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While high interest rates have boosted the banks' lending margins, residential mortgages, auto loans and commercial real estate loans have slowed as consumers and businesses pulled back. With interest rates forecast to remain high, renewal of the mortgages will squeeze household budgets. Banks are also rethinking lending to industries sensitive to high interest rates, from condo development to office space. "We want to make sure we have some kind of confidence when a project is going to go ahead," said Victoria Girardo, Canadian Western Bank's (CWB.TO) VP in real estate lending. "That is creating liquidity issues across the real estate developer space.

Persons: Carlos Osorio, Ebrahim Poonawala, Mike Rizvanovic, Rizvanovic, Banks, Victoria Girardo, Nigel D'Souza, Nivedita Balu, Mark Porter Organizations: Bank of Montreal, REUTERS, Rights TORONTO, U.S, National Bank, Bank, Veritas Investment Research, Thomson Locations: Toronto , Ontario, Canada, Toronto

REUTERS/Rick Wilking/File Photo Acquire Licensing RightsNEW YORK, Nov 21 (Reuters) - Goldman Sachs (GS.N) expects the U.S. Treasuries curve to steepen in the long term, driven by rising fiscal spending, top executives said. "Fiscal spending has not abated. Benchmark 10-year Treasury yields, which move inversely to prices, hit 5% last month for the first time since 2007. Demand for long-dated Treasuries has slipped in the last six months from central banks, U.S. regional banks and sovereign wealth funds, said Jim Esposito, who jointly runs Goldman's global banking and markets division. "Our economists think most central banks will start cutting rates next year, albeit slowly.

Persons: Rick Wilking, Goldman Sachs, Ashok Varadhan, Goldman's, Fitch, Moody's, government's, Treasuries, Jim Esposito, they've, Esposito, Lananh Nguyen, Davide Barbuscia, Richard Chang Organizations: REUTERS, U.S, Treasury, Federal Reserve, Thomson Locations: Westminster , Colorado, U.S, QE, China

☆ Israel is tightening its control of northern Gaza. But there is no clear post-war strategy in sight
▼ + stars: | 2023-11-17 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +11 min

Abu Dhabi, UAE CNN —The Israeli military is tightening its grip on northern Gaza, as its war on the Hamas militant group is showing no signs of abating. Almost six weeks into the conflict, however, Israel is yet to offer a clear post-war plan for the territory. The Israeli military raided Gaza’s largest hospital, Al-Shifa, on Wednesday after claiming that Hamas had built a command center beneath the sprawling medical complex. The United States has warned against Israel re-occupying Gaza, and has stressed a future role there for the Palestinian Authority (PA). Video Ad Feedback Netanyahu appeared to rule out giving the Palestinian Authority control of post-war Gaza.

Persons: Yoav Gallant, Israel, Khan Younis, Fatima Shbair, ” Frank Lowenstein, Barack Obama, “, ” Lowenstein, Benjamin Netanyahu, Netanyahu, “ Israel, ”, Daniel Levy, CNN’s Dana Bash, Levy, I’m, ” Levy, CNN’s Christiane Amanpour, CNN Kobi Michael, Mahmoud Abbas, –, Abbas, Fadel Senna, Lina Khatib, ” Khatib, CNN’s Becky Anderson, Michael of INSS, Lowenstein Organizations: UAE CNN, Israeli, Israel Defense Forces, Hamas, Al, Palestinian, CNN, United Nations Office, Humanitarian Affairs, of Housing, United, Palestinian Authority, Palestinian Health Ministry, West Bank, Institute for National Security Studies, Palestinian Center, Policy, Research, West Bank . Lowenstein, Regional, Getty, United Arab Emirates, SOAS, East Institute, PLO, Palestine Liberation Organization, Israel’s Ministry, Strategic Affairs, UN Conference, Trade, Development, UNCTAD, UN, Programme, Palestine Economic Policy Research Institute, UNDP, UN Relief and Works Agency for Palestine Refugees, Israel Locations: Abu Dhabi, UAE, Gaza, Israel, Gaza City, Gaza’s, Al, Khan, “, London, New York, United States, Ramallah, Tel Aviv, ”, Israeli, AFP, Egypt, Jordan, Qatar, Saudi Arabia, United Arab, Palestinian, Palestine

The strike by drivers and other workers in the GDL union began at 10 p.m. on Wednesday and was scheduled to end at 6 p.m. on Thursday. The main national railway operator, state-owned Deutsche Bahn, expected to run about 20% of its normal long-distance service. The dispute between Deutsche Bahn and GDL is in its early stages, but already is looking unusually difficult. After negotiations started last week, Deutsche Bahn said it had made an offer that amounts to an 11% raise. Political Cartoons View All 1250 ImagesNegotiations were due to resume on Thursday, but Deutsche Bahn canceled this week's talks after GDL called the strike.

Persons: GDL Organizations: BERLIN, —, Deutsche Bahn Locations: GDL

ORLANDO, Florida, Nov 16 (Reuters) - The U.S. high yield bond market is the dog that has rarely barked, never mind bitten, during the Federal Reserve's most aggressive interest rate-raising campaign in 40 years. The 'junk' bond market may also contain less junk than it used to. But changes in the composition of a leading high yield corporate bond index over recent years suggests this might be the case. "The high yield index is a higher quality index than in cycles past," reckons Bill Callahan, investment strategist at Schroders. It is now below 400 bps, and high yield bond investors are the most overweight since January, BofA's latest survey shows.

Persons: Bill Callahan, BofA's, Ashwin Krishnan, Morgan Stanley, Jamie McGeever, Marguerita Choy Organizations: U.S, ICE, Schroders, Bank of, North America, Reuters, Thomson Locations: ORLANDO, Florida

☆ Fitch says US regional bank challenges to persist in 2024
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 15 (Reuters) - Rating agency Fitch said on Wednesday that U.S. regional banks will face continued challenges in 2024, with those lacking scale or focused on commercial loan growth disproportionately pressured. Fitch said that a delay in meaningful loosening of monetary policy would likely translate into "sustained competition for deposits" and "stubbornly weak loan growth." Large regional banks focused on commercial loan growth saw the weakest credit demand, which in some cases reached double digit declines on an annualized basis, Fitch said. In third quarter earnings, a string of regional banks reported pressure on net interest income (NII), the difference between what banks earn from lending and pay out on deposits, which hit some of their shares.

Persons: Brendan McDermid, Fitch, Bill Gross, Pritam Biswas, Megan Davies, Shounak Dasgupta, Jonathan Oatis, Cynthia Osterman Organizations: Wall, REUTERS, Valley Bank, Federal Reserve, Thomson Locations: New York, U.S, SVB, Bengaluru

☆ Why Are Oil Prices Falling While War Rages in the Middle East?
▼ + stars: | 2023-11-09 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: +5 min

Yet, after a few days of anxiety following the bloody Oct. 7 raids by Hamas militants in Israel, energy markets have been slumping. Mr. Alkadiri said that traders are unlikely to bid up prices unless they see “actual barrels removed” from the market. Saudi Arabia and other producers have been trying to support prices by reducing their oil output. Forecasters are warning that 2024 could be a difficult year in the oil markets. Haves and Have-notsAs the fighting continues, traders have figured out that when it comes to oil there are haves and have-nots in the Middle East.

Persons: Brent, hasn’t, ”, Richard Bronze, Raad Alkadiri, Alkadiri, Helima Croft, Croft, “, Biden, “ It’s Organizations: Eurasia Group, U.S . Energy Information Administration, ”, Group, American, RBC Capital Markets, Central Intelligence Agency Locations: Israel, London, China, Saudi Arabia, United States, East, Gaza, Iraq, Iran, Saudi, Hormuz, Ukraine, ”, Persian

☆ Why oil is down since the Hamas-Israel conflict started and whether that can last
▼ + stars: | 2023-11-08 | by ( Spencer Kimball | ) www.cnbc.com time to read: +8 min

A risk premium should be present somewhere in oil prices, Papic wrote. "If the Hamas attack leads to a regional conflict in the world's most important oil producing geography, then oil prices should catch a bid… any bid. Beijing's crude oil imports rose in October, but the country's overall exports fell more than expected, indicating the global economy may be slowing. The biggest risk for oil prices is a decline in Iranian oil exports by 300,000 to 500,000 barrels per day, the bank cautioned. The U.S. House of Representatives last week passed a bill to harden sanctions on Tehran's crude exports in an overwhelming bipartisan vote following the Hamas' attacks.

Persons: Netanyahu, Marko Papic, Papic, Oil's, Ellen Wald, Wald, Ayatollah Ali Khamenei, Giovanni Staunovo, Staunovo, Joe Biden, Mike Rothman, Rothman Organizations: Brent, West Texas, Clocktower, U.S . Energy, UBS, OPEC, U.S . House, Iran's, Bank, World Bank, Gulf Cooperation Council, GCC, Washington, Cornerstone Analytics, JPMorgan Locations: Israel, @CL, Gaza, Yemen, Lebanon, Iran, Syria, China, U.S, Europe, Saudi Arabia, Russia, Strait, Hormuz, Ukraine, Riyadh, India, Japan, South Korea, Republic, Staunovo, Tehran, Gulf States

☆ Bank stocks could be the hot year-end trade if peak rates prove a 'mini clearing event'
▼ + stars: | 2023-11-07 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

It's time to pick positions in bank stocks heading into year end as peak rates could be a "mini clearing event" for the sector, according to Bank of America. "While we are careful to not [get] carried away, peak interest rates do have potential to serve as a mini clearing event for bank stocks," BofA's Ebrahim Poonawala wrote in a Sunday note. Regional banks are down by 27% this year, and have continued to face intense scrutiny due to their exposure to commercial real estate. "Best case, peak rates could mark near term bottom in bank stocks vs. S & P." To be sure, there remain issues in the sector. Bank stocks are highly tied to the broader economy and their loans could take a hit if the U.S. falls into a recession.

Persons: BofA's Ebrahim Poonawala, JPMorgan Chase, KRE, Poonawala, NIM, it's, Bryn Talkington, Talkington, Morgan Stanley, Bill Gross, Gross Organizations: Bank of America, Bank, Citigroup, JPMorgan, Regional Banking, P Bank, Federal Reserve, Capital Management, West Bancorp, Truist Financial, Citizens, Apple Locations: Wells Fargo, U.S

“All of Lebanon, including Hezbollah — we don’t want a war,” said Lebanon’s foreign minister, Abdallah Bou Habib, who is in regular contact with Hezbollah. “There is Western pressure on the Lebanese government to apply pressure on Hezbollah not to go to war. But will Israel start a war? “If the situation gets really bad in Gaza, it will be really bad for the whole region — not just Lebanon and Israel,” Mr. Bou Habib said. Israel has responded with a vast bombing campaign on Gaza, a blockade on fuel and a ground invasion.

Persons: ”, Abdallah Bou Habib, ” Ron Dermer, we’re, Mr, Dermer, Bou Habib, ” Mr, Khaled Meshaal, Meshaal, Al Arabiya, Maha Yahya, Ms, Yahya, “, Hassan Nasrallah, Israel, Nasrallah Organizations: Hezbollah, Carnegie Middle East Center Locations: Lebanon, States, Israel, Gaza, United States, Beirut, Iran

Security cameras point towards pedestrians outside the Royal Bank of Canada (RBC) headquarters in Toronto, Ontario, Canada March 16, 2017. RBC, Canada's top lender, said in September that it had infused fresh capital into City National, without elaborating, as it struggled amid the U.S. regional banking crisis. Rizvanovic estimates roughly $7 billion of low-yielding debt securities were transferred from City National to RBC, and he said the return on invested capital should "improve meaningfully" following the move. Since RBC acquired it for $5.4 billion in cash and stock, City National has most recently received amounts between $450 million, $700 million and $600 million annually. The bank has previously said realized losses at City National will be eliminated at the RBC consolidated level.

Persons: Chris Helgren, Mike Rizvanovic, Kelly Coffey, Dave McKay, Nivedita Balu, Matthew Lewis Organizations: Royal Bank of Canada, REUTERS, Rights, National Bank, Los, City National, RBC, Reuters, Valley Bank, City, Thomson Locations: Toronto , Ontario, Canada, Los Angeles, United States, U.S, Santa Clara , California, Toronto

After 525 basis points of interest rate hikes, financial conditions are now the tightest in a year, and biting. JPMorgan strategists estimate that the impact on GDP from tightening financial conditions takes anywhere from one to two years to be felt. Reuters Image Acquire Licensing RightsReuters Image Acquire Licensing RightsThe renewed weakness of U.S. regional bank shares is one of them. Reuters Image Acquire Licensing RightsReuters Image Acquire Licensing RightsBNP Paribas analysts reckon the impact on GDP growth from tighter financial conditions recently equates to a 40 basis point rate hike. Around a third of the bank's financial conditions index rise since April is from higher bond yields.

Persons: Brendan McDermid, Goldman Sachs, Torsten Slok, Morgan Stanley, Jerome Powell, Jamie McGeever, Andrea Ricci Organizations: New York Stock Exchange, REUTERS, Rights, Fed, Treasury, Wall, JPMorgan, National Federation of Independent, Reuters, Thomson Locations: New York City, U.S, Rights ORLANDO , Florida, October's

☆ Israel-Hamas War Revives Interest in U.S. Production of Iron Dome Missiles
▼ + stars: | 2023-10-23 | by ( Doug Cameron | ) www.wsj.com time to read: 1 min

The Iron Dome defense system has blocked thousands of missiles since 2011. Here’s how it works. Menahem Kahana/AFP/Getty ImagesIsrael’s war with Hamas has revived dormant U.S. interest in producing munitions for Israel’s Iron Dome missile defense system, U.S. Army and industry officials said, a development that would help a U.S. regional ally resupply for future conflicts. Any U.S. manufacturer of Tamir interceptors would take months to get moving. But with Hamas and Hezbollah firing hundreds of rockets at Israeli military sites and cities every day, Israel’s stockpile of interceptor missiles is dwindling.

Persons: Menahem Kahana, Tamir Organizations: Getty, Hamas, U.S . Army Locations: AFP, U.S

☆ American Airlines orders four Embraer E175s for Envoy Air
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +3 min

American's previous deal for seven E175s, announced in June, underscored a U.S. regional aviation market recovering from rough years marked by the COVID-19 pandemic. "We maintain our optimistic view on Embraer, and believe that 2024-25 could translate into a period of a solid pipeline of deliveries." The order will take Envoy Air's fleet of E-Jets to more than 150 aircraft by the end of next year, Embraer said. The United States is the main market for the first-generation E-Jets, which Embraer dubs "the backbone" of that country's regional network. Last month, Embraer also announced a firm order for five E175s from Nigeria's Air Peace.

Persons: planemaker, Air's, Pedro Fabregas, Luxembourg's, Aerolineas Argentinas, Francisco Gomes Neto, Gabriel Araujo, Steven Grattan, Brad Haynes, Jonathan Oatis Organizations: Embraer, Reagan, SAO PAULO, American Airlines, EMBR3, Air, E1s, Santander, Jets, U.S, Nigeria's, JPMorgan, Reuters, Thomson Locations: U.S, Washington , U.S, United States

REUTERS/Brendan McDermid Acquire Licensing RightsNEW YORK, Oct 18 (Reuters) - Several U.S. regional banks beat analysts third-quarter profit expectations on Wednesday as higher interest rates allowed them to charge more for loans, although rising loan loss provisions and deposit retention costs crimped margins. Shares of several regional banks fell, including M&T Bank and US Bancorp. Regional banks remain a focus of investor scrutiny. The KBW regional banking index (.KRX) is down nearly 24% year-to-date, while the S&P regional bank (.SPCOMBNKS) has also dropped 33% in the same period. Citizens Financial Group (CFG.N) and First Horizon Corp (FHN.N) both reported a decline in their third quarter profit weighed down by rising credit loss provisions and deposit costs.

Persons: Brendan McDermid, Chris Marinac, Janney Montgomery Scott, Marinac, Citizen Financial's, Chibuike Oguh, Michelle Price, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, U.S, T Bank, US Bancorp, T Bank Corp, Wall, Bank, Citizens Financial, Horizon Corp, Citizens, Citizen, Thomson Locations: New York, U.S, Silicon

☆ Teacher killed in knife attack in school in northern France - BFM TV
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

[1/2] French police and fire fighters secure the area after a teacher was killed and several people injured in a knife attack at the Lycee Gambetta-Carnot high school in Arras, northern France, October 13, 2023. REUTERS/Pascal Rossignol Acquire Licensing RightsPARIS, Oct 13 (Reuters) - A teacher was killed and several people injured in a knife attack in a school in the northern France city of Arras on Friday, BFM TV said. Local police confirmed there had been a knife attack. Citing a police source, BFM TV reported the attacker was about 20 years old and could have been a former pupil. BFM TV said the person killed was a French language teacher, while a sports teacher was stabbed and injured.

Persons: Lycee Gambetta, Carnot, Pascal Rossignol, BFM, Allahu Akbar, Gerald Darmanin, Michel Rose, Charlotte Van Campenhout, Tassilo Hummel, Ingrid Melander, Richard Lough Organizations: Lycee, REUTERS, Rights, Local, Police, Thomson Locations: Arras, France, French

☆ Regional banks are in focus in the week ahead as third-quarter earnings season ramps up
▼ + stars: | 2023-10-13 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

Regional banks will be in focus in the week ahead as traders head into the thick of third-quarter earnings season. Regional bank earnings are also expected to be a weak point this season. But a closer look into the sector's sub-industries showed that regional banks are anticipated to have tumbled by 15% last quarter. Traders parsing through regional bank earnings will pay special attention to signs of narrowing net interest margins (NIM). Earnings season underway Many investors anticipate that the third-quarter earnings season will be alright.

Persons: Wells, Kumar, FactSet's John Butters, NIM, They'll, JPMorgan Chase, Jamie Dimon, Goldman Sachs, Morgan Stanley, FactSet's Butters, Nancy Tengler, Lauren Goodwin, we'll, Goodwin, Charles Schwab, Lockheed Martin, Goldman, Zions, Kinder Morgan, Lam, McLennan, Philip Morris, Huntington Bancshares, —, Jesse Pound Organizations: Citigroup, JPMorgan Chase, Sri, Kumar, Silicon Valley Bank, Regional Banking, Dow Jones Industrial, JPMorgan, Hamas, Northern Trust, U.S . Bancorp, T Bank, Citizens Financial, Bank of America, Federal Reserve, Companies, Investments, New York Life Investments, Index, Johnson, Bank of New York Mellon, Goldman Sachs Group, Hunt Transport Services, Omnicom, United Airlines Wednesday, Housing, Elevance, Citizens Financial Group, Procter, Gamble, Abbott Laboratories, Discover Financial Services, Las Vegas Sands, PPG Industries, Steel Dynamics, Tesla, Netflix, Lam Research, Philadelphia Fed, Truist, Alaska Air Group, Fifth Third Bancorp, American Airlines Group, Marsh, Philip Morris International, Union, CSX, Comerica, Regions Financial, American Express, Interpublic, Cos Locations: Wells Fargo, Silicon, Ukraine, Israel, J.B, Las Vegas, Philadelphia, Truist Financial, Union Pacific, Freeport, Huntington

☆ Why the hydrogen tax credit has become a lightning rod for controversy
▼ + stars: | 2023-10-13 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +16 min

The proposed tax credit, 45V, is meant to turbocharge the production of low-emissions hydrogen. "The IRA's section 45V production tax credit is the most generous clean hydrogen subsidy in the world," Jesse Jenkins, professor of macro-scale energy systems at Princeton University, told CNBC. John Macdougall | Afp | Getty ImagesThe adjudication of the hydrogen tax credit has become about more than just the hydrogen tax credit, too. The amount of the hydrogen tax credit, which is available for 10 years, depends on the emissions generated in making hydrogen. If hydrogen is produced without releasing any carbon emissions, the tax credit is maxed out at $3 per kilogram of hydrogen.

Persons: that's, It's, Jesse Jenkins, John Macdougall, Wilson Ricks, Jenkins, Ricks, Rachel Fakhry, electrolyzers, Andriy Onufriyenko, Eric Guter, Josef Kallo, H2FLY, Guter, Phil Musser, Shannon Angielski, Angielski, Shi, Fakhry Organizations: Istock, Treasury, Princeton University, CNBC, Daimler Truck Holding, Afp, Getty, Energy, Research, Princeton, Natural Resources Defense Council, Power, Singularity, Air Products, Bloomberg, Air, Products, Hydrogen Company, European, EU, NextEra Energy, Hydrogen Future Coalition, BP, Duke Energy, Exxon Mobile, General Electric, Siemens Energy, American, Shell, Hydrogen, Coalition Locations: Biden's, United States, U.S, Berlin, additionality, Maribor, Slovenia, Oxagon, Saudi Arabia, Wilbarger County , Texas

☆ Surging rents lift US consumer prices; underlying inflation grinding lower
▼ + stars: | 2023-10-12 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

The so-called core CPI was also lifted by a 3.7% rise in the cost of lodging away from home, which ended three straight monthly declines. The core CPI gained 4.1% on a year-on-year basis in September, the smallest rise since September 2021, after advancing 4.3% in August. Over the last three months, the core CPI increased 3.1%. Still-strong demand in the economy, marked by labor market tightness, which is driving core services inflation excluding rents, imply that the higher rates could last for some time. Reuters GraphicsThere is no sign yet that the United Auto Workers (UAW)strike, now in its fourth week, is having a major impact on the labor market.

Persons: Olu Sonola, Stephen Juneau, Bing Guan, Seema Shah, Lucia Mutikani, Paul Simao Organizations: Federal Reserve, Labor Department, Higher U.S, Treasury, Fitch, CPI, Reuters, Bank of America Securities, Mobil, REUTERS, Fed, Financial, United Auto Workers, UAW, Ford, General Motors, Chrysler, Asset Management, Thomson Locations: WASHINGTON, U.S, New York, Beverly Boulevard, West Hollywood , California

That changed in September when U.S. central bank officials themselves sensed that progress on housing inflation might have stalled. Data released on Thursday confirmed a jump in shelter prices that, for a month at least, bucked the trend. "The uptick in housing inflation this month was the key surprise. Housing inflation will need to decline sharply over the coming months for us to see inflation near 2%." In the list of risks for inflation to remain elevated, Fed officials in September pointed to "the effects of a strong housing market."

Persons: Sarah Silbiger, Olu Sonola, aren't, Jerome Powell, Kathy Bostjancic, disinflation Powell, Andrew Hunter, CoreLogic, Hunter, Howard Schneider, Paul Simao, Jonathan Oatis Organizations: REUTERS, Rights, Federal Reserve, Fitch, Fed, Nationwide, Reuters Graphics Reuters, Capital Economics, Reuters, Thomson Locations: Washington , U.S, U.S

☆ US consumer prices rise on surge in rents; underlying inflation cools
▼ + stars: | 2023-10-12 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Gasoline prices rose 2.1% after accelerating 10.6% in August. Year-on-year consumer prices have come down from a peak of 9.1% in June 2022. Reuters GraphicsExcluding the volatile food and energy components, the CPI rose 0.3%, matching August's gain. Still-strong demand in the economy, marked by labor market resilience, suggests borrowing costs could remain elevated for some time. Reuters GraphicsThere is no sign yet that the United Auto Workers (UAW)strike, now in its fourth week, is having a major impact on the labor market.

Persons: Bing Guan, Olu Sonola, Seema Shah, Lucia Mutikani, Paul Simao Organizations: Mobil, REUTERS, Federal Reserve, Labor Department, Higher U.S, Treasury, Fitch, CPI, Reuters, United Auto Workers, UAW, Ford, General Motors, Chrysler, Asset Management, Thomson Locations: Beverly Boulevard, West Hollywood , California, U.S, WASHINGTON, New York

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy New York will charge up to $23/day to drive into ManhattanDrivers crossing through Manhattan's central business district will face a new toll beginning in the Spring of 2024. The fee is expected to be between $9 and $23 per day for drivers entering or exiting during peak traffic hours. Regional planners believe "congestion pricing" will nudge more drivers onto transit. The MTA is using the toll revenues to reinvest in its aging infrastructure. The funds will go toward improvements to system reliability, accessibility and sustainability.

Organizations: Manhattan Drivers, MTA Locations: York, Manhattan's

☆ The big AI and robotics concept that has attracted both Walmart and Softbank
▼ + stars: | 2023-10-07 | by ( Tim Mullaney | ) www.cnbc.com time to read: +13 min

Softbank also owns 65% of the GreenBox venture, which launched with $100 million in investment by the two companies. They say it's a $500 billion market, and an example of the kind of change AI can bring to the economy at large. But not as many investors know about Softbank's "other" big AI investment, Wilmington, Mass.-based software and robotics maker Symbotic , which Walmart has taken a big stake in itself. Symbotic teamed up with Softbank to build GreenBox in order to preserve its own capital, Cohen told analysts. The GreenBox market for smaller companies shapes up as another $500 billion of possible demand, Gartner's Klappich said.

Persons: Rick Cohen, Softbank, Robert W, Baird, Vikas, Schwarz, Kristin Schwarz, Vikas Parekh, Parekh, Giordano, I've, TD Cowen, Joseph Giordano, GreenBox, Dwight Klappich, Symbotic, Klappich, Mason, Cohen, —, Bill Boyd, Gartner's Klappich, Doug McMillon Organizations: Walmart, CNBC, Gartner, Target, Venture, Arm Holdings, Wholesale, Forbes, Revenue Locations: GreenBox, Wilmington, Mass, Fla

☆ 'Half the village is gone': Ukraine hamlet reels after missile strike
▼ + stars: | 2023-10-06 | by ( Max Hunder | ) www.reuters.com time to read: +5 min

Valeriy Kozyr, 61, cries as he sits next to graves after losing his daughter and other relatives in a Russian military strike, at a cemetery outside the village of Hroza, Kharkiv region, Ukraine. Moscow denies targeting civilians in its full-scale invasion, a position it repeated on Friday in response to the Hroza strike. "On one side, the neighbours are gone, and on the other side a woman is gone." 'HALF THE VILLAGE GONE'As darkness fell on Thursday, dazed emergency crews carried bodies placed in white bags on to the back of a pickup truck. "Half the village is gone, families are gone," said Kozyr, standing beside his wife as she wept.

Persons: Valeriy Kozyr, Thomas Peter Acquire, Kozyr, Olya, Volodymr Zelenskiy, Serhiy Bolvinov, Valentyna Kozienko, Oleksandr Mukhovatyi, Andriy Kozyr, Valeriy, Andriy, Mike Collett, Philippa Fletcher Organizations: REUTERS, Reuters, Regional, Local, Thomson Locations: Russian, Hroza, Kharkiv region, Ukraine, Russia, Moscow, Kharkiv, Ukrainian

☆ Morning Bid: Nervy bond bounce on soft jobs and oil
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +5 min

[1/2] A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Although both oil and bond yields calmed somewhat overnight, U.S. crude plunged by more than $5 per barrel on Wednesday. The tentative bond bid and shifting interest rate picture stopped the rot in stock markets too, with Wall St stocks rallying on Wednesday and the Nasdaq (.IXIC) staging its biggest daily gain since August. But in a sign of the nervousness, European stock markets stalled again and Wall St futures were back in the red. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, Kevin McCarthy, Michael Barr, Mary Daly, Thomas Barkin, Loretta Mester, Lamb Weston, Christina Fincher Organizations: New York Stock Exchange, REUTERS, Nasdaq, Wall, Metro Bank, U.S, Federal, San Francisco Fed, Richmond Fed, Cleveland Fed, Treasury, Brands, Constellation Brands, Reuters, Thomson Locations: New York City, U.S, Wall, York

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