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☆ FDIC asks JPMorgan, PNC for final First Republic bids, media reports say
▼ + stars: | 2023-04-29 | by ( ) www.reuters.com time to read: +1 min

Bank of America (BAC.N) is among several other institutions weighing a potential bid for First Republic, CNBC reported on Saturday, citing people with knowledge of the matter. Based on those submissions on Friday, the FDIC invited at least two companies to the next step in the bidding, the Bloomberg report added, citing people familiar with the matter. The FDIC said in an email: "We would not comment on or confirm whether we are bidding an open institution." PNC Financial declined to comment on the Bloomberg report. JPMorgan and Bank of America did not immediately respond to a voicemail and email seeking comment.

☆ FDIC asks JPMorgan, PNC for final First Republic bids: Bloomberg
▼ + stars: | 2023-04-29 | by ( ) www.reuters.com time to read: +1 min

April 29 (Reuters) - The U.S. Federal Deposit Insurance Corp has asked banks including JPMorgan Chase & Co (JPM.N) and PNC Financial Services Group (PNC.N) to submit final bids for First Republic Bank (FRC.N) by Sunday after gauging their initial interest earlier in the week, Bloomberg News reported on Saturday. Based on those submissions on Friday, FDIC invited at least two firms to the next step in the bidding, the report added, citing people familiar with the matter. PNC Financial and a FDIC spokesperson declined to comment on the Bloomberg report. JPMorgan did not immediately respond to voicemails and emails seeking comment. Reporting by Jyoti Narayan in Bengaluru Editing by Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.

Companies Johnson & Johnson FollowApril 27 (Reuters) - Johnson & Johnson (JNJ.N) said on Thursday it has agreed to retain all talc-related liabilities arising from litigation in the United States and Canada and will "indemnify" newly formed consumer health unit Kenvue for all costs. "As unequivocally and unambiguously stated, Johnson & Johnson has agreed to retain all the talc-related liabilities -and indemnify Kenvue for any and all costs - arising from litigation in the United States and Canada. Any suggestion to the contrary is false and misleading," Erik Haas, vice president of litigation, Johnson & Johnson, said in a statement. The news comes as Johnson & Johnson (J&J) seeks a valuation of up to $42.95 billion for Kenvue in its initial public offering. Their lawsuit claims Justin Bergeron contracted mesothelioma, a cancer associated with asbestos exposure, as a result of using J&J talc, FT reported.

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☆ US Senators to introduce bill on Supreme Court conduct - WSJ
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

April 26 (Reuters) - Two U.S. senators will introduce a bipartisan bill on Wednesday requiring the Supreme Court to create a code of conduct for its justices following recent media questions concerning the full disclosure of some financial activities, the Wall Street Journal reported. The bill being introduced by Angus King and Lisa Murkowski, called the Supreme Court Code of Conduct Act, would require the court to name an official in charge of reviewing any possible violations of the code or federal laws by Supreme Court justices, the newspaper said. The bill also states that the Supreme Court marshal, in consultation with the court and the appointed official, could commission federal personnel or businesses to assist with investigations into possible misconduct by the justices or their staff, the newspaper added. Among recent media questions about full disclosure of financial activity by Supreme Court justices were some raised by news outlet ProPublica detailing relations between Justice Clarence Thomas and Dallas businessman Harlan Crow, including luxury travel paid for by Crow. In a statement to ProPublica, Crow said he had "never sought to influence Justice Thomas on any legal or political issue."

☆ U.S. Senators to introduce bipartisan bill mandating code of ethics for Supreme Court - WSJ
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: 1 min

April 26 (Reuters) - U.S. senators Angus King and Lisa Murkowski will introduce a bipartisan bill on Wednesday requiring the U.S. Supreme Court to create its own code of conduct within a year, following media reports about whether Justices Clarence Thomas and Neil Gorsuch fully disclosed their financial activities, the Wall Street Journal reported on Wednesday. Reporting by Jyoti Narayan in Bengaluru Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

It is the first major lawsuit in the public domain to be filed over the Swiss decision to wipe out around $18 billion of Credit Suisse's Additional Tier 1 (AT1) debt during the 3 billion Swiss franc all-share rescue deal last month, which stunned markets and alerted litigators. The appeal against FINMA, the Swiss Financial Market Supervisory Authority that ordered the writedown, was filed on April 18 in the Federal Administrative Court in St Gallen, north east Switzerland. "FINMA's decision undermines international confidence in the legal certainty and reliability of the Swiss financial center," said Thomas Werlen, Quinn Emanuel's Swiss managing partner. FINMA declined to comment and Credit Suisse did not immediately respond to a Reuters request for comment. ($1 = 0.8941 Swiss francs)Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Two killed as tornadoes, storms rip through Oklahoma
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

April 20 (Reuters) - At least two people were killed in McClain County, Oklahoma, as severe thunderstorms and tornadoes swept through several regions of Central U.S. late on Wednesday, local authorities said. The storms resulted in at least two fatalities with crews responding to several people injured and trapped in their homes, McClain County Emergency Management said in a Facebook post, urging residents to stay out of the affected areas. The National Weather Service (NWS) had issued warnings for severe thunderstorms, hail, and tornadoes for Wednesday into the night across parts of the Central U.S. including Oklahoma, Kansas and Iowa. Strong thunderstorms with severe weather potential were forecast for Thursday morning into the afternoon, according to the NWS. Almost 20,000 customers in Oklahoma remained without power as of early Thursday due to the storms, according to the website poweroutage.us.

☆ Walmart to cut over 2,000 jobs in e-commerce warehouses - Bloomberg News
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: 1 min

April 3 (Reuters) - Walmart Inc (WMT.N) will cut more than 2,000 jobs at five U.S. e-commerce warehouses, Bloomberg reported on Monday. The layoffs include more than 1,000 roles at a warehouse in Fort Worth, Texas, along with 600 jobs at a Pennsylvania fulfillment center, 400 in Florida and 200 in New Jersey, the report said citing regulatory filings, with additional reductions planned in California. Walmart did not immediately respond to a Reuters request for comment. Reuters reported on March 23 that hundreds of workers at five Walmart facilities that fulfill e-commerce orders were being asked to find jobs within 90 days at other company locations. Reporting by Jyoti Narayan in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ E-commerce firm Boxed Inc files for bankruptcy, eyes software unit sale
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

April 2 (Reuters) - Boxed Inc (BOXD.N) filed for Chapter 11 bankruptcy protection and was pursuing sale of its software business, the e-commerce grocery platform said on Sunday, adding that it will also wind down its retail operations in the coming weeks. The plan to sell Spresso, its Software-as-a-Service business, chimes with the company's announcement last month to explore options to raise capital. The company intends to fund its near-term operations and cover administrative expenses through access to its cash collateral as it winds down, Boxed said. Spresso business will be sold to first lien lenders, and customers would not face service disruptions during the process, the online platform said. The bankruptcy filing comes weeks after Boxed said it held a majority of its cash deposits and other liquid assets in accounts at the collapsed Silicon Valley Bank.

☆ Norwegian wealth fund seeks Credit Suisse boardroom shake-up
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] Chairman of the Board of Directors of Credit Suisse, Axel Lehmann, attends a news conference after UBS's takeover offer, in Bern, Switzerland, March 19, 2023. REUTERS/Denis Balibouse/File PhotoApril 2 (Reuters) - Norges Bank Investment Management will vote against the re-election of Credit Suisse (CSGN.S) Chair Axel Lehmann and six other directors at the Swiss lender's annual general meeting on Tuesday, the Norwegian wealth fund said on its website. "Shareholders should have the right to seek changes to the board when it does not act in their best interest," the Norges wealth fund said ahead of the April 4 meeting. In addition to Lehmann, Norges is also opposing re-election of Credit Suisse directors Iris Bohnet, Christian Gellerstad, Shan Li, Seraina Macia, Richard Meddings and Ana Pessoa. Credit Suisse declined to comment and UBS did not immediately respond to a request for comment.

☆ Faraday Future starts EV production of FF 91 after months-long delay
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

March 29 (Reuters) - Faraday Future Intelligent Electric Inc (FFIE.O) said on Wednesday it has started production of its much-delayed first luxury electric car, FF 91 Futurist, at its California factory. "This shows that FF has entered a new phase under the governance and operation of the new board and management," founder YT Jia said in a statement. The FF 91 Futurist is expected to be offered in both the U.S. and China markets, with initial 2023 sales to begin in Los Angeles, San Francisco, New York, Shanghai and Beijing, the company said. Deliveries in the U.S. will begin at the end of April 2023, a spokesperson for Faraday Future told Reuters, but did not give details on who the first customers would be. Reporting by Yana Gaur and Jyoti Narayan in Bengaluru; Editing by Sherry Jacob-Phillips and Uttaresh VenkateshwaranOur Standards: The Thomson Reuters Trust Principles.

March 29 (Reuters) - Elon Musk and a group of artificial intelligence experts and industry executives are calling for a six-month pause in developing systems more powerful than OpenAI's newly launched GPT-4, in an open letter citing potential risks to society and humanity. "Powerful AI systems should be developed only once we are confident that their effects will be positive and their risks will be manageable," the letter said. The letter detailed potential risks to society and civilization by human-competitive AI systems in the form of economic and political disruptions, and called on developers to work with policymakers on governance and regulatory authorities. Rather than pause research, she said, AI researchers should be subjected to greater transparency requirements. "If you do AI research, you should be very transparent about how you do it."

March 28 (Reuters) - Elon Musk and a group of artificial intelligence experts and industry executives are calling for a six-month pause in developing systems more powerful than OpenAI's newly launched GPT-4, in an open letter citing potential risks to society and humanity. "Powerful AI systems should be developed only once we are confident that their effects will be positive and their risks will be manageable," the letter said. The letter detailed potential risks to society and civilization by human-competitive AI systems in the form of economic and political disruptions, and called on developers to work with policymakers on governance and regulatory authorities. Co-signatories included Stability AI CEO Emad Mostaque, researchers at Alphabet-owned (GOOGL.O) DeepMind, as well as AI heavyweights Yoshua Bengio and Stuart Russell. Musk, whose carmaker Tesla (TSLA.O) is using AI for an autopilot system, has been vocal about his concerns about AI.

March 28 (Reuters) - Elon Musk and a group of artificial intelligence experts and industry executives are calling for a six-month pause in training systems more powerful than OpenAI's newly launched model GPT-4, they said in an open letter, citing potential risks to society and humanity. "Powerful AI systems should be developed only once we are confident that their effects will be positive and their risks will be manageable," the letter said. The letter also detailed potential risks to society and civilization by human-competitive AI systems in the form of economic and political disruptions, and called on developers to work with policymakers on governance and regulatory authorities. Musk, whose carmaker Tesla (TSLA.O) is using AI for an autopilot system, has been vocal about his concerns about AI. Sam Altman, chief executive at OpenAI, hasn't signed the letter, a spokesperson at Future of Life told Reuters.

☆ Musk, experts urge pause on training of AI systems that can outperform GPT-4
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

March 28 (Reuters) - Elon Musk and a group of artificial intelligence experts and industry executives are calling for a six-month pause in training of systems more powerful than GPT-4, they said in an open letter, citing potential risks to society and humanity. "Powerful AI systems should be developed only once we are confident that their effects will be positive and their risks will be manageable," the letter said. The letter also detailed potential risks to society and civilization by human-competitive AI systems in the form of economic and political disruptions, and called on developers to work with policymakers on governance and regulatory authorities. Since its release last year, Microsoft-backed OpenAI's ChatGPT has prompted rivals to launch similar products, and companies to integrate it or similar technologies into their apps and products. Editing by Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

☆ UBS likely to shrink Credit Suisse's $10 bln shipping portfolio -WSJ
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

March 22 (Reuters) - UBS Group AG (UBSG.S) will likely shrink Credit Suisse Group's (CSGN.S) $10 billion shipping portfolio that it inherited as part of its emergency takeover on Sunday, the Wall Street Journal reported on Wednesday. UBS could also try to sell the portfolio, but doing so could prompt owners to move their accounts elsewhere, the WSJ reported, citing people familiar with the matter. About half of the shipping portfolio involves Greek ship owners that use their deposits in the bank's wealth management arm as collateral to finance new ships, the report added. Credit Suisse did not immediately respond to a request for comment. Swiss authorities announced last week that UBS had agreed to buy its rival Credit Suisse in a merger aimed at containing a crisis of confidence that was spreading through global banking.

☆ IMF approves nearly $3 bln bailout for Sri Lanka
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

March 20 (Reuters) - The International Monetary Fund (IMF) on Monday said its executive board approved a nearly $3 billion bailout for Sri Lanka, and the country's presidency said the program will enable it to access up to $7 billion in overall funding. The decision will allow an immediate disbursement of about $333 million, the IMF said, and will spur financial support from other partners, potentially helping Sri Lanka emerge from its worst financial crisis in over seven decades. IMF Managing Director Kristalina Georgieva said Sri Lanka also needs to undertake various reforms. "For Sri Lanka to overcome the crisis, swift and timely implementation of the EFF-supported program with strong ownership for the reforms is critical," Georgieva said in a statement. Sri Lanka President Ranil Wickremesinghe's office said in a statement that the IMF program will help improve the country's standing in international capital markets, making it attractive for investors and tourists.

☆ G7 to hold off revising Russian oil price cap this week - EU officials
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, March 20 (Reuters) - Group of Seven Nations are not likely to revise a price cap on Russian oil this week, two European Union officials told Reuters on Monday. The G7 measure bans companies from providing transportation, insurance and financing services for Russian crude oil and oil products if they are sold at a price above the cap. In addition, the 27-country European Union halted its own imports of Russian crude oil delivered by sea from Dec. 5. The United States and Britain have also imposed restrictions on Russian oil imports. Some EU countries including Poland have sought to lower the G7 price cap level to further restrict the revenue Moscow can use to fund the war in Ukraine.

☆ SVB UK handed out over 15 mln stg in bonuses days after HSBC rescue - Sky News
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +1 min

March 18 (Reuters) - Silicon Valley Bank's UK arm handed out over 15 million pounds ($18 million) in bonuses days after its rescue deal this week by HSBC, Sky News reported on Saturday. Payouts to staff including senior executives were signed off by HSBC earlier in the week, the report said, adding that the bonuses would not have been paid this week if SVB UK had not been acquired while still solvent. Sky cited sources familiar with the matter as saying the bonus pool was "modest" at 15 million to 20 million pounds. SVB UK and HSBC did not immediately respond to Reuters requests for comment. ($1 = 0.8214 pounds)Reporting by Jyoti Narayan in Bengaluru; Editing by Frances Kerry and Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ UBS, regulators race to seal Credit Suisse deal as soon as Saturday, Financial Times reports
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +1 min

March 18 (Reuters) - The Swiss National Bank and Swiss regulator FINMA have told their international counterparts they regard a deal with UBS Group (UBSG.S) as the only way to prevent a collapse in confidence in Credit Suisse Group (CSGN.S), the Financial Times reported on Saturday. UBS, Credit Suisse and key regulators are rushing to finalise a deal on the merger of the two Swiss banks as soon as Saturday evening, the FT reported, citing people familiar with the matter. UBS and Credit Suisse did not immediately respond to a Reuters request for comment. Reuters earlier reported that UBS was coming under pressure from the Swiss authorities to carry out a takeover of its local rival to get the market turmoil surrounding Credit Suisse under control. The plan could see the Swiss government offer a guarantee against the risks involved, while Credit Suisse's Swiss business could be spun off.

☆ U.S. Treasury reviewing U.S. financial sector exposure to Credit Suisse - Bloomberg News
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: 1 min

March 15 (Reuters) - The U.S. Treasury Department is actively reviewing the U.S. financial sector's exposure to Credit Suisse Group AG (CSGN.S) after the bank's shares fell to a record low, Bloomberg reported on Wednesday citing people familiar with the matter. Officials from the Treasury are working closely with the Federal Reserve and European regulators as well, the report added. U.S. Treasury spokesperson declined to comment on the Bloomberg report. Reporting by Jyoti Narayan in Bengaluru; Additional reporting by Akanksha Khushi; Editing by Franklin Paul and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ Bank of London weighs rescue bid for Silicon Valley Bank's UK arm, Sky News reports
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +1 min

March 11 (Reuters) - British clearing bank The Bank of London is considering a rescue bid for the UK arm of collapsed U.S. bank Silicon Valley Bank (SIVB.O), Sky News reported on Saturday. The British bank has appointed investment bank Perella Weinberg Partners to advise it on its interest in Silicon Valley Bank UK Limited (SVB UK), the report said, citing a source familiar with the matter. The Bank of London and SVB did not immediately respond to a Reuters' request for comment. The rout in SVB's stock, which began on Thursday, has spilled over into other U.S. and European banks. U.S. banks have lost over $100 billion in stock market value and European banks have shed another $50 billion in value over the past two days, according to a Reuters calculation.

☆ JPMorgan's Dimon says U.S. interest rates could hit 6% -CNBC
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: 1 min

Feb 23 (Reuters) - JPMorgan Chase & Co (JPM.N) Chief Executive Jamie Dimon expects U.S. interest rates could hit 6%, he said in an interview with CNBC on Thursday. The Federal Reserve quickly caught up to out-of-control inflation and would probably pause interest rates at a little over 5%, but they may need to go higher, Dimon told CNBC. “I suspect (interest rates) may have to go a little bit higher than 5 we're talking about. It could hit 6,” he added. The Fed's policy rate is now in a range between 4.50% and 4.75%.

☆ South Africa's Eskom ramps up power cuts to 'Stage 6'
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +1 min

Feb 19 (Reuters) - South Africa's state power utility Eskom on Sunday said it would implement "Stage 6" power cuts continuously until further notice due to breakdowns of eight generation units on Sunday afternoon. Further changes on the stages of loadshedding at short notice are possible given the high number of breakdowns, Eskom said in a statement. Eskom has been implementing the worst rolling blackouts in South Africa on record, leaving households in the dark, disrupting manufacturing and hurting businesses of all sizes, leading to President Cyril Ramaphosa declaring a national "state of disaster" earlier this month over his country's crippling power shortages. The "Stage 6" power cuts, the worst outage level on record, require up to 6,000 megawatts to be shed from the national grid, and mean up to 10 hours a day without power for some South Africans. Reporting by Jyoti Narayan in Bengaluru, Editing by Angus MacSwan and Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

☆ NYSE plans to compensate brokerage claims after glitch
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

Feb 6 (Reuters) - The New York Stock Exchange (NYSE) on Monday said it plans to reimburse investors who incurred losses due to a trading glitch last month that caused widespread confusion and resulted in thousands of trades being nullified. NYSE members had submitted compensation claims for losses, and the exchange could potentially face additional claims from regulators, New York Stock Exchange-owner Intercontinental Exchange Inc said earlier this month. "In accordance with our rules, we expect to reimburse members 100% for all impacted orders that were received by the exchange," an NYSE spokesperson said in an emailed statement. The bourse will only reimburse roughly 60% of the claims filed, one of three sources told Bloomberg News. Retail brokerages submitted thousands of claims to NYSE, seeking compensation for the losses incurred due to a trading glitch on Jan. 24, including brokerages like Charles Schwab (SCHW.N) and Virtu Financial (VIRT.O), Bloomberg reported last week.

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