DIRS.INFO The most relevant business & tech news

☆ Flight attendant of 10 years shares top travel tips — from how to switch seats to what happens if you cheat the boarding line
▼ + stars: | 2023-03-23 | by ( Hannah Towey | ) www.businessinsider.com time to read: +7 min

Bribing flight attendants with candy or gift cards won't get you upgraded to first class, he said. Flight attendants have a word for that, according to Henderson, and it's not something you want to be called: "gate lice." "That's one thing I can say about all flight attendants across the board. Moreso than treats, Henderson said flight attendants really appreciate passengers who take the time to thank them at the end of the flight. "Even just so much saying thanks for keeping us safe, or thanks for all you do," he told Insider.

☆ Panic Abates at Credit Suisse. Now Comes the Hard Part.
▼ + stars: | 2023-03-16 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

Investors are worried generally and, if there is a big European bank to worry about, it is by default Credit Suisse. In the confidence game of banking, momentum matters more than the initial impulse. After a 24% fall in its stock Wednesday that wasn’t easy to explain, Credit Suisse tried to break a vicious spiral of worries through a deal with the Swiss central bank. It said early Thursday that it would “pre-emptively” strengthen its liquidity by borrowing up to 50 billion Swiss francs, equivalent to about $54 billion. The message was clear enough: Switzerland won’t let Credit Suisse run out of money.

☆ Credit Suisse shares jump over 25% after a $54 billion SNB loan eases jitters, US stock futures stabilize
▼ + stars: | 2023-03-16 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Credit Suisse stock jumped Thursday after the SNB agreed to loan the banking giant $54 billion. The declines came after its biggest shareholder, the Saudi National Bank, said it wouldn't provide any more financial support to the lender. The SNB lifeline came amid investor fears Credit Suisse will default on debt. "Credit Suisse is taking decisive action to pre-emptively strengthen its liquidity by intending to exercise its option to borrow from the Swiss National Bank," he company said in a statement. "Dr. Doom" economist Nouriel Roubini has flashed a warning signal on Credit Suisse, saying it could go bust if the ECB follows up on its 50-basis point rate hike.

☆ Morning Bid: ECB into the eye of banking storm
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Tom WestbrookThe European Central Bank (ECB) meets today for the first big test of policymakers' response to bank stability fears that are sweeping the globe. It's not entirely clear if that's reassuring or even more worrisome, but traders have initially gone with the former. Bank stocks in Hong Kong (.HSCIF), Sydney (.AXFJ) and Tokyo (.IBNKS.T) opened down but crept from lows during the day. A big interest rate hike, even if justified by economic conditions, can unleash fear that more banks - or something else - is going to break. Either way, the outcome will test markets' dramatic repricing of the worldwide interest rate outlook in recent days.

☆ Premarket Stocks: Who do we blame for the fall of SVB?
▼ + stars: | 2023-03-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Blame the Fed: SVB’s downfall was largely caused by a record $42 billion bank run that left the bank in desperate need of cash. But the Fed’s rate hikes had undermined the value of bonds, a critical source of capital for SVB. “The Federal Reserve failed as a bank supervisor,” he wrote. On Capitol Hill, frequent Fed critic Sen. Elizabeth Warren has been quick to blame Federal Reserve Chair Jerome Powell for a lack of oversight. Blame SVB: Others say the blame should be placed on the banks themselves.

☆ Credit Suisse to borrow $54 billion from Swiss National Bank as it looks to shore up liquidity amid the banking crisis
▼ + stars: | 2023-03-16 | by ( Matthew Loh | ) www.businessinsider.com time to read: +2 min

Credit Suisse is set to borrow $54 billion from Swiss National Bank, it said Wednesday. The Swiss bank said it would use the cash to "create a simpler and more focused bank built around client needs." "Credit Suisse is taking decisive action to pre-emptively strengthen its liquidity by intending to exercise its option to borrow from the Swiss National Bank," it said in a statement. The Swiss bank said the borrowing will be made under a covered loan facility and a short-term liquidity facility. Shares of Credit Suisse plunged as much as 30% on Wednesday to record lows.

☆ European Central Bank faces ‘unenviable choice’ on interest rates due to banking woes
▼ + stars: | 2023-03-16 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —As recently as 24 hours ago, the European Central Bank (ECB) was widely expected to hike interest rates by half a percentage point Thursday in its fight against inflation. The lender has now agreed a $53 billion loan from Switzerland’s central bank saying it was a “decisive action to pre-emptively strengthen its liquidity.”The move seems to have reassured investors for now, with European bank stocks rebounding Thursday. Although European banks are judged to be well-capitalized, analysts say the events of the past week could lead them to adopt a more cautious approach to lending. ET, “is a test of the conundrum facing central banks,” said Adam Hoyes, an economist at Capital Economics. The ECB and other central banks will be weighing inflationary pressures against the risk of adding further stress to markets.

☆ Credit Suisse Will Borrow Up to $53.7 Billion
▼ + stars: | 2023-03-15 | by ( Colin Barr | ) www.wsj.com time to read: 1 min

Photo: Scott Rossi for The Wall Street JournalCredit Suisse Group AG, the Swiss bank whose shares tumbled Wednesday as fears about the health of global banks jumped the Atlantic Ocean, said it would exercise its option to raise as much as 50 billion Swiss francs, equivalent to $53.7 billion, from the Swiss National Bank in a bid to stanch liquidity concerns. The firm, based in Zurich, called the decision a “decisive action to pre-emptively strengthen its liquidity.”

☆ Credit Suisse Will Borrow Up to 50 Billion Swiss Francs
▼ + stars: | 2023-03-15 | by ( Colin Barr | ) www.wsj.com time to read: 1 min

Credit Suisse , the Swiss bank whose shares tumbled Wednesday as fears about the health of global banks jumped the Atlantic Ocean, said it would exercise its option to raise as much as 50 billion Swiss francs, equivalent to $53.7 billion, from the Swiss National Bank in a bid to stanch liquidity concerns. The firm, based in Zurich, called the decision a “decisive action to pre-emptively strengthen its liquidity.”

☆ Asian bank stocks sink as Credit Suisse fear roils markets
▼ + stars: | 2023-03-15 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Banking stocks in Asia fell on Thursday, dragging the broader markets lower, as troubles at Credit Suisse sparked fears that banking turmoil is spreading around the world. The lender said it would borrow up to 50 billion Swiss Francs ($53.7 billion) from the Swiss National Bank. In Hong Kong, Standard Chartered (SCBFF) sank nearly 4%. Local bank BOC Hong Kong was down 3.1%. The bank failures had already forced US regulators to take emergency measures on Sunday to protect deposits at both lenders: Silicon Valley Bank and Signature Bank.

The Federal Deposit Insurance Corporation (FDIC), which was appointed receiver, was trying to find another bank over the weekend that was willing to merge with Silicon Valley Bank, people familiar with the matter said on Friday. However, it was not clear if regulators would have political support to throw a lifeline to the bank, which catered to Silicon Valley startups and investors. Silicon Valley Bank had an unusually high level of deposits that were not covered by the FDIC's guarantees, which are capped at $250,000. Signature Bank, First Republic Bank, PacWest Bank and Charles Schwab did not immediately respond to requests for comment. "Silicon Valley had a unique business model that was less dependent on retail deposits than a traditional bank."

☆ Russia strikes many Ukrainian regions, cutting off power
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

[1/6] Emergency workers extinguish fire in vehicles at the site of a Russian missile strike, amid Russia?s attack on Ukraine, in Kyiv, Ukraine March 9, 2023. REUTERS/Gleb GaranichMarch 9 (Reuters) - Russian strikes hit a series of Ukrainian regions early on Thursday, including the capital Kyiv, the Black Sea port of Odesa and the second-largest city Kharkiv, knocking out power to several areas, regional officials said. Power supply has been cut pre-emptively to about 15% of Kyiv residents, he said. Kharkiv region Governor Oleh Synehubov said the city and region had been hit by about 15 strikes. According to Ukrainian news outlet Obozrevatel.ua, two people were injured by a missile strike in Kharkiv which landed near their house.

REUTERS/Maxim ShemetovSummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Feb 27 (Reuters) - Russian banks and politicians have played down the latest foreign sanctions on Russian lenders, promising speedy solutions to any problems with clients' foreign currency dealings. Those sanctioned last week have responded in a largely relaxed manner, with some saying disruption will be limited and others restricting foreign currency transactions or suspending euro trading on brokerage accounts. Russia's major banks have rallied after an initial hit from last year's Western sanctions and now jostle for business from the state, particularly a burgeoning defence budget, and big corporate accounts. Sanctions have mostly hurt Russians wanting to travel abroad or hold foreign currency. Alexander Shokhin, Russia's top business lobby chief, was more cautious, saying the situation could change rapidly, and that Russian banks needed to act pre-emptively.

☆ A post-Erdogan Turkey could come in from the cold
▼ + stars: | 2023-02-27 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

The six-party coalition challenging the ruling AK Party plans to stamp out inflation, which official figures put at 58%. The six-party coalition should probably do this pre-emptively to gain extra economic credibility, though it seems unlikely to do so. These have soared following Putin’s invasion of Ukraine, as some Western goods now go to Russia via Turkey. Nathalie Tocci, a former special adviser to two EU foreign policy supremos, shares this view. But it is not too early to think about how to bring Turkey in from the cold if he loses.

☆ Incoming Bank of Japan chief Ueda says current low rates appropriate
▼ + stars: | 2023-02-24 | by ( ) www.cnbc.com time to read: +1 min

Kazuo Ueda, nominee for governor of the Bank of Japan (BOJ), speaks during a confirmation hearing at the lower house of parliament in Tokyo, Japan, on Friday, Feb. 24, 2023. Incoming Bank of Japan (BOJ) Governor Kazuo Ueda said on Friday it was appropriate to maintain ultra-loose monetary policy as inflation has yet to sustainably and steadily meet the central bank's 2% target. Ueda said the recent rise in consumer inflation was driven mostly by surging import costs of raw material, rather than strong domestic demand. Otherwise, the BOJ will be cooling demand, worsening the economy and pushing down prices by tightening monetary policy," Ueda told the lower house confirmation hearing. But the BOJ's current policy is a necessary, appropriate means to achieve 2% inflation."

☆ Trump is testing out new nicknames for Ron DeSantis, including 'Meatball Ron:' NYT
▼ + stars: | 2023-02-13 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +3 min

Trump is trialing some new nicknames for Ron DeSantis, per The New York Times. DeSantis may be considering a 2024 presidential run against Trump. Ron DeSantis, including "Meatball Ron," per The New York Times. The Trump-DeSantis feud is just getting uglierTrump debuted his first nickname for DeSantis, "Ron DeSanctimonious," at a rally in Pennsylvania in November. In February, Trump called DeSantis a "RINO Globalist" during a rant on Truth Social.

☆ UK seeks stronger powers to stop disruptive protests
▼ + stars: | 2023-01-15 | by ( William James | ) www.reuters.com time to read: +2 min

[1/2] Climate activists from Extinction Rebellion take part in a demonstration at Oxford Circus in London, Britain, April 9, 2022. The government passed legislation to address this in 2022, but is planning to go further with a new set of laws known as the Public Order Bill. The government wants to amend the Public Order Bill before it becomes law to broaden the legal definition of 'serious disruption', give police more flexibility, and provide legal clarity on when the new powers could be used. The government says the new laws, if passed, will mean police can shut down disruptive protests pre-emptively. It builds on the Police, Crime, Sentencing and Courts Act, passed in April 2022, which sparked several large 'kill the bill' protests.

☆ A volunteer medic in Ukraine posted a 'skincare routine' video from the front lines after TikTok kept deleting his war posts
▼ + stars: | 2023-01-06 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +4 min

A frontline medic in Ukraine posted a "skincare" video to TikTok after his other posts were taken down. Brandon Mitchell made the skincare post in part to ridicule TikTok's moderation. But after TikTok took much of that material down, Mitchell made a post on Monday simply labeled: "Skincare routine." The hashtag #fakewar is often added to Ukraine content, while sexually suggestive content might be posted with the hashtag #fakebody. As for Mitchell, he says he's not planning to continue to take on the social media giant over his Ukraine war posts.

Companies are increasingly working together to cut greenhouse-gas emissions but such collaboration faces the threat of antitrust action demanded by politicians who say it violates competition rules. There are now more than 150 business climate collaborations, according to research by Harvard Business Review. “There are a lot of ways to stay on the right side of antitrust laws,” says Justin Stewart-Teitelbaum, antitrust partner at Freshfields. Traditionally, in most jurisdictions, antitrust officials weigh whether the benefits of cooperation outweigh any economic harm caused by it. The anti-ESG movement in the U.S. bases its antitrust threats partly on an assertion that climate action provides little societal benefit to outweigh any economic harm of cooperation.

☆ Investors revive wagers on Bank of Japan policy change
▼ + stars: | 2022-12-08 | by ( Junko Fujita | ) www.reuters.com time to read: +4 min

TOKYO, Dec 8 (Reuters) - Global investors are short-selling Japanese bonds and driving its other market yields higher, reviving bets that the Bank of Japan will need to tweak its ultra-easy monetary policy sooner rather than later. BOJ Governor Haruhiko Kuroda has repeatedly stressed the need to persist with the bank's unique yield-curve-control policy, which makes Japan an outlier among major central banks aggressively tightening policy to combat inflation. Japan swaps vs yieldsKuroda has said policy will not change until the recent cost-push inflation is accompanied by higher growth in wages. "The central bank may tweak its YCC before March. There should be an event weight it doesn’t have at the moment," says Malcolm, while making clear UBS does not expect any policy change for at least another year.

☆ India's c.bank set to raise rates; outlook on growth, inflation in focus
▼ + stars: | 2022-12-07 | by ( Swati Bhat | ) www.reuters.com time to read: +3 min

Reuters Graphics Reuters GraphicsThe central bank's outlook, which will accompany the rates decision, will be an important pointer to future policy moves, economists said. Global crude oil prices have been falling in recent months but has yet to be reflected in domestic prices. Sabnavis, who does not see the RBI reducing its inflation forecast, pointed out that though global oil prices have come down, the government has not relaxed duties or taxes. "Hence, the consumer is still paying the same price and has not derived any benefit from declining oil prices." Lower oil prices may also be countered by higher than expected food prices.

☆ Not All Retailers Are Overstocked for the Holidays. They’re Discounting Anyway.
▼ + stars: | 2022-11-25 | by ( Katie Deighton | Kate Ridley | ) www.wsj.com time to read: +7 min

Many big retailers are discounting heavily and earlier this holiday season to clear excess stock from their shelves and warehouses. But others, with no substantive overhang of inventory, are also offering bigger sales than usual to satisfy shoppers who have come to expect them. “This is more of a reaction to what’s happening in this peak holiday-sales period.”Not all companies are being pulled into the discounting vortex. “We think that’s a good consumer experience.”Catbird, a Brooklyn-based jewelry company, is offering customers up to 20% off during the holidays, the biggest discount of its 18-year history. “No business owner who’s being honest is going to tell you they’re happy to have sales,” she said.

☆ Russian soldiers are surrendering to Ukrainian drones, Ukraine says
▼ + stars: | 2022-11-20 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +4 min

Footage shared by Ukraine's MOD appears to show a Russian soldier surrendering to a drone. Both Ukrainian and Russian forces have claimed to have used drones to advise combatants to surrender. Ukraine has claimed other successes in getting Russian soldiers to surrender, most prominently through its "I Want to Live" hotline, which it says has received more than 3,500 calls. Russia's defense ministry also says it is using drones to ask Ukrainians to surrender, state-controlled news agency TASS reported in early November. Russia's primary use of drones in the fall has been aggressive, deploying Iran-made drones to attack Ukrainian forces — and infrastructure — in swarms, as Insider's Michael Peck reported.

☆ Some CFOs Are Boosting Their Credit Lines as Insurance Against Recession
▼ + stars: | 2022-11-16 | by ( Kristin Broughton | Nina Trentmann | ) www.wsj.com time to read: +7 min

In addition to recession-planning, some companies are expanding their credit lines in response to higher input and inventory costs, corporate bankers said. Term loans are also funded at the outset, unlike credit lines. Photo: Xcel EnergyThe company increased its revolving credit lines primarily because it is expanding and also confronting higher commodity costs, Mr. Johnson said. Xcel doesn’t typically allow its commercial-paper balances to exceed 40% of its total borrowing capacity under its revolving credit lines, Mr. Johnson said. Bombardier in the third quarter closed on a new $300 million, five-year revolving credit facility.

In trying to keep inventories low through the cycle, OPEC+ risks worsening any global recession, and overtightening the market during the next upturn. Chartbook: Global petroleum inventoriesSEVERELY DEPLETED INVENTORIESThe extreme backwardation in Brent futures prices is a symptom global petroleum inventories have become uncomfortably low. BALANCING RISKS AMID UNCERTAINTYWhen spare capacity and inventories are both low, the volatility-reducing course is to put whatever spare capacity there is into production immediately to accumulate inventories pre-emptively. But the timing, duration and depth of the next downturn remains uncertain as does any reduction in oil consumption, either in absolute terms or relative to trend. Related columns:- OPEC+ cut draws hedge funds back into the oil market (Reuters, Oct. 10)- Oil investors ready for recession (Reuters, Oct 3)- Recession will be necessary to rebalance the oil market (Reuters, Sept. 22)- Oil prices and financial markets brace for recession (Reuters, Sept. 15)- John Kemp is a Reuters market analyst.

Search resuls for: "emptively"

25 mentions found