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☆ Is Ukraine's counteroffensive failing? Defense experts say the risks facing Kyiv are growing
▼ + stars: | 2023-07-21 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +8 min

Global Images Ukraine | Getty Images News | Getty ImagesFor Michael Clarke, a defense analyst and former director-general of the Royal United Services Institute (RUSI) think tank, there's a risk that the first phase of the counteroffensive, designed to probe Russia's defenses, takes too long. Global Images Ukraine | Getty Images News | Getty ImagesKonrad Muzyka, a military intelligence specialist and president of Rochan Consulting, said "the weather has always been the factor" for Kyiv. But Kyiv says its forces are conducting counteroffensive actions in at least three areas and are operating against a backdrop of increased Russian offensive operations. Ukraine's defense ministry claims that its forces have liberated around 210 square kilometers (81 square miles) of occupied territory since June. Anatolii Stepanov | Afp | Getty Images

Persons: —, Michael Clarke, Clarke, Konrad Muzyka, Muzyka, Yuriy Sak, Sak, Anatolii Stepanov Organizations: 110th Brigade, Territorial Defense, Anadolu Agency, Getty, Military, Royal United Services Institute, CNBC, Rochan Consulting, Kyiv, Afp Locations: Novodarivka, Luhansk, Ukraine, Kharkiv, Kherson, Ukrainian, Bakhmut, Donetsk, Russian, Russia, Vuhledar, Yuriy, Siversk

☆ Bayern Munich wins 27-0 in first match of preseason
▼ + stars: | 2023-07-19 | by ( Matias Grez | ) edition.cnn.com time to read: +1 min

CNN —To say Bayern Munich’s opening preseason friendly was a one-sided affair would be something of an understatement. The defending German champion beat ninth-tier Rottach-Egern 27-0 on Tuesday as Bayern showed no mercy against the amateur side – perhaps the team doesn’t need Harry Kane after all. The match took place at Bayern Munich’s training camp near the town of Tegernsee, with head coach Thomas Tuchel playing two entirely different teams to start each half. New signing Konrad Laimer got his first goal in a Bayern Munich shirt. Frank Hoermann/SVEN SIMON/dpa/APIn attendance was Bayern’s new signing Minjae Kim, who put pen to paper just hours before the preseason friendly.

Persons: Harry Kane, Egern, Jamal Musiala, Tel, Marcel Sabitzer, Serge Gnabry, Thomas Tuchel, Konrad Laimer, Frank Hoermann, SVEN SIMON, Minjae Kim, ” Kim, “, I’ll Organizations: CNN, Bayern, Tottenham Hotspur, England, Bundesliga, Rottach, South, Napoli, Serie, “ FC Bayern Locations: Tegernsee, Bayern Munich, South Korean, Munich, It’s

REUTERS/Kevin Lamarque/File PhotoNEW YORK, July 11 (Reuters) - Wall Street banks are expected to report higher profits for the second quarter as rising interest payments offset a downturn in dealmaking. Results for investment banking behemoths will also weaken, with EPS forecast to drop almost 59% at Goldman Sachs (GS.N). That offsets the doldrums in investment banking, where revenues have been depressed by rising interest rates and economic uncertainty. Reuters GraphicsBanking executives have also lowered expectations for the second quarter after mergers, acquisitions and debt offerings plunged in recent months. "We see higher credit risk ahead for lower to middle class families with higher credit card debt that cannot keep pace with higher living costs," Leon added.

Persons: Kevin Lamarque, Goldman Sachs, Morgan Stanley's, David Konrad, Keefe, Goldman, Stephen Biggar, Wells, Morgan Stanley, Betsy Graseck, Kenneth Leon, Leon, Konrad, Nupur Anand, Saeed Azhar, Niket, Lananh Nguyen, Marguerita Choy, Andrea Ricci Organizations: Bank of America, REUTERS, JPMorgan, . Bank of America's, Citigroup, Universal, Argus Research, JPMorgan Chase, Reuters Graphics Banking, Federal Reserve, CFRA Research, Investors, Thomson Locations: Washington, Wells, Refinitiv, Wells Fargo, U.S, New York, Bengaluru

☆ The 'Wolf of Airbnb' made nearly $2 million through the pandemic running 'mini-hotels' in NYC. He just pleaded guilty to wire fraud.
▼ + stars: | 2023-06-28 | by ( Will Gendron | ) www.businessinsider.com time to read: +3 min

Konrad Bicher began renting Manhattan apartments in 2019, before subletting them out. On top of violating lease agreements, Bicher obtained nearly $600,000 in Covid relief loans. The self-proclaimed "Wolf of Airbnb" now faces prison time after pleading guilty to fraud. Prosecutors said he failed to make rent payments required by the lease agreements and refused to leave the apartments after the leases expired. When Bicher was indicted in October, Williams said Bicher operated at least 18 apartments in Manhattan "as mini-hotels" while using the pandemic as an excuse not to pay landlords.

Persons: Konrad Bicher, Bicher, Wolf, Airbnb, Prosecutors, Damian Williams, Williams Organizations: Prosecutors, US Small Business Administration Locations: Manhattan, Hialeah , Florida

☆ Today’s Rate Hikes Threaten to Push Up Tomorrow’s Housing Costs
▼ + stars: | 2023-06-20 | by ( Konrad Putzier | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

And it has also helped to placate Tuareg-led rebels in northern Mali who halted their separatist uprising with the 2015 Algiers Accord. Mali, Russia and Wagner deny wrongdoing in Moura or targeting civilians anywhere in Mali. RESTRICTIONSMINUSMA launched in 2013 after the separatist rebels and al Qaeda-linked insurgents occupied northern Mali. Bamako and the Kremlin say Russian troops, not Wagner mercenaries, are present in Mali but only to train the army and supply equipment. As a result, MINUSMA has struggled to counter a tide of anti-U.N. posts online, losing the battle for public opinion in Mali.

Persons: Wagner, Ahmedou Ould, Abdallah, MINUSMA, General Antonio Guterres, Abdoulaye Diop, U.N, Fatoumata Sinkoun Kaba, Souleymane Dembelé, Ulf Laessing, Konrad Adenauer, Ould Mohamed Ramdane, Ramdane, Yvan Guichaoua, Friedrich, Ebert, Edward McAllister, David Lewis, Tiemoko Diallo, Daniel Flynn Organizations: Wagner Group, Islamic, CMA, Malian Foreign, Security, Reuters, El, Kremlin, French, Department of Peace, UN, U.S, Thomson Locations: DAKAR, NAIROBI, Russian, West Africa, Gao, Timbuktu, Mali, Algiers, Bamako, Islamic State, al Qaeda, Mauritanian, Sahel, Moura, Russia, U.N, Burkina Faso, Niger, Central African Republic, United Kingdom, Germany, Sweden, France, Egypt, Brussels, U.S, Dakar, Nairobi

☆ Analysis: Ukraine counteroffensive takes shape but main test still to come
▼ + stars: | 2023-06-14 | by ( Tom Balmforth | ) www.reuters.com time to read: +6 min

Moscow's strategy in the south likely aims to maximise Ukrainian casualties before Kyiv can reach the main Russian line of defences about 10-15 km (6-9 miles) away, according to Lee. The main thrusts have come near the Kyiv-controlled town of Orikhiv in Zaporizhzhia region and Velyka Novosilka in Donetsk region, about 80 km to the east. "My main concern five or six days into this main phase is that the progress appears to have stopped. Military analysts saw it as unlikely this would become the focus of the main Ukrainian offensive. Images shared by Russian military bloggers showed destroyed or damaged U.S.-made Bradley infantry fighting vehicles and Leopard 2 tanks, headline items of military aid sent by the West for the counteroffensive.

Persons: Rob Lee, Volodymyr Zelenskiy, Ukraine's, Ben Barry, Lee, Konrad Muzyka, Hanna Maliar, Muzyka, Maliar, Russia's Vladimir Putin, Jack Watling, Tom Balmforth, Mark Trevelyan, Mike Collett, White, Philippa Fletcher Organizations: Western, Foreign Policy Research Institute, Reuters, International Institute for Strategic Studies, Russian, West, Interior Ministry, Deputy, Troops, Military, Bradley, Leopards, Thomson Locations: Kyiv, KYIV, Ukraine, Russia, Crimea, Moscow, Kherson, Kharkiv, Poland, Orikhiv, Zaporizhzhia, Donetsk, Zaporizhzia, Melitopol, Velyka Novosilka, Bakhmut

☆ How is Ukraine’s counter-offensive going so far?
▼ + stars: | 2023-06-14 | by ( Tom Balmforth | ) www.reuters.com time to read: +6 min

President Volodymyr Zelenskiy has said Western equipment like battle tanks and armoured vehicles should help protect the lives of Ukrainian soldiers. "Ukraine's got choices," said Ben Barry, senior fellow for land warfare at International Institute for Strategic Studies. Those thrusts may indicate Ukraine's generals have their eye on Tokmak, an occupied town in Zaporizhzia region some 25 km from the front line. Military analysts saw it as unlikely this would become the focus of the main Ukrainian offensive. Images shared by Russian military bloggers showed destroyed or damaged U.S.-made Bradley infantry fighting vehicles and Leopard 2 tanks, headline items of military aid sent by the West for the counteroffensive.

☆ Billion-year-old rocks reveal traces of ancient life
▼ + stars: | 2023-06-12 | by ( Kate Golembiewski | ) edition.cnn.com time to read: +6 min

V. Diekamp/MARUM/University of BremenThe evidence of these ancient eukaryotes took the form of biological molecules that they produced. Advances in biochemical analyses have allowed scientists to identify ancient molecules preserved in the fossil record, particularly in old rocks that have been relatively undisturbed by geological processes. In the new Nature study, Nettersheim and his colleagues, including Brocks, a professor of geobiology at the Australian National University, examined rocks from Australia’s Barney Creek Formation. Previous studies established that the Barney Creek rocks, which are more than 1 billion years old, contain traces of ancient biomolecules. But “people never looked, really, for these primordial types of steroids in those kinds of rocks,” Nettersheim said.

Persons: Benjamin Nettersheim, ”, Nettersheim, “, Dr, ” Nettersheim, Jochen Brocks, Konrad Bloch, Bloch, Barney, Susannah Porter, Porter, Roger, ” “ Konrad Bloch, Brocks Organizations: CNN, MARUM Center, Marine Environmental Sciences, University of Bremen, Australian National University, University of California, Massachusetts Institute of Technology Locations: Australia, Nature, geobiology, Germany, MARUM, Santa Barbara

At the height of the pandemic, some analysts predicted that big cities would enter a downward spiral as remote workers sought more space and cheaper places to live. That happened to some degree early on, but it didn’t last. Michael Nagle/Bloomberg News

Persons: Michael Nagle Organizations: Bloomberg

☆ Molecular fossils open window on 'lost world' of primordial life
▼ + stars: | 2023-06-07 | by ( Will Dunham | ) www.reuters.com time to read: +4 min

The researchers discovered that the molecular fossils indicating the presence of these primitive eukaryotes were commonplace in rocks spanning from about 1.6 billion years ago to 800 million years ago. "It is a lost world in the sense that we had not been able to see or detect them - although there was an entire world of them. It is a lost world also because these forms are now entirely extinct, Brocks added. The oldest of the rocks bearing these fossils were unearthed in the remote Outback of northern Australia, near Darwin. Scientists long were puzzled about the seeming absence of molecular fossils from this time span indicative of primitive eukaryotes.

Persons: Jochen Brocks, geobiologist Jochen Brocks, Benjamin Nettersheim, Brocks, sapiens, Konrad Block, Will Dunham, Rosalba O'Brien Organizations: Australian National University, Handout, REUTERS, University of Bremen, Thomson Locations: Creek, Northern Australia, REUTERS WASHINGTON, Canberra, Germany, Australia, Darwin

☆ Interest-Only Loans Helped Commercial Property Boom. Now They’re Coming Due.
▼ + stars: | 2023-06-06 | by ( Konrad Putzier | ) www.wsj.com time to read: 1 min

The owner of the Centre Square office complex in Philadelphia was unable to pay off a $368 million balloon mortgage against the property when it came due. Photo: jessica kourkounis/ReutersNearly $1.5 trillion in commercial mortgages are coming due over the next three years, according to data provider Trepp. Many of the commercial landlords on the hook for the loans are vulnerable to default in part because of the way their loans are structured.

Persons: jessica kourkounis Organizations: Reuters Locations: Philadelphia

☆ The decision to split Sequoia Capital into 3 entities puts to bed any questions of a power struggle at the VC powerhouse
▼ + stars: | 2023-06-06 | by ( Melia Russell | ) www.businessinsider.com time to read: +4 min

VC powerhouse Sequoia Capital announced Tuesday that it is splitting into three entities. One of those entities, Sequoia China, known locally as HongShan, will operate as a distinct firm. The mighty Sequoia Capital is dropping branches. The decision puts to bed any question of a power struggle at one of Silicon Valley's most respected firms. And unlike some other global firms that had veto power over investments overseas, according to Bloomberg, Sequoia China had full autonomy to strike its own deals.

Persons: Roelof Botha, Neil Shen, Forbes, Alex Konrad, Doug Leone, Instagram, Bytedance, Botha, Shen, Julian Bek, Elon Musk's Organizations: Sequoia Capital, Sequoia, XV Partners, YouTube, Bloomberg, Shen, Sequoia China, Ventures, Lightspeed Venture Partners, Accel, Elon, Twitter, Fidelity Locations: Sequoia China, China, Europe, HongShan, India, Southeast Asia, Sequoia, Sequoia Capital China, Asia, Silicon Valley, London, FTX

☆ American Cities Are Starting to Thrive Again. Just Not Near Office Buildings.
▼ + stars: | 2023-05-30 | by ( Konrad Putzier | Kate King | ) www.wsj.com time to read: 1 min

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☆ Bundesliga set for thrilling final day title decider
▼ + stars: | 2023-05-22 | by ( Aimee Lewis | ) edition.cnn.com time to read: +3 min

In fact, the last season Bayern didn’t win the championship was the 2011/12 campaign, when now Liverpool manager Jurgen Klopp guided Borussia Dortmund to the title. That leaves soccer fans looking to the Bundesliga for a dose of end-of-season drama with the championship set to be decided on the final day of the season. “We stopped moving, stopped helping, stopped showing courage.”Perhaps, Bayern had become complacent, suffering the shock loss despite taking a 25th-minute lead through Serge Gnabry. Former Chelsea and Dortmund manager Thomas Tuchel took over at Bayern in March. Bayern travels to 10th-placed FC Köln on the final matchday hoping for a win and a surprise Dortmund slip up in what is set to be a tense final day.

☆ Explainer: How important is Wagner's claimed capture of Bakhmut?
▼ + stars: | 2023-05-20 | by ( Andrew Osborn | ) www.reuters.com time to read: +6 min

[1/4] A general view shows a building damaged by a Russian military strike, amid their attack on Ukraine, in the front line city of Bakhmut, in Donetsk region, Ukraine February 27, 2023. REUTERS/Alex... Read moreLONDON, May 20 (Reuters) - Russian mercenary chief Yevgeny Prigozhin said on Saturday that his Wagner fighters had completed the capture of the Ukrainian city of Bakhmut after months of intense fighting, a claim denied by Ukraine. Zelenskiy portrayed "Fortress Bakhmut" as a symbol of defiance which he said was bleeding the Russian military dry. If confirmed, Bakhmut would be Russia's first major capture since July last year and a morale-boosting battlefield win after a string of defeats. The city's capture would be a boost for Russia's most high-profile mercenaries - Wagner - and their publicity-hungry founder Prigozhin.

Morgan Stanley co-presidents Ted Pick and Andy Saperstein, and head of investment management Dan Simkowitz, are widely seen as contenders for the top job. Morgan Stanley shares were little changed in early trading, down 0.9%. The less volatile business of wealth management accounted for 45% of firm's revenue in the first quarter. Morgan Stanley's first-quarter profit beat expectations as rising revenue from wealth management offset declines in investment banking and trading. Simkowitz, the eldest of the three at 58, is head of investment management at Morgan Stanley and co-head of the firm's strategy and execution.

☆ Here are the 2 very different execs in contention to be CEO of Morgan Stanley
▼ + stars: | 2023-05-19 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

James Gorman announced that he will step down as Morgan Stanley CEO in the next year. The three executives in contention are co-presidents Ted Pick and Andy Saperstein, as well as Dan Simkowitz, head of investment management at Morgan Stanley. Morgan Stanley declined to comment. But the long-time Morgan Stanley executives have distinct leadership styles and backgrounds. Do you work for Morgan Stanley?

☆ Morgan Stanley CEO plans to step down within the year, sparking Wall Street succession race
▼ + stars: | 2023-05-19 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

James Gorman said Friday he plans to resign as Morgan Stanley 's CEO within the year, setting off a succession race atop one of Wall Street's dominant firms. Since taking over in 2010, Gorman has pulled off one of the more successful transformations on Wall Street. Through a series of savvy acquisitions, Morgan Stanley rebounded after nearly capsizing during the 2008 financial crisis to become a wealth management juggernaut. The bank began that journey in 2009, when Morgan Stanley purchased Smith Barney from Citigroup in the throes of the financial crisis, gaining thousands of financial advisors. Shares of Morgan Stanley have tripled during Gorman's tenure.

☆ Bonds Backed by Apartments Are Under Stress as Housing Market Cools
▼ + stars: | 2023-05-09 | by ( Konrad Putzier | Will Parker | ) www.wsj.com time to read: 1 min

Defaults are rising for a niche mortgage bond used primarily to fund apartment-building purchases, another sign that rising interest rates are upending the property sector. This product, known as collateralized loan obligations, or CLOs, are mortgages packaged into bonds that are sold to investors. These mortgages helped fuel the rise in housing costs across Sunbelt states such as Arizona, Texas and Nevada, facilitating the purchase of buildings where property owners saw opportunities to raise rents.

☆ PacWest falls 30% as regional banks stocks slide to new lows
▼ + stars: | 2023-05-02 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Regional bank stocks fell sharply Tuesday as the fallout from the third major bank failure this year continued to put pressure on the sector. Over the weekend, regulators seized troubled regional bank First Republic and sold it to JPMorgan Chase. First Republic is the third failure of a large regional bank this year, following Silicon Valley Bank and Signature Bank in March. Most other regional banks reported smaller deposits declines, however, and some like PacWest reported that deposits began rebounding in late March. Another issue for the regional banks is the possibility of more Fed rate hikes.

☆ Here's what's next for bank stocks after the failure of First Republic
▼ + stars: | 2023-05-01 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

First Republic's demise was the third regional bank failure since early March, when Silicon Valley Bank and Signature Bank folded within days of each other. There is cautious optimism on Wall Street that First Republic will be the last failure of this period. However, reports from other regional banks weren't nearly as dire, with many reporting that deposits had stabilized and were growing again. However, the failure of First Republic could cause some more turbulence, at least in the short-term, for both deposits and bank stocks. "We don't believe that regional banks are completely out of the woods," Wolfe Research chief investment strategist Chris Senyek said in a note to clients on Monday.

☆ Brookfield’s Los Angeles Office Company Is Roiled by Defaults
▼ + stars: | 2023-04-30 | by ( Konrad Putzier | ) www.wsj.com time to read: 1 min

The FIGat7th shopping center in Los Angeles is among the properties owned by Brookfield DTLA. Photo: etienne laurent/ShutterstockA major Los Angeles office owner operated by Brookfield Asset Management is struggling to make mortgage payments as vacancies and rising interest rates disrupt the city’s commercial real-estate market. The company, known as Brookfield DTLA Fund Office Trust Investor Inc., owns six Los Angeles office buildings and a retail center. Five of the office buildings face the risk of foreclosure, according to its public filings, and at least two of its mortgages are in default.

☆ One of Harlan Crow's Hitler paintings from his collection of Nazi memorabilia is likely a fake, according to two top experts
▼ + stars: | 2023-04-26 | by ( Jack Newsham | Katherine Long | ) www.businessinsider.com time to read: +7 min

But one of his supposed Hitler paintings appears to be fake, two experts told Insider. Harlan Crow's little-seen Hitler art collectionLittle is known about Crow's collection. Insider spoke with a person who attended a 2014 tour of Crow's library, led by Crow's personal librarian, who confirmed that he saw the Hitler watercolor in Crow's collection. The US Army has four Hitler paintings in storage, Renee Klish, a retired Army curator, told Insider. Panagopulos of Alexander Historical Auctions, who has often disagreed with Droog, also said it was doubtful that Crow's painting was genuine.

☆ Commercial Real-Estate Woes Run Deeper Than in Past Downturns
▼ + stars: | 2023-04-24 | by ( Konrad Putzier | ) www.wsj.com time to read: 1 min

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