DIRS.INFO The most relevant business & tech news

☆ U.S. bank crisis 'unlikely' to spill over to Canada, analysts say
▼ + stars: | 2023-03-20 | by ( Divya Rajagopal | ) www.reuters.com time to read: +4 min

"The U.S. contagion is unlikely to spill over to Canadian banks as the issues in U.S. are unique and specific to certain business models or lending activities," said James Shanahan, banking analyst with Edward Jones to Reuters. REGIONAL BANK SCRUTINYCanadian banks emerged stronger from the 2008 global financial crisis due to prudent regulations and since built a reputation for financial stability. The Canadian banks have kept their focus on domestic lending and majority of their earnings come from serving local clients. But in recent years, Royal Bank, BMO, TD Bank and CIBC (CM.TO) have expanded into the United States by buying regional lenders to benefit from strong growth in second-tier U.S. cities. However, last week the regional bank's stock was hit after the SVB collapse.

☆ Elizabeth Warren leads cavalry into deal battles
▼ + stars: | 2023-03-07 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

It would be the third curious regulatory intervention in recent weeks, each encouraged by Democratic Senator Elizabeth Warren. In a September letter to Transportation Secretary Pete Buttigieg, Warren argued that the DOT should use its own tools, specifically in the Spirit situation. UnitedHealth (UNH.N) beat back a federal lawsuit against its plan to buy Change Healthcare; Facebook owner Meta Platforms (META.O) shrugged off an FTC attempt to stop its purchase of fitness app developer Within. JetBlue says it built time for a lawsuit into the Spirit merger agreement. As the senator charges up the competition cavalry, dealmakers may have to redraw their battle plans.

☆ Canada's TD gets regulatory nod for $1.3 bln purchase of Cowen
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

Feb 24 (Reuters) - Canada's Toronto-Dominion Bank (TD.TO) has received all regulatory approvals to complete its $1.3 billion acquisition of New York-based boutique investment bank Cowen Inc (COWN.O), the companies said on Friday. Last February, the Canadian lender had signed a $13.4 billion deal to buy U.S.-based First Horizon Corp (FHN.N). The First Horizon deal is now expected to close on May 27, three months later than the deadline the companies had set. Cowen provides investment banking, research, sales and trading and prime brokerage services. Last week, Cowen reported an 82% drop in fourth-quarter net income as investment banking took a hit.

☆ U.S. economy losing momentum as retail sales post biggest drop in 12 months
▼ + stars: | 2023-01-18 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

The second straight monthly decrease in retail sales, which are mostly goods, is undercutting production at factories. Retail sales plummeted 1.1% last month, the biggest drop since December 2021. REUTERS/Jeenah Moon 1 2Retail salesMANUFACTURING OUTPUT FALLSExcluding automobiles, gasoline, building materials and food services, retail sales fell 0.7% last month. The weakness in core retail sales is likely to be offset by anticipated gains in services spending. The government reported last week that monthly consumer prices fell for the first time in more than 2-1/2 years in December.

☆ BNP Paribas' $16 bln U.S. sale to BMO wins regulatory OK
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

PARIS, Jan 18 (Reuters) - BNP Paribas (BNPP.PA), France's biggest listed bank, said on Wednesday that it had received all the necessary regulatory approvals to complete its previously announced sale of Bank of the West to Bank of Montreal (BMO.TO). BNP Paribas added that this transaction was expected to close on Feb 1. "The closing of the Bancwest sale has been long-awaited ... and is a significant positive catalyst for BNP shares in our view," Jefferies analysts said in a note. Once the deal closes, it will bring nearly 1.8 million commercial, retail, wealth management and business banking customers and over 9,300 Bank of the West employees to BMO. Reporting by Sudip Kar-Gupta and Silvia Aloisi and Manya Saini in Bengaluru editing by Jason Neely and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ Investing Club: The week in review, the week ahead — Jan. 14, 2023
▼ + stars: | 2023-01-14 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

Also, earnings season is just kicking off, when we'll learn much more about what companies are seeing on the ground. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. People shop at the Pioneer Supermarkets on January 12, 2023 in the Flatbush neighborhood of Brooklyn borough in New York City.

☆ U.S. inflation subsiding as consumer prices fall; labor market still tight
▼ + stars: | 2023-01-12 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Cooling inflation could allow the Federal Reserve to further scale back the pace of its interest rate increases next month. "To be sure, the efforts by the Fed have begun to bear fruit, even though it will be a while before the promised land of a 2% inflation rate is here." Food prices climbed 0.3%, the smallest gain in nearly two years, after rising 0.5% in the prior month. Fruit and vegetable prices fell as did those for dairy products, but meat, poultry and fish cost more. The labor market remains tight, with the unemployment rate back at a five-decade low of 3.5% in December, and 1.7 jobs for every unemployed person in November.

☆ U.S. retail sales fall after hefty gains; labor market still tight
▼ + stars: | 2022-12-15 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Economists also noted that goods prices tumbled in November, which could have weighed on retail sales last month. Retail sales fell 0.6% last month, the biggest drop since December 2021, after an unrevised 1.3% jump in October. Online retail sales decreased 0.9%, which was at odds with reports of strong Black Friday sales. Sales at food services and drinking places, the only services category in the retail sales report, increased 0.9%. Data for October was revised lower to show these so-called core retail sales increasing 0.5% instead of 0.7% as previously reported.

☆ U.S. economy rebounds in Q3 on boost from trade, but demand stalling
▼ + stars: | 2022-10-27 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

While overall inflation slowed substantially from the second quarter, underlying price pressures continued to bubble. Gross domestic product increased at a 2.6% annualized rate last quarter after contracting at a 0.6% pace in the second quarter. That was the slowest rise in this measure of domestic demand since the second quarter of 2020 and followed a 0.5% rate of increase in the second quarter. A broader measure of inflation in the economy rose at a 4.6% rate, decelerating from a 8.5% pace of increase in the second quarter. Business inventories increased at a rate of $61.9 billion after rising at a pace of $110.2 billion in the second quarter.

☆ U.S. retail sales unchanged; consumers showing resilience
▼ + stars: | 2022-10-14 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

But consumers are not rolling over yet, with the report from the Commerce Department on Friday also showing a measure of underlying retail sales rising last month, thanks to strong wage gains and savings. These so-called core retail sales were also stronger than initially thought in August. Register now for FREE unlimited access to Reuters.com RegisterThe unchanged reading in retail sales last month followed an upwardly revised 0.4% rise in August. Retail sales increased 8.2% on a year-on-year basis in September. Data for August was revised higher to show these core retail sales rising 0.2% instead of being unchanged as previously reported.

☆ How Cowen’s golden parachutes landed with a thud
▼ + stars: | 2022-10-07 | by ( John Foley | ) www.reuters.com time to read: +7 min

It's not unusual for executives to have so-called golden parachutes that trigger when their company is sold. Compared with the $400 million TD might have had to pay, that sounds like a bargain. But as a proportion of the overall deal value, Cowen’s executives punch above their weight. So even if Cowen’s top brass have agreed not to open their golden parachutes, they’ll still land at TD with considerable impact. The deal included a renegotiation of the severance packages held by Cowen’s top six executives, including Chief Executive Jeffrey Solomon.

☆ 10-year yields highest since 2011 before expected Fed rate hike
▼ + stars: | 2022-09-19 | by ( Karen Brettell | ) www.reuters.com time to read: +2 min

read moreIt also made it more likely that the Fed will hike rates by another 75 basis points when it concludes its two-day meeting on Wednesday. Traders are now pricing in a 77% chance of a 75 basis points hike and a 23% likelihood of a 100 basis points increase. Benchmark 10-year yields reached a high of 3.518%, the highest since April 2011, before falling back to 3.479%. The closely watched yield curve between two-year and 10-year notes inverted as far as negative 48 basis points. The Treasury will sell $12 billion in 20-year bonds on Tuesday, and $15 billion in 10-year Treasury Inflation-Protected Securities (TIPS) on Thursday.

Search resuls for: "FHN"

12 mentions found