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☆ Major banks cut China 2023 GDP forecasts as recovery falters
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +2 min

BEIJING, June 16 (Reuters) - Four major Western banks have cut their 2023 gross domestic product (GDP) growth forecasts for China after May data showed a post-COVID recovery was faltering in the world's second-largest economy. The government has set a modest GDP growth target of around 5% for this year after badly missing its 2022 goal. UBS economists on Friday cut their GDP forecast to 5.2% from 5.7% and said in a note that they expected more policy support to come. Economists at Standard Chartered lowered their 2023 growth forecast to 5.4% from 5.8% previously. BofA downgraded its 2023 GDP growth forecast to 5.7% from 6.3%, while JPMorgan had earlier trimmed its outlook to 5.5% from 5.9%.

Persons: BofA, Kevin Yao, Jamie Freed Organizations: UBS, Standard Chartered, Bank of America, JPMorgan, Chartered, Thomson Locations: BEIJING, China, Beijing

☆ Energy should see a bounce back in 6 - 12 months, says BofA's Chris Hyzy
▼ + stars: | 2023-06-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnergy should see a bounce back in 6 - 12 months, says BofA's Chris HyzyChris Hyzy, Merrill & BoA Private Bank CIO, joins 'Closing Bell' to discuss the sustainability of the market rally.

Persons: Chris Hyzy Chris Hyzy, Merrill Organizations: Energy, Bank CIO

Bank of America Unlimited Cash Rewards Credit Card for Students Review: Is It the Best Card for You? If your credit falls short, consider other options like a secured credit card or a starter credit card that gives you a better shot at approval. Bank of America Unlimited Cash for Students RewardsMany student and no-annual-fee credit cards don't come with a sign-up bonus and don't earn rewards for ongoing spending, but the Unlimited Cash Rewards Credit Card for Students offers both. Bank of America Unlimited Cash Rewards for Students Benefits and FeaturesLike most student credit cards, the Unlimited Cash Rewards Credit Card for Students doesn't come with high-value benefits like travel insurance or airport lounge access. Methodology: How We Reviewed the Bank of America Unlimited Cash Rewards for StudentsWe compared the Bank of America Unlimited Cash Rewards Credit Card for Students to similar student and 0% APR credit cards from Bank of America and other card issuers, and evaluated several factors, including:Rewards earning potential — Does the card earn rewards at competitive rates?

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The Bank of America® Travel Rewards Credit Card for Students' introductory 0% APR period is excellent for a card that also earns rewards. Bank of America Travel Credit Card for Students RewardsYou won't always earn a welcome bonus or rewards for ongoing spending on student and no-annual-fee credit cards, but the Bank of America® Travel Rewards Credit Card for Students offers both. How to earn rewardsThe Bank of America® Travel Rewards Credit Card for Students has a simple, consistent rewards structure. Read our review Read Our Review A looong arrow, pointing rightBank of America Travel Rewards Credit Card for Students Annual Fee and Other CostsWith no annual fee and no foreign transaction fees, the Bank of America® Travel Rewards Credit Card for Students is suitable for budget travelers. Methodology: How We Reviewed the Bank of America Travel Rewards Credit Card for StudentsWe compared the Bank of America® Travel Rewards Credit Card for Students to similar student and 0% APR credit cards from Bank of America and other card issuers, and evaluated several factors, including:Rewards earning potential — Does the card earn rewards at competitive rates?

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Bank of America Customized Cash Rewards Credit Card for Students Review: Is It the Best Credit Card for You? If your credit falls short, consider other options like a secured credit card or a starter credit card that gives you a better shot at approval. Bank of America Customized Cash for Students RewardsStudent and no-fee credit cards don't always come with welcome bonuses or earn rewards for ongoing spending, but the Customized Cash Rewards Credit Card for Students offers both. Bank of America Customized Cash Rewards for Students Benefits and FeaturesThe Customized Cash Rewards Credit Card for Students doesn't come with luxury benefits like airline and hotel status or expedited airport security. Methodology: How We Reviewed the Bank of America Customized Cash Rewards for StudentsWe compared the Bank of America® Customized Cash Rewards Credit Card for Students to similar student and 0% APR credit cards from Bank of America and other card issuers, and evaluated several factors, including:Rewards earning potential — Does the card earn rewards at competitive rates?

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☆ BoA's Ebrahim Poonawala expects stability to return to regional banking mid-term
▼ + stars: | 2023-05-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBoA's Ebrahim Poonawala expects stability to return to regional banking mid-termEbrahim Poonawala, BoA Securities banking analyst, joins 'Power Lunch' to discuss Bank of America resuming a buy rating on some regional banks.

☆ Bank of America details 3 retail stocks that have more than 20% upside as they benefit from mass closures of Bed Bath & Beyond stores
▼ + stars: | 2023-05-04 | by ( Laila Maidan | ) www.businessinsider.com time to read: +3 min

Bed Bath & Beyond is closing hundreds of stores this year after filing for bankruptcy. Another 360 Bed Bath & Beyond locations and 120 buybuy Baby locations are set to shutter their doors by the end of June. BoA expects these hot spots to be gobbled up by off-price retailers that have near-term plans to expand. TJX's HomeGoods subsidiary is a runner-up, with only 38% of BBBY stores being within a one-mile radius and 52% within two miles. Off-price retailers' store proximity to Bed Bath & Beyond store locations.

☆ Big Japanese manufacturers remain gloomy as external demand ebbs - survey
▼ + stars: | 2023-04-18 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

"The survey confirmed the economy is on track for a post-coronavirus recovery backed by service-sector firms, although manufacturers are affected by a slowdown in global demand," said Yoshimasa Maruyama, chief economist at SMBC Nikko Securities. The Reuters Tankan, which closely tracks the Bank of Japan's (BOA) quarterly key tankan survey, canvassed 493 big non-financial firms. The sentiment index for big manufacturers in the Reuters Tankan survey stood at minus 3, unchanged from the previous month and posting a fourth straight month of negative readings, according to the survey. The Reuters Tankan manufacturers index is expected to rebound to plus 7 over the next three months. The large service-sector firms' index edged up to plus 24 in April from plus 21 seen in the previous month, hitting the highest level since December.

☆ Mike Pence in pink boots, Ron DeSantis in a big ball gown. Here's how the 'RuPublicans' Instagram account uses AI art to call out GOP lawmakers — by dressing them in drag.
▼ + stars: | 2023-04-14 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +5 min

The "RuPublicans" Instagram account posts AI-generated pictures of GOP lawmakers in full drag. The images range from Mike Pence in sparkly pink boots to Ron DeSantis in a big ball gown. The images are the work of an Instagram account called "RuPublicans," which uses AI to dress Republican lawmakers in drag — complete with frills, feathers, jewels, and wigs. Some of the GOP lawmakers in drag have a history of pushing anti-trans rhetoricSeveral GOP lawmakers that the "RuPublicans" account called out have, in the past, pushed anti-trans messages. Representatives of Pence, DeSantis, Graham, Cruz, Hawley, and McConnell did not immediately respond to Insider's requests for comment sent outside regular business hours.

☆ High regional bank exposure looks like headwind for small caps, says BoA's Jill Carey Hall
▼ + stars: | 2023-04-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHigh regional bank exposure looks like headwind for small caps, says BoA's Jill Carey HallJill Carey Hall, Bank of America, joins 'Closing Bell' to discuss her caution for small caps.

Hong Kong/Seoul CNN —South Korean internet company Kakao has become the largest shareholder of SM Entertainment, winning a battle for control of one of the country’s most iconic music agencies. Kakao and its entertainment unit have increased their stake in SM to 39.9%, they said in a Tuesday regulatory filing. In securing a controlling stake, Kakao has seen off rival HYBE, South Korea’s top music agency and home to boy band sensation BTS, after a bruising takeover battle. In a separate Tuesday filing, HYBE said it had sold some of its SM shares to Kakao, reducing its stake to 8.8%. Aespa is represented by SM Entertainment.

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"This is all a bit of a mess," Krishna Guha, vice chair of ISI Evercore and a former New York Federal Reserve official, wrote ahead of a Federal Open Market Committee meeting that has veered from a dead-certain jump in interest rates two weeks ago to a speculative morass. The yield on the 2-year Treasury note - particularly sensitive to Fed policy expectations - rose steadily through the day, adding roughly a quarter of a point from the overnight low and approaching 4%. Analysts trying to parse what recent bank stress might mean said a coming credit contraction could be the equivalent of an additional quarter point Fed rate increase, or as much as a recession-inducing 1.5 percentage points, rendering further rate hikes obsolete. "The emergence of financial stress is likely to indicate to the committee that monetary policy is closer to being 'sufficiently restrictive' than some may have thought previously," BOA economists wrote. "At the very least, stress in financial markets suggests that the Fed should proceed with caution."

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☆ Explainer: How Kakao won a takeover battle against HYBE for K-pop pioneer SM Entertainment
▼ + stars: | 2023-03-12 | by ( Hyunsu Yim | ) www.reuters.com time to read: +4 min

For more than two decades, the K-pop industry was dominated by the trio until BTS rose to global fame in recent years, making its agency HYBE the largest music label in the country. It is the second-largest entertainment group in South Korea by market value at $2.8 billion, trailing HYBE, which is worth $5.5 billion. Lee filed an injunction request to block the deal that was approved by a court, and sold a 15% stake in SM to rival agency HYBE, setting up a takeover battle. Kakao, the most popular social media platform in South Korea, is expanding aggressively into the entertainment industry where it already owns a smaller K-pop agency, Starship Entertainment. In January, Kakao Entertainment announced a 1.2 trillion won ($966.27 million) investment from Singapore's GIC and Saudi Arabia's Public Investment Fund, giving it more firepower for the SM bid.

Hong Kong/Seoul CNN —BTS agency HYBE says it has called off a takeover bid for SM Entertainment, ending weeks of corporate mudslinging that has dominated headlines in South Korea. Last week, tech giant Kakao and its entertainment unit said they had doubled down on their quest to take control of SM, the iconic K-pop music agency. Kakao offered SM shareholders 150,000 won ($115) per share, much more than HYBE’s previous offer of 120,000 won ($92) per share, which garnered only mild interest from investors. SM Entertainment said in a statement that it “welcomes” HYBE’s decision to suspend its takeover bid. Kakao and its entertainment unit will continue with their existing tender offer to SM shareholders, which will wrap up on March 26, they told CNN.

It plans to offer SM shareholders 150,000 won ($115) per share. The artists are represented by SM Entertainment, which is currently in the midst of several shareholder disputes. Kakao and its Kakao Entertainment unit already currently hold 4.9% of SM, the company told CNN in a statement Tuesday. Kakao’s gambleKakao is pressing forward nonetheless, inviting SM shareholders to accept its tender offer, which ends on March 26. Its shares closed 3% lower in Seoul on Tuesday, while SM’s shares soared 15%.

Hong Kong/Seoul CNN —The billionaire mastermind behind some of the world’s biggest K-pop stars is pushing back on accusations that he’s trying to monopolize the Korean music industry. “It wouldn’t be correct to say that we’re trying to take over the whole industry,” Bang told CNN in an exclusive interview in Seoul. Bang Si-Hyuk, who chairs the HYBE management agency, spoke with CNN's Richard Quest on Tuesday. “When the two companies are combined, a monopoly and oligopolistic group of companies that account for approximately 66% of total market sales will be created,” it told CNN. The company would then announce the outcome and next steps, it told CNN on Friday.

☆ We're a buyer of weakness and a seller of strength, says Merrill and BoA Private Bank's Chris Hyzy
▼ + stars: | 2023-02-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're a buyer of weakness and a seller of strength, says Merrill and BoA Private Bank's Chris HyzyChris Hyzy, Merrill and Bank of America Private Bank chief investment officer, joins 'Closing Bell' to offer his equity strategy for navigating a volatile market.

☆ Watch CNBC’s full interview with BoA's Jill Carey Hall
▼ + stars: | 2023-02-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with BoA's Jill Carey HallJill Carey Hall, Bank of America, joins 'Closing Bell' to discuss her market outlook.

☆ Expect downside to earnings ahead, says BoA's Jill Carey Hall
▼ + stars: | 2023-02-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExpect downside to earnings ahead, says BoA's Jill Carey HallJill Carey Hall, Bank of America, joins 'Closing Bell' to discuss her market outlook.

☆ Under Armour is targeting Gen Z athletes with a shoe that's part training sneaker and part slip-on shoe
▼ + stars: | 2023-02-17 | by ( Danni Santana | ) www.businessinsider.com time to read: +2 min

UA Slipspeed sneaker features a collapsible heel that can be worn as a performance shoe or slide. Slipspeed is designed to adapt to athletes' busy schedules, Under Armour says. The shoe is also part of a new marketing strategy that zeroes in on 16 to 20-year old athletes. The new UA Slipspeed sneaker retails for $150 and features a collapsible heel that can be worn as a slide or performance shoe. The Slipspeed sneaker is key to Under Armour's new marketing strategy.

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☆ 'It will prosper': Analysts say buy this global fintech stock with over 140% upside
▼ + stars: | 2023-02-10 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Shares of PensionBee , the U.K.-based digital pension provider, are expected to more than double in a year, according to a number of analysts. As a result, the Wall Street bank expects the stock to rise by 216% to £2.17 ($2.63) over the next 12 months. The positive outlook will be a reversal for the fast-growing company's stock, which fell by 60% in 2022 amid a broader sell-off in the U.K.'s small and mid-cap equity market. The consensus price target of five analysts covering the company gives the stock 146% potential upside. The German investment bank expects the stock to rise by more than 143% in the next 12 months to £1.70.

Seoul/Hong Kong CNN —HYBE, the management agency behind superstar boy band BTS, will become the biggest shareholder of its K-pop rival, SM Entertainment. The South Korean entertainment giants announced the deal Friday, with HYBE set to pick up a 14.8% stake in SM Entertainment for 422.8 billion Korean won ($334.5 million). SM Entertainment’s shares soared 14.1% in Seoul on Friday, while HYBE’s stock jumped 6.4%. “This acquisition represents a major step by HYBE to integrate the global expertise of both companies to become a game changer in the global music industry,” HYBE said in a statement. On Thursday, it announced another major deal in the United States, saying it would acquire the owner of Quality Control, a hip-hop label that represents popular artists including Migos and Lil Yachty.

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