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☆ Russia's economy faces a 'massive brain drain' as over 1 million young workers exit labor force, says former central bank official
▼ + stars: | 2023-06-05 | by ( Jason Ma | ) www.businessinsider.com time to read: +3 min

Russia's economy faces a "massive brain drain," a former central bank adviser told NPR. Alexandra Prokopenko, a former adviser at Russia's central bank, told NPR last week that many educated and skilled workers have fled the country. And about 200,000 Russian troops have been killed or wounded while fighting in Ukraine, with some estimates putting losses at 500 troops a day. As for Prokopenko, she also fled Russia soon after last year's invasion and is now a scholar at the Carnegie Russia Eurasia Center in Germany. Prokopenko has sounded previous alarms on Russia's economy this year, saying in a report in May that Western sanctions will keep Russia's economy frozen.

Persons: Alexandra Prokopenko, —, it's, we've, Prokopenko, Vladimir Putin's, Putin Organizations: NPR, Service, Carnegie Russia Eurasia Center, West, Financial Times Locations: Russia, Ukraine, Germany

☆ We all need 'Sushi Tuesdays': Finding a way forward after suicide
▼ + stars: | 2023-06-04 | by ( Jodie Sadowsky | ) edition.cnn.com time to read: +9 min

CNN —When Sam Maya, a beloved husband, father, friend, stockbroker and coach, died by suicide 16 years ago, he left a note. Maya spent nearly a decade writing "Sushi Tuesdays," which aims to humanize the face of suicide. Post Hill PressShe spent nearly a decade writing “Sushi Tuesdays,” beginning with a blog by the same name, an homage to the weekly ritual she created after her husband’s death. When Sam Maya died, Tasheff was a single mother living on a budget in Brooklyn and couldn’t travel to California to visit. Maya continues to honor her Tuesdays with therapy and yoga, a hike with a friend, and sometimes a sushi lunch.

Persons: Sam Maya, Charlotte, Charlotte Maya, Maya, Ashwini, Nadkarni, ”, “, Sam, ” Maya, Gregory Stratz, Tim Stratz, Jason Maya, Parker, Danny Maya, Daniel Stratz, Karen Ray, they’d, The, Jane Doe, Jane, she’s, Jane ”, Bess ”, Katherine Tasheff, Tasheff, swiftness, Daniel, Daniels, —, Lauren Kerwin, Kerwin Organizations: CNN, Post, Press, US Centers for Disease Control, CDC, Research, Brigham, Women’s Hospital, Psychological, Karen Ray Photography, Rice University, American Foundation for Suicide Locations: Boston, Maya’s, Brooklyn, California

☆ Boeing rival Airbus nears record order for 500 planes from India's largest airline, report says
▼ + stars: | 2023-06-04 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

Airbus is near a deal to sell 500 A320 narrow-body planes to IndiGo, Reuters reported. That would make it the largest order ever by volume, topping Air India's 470-plane deal in February. Boeing rival Airbus is near a deal to sell 500 planes from the A320 narrow-body family of jets to India's largest airline, IndiGo, Reuters reported on Sunday. Meanwhile, Airbus and Boeing are also in talks to sell 25 wide-body jets to IndiGo, the report added. That's in contrast with Air India's massive order, which was split between 220 Boeing planes and 250 Airbus planes.

Persons: isn't, IndiGo didn't, Dave Schulte Organizations: Airbus, Reuters, Air, archrival Boeing, Morning, Boeing, IndiGo, Insider, Reuters . Budget, Max, Asia Pacific Locations: IndiGo, Istanbul, India

☆ Tesla Model S beats Porsche to reclaim fastest lap for a production EV at Nürburgring
▼ + stars: | 2023-06-04 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

The Tesla Model S reclaimed the lap record for a production electric vehicle at Nürburgring. That beat the previous record set last year by the Porsche Taycan Turbo S by more than 8 seconds. The Tesla Model S beat Porsche to reclaim the lap record for a production electric vehicle at the famed Nürburgring track in Germany. On Friday, the Model S that set the new lap record hit speeds as high as 179.5 miles per hour. In 2021, he said on Joe Rogan's podcast that the Model S eventually could get under the 7-minute mark.

Persons: Elon Musk, Tesla, Joe Rogan's Organizations: Tesla, EV, Porsche, Plaid, Model Locations: Germany, Nürburgring

☆ Chuck Todd is leaving NBC's 'Meet the Press' and will be replaced by Kristen Welker
▼ + stars: | 2023-06-04 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

Chuck Todd said Sunday he will step down as moderator of "Meet the Press" after nine years. NBC News' co-chief White House correspondent Kristen Welker will take over later this year. Chuck Todd said Sunday he will step down as moderator of "Meet the Press" after nine years and will be replaced by NBC News' co-chief White House correspondent Kristen Welker. Kristen Welker will take over the hosting duties at "Meet the Press." Welker has already been filling in for Todd on "Meet the Press," and on Sunday he said she has been "ready for this for a long time."

Persons: Chuck Todd, Kristen Welker, Todd, It's, Donald Trump, Ron DeSantis, Joe Biden, She'll, Nathan Congleton, David Gregory, Welker, Martha Rountree, I've Organizations: NBC, NBC News, White, Press, NBCU, Getty Locations: Donald Trump , Florida

☆ China's economy isn't rebounding as fast as anyone expected
▼ + stars: | 2023-05-31 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

While I personally won't be flying internationally anytime soon, we're diving into China's lethargic economy for today's newsletter. The much-anticipated economic rebound hasn't quite materialized for China in the way many had expected. The sluggish recovery has embedded itself in nearly every corner of the world's second-largest economy, even in some of the most obscure commodities markets. The CSI 300 index has slipped over recent weeks, and luxury brands reliant on China's large consumer base have tumbled. What's your outlook on China's economy for the rest of 2023?

Persons: I'm Phil Rosen, Jamie Dimon, Tesla, China Tuul, Bruno Morandi, Rockefeller International's Ruchir Sharma, Nicholas Lardy, Lardy, Filip De Mott, Tweet, Sheldon Cooper, Nordstrom, Goldman Sachs, there's, that's, Phil Rosen, Jason Ma, Nathan Rennolds Organizations: JPMorgan, Peterson Institute for International Economics, Getty, World Gold, Fed, Nvidia, Microsoft, Saudi Aramco Locations: Elon, China, Washington, Shanghai, Shenzhen, . Utah , Colorado, Scottsdale, Saudi, New York, Los Angeles, London

☆ 10 Things Before the Opening Bell: Negotiators race to finalize a tentative debt ceiling deal
▼ + stars: | 2023-05-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Phil Rosen here in New York. The White House and House Speaker Kevin McCarthy reached an agreement in principle on the debt ceiling. The deal will allow government borrowing to rise and avoid a default ahead of a June 5 deadline. Negotiators are now racing to finalize the bill's text ahead of a vote which is expected to take place on Wednesday. Curated by Phil Rosen in New York.

☆ The homeowner basics of financing solar power for residential real estate
▼ + stars: | 2023-05-21 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +11 min

There are a host of complicated issues in the solar market, including some contentious politics. Last year, the growth of residential solar in the U.S. boomed. It won't repeat that in 2023, but will remain a large part of the solar market. Ohio, for example, has a state program that offers a reduced rate on a solar loan with certain lenders. GoodLeap (26% of the residential solar market) was No.

☆ Hedge fund billionaire Steve Cohen tells investors to ride the 'big wave' of artificial intelligence and stop focusing on recession odds
▼ + stars: | 2023-05-17 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

Hedge fund billionaire Steve Cohen told investors to ride the "big wave" of artificial intelligence. Focusing too much about a recession may cause investors to miss AI opportunities, he added. Cohen's upbeat comments on artificial intelligence come as other big investors revealed big bets on AI stocks. For example, Stanley Druckenmiller's family office loaded up on Nvidia shares and made a new Microsoft investment last quarter. Meanwhile, Bill Ackman's hedge fund revealed it bought Alphabet shares worth over $1 billion as the company ramps up its foray into artificial-intelligence technologies.

☆ Bitcoin gets vote of confidence as a long-term store of value as Tether says it will buy more of the crypto to back its stablecoin
▼ + stars: | 2023-05-17 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

Bitcoin got a vote of confidence as a long-term store of value with Tether's new investment strategy. The issuer of the USDT stablecoin will allocate up to 15% of its net realized operating profits to buying bitcoin. Last week, Tether revealed that it held $1.5 billion of bitcoin in its reserves at the end of March. "Bitcoin has continually proven its resilience and has emerged as a long-term store of value with substantial growth potential," said Tether Chief Technology Officer Paolo Ardoino in a statement. Last week, Tether posted a first-quarter "attestation" that revealed it held $1.5 billion of bitcoin in its reserves at the end of March as well as $3.4 billion of gold.

☆ The federal government's bank account just saw a sharp drop in cash as the default deadline looms
▼ + stars: | 2023-05-17 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

The federal government's bank account just saw a sharp drop in cash as the default deadline looms. The Treasury General Account had $87.4 billion on Monday, down from $140 billion on Friday. Treasury Secretary Janet Yellen reaffirmed this week that the government could run out of money as soon as June 1. The Treasury General Account had $87.4 billion on Monday, down from $140 billion on Friday, according to the latest update. The Treasury General Account is used to pay for debt service on government bonds — preventing the US from defaulting — among the myriad other outlays like federal employee salaries.

☆ Russian oil sanctions appear to be working - crude still flows even as Moscow's pulling in less money. But there's more to it than that.
▼ + stars: | 2023-04-27 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

I spent much of yesterday parsing through pages of data on where Russian oil is heading and how much buyers are paying for barrels. Today we're unpacking two less obvious observations about Russian oil. That said, researchers pointed out that most of the Western companies still facilitating Russian oil shipments don't actually abide by the $60-a-barrel price cap that the EU and G-7 imposed. Ships carrying Russian oil, according to Argus, indeed make a premium for doing what they do, but that premium has shrunk over the last month. In effect, the "sanctions premium" isn't what it was a month ago.

☆ Russian sales of weapons to India are being held up by a dispute over which currency to use
▼ + stars: | 2023-04-24 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

Deliveries of Russian weapons to India have been on hold due to a currency dispute. Russia is the top supplier of weapons to India, which uses the Su-30 fighter and T-90 tanks. Meanwhile, Russia won't take Indian rupees because of exchange-rate volatility, the report added. Russia is the top supplier of weapons to India, which uses the Su-30 and MiG-29 fighter jets as well as T-90 tanks, among other Russian-made arms. Last month, India complained that Russia isn't delivering weapons it owes because it's throwing everything at Ukraine.

☆ Corporate insiders are loading up on their own shares following banking turmoil - and that's a positive sign for the stock market
▼ + stars: | 2023-04-24 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

More than 1,000 executives and directors at over 600 companies bought their stock in March. That's the most in nearly a year, according to Washington Service data compiled by the Wall Street Journal. Insiders at financial firms accounted for more than half of the stock purchases. Insiders at financial firms accounted for more than half of the stock purchases, the most for the sector in at least two years, according to Washington Service, an insider-trading data analytics provider. Separate data from investment-research firm VerityData showed that last month's insider stock purchases were concentrated at regional lenders like PacWest and Fifth Third.

☆ A.I. will probably automate mundane tasks in the coming years, Oracle says
▼ + stars: | 2023-04-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA.I. will probably automate mundane tasks in the coming years, Oracle saysJason Maynard of the software company says "ultimately, I don't think the humans are going to be out of the equation."

☆ Debt ceiling drama is back and it's coming for markets. Here's what to know as a deadline looms.
▼ + stars: | 2023-04-19 | by ( Max Adams | ) www.businessinsider.com time to read: +6 min

If the trend returns to the upside, it'll buck many of the gloomiest predictions of a crushing earnings recession and a painful stock market sell-off — at least for now. Last week, markets started showing early signs that investors are stressed about a possible US default as the deadline looms without an agreement in sight. Join us in demanding a reasonable negotiation, a responsible debt ceiling, an agreement that brings spending under control" McCarthy said. Here are the latest market moves. Here's why Morgan Stanley's Mike Wilson doesn't believe in the latest stock market rally.

☆ March CPI and the Fed's next steps in its inflation battle: Everything to know
▼ + stars: | 2023-04-12 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Phil Rosen here — March's inflation report is due at 8:30 a.m. "Super core inflation in the CPI report has shown no signs of abating yet," he wrote in a note. Below, I'm breaking down how the world's largest asset manager expects the inflation story to pan out in the long-run. But BlackRock isn't convinced that strength can continue. These three under-the-radar signals suggest that a US recession isn't as close as you might think.

☆ The Fed warned of a looming credit crunch. Americans say it’s already arrived.
▼ + stars: | 2023-04-11 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

We just saw a more extreme distribution play out in the stock market, too. Just 20 names drove 90% of the gains in the S&P 500 over the first three months of the year. The Fed has been warning of tightening credit conditions since last month's handful of bank failures, but policymakers spoke as if it were some future event. Remember, a so-called credit crunch means lenders raise the bar for borrowers, and people have to meet stricter parameters to get a loan. "The credit crunch has started," Torsten Slok, chief economist at Apollo Global Management, said in response to the report.

By offloading some of the risk on their loans, the banks can significantly reduce how much capital they need to set aside to cover potential losses, according to law firm Clifford Chance. A bank can normally transfer risks of losses equivalent to around 7% to 12% of a loan portfolio, two market sources said. With synthetic structures, a bank transfers the risk via credit derivatives or guarantees but keeps holding the underlying exposures. The IFC sold BNP a $50 million guarantee on $1 billion of loans to emerging markets, they said, without disclosing terms. While Europe has been at the forefront for risk transfers, the stock of loans covered by SRTs is small relative to European banks' balance sheets.

☆ The Fed hiked rates further but Wall Street is already pointing to tighter conditions on the ground
▼ + stars: | 2023-03-23 | by ( Jason Ma | ) www.businessinsider.com time to read: +6 min

Between fighting inflation or the bank crisis, the Federal Reserve leaned toward the former. Wednesday's move comes despite the bank crisis, which previously led investors to price in a series of Fed rate cuts starting this summer. Indeed, Wall Street has started pointing to the facts on the ground when it comes to financial conditions. The banks are still tightening credit conditions and … non-bank lenders are as well," he told Bloomberg TV hours before the Fed meeting. Billionaire investor Mark Mobius says he is "very, very skeptical" of investing in bank stocks.

☆ The Fed is about to deliver a momentous policy decision. It'll be a choice between keeping the focus on inflation or stemming the banking chaos.
▼ + stars: | 2023-03-22 | by ( Max Adams | ) www.businessinsider.com time to read: +6 min

Powell and the Fed may acknowledge that monetary policy has caused some pain, and even add that more may be coming. What's your prediction for today's Fed decision and what Powell might say about the recent banking tumult? A market analyst says investors need to have some key questions answered by the Fed today. Market watchers should pay attention over whether the central bank sees the SVB collapse and resulting crisis as deflationary. The governor of Florida has proposed legislation to ban a central bank digital currency and has called on like-minded states to do the same.

☆ The stock market is going to be trading flat as long as risk-free assets offer much more yield
▼ + stars: | 2023-03-20 | by ( Max Adams | ) www.businessinsider.com time to read: +6 min

Meanwhile, markets are still reeling from the SVB fiasco, but there's a simpler reason why the stock market is going to be trading flat for the foreseeable future. Banking turmoil aside, the stock market doesn't have much momentum as long as investors are getting much higher yields on risk-free assets. Even before Silicon Valley Bank crashed, investors were feeling the pain of a volatile stock market. What's your prediction for the stock market through the first half of this year? Zurich-listed shares of Credit Suisse are down more than 58% early Monday.

☆ Dangers from Hacks Stretch Beyond Broken Computer Systems
▼ + stars: | 2023-03-15 | by ( James Rundle | Kim S. Nash | ) www.wsj.com time to read: +6 min

Newsletter Sign-up WSJ Pro Cybersecurity Cybersecurity news, analysis and insights from WSJ's global team of reporters and editors. Part of the delay, he said, was in getting details from the cloud company, which he declined to name. Cybersecurity companies should be held to a higher standard than others in relaying information about hacks quickly and thoroughly, Mr. Toubba said. The lessons learned from cyberattacks can be just as important as how a company responds to a breach, security chiefs say. LastPass has also rolled out several security tools in its infrastructure, data center and cloud systems, Mr. Toubba said.

☆ Dow drops 574 points as Fed chief Powell opens the door to steeper rate hikes
▼ + stars: | 2023-03-07 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

US stocks tumbled on Tuesday after Fed chief Jerome Powell opened the door to bigger rate hikes. Markets now see a 50-basis-point increase as likely at this month's Fed meeting. That would mark a reacceleration in the pace of tightening from last month's hike of 25 basis points. "If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes." That would mark a reacceleration in the pace of tightening, after the last hike of 25 basis points in February.

☆ The Fed's own economists are warning of a 19.5% housing correction and more rate hikes could set off a 'domino effect'
▼ + stars: | 2023-03-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

For more on that, I recommended reading my colleague Dan DeFrancesco's excellent 10 Things on Wall Street newsletter. And for today, let's see why the Fed's own economists are warning of a nearly 20% housing correction. They argued US home prices would have to tumble nearly 20% to bring the housing market back to fundamentals — and additional Fed rate hikes could lead to an even worse housing correction. Have you entered or exited the housing market in the last year? These four charts explain the troubling state of the housing market right now.

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