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☆ Swiss central bank hikes interest rates by 50 basis points despite Credit Suisse turmoil
▼ + stars: | 2023-03-23 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

The Swiss national flag hangs from the Federal Palace, Switzerland's parliament building, in Bern, Switzerland, on Thursday, Dec. 13, 2018. Photographer: Stefan Wermuth/Bloomberg via Getty ImagesThe Swiss National Bank raised its benchmark interest rate by 50 basis points Thursday, taking it to 1.5%. The Swiss National Bank had hinted there could be further rate hikes on the horizon if inflationary pressures continued. The Swiss National Bank has been in the global spotlight in the last week after it agreed to lend embattled lender Credit Suisse up to 50 billion Swiss francs ($53.68 billion). Shares of the lender had plummeted on news that its biggest investor, Saudi National Bank, would not provide further financial assistance.

A Credit Suisse Group AG office building is seen in Bern, Switzerland, on Wednesday. In October, social media chatter that the Swiss bank was on the brink of going bust sent shares on a wild ride. Credit Suisse has since embarked on a massive turnaround plan that will see it slash 9,000 full-time jobs by the end of 2025. It lost 7.3 billion Swiss francs ($7.9 billion) in 2022, compared to a loss of 8.2 billion Swiss francs ($8.9 billion) in 2008. Investors sent shares in the country’s second biggest lender crashing by as much as 30% Wednesday.

☆ Britain's coronation throne gets revamp ahead of King Charles' crowning
▼ + stars: | 2023-03-01 | by ( Michael Holden | ) www.reuters.com time to read: +3 min

[1/4] The inside of Westminster Abbey in central London is seen in this general view taken April 20, 2011. Charles will follow some of his famous forebears, such as King Henry VIII, Queen Victoria and his own mother Elizabeth II, in being crowned on the chair. It has featured in coronation ceremonies since 1308, and has been the chair used to crown monarchs since Henry IV in 1399, the Abbey says. "The coronation chair is extremely fragile. It has a complex layer structure which means that the gilding layers on it often flake off," Blessley said.

☆ Why Goldman’s consumer ambitions failed, and what it means for CEO David Solomon
▼ + stars: | 2023-02-27 | by ( Hugh Son | ) www.cnbc.com time to read: +10 min

That's because many of the decisions Solomon made over the next four years — along with aspects of the firm's hard-charging, ego-driven culture — ultimately led to the collapse of Goldman's consumer ambitions, according to a dozen people with knowledge of the matter. Goldman executives were eager to seal the deal with the tech giant, which happened before Solomon became CEO, they added. The rapid growth of the card, which was launched in 2019, is one reason the consumer division saw mounting financial losses. Within months, Ismail left Goldman, sending shock waves through the consumer division and deeply angering Solomon. Goldman should plow some of those volatile earnings into more durable consumer banking revenues, the thinking went.

☆ UK Labour leader Starmer slams PM's Davos no-show, touts new 'inverse OPEC' alliance
▼ + stars: | 2023-01-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

DAVOS, Switzerland - Jan. 19, 2023: Keir Starmer, leader of the Labour Party, during a CNBC panel session on day three of the World Economic Forum (WEF). Stefan Wermuth/Bloomberg via Getty ImagesU.K. opposition Labour Party leader Keir Starmer on Thursday hit out at Prime Minister Rishi Sunak for opting not to attend the World Economic Forum in Davos, Switzerland. On a CNBC-moderated panel in Davos, Starmer said he had been meeting with business leaders and policymakers to promote the idea of a Clean Power Alliance should Labour win the next general election in 2024. "I think our prime minister should have showed up — I absolutely do. 'Inverse OPEC' Labour holds a massive polling lead over Sunak's ruling Conservative Party ahead of the next general election slated for 2024.

☆ FTSE 100 slides into red as Ocado weighs
▼ + stars: | 2023-01-17 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

REUTERS/Stefan Wermuth/FilesSummarySummary Companies FTSE 100 down 0.1%, FTSE 250 off 0.05%Wage growth rises unexpectedlyRevolution Bars Group slumpsFTSE 100 hovers over 4-1/2-year highJan 17 (Reuters) - UK's blue-chip FTSE 100 edged lower on Tuesday, snapping a four-day winning streak, as Ocado sank on grim Christmas sales at its online supermarket venture, while data showing rising pay growth fuelled fears about the Bank of England (BoE) keeping monetary policy tight. The blue-chip FTSE 100 (.FTSE) fell 0.1%, while the domestically-oriented FTSE 250 (.FTMC) shed 0.05%. Shares of retailer Ocado Group (OCDO.L) tumbled 5.5% after its online supermarket joint venture with Marks & Spencer (MKS.L), Ocado Retail, said customers purchased fewer items per order in the run-up to Christmas. This saw the personal care, drug and grocery index (.FTNMX452010) lose 0.9%, making it the worst performing sector. Reporting by Johann M Cherian in Bengaluru; Editing by Saumyadeb Chakrabarty and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Swiss central bank posts biggest loss in its 116-year history
▼ + stars: | 2023-01-09 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The Swiss national flag hangs from the Federal Palace, Switzerland's parliament building, in Bern, Switzerland, on Thursday, Dec. 13, 2018. The Swiss National Bank cut its inflation forecast and showed no inclination of moving off its crisis-era settings, citing the francs strength and mounting global risks. Photographer: Stefan Wermuth/Bloomberg via Getty ImagesThe Swiss National Bank on Monday reported a loss of 132 billion Swiss francs ($143 billion) for the 2022 financial year, citing preliminary figures. It represents the biggest loss in the central bank's 116-year history and equates to roughly 18% of Switzerland's projected gross domestic product of 744.5 billion Swiss francs. Its previous record loss was 23 billion francs in 2015.

☆ Penguin Random House scraps $2.2 bln deal to merge with Simon & Schuster
▼ + stars: | 2022-11-21 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

REUTERS/Stefan Wermuth/File PhotoWASHINGTON, Nov 21 (Reuters) - Penguin Random House, the world's largest book publisher, and rival Simon & Schuster have scrapped a $2.2 billion deal to merge, Penguin owner Bertelsmann (BTGGg.F) said in a statement. But Bertelsmann said in a statement on Monday that it "will advance the growth of its global book publishing business without the previously planned merger of Penguin Random House and Simon & Schuster." Paramount said on Monday that Simon & Schuster was a "non-core asset" to Paramount. Penguin writers include cookbook author Ina Garten and novelists Zadie Smith and Danielle Steele, while Simon & Schuster publishes Stephen King, Jennifer Weiner and Hillary Rodham Clinton, among others. The top five publishers are Penguin Random House, HarperCollins, Macmillan, Simon & Schuster and Hachette, with Walt Disney Co (DIS.N) and Amazon.com Inc (AMZN.O) also in the market.

Penguin was unable to convince Simon & Schuster to launch an appeal and extend their deal contract before it expires on Monday, the sources said. Penguin will owe Simon & Schuster a $200 million break-up fee as a result of the transaction falling apart. Following the deal's collapse, Simon & Schuster's owner, Paramount Global (PARA.O), will be free to explore a sale of the publisher anew. HarperCollins, which is controlled by News Corp (NWSA.O), and Lagardere SCA's (LAGA.PA) Hachette Book Group have previously expressed interest publicly in buying Simon & Schuster. HarperCollins also unsuccessfully bid for Simon & Schuster when it was put up for sale by Paramount in early 2020.

The top five U.S. publishers are Penguin, HarperCollins, Macmillan, Simon & Schuster and Hachette. Following a collapse of the deal, Paramount will be free to explore a sale of Simon & Schuster anew. Previously known as ViacomCBS, Paramount had inked the Penguin deal so it could focus on its video and streaming businesses. HarperCollins, which is controlled by News Corp (NWSA.O), and Lagardere SCA's (LAGA.PA) Hachette Book Group have previously expressed interest publicly in buying Simon & Schuster. HarperCollins also unsuccessfully bid for Simon & Schuster when it was put up for sale by Paramount in early 2020.

☆ Mattel celebrates Tina Turner with Barbie creation
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

U.S. singer Tina Turner performs at the O2 Arena in London March 3, 2009. REUTERS/Stefan Wermuth/File PhotoOct 13 (Reuters) - Toy company Mattel (MAT.O) is honoring Tina Turner on the 40th anniversary of her hit song "What's Love Got To Do With It" with a Barbie doll created in her likeness. The doll, which is part of their Barbie Signature Music Series, is wearing an outfit inspired by the music video for the song - a black mini dress paired with a denim jacket and her signature hairstyle. In early November 2019, Turner attended the opening night of The Tina Turner Musical on Broadway, which chronicles her life and work. Read more:New comic book celebrates the life of legendary entertainer Tina TurnerSinger Tina Turner sells music rights to BMGRegister now for FREE unlimited access to Reuters.com RegisterReporting by Alicia Powell; Editing by Diane Craft and Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

The case centers on how courts decide when an artist makes "fair use" of another's work under copyright law. The Supreme Court will hear arguments in the estate's appeal of a lower court's decision favoring Goldsmith. The Supreme Court's eventual decision could have broad or narrow implications for fair use depending on the ruling, Tushnet said. The Warhol estate told the Supreme Court the 2nd Circuit's decision "casts a cloud of legal uncertainty over an entire genre of visual art, including canonical works by Andy Warhol and countless other artists." Goldsmith's lawyers told the Supreme Court that a ruling favoring the foundation would "transform copyright law into all copying, no right."

☆ Britain lifts ban on fracking for shale gas
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +1 min

A fracking rig flares gas during an anti-fracking protest by Greenpeace activists outside the Houses of Parliament in London, Britain February 9, 2016. REUTERS/Stefan Wermuth/FilesLONDON, Sept 22 (Reuters) - Britain on Thursday formally lifted a moratorium on fracking for shale gas that has been in place since 2019, saying strengthening the country's energy supply was an "absolute priority". Business and Energy Secretary Jacob Rees-Mogg said all sources of energy needed to be explored, "so it's right that we've lifted the pause to realise any potential sources of domestic gas". Fracking, which involves extracting shale gas from rocks by breaking them up with water and chemicals at high pressure, was banned after the industry regulator said it was not possible to predict the magnitude of earthquakes it might trigger. The government said that ending the ban would allow drilling to restart and more data to be gathered, building an understanding of how shale gas can be safely extracted where there was local support.

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