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Mortgage rates inched up just a bit this week. According to Freddie Mac, the average 30-year mortgage rate increased four basis points to 6.71%, while the average 15-year mortgage rate increased three basis points to 6.06%. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, Fannie Mae, they'll Organizations: Census Bureau, Department of Housing, Urban, Zillow, Federal Reserve, Fed, Mortgage, Association, Sky, ARM Locations: Chevron

☆ Britain tightens planned tech law to stop children viewing porn
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 30 (Reuters) - Britain said on Friday it had tightened protections in its Online Safety Bill that will prevent children from viewing pornography in an update to long-delayed legislation that is being closely watched by the tech industry. Britain, like the European Union and other countries, has been grappling over how to protect social media users, and in particular children, from harmful content without damaging free speech. "To prevent any further tragedy and build a better future for our children, we are acting robustly and with urgency to make the Online Safety Bill the global standard for protecting our children." The tech industry including firms like Apple (AAPL.O) have criticised sections of the Online Safety Bill, particularly provisions that could be used to make messaging services break end-to-end encryption in order scan for child abuse material. Reporting by Sachin Ravikumar; Editing by Alison Williams;Our Standards: The Thomson Reuters Trust Principles.

Persons: Paul Scully, Sachin Ravikumar, Alison Williams Organizations: European Union, Apple, Thomson Locations: Britain

☆ As downturn fears grow, Bank of America names 8 global stocks to ride out a recession
▼ + stars: | 2023-06-26 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Bank of America has named the European companies whose stocks are expected to perform robustly in the face of a possible economic downturn. It comes amid increasing signs that the European economy could be headed for a period of extended recession. Bank of America's proprietary Style Cycle model also shows that the region is facing a "recession phase." The forward cash yield measures how much cash a company is expected to generate for its shareholders over the next year compared to its current market price. The cash yield also includes returns through buybacks.

Persons: Intesa Sanpaolo, Paulina Strzelinska Organizations: of America, of, KBC, Eni, Nordea Bank, Barclays, Aviva, BNP, Bank, America's Locations: Europe, Belgium, Italy, Finland, Repsol, Spain, United Kingdom, France, buybacks, industrials

☆ UK insurers may need higher reserves due to 'claims inflation', says BoE
▼ + stars: | 2023-06-23 | by ( Huw Jones | ) www.reuters.com time to read: +1 min

The BoE said that claims inflation due to factors such as rising wage, medical and raw materials costs is expected to affect all general insurers. "There is a risk that persistently elevated claims inflation might result in a material deterioration of solvency coverage for some firms unless they take appropriate mitigating actions," the BoE said in a letter to chief actuaries of general insurers. Therefore, claims inflation should be robustly considered." The BoE anticipates that 2023 year-end will be more challenging for reserving teams at insurers. "Underestimating future claims inflation assumptions can have a significant effect on the representation of a firm’s financial strength," it said.

Persons: The BoE, BoE, Huw Jones, Philippa Fletcher Organizations: Bank of England, Thomson

WHEN YOU think “fitness tracker,” you probably imagine a bulky watch. But since the 2015 release of the Oura smart ring, similar devices intended to pass as jewelry have been robustly collecting sleep and activity data. Given that such rings cost about the same as smartwatches like the Apple Watch SE or Garmin Vivoactive 4S, but are more discreet, it’s no surprise that a glut of new rings has emerged.

Organizations: Apple, Garmin

MAS imposed penalties of S$2.6 million ($1.93 million) for DBS, S$600,000 for OCBC, or Oversea-Chinese Banking Corp, S$400,000 for Citibank and S$200,000 for Swiss Life. Asked whether illicit activities had taken place involving the institutions, MAS said its checks focused on compliance with its requirements. DBS failed to adequately inquire into the background and purpose of "unusually large transactions", it said. A Swiss Life spokesperson said it had terminated a client relationship in 2020 after being approached by authorities about a contract. "Since then, and in close cooperation with the authorities, additional measures have been implemented within Swiss Life (Singapore) to detect client misconduct more effectively."

Persons: Wirecard, OCBC, Chen Lin, Yantoultra, Selina Li, Martin Petty, Conor Humphries Organizations: Citibank, DBS, Swiss, Monetary Authority of Singapore, Chinese Banking Corp, MAS, FIs, Singapore police, Thomson Locations: SINGAPORE, Singapore

☆ Andreessen Horowitz to open first office outside the U.S. in London in bet UK will become crypto hub
▼ + stars: | 2023-06-12 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

LONDON — Andreessen Horowitz is opening its first office outside of the U.S. in London, the venture capital firm announced Monday. Sriram Krishnan, an ex-Twitter employee who joined Andreessen Horowitz as a general partner, will relocate to London to head up the firm's office there, Quintenz said. Andreessen Horowitz also plans to launch its first crypto startup school in the U.K. in a bid to identify future talent in the crypto and Web3 space. Andreessen Horowitz has been one of the most active investors in crypto and Web3, backing startups ranging from the crypto-based sports collectibles trading game Dapper Labs to nonfungible token marketplace OpenSea. Andreessen Horowitz was not an investor, but several rival firms, including Sequoia, were.

Persons: Coinbase, Andreessen Horowitz, Brian Quintenz, Sriram Krishnan, Quintenz, ‘ Organizations: U.S, U.S . Securities, Exchange Commission, SEC, CNBC, Twitter Locations: Silicon, Airbnb, Coinbase, London, U.S, United States, FTX, Sequoia

FRANKFURT, May 17 (Reuters) - Deutsche Bank (DBKGn.DE) investors on Wednesday questioned the sustainability of the lender's growth plans and called for a shift of resources from the investment bank, even as they praised CEO Christian Sewing for stabilising the bank. Andreas Thomae of the Deutsche Bank investor Deka said that the bank's targets require a "tailwind" from the markets to be achievable, and rising interest rates have been "pure adrenaline" for the bank. Reuters GraphicsShe called on the bank to shift capital from its investment bank to other areas in the bank that yield higher returns. "Deutsche Bank is one of the European banks most dependent on investment banking, a poorly predictable, opaque business that is driving down its stock valuation," she said. Sewing, who won kudos from some of the investors for restoring profitability, responded that the bank was "robustly and sustainably profitable".

☆ UK police face backlash over handling of anti-monarchy protests during coronation
▼ + stars: | 2023-05-07 | by ( Sophie Tanno | ) edition.cnn.com time to read: +4 min

It comes after the much-maligned Metropolitan Police force faced criticism for what many said was a heavy-handed approach toward demonstrators. Frazer said the police were tasked with balancing people’s right to protest with overseeing an international event on the world stage. Anti-monarchy protesters demonstrate near the procession route for Britain's King Charles III coronation in London on Saturday. Republic, Britain’s largest anti-monarchy group, told CNN Saturday that police – without providing any reason – arrested organizers of the anti-monarchy protest. A member of the public attends a "Rally For A Republic - Not My King" anti-monarchy rally on Calton Hill in Edinburgh on Saturday.

This is a special coronation edition of CNN’s Royal News, a weekly dispatch bringing you the inside track on Britain’s royal family. King Charles III stands on the balcony of Buckingham Palace on the day of his coronation in London, England, on May 6. As we understand it, today’s staging was a little more impromptu – approved by the King but done so in the moment. Chris Jackson/Pool/APBeyond the balcony moment, ceremonially speaking, the day was note-perfect. Ultimately, Charles’ coronation wasn’t a celebration for everyone in the UK – many shrugged off the pomp with indifference, and plenty raised questions about holding the publicly-funded revelry in the middle of a cost of living crisis.

London CNN —Several anti-monarchy protesters were arrested in central London ahead of the coronation of King Charles III on Saturday, their group has said, as the Metropolitan Police force faces scrutiny for its approach toward demonstrators at the historic event. Thousands gathered in central London on Saturday to celebrate the once-in-a-generation event. But it also drew demonstrators, with protesters wearing yellow T-shirts booing and shouting “Not My King” throughout the morning. Republic, Britain’s largest anti-monarchy group, told CNN that police – without providing any reason – arrested organizers of the anti-monarchy protest. There are also plans for facial recognition technology to be used in central London, which has sparked criticism from human rights groups.

☆ Barclays Profit Lifted by U.S. Credit-Card Business
▼ + stars: | 2023-04-27 | by ( Josh Mitchell | ) www.wsj.com time to read: 1 min

Barclays combines a major investment bank with substantial consumer, credit-card and business-banking operations. Photo: PHOTO: Justin Tallis/Agence France-Presse/Getty ImagesBarclays PLC ’s profit rose robustly in the first quarter despite banking turmoil that roiled both sides of the Atlantic. Profit grew 27% in the first three months of the year from a year earlier, to £1.78 billion, or about $2.22 billion, the British bank said Thursday. Analysts had expected a profit of £1.45 billion, according to a Barclays poll.

The report made 51 recommendations, including moving to a clearer monetary policy framework and greater accountability. LEGISLATE FINANCIAL STABILITY ROLE"The Review seeks a firmer foundation for the RBA’s financial stability role and clarification of the scope of its responsibilities. IMPROVE PROCESSES"The RBA and Monetary Policy Board should make changes to deepen the Board’s deliberation on monetary policy and ensure it is open to a wide range of inputs. STRENGTHEN TRANSPARENCY"Monetary Policy Board members should be more accountable for their role in setting monetary policy. There must be a clear division of responsibilities within the RBA between the Governance Board, Monetary Policy Board and Payments System Board."

☆ Horse racing-BHA analysing horse deaths at Grand National, condemns protesters
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +2 min

Hill Sixteen was the third horse to die at this year's three-day festival after a heavy fall at the first fence of Saturday's National. Two other horses, Recite A Prayer and Cape Gentleman, were assessed by veterinary staff on the course. The start of the National, one of the highest-profile events in Britain's sporting calendar, was delayed for around 15 minutes after the protesters made their way on to the course. The protesters say the race is cruel to horses, with many having died over the daunting fences down the years. "The Grand National is and always will be an iconic sporting event and the actions of a small number of people will do nothing to diminish its huge and enduring international appeal."

☆ Grand National: Animal rights group threatens iconic horse race
▼ + stars: | 2023-04-13 | by ( Ben Church | ) edition.cnn.com time to read: +3 min

CNN —It’s watched by more than 500 million people from 140 different countries, but the Grand National remains one of the most controversial horse races in the world. However, animal rights groups claim the race represents the “broken relationship” between humans and nature due to the potential dangers the horses face. “This April we are launching the biggest campaign to protect animals and the climate this country has ever seen,” Animal Rising added. “Already over 500 people are signed up for training to take peaceful action this summer.”The Grand National race is part of a three day festival at Aintree Racecourse every year. Animal Rising says the report won’t stop them from finishing their mission of raising awareness of what they claim are unethical practices.

☆ Scientists unveil new and improved 'skinny donut' black hole image
▼ + stars: | 2023-04-13 | by ( Will Dunham | ) www.reuters.com time to read: +4 min

WASHINGTON, April 13 (Reuters) - The 2019 release of the first image of a black hole was hailed as a significant scientific achievement. There is also a larger "brightness depression" at the center - basically the donut hole - caused by light and other matter disappearing into the black hole. This supermassive black hole resides in a galaxy called Messier 87, or M87, about 54 million light-years from Earth. The M87 black hole image stems from data collected by seven radio telescopes at five locations on Earth that essentially create a planet-sized observational dish. "The image we report in the new paper is the most accurate representation of the black hole image that we can obtain with our globe-wide telescope."

☆ Switzerland faced a full-scale bank run if Credit Suisse went bankrupt, Swiss regulator argues
▼ + stars: | 2023-04-05 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +7 min

It would have erased the holding company Credit Suisse Group, along with the parent bank Credit Suisse AG and its branches, while retaining the Credit Suisse (Schewiz) AG entity because of its "systemic importance." "The parent bank Credit Suisse AG would have gone under – a Swiss bank with total assets of over CHF 350 billion and ongoing business also running into many billions," Angehrn warned. Many other Swiss banks would probably have faced a run on deposits, as Credit Suisse itself did in the fourth quarter of 2022." Angehrn said the regulator has been in recent dialogue with the U.S., but did not experience international pressure in its supervision of Credit Suisse. The authorities would have risked not stopping a looming financial crisis by using the tool of resolution, but rather triggering such a financial crisis."

☆ ECB to look for signs of stress but banking crisis unlikely
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +3 min

Summary Lagarde says rate hikes are just starting to biteLane says full-blown banking crisis is unlikelyFRANKFURT, March 22 (Reuters) - The European Central Bank will watch for signs of stress in bank lending from the ongoing financial turmoil but a full-blown crisis is unlikely for now, the ECB's top brass said on Wednesday. But that's pretty much a tail scenario at this point in time," Lane told a conference on Wednesday. "For inflationary pressures to ease, it is important that our monetary policy works robustly in the restrictive direction," she said. Lane said he expected core prices to ease over time as lower fuel costs filter through to other sectors. Reporting By Francesco Canepa and Balazs Koranyi; Editing by Toby Chopra and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

☆ ECB to watch bank rates for signs of stress, Lagarde says
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, March 22 (Reuters) - The European Central Bank's interest rate increases are just starting to take effect on the economy but their transmission may become stronger as a result of the banking turmoil, ECB President Christine Lagarde said on Wednesday. Lagarde said the ECB's actions to raise borrowing costs may be magnified if banks become more risk averse and start demanding higher rates when lending -- likely implying the central bank would need to increase its own rates by less. "For inflationary pressures to ease, it is important that our monetary policy works robustly in the restrictive direction," she said. The ECB has increased the rate it pays on bank deposits by a record-breaking 350 basis points to 3% since July and financial markets expect a further increase to 3.5% later this year. Reporting By Francesco Canepa and Balazs Koranyi; Editing by Toby Chopra and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

☆ Leaked document shows Amazon's flawed job-posting process led to 'over-hiring,' with one team listing 3 times more openings than approved for
▼ + stars: | 2023-03-21 | by ( Eugene Kim | ) www.businessinsider.com time to read: +6 min

Amazon lacked internal oversight and governance in listing job posts, leading to over hiring, according to an internal document. That means the utility computing team had over 3-times more job postings than the headcount target at the time. The document points to Amazon's lack of standardization and governance for the gap between the job postings and open headcount. "This enabled over-hiring in certain cost centers and contributed to span of control and level ratio defects," the internal document said. This person said Amazon's lack of oversight in job postings and the related hiring process caused "over-hiring issues" and leaders trying to "squeeze people in where they could."

☆ Amazon is laying off another 9,000 employees — read the email CEO Andy Jassy sent to staff
▼ + stars: | 2023-03-20 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +8 min

Amazon is laying off another 9,000 employees. CEO Andy Jassy said the additional cuts weren't announced sooner because some teams hadn't finished their cost-cutting analysis. The layoffs will come on top of the cuts to 18,000 positions that the company disclosed in January. It also "led to new openings where we don't have the right skills match from our existing team members," Jassy wrote. The company is planning to conduct "limited hiring" in areas it is focusing on, he said.

☆ Xi promotes China as peacemaker on first trip to Russia since Ukraine invasion
▼ + stars: | 2023-03-20 | by ( Jennifer Jett | ) www.cnbc.com time to read: +8 min

In this grab taken from video, China's President Xi Jinping, left, speaks with Russian President Vladimir Putin during their meeting in Moscow, Russia, Monday, March 20, 2023. Russia, China and the U.S. are not members of the court. "I am pleased to once again set foot on the soil of our friendly neighbor Russia," Xi said in a statement after arriving in Moscow on Monday for the three-day state visit. Xi said his Russia trip was intended to strengthen the strategic partnership between the two countries in a world faced with "damaging acts of hegemony, domination and bullying." The Chinese Foreign Ministry has not confirmed reports that Xi may hold a virtual meeting with Zelenskyy after his trip to Moscow.

☆ Amazon to lay off 9,000 more workers in addition to earlier cuts
▼ + stars: | 2023-03-20 | by ( Annie Palmer | ) www.cnbc.com time to read: +5 min

The latest round will primarily impact Amazon's cloud computing, human resources, advertising and Twitch livestreaming businesses, Jassy said in the memo. Amazon is undergoing the largest layoffs in company history after it went on a hiring spree during the Covid-19 pandemic. Amazon froze hiring in its corporate workforce, axed some experimental projects and slowed warehouse expansion. Some may ask why we didn't announce these role reductions with the ones we announced a couple months ago. To those ultimately impacted by these reductions, I want to thank you for the work you have done on behalf of customers and the company.

☆ New Hampshire GOP Gov. Chris Sununu, a potential 2024 presidential contender, says some Republicans have 'lost their moral compass' on foreign policy
▼ + stars: | 2023-03-19 | by ( John L. Dorman | ) www.businessinsider.com time to read: +3 min

Sununu in a Washington Post op-ed criticized some in the GOP over their foreign policy stances. Opposing Ukraine aid "because President Biden supports it is not a viable foreign policy," he wrote. "Simply opposing aid to Ukraine because President Biden supports it is not a viable foreign policy," he continued to say. Sununu proceeded to take another swipe at Trump in seeking to shift the party's foreign policy in a more Reaganesque direction. "Some in the Republican Party have lost their moral compass on foreign policy, as evidenced by former president Donald Trump, who once called Putin's invasion 'genius' and 'savvy,'" the governor wrote.

☆ Why Won’t the West Let Ukraine Win Against Russia?
▼ + stars: | 2023-03-16 | by ( John Bolton | ) www.wsj.com time to read: +1 min

New intelligence suggesting that a “pro-Ukraine group” sabotaged the Nord Stream pipelines in September triggered surprising political blowback in Europe. But even if Ukraine masterminded the raid, why would successfully disrupting Nord Stream imperil foreign assistance? Such a potentially harmful reaction exposes a larger problem, which has repeatedly manifested itself since Russia’s unprovoked aggression. The North Atlantic Treaty Organization has been spooked by Moscow’s threats to “escalate” the conflict if Ukraine isn’t kept on a tight leash. Although President Biden failed, indeed barely tried, to deter Russia’s war, Vladimir Putin has masterfully deterred NATO from responding robustly enough to end the conflict promptly and victoriously.

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