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☆ Regional Banks Can’t Catch a Break
▼ + stars: | 2023-05-15 | by ( Telis Demos | ) www.wsj.com time to read: 1 min

Western Alliance said its deposits recently rose. Photo: patrick t. fallon/Agence France-Presse/Getty ImagesRegional bank stocks were further discounted this past week. It isn’t hard to find some positive indicators for regional banks’ business right now. For one, the Federal Deposit Insurance Corp. on Thursday said that its plan to make up for losses in the deposit insurance fund would charge banks based on their amount of uninsured deposits above $5 billion at the end of last year—which tilts the cost toward larger banks. That could help smaller banks offer more-competitive deposit rates.

☆ End of Title 42 immigration policy has brought fewer migrants than expected, but overcrowding concerns remain
▼ + stars: | 2023-05-14 | by ( Nouran Salahieh | ) edition.cnn.com time to read: +14 min

David Peinado Romero/Anadolu Agency/Getty Images Migrants carry a baby in a suitcase across the Rio Grande on May 10. Gary Coronado/Los Angeles Times/Getty Images Migrants wait to get paid after washing cars at a gas station in Brownsville on May 10. Andrew Caballero-Reynolds/AFP/Getty Images Migrants surrender to US Border Patrol agents after crossing the border in Yuma on May 10. Paul Ratje/Reuters Migrants wait to be processed by US Border Patrol agents in Santa Teresa, New Mexico, on April 26. Hudak warned in the filing that without measures to conditionally release some migrants, Border Patrol could have over 45,000 migrants in custody by the end of the month.

☆ Pandemic-related asylum restrictions known as Title 42 expire, straining U.S. immigration system
▼ + stars: | 2023-05-12 | by ( ) www.cnbc.com time to read: +10 min

The expired rule, known as Title 42, was in place since March 2020. While Title 42 prevented many from seeking asylum, it carried no legal consequences, encouraging repeat attempts. Migrants cross the Rio Bravo river to turn themselves in to U.S. Border Patrol agents before Title 42 ends, in Matamoros, Mexico May 10, 2023. Homeland Security Secretary Alejandro Mayorkas had already warned of more crowded Border Patrol facilities to come. They were quickly apprehended by Border Patrol agents.

☆ CNBC’s Hadley Gamble, Who Alleged Former NBCUniversal CEO Sexually Harassed Her, Is Leaving Network
▼ + stars: | 2023-05-09 | by ( Joseph De Avila | ) www.wsj.com time to read: 1 min

NBCUniversal’s CEO Jeff Shell is leaving the company effective immediately after an investigation into a complaint of inappropriate conduct, parent company Comcast Corp. said on Sunday. Photo: Patrick T. Fallon/Bloomberg NewsCNBC International anchor Hadley Gamble , who accused former NBCUniversal Chief Executive Jeff Shell of sexual harassment and sex discrimination, is leaving the network, CNBC said. “Gamble has been a distinguished journalist for more than a decade for CNBC, undertaking highly visible and challenging assignments, and developing deep expertise in the Middle East and beyond,” a CNBC spokesperson said in a statement Tuesday. “We wish her every success in her future endeavors.”

☆ California May Bill You for Slavery
▼ + stars: | 2023-05-09 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

California Governor Gavin Newsom Photo: patrick t. fallon/Agence France-Presse/Getty ImagesNo progressive idea is too wild to be adopted these days, especially in California. The latest example is the Golden State’s new plan to redistribute hundreds of billions of dollars as racial “reparations.”A nine-member committee created by Gov. Gavin Newsom and his Democratic Legislature voted Saturday to recommend that the state make cash payments to black Americans who claim to be descendants of slaves. Although California’s 1849 Constitution banned slavery, the committee claims the state government was complicit in the enslavement of blacks in southern states.

Trump was found liable for sexual abuse in a civil trial after a years-long legal battle with E. Jean Carroll. Carroll's trial was the first time Trump has confronted sexual misconduct allegations at trial. "In the general, it would repel swing voters," Roe predicted, though he declined to weigh the potential damage because the election remains 18 months away. When it comes to hitting Trump on the verdict, Roe said 2024 candidate and former Arkansas Gov. Whereas he suspects that others like Trump administration alumni Nikki Haley "still want Trump voters to come their way," so they'll be less inclined to alienate MAGA supporters.

☆ Labor Deal at West Coast Ports Comes Into View
▼ + stars: | 2023-05-08 | by ( Paul Berger | ) www.wsj.com time to read: 1 min

The dockworkers’ union and port employers have been negotiating for almost a year on a contract covering more than 22,000 dockworkers at West Coast ports. Photo: Patrick T. Fallon/Bloomberg NewsContract talks between unionized longshore workers and employers at West Coast ports appear to be headed into their final stretch following agreements on several major issues, potentially clearing the uncertainty that has been hanging over U.S. importers heading into their crucial fall selling season. Some shipping officials familiar with the talks hope a tentative agreement could be reached by June, ending a contentious period in port labor relations that prompted some of the country’s biggest retailers and manufacturers to shift goods away from the region to avoid possible disruptions.

☆ Opinion: Vladimir Putin’s anxious time
▼ + stars: | 2023-05-07 | by ( Richard Galant | ) edition.cnn.com time to read: +15 min

We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. He imagines a boy sitting “upon the high and giddy mast” of a ship tossed by wind and waves. “Uneasy lies the head that wears a crown,” concludes the king in Shakespeare’s play. Russia said that President Vladimir Putin was the intended target of a foiled Ukrainian drone attack on the Kremlin, an allegation Ukraine denied. The unfortunate monarch who was the last to own the original St. Edward’s Crown, King Charles I, was convicted of treason and beheaded on January 30, 1649.

☆ Here are the 5 key takeaways from this year's Milken Global conference
▼ + stars: | 2023-05-05 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +12 min

The pullback by banks is raising the hopes of those in the private credit industry. Some panelists and others who spoke in the hallways of the event suggested that there was a large-scale handoff from private equity to private credit. Many private-equity firms are scrambling to raise private credit funds to take advantage. "I don't think this is the end of private equity, but the environment certainly favors private credit," he said. And that will show up in lower returns for private credit funds, she said.

☆ Opinion: Whatever happened in the skies over Putin’s fortress, one thing is certain
▼ + stars: | 2023-05-04 | by ( Opinion Frida Ghitis | ) edition.cnn.com time to read: +8 min

She is a weekly opinion contributor to CNN, a contributing columnist to The Washington Post and a columnist for World Politics Review. (The following day, the Kremlin also accused the US of involvement in the alleged attack, which the US denies). What exactly happened over the presumably heavily fortified Kremlin – a word that means fortress in Russian – the seat of government and home to the president? Russia’s credibility, particularly concerning its war against Ukraine, has been crushed by its persistent lies. In the Immortal Regiment parade, hundreds of thousands of Russians take to the streets, many holding up photographs of their relatives who served the nation in World War II, the Great Patriotic War, as it is known there.

☆ Elite investors and fund managers at the legendary Milken conference warn of a recession and credit crunch
▼ + stars: | 2023-05-04 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Elite money managers overseeing trillions of dollars convened at the 2023 Milken Global Conference in Los Angeles this week. The consensus was clear: they think markets are mispositioned for a scenario where the central bank keeps rates higher for longer. "As our chief economist likes to say," Hunt said, "at higher rates, bodies will continue to float to the top over the course of the summer." And with yet another Fed rate hike officially in the books, financial conditions are only going to get tighter and more companies could be caught off-guard. On Wednesday, West Texas crude dropped more than 4.4%, the steep declines coming the same day as the Fed's rate hike.

☆ US Declining Population, Worker Shortage Will Cause Economic Crisis Without a Fix
▼ + stars: | 2023-05-04 | by ( Gadel Valle | ) www.businessinsider.com time to read: +15 min

That means that unless people start having a lot more kids, the US population could eventually start to shrink — just like China's population has. While the US population has managed to avoid an outright drop, population growth reached an unprecedented low of 0.12% in 2021. One way the US could encourage more immigration is by focusing on temporary visas for specific industries that need workers. And the treatment of workers in the country on temporary visas has been a problem for decades. After all, the US is running out of options, and soon its growing people shortage is going to spell economic disaster.

☆ Tee-k Tock: The ‘appalling’ slow play controversy riling golf’s biggest stars
▼ + stars: | 2023-05-04 | by ( Jack Bantock | ) edition.cnn.com time to read: +14 min

Koepka, whose frustrations with slow play lit the touchpaper of a fiery feud with rival Bryson DeChambeau in 2019, made no secret of his grievances. It does become frustrating when you are waiting so long.”1-on-1 with newly minted PGA Tour winner Matt Fitzpatrick 03:48 - Source: CNNFurther complaints came from beyond the confines of the PGA Tour. I was penalized on LPGA for slow play … and it forced me to speed up,” Alvarez said. “It’s not very pleasant to watch somebody stand over the ball for half an hour.”Nicklaus is not a fan of slow play. “We want to keep the focus where it should be: on world-class shot-making.”Solutions: Golf’s shot clock eraSo how do you solve a problem like slow play?

CNN —Nearly five months after she was released from Russian detention, WNBA star Brittney Griner says it feels “a little overwhelming” to return to public life given the widespread interest in her case. Griner spent nearly 300 days in custody before being released as part of a prisoner swap involving Russian arms dealer Viktor Bout in December. She has since been reintegrating into life in the United States, meeting with US President Joe Biden, attending the Met Gala on Monday, and preparing for the season ahead with the Phoenix Mercury. “I didn’t think it could get that big,” Griner told reporters during the Mercury’s annual preseason media day on Wednesday. Griner arrives back in the United States in December.

☆ Car Insurance Rates Are Going Up Again
▼ + stars: | 2023-05-03 | by ( Leslie Scism | ) www.wsj.com time to read: 1 min

The rate increase comes amid inflation, higher claims costs and rising prices for auto parts, insurers say. Photo: patrick t. fallon/Agence France-Presse/Getty ImagesAllstate and Progressive , two of the nation’s biggest car insurers, say inflation continues to hurt their auto-insurance businesses, and are pushing ahead with additional premium-rate increases for vehicle owners. The two giants, and many other big car insurers, say higher claims costs continue to dent their results, despite slowing inflation. Prices continue to rise for auto parts, they say, and vehicles are taking longer to be repaired than in past years due to shortages of workers. Those delays, in turn, lead to extended rental-car use by policyholders, at the insurers’ expense.

☆ JPMorgan Eyes the True Prize in First Republic Deal: Wealthy Customers
▼ + stars: | 2023-05-02 | by ( Aaron Back | ) www.wsj.com time to read: 1 min

JPMorgan Chase bought First Republic Bank early Monday after the FDIC took over the troubled lender. Photo: Patrick T. Fallon/AFP/Getty ImagesJPMorgan Chase executives haven’t been too subtle about what they like about First Republic: its wealth-management business. There is good reason for that. With the fallen bank’s elite coastal clientele, JPMorgan has a chance to take its business managing money for the wealthy to another level, using its broad bank platform to capitalize on the opportunity in a way that First Republic simply couldn’t.

☆ Michael Milken says recent crisis is the same mistake banks have been making for decades
▼ + stars: | 2023-05-02 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Michael Milken, Chairman of the Milken Institute, speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 2, 2022. "You shouldn't have borrowed short and lent long... Finance 101," Milken said on CNBC's "Last Call." "Again here, the banks have enough credit, they had enough equity, they had enough ability to absorb credit losses that are coming. The founder of the Milken Institute believes that there will be a decrease in the percentage of loans that are owned by the banking system in the aftermath of the crisis. "People are so focused on credit risk, etc., but one of the great risks is interest rate risk."

☆ Deere Seeks Satellite Network to Connect Far-Flung Farms
▼ + stars: | 2023-05-01 | by ( Bob Tita | ) www.wsj.com time to read: 1 min

Deere’s technology was on display at CES in Las Vegas earlier this year. Photo: Patrick T. Fallon/Agence France-Presse/Getty ImagesTo raise more crops from the earth, tractor maker Deere & Co. is looking to space. The farm-equipment company wants to use satellites to connect farms in remote areas of Brazil and the U.S. as the company rolls out high-tech machinery and software designed to sow and harvest crops more quickly, and with less manpower.

☆ Elite investors overseeing trillions warned the crowd at Milken about a looming US credit crunch. Here's how 2 of them say they're planning to capitalize.
▼ + stars: | 2023-05-01 | by ( James Faris | Akin Oyedele | ) www.businessinsider.com time to read: +3 min

Leaders of major asset management firms discussed the prospect of a credit crunch at the 2023 Milken Global Conference. They shared how they're planning to capitalize on the dislocations that arise. The tighter environment was top of mind during an economics panel at the 2023 Milken Global Conference, with multiple participants warning of an impending credit crunch. "The commercial real estate sector in particular, which was 50%-plus from the regional banking system, is definitely going to be limited." Hunt also discussed how PGIM is planning to react to a credit crunch: by continuing as normal and trying to absorb more market share from traditional banks.

☆ Elon Musk Expects SpaceX to Spend Around $2 Billion on Starship Rocket This Year
▼ + stars: | 2023-04-30 | by ( Micah Maidenberg | ) www.wsj.com time to read: 1 min

SpaceX’s Starship lifting off on its inaugural test mission earlier this month from its launchpad in southern Texas. Photo: patrick t. fallon/Agence France-Presse/Getty ImagesSpaceX anticipates spending about $2 billion on its Starship rocket program this year and might not need to raise additional outside funding as that work unfolds, according to founder and Chief Executive Elon Musk. Mr. Musk outlined SpaceX’s plans Saturday during an audio chat on Twitter about Starship, the powerful rocket the company launched for the first time earlier this month. The inaugural test mission ended after about four minutes when a flight-termination system on the vehicle destroyed it as the rocket began to tumble.

☆ Opinion: From Woody Woodpecker to Mickey Mouse
▼ + stars: | 2023-04-30 | by ( Richard Galant | ) edition.cnn.com time to read: +13 min

We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. The term is credited to animator Walter Lantz, the creator of Woody Woodpecker. “While I would love to see a progressive in the White House, I am terrified of another Donald Trump presidency. Mickey Mouse warBill Bramhall/Tribune Content Agency“President Franklin Roosevelt launched a war against the Great Depression,” noted Julian Zelizer. “Women still have less access to the internet, with men being 21% more likely to be online than women globally.

☆ SpaceX to spend about $2 billion on Starship this year, as Elon Musk pushes to reach orbit
▼ + stars: | 2023-04-29 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +6 min

The SpaceX Starship lifts off from the launchpad during a flight test from Starbase in Boca Chica, Texas, on April 20, 2023. Patrick T. Fallon | Afp | Getty ImagesElon Musk expects SpaceX to spend about $2 billion on its Starship rocket development this year, as the company pushes to build on its first launch earlier this month. "To my knowledge, we do not need to raise incremental funding for SpaceX," Musk said. As for the dramatic first fully stacked Starship rocket launch on April 20," the SpaceX CEO said, "The outcome was roughly in what I expected, and maybe slightly exceeding my expectations." He put the probability of reaching orbit with a Starship flight this year at "probably" 80%, but espoused that he thinks there is a "100% chance of reaching orbit within 12 months."

☆ What’s next for SpaceX’s Starship after a dramatic first launch
▼ + stars: | 2023-04-29 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +8 min

Starship launches for the first time on its Super Heavy booster from Texas on April 20, 2023. Soon after the launch, SpaceX began the process of cleaning up the launchpad and assessing the damage to its infrastructure. Fish and Wildlife Service disclosed this week that the Starship launch started a 3.5-acre fire on land owned by Texas' Boca Chica State Park. A SpaceX Starship prototype stands in a bay at the SpaceX Starbase in Boca Chica, Texas on April 18, 2023. As with any rocket-development program, and especially the largest ever assembled, SpaceX's timeline for the next Starship flight is likely to evolve and change.

☆ Bernard Arnault, the world's richest person, was nicknamed the 'wolf in cashmere' by rivals because of his predatory takeover moves. His company just hit a $500 billion valuation.
▼ + stars: | 2023-04-29 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +4 min

Bernard Arnault is head of luxury giant LVMH and the world's richest person worth $206 billion. He earned the nickname the "wolf in cashmere" because of his ruthless moves to acquire rivals. It's enabled him to create the world's largest luxury conglomerate, which was valued at $500 billion this week. "Arnault is a man of great vision," Pierre Mallevays, former head of acquisitions at LVMH, previously told The Guardian. It was during his pursuit of Hermès International that he earned the nickname of the "wolf in cashmere."

☆ Top Taiwan chip designer MediaTek 'rapidly' shifts focus to autos, AI
▼ + stars: | 2023-04-28 | by ( Sarah Wu | ) www.reuters.com time to read: +1 min

TAIPEI, April 28 (Reuters) - Taiwan's top chip design company MediaTek is focusing more resources on chips for cars and AI computing as its smartphone clients face a supply glut and inflation and macroeconomic uncertainty dent demand for consumer electronics. "We are definitely moving our resources very, very rapidly towards the automotive and computing areas, because those areas will provide our growth in the next three to five years," MediaTek Inc (2454.TW) Chief Executive Rick Tsai told an earnings call. Tsai said everyone, including MediaTek, was rushing to claim that they were able to support generative artificial intelligence, such as ChatGPT. MediaTek is investing heavily in AI because the new areas the company is focusing on are all related to computing, Tsai said. While smartphone demand has remained lacklustre in the first quarter, the company expects signs of recovery later this year.

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