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☆ MetLife profit falls 33% as market turmoil hits investment income
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

Feb 1 (Reuters) - MetLife Inc (MET.N) reported a 33% drop in fourth-quarter adjusted profit on Wednesday as a global market rout hurt the U.S. insurer's investment returns. Adjusted premiums, fees and other revenues - excluding pension risk transfers (PRT) - decreased 1% to $11.4 billion. Still, improving underwriting trends in the United States, Europe and Latin America, alongside lower COVID-19 life insurance claims, partially offset the hit to its investment income. U.S. adjusted earnings climbed 20% in the quarter, while Latin America and EMEA jumped 45% and 67%, respectively, on a reported basis. The company posted adjusted profit of $1.2 billion, or $1.55 per share, for the three months ended Dec. 31, compared with $1.8 billion, or $2.17 per share, a year earlier.

☆ Insurer Travelers profit falls on winter storm costs
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

Jan 24 (Reuters) - Property and casualty insurer Travelers Companies Inc (TRV.N) reported a 37% fall in quarterly profit on Tuesday, hurt by losses related to a winter storm that swept across the United States and Canada in the last week of 2022. The winter storm pushed up the insurer's catastrophe losses net of reinsurance to $459 million from $36 million last year. A dangerously frigid Arctic air mass gripped a vast expanse of the United States in late December, bringing floods, power outages, mudslides, evacuations and road closures. Travelers' profit was also hit by a fall in net investment income to $625 million from $743 million a year earlier. A ratio below 100% means the insurer earned more in premiums than it paid out in claims.

Japanese investors hold a lot of foreign bonds - some $4.3 trillion in various debt instruments, of which $2.085 trillion is "portfolio investments." Around half of that is in U.S. assets such as Treasuries, agency debt and corporate bonds, and around a third in euro zone securities. Wholesale liquidation of Japanese investors' foreign bond holdings is unlikely barring a "very substantial" rise in Japanese yields from here. chartLast year, Japanese investor selling picked up pace as U.S. and euro zone borrowing costs rose. Hedged investors have cut back their exposure to foreign bonds, particularly banks and now life insurers, according to Setser and Etra.

☆ 2023 will be a 'robust market' says Wells Fargo's Bob Peck
▼ + stars: | 2023-01-17 | 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 Email2023 will be a 'robust market' says Wells Fargo's Bob PeckBob Peck, Wells Fargo’s global internet investment banking chairman, joins ‘TechCheck’ to discuss why he believes this year's market will be 'robust' and offer his M&A investor outlook for 2023.

☆ China acquires 'golden shares' in two Alibaba units
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +3 min

[1/3] The logo of Alibaba Group is seen at its office in Beijing, China Jan. 5, 2021. REUTERS/Thomas PeterBEIJING, China, Jan 13 (Reuters) - China has acquired minority stakes with special rights in two domestic units of tech giant Alibaba Group Holding Ltd (9988.HK), business registration records showed, as Beijing extends a campaign to strengthen control over online content. Beijing has been taking 'golden shares' in private online media and content companies for more than five years, and in recent years expanding such arrangements to companies with vast troves of data. These golden shares, typically equal to about 1% of a firm, are bought by government-backed funds or companies which gain board representation and/or veto rights for key business decisions. Having such golden shares can be helpful to firms when they try to secure licences to disseminate online news and to show online visual and audio programmes, sources have told Reuters.

☆ Smarter taxes could ease UK productivity crisis
▼ + stars: | 2023-01-09 | by ( Francesco Guerrera | ) www.reuters.com time to read: +4 min

Britain’s sluggish productivity – the amount of output per hour worked – deters investment and limits growth, in turn depressing wages. After keeping pace with other developed countries for decades, UK productivity has grown by 0.3% a year since 2008. That is a third of the 0.9% averaged by G7 members, and well below the 1.2% rate recorded by the United States, according to figures from the Organisation for Economic Co-operation and Development. In 2021, gross fixed capital formation, a measure of investment, accounted for 17% of UK GDP, compared to 24% in France and 21% in the United States, according to the World Bank. Despite a long-standing scheme for research and development, UK businesses still only fund 55% of total R&D spending, below the 63% of the United States, according to a Cambridge University study.

☆ India's current account gap widens to 9-year high
▼ + stars: | 2022-12-29 | by ( Swati Bhat | ) www.reuters.com time to read: +2 min

MUMBAI, Dec 29 (Reuters) - India's current account deficit widened in the July-September quarter as high commodity prices and a weak rupee increased the country's trade gap, data from the Reserve Bank of India (RBI) showed on Thursday. In absolute terms, the current account deficit (CAD) (INCURA=ECI) was $36.40 billion in the second quarter of fiscal year 2022/23, its highest in more than a decade. The median forecast of 18 economists in a Dec. 5-14 Reuters poll was for a $35.5 billion CAD in the July-September quarter. The RBI said services exports reported growth of 30.2% on a year-on-year (y-o-y) basis, driven by exports of software, business and travel services, while net services receipts increased sequentially and y-o-y. "Slowing global growth entails both merchandise as well as services exports will remain muted," she said.

☆ Singapore's deputy prime minister calls FTX loss 'disappointing,' pledges to improve the process
▼ + stars: | 2022-11-30 | by ( Sheila Chiang | ) www.cnbc.com time to read: +3 min

Lawrence Wong, Singapore's finance minister, speaks during the Bloomberg New Economy Forum in Singapore, on Thursday, Nov. 17, 2022. Bryan van der Beek | Bloomberg | Getty ImagesTemasek's investment loss of $275 million in the collapse of cryptocurrency exchange FTX was "disappointing" and damaging for Singapore, said Deputy Prime Minister and Finance Minister Lawrence Wong. What happened with FTX therefore has not only caused financial loss to Temasek, but also reputational damage. "What happened with FTX therefore has not only caused financial loss to Temasek, but also reputational damage," Wong said. The FTX loss will also not impact the net investment returns of Singapore's reserves, which are "tied to the overall expected long term returns of our investment entities and not to individual investments."

☆ Global equity funds face weekly outflows on growth worries
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

Nov 25 (Reuters) - Global equity funds saw outflows in the week ended Nov. 23 on worries over a recession due to higher interest rates and fresh lockdowns as COVID cases rise in China. According to Refinitiv Lipper data, investors withdrew $8.6 billion and $840 million respectively from U.S. and European equity funds but invested $470 million in Asian equity funds. Meanwhile, global bond funds posted outflows for a third straight week, amounting to $2.52 billion. Meanwhile, global government bond funds received inflows worth $809 million in a third straight week of net buying. Fund flows: Global equity sector fundsThe data showed investors accumulated global money market funds worth $26.4 billion, compared with an outflow of $9.4 billion in the previous week.

☆ These mutual funds are planning to hit investors with capital gains distributions. How to decide the right move for you
▼ + stars: | 2022-11-11 | by ( Michelle Fox | ) www.cnbc.com time to read: +6 min

There may be some pain ahead for mutual fund investors in the form of capital gains taxes. "That means funds that have suffered steep falls this year could still distribute capital gains to investors," Welch said. John Hancock will pay double-digit capital gains distributions on several of its funds. Almost a dozen Nuveen funds will make 5% to 10% capital gains distributions, while twice that number of T. Rowe price funds will pay out between 4% and 21%. Passively managed funds may have distributions but they tend to be smaller than actively managed funds, Benz pointed out.

☆ Watch CNBC's full interview with Wells Fargo's Bob Peck
▼ + stars: | 2022-11-03 | 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 EmailWatch CNBC's full interview with Wells Fargo's Bob PeckBob Peck, Wells Fargo global internet investment banking chairman, joins 'TechCheck' to discuss if 2023 marks the beginning of a different economic climate, Peck's view for mergers and acquisitions next year and more.

☆ FANG stocks getting hit with macro headwinds and specific issues, says Wells Fargo's Bob Peck
▼ + stars: | 2022-11-03 | 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 EmailFANG stocks getting hit with macro headwinds and specific issues, says Wells Fargo's Bob PeckBob Peck, Wells Fargo global internet investment banking chairman, joins 'TechCheck' to discuss if 2023 marks the beginning of a different economic climate, Peck's view for mergers and acquisitions next year and more.

☆ MetLife third-quarter profit more than halves on lower investment returns
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

Nov 2 (Reuters) - MetLife Inc (MET.N) on Wednesday reported a 53% drop in third-quarter profit as economic pressures and a global market rout led to weaker returns from the U.S. insurer's investments. The company's U.S. unit saw a 17% decline in adjusted profit, while the Asia segment recorded a 65% slump. Fewer claims tied to COVID-19 as the cases ease around the world helped the insurer ride out disappointing investment returns in the quarter. However, that was not enough to offset the hit to net investment income, which fell 36% to $3.59 billion. The company posted adjusted profit of $966 million, or $1.21 per share, compared to $2.06 billion, or $2.39 per share, a year earlier.

☆ Insurer AIG profit slumps on hurricane costs, lower investment returns
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

Nov 1 (Reuters) - Insurer American International Group Inc (AIG.N) on Tuesday reported a more than 39% decline in quarterly profit as investment income fell by more than $1 billion and losses from Hurricane Ian pushed up catastrophe bills. read moreAIG - one of the world's biggest commercial insurers - reported $600 million of catastrophe losses in the quarter, out of which about $450 million was attributable to Hurricane Ian, the insurer said. Total consolidated net investment income fell 28% to $2.7 billion, hurt mainly by lower alternative investment income. The metric excludes catastrophe losses, and a ratio below 100 signifies that the insurer earns more from premiums than it pays out in claims. read moreReporting by Noor Zainab Hussain in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks making the biggest moves after hours: Qualtrics, W.R. Berkley, Discover Financial and more
▼ + stars: | 2022-10-24 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Cadence Design Systems - Shares of the software firm rose 1.6% after raising its full-year earnings per share guidance and posting a top and bottom line beat for the recent quarter. Cadence Design Systems posted earnings of $1.06 a share, beating an estimate of 96 cents, according to StreetAccount. Qualtrics — Qualtrics' stock surged 9.9% after the company beat analysts' expectations on the top and bottom lines for the recent quarter and raised its guidance. Packaging Corp of America — Shares slipped 2.7% in extended trading after revenue for the recent quarter failed to meet Wall Street's estimates. W.R. Berkley Corp — The insurance company's stock shed 5% after it reported a decline in net income and earnings per share year over year.

☆ Insurer Travelers profit falls on hurricane costs, lower investment returns
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

A U.S. flag is seen in a flooded rural area after Hurricane Ian caused widespread destruction in Arcadia, Florida, U.S., October 4, 2022. REUTERS/Marco BelloOct 19 (Reuters) - Property and casualty insurer Travelers Companies Inc (TRV.N) reported a 20% fall in quarterly profit on Wednesday, hurt by hurricane-related claims and lower returns on its investments. Insurers are bracing for a hit of up to $57 billion from Hurricane Ian in Florida and South Carolina, risk modeling firm Verisk said earlier this month. The insurance industry also faces hefty claims from the Ukraine crisis and greater uncertainty brought on by higher claims costs from inflation. Pretax net investment income dropped 23% to $593 million, Travelers said.

☆ Billionaire investor Yuri Milner relinquishes Russian citizenship
▼ + stars: | 2022-10-11 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: Investor Yuri Milner holds a small chip during an announcement of the Breakthrough Starshot initiative in New York April 12, 2016. REUTERS/Lucas Jackson(Reuters) - Israeli-Russian billionaire Yuri Milner said on Monday he has renounced his Russian citizenship after leaving the country in 2014. Milner is the founder of internet investment firm DST Global, and made a fortune by betting on Chinese tech companies like e-commerce platforms Alibaba and JD.com. “My family and I left Russia for good in 2014, after the Russian annexation of Crimea,” Milner said in a tweet. Milner also has no assets in Russia, 97% of his personal wealth was created outside of the country and “Yuri has never met Vladimir Putin, either individually or in a group,” according to the website.

☆ TotalEnergies to ramp up LNG production, pay special dividend
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

PARIS, Sept 28 (Reuters) - French oil major TotalEnergies (TTEF.PA) plans to increase net investments and ramp up production of liquefied natural gas as Europe scrambles to find alternative energy supplies to Russia. Register now for FREE unlimited access to Reuters.com RegisterIt said it would grow sales of LNG by 3% a year through 2027 and increase LNG production by 40% from 2021 to 2030. The group at the weekend announced a big investment in an LNG facility in Qatar as it seeks to diversify away from Russia. The company also said it would maintain its $7 billion share buy-back program for 2022 and pay a special interim dividend of 1 euro per share in December of this year. Register now for FREE unlimited access to Reuters.com RegisterReporting by Benjamin Mallet, writing by Silvia Aloisi, editing by Richard LoughOur Standards: The Thomson Reuters Trust Principles.

Long-term capital gains are usually taxed at 0%, 15%, or 20%, but can get as high as 25% or 28%. Long-term capital gains rates range from 0% to 20% for 2021 and 2022, except in special circumstances. The capital gains tax rates apply to your net capital gains. Since both assets were held long-term, you can net them against each other: $3,000 gain - $2,000 loss = $1,000 net gain taxed at long-term capital gains rates. You can complete a short questionnaire on the IRS website to figure out how to pay your capital gains tax.

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