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☆ Swiss parliament seeks elusive compromise over Credit Suisse rescue
▼ + stars: | 2023-04-12 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

While the upper house approved the government's 109 billion Swiss franc ($120.82 billion) contribution to the rescue package, parliament's lower, and larger chamber, later rejected it. Seeking a compromise, the upper house passed changes to the measure on Wednesday morning, which the lower house will vote on later in the day. As they returned on Wednesday, the upper house passed changes, which include a proposal for Switzerland's federal government to draft an amendment to the country's Banking Act. Its aim would be to reduce the risks posed by systemically relevant banks, such as Credit Suisse and UBS for Switzerland, by, for example, raising capital requirements and restricting bonuses. A shotgun marriage which saw Credit Suisse taken over by rival UBS (UBSG.S) for 3 billion Swiss francs and propped up with more than 250 billion Swiss francs in guarantees and support has drawn widespread criticism.

☆ Brainard: US banking system is ‘sound’ and ‘stable’
▼ + stars: | 2023-04-12 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

Minneapolis CNN —The broader US banking system remains sound and stable, but the two regional banks that failed were “poorly managed” and “took unacceptable risks,” White House economic adviser Lael Brainard told CNN’s Poppy Harlow in an interview Wednesday at Semafor’s World Economy Summit in Washington, DC. “The banking system, it’s very sound, it’s stable; the core of the banking system has a great deal of capital that was put in place in the wake of the 2008-2009 global financial crisis,” said Brainard, director of the White House National Economic Council. They failed, and the president took strong actions along with the Secretary of the Treasury and the banking regulators,” she said. “Those actions reassured Americans their deposits are safe, the banking system is sound; but it was also important to the president that the executives of those failed banks were held accountable and, very important, that taxpayer money not be at risk,” she continued. “When those strong safeguards were put in place [through Dodd-Frank], it materially strengthened the banking banking system,” she said.

The firm debut by Harita Nickel could boost sentiment surrounding upcoming IPOs in Indonesia, which is one of the world's hottest IPO markets this year on a drive by the government to privatise some state-owned enterprises. Harita Nickel's stock opened at 1,285 rupiah per share, slightly higher than its initial public offering (IPO) price of 1,250 rupiah a share, on the Indonesian stock exchange. The IPO comes at a time when nickel-rich Indonesia steps up efforts to become a major player in the electric vehicle industry. Harita Nickel's peer Merdeka Battery Materials is scheduled to debut on the local bourse next, on April 18, after raising 8.75 trillion rupiah. Harita Nickel's IPO was the largest in Indonesia in almost a year after the $1.1 billion listing of tech firm GoTo (GOTO.JK) in April.

The latter could slam global growth back to about 1% this year, effectively a recession on a per-capita GDP basis. 'PERILOUS' RISKSThe IMF's Global Financial Stability Report warned of a "perilous combination of vulnerabilities" in financial markets, saying that some participants had failed to adequately prepare for the impact of interest rate increases. Despite the warnings, the IMF's chief economist, Pierre-Olivier Gourinchas, said inflation is still the bigger problem and that price stability should take precedence over financial stability risks for central banks' monetary policy. Only in the event of a very severe financial crisis should those priorities be reversed, he said in a news conference. She added that the global financial system was also resilient due to reforms enacted after the 2008 financial crisis.

☆ Yellen says vigilant to downside economic risks, but don't 'overdo the negativism'
▼ + stars: | 2023-04-11 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

REUTERS/Elizabeth FrantzWASHINGTON, April 11 (Reuters) - U.S. Treasury Secretary Janet Yellen on Tuesday said she remained vigilant to downside risks facing the global economy, given Russia's ongoing war against Ukraine and banking pressures, but the overall outlook was "reasonably bright." Yellen, speaking at a news conference, pushed back against warnings by the International Monetary Fund of bigger risks associated with severe financial tensions. "I wouldn't overdo the negativism about the global economy," Yellen said, when asked about a slightly trimmed IMF global growth forecast for 2023 which warned that a flare-up of financial system turmoil could slash output to near recessionary levels. She said the U.S. banking system remained sound, with strong capital and liquidity positions, and the global financial system is resilient due to the significant reforms enacted after the 2008 financial crisis. Yellen told reporters the global economy was in a better place than projected last fall, with energy and food prices having stabilized and supply chain pressures continuing to ease.

☆ Yellen says vigilant to downside risks given war in Ukraine, banking pressures
▼ + stars: | 2023-04-11 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, April 11 (Reuters) - U.S. Treasury Secretary Janet Yellen said she remained vigilant to downside risks facing the global economy, given the negative economic consequences of Russia's war against Ukraine and recent pressures on banking systems in the United States and elsewhere. A price cap on Russian oil was helping to stabilize global energy markets while reducing Russia’s primary source of revenue, she added. The U.S. banking system remains sound, with strong capital and liquidity positions, and the global financial system is resilient due to the significant reforms enacted after the 2008 financial crisis, she said. DEBT OVERHANGYellen said high debt burdens posed a "significant economic headwind for too many countries," with more than half of all low-income countries near or in debt distress, and called for steps to improve the international debt restructuring process. Yellen also called for completion of a debt treatment for Zambia and the rapid establishment of a creditor committee for Ghana.

☆ Elon Musk says Warren Buffett should run the US Treasury - and the investor could do the job in under 1 hour per week
▼ + stars: | 2023-04-11 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Elon Musk would prefer Warren Buffett to be US Treasury secretary instead of Janet Yellen. The Tesla chief said the Berkshire Hathaway boss could do the job in less than 1 hour per week. "Probably Buffett," Musk tweeted. "Any highly successful investor with a long track record would do a good job – the job is essentially fund management at scale," he added. As for Buffett, he's questioned Musk's Twitter habit in the past, and jokingly challenged the auto executive to take on Berkshire in the candy business.

☆ Capital Group expands ETF lineup, including two new international funds
▼ + stars: | 2023-04-11 | by ( Jesse Pound | ) www.cnbc.com time to read: +3 min

Multi-trillion dollar asset manager Capital Group is expanding its ETF lineup after some of its first funds gained traction last year. The Los Angeles-based firm on Tuesday filed for three new active ETFs — International Equity ETF (CGIE), World Dividend Growers ETF (CGDG) and Core Balanced ETF (CGBL) — under the Capital Group banner. The new funds come a little more than a year after Capital Group — founded in the Depression and known for its American Funds — first dipped its toe into the ETF world. Our new ETF — CGIE — is more of a developed-market focused ETF," Davis said. Meanwhile, the new global dividend fund is in part a response to the success of the U.S.-focused Capital Group Dividend Value ETF (CGDV) , Davis said.

☆ Read 14 pitch decks that helped media and tech startups nab millions in funding to disrupt entertainment
▼ + stars: | 2023-04-11 | by ( Lucia Moses | ) www.businessinsider.com time to read: +2 min

Tech is disrupting all parts of media and entertainment, and investors are rushing to cash in. These pitch decks show how their founders sold their vision to raise outside capital from VCs. Technology is upending all facets of media and entertainment. Insider talked with founders about the pitches they used to raise millions and innovate in content creation and distribution. Check out the examples below to learn more about how these and other founders have sold their vision.

☆ 6 startups that have raised $100 million or more in 2023 to change healthcare
▼ + stars: | 2023-04-11 | by ( Yeji Jesse Lee | ) www.businessinsider.com time to read: +3 min

The healthcare-staffing startup ShiftKey raised $300 million in a round led by its majority investor Lorient Capital. The clinical-trials-tech startup Paradigm raised a $203 million Series A round led by Arch Venture Partners and General Catalyst. The healthcare-staffing startup ShiftMed raised a $200 million round led by Panoramic Ventures. raised a $200 million round led by Panoramic Ventures. Vytalize Health, a startup that helps doctors provide value-based care, raised $100 million from Enhanced Healthcare Partners, Monroe Capital, and North Coast Ventures.

☆ Investors and analysts on what to do with struggling Tesla shares
▼ + stars: | 2023-04-10 | by ( Christina Falso | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors and analysts on what to do with struggling Tesla sharesJim Cramer, Mark Fields of TPG Capital and Dennis Cuneo of DC Strategic Advisors on what they think about Tesla.

☆ Temasek buys 41% stake in India's Manipal Health for $2 bln- source
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, April 10 (Reuters) - Singapore-based sovereign wealth fund Temasek said on Monday that it is acquiring an additional 41% stake in India's Manipal Health Enterprises from investors including TPG, boosting its stake in one of the country's largest hospital chains to 59%. While Manipal did not specify the deal value, Temasek has paid about $2 billion for the additional stake, said a person with direct knowledge of the matter. Private equity firm TPG, an investor in Manipal since 2015, will fully exit its stake, though it will reinvest via a new fund. India's sovereign wealth fund, the National Investment and Infrastructure Fund (NIIF), will also sell its full stake to Temasek, while Manipal founder Ranjan Pai's family holding will reduce from about 50% to 30%. "By re-investing through our new Asia fund – TPG Asia VIII, we look forward to continuing to support Manipal's mission of bridging the quality healthcare infrastructure gap in the country," said Puneet Bhatia, co-managing partner of TPG Capital Asia.

☆ 6 startups and VCs investing millions directly in influencers — from licensing back catalogs to full ownership of YouTube channels
▼ + stars: | 2023-04-10 | by ( Amanda Perelli | Sydney Bradley | ) www.businessinsider.com time to read: +2 min

As the creator economy matures, some startups are setting aside capital to invest directly in individual stars and their content. "No niche is too niche, if you will, and we continue to be surprised by that," said Megan Lightcap, principal at Slow Ventures. One of Slow Ventures' deals is with YouTuber Marina Mogilko, who runs a language learning channel. To help creators better understand who is investing and what those deals look like, Insider compiled a list of six companies investing directly into influencers and their businesses. Here are six leading companies investing capital in creators:

☆ Mark Cuban says the best way to start a business is with 'as little money as possible'—here's why
▼ + stars: | 2023-04-09 | by ( Ashton Jackson | ) www.cnbc.com time to read: +2 min

If you think that raising capital is the best way to get your business off the ground, you're wrong, according to Mark Cuban. Cuban, of course, has invested in hundreds of startups, including some on ABC's "Shark Tank." Now, I've got to go raise money,'" Cuban said, adding: "Just remember raising money, whether it's from me, on 'Shark Tank' [or] anywhere, that's an obligation. Elon Musk, who has an estimated net worth of $187.9 billion, owns about 23% of Tesla and 74% of Twitter, according to Forbes. Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank," which features Mark Cuban as a panelist.

☆ 4 real estate investors who have bought property with none of their own savings explain how they raised capital to get started. 'We're using other people's money to make us more money.'
▼ + stars: | 2023-04-09 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Buying real estate typically means coming up with cash for a down payment and closing costs. One of the biggest barriers to entry when it comes to buying real estate is capital. Natia and Jervais Seegars, real estate investors and founders of YourLifeStyleStrategy. "So we were able to continue to save our money while using other people's money to make us more money." They reached out to friends, family, and other San Diego-based real estate investors and ended up raising the $90,000 they needed for that first multi-family in about 30 days.

☆ Walmart Sues Credit-Card Partner Capital One
▼ + stars: | 2023-04-07 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

Walmart says Capital One hasn’t provided the customer service it is obligated to offer under a credit-card partnership—a claim Capital One disputes. Walmart Inc. is suing Capital One Financial Corp., seeking to terminate the companies’ credit-card partnership. Walmart’s lawsuit, which was filed this week, alleges that Capital One didn’t meet certain terms of the card partnership contract. The case was filed in the Southern District of New York.

The Ritz-Carlton Rewards® Credit Card is still available as an upgrade from the Marriott Bonvoy Boundless® Credit Card or Marriott Bonvoy Bold® Credit Card . You can find Priority Pass lounges and restaurants by searching for your airport on the Priority Pass website or through the Priority Pass app. Priority Pass LoungesTypically, airport lounges in the Priority Pass network are off-limits to the general public unless you have access through a membership, airline ticket, elite status, or via a paid day pass. Priority Pass Restaurants, Cafés, Spas, and MoreIn addition to airport lounges, the Priority Pass network includes restaurants and cafés at airports like Houston (IAH) and San Francisco (SFO). Credit Cards With Priority Pass Frequently Asked Questions (FAQ)Is Priority Pass membership automatic when you open an eligible credit card?

"It cannot be that financial institutions are doing well because they treat their customers badly," Chan-Jae Yoo, a BaFin official, said in an interview. Deutsche Kreditwirtschaft, an umbrella organisation that lobbies for German finance, said German banks are "extremely stable and robust" and confidence remains "high" and "unaffected" by recent turmoil stemming from the collapse of lenders in the United States and Switzerland. "The mere fact that consumers are increasingly asking us and seeking our advice is proof enough that they do not fully trust financial institutions," he said. Protections and rights for customers of financial institutions have come under increased scrutiny from regulators and the German courts. "We want services to establish themselves in the marketplace that meet consumer needs, not feed the financial industry," he said.

☆ Investing in Space: Deloitte formalizes its space consulting business, with an eye on growth
▼ + stars: | 2023-04-06 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +3 min

CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. The space industry keeps growing, and global consulting groups aren't ones to be left behind. This week saw Big 4 firm Deloitte formalize its space consulting services, even as other consulting giants like McKinsey, BCG and Bain compete for pieces of the space pie. Loubert breaks the space consulting opportunity into two areas: Space as a mission or business, and space as a growth opportunity. For more on consulting and space, I'll be sitting down on April 18 with McKinsey Senior Partner Ryan Brukardt at Space Symposium in Colorado.

☆ Shadow banks: The other financial firms worrying investors and regulators
▼ + stars: | 2023-04-06 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

London CNN —The International Monetary Fund warned this week of “vulnerabilities” among so-called non-bank financial institutions, saying global financial stability could hinge on their resilience. The term encompasses financial firms, other than banks, that provide all manner of financial services, including lending to households and businesses. The sector has grown strongly since the global financial crisis in 2008, with its asset base expanding by 7% a year on average, according to FSB data. Non-banks that provide credit are known as “shadow banks,” although the term is often used imprecisely to mean all non-banks. Shadow banks now make up about 14% of the world’s financial assets and, like many non-banks, operate without the same level of regulatory oversight and transparency as banks.

☆ 6 companies investing millions directly in content creators — from licensing back catalogs to full ownership of YouTube channels
▼ + stars: | 2023-04-06 | by ( Amanda Perelli | Sydney Bradley | ) www.businessinsider.com time to read: +2 min

☆ Here are Thursday's biggest analyst calls: Netflix, Apple, Amazon, Microsoft, FedEx, Pinterest & more
▼ + stars: | 2023-04-06 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Raymond James upgrades FedEx to outperform from market perform Raymond James said and "undeniable" positive change is underway at the shipping giant. "We are initiating coverage of XPO, one of the largest less-than-truckload (LTL) carriers, in North America, with an Outperform rating and a $44 target price." "We are initiating coverage of Skyworks Solutions, with a Buy rating and $150 target price. Raymond James upgrades Wells Fargo to strong buy from outperform Raymond James said the banking giant is well positioned in the current environment. Raymond James initiates Pinterest as outperform Raymond James said it sees "steady user growth" for Pinterest.

☆ In pioneering workshops, U.S. trains Cuban entrepreneurs to do business
▼ + stars: | 2023-04-06 | by ( Dave Sherwood | ) www.reuters.com time to read: +5 min

[1/3] Cuban entrepreneurs Maria Puga and Ana Torres pose for a photo at their atelier in Havana, Cuba, April 3, 2023. "Cuba's state-run economy has traditionally not delivered, and recently has delivered even less," Ziff said in an interview. The United States, which says it operates "transparently" in Cuba, is not alone in seeking to promote Cuba's fledgling private sector. Diplomat Ziff said the United States was seeking ways to ease the burden of U.S. sanctions on private business but in a way that would not inadvertently benefit the Cuban government. "The biggest impediment to doing business in Cuba is the Cuban government," Ziff said.

☆ Bank of America shares its recession investing playbook based on 150 years of market history — including 5 ETFs to own now and 3 signals to watch to know when to 'confidently buy' at the bottom
▼ + stars: | 2023-04-05 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

For a downturn, the bank likes ETFs like IYK, ANGL, FALN, and CALF. Economists at Bank of America expect a recession to hit the US economy this year. Bank of AmericaThat's bad news for stock market investors, as a recession likely means downward pressure on corporate earnings and share prices. Bank of AmericaWhen the indicator has entered this phase in the past, the strategists said defensive stocks, small-cap stocks, value stocks, and emerging-market stocks have outperformed. In addition to the broader index, they also said materials stocks should outperform when the market begins to recover.

☆ See the 6 startups that have raised the most cash in 2023 to transform healthcare
▼ + stars: | 2023-04-05 | by ( Yeji Jesse Lee | ) www.businessinsider.com time to read: +3 min

Startups in the industry raised $3.4 billion across 132 deals in the first three months of 2023. The healthcare-staffing startup ShiftKey raised $300 million in a round led by its majority investor Lorient Capital. The clinical-trials-tech startup Paradigm raised a $203 million Series A round led by Arch Venture Partners and General Catalyst. The healthcare-staffing startup ShiftMed raised a $200 million round led by Panoramic Ventures. raised a $200 million round led by Panoramic Ventures.

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