DIRS.INFO The most relevant business & tech news

☆ Lawyers successfully argued that a Jim Crow-era law banning felons from voting is cruel and unusual punishment
▼ + stars: | 2023-08-06 | by ( Katie Hawkinson | ) www.businessinsider.com time to read: +2 min

Mississippi lawyers successfully argued against a lifetime voting ban for felons. These Jim Crow-era laws included a lifetime voting ban on any Mississippi resident convicted of certain felonies. Previous challenges to the law have argued it violates the Equal Protection Clause of the 14th Amendment, the Post reports. While the law is still in effect, if this latest ruling sticks, it could restore voting rights to 30,000 people in the state, according to the Post. Additional requirements in these states include indefinite bans for some crimes or additional waiting periods after someone completes their sentence.

Persons: Jim Crow, Lynn Fitch, — Organizations: Service, Circuit, Washington Post, Post, National Conference of State Legislatures Locations: Mississippi, Wall, Silicon

Fitch told the U.S. Treasury about its ultimate decision about 24 hours ahead of the announcement. Fitch's recent talks with the Treasury did not include the actual downgrade decision, Francis said, because it had not yet been made by the agency's ratings committee. On Monday, Fitch's credit committee met, made a decision, and Treasury officials received the Fitch press release of the downgrade. "The timing of the committee was pure coincidence," Francis told Reuters on Friday, noting the date was set weeks ago. Debt ceiling votes have been "acrimonious for decades," one U.S. official complained, referring to a long history of standoffs.

Persons: Dylan Martinez WASHINGTON, Biden, Donald Trump, Harvard's Larry Summers, Jamie Dimon, Fitch, Joe Biden, Richard Francis, Fitch's, Francis, Mark Sobel, Sobel, Alexander Hamilton, David Lawder, Davide Barbuscia, Heather Timmons, Alistair Bell Organizations: Fitch, REUTERS, White House, Reuters, U.S . Treasury, Republicans, Congress, U.S, AAA, Treasury, Social Security, Capitol, Trump, longtime Treasury, Thomson Locations: Canary Wharf, London, Britain, U.S

☆ Morning Bid: Next up, payrolls
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +3 min

U.S. markets are reeling this week from surging funding needs, the loss of the government's prized triple-A credit rating and a still-hot labour market. Longer-dated U.S. Treasuries have taken a beating this week, with 10-year and 30-year yields surging over 20 basis points, heading for their biggest weekly jump since late December. On Friday, if economists polled by Reuters are right, non-farm payrolls will have risen by 200,000 in July -- pretty much unchanged from June. Just last month, another stronger-than-expected ADP report sent yields surging, only to be followed by a weaker-than-expected nonfarm payrolls report, stoking yield swings. Key developments that should provide more direction to U.S. markets later on Friday:* U.S. July non-farm payrolls* Canada July employment data* Goodyear Tire earningsReporting by Yoruk Bahceli; Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Elizabeth Frantz, Yoruk Bahceli, Fitch, Jerome Powell, nonfarm, Christina Fincher Organizations: REUTERS, Yoruk, Markets, Treasury, Reuters, Citi, Traders, Goodyear, Thomson Locations: Arlington , Virginia, U.S, Yoruk Bahceli . U.S, United States, Canada

☆ Jamie Dimon, Larry Summers blast Fitch's shock US downgrade as 'ridiculous' and 'bizarre and inept'
▼ + stars: | 2023-08-03 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +5 min

Fitch's downgrade of the US government's credit score on Tuesday has come as a shock to markets. Here's how 8 top voices have reacted, including Jamie Dimon, Warren Buffett and Larry Summers. But the decision of a credit rating agency today, as the economy looks stronger than expected, to downgrade the United States is bizarre and inept," Summers said in a post on X. Fitch rating services down grades US credit rating from AAA to AA+. I strongly disagree with Fitch's decision, and I believe it is entirely unwarranted," Yellen said.

Persons: Jamie Dimon, Warren Buffett, Larry Summers, Fitch, Berkshire Hathaway, Treasurys, Buffett, Dimon, Jeenah, Summers, Mohamed El, Erian, Paul Krugman, Krugman, Robert Kiyosaki, Rich Dad, Brace, Janet Yellen, Patrick Semansky, Yellen, Mark Haefele, Haefele Organizations: AAA, Service, Biden, Wall, Berkshire, CNBC, JPMorgan, Allianz, Fitch, AA, Fed, Treasury, AP, UBS Global Wealth Management Locations: Wall, Silicon, U.S, United States, States

☆ America's credit score got slashed – but that's not the economic disaster it sounds like
▼ + stars: | 2023-08-03 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Ratings agency Fitch cut America's credit score in a surprise move Tuesday. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Fitch's downgrade is like an individual's credit score slipping from exceptional to merely very good. If you need more convincing that Fitch's downgrade is no big deal, look no further than the stock market. In other words, Fitch slashed the US's credit score, and Wall Street shrugged.

Persons: Fitch, Joe Biden, Biden, Janet Yellen, who's, Kevin McCarthy, didn't, – Organizations: Service, Washington DC, Canada, Democrats, Republicans, Bank of America Locations: Canada, Wall, Silicon, Washington, United States, France

☆ Brazil central bank kicks off rate cuts more aggressively than expected
▼ + stars: | 2023-08-02 | by ( Peter Frontini | ) www.reuters.com time to read: +3 min

The bank's rate-setting committee Copom cut its Selic policy rate to 13.25%, as just 10 of 46 economists surveyed by Reuters had anticipated. Although Wednesday's policy decision was closely divided, Copom's policy statement signaled a shared outlook to keep up the pace of rate cuts in coming months. Wednesday's rate decision reflected a split among board members, with five votes in favor of the 50-basis-point cut and four votes for a more modest 25-basis-point cut. Finance Minister Fernando Haddad had called for a rate cut of 50 basis points earlier on Wednesday. Brazil's inflation target is 3% for both years.

Persons: we'd, William Jackson, Luiz Inacio Lula da Silva's, Roberto Campos Neto, Lula, Campos Neto, Fernando Haddad, Haddad, Copom, Peter Frontini, Marcela Ayres, Brad Haynes, Diane Craft Organizations: SAO PAULO, Reuters, Capital Economic, Finance, Fitch, Carolina, Thomson Locations: Brazil

☆ Wall Street ends down, investors step back after Fitch US rating cut
▼ + stars: | 2023-08-02 | by ( David French | ) www.reuters.com time to read: +5 min

Fitch was the second major agency to cut the country's rating. Reaction to the news pushed major indexes lower, with the S&P 500 (.SPX) recording its biggest daily percentage drop since April 25. REUTERS/Brendan McDermid/File PhotoThe technology index (.SPLRCT), dropping 2.6%, was also the worst performer of the 11 major S&P sectors, with nine in total ending the day lower. With around two-thirds of the S&P 500 having already reported, 79.9% have posted earnings above analysts' expectations, per Refinitiv I/B/E/S. The S&P 500 posted 12 new 52-week highs and five new lows; the Nasdaq Composite recorded 49 new highs and 111 new lows.

Persons: Fitch, brokerages, Quincy Krosby, Brendan McDermid, LPL's Krosby, Krosby, Emerson, Johann M Cherian, David French, Lewis Krauskopf, Saumyadeb Chakrabarty, Vinay Dwivedi, David Gregorio Our Organizations: Dow, Nasdaq, Wall, AAA, LPL Financial, Fitch, AA, Nvidia, Apple, Tech, New York Stock Exchange, REUTERS, Amazon.com Inc, Dow Jones, ADP, CVS Health Corp, Devices, Thomson Locations: States, U.S, Charlotte , North Carolina, New York City, America, Bengaluru, New York

☆ Fitch official confirms that January 6 Capitol riot was partially behind its controversial US downgrade
▼ + stars: | 2023-08-02 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +3 min

A top official with Fitch Ratings said January 6 influenced its controversial downgrade of US credit. "I strongly disagree with Fitch Ratings' decision," Treasury Secretary Janet Yellen said in a statement. "The change by Fitch Ratings announced today is arbitrary and based on outdated data." The juxtaposition of Fitch's decision and January 6 became inadvertently apparent as soon as their decision was announced. News of former President Donald Trump's indictment related to his efforts to overturn the election broke just as Fitch's downgrade became public.

Persons: Fitch's, Richard Francis, Francis, Fitch, Janet Yellen, Larry Summers, Biden's, Donald Trump's Organizations: Fitch, Reuters, The Treasury Department, Service, Treasury Department, Biden, Congressional Republicans, White, Twitter Locations: Wall, Silicon, United States, States

☆ Morning Bid: Triple-A headache
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +4 min

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. On Tuesday, Fitch became the second major agency, after Standard & Poor's in 2011, to strip the United States of its prized triple-A credit rating. Jefferies notes that, with two of the three major agencies listing U.S. debt at AA, U.S. bonds no longer count as AAA in some key indices. However, according to Jefferies, most investors have moved away from some of the stricter criteria around holding triple-A rated debt, given Germany is the only large issuer left with that rating. Chart shows that the U.S.'s long-term foreign currency rating was downgraded by Fitch to AA+ in 2023, following a similar move from S&P in 2011.

Persons: Rick Wilking, Amanda Cooper, Fitch, Jefferies, it's, Dupont Nemours, Kraft, Phillips, Ingersoll Rand, John Stonestreet Organizations: REUTERS, Standard, Capitol, Investors, Treasury, Moody's, Moody's Investors Service, U.S ., U.S, AA, AAA, CVS Health, Entergy, Kraft Heinz, Garmin, Brands, Bunge Ltd, Lincoln National, Occidental Petroleum, ETSY, Cognizant Technology Solutions, Atmos Energy, Equinix, Qualcomm, MGM Resorts, MetLife, Fitch, Reuters Graphics U.S, Thomson, Reuters Locations: Westminster , Colorado, U.S, United States, Aaa, Germany, Exelon, Albemarle, Occidental, Clorox

☆ Wall Street reversal: More and more economists are changing their minds and declaring US recession fears dead
▼ + stars: | 2023-08-02 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +3 min

It joins the Federal Reserve and other economists in casting recession concerns to the side. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. After much hemming and hawing from economists and Wall Street, Bank of America is the latest to revise its predictions — and says a severe economic downturn isn't likely. In doing so, BofA is joining a rising chorus saying that fears of a recession were unfounded. The most recent inflation data were quite encouraging."

Persons: hemming, hawing, Neil Dutta, Goldman Sachs, Jan Hatzius, Jerome Powell, Powell, Janet Yellen Organizations: of America, Federal Reserve, Service, Wall, Bank of America, Bloomberg, Federal, Market Committee, Fitch Locations: Wall, Silicon, American

☆ 'A short-term glitch:' Wall Street pros shrug off the effect of Fitch's downgrade on markets
▼ + stars: | 2023-08-02 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

The Dow Jones Industrial Average fell more than 200 points Wednesday after the downgrade as traders weighed the move. US10Y 1Y mountain 10-year yield 1-year However, Wall Street strategists mostly took the downgrade in stride. The S & P 500's 17% rally this year and the Nasdaq Composite's 33% advance had some traders worrying that equities have surged "too far, too fast." Stovall's S & P 500 year-end target is at 4,575 . Goldman Sachs' Jan Hatzius said Tuesday the downgrade will have "little direct impact" on financial markets.

Persons: Fitch, Janet Yellen, Sam Stovall, Stovall's, Wells Fargo's Christopher Harvey, Goldman Sachs, Jan Hatzius, Steven Zeng, Management's Yung, Yu Ma, Ma, CFRA's Stovall, Deutsche Bank's Zeng, Michael Bloom Organizations: U.S ., Fitch, AAA, Dow Jones, Treasury, Street, Nasdaq, Deutsche, BMO Locations: Washington, U.S, Tuesday's

☆ CNBC Daily Open: Could the market bears be right?
▼ + stars: | 2023-08-02 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange during afternoon trading on July 18, 2023 in New York City. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Asian markets plungeU.S. stocks traded mixed Tuesday, with the Dow Jones Industrial Average, once again, outperforming other major indexes. Credit rating cutFitch Ratings downgraded the United States' long-term foreign currency issuer default rating from AAA to AA+.

Persons: Fitch, Donald Trump, Joe Biden, That's Organizations: New York Stock Exchange, CNBC, Dow Jones, Nikkei, United, AAA, AA, Stock, Trump Former U.S, Trump, Barclays Locations: New York City, Asia, Pacific, United States, U.S, East

☆ Stick with Treasurys even after Fitch downgrades U.S., UBS says
▼ + stars: | 2023-08-02 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Government bonds are still a sound investment, according to UBS. Fitch attributed the downgrade Tuesday to an "erosion of governance," referring to political standoffs around the debt limit, as well as growing debt levels. The firm expects government debt to reach 118.4% of gross domestic product by 2025. US10Y US2Y YTD line U.S. 2 year and 10 year yields Bond yields move opposite to their prices. She noted that the added benefit of having U.S. Treasurys is they offer the potential for capital appreciation if investors become concerned about slowing growth.

Persons: Fitch, Marcelli, — CNBC's Michael Bloom Organizations: UBS, ., AAA, UBS Global Wealth Management, Treasury, Federal Locations: Americas

The yield on the 10-year Treasury was down by around 1 basis points at 4.033% after hitting its highest level since early July on Tuesday. The 2-year Treasury yield was trading about 1 basis point lower at 4.9%. U.S. Treasury yields moved modestly lower Wednesday as investors considered the outlook for the economy after Fitch Ratings downgraded the U.S.' long-term foreign currency issuer default rating on Tuesday. Investors also looked ahead to key economic data that could provide clues about what is ahead for the U.S. economy and monetary policy. In recent months, Fed officials have repeatedly indicated that policy shifts ahead will depend on economic data.

Persons: Fitch, Dow Jones Organizations: Treasury, U.S, Fitch, ., AAA, Investors, Federal Locations: U.S

☆ One-two punch barely fazes Uncle Sam
▼ + stars: | 2023-08-02 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

Former U.S. President and Republican presidential candidate Donald Trump speaks at a campaign event in Council Bluffs, Iowa, U.S., July 7, 2023. Fitch Ratings knocked the U.S. government from its perfect AAA grade, becoming the second major ratings agency to demote the country’s debt. Just minutes later, Donald Trump was indicted for his attempts to overturn the 2020 election. Yet despite the latest one-two punch, a resilient economy and the dollar’s global standing make it hard to bet against Uncle Sam. Former U.S. president Donald Trump was indicted on Aug. 1 for his sweeping efforts to overturn the results of the 2020 presidential election.

Persons: Donald Trump, George Washington’s “, It’s, Treasury Department ., Uncle Sam, Trump, Peter Thal Larsen, Sharon Lam Organizations: U.S, Republican, Reuters, Fitch, AAA, Bank for International, Treasury Department, Treasury Department . Fitch reckons, Former U.S, Trump, Thomson Locations: Bluffs , Iowa, U.S, WASHINGTON, Washington, American

☆ AMD forecast, U.S. credit downgrade drags down chip stocks
▼ + stars: | 2023-08-02 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

AMD Chair and CEO Lisa Su speaks at the AMD Keynote address during the Consumer Electronics Show (CES) on January 4, 2023 in Las Vegas, Nevada. Chip stocks dipped Wednesday, after AMD 's disappointing revenue forecast raised concern that fragility in the PC market and slower spending from businesses may be poised to continue. Marvell fell almost 6%, Nvidia slid close to 5% and Intel and Texas Instruments each declined more than 3%, falling more than the broader tech market. At the same time, the company said a "weaker PC market" dragged second-quarter revenue down 54% in its client segment. Semiconductor companies led a decline in tech stocks, as the market was hit by Fitch Ratings' downgrade of the United States' long-term foreign currency issuer default rating from AAA to AA+.

Persons: Lisa Su, Marvell, Fitch, CNBC's, Jefferies Organizations: AMD, Consumer Electronics, Nvidia, Intel, Texas, Semiconductor, Fitch, AAA, AA, Nasdaq Locations: Las Vegas , Nevada, United States

☆ Lincoln National's CRE exposure targeted by two hedge funds
▼ + stars: | 2023-07-28 | by ( Carolina Mandl | ) www.reuters.com time to read: +4 min

NEW YORK, July 28 (Reuters) - Two hedge funds have placed bets that bonds issued by life insurance company Lincoln National Corp (LNC.N) will fall or that its default risk will increase, due to their concerns about the company's commercial real estate (CRE) exposure. Lincoln declined to provide comments on the hedge funds' positions and referred to previous remarks by its management. Fitch Ratings' senior director Jamie Tucker said in an email to Reuters the agency considers Lincoln's CRE exposure modestly below-average compared with the industry, while the quality is materially stronger. In April, Boaz Weinstein, founder of New York-based Saba, said in a post the firm was holding some of Lincoln's credit default swap (CDS), and had already sold some of it. loadingLincoln's CDS spread, a measure of credit risk, is 238 basis points, compared with 323 when Saba disclosed the position, meaning the perceived risk has declined.

Persons: Ellen Cooper, David Meneret, Lincoln, Fitch, Moody's, Jamie Tucker, Boaz Weinstein, Saba, Tracy Benguigui, Carolina Mandl, Megan Davies, Anna Driver Organizations: YORK, Lincoln National Corp, Saba Capital, Moody's, Reuters, New, CDS, Partners, Citizens Inc, Barclays, LNC, Thomson Locations: CRE, Hill, Lincoln, Saba, New York

☆ Lincoln National's commercial real-estate exposure targeted by two hedge funds
▼ + stars: | 2023-07-28 | by ( Carolina Mandl | ) www.reuters.com time to read: +4 min

Lincoln declined to provide comments on the hedge funds' positions and referred to previous remarks by its management. Fitch Ratings' senior director Jamie Tucker said in an email to Reuters the agency considers Lincoln's CRE exposure modestly below-average compared with the industry, while the quality is materially stronger. In April, Boaz Weinstein, founder of New York-based Saba, said in a post the firm was holding some of Lincoln's credit default swap (CDS), and had already sold some of it. loadingLincoln's CDS spread, a measure of credit risk, is 238 basis points, compared with 323 when Saba disclosed the position, meaning the perceived risk has declined. Among seven listed life insurers tracked by Barclays, Lincoln was the only one which ended the first quarter below its capital target.

☆ Investors are eyeing China's neighbors as the recovery from 'zero-Covid' slows
▼ + stars: | 2023-06-12 | by ( Jihye Lee | ) www.cnbc.com time to read: +8 min

Bloomberg | Bloomberg | Getty ImagesChina's lackluster economic recovery since emerging from strict "zero-Covid" lockdowns has caused weaker sentiment toward the country, prompting investors to look for alternative options — like its near neighbors. Higher targets for JapanForeign investors have undoubtedly been key in driving the Japanese market, maintaining the highest levels the Nikkei has seen since 1990. During the same period last year, foreign investors had sold a net 1.73 trillion yen approximately. Wall Street banks including Morgan Stanley and Societe Generale are among those that are optimistic on Japanese stocks, holding "overweight" positions. Upside for Korea tech stocksSouth Korea is another market closely watched as concerns over China's recovery linger.

Persons: Goldman, Andrew Tilton, Berkshire Hathaway's Warren Buffett, India's, Goldman Sachs, Tilton, Morgan Stanley, ROE, Mike Wilson, we've, Price, Goldman's Tilton, Rhee Chang, Nomura, Chloe Andrieu, Pranjul Bhandari, Bhandari Organizations: Bloomberg, Getty, Asia, Pacific, Japan Foreign, Nikkei, Japan's Ministry of Finance, Societe Generale, Equity, U.S, UBS Global Wealth, U.S ., UBS, The Bank of, CNBC, Citi, AFP, Afp, Korea Financial Investment Association, South Korean, Fitch, Ben Advisors Locations: Macau, China, Japan, South Korea, India, Goldman Sachs, Berkshire, South, Shanghai, Shenzhen, Wall, Korea, Asia, The Bank of Korea, Fuyang, China's, Anhui, Indonesia

☆ Stock market news: The Fed meets next week. What can investors expect?
▼ + stars: | 2023-06-11 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

The S&P 500 Index last week entered a bull market, meaning that it notched a 20% rally from its low in October. Moreover, investors appeared calmer than they have in years, after the United States suspended the debt ceiling in time to avoid a default, allowing investors to breathe a sigh of relief. The May Consumer Price Index and Producer Price Index reports, two key inflation prints, are also due the days that the Fed meets. But the United States could still suffer a downgrade to its credit rating, even though it avoided losing its ability to make payments on time. Tuesday: Consumer Price Index report for May and NFIB small business optimism index.

Persons: CNN — Stocks, Price, ”, JJ Kinahan, there’s, Karim El Nokali, Jerome Powell, ” El Nokali, —, Joe Biden, Benjamin Jeffery, Patrick Klein, ” Josh Lipsky, it’s, Olivier d’Assier, “ It’s, George Mateyo Organizations: CNN Business, Bell, CNN, Nasdaq, United, Fed, IG North America, Fitch, AAA, BMO Capital Markets, Franklin, GeoEconomics, International Monetary Fund, Treasury Department, US Treasury, Key Private Bank, Federal Reserve Bank of New York Survey, Consumer, Federal Reserve, Federal, University of Michigan Locations: United States, US

☆ European shares rise on US debt deal optimism
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +1 min

May 29 (Reuters) - European shares rose on Monday as investors drew comfort from a tentative deal reached by U.S. lawmakers to raise the debt ceiling and avert a default. The euro zone stocks index (.STOXXE) climbed 0.4% by 0715 GMT, with the bloc's banks (.SX7E) among the top gainers. Trading volumes were light, with markets in the United States, the UK and several European countries closed. U.S. President Joe Biden on Sunday finalised a budget agreement with House Speaker Kevin McCarthy to suspend the $31.4 trillion debt ceiling until Jan. 1, 2025, and said the deal was ready to move to Congress for a vote. Reporting by Sruthi Shankar in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ US mortgage giants were placed on credit watch. Here’s what that means for home buyers
▼ + stars: | 2023-05-26 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —The credit ratings of US mortgage giants Freddie Mac and Fannie Mae were put on watch for possible downgrade by Fitch Ratings late Thursday. The warning came because the ratings for Fannie Mae and Freddie Mac are linked to the sovereign rating of the United States. The aim of Freddie and Fannie is to provide liquidity into the mortgage market and enable a reliable flow of affordable funds to mortgage lenders. “The housing GSEs continue to benefit from meaningful financial support from the U.S. government,” the Fitch statement said. “While politics are at play, the ratings watch is a just that — a watch,” she said.

WASHINGTON — House Speaker Kevin McCarthy said Wednesday that negotiations over raising the U.S. debt limit were progressing toward a deal despite disagreements over spending, with only eight days before the government could face an unprecedented default. Fitch Ratings, one of the big three ratings agencies, placed the United States' triple-A status on "rating watch negative." The warning came after McCarthy projected hope that negotiators would reach a deal in time to avoid default. The decision to let members fly home for the week is a tacit acknowledgment by House leadership that a deal to raise the debt ceiling does not appear to be imminent. Debt ceiling-related stress was affecting Treasury markets in particular, Yellen said at a Wall Street Journal event.

Persons: Kevin McCarthy, Fitch, McCarthy, Steve Scalise, Joe, Biden, Janet Yellen, Yellen Organizations: WASHINGTON, Fitch, Fox Business, White, Treasury, Republican, Democratic, Capitol Locations: United States, Washington, U.S

☆ First Republic's strategic options "very challenging" - Fitch
▼ + stars: | 2023-04-25 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

NEW YORK, April 25 (Reuters) - First Republic Bank's (FRC.N) strategic options are "very challenging" because any potential sale is unlikely without the lender taking big writedowns on its mortgage loan book and securities portfolio, analysts at Fitch Ratings said on Tuesday. "The options are very challenging and probably very costly, especially for shareholders. The bank said it was "pursuing strategic options" to strengthen the bank, without providing details. "There are still more downside risks until some clarity emerges on what their strategic options can be," Wolfe said. First Republic's total investment securities stood at $34.8 billion at the end of March, rising 9.8% from the fourth quarter, it said on Monday.

☆ Global rice shortage is set to be the largest in 20 years – here's why
▼ + stars: | 2023-04-19 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +6 min

The global rice market is set to log its largest shortfall in two decades in 2023, according to Fitch Solutions. "At the global level, the most evident impact of the global rice deficit has been, and still is, decade-high rice prices," Fitch Solutions' commodities analyst Charles Hart said. That would mar the largest global rice deficit since 2003/2004, when the global rice markets generated a deficit of 18.6 million tonnes, said Hart. "The global rice production deficit situation will increase the cost of importing rice for major rice importers such as Indonesia, Philippines, Malaysia and African countries in 2023," said Tjakra. "It is our view that global rice production will stage a solid rebound in 2023/24, expecting total output to rise by 2.5% year on year," Fitch's report forecast, hinging on India being a "principal engine" of global rice output over the next five years.

Search resuls for: ". Fitch"

25 mentions found