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Morgan Stanley analyst Manan Gosalia, in a report earlier this week, set a target price of $54 for First Republic shares in a best-case scenario. That hope was reduced on Wednesday, after Yellen told a hearing of the U.S. Senate's Appropriations Subcommittee on Financial Services that the government "is not considering insuring all uninsured bank deposits." The Morgan Stanley report considered that a potential extension of FDIC insurance could bring a majority of First Republic's customers back. Even if it clinches a cash infusion, the lender will probably need to take losses on securities in its so-called held to maturity portfolio, the Morgan Stanley analysts wrote. In the worst-case scenario, First Republic's shares would sink to just $1, Morgan Stanley analysts estimated.

Last year it breached liquidity requirements at some of its entities after an unsubstantiated social media report sparked client exits. In the U.S., the decision to insure all bank deposits after SVB was shuttered surprised many. QUICKLY DISAPPEARSome in the banking industry play down the risks of another SVB-style downfall spurred by social media. Regulators will also need to monitor social media and develop a set of protocols to guide how they respond, according to Patricia McCoy, a law professor at Boston College. "They need to be looking for any signs of unsubstantiated rumors, panic starting to mount on social media, and they've got to do it around the clock," she said.

☆ Netflix Bets Big on ‘The Electric State’ as It Seeks to Build Franchises
▼ + stars: | 2023-03-22 | by ( Sarah Krouse | Robbie Whelan | ) www.wsj.com time to read: 1 min

‘The Electric State’ is directed by Anthony and Joe Russo, who are also known for Netflix’s ‘The Gray Man.’Netflix Inc. is spending big on a coming science-fiction movie from the filmmaking team behind “Avengers: Endgame,” underscoring the company’s willingness to invest heavily in projects it thinks can be turned into major franchises. The price tag for the “The Electric State”—featuring A-list talent including Chris Pratt of the “Guardians of the Galaxy” franchise and “Stranger Things” star Millie Bobby Brown —is likely to be in the high $200 million range, people familiar with the matter said.

☆ The Northern Lights could dazzle the skies from Washington to New York on Friday, blown by winds from a giant 'hole' on the sun
▼ + stars: | 2023-03-22 | by ( Chris Panella | Morgan Mcfall-Johnsen | Jessica Orwig | ) www.businessinsider.com time to read: +3 min

The Northern Lights could appear in the skies over some northern US states on Friday. The lights could be dazzling thanks to solar winds blowing from a giant coronal hole on the sun. NOAA/Space Weather Prediction CenterThese solar winds are coming from a giant coronal hole on the sun. As that giant hole spread across the corona, it blasted strong, high-speed solar winds into space, in the direction of Earth. They have previously driven the aurora lights as far south as New York and Idaho.

☆ Days after Putin's dead-of-night trip to a city far from the front, Zelenskyy visited the heart of the bloodiest fighting in Ukraine
▼ + stars: | 2023-03-22 | by ( John Haltiwanger | Chris Panella | ) www.businessinsider.com time to read: +6 min

Days after Putin's dead-of-night trip in Ukraine, Zelenskyy visited troops near the front lines. State media followed the Russian President meeting with residents who told him the occupied, war-torn Ukrainian city is a "little piece of paradise." Russian President Vladimir Putin (R) visits a recently renovated theater in Mariupol. In the original video, Putin meets with local residents near a new apartment complex in the dead of night. Zelenskyy visits troops fighting on the front lines in BakhmutUkrainian President Volodymyr Zelenskyy speaks with troops near the front lines of Bakhmut.

The SEC said Sun's activity generated tens of millions of dollars of illegal profit at other investors' expense. "This case demonstrates again the high risk investors face when crypto asset securities are offered and sold without proper disclosure," SEC Chair Gary Gensler said in a statement. Andrew Brettler, a lawyer for Lohan, said the actress did not know about the disclosure requirements until last March. The SEC has been ratcheting up efforts to crack down on the crypto industry, which Gensler has called a "Wild West" riddled with misconduct. It said Sun inflated apparent trading volume in TRX through extensive "wash trading," involving simultaneous or near-simultaneous purchases and sales with no real change in ownership.

☆ Florida drag queens say venues have started shutting them down after DeSantis pushed to revoke a Hyatt hotel's liquor license
▼ + stars: | 2023-03-21 | by ( Chris Panella | ) www.businessinsider.com time to read: +3 min

Florida drag queens say the GOP's push to restrict performances is hitting them in their wallets. But one recent incident is leading, in particular, is leading venues to reconsider offering drag performances, they said. Advocates such as Equality Florida say the incident is an example of the DeSantis administration "selectively weaponizing state agencies" to target drag performers and venues that are not harmful for children. The move is already having a chilling effect, and Adrien said it's helping scare other venues from offering drag performances and pushing drag queens from participating in shows for fear of retaliation. Venus Envy, an Orlando-based drag queen, told Insider drag performers have more recently performed at venues "that are not exclusively for the LGBTQ+ community," such as "mainstream bars, restaurants, and theatres."

☆ China doesn't want Russia to 'go down in flames' in Ukraine because they need Putin to 'foil' US power, White House official says
▼ + stars: | 2023-03-21 | by ( Chris Panella | ) www.businessinsider.com time to read: +2 min

China doesn't want Russia to "go down in flames" in Ukraine, a White House official told MSNBC. John Kirby said China needs Putin to help "push back" against US leadership and power. Xi visited Putin this week in Moscow, with both parties praising each other as a "dear friend." They would like to see this war end, too," John Kirby, coordinator for strategic communications for the National Security Council in the White House, told MSNBC. Russian media said Xi and Putin warmly praised each other as a "dear friend," Reuters said.

☆ A woman heckled Putin, shouting 'it's not real!' during his dead-of-night propaganda trip to Mariupol, and state media didn't catch it before the video aired
▼ + stars: | 2023-03-21 | by ( Chris Panella | ) www.businessinsider.com time to read: +2 min

Russia had said Putin's trip and meeting with residents in the captured city was "spontaneous." In the original video, Putin meets with local residents near a new apartment complex in the dead of night. During the conversation, a woman can be heard interrupting Putin and the residents, yelling "It's not real! According to AP, Russia said Putin's trip was spontaneous. Ukrainian officials condemned the trip, noting that an estimated 25,000 people have died in Mariupol since the war began.

☆ At a key moment in the war, the US is rushing to get powerful Abrams tanks to Ukraine faster
▼ + stars: | 2023-03-21 | by ( Chris Panella | Jake Epstein | ) www.businessinsider.com time to read: +4 min

The US is rushing to get Abrams main battle tanks to Ukraine ahead of schedule, US officials say. But Kirby also acknowledged that their troops need modern, powerful Abrams tanks as soon as possible — a weapon that can help them shatter Russian lines when they launch a counter-offensive. Washington's original plan was to provide Ukraine with 31 of the M1A2 Abrams, a newer variant, which would have taken "over a year or so" to reach Ukraine, Pentagon Press Secretary Brig. Nicolas Armer/Getty ImagesThe M1 Abrams tanks have a history tracing back to the Gulf War. Meanwhile, US announcements on the Abrams tanks come at a critical time for Ukraine and its tank force.

☆ Putin has 'aggressively' tried to make China his ally because Russia is running out of ammo in Ukraine, a White House official said
▼ + stars: | 2023-03-21 | by ( Chris Panella | ) www.businessinsider.com time to read: +2 min

Putin is "aggressively" trying to make China his ally, a White House official said. John Kirby told MSNBC that Russia needs China because he is "running out of ammunition" in Ukraine. "President Putin needs President Xi because he's running out of ammunition," John Kirby, coordinator for strategic communications for the National Security Council at the White House, told MSNBC. Kirby echoed a similar sentiment in his White House briefing on Monday. Earlier this year, US analysis suggested that Russia was running out of munitions, losing as much as half of its tanks, and suffering high casualties.

☆ NBA roundup: Spurs overcome 24-point deficit, down Hawks
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +7 min

Dejounte Murray led the Hawks with 22 points in his return to San Antonio after being traded by the Spurs in the offseason. Onyeka Okongwu added 17 points, with Clint Capela racking up 15 points and 12 rebounds. Bam Adebayo supplied 22 points, 10 rebounds, five assists and three blocks for Miami. Tyler Herro had 19 points and six rebounds, Caleb Martin tossed in 13 points and Kevin Love added 12 points and eight rebounds. Fred VanVleet's 23 points led four Raptors scoring at least 18.

☆ Ukraine's Soviet-era tanks are getting stuck in the mud, falling apart, and frequently won't even fire, tank force commander says
▼ + stars: | 2023-03-20 | by ( Chris Panella | Jake Epstein | ) www.businessinsider.com time to read: +4 min

Old tanks break, get stuck, and sometimes don't even fire, a Ukrainian tank platoon commander told the Kyiv Independent. Ukrainian forces hope they can get their hands on modern and advanced Western tanks. Ukrainian units report that their older T-64 tanks are getting stuck in mud, are constantly in need of repair, and sometimes won't even fire. But while Yehor's T-64 tanks have been indispensable, he said it's getting harder to keep them running. An Ukrainian T-64 tank crew makes repairs after leaving the battlefield in Ukraine, on March 9, 2023.

☆ DeSantis administration sent undercover agents to an Orlando drag show and they found nothing wrong with it. The state is still trying to punish the venue.
▼ + stars: | 2023-03-20 | by ( Natalie Musumeci | Chris Panella | ) www.businessinsider.com time to read: +5 min

Undercover agents were sent by the DeSantis administration to spy on a drag show, the Miami Herald reported. Still, Florida is moving ahead with a complaint against the venue to strip its liquor license. Ron DeSantis to spy on an Orlando drag show — and they found nothing "lewd" about it, according to the Miami Herald. A Florida drag queen told Insider before the Miami Herald report was published that they were concerned about rumors of undercover state agents showing up at performances. The DeSantis administration recently targeted the Hyatt Regency Miami after one of its facilities hosted "A Drag Queen Christmas" with minors present in the audience.

A Manhattan grand jury weighing evidence for a possible Donald Trump "hush-money" indictment. Here's a timeline of Trump and Daniels' alleged relationship, the $130,000 payment to keep Daniels silent, and the testimonies leading to a possible indictment. Markus Schreiber/APManhattan District Attorney Alvin Bragg convened a grand jury in mid-January of this year to consider an indictment against Trump. And Trump's former fixer and lawyer Michael Cohen, prosecutors' key witness, has made repeated visits to the DA's office and to the grand jury. What could happen nextThe final witnesses were scheduled to testify before the grand jury on March 20, though it is unclear when the panel may vote.

☆ Drag queens say they tweak their performances if they notice a kid in the crowd. Republicans have cast the performances as dangerous for children.
▼ + stars: | 2023-03-20 | by ( Chris Panella | ) www.businessinsider.com time to read: +5 min

A Florida drag queen said performers adjust shows when there are children and families in the crowd. Republicans have targeted drag events for kids, introducing bills to restrict and prohibit attendance. Family-friendly drag events — such as Drag Queen Story Hour, which was established as a nonprofit in 2015 and has since become a national event — are under fire from Republican lawmakers. Bills prohibiting minors from attending drag queen events, banning drag performances in public, and classifying drag performances as adult-oriented businesses have been filed across the United States in recent months. Another drag queen, Venus Envy, told Insider that while they don't solely participate in family-friendly performances, they are accustomed to "tailoring my shows to my audiences."

☆ A drag queen who survived the Orlando Pulse shooting says Florida's LGBTQ community is 'scared' of further hate following DeSantis' push to revoke a hotel's liquor license
▼ + stars: | 2023-03-20 | by ( Lloyd Lee | Chris Panella | ) www.businessinsider.com time to read: +7 min

A drag queen who survived the 2016 Pulse club shooting said it only further demonizes LGBTQ people. "Not just in terms of limiting opportunities for drag entertainers, but by demonizing the art of drag as a whole," she wrote. Fine told Insider his motivation for pursuing the bill came after he found out a drag queen show was hosted in a public space in his district last year. However, the representative also said he would not support a bill that eliminates drag shows for consenting adults. In Florida, there have been at least nine demonstrations against the LGBTQ community, the organization found.

Credit Suisse declined to comment on the banks' actions. MARKET TROUBLES LINGERBanking stocks globally have been battered since Silicon Valley Bank collapsed, raising questions about other weaknesses in the wider financial system. A view of the Park Avenue location of the First Republic Bank, in New York City, U.S., March 10, 2023. The supervisors were told deposits were stable across the euro zone and exposure to Credit Suisse was immaterial, a source familiar with the meeting's content told Reuters. "Japan's financial system remains stable as a whole," Kishida told a news briefing.

March 17 (Reuters) - Credit Suisse and First Republic Bank shares came under renewed pressure on Friday despite multibillion-dollar support deals, while a source said European Central Bank supervisors see no contagion for euro zone banks from the turmoil. With investor confidence far from restored, analysts, investors and bankers think the loan facility has only bought Credit Suisse some time to work out what to do next. Meanwhile, U.S. regional bank shares, including PacWest Bancorp (PACW.O), also opened sharply lower, with First Republic down around 25%. But the supervisors were told deposits were stable across the euro zone and exposure to Credit Suisse was immaterial, a source familiar with the meeting's content told Reuters. The ECB pressed forward with a 50 basis-point rate hike, arguing that euro zone banks were in good shape and that if anything, higher rates should bolster their margins.

U.S. Treasury yields extended a slide after data showed March U.S. consumer sentiment fell for the first time in four months. Credit Suisse's chief executive said on Friday the bank was working hard to stem customer outflows, although this could take time. The STOXX 600 (.STOXX) index fell 2.21%, while Europe's broad FTSEurofirst 300 index (.FTEU3) dropped 22.85 points, or 1.31%. The U.S. 2-year Treasury yield , which is sensitive to shifts in interest rate expectations, fell to 3.9835% compared with a previous close of 4.13%. The benchmark German 10-year yield fell to 2.099% versus 2.243% previously .

The rescue package came shortly after embattled Credit Suisse (CSGN.S) tapped an emergency central bank loan of up to $54 billion to shore up its liquidity. The ECB supervisors saw no contagion to euro zone banks from the market turmoil, a source familiar with the content of the meeting told Reuters, adding that supervisors were told deposits remained stable across euro zone banks and exposure to Credit Suisse was immaterial. "I don't think we are in the crux of a global financial crisis. The ECB pressed forward with its 50 basis point rate hike, arguing that euro zone banks were in good shape and that if anything, higher rates should bolster their margins. Japan's finance ministry, financial regulator and central bank said they would meet on Friday to discuss developments.

March 17 (Reuters) - European Central Bank supervisors met to tackle growing cracks in the banking system on Friday after a $30 billion lifeline for U.S. lender First Republic Bank (FRC.N) eased fears of its imminent collapse. The rescue package came less than a day after Credit Suisse (CSGN.S) clinched an emergency central bank loan of up to $54 billion to shore up its liquidity. The two deals helped restore some calm to global markets, after a torrid week for banking stocks. "French and European banks are very solid," ECB policymaker and French central bank governor Francois Villeroy de Galhau, told BFM business radio. Japan's finance ministry, financial regulator and central bank said they would meet on Friday to discuss developments.

The package came less than a day after Swiss bank Credit Suisse (CSGN.S) clinched an emergency central bank loan of up to $54 billion to shore up its liquidity. Analysts say authorities appear eager to quickly deal with systemic risks, but worry the potential for a banking crisis is far from over. "Yellen was clear overnight that all bank deposits were protected, but the bank might not be there," he said. Within days, the market turmoil had ensnared Credit Suisse, forcing it to borrow from Switzerland's central bank. Credit Suisse shares closed 19% higher on Thursday, recovering some of their 25% fall on Wednesday.

March 16 (Reuters) - First Republic Bank's (FRC.N) shares fell 17% in extended trading on Thursday, despite an unprecedented show of support in the bank from nearly a dozen of the world's largest financial institutions. The bank's shares, which had closed 10% higher after a volatile day that saw trading halted 17 times, slumped in after-market trading. Jason Ware, chief investment officer for Albion Financial Group, said the Dimon-led banking sector intervention on Thursday was a "shot in the arm of the system" but likely more was needed. A First Republic Bank branch is pictured in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. The bank's shares have been hit hard in recent days in the aftermath of the collapse of Silicon Valley Bank.

March 17 (Reuters) - Multi-billion dollar lifelines for troubled U.S. and European banks shored up investor confidence on Friday and bolstered sentiment in battered stocks, although concerns now centre on whether a global financial crisis has been fully averted. The package came less than a day after Swiss bank Credit Suisse (CSGN.S) clinched an emergency central bank loan of up to $54 billion to shore up its liquidity, which went some way to calming panic about a global banking crisis. "I don't think we are in the crux of a global financial crisis, balance sheets are much better than they were in 2008, banks are better regulated," said Karen Jorritsma, head of Australian equities, RBC Capital Market. Within days, the market turmoil had ensnared Credit Suisse, forcing it to borrow from Switzerland's central bank. Policymakers have tried to emphasise that the current turmoil is different to the global financial crisis 15 years ago as banks are better capitalised and funds more easily available.

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