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☆ How the ghost of 1990s property crash returned to haunt Sweden
▼ + stars: | 2023-07-28 | by ( John O'Donnell | ) www.reuters.com time to read: +4 min

SummaryCompanies Swedish house market tumbles as rates riseSwedes dusting down 1990s blueprint to contain crisisBanks say willing to seize collateralFRANKFURT, July 28 (Reuters) - Long before Europe faced its debt crisis, Sweden struggled through its own 1990s property crash. At the centre of the fallout is a $13 billion property group, SBB, which borrowed to buy public property including social housing, government offices, schools, hospitals and police stations. While property doubled in value in the five years leading up to the 1990s crash, prices have since risen five-fold. Sweden's bruising experience in the 1990s, when banks seized swathes of property underpinning loans, hardened its approach and gave it a blueprint for coping with crises. Swedbank has 1 trillion crowns ($97 billion) in mortgages and loans to tenant owner associations and a further 240 billion crowns in loans to property management companies.

Persons: Jens Henriksson, Price, Karolina Ekholm, Swedbank's, Swedbank, Carl Cederschiold, Masih Yazdi, Bo Lundgren, Lundgren, John O'Donnell, Marie, Alison Williams Organizations: SBB, Sweden's, Marie Mannes, Thomson Locations: FRANKFURT, Europe, Sweden, rocketed, Stockholm, Swedish

☆ Mexican president's fiery barbs fuel maverick rival's campaign
▼ + stars: | 2023-07-20 | by ( Dave Graham | ) www.reuters.com time to read: +5 min

Neither the president's office nor Galvez, who represents the center-right National Action Party (PAN), replied to requests for comment. Lopez Obrador has sought to break this narrative by branding Galvez a millionaire, said Roy Campos, Mitofsky's director. The authority this week ordered Lopez Obrador to remain neutral and abstain from election comments. Under Fox's government, Congress in 2005 stripped Lopez Obrador of immunity from prosecution over a minor land dispute. She urged her party to avoid resorting to tactics used against Lopez Obrador in the past.

Persons: Andres Manuel Lopez Obrador, Andres Manuel Lopez Obrador's, Xochitl Galvez, Lopez Obrador, Galvez, Alfa Gonzalez, pugnacious Lopez Obrador, Lopez, Consulta Mitofsky, Claudia Sheinbaum, Marcelo Ebrard, Roy Campos, Gabriel Islas, Beatriz Vazquez, Vicente Fox, Fox, Andres Manuel, Lorena Villavicencio, Sheinbaum, Dave Graham, Susan Heavey Organizations: Isla de, REUTERS, MEXICO CITY, Party of, Democratic Revolution, Action Party, PAN, Regeneration, Mexico City, Institutional Revolutionary Party, Congress, Thomson Locations: Isla, Isla de Cedros, Mulege, Mexico, MEXICO, derailing, MORENA, Spanish, Mexican

☆ J&J faces a pivotal talc verdict. Jim Cramer looks at how both outcomes could impact the stock
▼ + stars: | 2023-07-12 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

J & J has said that more than 60,000 claimants support its latest proposition. This is the first J & J talc trial in about two years. JNJ YTD mountain J & J year-to-date stock performance The unresolved lawsuits against J & J have, in part, weighed on the company's stock. The MedTech and Pharmaceuticals units remained and make up the new J & J. Traders wear Johnson & Johnson coats at the NYSE.

Persons: Johnson, J's, Emory Hernandez, Hernandez, Anthony, LTL, Michael Kaplan, Kaplan, —, Jim Cramer, Jim, J, Jim Cramer's, Adam Jeffery Organizations: LTL Management, J, Johnson, — Chemours, DuPont, CNBC, AAA, Pharmaceuticals, Traders, NYSE, & ' $ Locations: California, North America, U.S

☆ Dollar dips as Powell testimony disappoints hawks
▼ + stars: | 2023-06-21 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

Powell told lawmakers the fight against inflation still "has a long way to go" and that despite a recent pause in interest rate hikes officials agreed borrowing costs would likely need to move higher. While noting that inflation remains very far from the Fed's target, Powell said it may make sense to still raise rates, at a more moderate pace. The dollar index , which measures the currency against six rivals, fell 0.43% to 102.07 following Powell's testimony to the House Financial Affairs Committee. Investors broadly expect rate hikes to resume at the Fed's July meeting, though financial market indicators reflect doubts that the Fed will deliver more increases beyond that. YEN UNDER PRESSURE, STERLING SEESAWSThe euro was 0.62 % higher against the dollar at $ 1.0985 .

Persons: Jerome Powell's, Powell, Karl Schamotta, Schamotta, Michael Brown, STERLING, Kazuo Ueda, Charles Schwab, Saqib Iqbal Ahmed, Tom Westbrook, Farouq Suleiman, Sam Holmes, Kim Coghill, Sharon Singleton, Alex Richardson, Richard Chang Organizations: YORK, U.S, Fed, House Financial, Committee, Investors, Bank of Japan, Reserve Bank of Australia's, Fidelity, Citadel Securities, Thomson Locations: Beijing

☆ Gold flat as markets await Powell's testimony for rate cues
▼ + stars: | 2023-06-21 | by ( ) www.cnbc.com time to read: +2 min

Gold prices moved in a tight range on Wednesday after two-straight sessions of declines, as investors refrained from making large bets ahead of U.S. Federal Reserve Chairman Jerome Powell's congressional testimony. Spot gold held its ground at $1,936.03 per ounce by 0504 GMT. In this light, Chairman Powell's testimony could have a major short-term impact on the market," said Clifford Bennett, chief economist at ACY Securities. "For the moment gold is under the great interest rate threat hammer, but the very real on-going strong jewelry and manufacturing demand should eventually win the day," Bennett added. Among other precious metals, spot silver fell 0.4% to $23.0973 per ounce, platinum shed 0.6% to $957.16, and palladium lost 0.3% to $1,375.37.

Persons: Jerome, Powell's, Clifford Bennett, Powell, Bennett, Michael Langford Organizations: U.S . Federal, ACY Securities, U.S . House Financial, Federal Reserve, Traders, U.S ., Scorpion Minerals Locations: U.S, Washington, Asia

☆ Morning Bid: Powell patter, UK shock, FedEx warning
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanThe Fed chair has a tricky message to communicate. Powell's colleagues on Tuesday stressed again they would stay the course until inflation is back to its 2% target. UK inflation defied expectations of a slowdown and held at 8.7% in May, while 'core' inflation jumped above 7% for the first time since 1992. In corporate news, FedEx FDX.N shares dropped almost 3% overnight after a profit warning. Events to watch for later on Wednesday:* Federal Reserve Chair Jerome Powell testifies to House Financial Affairs Committee.

Persons: Mike Dolan, Jerome Powell's, rationalises, Powell's, Treasuries, BoE, Sterling recoiled, Rivian, Jerome Powell, Adrian Kugler, Philip Jefferson's, Lisa Cook, Austan Goolsbee, Loretta Mester, Christina Fincher Organizations: Federal Reserve, National Association of Home Builders, Bank of, FedEx FDX.N, Rivals Rivian, European, Financial, Fed Board, Chicago Fed, Cleveland Fed, Treasury, Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, Wells Fargo, Britain, Bank of England, China

☆ Stocks fall, U.S. dollar up as investors assess U.S. rate outlook
▼ + stars: | 2023-06-20 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Investors also were digesting China's move to cut its benchmark loan prime rates (LPR) for the first time in 10 months on Tuesday. Among Beijing's moves to stimulate the country's slowing recovery, the People's Bank of China lowered the medium-term lending facility rate on Thursday. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 11, 2023. Against a basket of six major currencies, the dollar was up 0.22% on the day, with the euro down 0.14% to $ 1.0907 . The Australian dollar fell after its latest central bank meeting minutes showed that keeping interest rates unchanged had been under consideration.

Persons: Dow, Brendan McDermid, Jerome Powell, Powell, Joe Manimbo, Brent, Caroline Valetkevitch, Saqib Iqbal Ahmed, Joice Alves, Selena Li, Anisha, Susan Fenton, Jason Neely, Richard Chang Organizations: Treasury, People's Bank of, Federal Reserve, Dow Jones, Nasdaq, Traders, New York Stock Exchange, REUTERS, . House, Representatives, Financial Affairs, Thomson Locations: U.S, People's Bank of China, New York City, China . U.S, New York, London, Hong Kong, Bengaluru

Fed Governor Christopher Waller warned on Friday "core inflation is not coming down like I thought it would." Richmond Fed President Thomas Barkin said he was "comfortable" with further rate increases given that inflation was still not on the path back to 2%. Markets now await comments from more Fed officials including Fed Vice Chair Michael Barr later in the day, and Fed Chair Jerome Powell's semiannual monetary policy testimony to the U.S. House Financial Affairs Committee on Wednesday. Adding to the dour mood, China cut its benchmark lending rates by a smaller-than-expected 10 basis points. U.S.-listed shares of Chinese companies including Alibaba Group , JD.com and PDD Holdings (PDD.O) fell between 1% and 6% in premarket trading.

Persons: Eli Lilly, Christopher Waller, Thomas Barkin, CMEGroup's, Waller, Barkin, Michael Barr, Jerome Powell's, Powell, Hogan, Daniel Zhang, Shristi Achar, Shubham Batra, Johann M, Vinay Dwivedi Organizations: Therapeutics, Dow, Nasdaq, Federal Reserve, Richmond Fed, Traders, Microsoft, U.S . House Financial, Housing, Capitol, Riley, Fed, Alibaba, PDD Holdings, Dow e, Adobe Inc, Ford, General Motors, Tesla Inc, Dice Therapeutics, Thomson Locations: China, U.S, Bengaluru

June 21 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The one-year loan prime rate (LPR) was cut to 3.55% and the five-year LPR was cut to 4.20%. The yuan has been trading through 7.00 per dollar every day since May 18, and is now approaching 7.20/dollar. On the Chinese corporate front, investors are digesting the news of changes at the top of e-commerce giant Alibaba Group (9988.HK). The main global event for markets on Wednesday is likely to be Fed Chair Powell's semi-annual testimony to the House Financial Affairs Committee.

Persons: Jamie McGeever, Jerome Powell, Kazuo Ueda, weren't, Daniel Zhang, Eddie Yongming Wu, Joseph Tsai, Deepa Babington Organizations: Federal, Bank of, The Bank of Japan, People's Bank of China, Investors, Alibaba, HK, House Financial, Committee, Thomson, Reuters Locations: Asia, Japan

Eight of the 11 S&P 500 sub-sectors were in the red, with the energy index (.SPNY) leading declines. U.S. markets ended lower on Friday as comments from Fed officials curtailed optimism that the central bank was nearing the end of its aggressive interest rate hikes. Traders now see a 72% chance of Fed hiking its key benchmark rates by 25 basis points in July, according to CMEGroup's Fedwatch Tool. Declining issues outnumbered advancers for a 2.43-to-1 ratio on the NYSE and a 1.82-to-1 ratio on the Nasdaq. The S&P index recorded 11 new 52-week highs and no new low, while the Nasdaq recorded 38 new highs and 40 new lows.

Persons: Eli Lilly, Tesla, Rivian, homebuilding, Sam Stovall, CMEGroup's, Michael Barr, Jerome Powell's, Morgan Stanley, Daniel Zhang, advancers, Shristi Achar, Shubham Batra, Johann M, Vinay Dwivedi, Shounak Organizations: Therapeutics, Nike, Dow, Nasdaq, U.S . Federal Reserve, CFRA Research, Tesla Inc, Reuters, EV, U.S . House Financial, PayPal Holdings, KKR & Co, Alibaba, PDD Holdings, Dow Jones, Adobe Inc, Dice Therapeutics, NYSE, Thomson Locations: U.S, Europe, China, Bengaluru

Medical debt like this is one kind of unsecured debt, which goes away if it isn't covered by the estate. My mother and I laughed bitterly as we sat together at the dinner table, in horrified awe at the absurdity of our essentially being billed for my father's death. Unsecured debts generally remain the property of the deceasedUnsecured loans include most credit card debt, student loans, personal loans, and medical bills. Handling a loved one's debts in the wake of their passing can feel daunting, and even retraumatizing. I discovered in the wake of my father's death just how bureaucratically difficult it is to make the biological fact of a loved one's death a legal one — especially regarding their debts.

☆ Kellyanne Conway is now caught up in Clarence Thomas' latest ethics scandal
▼ + stars: | 2023-05-05 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +3 min

Kellyanne Conway helped route a payment to Clarence Thomas' wife, Ginni Thomas, according to the Washington Post. It's the latest ethics scandal to hit Supreme Court Justice Clarence Thomas. According to a report from the Washington Post, conservative judicial activist Leonard Leo wanted to send thousands of dollars to Virginia "Ginni" Thomas, the wife of Clarence Thomas, in 2012. Though Justice Thomas didn't cite the nonprofit's brief, he did vote in favor of the side they supported. The silent payment to Ginni Thomas is the latest in a series of ethical concerns to surface surrounding Justice Thomas' financial affairs, including his cozy relationship with billionaire Harlan Crow, who paid for lavish vacations, bought Thomas' mother's house, and paid for his child's education.

☆ SCOTUS justices went on cushy teaching trips to Italy, Iceland, and the UK funded by a conservative law school: NYT
▼ + stars: | 2023-05-01 | by ( Kieran Corcoran | ) www.businessinsider.com time to read: +4 min

George Mason University funded a series of plush trips for Supreme Court justices in recent years. Per The Times, the law school sent justices on trips to European tourist spots as part of teaching programs. Gorsuch was asked to help pick which Italian city would host his teaching trip. The law school dean, Ken Randall, said students had their time there "undoubtedly enhanced by the justices teaching or visiting or speaking with students." Insider sought further comment from the law school and the court.

☆ BBC's Sharp resigns after breaching rules over Boris Johnson loan
▼ + stars: | 2023-04-28 | by ( Sarah Young | ) www.reuters.com time to read: +3 min

The investigation, initiated by the public appointments watchdog, examined the way in which Sharp was selected by the government to chair the corporation in 2021. Specifically, it looked at whether Sharp fully disclosed details of his role in facilitating an 800,000 pound ($1 million) loan for Johnson before he was named chairman. The report found that, while he had breached the government's code for public appointments, that breach did not necessarily invalidate his appointment. "I have decided that it is right to prioritise the interests of the BBC," Sharp said in a statement. The report mentions Johnson's Downing Street office as having recommended Sharp as "a strong candidate" for the role, which attracted 23 applications.

☆ 5 key things to know when you create a will and make other end-of-life plans
▼ + stars: | 2023-03-19 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +6 min

Here are five key things to know if you start thinking about how you'd craft an estate plan. A will may not cover all your basesA will is a basic part of an estate plan. Be aware that many 401(k) plans require your current spouse to be the beneficiary unless they legally agree otherwise. watch nowAdditionally, an estate plan should include other end-of-life documents, including a living will. You'll need to revisit your estate plan

☆ FTX transferred $2.2 bln to Bankman-Fried via related entities, new managers say
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

March 16 (Reuters) - Bankrupt cryptocurrency exchange FTX made transfers of about $2.2 billion to company founder Sam Bankman-Fried through related entities, the company's new management said. Overall more than $3.2 billion was transferred through payments and loans to company founders and key employees, FTX said in a statement on Wednesday. FTX filed for bankruptcy protection in November, saying it was unable to completely repay customers who had deposited funds on its exchange. FTX's new CEO, John Ray, has said his top priority was recovering assets to repay FTX customers. read moreReporting by Shubhendu Deshmukh in Bengaluru; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

In a major shake-up, China will set up the new regulatory body, the National Financial Regulatory Administration (NFRA), according to a proposal that the State Council, or cabinet, presented to parliament on Tuesday. The watchdog, which will oversee all aspects of China's $57 trillion financial sector apart from the securities market, should help reduce regulatory overlap especially at the level of local government, analysts say. There are also plans, sources have said, for the revival of another high-level financial watchdog which is expected to be directly under central party leadership. 'ENHANCING CENTRALISATION'In its reform proposals presented in parliament, the State Council said the changes were meant to "deepen reforming local financial regulatory systems" by "enhancing centralised management of financial affairs". Some investors, however, are concerned that the regulatory power reshuffle means tighter government control, which may bring more interference or crackdowns on financial activity, particularly in the private sector.

☆ Analysis: Australia's DIY pension funds lose millions on crypto bets, investors not sweating it
▼ + stars: | 2023-03-02 | by ( Lewis Jackson | ) www.reuters.com time to read: +6 min

Summary Thousands of Australians use DIY pension funds to buy cryptoLosses likely in the hundreds of millions -Reuters calculationAustralia has few rules governing what DIY funds can buySYDNEY, March 2 (Reuters) - Thousands of Australians who used do-it-yourself (DIY) pension funds to bet on cryptocurrencies face hundreds of millions of dollars in losses, jeopardising their savings in a scheme originally set up to ensure adequate retirement income. DIY pension funds account for a fourth of Australia's A$3.4 trillion ($2.29 trillion) pension pool. Australia's DIY pension sector combines size and freedom in a way that sets it apart from other countries. The United States also has a freewheeling DIY pension sector but take-up is negligible. "Our general position is if it's legal to invest in speculative assets, then no further restrictions should apply to SMSF investments."

☆ China to Shake Up Financial System as Xi Jinping Installs Key Associates
▼ + stars: | 2023-02-23 | by ( Keith Zhai | Lingling Wei | ) www.wsj.com time to read: 1 min

A changing of the guard at the People’s Bank of China is part of a broader reshuffling of government positions. Chinese leader Xi Jinping is preparing to shake up the leadership of the country’s financial system, installing key associates to run the central bank and reviving a Communist Party body to tighten political control over financial affairs, according to people familiar with the discussions. The moves are a continuation of efforts by Mr. Xi to reshape the world’s second-largest economy. In recent years, the central bank and other financial regulators have continued to lose their already fading independent status amid Mr. Xi’s broader effort to strengthen the party’s rule.

☆ George Santos admits he 'lied to everyone' in leaked audio recorded this week by a prospective staffer
▼ + stars: | 2023-02-03 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

A prospective staffer secretly recorded Rep. George Santos, Talking Points Memo reported. In the recording, Santos remarks that he "lied to everyone." The recording was reportedly made on January 30 inside Santos' office by Derek Myers, a journalist and prospective staffer that Santos ultimately decided not to hire. Myers told TPM the remark stunned him, given the accusations Santos faces about his own misconduct. "I trust his judgment more than my own judgment," Santos added.

☆ George Santos loses his cool with OAN reporter after being questioned about the sincerity of his apology for campaign lies
▼ + stars: | 2023-02-01 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

George Santos became angry when challenged by a reporter over his lies on the campaign trail. Santos has been found to have fabricated a string of claims about his background and career. "You know, I don't know what you mean by that, because I have," Santos replied, as Sinclair remarked that he seemed to be becoming angry. "And, you know, I don't know what is asked of me right now when you ask: 'Oh, you have not shown remorse or you don't seem to look sorry'. I don't know what looking sorry looks like to you, Caitlin," he added.

☆ George Santos' ex-roommate called him 'the Anna Delvey of Queens' for lying his way into Congress
▼ + stars: | 2023-01-23 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

George Santos' former roommate compared him to the fraudster Anna Sorokin, aka Anna Delvey. Sorokin was jailed in 2019 after posing as a heiress to gain access to New York's social elite. "George Santos is whoever you want him to be at whatever time you want him to be. I called him the Anna Delvey of Queens," said Gregory Morey-Parker, speaking to CBS News. Delvy is the name Sorokin used while enacting her con.

☆ Ground Zero worker urges Kevin McCarthy to punish George Santos for lying about his mom being a 9/11 victim
▼ + stars: | 2023-01-20 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

A Ground Zero worker called on House Speaker Kevin McCarthy to take action against Rep. George Santos. The worker, John Feal, called on House Speaker Kevin McCarthy to take action against Santos for the claim, one of a string of untruths which have unraveled since Santos took office. "Kevin McCarthy can easily fix this," he said. But immigration documents obtained by news organisations this week showed that Santos' mother told US authorities in 2003 that she had been in Brazil since 1999. McCarthy has said that Santos has the right to serve in Congress and has handed him committee assignments.

☆ Hunter Biden asks judge to stop his 4-year-old daughter, who he had with a stripper, from taking his surname, say reports
▼ + stars: | 2023-01-15 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +2 min

Hunter Biden has requested a judge stop his 4-year-old daughter from taking his surname. Biden said the name would rob the child of a "peaceful existence," the New York Post reported. Biden, in September, asked to have child support payments reduced because his financial circumstances had undergone a "substantial, material change," according to Dailymail.com. Roberts filed a petition for paternity and child support, and a DNA test later proved he was the father. The child was conceived while Biden was in a relationship with Hallie Biden, his brother Beau's widow.

☆ Brazil is reviving a 2008 fraud case against Rep.-elect George Santos, who has been caught in a string of lies since his midterm victory
▼ + stars: | 2023-01-03 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

Brazil is reviving a long-dormant fraud case against George Santos, The New York Times reported. A spokesperson for the Rio de Janeiro prosecutors office told The New York Times that authorities will be reviving a 2008 fraud case, which they dropped more than a decade ago after failing to locate him. Prosecutors in Brazil charged Santos with embezzlement over a decade ago, but the case was archived in 2013 because Santos could not be found to answer a court summons. Santos flipped a Democratic seat in New York to help Republicans clinch a narrow House majority in the November midterms. Santos added that he has never been charged with a crime in Brazil, or anywhere else.

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