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New York CNN —A key measure of inflation fell dramatically in February, according to the latest Producer Price Index, which tracks what America’s producers get paid for their goods and services. Producer price increases slowed to an annual pace of 4.6% last month, significantly down from 6% in January, the Labor Department reported Wednesday. Economists surveyed by Refinitiv had been expecting the 12-month rise in wholesale prices to slow to a 5.4% increase. Those are down from January’s downwardly revised 5% annual price gain and 0.1% monthly increase. The latest Consumer Price Index, which was released Tuesday, showed prices were up 6% during the 12 months ended in February.

LONDON, March 15 (Reuters) - Finance minister Jeremy Hunt presented less gloomy forecasts for Britain's economy at his Spring Budget on Wednesday. Reuters Graphics Reuters GraphicsROSIER OUTLOOKA rout in global banking stocks on Wednesday overshadowed many UK-specific moves. Investments announced by Hunt such as a corporate spending tax break, a boost for defence and extra childcare support were not viewed as particularly inflationary. Unlike in the last budget, noise around windfall taxes on oil and gas companies was muted in the run-up to the budget since energy prices have fallen dramatically since then. "In general, the budget is not the big story for gilts right now, global drivers are in the driving seat," said James Smith, economist at ING.

[1/2] The Boeing 787 Dreamliner airplane is seen in Long Beach, California March 14, 2012. REUTERS/Lucy NicholsonMarch 14 (Reuters) - Two Saudi Arabian airlines announced plans on Tuesday to order 78 Boeing 787 Dreamliners, a big win for Boeing (BA.N) that marks the fifth largest commercial order by value in its history. State-owned Saudi Arabian Airlines (Saudia) and new national airline Riyadh Air will each buy 39 widebody 787s from the U.S.-based planemaker. The deal contains options for 10 additional Dreamliners for Saudia and 33 for Riyadh Air. Calhoun said the planemaker was standing by its 787 production guidance announced in November "and we're confident we can do it."

☆ H&M launches U.S. resale program
▼ + stars: | 2023-03-14 | by ( Katherine Masters | ) www.reuters.com time to read: +3 min

NEW YORK, March 14 (Reuters) - Fast-fashion retailer H&M (HMb.ST) launched a resale program Tuesday in collaboration with ThredUp, an online consignment platform that has partnered with dozens of brands to run their used clothing sales, H&M told Reuters. H&M will be the largest retailer to work with ThredUp, and the partnership will mark the retailer's first resale marketplace in the United States, according to Abigail Kammerzell, head of sustainability for H&M North America. Roughly 30,000 articles of clothing will initially be available on H&M’s resale site. Some critics say that efforts by H&M and other large retailers to enter the resale market are undercut by the volume of clothing they produce. H&M does not currently plan to slow its clothing launches or reduce the overall number of items it sells, according to Kammerzell.

Like many other banks, SVB ploughed billions into US government bonds during the era of near-zero interest rates. What seemed like a safe bet quickly came unstuck, as the Federal Reserve hiked interest rates aggressively to tame inflation. When interest rates rise, bond prices fall, so the jump in rates eroded the value of SVB’s bond portfolio. The bank’s stock plummeted 60% Thursday and dragged other bank shares down with it. By Friday morning, trading in SVB shares was halted and it had abandoned efforts to raise capital or find a buyer.

Traders currently see a 50% chance of no rate hike at that meeting, with rate cuts priced in for the second half of the year. Shares of First Republic Bank (FRC.N) tumbled more than 60% as news of fresh financing failed to reassure investors, and so did Western Alliance Bancorp (WAL.N) and PacWest Bancorp (PACW.O). U.S. bank regulators sought to reassure nervous customers on Monday who lined up outside SVB's Santa Clara, California, headquarters, offering coffee and donuts. Regulators also moved swiftly to close New York's Signature Bank SBNY.O, which had come under pressure in recent days. In China, where SVB was the main go-to foreign bank for the majority of start-ups, entrepreneurs and venture funds were also scrambling for alternative funding.

SVB's meltdown sparked a partisan battle in Washington on Monday, with Democrats arguing that a Trump-era change to bank oversight rules undermined the stability of regional banks. In the money markets, indicators of credit risk in the U.S. and euro zone banking systems edged up. [1/3] U.S. President Joe Biden delivers remarks on the banking crisis after the collapse of Silicon Valley Bank (SVB) and Signature Bank, in the Roosevelt Room at the White House in Washington, D.C., U.S. March 13, 2023. On Monday morning, U.S. bank regulators sought to reassure nervous customers who lined up outside SVB's Santa Clara, California, headquarters, offering coffee and donuts. A furious race to reprice interest rate expectations also sent waves through markets as investors bet the Fed will be reluctant to hike next week.

Biden said his administration's actions over the weekend meant "Americans can have confidence that the banking system is safe", while also promising stiffer regulation after the biggest U.S. bank failure since the 2008 financial crisis. Shares in U.S. banking giants JP Morgan Chase (JPM.N), Morgan Stanley (MS.N) and Bank of America (BAC.N) nevertheless weakened. But your second thought is, how big was that crisis, how big were the risks that this step had to be taken?" U.S. regulators stepped in on Sunday after the collapse of SVB, which had seen a run after a big bond portfolio hit. [1/3] U.S. President Joe Biden delivers remarks on the banking crisis after the collapse of Silicon Valley Bank (SVB) and Signature Bank, in the Roosevelt Room at the White House in Washington, D.C., U.S. March 13, 2023.

Germany's Commerzbank (CBKG.DE) fell as much as 12.7%, while Credit Suisse (CSGN.S) hit a new record low after falling 15%. Biden said his administration's rapid actions at the weekend should reassure Americans that the U.S. banking system is safe, and promised stiffer bank regulation after the country's biggest bank failure since the 2008 financial crisis. "Americans can have confidence that the banking system is safe. But big U.S. banks including JP Morgan Chase (JPM.N), Morgan Stanley (MS.N) and Bank of America (BAC.N) also weakened. In the money markets, a closely watched indicator of credit risk in the U.S. banking system edged up, as did other indicators of credit risk in the euro zone.

[1/3] U.S. President Joe Biden delivers remarks on the banking crisis after the collapse of Silicon Valley Bank (SVB) and Signature Bank, in the Roosevelt Room at the White House in Washington, D.C., U.S. March 13, 2023. Germany's Commerzbank (CBKG.DE) fell as much as 12.7%, while Credit Suisse (CSGN.S) hit a new record low after falling more than 15%. Dowding said he did not think that a lot of the issues affecting U.S. banks would be present in European lenders. It said Silicon Valley Bank UK had loans of around 5.5 billion pounds and deposits of around 6.7 billion pounds as of March 10. U.S. banks lost more than $100 billion in stock market value late last week following SVB's failure, while European banks have now lost a similar amount, a Reuters calculation showed.

"HSBC is Europe's largest bank, and SVB UK customers should feel reassured by the strength, safety and security that brings them," Britain's finance minister Jeremy Hunt said. The Bank of England said it had organised the sale to underpin confidence in the financial system and minimise any fallout for British technology firms. "This acquisition makes excellent strategic sense for our business in the UK," HSBC CEO Noel Quinn said in a statement. The Bank of England said SVB UK had a total balance sheet size of around 8.8 billion pounds. Other potential buyers for SVB UK had included Bank of London, which said on Sunday it had submitted a formal proposal.

Meanwhile, extremely wide forecasts for new public borrowing requirements make the outlook for government bonds uncertain. Here are the main budget predictions for UK stocks, gilts and the pound. However NatWest analysts flagged that the OBR will likely revise down growth forecasts for the next five years, making the outlook for interest rates finely balanced. Hunt will likely keep the budget "reasonably dull" after Truss's "mini-budget" sent sterling to its lowest on record, she added. Investors in UK stocks are already grappling with a wide valuation gap with U.S. equities.

☆ A Silicon Valley Bank staffer says he's feeling 'anxious, sad, and confused' after its collapse
▼ + stars: | 2023-03-12 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +3 min

Silicon Valley Bank's sudden implosion came as a surprise for both investors and employees. Hussin Baig says he's "thankful" but also "confused" because he "grew up" at Silicon Valley Bank. That's the day Silicon Valley Bank was taken over by federal regulators at the FDIC. The FDIC has offered Silicon Valley Bank staffers 45 days of employment at 1.5 times their salary, according to an email seen by Reuters. Silicon Valley Bank, Baig, Allred, Elliot, and Klets did not immediately respond to requests for comment from Insider.

☆ Staying in British castles may be easier — and cheaper — than you think
▼ + stars: | 2023-03-10 | by ( Lucy Handley | Chris Dwyer | ) www.cnbc.com time to read: +6 min

Storied Collection is a travel website that lists heritage hotels and homes — including private castles — so vacationers who love history can easily find accommodations that suit them. The Royal Crescent Hotel & Spa is located inside the Royal Crescent, a row of terraced houses built between 1767 and 1775. Hauge and Goldin, with the help of former CEO of Best Western UK Rob Paterson, launched Storied Collection in 2022. Surnames of previous owners include Cooper, Bingham and Synge, according to Storied Collection. The drawing room of the Sir Percy Blakeney Suite at the Royal Crescent Hotel & Spa in Bath, England.

CASE FOR A SWIFT RETREAT1/ ENERGY PRICESTumbling energy prices are pulling down headline inflation. U.S. inflation rose 6.4% in January, the smallest rise since October 2021, from a 9.1% high last June. Instead, corporate profits have accounted for the lion's share of domestic euro zone price pressures since 2021, ECB data shows. A recent IMF study going back to the 1960s found that only in a small minority of cases where wages and inflation rose together for several quarters did sustained inflation result. The chief executive of Gunvor, a top oil trader, sees oil prices rising in the second half of 2023 on renewed Chinese demand.

☆ OpenAI’s Sam Altman is the latest tech entrepreneur making a play to extend the human lifespan. Here are 15 of the world's wealthiest entrepreneurs trying to crack the code of living forever.
▼ + stars: | 2023-03-08 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +1 min

Sam AltmanOpenAI's Sam Altman reportedly invested $180 million into a longevity startup called Retro Biosciences, according to MIT Technology Review. Lucy Nicholson/ReutersSam Altman is quickly establishing himself as a household name as the CEO of OpenAI, the company behind ChatGPT. Altman seems to be channeling some of his probable largesse into extending the human lifespan. MIT Technology Review reported that Altman invested $180 million into Retro Biosciences, a company with a mission to "add 10 years to healthy human lifespan," according to the company's site. Altman's investment in Retro Biosciences is among the "largest ever by an individual into a startup pursuing human longevity," MTR said.

☆ Bath & Body Works adds director, Third Point backs off proxy fight
▼ + stars: | 2023-03-06 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

[1/2] Shoppers wait in line outside a Bath and Body Works retail store in Brooklyn, New York, U.S., December 8, 2020. REUTERS/Brendan McDermid/File PhotoNEW YORK, March 6 (Reuters) - Bath & Body Works Inc (BBWI.N) on Monday named veteran financial executive and board member Thomas Kuhn as a new director, ending a potential challenge from billionaire investor Daniel Loeb's hedge fund Third Point. "Tom’s 35 year history as a respected financial and legal advisor, including working with consumer companies, will bring an important perspective to Bath & Body Works as it focuses on its key strategic initiatives to maximize shareholder value," Bath & Body Works board chair Sarah Nash said in a statement. Bath & Body Works, which is valued at roughly $10 billion, has been operating as a standalone company since 2021. At Bath & Body Works the company was advised by law firm Wachtell Lipton Rosen & Katz, financial services company J.P. Morgan Chase & Co, proxy solicitor Innisfree M&A Inc and public relations firm Joele Frank.

☆ UK opposition calls for better online protections for children
▼ + stars: | 2023-03-06 | by ( Martin Coulter | ) www.reuters.com time to read: +2 min

LONDON, March 6 (Reuters) - Britain's opposition Labour Party has called on the government to enact its long-delayed Online Safety Bill, after Reuters revealed how few underage children Snapchat (SNAP.N) was removing from its platform. Britain, like the European Union and other countries, has been grappling with how to protect social media users, and in particular children, from harmful content without damaging free speech. "Parents are crying out for better protections for children online and especially on social media," said Lucy Powell, Shadow Secretary of State for Digital, Culture, Media and Sport in a statement issued in response to Reuters' report. In the same period, Snapchat told the watchdog it had removed approximately 60 accounts per month, or just over 700 in total. A Snap spokesperson told Reuters the figures misrepresented the scale of work the company did to keep under-13s off its platform.

☆ Investors pour the most into cash since COVID in latest week - BofA
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +2 min

Cash funds saw inflows of $68.1 billion, BofA said citing EPFR data. Investors ditched equities and gold, which tends to suffer in an environment of rising real interest rates. Such a credit event could originate from the "Anglo-Saxon real estate" sector which has been hit by higher rates, the BofA analysts wrote. Bonds saw inflows of $8.4 billion, while global stocks recorded outflows of $7.4 billion and investors pulled $900 million out of gold funds. Investors meanwhile shed $1.8 billion in emerging market debt and bought $2.4 billion in emerging market equities.

☆ U.S. regulators rejected Elon Musk’s bid to test brain chips in humans, citing safety risks
▼ + stars: | 2023-03-02 | by ( Rachael Levy | Marisa Taylor | ) www.cnbc.com time to read: +19 min

Companies that do secure human-testing approval typically conduct at least two rounds of trials before applying for FDA approval to commercially market a device. "Everybody in the industry was saying: 'Oh my God, they're going to run straight into a brick wall,'" Ludwig said of Musk's bid for FDA approval. For example, NeuroPace, which makes the brain implant to treat epilepsy, received final FDA approval in 2013 – 16 years after the company's launch. Beyond grants, it provides access to government experts who advise on how to gain FDA approval and commercialize a device. Musk's emails to Neuralink staffers often come from his SpaceX address, said two people who reviewed them.

REUTERS/Lucy NicholsonFeb 28 (Reuters) - Los Angeles County will pay the wife of late basketball star Kobe Bryant nearly $29 million to settle a lawsuit over allegations that sheriff officers and firefighters shared gruesome photos of the helicopter crash that killed Bryant and his 13-year-old daughter. "Today marks the successful culmination of Mrs. Bryant's courageous battle to hold accountable those who engaged in this grotesque conduct," said Luis Li, attorney for Vanessa Bryant, Kobe Bryant's wife. Kobe Bryant, his daughter Gianna and seven other people died in the crash in Calabasas, Calif., on Jan. 26, 2020. Kobe Bryant was 41 when he died. The Los Angeles Lakers great and 18-time All-Star won five NBA championships and was elected to the Hall of Fame in 2020.

☆ To survive nuclear apocalypse, you may have to eat nothing but mushrooms, rats, and insects
▼ + stars: | 2023-03-01 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +8 min

Survivors could farm mushrooms on dead trees, or eat rats and insects. In order to survive, he says, people would need to adopt sunlight-free agriculture — cultivating mushrooms, rats, and insects. Vincent Kessler/ReutersWhile we're using the wood to grow mushrooms, we could use the dead trees' leaves, too, he said. Dead trees can feed other life forms, like rats and insectsRats, much like mushrooms, can digest cellulose, the sugar that makes up 50% of wood. So anything the mushrooms leave behind could be fed to the rats, Walsh suggests.

☆ 9 US presidents who faced sex scandals while in office
▼ + stars: | 2023-03-01 | by ( Katie Balevic | ) www.businessinsider.com time to read: 1 min

Franklin D. Roosevelt cheated with his wife's secretary, records show. Eleanor and Franklin D. Roosevelt. CORBIS/Corbis via Getty ImagesRoosevelt, who was in office from 1933 until his death in 1945, had a longtime affair with his wife's secretary, according to The New York Times. FDR married Eleanor Roosevelt, his fifth cousin once removed, in 1905. The couple continued a civil marriage, but there's some evidence Roosevelt's affair with Rutherfurd likely continued during his presidency, according to The Times.

☆ Bath & Body Works calls investor Third Point's proxy contest "misguided"
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

Feb 27 (Reuters) - Bath & Body Works Inc (BBWI.N) said on Monday investor Third Point's potential proxy contest is misguided and is a result of the specialty retailer not willing to appoint the hedge fund's former co-chief investment officer to its board. Bath & Body Works said in the last twelve months the board has appointed four highly qualified directors, of which Lucy Brady, a senior executive at Conagra Brands (CAG.N), was proposed by Third Point. In a letter to its shareholders, the company said the potential proxy contest was due to the board's unwillingness to appoint Loeb's former partner Munib Islam to the board. Islam, who played a key role in Third Point's activist campaigns, left the firm in 2020 and is now a senior executive at LTS One, an investment partnership. While it has taken "reasonable" steps to avoid a proxy fight, Bath & Body Works said it is "disappointing and unfortunate" that it will have to spend more time on this despite efforts to engage productively with the hedge fund.

☆ Messi named FIFA player of 2022, England women rewarded for Euro campaign
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

[1/8] Soccer Football - The Best FIFA Football Awards - Salle Pleyel, Paris, France - February 27, 2023 Paris St Germain's Lionel Messi winner of The Best FIFA Player award 2022 REUTERS/Sarah MeyssonnierPARIS, Feb 27 (Reuters) - Lionel Messi was named FIFA player of the year 2022 on Monday as Argentina scooped all major men's awards after winning a vintage World Cup final last December. "I want to express my thanks to (coach Lionel) Scaloni and my team mates, without them I would not be here," Messi added. It's a dream for any player, very few people can achieve that and I was lucky enough to do so." Spain's Alexia Putellas, who won the Ballon d'Or last year, was named women's player of the year after inspiring Barcelona to a third consecutive national title in 2022. Polish amputee Marcin Oleksy won the Puskas prize for best goal of the year for a spectacular acrobatic volley with Warta Poznan against Stal Rzeszow.

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