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☆ BoE's Bailey says bank reforms worked but questions about liquidity buffers
▼ + stars: | 2023-04-12 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

"Today I do not believe we face a systemic banking crisis. Bailey, however, echoed calls from his predecessor Mark Carney by saying there might be questions over the size of liquidity buffers required of banks in order to tide them over short-term shocks. This must beg the question of what are appropriate and desired liquidity buffers that create the time needed to take action to solve the problem." Data from the European Central Bank on Wednesday showed a slight weakening in liquidity buffers at banks it regulates, though they are still well above minimum requirements. Banks' holdings of liquidity have more than doubled since the global financial crisis, helping to contain fallout from the recent banking turmoil, de Cos said.

☆ MLB roundup: Ryan Mountcastle's 9 RBIs propel Orioles to win
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +11 min

Austin Hays also homered and went 4-for-5 as the Orioles won for the second night in a row. Kyle Schwarber hit a solo home run and Bryson Stott added two hits and two RBIs for Philadelphia. Guardians starter Hunter Gaddis (0-1) allowed eight runs on eight hits with three strikeouts and two walks in three-plus innings. Blue Jays 9, Tigers 3Alejandro Kirk hit a three-run home run and had four RBIs as Toronto won its home opener, beating Detroit. Detroit right-hander Matt Manning (1-1) allowed four runs on six hits with one walk and three strikeouts in six innings.

☆ How to avoid the next crisis? Banks may have to hold more cash
▼ + stars: | 2023-04-12 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Regulators must learn “important lessons” from this year’s banking turmoil, the world’s top financial watchdog has said. Requiring banks to hold more cash to pay out depositors may be one of them. External shocks that have roiled global markets in recent years include the coronavirus pandemic and Russia’s invasion of Ukraine. In other words, banks could be told to hold more assets that can be easily converted into cash to pay back creditors in times of crisis. In the United States, the Federal Deposit Insurance Corporation said it would guarantee all deposits held within Silicon Valley Bank, including those above $250,000 per person.

☆ 6 Picasso Shows to See This Year
▼ + stars: | 2023-04-06 | by ( Gabe Cohn | ) www.nytimes.com time to read: 1 min

Pablo Picasso’s 1921 painting “Three Women at the Spring” will be shown at the Museum of Modern Art this fall, in one of several exhibitions at American and European museums marking the 50th anniversary of the artist’s death. Credit... Estate of Pablo Picasso/Artists Rights Society (ARS), New York; via The Museum of Modern Art

By offloading some of the risk on their loans, the banks can significantly reduce how much capital they need to set aside to cover potential losses, according to law firm Clifford Chance. A bank can normally transfer risks of losses equivalent to around 7% to 12% of a loan portfolio, two market sources said. With synthetic structures, a bank transfers the risk via credit derivatives or guarantees but keeps holding the underlying exposures. The IFC sold BNP a $50 million guarantee on $1 billion of loans to emerging markets, they said, without disclosing terms. While Europe has been at the forefront for risk transfers, the stock of loans covered by SRTs is small relative to European banks' balance sheets.

☆ Picasso: Love Him or Hate Him?
▼ + stars: | 2023-04-05 | by ( Deborah Solomon | April | ) www.nytimes.com time to read: +14 min

It is not hugely cool to profess a love for Picasso these days. This is what Picasso’s detractors — like Hannah Gadsby, the Australian comedian and Picasso basher, who will help curate a Picasso show at the Brooklyn Museum opening on June 2 — often miss. Picasso, by contrast, brought the weight of lived experience into his work, even when he was tethered to archetypal subjects. “The Mother” (1901), an early painting by Picasso, shows a view of motherhood purged of Renaissance idealization. The conventional view of the painting holds that the women are “dolled-up cocottes,” as John Richardson glibly put it in his biography of Picasso.

[1/6] Spanish Labour Minister and Second Deputy Prime Minister Yolanda Diaz applauses as she presents new political platform 'Sumar' in Madrid, Spain, April 2, 2023. REUTERS/Isabel InfantesMADRID, April 2 (Reuters) - Spanish Labour Minister Yolanda Diaz launched her bid to become the country's first woman prime minister on Sunday at a packed event in Madrid, where the absence of two government ministers signalled a deepening rift among the progressive left. Today, I want to become our country's first female prime minister," Diaz told the crowd to a standing ovation. Although she has yet to release a detailed platform, Diaz outlined the broad outline of her manifesto, including a new "bill of rights" and a democratic, economic and social "contract" for the next decade. She also touted her ministry's accomplishments, such as raising the minimum wage and a pro-union labour law reform.

Despite a rebound in fundraising and block trading activity, year-to-date IPO volumes came in at their lowest level since 2019. Equity capital markets (ECM) advisers, however, are optimistic of a recovery in listing activity in the latter part of the year. In the United States, IPO volumes jumped more than 50% from the fourth quarter of 2022, but were still 11% down from the same period last year. IPOs briefly flickered back to life in February, as companies including solar tech firm Nextracker (NXT.O) and Chinese sensor maker Hesai Group (HSAI.O) pushed ahead with their listings. RECOVERY DELAYEDIn Europe, investment bankers said the market volatility spurred by the banking crisis is likely to affect the pipeline of deals.

☆ MLB roundup: Aaron Judge homers in Yankees' opening win
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +8 min

Houston had its modern-day record of 10 consecutive Opening Day wins snapped. Orioles 10, Red Sox 9Adley Rutschman's 5-for-5 Opening Day helped Baltimore to a win over host Boston. Mets 5, Marlins 3Brandon Nimmo's three RBIs backed Max Scherzer's quality start, leading New York to an Opening Day victory over Miami. Twins 2, Royals 0Pablo Lopez and four relievers combined on an Opening Day two-hitter as visiting Minnesota blanked Kansas City. It was O'Neill's fourth consecutive Opening Day with a homer, tying a major league record.

The Vatican on Thursday said Pope Francis' health was improving and that he has resumed working while treatment continues. In the Flores neighborhood, many people reminisced about the pope, who has not been back to his homeland in the decade since he was chosen as pontiff. In the Buenos Aires Cathedral on Thursday morning, prayers were held for Pope Francis too, though his illness was cast as a just a "slight halt." Back in the neighborhood of Flores, 50-year-old housewife Marcela Borda said everyone was praying for his "speedy recovery". "It's good to pray for him, to ask for the strength he always had, and health, health for him and for everyone.

☆ Galderma owners delay IPO, review Credit Suisse role - source
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

The shareholders, including Swedish buyout house EQT (EQTAB.ST) and the Abu Dhabi Investment Authority (ADIA), are also reviewing Credit Suisse's (CSGN.S) role as global coordinator for the IPO, the source added, after the troubled lender agreed to be taken over by rival UBS in a government-brokered rescue. Bloomberg first reported on the IPO delay and the review of Credit Suisse's role. Galderma had been preparing to list as soon as after the Easter holidays, sources had told Reuters, having previously delayed its IPO plans because of poor market conditions. Last year, the group was forced to postpone its listing ambitions after the invasion of Ukraine and soaring interest rates ground the IPO market almost to a halt, as reported. Galderma and Credit Suisse declined to comment.

☆ Bank of Spain sees turmoil rising funding costs, requiring liquidity sourcing review
▼ + stars: | 2023-03-28 | by ( Jesús Aguado | ) www.reuters.com time to read: +3 min

Non-performing loans stood at nearly record lows of 3.56% in January, far below the all time-high of 13.6% in December 2013. Deputy Governor Margarita Delgado also said that amid a tighter financing conditions following a period of abundant, cheap liquidity, banks should assess liquidity risks and have diverse, credible and plan-based funding sources to allow them to "adapt flexibly to the changing environment." In its report, the Bank of Spain said it expected Spanish lenders to maintain comfortable excess liquidity positions. As of February, Spanish banks' liquidity coverage ratio stood on average at 175% among the significant lenders, well above the global average of 140%, according to the Basel Committee on Banking Supervision. Olano said that Spanish banks' exposure to Credit Suisse (CSGN.S) stood at between 300 million euros ($325.23 million)and 400 million euros.

☆ The guy behind the viral fake photo of the Pope in a puffy coat says using AI to make images of celebrities 'might be the line' — and calls for greater regulation
▼ + stars: | 2023-03-28 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

An AI-generated image showing the Pope in a luxurious puffer coat went viral over the weekend. "I just thought it was funny to see the Pope in a funny jacket," he told the outlet. And while he hadn't considered the impact of AI images before, added: "It's definitely going to get serious if they don't start implementing laws to regulate it." He added that he had "no ill will" and "just thought it was funny to see the Pope in a funny jacket." "I figured I was going to get backlash," he told BuzzFeed.

☆ Morning Bid: Banks are leaking money
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +2 min

There is some relief that First Citizens BancShares Inc (FCNCA.O) is in advanced talks to acquire Silicon Valley Bank (SIVB.O). There was also some talk the Federal Reserve could expand its new lending programme for banks as another step to reassuring depositors. Money is clearly flowing out of smaller banks toward their bigger siblings and to money market funds, which have seen an inflow of more than $300 billion in the past month to a record $5.1 trillion. Capital Economics points out that deposits across all the banks have fallen by $663 billion in the past year as customers search for higher yield. Deutsche Bank's five-year CDS hit 222 bps on Friday, the highest since late 2018, while UBS CDS shot up to 139 bps.

☆ Spring training roundup: Astros pound Cardinals 24-1
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +8 min

Astros starter Jose Urquidy scattered four hits over four innings, allowing the lone run on a multiple-error play in the second that scored Oscar Mercado. Cardinals starter Jack Flaherty yielded six earned runs on four hits and three walks over 3 2/3 innings. Wil Myers hit an RBI double and Michael Siani added an RBI single for the Reds. Elehuris Montero hit his fifth homer of the spring, a two-run shot, and Brenton Doyle went 2-for-3 with an RBI triple for the Rockies. Padres starter Michael Wacha went five innings and yielded eight hits, two walks and four runs.

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.

☆ ChatGPT can help you write a standout CV in seconds, job experts say: It's 'the ultimate resume-writing cheat code'
▼ + stars: | 2023-03-22 | by ( Morgan Smith | ) www.cnbc.com time to read: +3 min

The secret to writing the perfect resume could lie with ChatGPT. Since its launch in November, more jobseekers have tapped the viral AI-powered chatbot to help write cover letters, tweak resumes and draft responses to anticipated interview questions. Out of more than 1,000 current and recent jobseekers polled in a ResumeBuilder.com survey last month, nearly half (46%) reported using ChatGPT to write their resume or cover letter. 'All you need to do is proofread and edit'If you're building a resume from scratch, ChatGPT can help you build a customized template. "ChatGPT can give you clear recommendations for exactly how to do this … all you need to do is proofread and edit as needed."

☆ Why Goldman Sachs alumni are being hoovered up by elite hedge funds like Citadel and Millennium
▼ + stars: | 2023-03-21 | by ( Alex Morrell | ) www.businessinsider.com time to read: +14 min

In November, one of the world's most consequential hedge funds announced a shake-up at the top of its power structure. In an internal memo, the founder of Millennium Management, Izzy Englander, said that Bobby Jain would be vacating the co-CIO role. "You can't readily find that managerial experience at other hedge funds and Goldman is a perfect place to look for those people." 8 former Goldman Sachs leaders are now Millennium execsEnglander isn't alone — firms rarely are in the copycat world of multistrats. In a statement to Insider, Abbey Collins, a spokesperson for Goldman Sachs, said, "Goldman Sachs has always been and remains a talent magnet.

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.

FINMA, the Swiss regulator, said the decision would bolster the bank's capital. Engineered in the wake of the global financial crisis, AT1 bonds are a form of junior debt that counts towards banks' regulatory capital. "It's stunning and hard to understand how they can reverse the hierarchy between AT1 holders and shareholders," said Jerome Legras, head of research at Axiom Alternative Investments, an investor in Credit Suisse's AT1 debt. Credit Suisse's AT1 debt had rallied earlier on Sunday amid reports that shareholders would receive something in a deal with UBS, raising hopes that bondholders would be protected. The move by the Swiss regulator could make it harder for other lenders to raise new AT1 debt, investors said.

FRANKFURT/LONDON, March 19 (Reuters) - Swiss authorities are examining imposing losses on Credit Suisse (CSGN.S) bondholders as part of a rescue of the bank, two sources with knowledge of the matter said on Sunday. Losses on bondholders may need to be larger if Credit Suisse were wound down rather than if it were taken over by UBS, one of the sources said. Authorities are trying to engineer a UBS takeover of Credit Suisse before financial markets reopen on Monday. A $1 billion deal would mean Credit Suisse shareholders getting a fraction of what their shares were worth on Friday. "I would be surprised if Credit Suisse bondholders, including AT1 investors, weren’t made whole.

LONDON, March 19 (Reuters) - Credit Suisse has written down its Additional Tier 1 bonds to zero as part of its takeover by UBS, angering some bondholders who thought they would be better protected in a rescue deal announced on Sunday. The Swiss regulator and Credit Suisse said that the bonds, which are a riskier type of debt than traditional bonds, have a notional value of 16 billion Swiss francs ($17.24 billion). Credit Suisse said it had been informed by the regulator, FINMA, on Sunday of the decision to write the bonds down. Some bondholders were angry at the move to write down the bonds to zero, especially as it appears bondholders will fare worse than shareholders in the deal. ($1 = 0.9280 Swiss francs)Writing by Tommy Reggiori Wilkes; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ Elon Musk frequently told Twitter staff 'let them sue' in response to vendors and landlords complaining about unpaid bills, report says
▼ + stars: | 2023-03-17 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Elon Musk told staff "let them sue" in response to complaints from Twitter vendors over unpaid bills, the FT reports. Musk has sought to aggressively cut costs since taking over Twitter in October 2022. Various lawsuits have been filed against Twitter claiming more than $14 million over unpaid bills. The team frequently refused to compensate Twitter's vendors, landlords, and partners in an effort to keep costs low, the report added. At least nine lawsuits have been filed against Twitter claiming more than $14 million plus interest, over unpaid bills, the Wall Street Journal reported in February.

As part of the overhaul announced in October, it is seeking to spin off merger advice and leveraged finance into a new entity named Credit Suisse First Boston (CSFB), for which it has been seeking buyers. Credit Suisse is most valuable in separate parts, and there are high-level M&A talks taking place, said a senior banker who advises banks on deals. TAKEOVERSelling off parts of Credit Suisse could require time, which markets may not give. The two have complementary investment banking businesses -Credit Suisse is stronger in credit and UBS in equities. However, some have faith that Credit Suisse can still make it safely to the end of the tight rope.

REUTERS/Brian Snyder/File PhotoLONDON, March 15 (Reuters) - Investment managers Bridgewater Associates, Millennium Management and Marshall Wace added to short positions on European banking shares after the collapse of Silicon Valley Bank sparked contagion fears across global banks, according to data from Breakout Point. Short sellers had amassed bearish positions worth more than $15.7 billion against European banks by Tuesday, according to S&P Global Market Intelligence. Millennium Management, Citadel, Wellington Management, Capital Fund Management, Odey Asset Management and Marshall Wace declined to comment. Marshall Wace held the largest disclosed number of short positions against banks, public filings from Austria, Italy, Sweden, Britain, Spain and Poland analysed by Breakout Point showed. Its shares were up 18% at 1602 GMT, in a broader European banking index (.SX7P) up 1.4%In the week to Wednesday, some 120 billion euros had been wiped off the value of European bank shares.

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