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☆ China Renaissance delays results, halts trade citing star dealmaker's disappearance
▼ + stars: | 2023-04-03 | by ( ) www.cnbc.com time to read: +1 min

Late in February 2023, China Renaissance said in an exchange filing that Bao Fan, its star dealmaker, was co-operating with authorities in their investigation. Boutique investment bank China Renaissance Holdings said it would delay its audited annual results and suspend its stock trading from Monday, after mainland authorities took away its chairman, Bao Fan, to co-operate with an investigation. "While the company has used its best efforts to facilitate the requests of the auditors," those requests are not matters within the control of China Renaissance, the bank said in the filing, adding that the board "was not able to reasonably estimate when it would meet to approve" the 2022 annual results. Bao, who is also CEO, started the bank in 2005 with a two-person team, seeking to match capital-hungry startups with venture capitalist and private equity investors. The bank had an unaudited loss of 563.8 million yuan ($81.8 million) for 2022, compared with 1.6 billion yuan worth of net income for the year earlier, Sunday's filing showed.

☆ China Renaissance suspends trading, delays results after founder Bao Fan goes missing
▼ + stars: | 2023-04-03 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Bao Fan, 52, started the boutique investment bank in 2005 and has been unreachable since the middle of February, according to the company. Shares in China Renaissance have plunged since Bao went missing, at one point dropping as much as 50%. China Renaissance said in late February that it had learned Bao was “cooperating in an investigation” being carried out by certain authorities in the country. Chinese media have reported Bao might be assisting in an investigation related to a former executive at China Renaissance. In a filing on Sunday, China Renaissance said auditors couldn’t complete their work or sign off on their report because of Bao’s absence.

☆ How a Milliner Spends Her Sundays
▼ + stars: | 2023-04-02 | by ( Nancy A. Ruhling | ) www.nytimes.com time to read: 1 min

“The right hat is an expression of your personality,” said Linda Pagan, who owns The Hat Shop NYC. “You are never alone when you wear a hat — wearing one is like walking a dog but without all the work; people will always stop and talk to you.”Ms. Pagan should know. Ms. Pagan has a personal collection of 60 hats that she stores in the basement of her shop. “I always wear a hat as they make me feel great, and it’s great for business. “Thank goodness I didn’t go into lingerie.”The only thing Ms. Pagan, 64, who was born in England, likes more than hats is her short commute.

☆ 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.

Ermotti may need to persuade Switzerland's authorities that UBS should keep "the piece de resistance," Credit Suisse's domestic bank, said Porta's Wittmann. During the financial crash of 2008 it was UBS, not Credit Suisse, that took the lion's share of support from the state. One of Ermotti's biggest challenges may be to prevent Credit Suisse's problems contaminating UBS, which will involve hacking back its investment bank and its unwieldy derivatives. Disentangling Credit Suisse's finances, however, is only a part of the problem. "There are clearly parts of Credit Suisse that have had a bad culture.

☆ Off-the-radar destinations every China visitor should consider
▼ + stars: | 2023-03-29 | by ( Maggie Hiufu Wong | ) edition.cnn.com time to read: +8 min

JingdezhenLarge chimneys, used for firing porcelain, dot the skyline of Jingdezhen city. gui yong nian/Adobe StockDubbed the porcelain capital of the world, Jingdezhen has been firing quality pieces of “white gold” for more than 1,700 years. For a crash course in the city’s porcelain history, visit the newly built and photogenic Jingdezhen Imperial Kiln Museum of China. LinhaiLinhai's historic city wall stretches more than 6,000 meters in length. Food aside, travelers should leave time to admire this historic city that dates back more than 2,000 years.

☆ The banking crisis has college students on edge about Wall Street jobs and internships. 'I just want to know what the plan is.'
▼ + stars: | 2023-03-27 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +6 min

That's the concern plaguing aspiring investment bankers across the country as they watch the banking crisis unfold. "I think there's definitely a sense of unease in finance," said Asif Rahman, co-founder of Wall Street career coaching company Office Hours. Over at SVB's investment banking arm, incoming first-year analysts have been told that their jobs are secure. "We've reached out to all of our incoming analysts and interns. "The incoming summer interns are worried about low return offer rates," the professor said.

☆ Grime, dirt, stink and funk: Tween boys are skincare’s hottest market
▼ + stars: | 2023-03-26 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +6 min

But, until recently, there’s been a glaring shortage of products targeting the skincare needs of one key demographic – tween boys. Maguiness, a board-certified pediatric dermatologist, and three other co-founders launched the boys skincare brand in 2020, at the height of the pandemic. The affordable line, which includes a face wash, body wash, moisturizer and topical acne treatment priced under $25, rolled into Target stores and online the following year. courtesy Stryke ClubThe personal care products market overall in the US amounts to more than $25 billion annually (according to market research firm NPD), but very little of it caters to boys. The body wash, for example, contains prebiotic chia eed extract, which acts as an anti-inflammatory and anti-microbial ingredient, said Biren.

☆ Grime, dirt, stink and funk: Tween boys are skin care’s hottest market
▼ + stars: | 2023-03-26 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +6 min

But, until recently, there’s been a glaring shortage of products targeting the skin-care needs of one key demographic – tween boys. The affordable line, which includes a face wash, body wash, moisturizer and topical acne treatment priced under $25, rolled into Target stores and online the following year. “Whether it’s young sensitive skin, or acne, eczema or their first shave, boys have specific skin needs,” said Maguiness. courtesy Stryke ClubThe personal care products market overall in the US amounts to more than $25 billion annually (according to market research firm NPD), but very little of it caters to boys. The body wash, for example, contains prebiotic chia seed extract, which acts as an anti-inflammatory and anti-microbial ingredient, said Biren.

☆ Spooked dealmakers scurry back into their foxholes
▼ + stars: | 2023-03-23 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +8 min

NEW YORK, March 23 (Reuters Breakingviews) - Jonathan Kanter, a lawyer by training, has become something of a magician. Pay closer attention, however, and Kanter is methodically rewriting a decades-old regulatory playbook. Last year, these breakup charges reached their highest level in a decade, at an average 4.5% of deal prices. The Department of Agriculture partnered with the DOJ on the case, another feature of Kanter’s plan of attack. As legal weaknesses emerge, dealmakers should be in position to better structure transactions and defend themselves at trial.

☆ Even as Bank of Canada moves to sidelines, consumers not ready to splurge
▼ + stars: | 2023-03-22 | by ( Molly Cone | ) www.reuters.com time to read: +3 min

TORONTO, March 22 (Reuters) - When the Bank of Canada became the first major global central bank this month to pause raising interest rates after its most aggressive tightening campaign in history, indebted consumers heaved a sigh of relief. Consumers' reluctance to spend could challenge an economy facing headwinds from a record pace of interest rate hikes as retail spending accounts for about 5% of Canada's Gross Domestic Product. The Royal Bank of Canada's consumer spending tracker released on March 9 showed discretionary spending "held up" in February, driven by air travel demand. While it is unclear what part of that has been deployed, that kitty will help Canada to avoid a deep recession, she noted. "They're trying to lock in these interest rates," Porter said.

Video footage from a drone flying down a street in Antakya’s Old City, which is covered in rubble and surrounded by collapsed buildings. Called Saray Street by locals, this stretch was once lined with more than 70 shops, restaurants and other businesses. The destruction on Saray Street is a fraction of all that was lost in Old City. Video clip of Saray Street before the quakes, showing stores and patrons during the holiday season. Damaged or destroyed historic or cultural landmark Map showing the boundaries of Old City and labeling cultural landmarks that were damaged or destroyed.

☆ Fitness chains add financial muscle as more Americans hit the gym
▼ + stars: | 2023-03-22 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Some of the major players in the fitness sector have pushed the envelope on membership rates after the pandemic scare, helping them beef up earnings, when most other industries are under stress from the impact of a cautious consumer. Larger rival Planet Fitness Inc (PLNT.N) added 400,000 members in the fourth quarter, taking the total to about 17 million in 2022. "People that are working out, are working out slightly more than they did in the past ... So even with the recessionary talks and layoffs you see, cancellations are just slightly better," Planet Fitness CEO Chris Rondeau said at a JPMorgan conference last week. A Planet Fitness executive said Gen Z represented 25% of the company's total membership.

Silicon Valley Bank spent decades building trust with tech startups and venture capitalists. A Twitter panic, triggered by the people who placed their trust in the bank, took down the bank in days. Darius Rafieyan walks us through the rise and fall of Silicon Valley's exclusive boutique bank. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicySilicon Valley Bank spent decades building trust and relationships with Silicon Valley tech startups. But a Twitter panic took the bank down in days — triggered by the same people who placed their trust in the bank in the first place.

☆ UBS set for talks with Michael Klein to terminate Credit Suisse investment bank deal - FT
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +1 min

March 21 (Reuters) - UBS (UBSG.S) is set to enter talks with Michael Klein to terminate a deal that would have seen the Wall Street dealmaker take control of much of Credit Suisse's (CSGN.S) investment bank, the Financial Times reported on Tuesday. UBS on Sunday agreed to buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking. Klein, a veteran dealmaker, was merging his eponymous advisory boutique into Credit Suisse's investment banking operations to create CS First Boston as a standalone business which he would have led from New York. UBS has now assigned a legal team to examine how to void the contract Credit Suisse signed with Klein in the cheapest way possible, according to the FT report, which cited people with direct knowledge of the matter. UBS and Credit Suisse declined to comment, while Klein could not be immediately reached for comment.

☆ Credit Suisse's investment bankers are so concerned about cuts, employees are being told to look for new jobs. 'They encouraged it.'
▼ + stars: | 2023-03-20 | by ( Carter Johnson | Casey Sullivan | Dakin Campbell | ) www.businessinsider.com time to read: +12 min

The fate of Credit Suisse's investment bank hangs in the balance after being sold to UBS. The investment bank's planned spinoff has been put on hold and bankers are bracing for job cuts. People said they expect Credit Suisse's planned spinoff of its investment banking operations, announced last year, to be scuttled. Over at 11 Madison Ave., where Credit Suisse's NY operations are headquartered, emotions were running hot on Monday. Now, the proposed CS First Boston deal hangs in the balance, with both industry experts and Credit Suisse employees uncertain whether it will go through.

☆ 41% of adults are preparing for a recession. It's time to stress-test your income, advisors say
▼ + stars: | 2023-03-17 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Yet many Americans — 41% — have taken steps to prepare for a possible economic downturn, according to a survey by Morning Consult. Still, there are a few steps advisors say you should take now to make sure you are prepared to weather a downturn. Barry Glassman president of Glassman Wealth Services"Stress-test your income against your ongoing obligations," Glassman said. The upside for conservative investors is they are now able to get higher interest rates on their cash. Reduce your debtsHigher interest rates mean consumer debts are climbing higher.

With assets of around 5.5 billion pounds and deposits of around 6.7 billion pounds, SVB UK is a minnow compared to HSBC. The situation was urgent because SVB UK had lost almost half of its deposits in the 48 hours leading up to its rescue, the source said. Officials from the Bank of England and Treasury along with board members from SVB UK were then locked in talks. HSBC also plans to inject 2 billion pounds of liquidity into SVB UK, a spokesperson for HSBC said. Advisory firm Rothschild, which advised SVB UK according to sources, also declined to comment.

☆ Goldman Sachs tried to help SVB. It didn't work. Here's what happened.
▼ + stars: | 2023-03-11 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +6 min

Goldman helped set up a stock offering ahead of a credit rating downgrade. Late last week, its parent company, SVB Financial Group, turned to Goldman Sachs to help it navigate a difficult situation. It was a rare miss for Goldman Sachs and raises questions about whether the investment bank provided poor advice. Before the following day, SVB's stock continued declining. And it was left to Centerview, a boutique mergers advisor, and not Goldman, to help the bank pick up the pieces.

☆ They moved abroad hoping to save money — here’s what they found out
▼ + stars: | 2023-03-09 | by ( Chris Dwyer | ) www.cnbc.com time to read: +5 min

She is able to save money because she has embraced a style of travel that minimizes spending while on the road, she said. Her advice for people who want to move abroad and save money? "Is it possible to save money compared to the U.S.? Martin Penner said you can "absolutely" save money while traveling full time, but he cautions that short-term rental prices have increased. Elledge-Penner advises those who want to save money to avoid Europe in the summertime.

At the Fontainebleau hotel, Credit Suisse bankers were puzzled by the announcements, and concerned about their jobs being on the line, said the executive, who declined to be named. In response to questions from Reuters for this article, a spokesperson for Credit Suisse in London said: "We never comment on rumours or speculation." 'A ROCK AND A HARD PLACE'Even after Credit Suisse stopped financing hedge funds following the Archegos implosion in March 2021, the equities business remained a key part of its investment bank revenue. One option Credit Suisse is considering is to move its equities research to CSFB, Reuters reported. Slimming down the equities business would draw a further line under Credit Suisse's investment bank ambitions.

☆ Indian open lower on rate fears after Powell's testimony
▼ + stars: | 2023-03-08 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

The Nifty 50 index (.NSEI) fell 0.49% to 17,625.95, while the S&P BSE Sensex (.BSESN) lost 0.48% to 59,931.07 as of 9:31 a.m. IST. The slide comes after Powell's testimony before the U.S. Congress on Tuesday, in which he said strong economic data in the United States raised the possibility of prolonged and higher-than-expected interest rate hikes. Global markets fell after Powell's testimony, with the MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) losing 1.82%. Thirty-seven of the Nifty 50 constituents logged losses with Hindalco (HALC.NS) and IT stocks falling the most. The group's flagship firm Adani Enterprises (ADEL.NS) rose over 1% and was the top Nifty 50 gainer.

☆ M&A bankers trip over their cracked crystal balls
▼ + stars: | 2023-03-08 | by ( Liam Proud | ) www.reuters.com time to read: +7 min

The M&A pipeline generally has three components: announced deals that are almost certain to happen; announced deals that may not get over the line; and deals that have neither been announced or perhaps even conceived. Reuters GraphicsThere’s a much tighter relationship between equity markets and M&A, implying that CEOs pursue corporate marriages when their share prices are high. One common way to get around this problem is to look at the value of announced deals as a percentage of total worldwide market capitalisation. WEAKNESS IN NUMBERSUnsurprisingly, given all the uncertainty, some bankers take their pipeline estimates with an appropriately large pinch of salt. Reuters GraphicsFollow @liamwardproud on TwitterCONTEXT NEWSCompanies announced $3.6 trillion of mergers and acquisitions in 2022, according to Refinitiv, compared with $5.7 trillion in 2021.

☆ Indian shares set to open higher on improved risk sentiment
▼ + stars: | 2023-03-06 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

BENGALURU, March 6 (Reuters) - Indian shares are set to open higher on Monday after strong economic data from the United States and investment in the Adani group of companies boosted risk appetite. Indian shares logged weekly gains on Friday after U.S. boutique investment firm GQG Partners' $1.87 billion investments in Adani group stocks spurred a broad-based rally and improved risk sentiment. ** Info Edge (INED.NS): Co's unit to invest 52 mln rupees in Sploot, a platform for pet parenting. ** Kansai Nerolac (KANE.NS): Co approves acquisition of 40% of total shareholding of Nerofix from Polygel for 370 mln rupees. ($1 = 81.6800 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

SYDNEY/BENGALURU, March 3 (Reuters) - Adani shares surged on Friday after a $1.87 billion investment in the group by GQG Partners Inc eased concerns about the group's ability to attract funding, while the conglomerate lined up more road shows to shore up investor confidence. Adani Group will hold road shows this month in London, Dubai and several cities in the United States, according to a document seen by Reuters. Overall, Adani group firms' net debt totalled $24.1 billion as of September 2022. Adani Green Energy and Adani Transmission jumped 5% each. Dollar bonds issued by Adani entities also rallied, with Adani Green Energy's 2024 bond adding 2.3 cents on the dollar to trade at 85.5 cents, while most bonds issued by Adani Ports and Special Economic Zone, Adani Transmission and Adani Electricity Mumbai rose by more than 1 cent.

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