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☆ Binance Lays Off Over 1,000 Employees
▼ + stars: | 2023-07-15 | by ( Patricia Kowsmann | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Crypto Giant Binance Struggles in Europe
▼ + stars: | 2023-07-04 | by ( Patricia Kowsmann | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

☆ A Crypto Side Door: Buying a ‘Digital Residency’ in Palau for $248
▼ + stars: | 2023-06-23 | by ( Patricia Kowsmann | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

Persons: Dow Jones Locations: palau

I think neither side wants to look as if they’re accepting or acquiescing to the other’s actions,” she said. But hope might not turn into reality, and relations might become worse after the visit,” he added. “We prepare for the worst and hope for the best.”Blinken would not predict whether his visit would pave the way for continued high-level engagements between the US and China. “As to what comes next, let’s see how the visit goes,” the top US diplomat said Friday, referencing comments from his Singaporean counterpart. “This is an important but, in a sense, insufficient step because there’s a lot of work to be done.”

Persons: Antony Blinken, Joe, Biden, Xi, ” Blinken, Vivian Balakrishnan, Blinken, “, Daniel Kritenbrink, “ we’re, ” Patricia Kim, ”, ’ Blinken, Kai Li, Mark Swidan, David Lin, Jake Sullivan, Wang Yi, Shen Dingli, Defense Lloyd Austin, Li Shangfu, Shen, ” Shen Organizations: CNN, senior State Department, Singaporean, State, East Asian, Pacific Affairs, Brookings Institution, Saturday, Defense, Chinese Defense, Asia Pacific Economic Cooperation Locations: Beijing, United States, China, Bali, Taiwan, Ukraine, Vienna, Washington, Shanghai, Singapore

☆ Binance Emergency Fund Dwindles as SEC Takes Aim at the Crypto Exchange
▼ + stars: | 2023-06-13 | by ( Caitlin Ostroff | Patricia Kowsmann | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

☆ How the Binance CEO Operates: Weigh the Risk, Calculate the Reward
▼ + stars: | 2023-06-07 | by ( Patricia Kowsmann | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

Persons: Dow Jones

☆ Opinion: The good news about lower HIV infections comes with a big caveat
▼ + stars: | 2023-05-31 | by ( Opinion Lala Tanmoy Das | ) edition.cnn.com time to read: +6 min

But as of 2019, Black people accounted for 40% of people with HIV, and Hispanic and Latino people accounted for nearly 30%, according to the CDC. And shockingly, in 2021, only 11% and 20% of Black and Hispanic people, respectively, who would potentially benefit from PrEP, were prescribed it. To date, health care providers are the primary gatekeepers of PrEP prescriptions. For example, educational sessions in conferences, easily accessible virtual resources and academic journal clubs may help dispel myths among health care providers about PrEP. Several studies found that White men who have sex with men (MSM) have significantly higher PrEP awareness than Black and Hispanic MSM.

Persons: Lala Tanmoy, Tom, Das, Read, Lala Tanmoy Das Patricia Kuharic, it’s Organizations: Weill Cornell Medicine, CNN, for Disease Control, PrEP, The Joint Commission, California’s PrEP, MSM, Facebook, Pride Month, FDA, Twitter Locations: New York, White, Black

☆ Zoltan Pozsar’s Writing Is Dense, Esoteric—and a Hit. Now He’s Left Credit Suisse.
▼ + stars: | 2023-05-08 | by ( Matt Grossman | Margot Patrick | ) www.wsj.com time to read: 1 min

WSJ’s Patricia Kowsmann explains how the UBS-Credit Suisse deal unfolded. Photo: Hannah McKay/ReutersZoltan Pozsar , a widely followed Credit Suisse markets guru, has left the bank, part of an exodus of staff that started in the months before the lender’s shotgun takeover by rival UBS. The Hungarian-born economist became a financial-world rock star for his analysis of mysterious market dynamics and behind-the-scenes accounts of how money flows through the plumbing of the global financial system.

☆ Deutsche Bank Reports Higher Profit in Tumultuous Quarter
▼ + stars: | 2023-04-27 | by ( Patricia Kowsmann | ) www.wsj.com time to read: 1 min

A Deutsche Bank branch in Berlin in March. Photo: Michael Kuenne/Zuma PressDeutsche Bank AG said its business held up well during March’s banking turmoil, with first-quarter profit rising 8% as it continued to benefit from rising interest rates. The performance of its bread-and-butter lending and deposit-taking business offset a weaker performance for its investment-banking operation, which continued to be hit by a drought in deal-making and capital raising by clients.

☆ Credit Suisse Chairman: ‘I Am Truly Sorry’
▼ + stars: | 2023-04-04 | by ( Patricia Kowsmann | ) www.wsj.com time to read: 1 min

Credit Suisse Group AG’s annual shareholder meeting Tuesday was supposed to be the launchpad for its recovery. Instead, it became the final chapter of its nearly 167-year-old history. Security was tight and check-in was slow for some 1,750 shareholders who showed up at the hockey stadium in the north of Zurich, normally home to concerts and comedians. It was the first Credit Suisse annual meeting held in person since the Covid-19 pandemic took hold in early 2020.

☆ Swiss Prosecutors Probe State-Backed Credit Suisse Takeover by UBS
▼ + stars: | 2023-04-02 | by ( Patricia Kowsmann | ) www.wsj.com time to read: 1 min

UBS is paying more than $3 billion for Credit Suisse. Switzerland’s prosecutors are probing the government-orchestrated takeover of Credit Suisse Group AG by rival UBS Group AG. The federal prosecutor has reached out to national and local authorities and “issued investigation orders” to analyze and identify if any criminal offenses took place under the deal, which also involved the government, the financial regulator, Finma, and Switzerland’s central bank, a spokeswoman said in a statement.

☆ Four Bankers Convicted in Case of Putin’s Cellist Friend
▼ + stars: | 2023-03-30 | by ( Patricia Kowsmann | Margot Patrick | ) www.wsj.com time to read: 1 min

Switzerland has for decades provided shelter for the money and assets of Russian oligarchs. A Zurich court found four Gazprombank bankers guilty of not conducting proper checks when opening accounts linked to a close friend of Russian President Vladimir Putin years ago. The four men face fines ranging from 48,000 Swiss francs to 540,000 francs, the equivalent of $52,000 and $590,000, respectively, and two years of probation, the court said Thursday. If they behave in that period, they don’t have to pay the fines.

☆ Deutsche Bank Selloff Focuses Attention on Credit-Default Swap Market
▼ + stars: | 2023-03-29 | by ( Anna Hirtenstein | Patricia Kowsmann | ) www.wsj.com time to read: 1 min

Last week’s selloff in Deutsche Bank AG shares and bonds has drawn attention from regulators—and sparked broad debate about whether credit-default swaps caused the market stress, or simply reflected investor unease. The instruments are derivatives that effectively insure the holder against a corporate default. The cost of insuring Deutsche Bank’s debt against default in this way surged late last week, helping fuel an 8.5% decline in the bank’s Frankfurt-traded stock on Friday. The episode had echoes of a social-media frenzy around Credit Suisse Group AG last fall, in which default-swap pricing also fed into a broader loss of confidence.

☆ How European Businesses Survived the Ukraine War and Last Year’s Energy Shock
▼ + stars: | 2023-03-25 | by ( Tom Fairless | Photographs Patricia Kuhfuss For The Wall Street Journal | ) www.wsj.com time to read: 1 min

Claas, a manufacturer of agricultural machinery, increased output at its main German factory by 30% last year. HARSEWINKEL, Germany—When Russia invaded Ukraine, Russian President Vladimir Putin was counting on soaring energy prices and falling confidence to sink European companies, undermining the West’s support for Kyiv. One year on, many European companies have overcome the blow after slashing energy use and pivoting to a friendly and booming U.S. market. Such resilience has helped shore up political and popular support in Europe for Ukraine.

☆ Deutsche Bank Stock Tumbles on Contagion Fears
▼ + stars: | 2023-03-24 | by ( Patricia Kowsmann | Anna Hirtenstein | ) www.wsj.com time to read: 1 min

Shares of Deutsche Bank fell as much as 15%, though they later regained some ground. Investors sparked a furious selloff in Deutsche Bank AG and thrust one of Europe’s most important lenders into the center of concerns about the health of the global financial system. Shares of Germany’s largest lender tumbled as much as 15%, their third consecutive day of losses, though they later regained some ground and were recently down 10%. The cost to insure against its default using credit-default swaps soared to their highest levels since 2020.

☆ Deutsche Bank Stock Falls on Contagion Fears
▼ + stars: | 2023-03-24 | by ( Patricia Kowsmann | Anna Hirtenstein | ) www.wsj.com time to read: 1 min

Investors sparked a selloff in Deutsche Bank AG and thrust one of Europe’s most important lenders into the center of concerns about the health of the global financial system. Shares of Germany’s largest lender tumbled as much as 15%, their third consecutive day of losses, though they later regained some ground and closed down 8.5%. The cost to insure against its default using credit-default swaps soared to the highest levels since 2020.

ZURICH—The chairman of Switzerland’s largest bank received an urgent call last week. UBS Group AG needed to rescue its failing rival, Credit Suisse Group AG. For Switzerland, the stakes verged on existential. Its economic model and national identity, cultivated over centuries, were built on safeguarding the world’s wealth. Switzerland itself needed rescuing.

☆ How the FDIC Protects Consumers When Banks Fail
▼ + stars: | 2023-03-21 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

UBS Agrees to Buy Credit Suisse for $3 Billion: What’s Next Swiss bank UBS agreed to take over its longtime rival Credit Suisse as authorities seek to halt a dangerous decline in confidence in the global banking system. WSJ’s Patricia Kowsmann explains how the deal unfolded and what might come next. Photo: Hannah McKay/Reuters

☆ How the FDIC Acts When Banks Fail
▼ + stars: | 2023-03-20 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

☆ What’s Next for UBS After Buying Credit Suisse in Whirlwind Rescue
▼ + stars: | 2023-03-20 | by ( Margot Patrick | Patricia Kowsmann | ) www.wsj.com time to read: 1 min

☆ Price hikes are double whammy for pet owners who are crushed by inflation
▼ + stars: | 2023-03-19 | by ( Alicia Wallace | ) edition.cnn.com time to read: +11 min

Minneapolis CNN —As head of PAWS Atlanta, Joe Labriola can get a good sense of the region’s economic well-being from the day-to-day activity of the city’s oldest no-kill animal shelter. And the shelves at PAWS Atlanta’s Pet Food Pantry quickly go bare. She said her pet food costs for Lola, her Australian Shepherd mix, and for Phoebe, her Golden Retriever, have doubled to $250 per month. Josh Fiala, Animal Rescue League of Iowa's Pet Support Services Manager, helps load pet food into a vehicle during a Pet Food Pantry in January 2022. Courtesy Animal Rescue League of IowaARL gave out about 40,000 pounds of pet food in both 2020 and 2021.

☆ Credit Suisse Stock Price Jumps as Bank Secures $50 Billion Lifeline
▼ + stars: | 2023-03-16 | by ( Margot Patrick | Patricia Kowsmann | ) www.wsj.com time to read: 1 min

Credit Suisse Group AG said it would borrow up to 50 billion Swiss francs, equivalent to $53.7 billion, from the Swiss central bank to shore up its liquidity, capping a day in which fears about the health of global banks leapfrogged to Europe from North America and the giant lender’s shares dropped as much as 24%. The bank also said it would repurchase $3 billion worth of senior debt whose value has plunged along with the perceived health of banks on both sides of the Atlantic. The Zurich firm stressed in a press release issued in the evening in New York that it was intent on simplifying its structure and better serving customers.

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