DIRS.INFO The most relevant business & tech news

☆ Factbox: Fed, FDIC reviews of US bank failures to spotlight problems, fixes
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +6 min

On Friday the banks' regulators - the Federal Reserve and the Federal Deposit Insurance Corporation - will publish their accounts of what happened at both institutions, and propose fixes to prevent a repeat. The FDIC will also publish a separate report on deposit insurance by Monday. Barr has said the Fed's report will include confidential supervisory information, including citations and exam material not typically disclosed. DEPOSIT INSURANCEThe second FDIC report could provide insight into how officials are thinking about the role of deposit insurance, currently capped at $250,000 per depositor, in financial stability. "The most interesting thing I expect to see is what the FDIC recommends about the deposit insurance cap," Phillips said.

☆ Deutsche Bank logs 11th straight quarterly profit, reveals job cuts
▼ + stars: | 2023-04-27 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

A Deutsche Bank AG branch in the financial district of Frankfurt, Germany, on Friday, May 6, 2022. The Thursday report nevertheless showed deposits fell over the course of the quarter to 592 billion euros from 621.5 billion euros at the end of 2022. watch nowDeutsche's corporate bank net revenues came in at 2 billion for the quarter, up 35% year-on-year and the highest quarterly figure since the launch of its transformation program. However, the bank also flagged job cuts for non-client facing staff and reported a sharper-than-expected 19% year-on-year fall in investment bank revenues year-on-year. He suggested that, in scrutinizing Deutsche Bank, market participants saw a strong and profitable business model, stable balance sheet and deposit base, a "very moderate" and "well underwritten" commercial real estate book and "no near-term financing needs."

☆ Poland's Bank Pekao first-quarter net profit surges 60%
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

GDANSK, April 27 (Reuters) - Pekao's (PEO.WA) first-quarter net profit rose 60% to 1.45 billion zlotys ($349.7 million), underpinned by an improvement in its net interest income, with no unusual events encumbering the earnings, the Polish bank said on Thursday. The quarterly numbers came in above analysts' expectations of 1.30 billion zlotys. Net interest income for the period rose 34% to 2.77 billion zlotys. The bank's management recommended a dividend payment of 3.65 zlotys per share from 2022 net profit. Net interest margin in the first quarter rose to 4.15% from 4.13% in the prior quarter, and 3.44% in the first quarter of 2022.

☆ Here’s what the SVB report will (and won’t) include, according to top former Fed official
▼ + stars: | 2023-04-27 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

Randal Quarles, former vice chair of supervision at the Fed, told CNN in an exclusive interview that he doesn’t expect the report to uncover any smoking guns. For instance, SVB was able to opt out of holding capital against its unrealized investment losses. Cole Burston/Bloomberg/Getty ImagesIn Quarles’ view, returning to the pre-2019 requirements “would not have made any difference” in preventing SVB from failing. The real issue that the Fed’s report should address, he said, is why SVB’s uninsured depositors were so quick to flee. That’s why Quarles said he didn’t hear about the red flags Fed officials identified when he was vice chair for supervision.

☆ UniCredit to repay AT1 bond, says no need to issue more near term
▼ + stars: | 2023-04-27 | by ( Valentina Za | ) www.reuters.com time to read: +2 min

Investors' confidence in AT1 bonds has been rocked by a Swiss authorities' decision to wipe out $17 billion of Credit Suisse's CSGN.S AT1 debt under its takeover by UBS (UBSG.S), in a move that hit AT1 holders harder than shareholders. To do so, banks need approval from supervisors because such bonds, which are designed to help lenders withstand possible losses, count towards their capital buffers and banks would normally need to refinance them. A supervisory source told Reuters at the time that banks with strong capital ratios such as UniCredit did well to call AT1 bonds and prop up investor confidence. AT1 bonds were introduced in the wake of the global financial crisis to provide lenders with tools that could allow them to pass on losses to investors, shielding taxpayers. "UniCredit has limited need for TLAC/MREL fundingfor the remainder of this year and no need to issue AT1 instruments in the foreseeable future.

Solis, 64, lives on the banks of Mexico's Villa Victoria reservoir, which supplies water to the bustling capital hours away but does not reach her own faucets. Villa Victoria is part of the Cutzamala System, the source of water for about six million people in Mexico City and the surrounding state of Mexico. Climate change, chaotic urban growth and inefficient infrastructure have strained Mexico's water supplies, pushing the Cutzamala System's stores to their lowest level in 27 years. Mexico City is also tapping alternative sources of water outside the Cutzamala System, including by replacing wells in the Zumpango area in the state of Mexico. But for people like Israel, who lives just a few minutes' drive from the Cutzamala System's water treatment plant and asked not to use his last name, the constitution's promise is increasingly distant.

[1/2] Solar panels are built at the QCells solar energy manufacturing factory in Dalton, Georgia, U.S., March 2, 2023. The Inflation Reduction Act, which passed last year without a single Republican vote, is a signature Biden accomplishment and offers $369 billion investment to address climate change. This includes $270 billion in tax incentives. Republicans have portrayed the tax credits as a distortion of the free market that gives unfair advantage to clean-energy producers over fossil fuels. Frisone, of CZAR-Power, said he plans to call Republican officeholders to make his case, adding, "This is a political stunt -- why are we doing it?"

Boeing shares rose 2.5% in early afternoon trade after the company reaffirmed its plans to generate $3 billion to $5 billion in free cash flow this year, as well as deliver 400 to 450 737 MAXs and 70 to 80 787 Dreamliners. Deliveries will increase to about 40 MAXs a month during the back half of the year, he said. Reuters reported earlier this month that Boeing's schedule called for suppliers to produce 38 737 MAXs a month from June. Reuters GraphicsBoeing's first-quarter cash burn slowed to $786 million from $3.57 billion a year earlier on higher jet deliveries. Reporting by Abhijith Ganapavaram in Bengaluru and Valerie Insinna in Washington; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

April 26 (Reuters) - Boeing Co (BA.N) said on Wednesday that it planned to ramp up production of its 737 MAX jets to 38 per month by year-end, while backing its annual cash-flow goal, offering some relief to investors after a new manufacturing snafu threatened to derail deliveries. Reuters reported earlier this month that Boeing's schedule called for suppliers to ramp up to 38 737 MAXs a month in June. Overall, Boeing reaffirmed plans to generate $3 billion to $5 billion in free cash flow this year, as well as deliver 400 to 450 737 MAXs and 70 to 80 787 Dreamliners. Boeing reported an adjusted loss per share of $1.27, wider than analyst expectations of a loss of $1.07 per share, per Refinitiv data. Boeing executives are expected to detail the scope of the problem on an investor call later in the day.

☆ Pioneer beats on earnings, announces succession, tweaks dividend — a mix pressuring the oil stock
▼ + stars: | 2023-04-26 | by ( Jeff Marks | ) www.cnbc.com time to read: +6 min

Pioneer set its second-quarter base plus variable dividend at $3.34 a share – factoring in a base dividend of $1.25, which was raised 14% from $1.10, and a variable dividend of $2.09. Management wants more flexibility to repurchase shares instead of paying a huge variable dividend. This means that Pioneer will likely shift what previously went to the variable dividend into share buybacks. Notably, Pioneer doesn't hedge its oil production, making its realized pricing closer to that of the underlying commodity. Oil production is forecast between 357,000 to 372,000 barrels per day, which at the midpoint tops estimates of 364,000.

☆ US subsidies make UK financial reform urgent, business warns
▼ + stars: | 2023-04-26 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, April 26 (Reuters) - U.S. clean technology subsidies are sucking capital from Europe, making it more urgent to improve London as a global financial centre, business bosses told UK lawmakers on Wednesday. It's the biggest shift in competitive dynamic in my career," GlaxoSmithKline chair Jonathan Symonds told a Treasury Select Committee hearing on why UK companies are listing in New York instead. "The effect of what's happening through the Inflation Reduction Act across the whole of Europe is like a dirty great hoover on full suction mode," said Jonathan Hill, who authored a government-backed report on reforming UK listing rules. Britain has already eased listing rules in line with Hill's recommendations, and plans further changes. UK listed companies disclose whether they follow governance best practice or explain why they do not, but critics say flexibility has been lost.

☆ Banks ‘aren’t out of the woods’ after the collapse of SVB and Signature
▼ + stars: | 2023-04-25 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New York CNN —A month ago, code blue sirens went off at banks across the globe after the collapse of Silicon Valley Bank and Signature Bank. For now, looking at banks’ deposits may lead you to believe that banks are in better shape than they are, but they “are not out of the woods just yet,” said Ana Arsov, managing director at Moody’s. After the collapse of SVB and Signature Bank, record levels of deposits poured into Bank of America, JPMorgan Chase and Citibank from mid-size and regional banks. A sign is posted on the exterior of a First Republic Bank office on March 16, 2023 in San Francisco. And the Fed’s likely rate hikes at its upcoming meetings will lead to more deposit outflows, said Wolfe.

☆ Tangaraju Suppiah: Singapore executes man for trafficking two pounds of cannabis
▼ + stars: | 2023-04-25 | by ( Heather Chen | ) edition.cnn.com time to read: +8 min

Tangaraju Suppiah, a 46-year-old Singaporean, was hanged early on Wednesday in Changi Prison and the family have received a death certificate, his sister Leelavathy Suppiah told CNN. Tangaraju was first sentenced to death in 2018 for “abetting the trafficking of more than one kilogram of cannabis (1,017.9 grams),” according to a statement from the Central Narcotics Bureau (CNB). The court found he was in phone communication with two other men caught trying to smuggle cannabis into Singapore. “As is the case for many people currently on death row in Singapore, Tangaraju was forced to represent himself to seek a review of the Court of Appeal’s decision to uphold his conviction. Singapore has a strong reputation as a rule of law country so this concerning omission is not normal,” Perrett added.

☆ This Sequoia-backed EdTech startup that's bringing NFTs to classrooms just secured an $8.5 million funding round
▼ + stars: | 2023-04-25 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

EdTech startup TinyTap raised $8.5 million for staff expansion and product development, Insider has learned. A cofounder says the round took longer to close because of uncertainty in the crypto space at the end of last year. TinyTap, an educational technology startup and Animoca Brands' subsidiary, has secured an $8.5 million funding round, Insider has learned. Sequoia China, Shima Capital, Polygon, Liberty City Ventures, Kingsway Capital, and GameFi Ventures are among the backers for the company's latest funding round. As a result, the round took a bit longer to close, and we had more to prove."

Compare the Capital One Venture X and Chase Sapphire Preferred Capital One Venture X Rewards Credit CardChase Sapphire Preferred® Card Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Here's what to know if you're trying to decide between the Venture X Rewards Credit Card and Sapphire Preferred. Transfer PartnersThe Venture X Rewards Credit Card and Sapphire Preferred card earn transferable rewards you can send to various airline and hotel loyalty programs. Travel and Purchase ProtectionsBoth the Venture X Rewards Credit Card and Sapphire Preferred have noteworthy travel insurance and purchase protection. The Venture X Rewards Credit Card is a relatively new entry to the travel rewards space, while the Sapphire Preferred is a tried-and-true classic.

☆ Morgan Stanley says HSBC is a 'top pick' despite the bank's shareholder troubles
▼ + stars: | 2023-04-24 | by ( Zavier Ong | ) www.cnbc.com time to read: +2 min

But Morgan Stanley is sticking to its bullish stance on the U.K.-based bank, calling HSBC its "top pick" in the sector. Morgan Stanley is looking past that noise. Morgan Stanley expects HSBC to deliver "accelerating" capital returns, with 50% of 202 earnings paid out in dividends and share buybacks amounting to $3 billion in 2023. Further out, we see not only the 50% dividend payouts, but annual share buybacks of $8 billion in 2024/25," according to Morgan Stanley. Shares of HSBC are up nearly 16% this year, but Morgan Stanley expects more upside ahead.

☆ Hong Kong’s dollar stress gets more fundamental
▼ + stars: | 2023-04-24 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +4 min

HONG KONG, April 24 (Reuters Breakingviews) - Hong Kong’s currency peg to the greenback is stuck between a rock and a hard place. In the past 12 months, the de-facto central bank has stepped in to buy Hong Kong dollars from the market roughly 40 times. Some foreign financiers, including Pershing Square boss Bill Ackman, argue Hong Kong’s financial system can’t sustain the peg and question its rationale. But in the long run, demand for Hong Kong dollars depends on confidence in its economic strategy. Hong Kong’s peg is durable enough for now, but its future is in doubt nevertheless.

Low and stable inflation is good for markets and the economy, so central banks had to show their seriousness on inflation, Tannenbaum added. Central banks softened rate rises with communication that was mindful of instability risks, showing reassuring "humility", said Perkins. "The bank resolution framework created after the great financial crisis," said Francesco Papadia, senior fellow at Bruegel and former ECB director general for market operations, "is proving difficult to implement." Reuters Graphics4/ UNITED WE STANDAfter CS's rescue, the Fed and other big central banks supported market liquidity with dollar swap lines. Amundi's Pradhan said the "case by case" central bank responses to individual lenders failing in March exposed the lack of a coordinated bank resolution system.

☆ Bed Bath & Beyond files for bankruptcy protection
▼ + stars: | 2023-04-23 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +5 min

Bed Bath & Beyond on Sunday filed for Chapter 11 bankruptcy protection after a series of last-ditch efforts to raise enough equity to keep the business alive failed at the eleventh hour. Bed Bath has been hanging on by a thread ever since but has refused to go down without a fight. Days after the second stock offering was announced, Bed Bath said it had partnered with liquidator Hilco Global to boost its inventory levels. Soon, though, Bed Bath revealed in a securities filing that it didn't have enough cash to pay its debts and had defaulted on its credit line with JPMorgan. Under the reduced credit agreements, Bed Bath was on the hook for monthly interest payments.

☆ 13 hot spots for real-estate investors seeking solid rental income returns and cheaper property instead of high prices and taxes, according to an expert who's spent 2 decades investing around the glob
▼ + stars: | 2023-04-22 | by ( Laila Maidan | ) www.businessinsider.com time to read: +9 min

With the right locations, he believes investors could double their cash investment in the next five years based on property appreciation and rental income. you'll also need to pay taxes on rental income which varies by state. If you plan on generating short or long-term rental income, find a strong rental or property manager. If you're on a budget but want to invest in a good shorter-term rental property for Airbnb, look in high-traffic destinations, he said. Top picks for short-term rental income are internationalized destinations that have easy air access, great amenities, and a lack of hotel competition.

☆ Say Hi to SoFi. It’s Suing to Force You to Repay Student Loans Faster.
▼ + stars: | 2023-04-22 | by ( Ron Lieber | ) www.nytimes.com time to read: +1 min

SoFi exists because of a quirk in the federal student loan program. While the government charges different interest rates depending on the loan type, within those loan types there is no differentiation. Pretty quickly, as chief executive, Mr. Cagney brought shame upon the enterprise — romantic relationships with subordinates, leaving evidence of his misdeeds on private jet manifests — and showed himself out. His eventual replacement, Anthony Noto, a former Goldman Sachs managing director, then acquired a bank for SoFi, which had previously run commercials using the tagline “Don’t Bank. First, when you are a bank you can use money from depositors to make loans.

☆ Guest view: Why bank investors have it the hardest
▼ + stars: | 2023-04-21 | by ( Rupak Ghose | ) www.reuters.com time to read: +6 min

But what matters at least as much for shareholders is the risk of near or total wipe-out, as demonstrated by Silicon Valley Bank and Credit Suisse. No investor could have known that Credit Suisse allowed Archegos to fund its trades with insufficient cash collateral. More recently, U.S. authorities seemed to flip-flop on whether uninsured depositors at other banks would enjoy the same protection offered to Silicon Valley Bank’s customers. The upshot for bank investors is that seemingly low valuations might not be low enough. Previously, he was head of corporate strategy at UK-based brokers ICAP and NEX, and an equity research analyst at Credit Suisse focused on the financial sector.

☆ Deadly heat waves fueled by climate change are threatening India's development, study says
▼ + stars: | 2023-04-20 | by ( Helen Regan | ) edition.cnn.com time to read: +5 min

CNN —Deadly heat waves fueled by climate change are threatening India’s development and risk reversing its progress on poverty alleviation, health and economic growth, a new study has found. Since 1992, more than 24,000 people have died because of heat waves in India, the study said. And the impacts are expected to get worse as heat waves become more frequent, intense and lethal due to the climate crisis. More than 90% of the country could be severely impacted by heat waves, falling into an extreme heat “danger” zone, according to the heat index, the study found. The heat index is how hot it feels and considers both air temperature and humidity to assess the heat’s impact on the population.

☆ DeSantis signs bill to lower bar on death sentence in Florida
▼ + stars: | 2023-04-20 | by ( Tyler Clifford | ) www.reuters.com time to read: +2 min

Three jurors voted against a death sentence, according to the Death Penalty Information Center, leaving Cruz to be sentenced to life in prison without the possibility of parole. "Once a defendant in a capital case is found guilty by a unanimous jury, one juror should not be able to veto a capital sentence," he said in a statement. Florida prosecutors trying capital felony cases would need to convince a supermajority, or two-thirds, of a 12-member jury panel that someone who is convicted deserves the death penalty. It would have no effect on the requirement for a jury's unanimous vote to convict a defendant. Florida joins Alabama as the only states where a unanimous jury decision is not required, the Death Penalty Information Center noted.

☆ Here are Thursday's biggest analyst calls: Tesla, Amazon, GE, Home Depot, Elanco, SeaWorld & more
▼ + stars: | 2023-04-20 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Goldman Sachs reiterates Tesla as buy Goldman says Tesla's earnings report on Wednesday was a "negative" but that it's standing by the stock. Bank of America reiterates Amazon as buy Bank of America says it's standing by Amazon heading into earnings next week. Bank of America upgrades WestRock to buy from neutral Bank of America said in its upgrade of the packaging solutions company that it sees "transformation benefits." Bank of America downgrades NetApp to underperform from neutral Bank of America said in its downgrade of the hybrid cloud data services company that it sees weaker demand. Morgan Stanley initiates SeaWorld as overweight Morgan Stanley said in its initiation of SeaWorld that it sees an attractive risk/reward.

Search resuls for: "G Capital"

25 mentions found