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☆ Americans desperate for the hot weight-loss drug Ozempic are turning to Canada and Mexico because they can't afford it at home
▼ + stars: | 2023-03-20 | by ( ) www.businessinsider.com time to read: +12 min

She found CanShipMeds.com, one of many websites that says it ships a similar drug, Ozempic, from Canada at a lower cost. Delp is hardly the only American searching for weight-loss drugs across the border in Canada or Mexico. Medicare, the federal program that provides health coverage for people 65 and older, doesn't cover weight-loss drugs at all, though there's a push to change that. People are looking to Canada and Mexico for cheaper OzempicCrystal Cox/Business InsiderUntil insurance coverage improves, people will look abroad to afford the weight-loss drugs. Want to tell us about your experience with weight-loss drugs like Ozempic and Mounjaro?

☆ Elon Musk sees 'serious risk' of another Great Depression if the Fed doesn't stem the collapse of regional banks after SVB failure
▼ + stars: | 2023-03-20 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Elon Musk sees danger ahead for the US economy if the Fed doesn't contain the regional banking crisis. Financial blog Zero Hedge said on Twitter that unchecked pain among smaller banks could lead to a great depression. "This is a serious risk," Musk tweeted in response. "This is a serious risk," Musk responded to Zero Hedge. First Republic Bank has emerged as a high-profile hot spot in the unfolding regional banking crisis.

☆ US stocks fall as turmoil in regional banks resumes and Credit Suisse gets a lifeline
▼ + stars: | 2023-03-16 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

US stocks dropped Thursday, with regional banking stocks still moving lower. The Federal Reserve launched its latest rate-tightening campaign 1 year ago. The index on Wednesday briefly erased its advance for 2023, with markets shaken up by a rout in bank stocks. In the wake of the Silicon Valley Bank failure, regional bank stocks largely fell again on Thursday. Thursday marks one year since the Federal Reserve embarked on its most aggressive run of rate hikes in decades.

☆ US FDIC may need temporary guarantee for all bank deposits -ex chief Bair
▼ + stars: | 2023-03-16 | by ( David Lawder | ) www.reuters.com time to read: +3 min

WASHINGTON, March 15 (Reuters) - The Federal Deposit Insurance Corp may need to seek temporary guarantees for all uninsured U.S. bank deposits to stem a drain of funds from small and regional U.S. lenders following deposit bailouts for failed banks SVB Financial and Signature Bank, former FDIC chair Sheila Bair said on Wednesday. "My biggest fear now is that that lack of trust in the banking system takes hold and uninsured deposits start fleeing banks of all sizes to the biggest banks, just making them bigger again," Bair said. If that continues, the FDIC and the U.S. Treasury should seek "streamlined" authority from Congress to guarantee all uninsured deposits and transaction accounts, which handle client company payroll and operations, she said. A Reuters review of company filings and FDIC data showed that San Francisco-based First Republic had uninsured deposits of $119.5 billion, or 68% of its total. Bair said she did not view Silicon Valley Bank or Signature Bank as systemically important institutions, adding that they could have been resolved through FDIC's normal takeover process, with a "haircut" for uninsured deposits.

☆ First Republic Bank downgraded to junk by S&P and Fitch on risk of clients pulling deposits in the wake of SVB failure
▼ + stars: | 2023-03-15 | by ( Carla Mozée | ) www.businessinsider.com time to read: +4 min

First Republic Bank's credit ratings were cut to junk status at S&P Global and Fitch on Wednesday. Fitch said First Republic's deposits hold risks in concentrating on wealthy, coastal clients. The downgrades arrived during a frenzied time of trading in shares of First Republic Bank and other regional banks after last week's seizure of Silicon Valley Bank by regulators. S&P said all of its ratings on First Republic are on "negative" credit watch, signaling further downgrades are possible. Meanwhile, Fitch Ratings downgraded its long-term issuer default rating on First Republic to BB from A- and placed it and other ratings on negative watch.

☆ Major fears are sweeping into Israel's economy
▼ + stars: | 2023-03-02 | by ( Jason Gewirtz | ) www.cnbc.com time to read: +4 min

Picture Alliance | Picture Alliance | Getty ImagesNew concerns about Israel's economy are leading global investors to question the money they have in the country. The law would alter Israel's judicial system by giving sitting governments full control of judicial appointments. A drop in Israel's credit rating would increase the cost of borrowing and hurt fundraising. A major part of the Israeli economy is tied to the value of the Israel shekel against the U.S. dollar. That in turn hurt critical parts of Israel's economy including real estate, as companies and individual citizens moved their money into U.S. dollars or other currencies.

Americanas on Tuesday disclosed that it did not pay interest due on Monday of more than 2 billion reais ($392 million) in local bonds. It made the disclosure in a filing responding to a question by securities regulator CVM, saying that it was allowed not to pay under the injunction. Fitch said that if Americanas formally announces a debt restructuring plan, its ratings will be downgraded to RD or D reflecting a default. Fitch said the retailer, backed by the billionaire founders of 3G Capital, has an unsustainable capital structure with the addition of an estimated 20 billion reais in previously undisclosed liabilities. The company last year paid 516.6 million reais in dividends related to the results in 2021, according to securities filings.

☆ Analysis: Panama and First Quantum harden battle lines over key copper mine
▼ + stars: | 2023-01-03 | by ( Valentine Hilaire | ) www.reuters.com time to read: +5 min

However, no agreement was forthcoming, prompting the two sides to raise the stakes to protect their interests in the mine, known as Cobre Panama. "Cobre Panama is the only metal mine operating in the country and many foreign companies started operations in Panama with its arrival. Failure to reach a deal could spook foreign investors at a time when Panama is looking to develop three other copper deposits that could bring in similar investments to Cobre Panama, said Morales. First Quantum paid $61 million in royalties to Panama's government in 2021, while the Cobre Panama mine posted sales revenues of $3.2 billion for the year, company data show. LUCRATIVE ASSETIn 2021, Cobre Panama represented more than half of First Quantum's earnings before interest, tax depreciation and amortization (EBITDA).

☆ China property stocks surged amid warnings of weak reality, high expectations
▼ + stars: | 2022-11-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

China's housing prices fell in October due primarily to falling prices in less developed, so-called Tier-3 cities, according to Goldman Sachs analysis of official data. Future Publishing | Future Publishing | Getty ImagesBEIJING — China's real estate sector isn't yet poised for a quick recovery, despite a rally this month in stocks of major property developers. Last week, property developer stocks surged after news the central bank and banking regulator issued measures that encouraged banks to help the real estate industry. A drawn-out recoveryAnalysts differ on when China's property market can recover. "I think the real estate sector will become lesser of a drag to the economy in 2023," Tommy Wu, senior China economist at Commerzbank AG, said Wednesday.

It isn’t clear yet who will succeed Mr. Segal as CFO. Twitter and Mr. Musk on Friday didn’t respond to requests for comment. Mr. Segal on Friday tweeted that “the work isn’t complete,” referring to Twitter’s ambition to build “the world’s townsquare.” Mr. Segal didn’t respond to a request for additional comment. Mr. Musk has said buying Twitter would accelerate his creation of an app that combines the capabilities of several apps in one. The future executives that Mr. Musk installs will have to share his vision for Twitter, Mr. Ives said, and prepare to support growth initiatives that will take years to build.

☆ It’s been 35 years since the epic Black Monday crash. What have investors learned?
▼ + stars: | 2022-10-19 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +7 min

CNN Business spoke to Jon Hirtle, a broker at Goldman Sachs in 1987, to get his recollections about Black Monday. That’s led some Wall Street veterans to derisively refer to the NYSE as nothing more than a glorified TV studio. Goldman Sachs announced Tuesday that it is merging its trading and investment banking businesses into a single unit. CEO David Solomon said that the move is a “realignment” that will allow Goldman Sachs to better serve its customers. There are growing concerns on Wall Street (and Main Street) about an economic downturn.

☆ P&G’s pricing power hangs by a floss
▼ + stars: | 2022-10-19 | by ( Amanda Gomez | ) www.reuters.com time to read: +3 min

Third-quarter earnings show a company whose pricing power is hanging on by a piece of floss. That suggests people are about to ditch some of their few remaining small joys, even when it comes to necessary goods. The $300 billion consumer goods company led by Jon Moeller said on Wednesday that net sales increased 1% to $20.6 billion, and much of that increase came from jacking up prices. It suggests that the Cincinnati-based company is maintaining some pricing power. Follow @alpgomez on TwitterCONTEXT NEWSProcter & Gamble on Oct. 19 reported net sales of $20.6 billion for the quarter ended Sept. 30.

☆ Mega-bank status weighs on U.S. banking’s B-team
▼ + stars: | 2022-09-26 | by ( John Foley | ) www.reuters.com time to read: +4 min

The bosses of PNC Financial Services (PNC.N) , Truist Financial (TFC.N) and U.S. Bancorp (USB.N) joined jumbo-size counterparts on Capitol Hill for a grilling last week, their first appearance as what Congress terms mega-banks. Weighed on systemic significance, U.S Bancorp is around one-eighth as risky as JPMorgan, according to a U.S. Treasury analysis. They are also much simpler than their bigger rivals, lacking international networks and complex trading businesses. PNC boss Bill Demchak noted that his office is on Fifth Avenue, but the one in Pittsburgh, not Manhattan. Watchdogs say they fear a scenario where, say, U.S. Bancorp fails and needs to be absorbed by JPMorgan, making the biggest banks even bigger.

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