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☆ Manhattan DA refuses Trump's demand for a lot more detail in his hush money records-fraud prosecution — for now
▼ + stars: | 2023-05-17 | by ( Laura Italiano | ) www.businessinsider.com time to read: +4 min

On Tuesday, lawyers for DA Alvin Bragg said Trump already has everything he's currently entitled to. Trump won't get more from prosecutors until he agrees not to weaponize the materials, the DA said. Under the protective order, Trump will be allowed to view the new discovery material only in the presence of his lawyers. Trump and his company misrepresented Cohen's reimbursement as "legal fees" in company books, the DA alleged last month. Bragg has alleged there were false entries in the records of the Trump Organization and the National Enquirer concerning the hush money payment to Daniels.

It will be a tug-of-war between robust domestic demand and sluggish exports," he said. The growth followed a 0.1% fall in the final quarter of last year, which was revised down from a 0.1% rise. Japan economy expands more than expectedPrivate consumption, which makes up more than half the economy, grew 0.6% in January-March from the previous quarter, as the country's re-opening from the pandemic boosted service spending. The strength in domestic demand offset weakness in exports, which slumped 4.2% in January-March, marking the first decline in six quarters. External demand, or net exports, shaved 0.3% percentage point off gross domestic product (GDP), highlighting the strain on manufacturers from slowing overseas growth.

☆ Japan Q1 economy expands annualised 1.6% qtr/qtr
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

TOKYO, May 17 (Reuters) - Japan's economy grew an annualised 1.6% in January-March from the previous quarter, as firm private consumption and an unexpected rise in capital expenditure offset shrinking external demand, government data showed on Wednesday. The first-quarter gross domestic product figures was much larger than economists' median estimate for a 0.7% annualised growth. Domestic private consumption, which makes up more than half the economy, grew 0.6% quarter-on-quarter in January-March, and capital expenditure, a key engine of growth, gained 0.9%, against economists' estimate for a decrease. External demand, or net exports, shaved off 0.3 percentage point off the first-quarter gain, which was more than offset by positive domestic-demand contribution of 0.7 percentage point. Reporting by Tetsushi Kajimoto and Kantaro Komiya Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

☆ UBS flags $17 billion hit from Credit Suisse takeover
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +3 min

Meanwhile, UBS has implemented a number of restrictions on Credit Suisse while the takeover is underway. Credit Suisse also cannot undertake capital expenditure of more than 10 million francs or enter into certain contracts worth more than 3 million francs per year. The filing shows Credit Suisse cannot order any "material amendments" to its employee terms and conditions, including remuneration and pension entitlements, till deal closure. The Swiss state is backing the deal with up to 250 billion Swiss francs in public funds. Following the legal closing of the transaction, UBS Group AG plans to manage two separate parent companies – UBS AG and Credit Suisse AG, UBS said last week.

Ron DeSantis' political operation on Monday is moving out of the Republican Party of Florida headquarters, where it has been housed since the end of the 2022 midterms. A party official confirmed the trucks were there to move DeSantis’ political operation out of the building and into a new office space. A moving truck waits outside the headquarters of the Republican Party of Florida headquarters as Ron DeSantis' political operation moves out. DeSantis held events in Iowa over the weekend even as Trump canceled over concerns about severe weather. The campaign did not return a request seeking comment about he will be joining the political team.

☆ Apple is bigger than the whole market for small caps again. Here's what it means for investors
▼ + stars: | 2023-05-15 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

The combined value of all of Apple 's shares is greater than the entirety of an index comprised of 2,000 small stocks. That's bigger than the combined market cap of all 2,000 stocks in the small cap-focused Russell 2000 , which was at $2.208 trillion. "It is apples to oranges — or small caps," said Willie Delwiche, founder of Hi Mount Research. DeSanctis also noted the overhang of the debt ceiling could add further pressure to small caps, given their underperformance in 2011. "If something goes right for small cap or the overall market, small can have a really nice bounce," he said.

In 2017, with Mr. Connors’ help, Mr. Maichle started his own company, Precision Compliance Consulting. ‘Boss Man’Mr. Connors, Mr. Lewis and Mr. Maichle were all active in college conservative politics in Wisconsin about 15 years ago, when Mr. Connors was the leader of campus Republicans at Marquette University. Of that, about $102,000 went to Campaign Now, the firm started by Mr. Connors, and another $112,000 to companies where Mr. Connors, Mr. Maichle or Mr. Lewis was either the owner or a partner, tax records show. Most of the money — more than $4.4 million — went to fund-raising companies via tens of thousands of small payments. Most of the money — more than $4.4 million — went to fund-raising companies via tens of thousands of small payments.

☆ UK economy grows by 0.1% in the first quarter but inflation continues to weigh
▼ + stars: | 2023-05-12 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

LONDON — The U.K. economy grew by 0.1% in the first quarter, following an unexpected contraction in March, official figures showed on Friday. The construction sector expanded by 0.7%, while manufacturing performance went up by 0.5% in the first quarter, with 0.1% growth logged in services and production. The national statistics agency said there was no growth in real household expenditure, as incomes remained under the squeeze of higher prices. We still have inflation that is too high, growth is still not as high as we would like it to be, and when I talk to my fellow finance ministers we all talk about the same thing. Labor supply, productivity, how we are going to increase our long-term growth rates so that we can pay for the increasing number of things that tax payers want governments to do," Hunt continued.

☆ A hedge fund manager shares the 7 GPT-4 prompts he used to filter top stocks and the 6 key takeaways he learned from his AI experiments
▼ + stars: | 2023-05-11 | by ( Laila Maidan | ) www.businessinsider.com time to read: +12 min

He found a series of prompts that allows GPT-4 to respond with good stock market insight. The crossroad where technology meets the stock market isn't new territory for Patel. It responded with seven key variables that did indeed impact 2022's broad stock market performance. It picked three of the same stocks Patel already held: Microsoft, Visa, and Apple. Otherwise, the majority of them would have been able to navigate 2022's stock market better.

☆ Meta unveils A.I. 'testing playground' to help advertisers build campaigns
▼ + stars: | 2023-05-11 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

Meta on Thursday announced several new tools and services, powered by artificial intelligence, to help advertisers efficiently build ads and improve campaign results. At an event in New York, Meta unveiled the AI Sandbox, which it called a "testing playground" for advertisers to use as they try out new generative AI-powered ad tools. Meta said Thursday that it's been working with a small group of advertisers on three AI Sandbox tools so far: text variation, background generation and image outcropping. Text variation generates several versions of an advertiser's copy, giving it the option to choose which might work best for certain audiences. The background generation tool also relies on text, using inputs to create images that advertisers can use as the background of their material.

☆ Human genome reboot better reflects global population
▼ + stars: | 2023-05-10 | by ( Will Dunham | ) www.reuters.com time to read: +5 min

The new genome rundown may help clarify the contribution of genetic variation to health and disease, improve genetic testing, and guide drug discovery. "A pangenome is not just one reference genome, but a whole collection of diverse genomes. Researchers in 2003 unveiled what was billed as the complete sequence of the human genome, though about 8% of it had not been fully deciphered. That reference genome was a mosaic drawn from about 20 people, including 70% from one individual of mixed European and African ancestry. The first complete human genome, based on a single European individual, was published last year after scientists filled in the gaps.

☆ Read the George Santos Indictment
▼ + stars: | 2023-05-10 | by ( ) www.nytimes.com time to read: +2 min

6 On or about October 4, 2022, Person #1, acting at the direction of the defendant GEORGE ANTHONY DEVOLDER SANTOS and on behalf of Company #1, sent an email to Contributor #1, an individual whose identity is known to the Grand Jury. On or about October 25, 2022, Person #1, again acting at the direction of DEVOLDER SANTOS and on behalf of Company #1, sent to Contributor #1 a text message, which again falsely stated that a contribution from Contributor #1 would be spent, at least in part, "to purchase ads supporting George Santos." In addition, on or about October 12, 2022, Person #1, acting at the direction of the defendant GEORGE ANTHONY DEVOLDER SANTOS and on behalf of Company #1, sent an email to Contributor #2, an individual whose identity is known to the Grand Jury. The email to Contributor #2 further stated that all funds raised by Company #1 would be spent "directly on supporting George and his election." Further, the email to Contributor #2 contained an attachment, which DEVOLDER SANTOS had

☆ These Are the Charges Against George Santos
▼ + stars: | 2023-05-10 | by ( Nicholas Fandos | Rebecca Davis O Brien | ) www.nytimes.com time to read: +2 min

Federal prosecutors have charged Representative George Santos of New York with 13 counts of money laundering, stealing public money, wire fraud and making false statements to Congress. Prosecutors said the charges resulted from “fraudulent schemes and brazen misrepresentations” designed to mislead donors, enrich Mr. Santos and win a seat in Congress as a Republican from Queens. The Times reported than Mr. Santos registered a company, RedStone Strategies, in November 2021, the same date noted in the indictment, and told donors it was an “independent expenditure” group, or super PAC. Mr. Santos was also charged with three counts of money laundering in connection to the donor solicitation scheme. Mr. Santos was earning $120,000 a year through his employment at a Florida-based investment company, but prosecutors said he repeatedly told the state he had been unemployed since March 2020.

☆ Finnish Prime Minister Sanna Marin and husband file for divorce
▼ + stars: | 2023-05-10 | by ( Jack Guy | ) edition.cnn.com time to read: +1 min

CNN —Finnish Prime Minister Sanna Marin and her husband, Markus Räikkönen, are to divorce after 19 years together, Marin announced on Instagram on Wednesday. Finnish Prime Minister Sanna Marin and Markus Räikkönen in an official wedding photo Minttu Saarni/Lehtikuva/Reuters“We are still best friends, cool to each other and loving parents. Marin and Räikkönen, a businessman and former professional footballer, were married in 2020, according to Finland’s public broadcaster, YLE. She is currently serving as caretaker prime minister until a new coalition government can be formed. She then became the world’s youngest prime minister when she took office in 2019 at the age 34.

REUTERS/Sarah MeyssonnierTOKYO, May 9 (Reuters) - Two major European asset managers have jointly filed a shareholder resolution at Japanese electricity generator Electric Power Development Co Ltd (9513.T), known as J-Power, for the second consecutive year in a row. The asset managers are calling on J-Power, Japan's largest operator of coal-fired power stations, to set and disclose credible short and medium-term emissions reduction targets, aligned with the goals of the Paris Agreement. The resolution is supported by Man Group (EMG.L), the world's largest publicly traded hedge fund, ACCR said. Amundi, Man Group, and HSBC Asset Management have nearly $3 trillion in assets combined under management. J-Power will "carefully consider" proposals and disclose its board of directors' opinions "as soon as they are determined", the company said on Tuesday.

[1/2] A logo of Amundi is seen outside the company headquarters in Paris, France, February 3, 2023. Amundi (AMUN.PA) and HSBC Asset Management filed the resolution with the Australasian Centre for Corporate Responsibility (ACCR), the non-profit climate group said in a statement on Tuesday. The resolution is supported by Man Group (EMG.L), the world's largest publicly traded hedge fund, ACCR said. Amundi, Man Group, and HSBC Asset Management have nearly $3 trillion in assets combined under management. Last year, Man, Amundi and HSBC filed a similar shareholder resolution, which they say was the first climate-related proposals by an institutional investor group to a Japanese firm.

It would ensure the central bank's independence and roll back measures such as allowing the cabinet to select its governor. FOREIGN POLICYIt would adopt the slogan of "Peace at Home, Peace in the World" as the cornerstone of Turkey's foreign policy. Judges' willingness to abide by Constitutional Court and European Court of Human Rights rulings would be considered when evaluating promotions. Measures would be taken to ensure courts quickly implement rulings by the two high courts. It would ensure that pre-trial detentions are the exception, a measure that critics say is abused under Erdogan's rule.

☆ If Charles wants a coronation, he should pay for it himself
▼ + stars: | 2023-05-05 | by ( Opinion Ahmed Twaij | ) edition.cnn.com time to read: +6 min

If Charles III wants the pomp and ceremony of a coronation, he should instead use a negligible portion of the vast sums of money he has accrued over the years thanks to his birth-given status as a royal. Spain’s last formal coronation was all the way back in 1555, while Belgium’s monarchy doesn’t even have a crown with which to conduct a coronation. It also found that a plurality of 45% believe Charles is “out of touch” with the experiences of the public. However, these tourist dollars might well continue whether or not the royal family does. Maybe if a tighter budget is applied to the British royal family, Charles rather than taxpayers will be paying the next time he opts to board a £32,000 ($40,200) charter flight to attend a James Bond premiere.

☆ Apple’s balance sheet is golden and delicious
▼ + stars: | 2023-05-04 | by ( Robert Cyran | ) www.reuters.com time to read: +4 min

But for Apple (AAPL.O), the sharp change in monetary conditions is golden and delicious. The iPhone maker said on Thursday that it ended the first quarter with cash and saleable investments $57 billion greater than its debts. That’s nearly enough to cover its newly-raised dividend for a year, and $90 billion buyback program, without touching the balance sheet. While the first two initiatives sit on Goldman’s balance sheet, the buy-now-pay-later product sits on Apple’s. Apple had $57 billion more in cash and saleable securities on its balance sheet than its debts at the end of the quarter.

☆ What King Charles' coronation means for the UK economy
▼ + stars: | 2023-05-03 | by ( Hanna Ziady | ) edition.cnn.com time to read: +8 min

But the UK economy as a whole could suffer as workers take an extra day’s holiday. John Lewis' Coronation Lewis Bear. John Lewis & PartnersDepartment store John Lewis has had to limit in-store purchases of its Coronation Lewis Bear to two per household, and the teddy is out of stock online. For the coronation, UK luxury brands “have procured unique merchandise at all levels of the economy and we’re seeing people buying it, particularly Americans and EU customers,” she added. (The coronation holiday will be the third holiday Monday this month.)

☆ How 2 longtime Warner Bros. execs and a veteran media banker plan to invest $360 million in sports, live experiences, and proven IP
▼ + stars: | 2023-05-03 | by ( Lucia Moses | ) www.businessinsider.com time to read: +5 min

Alex Iosilevich, Kevin Tsujihara, and Jeff Bewkes raised $360 million to invest in media, entertainment, and gaming. "Today it's television, tomorrow it's virtual reality," Alex Iosilevich, a longtime media banker and investor, told Insider. The trio announced April 27 that they raised $360 million for their first private equity fund to invest in media, entertainment, and gaming companies. Bewkes was chairman and CEO of Time Warner; he left as part of AT&T's 2016 acquisition of the company. With the market for subscription-based streaming services getting saturated, streaming companies will have to look more aggressively for new audiences through overseas expansion, ad-supported tiers, and new entertainment content.

HONG KONG, May 3 (Reuters Breakingviews) - Chinese travellers are opening their suitcases again, but not their wallets. Domestic travel bookings during the holiday surged eightfold from a year earlier, surpassing pre-pandemic levels, according to online travel agency Trip.com (9961.HK). The return of Chinese holiday-goers should be a huge relief at home and abroad. Before the pandemic, domestic tourism contributed a whopping 11% of GDP and 10% of national employment, according to Fitch. The country's Big 3 carriers - Air China (601111.SS), China Southern (600029.SS), and China Eastern (600115.SS) - are grappling with high oil prices, a weak yuan and geopolitical tensions.

☆ Three media veterans just raised $360 million to invest in sports, live experiences, and proven IP — trends that are 'permanent' even as streamers struggle for profits and consumers churn
▼ + stars: | 2023-05-02 | by ( Lucia Moses | ) www.businessinsider.com time to read: +5 min

Alex Iosilevich, Kevin Tsujihara, and Jeff Bewkes raised $360 million to invest in media, entertainment, and gaming. "Today it's television, tomorrow it's virtual reality," Alex Iosilevich, a longtime media banker and investor, told Insider. The trio announced April 27 that they raised $360 million for their first private equity fund to invest in media, entertainment, and gaming companies. And Iosilevich's resume includes more than a decade of media dealmaking at UBS, Deutsche Bank, and Barclays. With the market for subscription-based streaming services getting saturated, streaming companies will have to look more aggressively for new audiences through overseas expansion, ad-supported tiers, and new entertainment content.

☆ Oil major BP reports drop in first-quarter profit on weaker commodity prices
▼ + stars: | 2023-05-02 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

The British energy giant posted underlying replacement cost profit, used as a proxy for net profit, of $4.96 billion for the first quarter. Analysts had expected BP to report first-quarter profit of $4.3 billion, according to Refinitiv. The group said it completed its previously announced $2.75 billion share buyback on April 28. BP's dividend remained unchanged from the previous quarter at 6.61 cents per ordinary share, following a 10% increase in February. The company reported first-quarter net debt of $21.2 billion, down from $27.5 billion when compared to the same period a year earlier.

☆ Treasury yields fall as investors await Fed meeting, weigh policy expectations
▼ + stars: | 2023-05-02 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Yields and prices have an inverted relationship and one basis point is equivalent to 0.01%. U.S. Treasury yields fell on Tuesday ahead of the start of the Federal Reserve's next meeting, which is expected to conclude with a fresh interest rate policy decision. The Fed's latest meeting is due to start Tuesday, with fresh policy decisions and guidance expected at its conclusion on Wednesday. Since the Fed's last meeting, officials have hinted that rates may have to remain elevated for longer as inflation remains uncomfortably high. Meanwhile, concerns about higher rates putting pressure on the economy and leading to a downturn have spread among investors.

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