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☆ Silvergate's deepening crisis jolts crypto stocks
▼ + stars: | 2023-03-06 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

The crypto-focused bank said late on Friday that it had made a "risk-based decision" to discontinue the Silvergate Exchange Network (SEN) effective immediately. "The SEN is Silvergate's main flagship product that previously was the key attraction for depositors to bring funds to the bank," said analysts at Wedbush. Shares of crypto lending peer Signature Bank (SBNY.O) also fell roughly 2.5% in morning trade, while crypto exchange Coinbase Global (COIN.O) was down nearly 1%. Crypto firm Riot Platforms Inc (RIOT.O), and BTC mining machine makers Ebang International and Canaan Inc (CAN.O) drop between 1% and 2%. "The crypto market reacted to the negative news from Silvergate Bank, with both bitcoin and ethereum down about 4.8% for the week," analysts at brokerage Bernstein said.

MALATYA, Turkey, March 4 (Reuters) - The Trend Garden Residence, an upscale serviced apartment building in the Turkish city of Malatya, boasted a gym, freshly-furnished rooms and a roof-top cafeteria. Erdogan, who has led Turkey since 2003, said following the disaster that building standards have improved under his watch. Among those arrested as part of the Trend Garden probe is Engin Aslan, according to the government officials. Corporate records show he is the majority owner of a Turkish company that, according to land registration documents, owns the building. A spokesperson for the Yesilyurt district municipality, where Trend Garden was located, declined to comment about the building’s registration history.

☆ Blackstone defaults on Nordic mortgage-backed bond
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

"This debt relates to a small portion of the Sponda portfolio. We are disappointed that the Servicer has not advanced our proposal," Blackstone said in an emailed statement on Thursday. "We continue to have full confidence in the core Sponda portfolio and its management team," the company added. The bond, which was underwritten by Citigroup and Morgan Stanley, was originally secured against 63 mostly office buildings in Finland. Blackstone's $71 billion unlisted real estate income trust (BREIT) has also been in hot water.

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 3, 2023. The U.S. 10-year Treasury yield fell on Friday after touching a four-month high in the previous session but stayed above the 4% level. Nine of the 11 major S&P sectors were higher, with communication services (.SPLRCL) and technology (.SPLRCT) indexes leading gains. Apple Inc rose 1.9% after Morgan Stanley said the stock could rally more than 20% this year on potential hardware subscription. Dell Technologies Inc (DELL.N) slipped 0.9% after it forecast current-quarter revenue and profit below Wall Street estimates, hit by an ongoing demand slump in its PC business.

☆ Apple iPhones to be assembled at new plant in India's Karnataka state
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, March 3 (Reuters) - Apple Inc's (AAPL.O) iPhones will soon be assembled at another site in the southern Indian state of Karnataka and 300 acres have been aside to set up a factory, the state government said on Friday. Bloomberg News had earlier reported that Apple partner Foxconn Technology Group planned to invest about $700 million in the Karnataka site to ramp up local production. The state's investment promotion division said in a tweet that the move would generate 100,000 employment in the next 10 years. Currently, iPhones are assembled in India by at least three of Apple's global suppliers - Foxconn and Pegatron (4938.TW) in Tamil Nadu, and Wistron (3231.TW) in Karnataka. read moreReporting by Ashish Chandra in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Futures rise as yields retreat from highs
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +3 min

The U.S. 10-year Treasury yield fell on Friday after touching a four-month high in the previous session but stayed above the 4% level. Central bank officials including Bostic and Fed Dallas President Lorie Logan are scheduled to speak later in the day. ET, Dow e-minis were up 82 points, or 0.25%, S&P 500 e-minis were up 13 points, or 0.33%, and Nasdaq 100 e-minis were up 35 points, or 0.29%. Hewlett Packard Enterprise (HPE.N) rose 2.3% after the laptop maker gave an upbeat full-year earnings forecast. Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Amazon delays construction of second phase of Virginia headquarters
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

Amazon had earlier said the Virginia headquarters, a multi-year investment dubbed 'HQ2', would create 25,000 jobs. John Schoettler, Amazon's real estate chief, said in a statement on Friday the company was pushing out the date for groundbreaking of PenPlace, the second phase of the northern Virginia campus. Met Park comprises of two 22-story office buildings with 2.1 million square feet of office space, and a two-acre public park. Earlier this year, Amazon announced it would eliminate more than 18,000 roles, in one of its largest layoffs in history. However, the delay in construction would not mean any elimination in jobs, Amazon said.

☆ Meta tweaks its controversial 'cross-check' system for VIPs
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

March 3 (Reuters) - Meta Platforms (META.O) said on Friday it would implement most of the recommendations made by its independent oversight board to its policy of exempting high-profile users from some of its content-related rules. The Facebook parent, however, rejected some suggestions to increase transparency and reduce bias toward content generated by public figures. The board has said the practice privileged the powerful and allowed business interests to influence content decisions. One of the recommendations that Meta rejected suggested the social media company publicly mark the pages and accounts of certain public figures receiving list-based protection. Reporting by Chavi Mehta in Bengaluru and Katie Paul in New York; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Coinbase buys digital asset firm One River Digital in growth push
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

March 3 (Reuters) - Coinbase Inc (COIN.O) has acquired One River Digital Asset Management (ORDAM), the cryptocurrency exchange said on Friday as it aims to beef up services and take advantage of weak valuations of digital asset companies. The company did not disclose the financial details of the deal, in which ORDAM will become Coinbase Asset Management and operate as a fully-owned unit of Coinbase. ORDAM is a digital asset manager that provides institutional clients exposure to digital assets through investment products. Eric Peters will continue to serve as chief executive of Coinbase Asset Management as well as One River Asset Management, the parent company of ORDAM. "Coinbase and ORDAM share an ethos grounded in prudent risk management, a trait which has enabled both firms to successfully navigate the recent market turmoil," Coinbase said in a blog.

The two-year yield , which best reflects short-term rate expectations, hit a fresh 15-year high at 4.93%. The S&P 500 and Nasdaq fell on Wednesday after data showed U.S. manufacturing contracted for a fourth straight month in February, although raw material prices increased last month. The S&P 500 (.SPX) fell 22.28 points, or 0.56%, to 3,929.11, but was trading near its 200-day moving average, seen as a key support level by traders. The S&P index recorded two new 52-week highs and 12 new lows, while the Nasdaq recorded 26 new highs and 71 new lows. Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D'Souza and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Futures extended losses after data showed the number of Americans filing new unemployment claims fell again last week, pointing to sustained labor-market strength. Another set of data showed non-farm unit labor costs were revised to 3.2% in the fourth quarter, against economists' estimate of a 1.6% rise. The two-year yield , which best reflects short-term rate expectations, hit a fresh 15-year high at 4.94%. The benchmark S&P 500 (.SPX) and the tech-heavy Nasdaq (.IXIC) fell on Wednesday after data showed U.S. manufacturing contracted for a fourth straight month in February, although raw material prices increased last month. ET, Dow e-minis were up 56 points, or 0.17%, S&P 500 e-minis were down 21.75 points, or 0.55%, and Nasdaq 100 e-minis were down 107 points, or 0.89%.

☆ Best Buy forecasts profit below estimates as electronics demand weakens
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

March 2 (Reuters) - Top U.S. electronics retailer Best Buy Co Inc (BBY.N) on Thursday joined peers with a cautious annual earnings forecast as uncertainty over the U.S. economy tempers expectations for a recovery in demand for discretionary products. The company's shares slipped 1.6%, despite a beat on holiday quarter revenue and profit estimates as steep discounts attracted inflation-weary shoppers to its stores. The company expects fiscal 2024 adjusted earnings per share of $5.70 to $6.50, below analysts' estimates of $6.71, according to IBES data from Refinitiv. It forecast full-year comparable sales to fall 3% to 6%, compared to analysts' estimates of a 1.9% decline. On an adjusted basis, Best Buy earned $2.61 per share in the fourth quarter ended Jan. 28, beating analysts' estimates of $2.11, according to IBES data from Refinitiv.

☆ Blackstone defaults on $562 mln Nordic property-backed CMBS - Bloomberg News
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

March 2 (Reuters) - Blackstone Inc (BX.N) has defaulted on a 531 million euro ($562.5 million) bond backed by a portfolio of offices and stores owned by Finnish company Sponda Oy, Bloomberg News reported, as rising interest rates hit European property values. "This debt relates to a small portion of the Sponda portfolio. We are disappointed that the Servicer has not advanced our proposal," Blackstone said in an emailed statement on Thursday. "We continue to have full confidence in the core Sponda portfolio and its management team," the company added. Blackstone's $71 billion unlisted real estate income trust (BREIT) has also been in hot water.

☆ Macy's forecasts upbeat annual profit, shares surge
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

March 2 (Reuters) - Macy's Inc (M.N) forecast full-year profit largely above Wall Street estimates on Thursday, as the department store operator looks to cut back on promotions to protect its margins. The company said it expects adjusted full-year profit per share between $3.67 and $4.11, while analysts on an average had estimated $3.84, according to IBES data from Refinitiv. Macy's sees 2023 sales between $23.7 billion and $24.2 billion, compared to estimates of $24.29 billion. Consumers at the higher end of the income rung have shrugged off a hit to savings from stubbornly high inflation, helping boost sales at department stores like Macy's that mostly offer luxury and discretionary items. However, peer Kohl's Corp (KSS.N), which caters more to inflation-hit lower-income customers posted a surprise quarterly loss and forecast full-year profit well below estimates as deep discounts to boost demand shredded the retailer's margins.

☆ Kroger sees annual profit above estimates
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

March 2 (Reuters) - Kroger Co (KR.N) forecast annual profit above Wall Street estimates on Thursday, as the supermarket chain benefits from higher prices, easing cost pressures and steady demand for its groceries and other essentials. Shares of Kroger, which has inked a $25 billion deal to buy smaller rival Albertsons Companies Inc (ACI.N), climbed about 3% in premarket trading. Kroger forecast adjusted earnings per share of between $4.45 and $4.60 for fiscal 2023, while analysts on average expected a profit of $4.20 per share, according to Refinitiv IBES data. Still, the company projected same-store sales growth, excluding fuel, of 1% to 2% in fiscal 2023, below analysts' estimate of a 2.23% increase. Reporting by Deborah Sophia in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Best Buy forecasts annual profit below estimates
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

March 2 (Reuters) - Top U.S. electronics retailer Best Buy Co Inc (BBY.N) on Thursday joined peers with a cautious forecast for annual earnings as uncertainty over the U.S. economic outlook tempers expectations for a recovery in discretionary products demand. Higher U.S. consumer prices have raised fears that the U.S. Federal Reserve could further lift borrowing costs to cool demand, prompting Walmart (WMT.N), Target Corp (TGT.N) and other retailers to issue conservative forecasts. Best Buy said it expects fiscal 2024 adjusted earnings per share of $5.70 to $6.50, compared with analysts' estimates of $6.71, according to IBES data from Refinitiv. Comparable sales decreased 9.3% in the fourth quarter ended Jan. 28, compared with analysts' estimates of a 9.2% fall. Reporting by Uday Sampath in Bengaluru; Editing by Anil D'Silva and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

India's coal arrivals are already heading higher, with data from commodity analysts Kpler pointing to a rise in thermal coal imports to 10.19 million tonnes in February, up from 9.71 million tonnes in January and the most since November. It's likely that thermal coal imports may decline over the coming years, but predictions that this trade will end by 2030 are ambitious. Where India will see increasing coal imports is in higher-grade metallurgical coal, used primarily to make steel. Given that each GW of generation requires around 3 million tonnes of coal annually, this implies the coming capacity additions will only need another 100 million tonnes, well below the 500 million tonnes extra the industry believes it will deliver by 2030. Overall, it appears the positive mood of India's coal sector is justified, especially in the short term.

[1/3] FILE PHOTO-Russian Foreign Minister Sergei Lavrov speaks during a meeting with heads of foreign media outlets in Moscow, Russia, February 15, 2023. Last July, Russian Foreign Minister Sergei Lavrov walked out of a G20 foreign ministers’ meeting, also in Bali, after the West strongly denounced the war. The G20 bloc includes the wealthy G7 democracies, as well as Russia, China, India, Australia, Brazil and Saudi Arabia among other countries. The foreign ministers' meeting will also be watched for how tensions between Washington and Beijing play out, including over the Ukraine war. "It is unlikely that G20 foreign ministers can agree on common language suggesting ways and mechanisms to deal with the situation in Ukraine," he said.

☆ Senator Warren urges U.S. patent office to scrutinize Merck's Keytruda
▼ + stars: | 2023-02-23 | by ( Michael Erman | ) www.reuters.com time to read: +2 min

Senator Bernie Sanders, as well as Representatives Katie Porter and Pramila Jayapal also signed the letter. They expressed particular concern over Merck's efforts to patent a subcutaneous version of the currently infused drug, which Reuters reported on late last year. They wrote that Merck’s use of dozens of patents to fend off Keytruda competitors "appear(s) to be an example of the anti-competitive business practices ... that we have long beenconcerned about." Merck, which reported $20.9 billion in 2022 sales of Keytruda, has relied on the immunotherapy to fuel its growth. They urged Vidal to "give close scrutiny to any of Merck’s requests for new patents for Keytruda, and reject those that do not clearly meet the agency’s standards."

☆ Wall St set for higher open as Nvidia outweighs Fed jitters
▼ + stars: | 2023-02-23 | by ( Johann M Cherian | ) www.reuters.com time to read: +3 min

Futures cut some gains after data showed the number of Americans filing new claims for unemployment benefits unexpectedly fell last week. "Markets are tracking the earnings reports overnight from Nvidia," said Robert Pavlik, senior portfolio manager at Dakota Wealth. ET, Dow e-minis were up 39 points, or 0.12%, S&P 500 e-minis were up 15 points, or 0.38%, and Nasdaq 100 e-minis were up 106.25 points, or 0.88%. Analysts polled by Reuters predict a correction within the next three months even though they expect the S&P 500 (.SPX) to climb 5% by year-end. Moderna Inc (MRNA.O) fell 4.4% after the vaccine maker reaffirmed its annual sales forecast of $5 billion for its COVID-19 vaccines despite its fourth-quarter sales exceeding estimates.

☆ Nvidia results show its growing lead in AI chip race
▼ + stars: | 2023-02-23 | by ( Chavi Mehta | ) www.reuters.com time to read: +4 min

[1/2] Jensen Huang, CEO of Nvidia, shows the Drive Pegasus robotaxi AI computer at his keynote address at CES in Las Vegas, Nevada, U.S. January 7, 2018. AI has emerged as a bright spot for investments in the tech industry, whose slowing growth has led to widespread layoffs and a cutback on experimental bets. SPECIALIZED CHIPSGraphics processing units are designed to handle the specific kind of math involved in AI computing very efficiently, while generic central processing units (CPUs) from Intel can handle a broader range of computing tasks with less efficiency. Advanced Micro Devices (AMD.O), whose shares also rose after Nvidia earnings on Wednesday, is the second-biggest player in the GPU industry, with a market share of roughly 20%. Nvidia's strength in the AI industry has also attracted the attention of venture capitalists and startups, which are investing billions of dollars and promising improvements such as lower electricity consumption.

☆ Wall St slightly higher as investors focus on Fed minutes
▼ + stars: | 2023-02-22 | by ( Johann M Cherian | ) www.reuters.com time to read: +3 min

U.S. stocks shed more than 2% on Tuesday after a rebound in business activity in February stoked fears of interest rates staying higher for longer. New York Fed President John Williams, a voting member of the rate-setting committee this year, is scheduled to speak later in the day. Following a market rout in 2022, the three major indexes logged monthly gains in January as investors hoped the Fed would pause its rate hikes and perhaps pivot around year-end. However, stocks have had a volatile run in February, leaving the Dow flat for the year as traders priced in higher interest rates for longer, assuming that inflation remains higher in a sturdy economy. The S&P index recorded three new 52-week highs and one new lows, while the Nasdaq recorded 21 new highs and 92 new low.

☆ Wall St set for higher open as investors focus on Fed minutes
▼ + stars: | 2023-02-22 | by ( Johann M Cherian | ) www.reuters.com time to read: +3 min

SummarySummary Companies Fed minutes due at 2:00 p.m. U.S. stocks shed more than 2% on Tuesday as investors worried that a rebound in U.S. business activity in February could mean interest rates might need to stay higher for longer. ET (1900 GMT), are expected to detail the breadth of debate at the central bank over how much further interest rates may need to be raised to slow inflation. However, stocks have had a volatile run in February as traders priced in higher interest rates for longer, considering inflation remains above the 2% target in the face of a sturdy economy. Money market participants expect rates to peak at 5.35% by July and stay around those levels till the end of 2023.

☆ Wall St inches higher as investors focus on Fed minutes
▼ + stars: | 2023-02-22 | by ( Johann M Cherian | ) www.reuters.com time to read: +3 min

SummarySummary Companies Fed minutes due at 2:00 p.m. U.S. stocks shed more than 2% on Tuesday after a rebound in business activity in February stoked fears of interest rates staying higher for longer. "We expect all indicators to point to the Fed remaining hawkish in its inflation fight." However, stocks have had a volatile run in February as traders priced in higher interest rates for longer, considering inflation remains elevated in the face of a sturdy economy. Money market participants expect rates to peak at 5.35% by July and stay around those levels till the end of 2023.

☆ Merck's COVID pill fails to prevent infection among household members
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

The results were similar to data from rival Pfizer Inc (PFE.N), whose COVID pill Paxlovid also failed to prevent infections among household contacts. Merck's late-stage trial enrolled over 1,500 participants, who were household contacts exposed to an individual with at least one symptom and had recently tested positive for COVID-19. Its Lagevrio pill, also known as molnupiravir, was given every 12 hours for five days and was compared with a placebo group. Participants treated with the pill were 23.6% less likely to develop COVID than those given a placebo through day 14, failing to meet the main goal of the trial, Merck said. Pfizer's Paxlovid and Merck's Lagevrio pills were given emergency use authorization in Dec. 2021 for patients with mild-to-moderate COVID that tested positive for the virus, and who were at risk of progressing to severe COVID.

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