year to February, the sharpest rise since the late 1970s. The latest figures could make it more likely that the Bank of England hikes interest rates again when it meets Thursday. "It's still a very close call, but these figures give us a bit more confidence in our forecast that the Bank will raise interest rates from 4% to 4.25% tomorrow." The data complicates the central bank's decision over whether it should raise rates for the 11th consecutive time Thursday — and makes it harder for the government to deliver on its January pledge to halve inflation this year. Wages rose 6.5% in January compared with a year prior, far below the inflation rate both that month and in February.

☆ Lindsay Lohan, Jake Paul and other celebrities charged $400,000 for violating crypto rules
▼ + stars: | 2023-03-22 | by ( David Goldman | ) edition.cnn.com time to read: +2 min

New York CNN —The Securities and Exchange Commission on Wednesday charged Lindsay Lohan, Jake Paul and several other celebrities with failing to disclose that they were paid to promote crypto. The celebrities agreed to pay $400,000, including fines, and return what they were paid for the promotion. For their violations, Lohan agreed to pay $30,000 in fines in addition to the $10,000 she earned for the promotion. Paul agreed to pay $75,000 in fines on top of the $25,000 he earned. “At the same time, Sun paid celebrities with millions of social media followers to tout the unregistered offerings, while specifically directing that they not disclose their compensation.”

London CNN —Consumer prices in the United Kingdom jumped by 10.4% in February compared with a year ago, as food inflation hit its highest level in more than 45 years and restaurants charged more for alcohol, official data showed Wednesday. Food inflation hit a new record high, with prices rising 18.2% through the year to February, up from 16.8% in January. The ONS said soaring food prices were partly caused by shortages of some salad and vegetable items, which led to rationing by supermarkets. Inflation had been falling since hitting a 41-year high of 11.1% in October, largely driven by the lower cost of motor fuels. Analysts say the surprise increase in prices makes it more likely the Bank of England will hike interest rates again when it meets Thursday.

☆ Ukraine is betting big on a bloody battle for a ruined town, but the gamble could break its ability to drive Russia back
▼ + stars: | 2023-03-21 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +8 min

The bloody battle of Bakhmut continues to wage as Russia and Ukraine both face mounting losses. Ukrainian losses in Bakhmut could hinder a more strategically critical counteroffensive in the future. Yet, despite the resources committed to the battle from both sides, Bakhmut remains a minimally-important city, strategically speaking. "The best estimates we have are that the Russian military and Wagner Group are a spent force," D'Anieri said. A tank carrying Ukrainian soldiers who have returned from the frontline passes along a street in Chasiv Yar, Ukraine.

☆ This is the first banking crisis of the Twitter era, economist says
▼ + stars: | 2023-03-17 | 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 EmailThis is the first banking crisis of the Twitter era, economist saysPaul Donovan, chief economist at UBS Global Wealth Management, discusses how the banking sector has changed since the global financial crisis, including the impact of social media.

"With there being so much more to life than only achieving retirement, lifestyle investing focuses on using your assets to achieve your specific life goals." But Deer notes that lifestyle investing also capitalizes on other assets, such as education, health, time, relationships, and community involvement. With there being so much more to life than only achieving retirement, lifestyle investing focuses on using your assets to achieve your specific life goals." Rethinking your approach to time and moneyAccording to Deer, lifestyle investors must also look at two critical assets: time and money. Lifestyle investing seeks to combine the potential for a happy lifestyle now with a fulfilling retirement down the road.

☆ There'll be a 'severe earnings recession' in U.S. banking: Strategist
▼ + stars: | 2023-03-16 | 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 Email'Severe earnings recession' in U.S. banking as long as there's an inverted yield curve: StrategistPaul Dietrich of B. Riley Wealth Management says that will keep the banking sector down for "quite a long time."

☆ Analysis: Investors brace for hard landing as banking woes stoke recession fears
▼ + stars: | 2023-03-16 | by ( David Randall | ) www.reuters.com time to read: +5 min

[1/3] The Charging Bull, or Wall Street Bull, is pictured in the Manhattan borough of New York City, New York, U.S., January 16, 2019. “The no landing scenario has quickly evaporated,” said Emily Roland, co-chief investment strategist at John Hancock Asset Management. A financial accident has happened, and we are going from no landing to a hard landing driven by tighter credit conditions,” he wrote in a Wednesday note. Some investors believe regulators' quick backstop of Silicon Valley Bank, which included guaranteeing the funds of depositors, will prevent a crisis and allow for a soft landing. “The odds of a soft landing have gone down and the likelihood of a hard landing has gone up,” he said.

☆ Why the UK spring budget won't fix the economy's problems
▼ + stars: | 2023-03-15 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

London CNN —The last time a British finance minister unveiled a “budget for growth,” UK financial markets crashed and mortgage rates shot up, threatening to tip an already weak economy into a deep recession. But he will deliver his budget against essentially the same gloomy backdrop: the UK economy is stuck in the doldrums. John Springford, deputy director at the Centre for European Reform, estimates that Brexit had cost the UK economy 5.5% of GDP by June 2022. SVB could depress UK bank lendingAnother factor that could weigh on the UK economy in the near term: Silicon Valley Bank. “It is likely that UK financial conditions will remain tighter (or potentially significantly tighter) over coming months than they would have been without the US banking troubles,” Pickering said in a research note Monday.

☆ Studio A24 captures Oscar spotlight with big wins for best picture, acting
▼ + stars: | 2023-03-13 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +7 min

LOS ANGELES, March 13 (Reuters) - Independent studio A24 was the big winner at Sunday's Academy Awards, taking nine awards out of its 18 nominations, including best picture and all four acting prizes. The studio's "Everything Everywhere All at Once" won seven Oscars, the most of the evening, including best picture. However, Brendan Fraser took the best actor prize for A24's "The Whale," which also won for best makeup and hairstyling. Not since the heyday of Miramax in the 1990s has an independent studio garnered such attention, talent and box office success, entertainment industry insiders say. EVERYTHING EVERYWHEREThe first film A24 produced and financed, together with Brad Pitt’s Plan B Entertainment, was “Moonlight,” which won the Oscar for best picture in 2017.

☆ Executive Bet on Partner’s Idea for U.S.-Style Hotels in France
▼ + stars: | 2023-03-12 | by ( Bob Tita | ) www.wsj.com time to read: 1 min

Gérard Pélisson helped build one of the world’s largest hotel companies in Accor SA. Gérard Pélisson bet on an untested business idea for hotels in Europe and picked the right partner for it. Mr. Pélisson gave up a career as an executive at International Business Machines Corp. in the 1960s to start a hotel company with Paul Dubrule, who had taken notice of successful hotel chains like Holiday Inn while working in the U.S. Mr. Dubrule convinced Mr. Pélisson that similar hotels could work in France and elsewhere in Europe, too. Mr. Pélisson mostly focused on the financing for the project and Mr. Dubrule devised the marketing plans. They opened their first Novotel hotel in northern France four years later in 1967.

☆ The Oscar box office bump is shrinking
▼ + stars: | 2023-03-10 | by ( Sarah Whitten | ) www.cnbc.com time to read: +4 min

The winner of the best picture award at Sunday's Oscars may not get a box office bump for taking home the night's biggest prize. The result has been a smaller bump in box office at the time of nominations and a significant surge in streaming demand. For 2014's "American Sniper," 99% of its box office ticket sales came after its nomination, a whopping $346 million. This year, all of the best picture nominees saw less than 13% of revenue from post-nomination box office except for one. "For decades, we've seen contenders pick up extra box office ticket sales once the picture nominations were announced.

☆ ‘Everything Everywhere All at Once’ studio A24 captures Oscar spotlight
▼ + stars: | 2023-03-10 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +6 min

LOS ANGELES, March 10 (Reuters) - A24, the independent studio behind such films as “Everything Everywhere All at Once” and "The Whale," is poised to dominate this year’s Academy Awards, eclipsing Hollywood’s established studios and awards-hungry streamers that are spending millions on Oscar campaigns. Not since the heyday of Miramax in the 1990s has an independent studio garnered such attention, talent and box office success, entertainment industry insiders say. EVERYTHING EVERYWHEREThe first film A24 produced and financed, together with Brad Pitt’s Plan B Entertainment, was “Moonlight,” which won the Oscar for best picture in 2017. The studio has garnered 53 Oscar nominations in less than a decade, including best picture nods for “Lady Bird, “Minari” and “Room.”A24's film slate has grown at the pace of its cash flow - starting with three movies in 2016 to 15 in 2022. This year, it’s on track to produce about 15 films for theatrical release, eight documentaries and 10 television shows.

☆ Why the West hasn’t gone after Russian nuclear energy
▼ + stars: | 2023-03-06 | by ( Clare Sebastian | ) edition.cnn.com time to read: +5 min

Russia’s state-owned nuclear energy monopoly Rosatom, which exports and enriches uranium as well as builds nuclear power stations around the world, has been in control of Europe’s largest nuclear plant in Ukraine’s Zaporizhzhia region since Russian forces seized it a year ago. Experts say Rosatom remains protected by the vital role it plays in global nuclear power, and the fact it can’t easily be replaced. In 2021, the United States relied on the Russian nuclear monopoly for 14% of the uranium that powered its nuclear reactors. The Akkuyu nuclear power plant as its construction continues in November 2022 Serkan Avci/Anadolu Agency/Getty ImagesSuch dependency can trump other considerations. It is also one of only several EU countries that rely on nuclear energy for more than 40% of their electricity and it has a long-term financing deal with Rosatom to build a nuclear power plant.

☆ 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".

☆ 'Ant-Man and the Wasp: Quantumania' box office suffered steep decline in second week
▼ + stars: | 2023-02-28 | by ( Sarah Whitten | ) www.cnbc.com time to read: +3 min

That's the sentiment from box office analysts after the Marvel Cinematic Universe's latest film "Ant-Man and the Wasp: Quantumania" saw the sharpest decline in ticket sales from opening weekend to second weekend in franchise history. To be sure, "Quantumania" is one of the worst reviewed Marvel films, with a 48% "rotten" critics' score on Rotten Tomatoes. "Thor: Love and Thunder," "Doctor Strange in the Multiverse of Madness" and "Spider-Man: No Way Home," a co-production with Sony , all saw second week drops in excess of 67%. The film also has more counter-programming than other Marvel films released in the last few years. He pointed to "Violent Night" and "M3gan," in addition to "Cocaine Bear," as films that have outperformed expectations at the box office.

Executives across the technology sector are talking about how to operate AI like ChatGPT while accounting for the high expense. What makes this form of AI pricier than conventional search is the computing power involved. Still, footing the bill is one of two main reasons why search and social media giants with billions of users have not rolled out an AI chatbot overnight, said Paul Daugherty, Accenture's chief technology officer. Technology experts also said a workaround is applying smaller AI models to simpler tasks, which Alphabet is exploring. The company said this month a "smaller model" version of its massive LaMDA AI technology will power its chatbot Bard, requiring "significantly less computing power, enabling us to scale to more users."

U.S. District Judge Paul Diamond's order in Philadelphia federal court granted a request by Unisys to depose Leon Gilbert and Michael McGarvey, former leaders of Unisys' "digital workplace solutions" business unit. Representatives for France-based Atos and lawyers for Gilbert and McGarvey did not immediately respond to messages on Wednesday seeking comment. Unisys in a court filing said that "this case involves the theft of huge quantities of Unisys trade secrets," including technologies and business strategies for digital workplaces. Attorneys for Gilbert and McGarvey disputed the allegation and said "Unisys has not identified a single trade secret." The case is Unisys Corp v. Leon Gilbert and Michael McGarvey, U.S. District Court for the Eastern District of Pennsylvania.

☆ Marvel's 'Ant-Man and the Wasp: Quantumania' scores $104 million during domestic debut
▼ + stars: | 2023-02-19 | by ( Sarah Whitten | ) www.cnbc.com time to read: +3 min

Paul Rudd is Scott Lang, aka Ant-Man, alongside Johnathan Majors as Kang the Conqueror in "Ant-Man and the Wasp in Quantumania." Disney and Marvel Studios' "Ant-Man and the Wasp: Quantumania" scored an estimated $104 million at the domestic box office during its opening weekend. "Quantumania's" domestic haul is nearly double what the first standalone Ant-Man film opened to in 2015 and marks the 31st consecutive MCU release to debut at number one at the domestic box office. Internationally, "Quantumania" took in $121 million, bringing its estimated global haul for the three-day spread to $225 million. "'Ant-Man and the Wasp: Quantumania' sets into motion what looks to be week after week of solid moviegoing and creates momentum for a solid summer movie season."

☆ How central banks got the inflation crisis wrong: podcast
▼ + stars: | 2023-02-14 | by ( Francesco Guerrera | ) www.reuters.com time to read: 1 min

LONDON, Feb 14 (Reuters Breakingviews) - Western policymakers have hiked interest rates by more than 10 percentage points since 2021. In this Exchange podcast, Paul Donovan, chief economist at UBS Global Wealth Management, explains how rate-setters failed and what they should do next. Listen to the podcastFollow @guerreraf72 on Twitter(The host is a Reuters Breakingviews columnist. loadingEditing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ AMC Theatres shouldn't be charging more for the best seats — it should be getting rid of the empty ones
▼ + stars: | 2023-02-11 | by ( Travis Clark | ) www.businessinsider.com time to read: +4 min

AMC Theatres announced this week that it would charge more for the best seats in its auditoriums. Here's what it looks like on the AMC Theatres website for a screening at a New York City location:What the new seat pricing looks like on the AMC Theatres website. "This new initiative by AMC Theatres would essentially penalize people for lower income and reward for higher income." AMC's seat-pricing plan isn't going to help the theatrical business. Patrick Corcoran, spokesman for the National Association of Theatre Owners, told Insider in September.

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