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Banks typically sold these perpetual bonds - known as AT1 bonds - with five years before an option to repay was triggered. In the past, investors got their money back, and banks replaced the bonds with new ones, but some are changing tack. The banks' actions show how the wipeout of billions of dollars of Credit Suisse AT1 bonds still reverberates around this market, which is estimated at roughly $275 billion. "The AT1 market is splitting," said Alessandro Cameroni, a portfolio manager at asset manager Lemanik. SHOCK ABSORBERThe AT1 bonds were designed to help banks absorb losses, and they count towards their capital buffers.

Persons: Kai Pfaffenbach, Banks, Alessandro Cameroni, Lemanik, Peter Harvey, Federated Hermes, Italy's, Morgan Stanley, Karsten Junius, J . Safra Sarasin, Chiara Elisei, Carlo Giovanni Boffa, Jane Merriman Organizations: REUTERS, Suisse, Raiffeisen Bank, Reuters, Deutsche, Aareal Bank, Credit Suisse, Investors, Federated, Lloyds, Societe Generale, UBS, Santander, J ., Thomson Locations: Frankfurt, Germany, Ukraine, Swiss, Schroders, Russia

☆ Euro steadies after Lagarde promises rate hike as inflation still too high
▼ + stars: | 2023-06-01 | by ( Joice Alves | ) www.reuters.com time to read: +3 min

LONDON, June 1 (Reuters) - The euro held its ground on Thursday, above a two-month low, after European Central Bank (ECB) President Christine Lagarde said inflation remains too high and further policy tightening was necessary. But the current level is still more than three times the ECB's 2% inflation target. "Today, inflation is too high and it is set to remain so for too long," Lagarde said in a speech. Money markets are pricing in an 85% chance of a 25 bps hike when the ECB meets on June 15. Another 25 bps hike is expected in July, according to Refinitiv.

Persons: Christine Lagarde, Lagarde, Simon Harvey, Luis de Guindos, Carol Kong, Joice Alves, Rae Wee, Simon Cameron, Moore, Sharon Singleton, Andrew Heavens Organizations: European Central Bank, ECB, Reserve, U.S . House, Fed, U.S, Democratic, Commonwealth Bank of Australia, Thomson Locations: Europe, London, Singapore

☆ Florida’s homeowner insurance rates are four times the national average. That’s not getting better anytime soon
▼ + stars: | 2023-06-01 | by ( Chris Isidore | ) edition.cnn.com time to read: +7 min

But no matter how many storms hit Florida this year, the state’s residents are already struggling as they try to get homeowners’ insurance. But in Florida, State Farm has about 7% of the market, according to the Insurance Information Institute, an industry trade group. Just more than half of insurers based in Florida are on the state insurance regulator’s watch list due to their financial health. Homeowners in the state pay private insurers about $6,000 a year, compared to a national average of $1,700. But wind damage to homes and roofs are covered under homeowners’ insurance policies.

Persons: ”, Mark Friedlander, hasn’t, Friedlander, It’s, Hurricane Ian, Harvey, “ We’ve, shortchanging policyholders, Stephen Cain, “, Matthew Carletti, “ They’ve, ” Carletti, There’s Organizations: New, New York CNN — Hurricane, State, Insurance Information Institute, Homeowners, Atlantic, National Oceanic, Atmospheric Administration, Hurricane, NOAA, National Flood Insurance, Insurance, Property Insurance Corp, Citizens Property Insurance Corp, Citizens, Dade, JMP Securities Locations: New York, Florida, South Florida, Miami, Broward, Monroe County, South, Atlantic Coast

☆ A.I. has real opportunity and isn't a bubble, says Wells Fargo's Chris Harvey
▼ + stars: | 2023-06-01 | 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 EmailA.I. has real opportunity and isn't a bubble, says Wells Fargo's Chris HarveyChris Harvey, Wells Fargo Securities head of equity strategy, joins 'Closing Bell' to discuss whether or not A.I. stocks are a bubble.

Persons: Wells, Chris Harvey Chris Harvey Organizations: Wells, Wells Fargo Securities Locations: Wells Fargo

☆ Former SEC chief Harvey Pitt passes away at 78
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

May 31 (Reuters) - Harvey Pitt, a former chairman of the U.S. Securities and Exchange Commission, passed away on Tuesday, according to a statement from the director of the SEC Historical Society shared with Reuters. At the time, fellow SEC Commissioner Roel Campos said: "There has certainly never been anyone who loved this agency more than Chairman Pitt." Pitt was a graduate of St. John's University School of Law and the City University of New York, according to the SEC's website. He passed away on Tuesday, according to the statement from Jane Cobb, executive director of the SEC Historical Society. "Over the years, Harvey has been extremely generous with his time and sage advice," said Michael Piwowar, a former SEC commissioner.

Persons: Harvey Pitt, Pitt, George W, Bush, Roel Campos, Jane Cobb, Harvey, Michael Piwowar, Chris Prentice, Douglas Gillison, Niket, Shinjini Ganguli, Paul Simao Organizations: U.S . Securities, Exchange Commission, SEC Historical Society, Reuters, SEC, FBI, Enron, San Francisco Chronicle, Oxley, St, John's University School of Law, City University of New, Georgetown University, University of Pennsylvania, Kalorama Partners, Thomson Locations: City University of New York, Washington, New York, Bengaluru

☆ Harvey Pitt, SEC Chairman During 9/11 and Enron Meltdown, Dies at 78
▼ + stars: | 2023-05-31 | by ( Mark Maurer | Richard Vanderford | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/harvey-pitt-former-sec-chairman-during-9-11-and-enron-scandal-dies-1fb717e2

Persons: Dow Jones, harvey, pitt Organizations: enron

☆ Get Lost in Clay, Even if It’s Just for the Weekend
▼ + stars: | 2023-05-31 | by ( Ainara Tiefenthäler | ) www.nytimes.com time to read: +2 min

Summer clay workshops generally last between four and 12 days, during which participants live on the 420-acre campus, and focus on a range of functional and decorative aspects of pottery. A three-hour drive east, the town of Seagrove, which has one of the highest concentrations of working potters in the country, advertises itself as America’s pottery capital. Among its residents, Seagrove counts eighth- and ninth-generation potters, as well as a growing number of young apprentices and clay artists. Nearly three-quarters of a century after the Bray was founded, the world appears ready for its contemporary take on clay. For those interested in exploring, the Bray offers two-hour experience classes open to the public in July and August.

Persons: —, Archie Bray, Bray, ”, Rebecca Harvey Organizations: Penland, of Craft, North Carolina —, Carolina Pottery, Archie Bray Foundation, Ceramic Arts, Metropolitan Museum of Art, Bray Locations: North Carolina, Seagrove, Helena, Mont

"Mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war," more than 350 signatories wrote in a letter published by the nonprofit Center for AI Safety (CAIS). As well as Altman, they included the CEOs of AI firms DeepMind and Anthropic, and executives from Microsoft (MSFT.O) and Google (GOOGL.O). Elon Musk and a group of AI experts and industry executives were the first ones to cite potential risks to society in April. AI pioneer Hinton earlier told Reuters that AI could pose a "more urgent" threat to humanity than climate change. Last week OpenAI CEO Sam Altman referred to EU AI - the first efforts to create a regulation for AI - as over-regulation and threatened to leave Europe.

☆ Yen firms on policymaker meeting, dollar swings after debt deal
▼ + stars: | 2023-05-30 | by ( Alun John | ) www.reuters.com time to read: +3 min

[1/2] Japanese Yen and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. The yen strengthened on news of the meeting, and held onto those gains, with the dollar last down 0.2% at 140.16 yen having earlier risen as high as 140.93, its highest since November 2022. That helped the dollar index , which measures the U.S. currency against six major peers, hit 104.53 in European trading its highest in 10 weeks, though then retreated to 104.02. "It seems to be win-win on almost any scenario for the dollar right now," said Jane Foley head of FX strategy at Rabobank. That, alongside a rethinking of market positioning - people had been dumping a lot of long dollar positioning since the end of last year - was supporting the dollar, she said.

[1/2] Japanese Yen and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/IllustrationLONDON/SINGAPORE, May 30 (Reuters) - The yen strengthened on Tuesday on news of a meeting of Japan's finance ministry and central bank, while elsewhere the dollar rose to a two-month high against a basket of its peers after the U.S. debt ceiling deal. The dollar was last down 0.18% against the Japanese yen at 140.18 after the country's finance ministry said senior officials from the Ministry of Finance, Bank of Japan and Financial Services Agency will meet from 5:30 p.m. (0830 GMT). Japanese central bank policy has been a major focus for investors in the past year after the BOJ last year intervened to strengthen the yen. Kenneth Broux, head of corporate research for FX and rates at Societe Generale, said FX intervention at current levels was unlikely.

LONDON/BERLIN, May 30 (Reuters) - Nestle (NESN.S), the world's biggest packaged food company, said on Tuesday it had hired the London Stock Exchange Group's (LSEG) finance chief Anna Manz as its new chief financial officer. Manz will replace Francois-Xavier Roger, who the company said is stepping down to "pursue new professional challenges" after eight years in the role. Nestle, whose more than 2,000 brands include Kit Kat, Haagen-Dazs and Nescafe, said Manz will join Nestle as soon as she is released from her current duties. "We trust that Anna will pursue Francois' legacy, considering her strong career at Diageo," Vontobel analyst Jean-Philippe Bertschy said. Rival Unilever Plc (ULVR.L) also said on Tuesday that CFO Graeme Pitkethly would leave the consumer goods giant by the end of May 2024 after more than two decades.

[1/2] Trade visitors walk past an advertisement for BAE Systems at Farnborough International Airshow in Farnborough, Britain, July 17, 2018. REUTERS/Toby MelvilleNEW DELHI, May 29 (Reuters) - India has filed a graft case against Britain's BAE Systems plc (BAES.L) and Rolls-Royce Holdings (RR.L) for "criminal conspiracy" in the procurement and licensed manufacturing of 123 advanced jet trainers, a federal police document showed. The case is based on the findings of an investigation launched by India's Central Bureau of Investigation (CBI) in 2016, the document dated May 23 said. In its response BAE said it would be inappropriate to comment on an ongoing probe. Between 2008 and 2010, it said the Indian government approved the licensed manufacturing of an additional 57 jets for 95 billion rupees ($1.16 billion) under a separate agreement with BAE Systems (Operations) Ltd.

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, May 26, 2023. U.S. President Joe Biden and top congressional Republican Kevin McCarthy reached a tentative deal on Saturday to raise the federal government's $31.4 trillion debt ceiling, aiming to stop the U.S. from defaulting on its debt. The deal is expected to provide only short-term relief for markets, as worries linger about inflation and further rate increases. European stock indexes initially opened higher, then faltered, with Europe's STOXX 600 down 0.1% on the day (.STOXX). If the debt ceiling deal passes through Congress, then market attention will return to the U.S. Federal Reserve's plans for rates, according to Samy Chaar, chief economist at Lombard Odier.

☆ EU's Borrell: Russia won't enter negotiations while trying to win war
▼ + stars: | 2023-05-29 | by ( Joan Faus | ) www.reuters.com time to read: +1 min

"I see a concentration of troops on both sides, the clear will of Russia to try to win the war," Borrell told an event in Barcelona. "(Russia) will not go to a negotiation until it has tried to win the war." He added that Russia has repeatedly signaled it would not cease the campaign until its military goals have been achieved. (Russian President Vladimir) Putin has amassed over 300,000 men there, twice as many as he had when he launched the invasion," Borrell told reporters after the event. We have to be prepared, which means continuing to help Ukraine, because if we don't help it, Ukraine cannot defend (itself)," Borrell said.

☆ Shanghai breaks more than century-old heat record in sweltering May
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +2 min

[1/3] A person uses clothing to protect themselves from the sun, as they walk on the Bund on a hot day, in Shanghai, China May 15, 2023. The peak recorded by the Shanghai Meteorological Bureau on Monday beat the previous May record of 35.7 degrees Celsius set in 1876, 1903, 1915 and 2018, according to bureau statistics. Earlier, many localities in Sichuan province, which is home to more than 80 million people, issued high-temperature warnings, with some areas maxing out at 42 degrees Celsius, local media reported. In the next three to five days, the maximum temperature in some cities in Sichuan, located in China's southwest, will reach 38 degrees Celsius, and hit 42 degrees Celsius in some areas, according to state media. China, known for extreme weather conditions, has also been experiencing torrential rains for weeks in some regions.

☆ Everton survive as Leicester and Leeds are relegated on dramatic final day
▼ + stars: | 2023-05-28 | by ( Martyn Herman | ) www.reuters.com time to read: +5 min

The Merseyside club's 69-year stay in the top flight was in peril at halftime as they were drawing 0-0 and 2016 champions Leicester were ahead against West Ham United. That combination of results meant Everton were in the relegation zone but Abdoulaye Doucoure's stunning 57th minute right-foot strike from outside the area earned Everton the victory they required. The final whistle prompted a pitch invasion with smoke from blue flares drifting across the old stadium that will host top-flight football again after another Everton escape. Everton ended in 17th place on 36 points after 38 games, with Leicester in 18th on 34 and Leeds on 31. EVERTON RELIEFThe celebrations at Everton were more of relief than pride as the famous old club once again found itself battling not for silverware but to avoid relegation.

☆ France's Triet wins Cannes' Palme d'Or for 'Anatomy of a Fall'
▼ + stars: | 2023-05-27 | by ( ) www.reuters.com time to read: 1 min

BERLIN, May 27 (Reuters) - French director Justine Triet won the 2023 Cannes Film Festival's top prize, the Palme d'Or, on Saturday for her courtroom drama "Anatomy of a Fall". Triet becomes the third female director to have won the prestigious prize. Reporting by Miranda Murray; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Wes Anderson, Ken Loach among contenders for Cannes Film Festival's top prize
▼ + stars: | 2023-05-27 | by ( ) www.reuters.com time to read: +2 min

[1/3] The 76th Cannes Film Festival - Press conference for the film "Asteroid City" in competition - Cannes, France, May 24, 2023. Director Wes Anderson speaks. REUTERS/Yara NardiCANNES, May 27 (Reuters) - Veteran directors Wes Anderson, Ken Loach and Wim Wenders are among those in the running for the Cannes Film Festival's coveted Palme d'Or at Saturday's closing ceremony, with 21 films in competition for the top prize. This year has a record seven female directors in the running for the top prize, which only two women have previously won - Jane Campion in 1993 and Ducournau in 2021. More than 14,000 participants from over 120 countries crowded the film market this year, surpassing 2019's previous peak of 12,500.

☆ Russian forces intercept two British Storm Shadow missiles, defence ministry says
▼ + stars: | 2023-05-27 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, May 27 (Reuters) - Russian forces intercepted two long-range Storm Shadow cruise missiles supplied to Ukraine by Britain, Russia's Defence Ministry said on Saturday. The ministry also said it had intercepted shorter-range U.S.-built HIMARS-launched and HARM missiles, and shot down 12 drones in the last 24 hours. Kyiv officials have previously said that Western-supplied weapons would be used exclusively against Russian forces inside Ukraine. Drone attacks were recorded deep inside Russian territory on Saturday, hitting oil pipeline installations. Russia has tended to blame such attacks on Kyiv, although Ukraine has not publicly acknowledged launching attacks against targets inside Russia.

☆ Leicester City: From Premier League champion to Championship? 2016 title winner is on the brink of relegation
▼ + stars: | 2023-05-27 | by ( Matias Grez | ) edition.cnn.com time to read: +6 min

CNN —Leicester City’s Premier League triumph in 2015/16 remains one of the greatest achievements in the history of sport. With just one game left of the season, Leicester is in 18th place – the third and final relegation spot – on 31 points, two points adrift of Everton in 17th and safety. Former manager Brendan Rogers, who had been at the club since 2019, was sacked in April as Leicester made a last-ditch attempt to salvage its Premier League status by hiring Dean Smith. Of the teams facing relegation, Leicester certainly looks best placed to make an immediate return to the Premier League with some talented players and a potentially massive transfer budget from the sale of its stars. While Allardyce is known for his expertise in saving teams from relegation, his style of football could not be more different to Bielsa’s.

☆ How A.I. could affect the music industry
▼ + stars: | 2023-05-26 | 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 EmailHow A.I. could affect the music industryHarvey Mason Jr., CEO of the Recording Academy, and Peter T. Paterno, partner at King, Holmes, Paterno & Soriano, join 'Power Lunch' to discuss the impact of A.I. on the music industry.

Persons: Harvey Mason Jr, Peter T, Paterno, Holmes, Soriano Organizations: Recording Academy

☆ Fan Bingbing spotlights Asian designers at Cannes
▼ + stars: | 2023-05-25 | by ( Oscar Holland | ) edition.cnn.com time to read: +5 min

Making her first appearance at Cannes since 2018, Fan arrived at last Tuesday’s opening event (the premiere of Johnny Depp’s new film “Jeanne du Barry”) wearing a creation by Christopher Bu. Fan Bingbing attends the Red Sea International Film Festival's "Women's Stories Gala" wearing an outfit by South Korean label Miss Sohee. Fan Bingbing in a golden gown by Vietnamese fashion designer Chung Thanh Phong. Her looks at Cannes have not been exclusively by Asian designers. Fan attending the Oscars in March 2023, one of her first public appearances outside China since a tax controversy threatened to derail her career.

Persons: Fan Bingbing, Louis Vuitton, Fan, Johnny Depp’s, Jeanne du Barry ”, Christopher Bu, Sohee, Daniele Venturelli, Miss Sohee, Chung Thanh, Jimmy Choo, Harvey Cenit, Chung Thanh Phong, Arnold Jerocki, FanBingbingCannes, Mikael D, Mikael Derderian, Wes Anderson’s, Tamara Ralph, Ralph, Russo, ”, Emma McIntyre, Jessica Chastain, Penélope Cruz, Tony Ward Couture Organizations: CNN, Cannes, South, Palais des, Red Sea, Miss, Sohee, Canadian, Forbes, Global Times, The Berlin, Fashion Locations: China, South Korean, Korean, Weibo, Lebanese, Charleston

☆ Exclusive: Buzzy legal generative AI startup Casetext is in talks to be acquired
▼ + stars: | 2023-05-25 | by ( Stephanie Palazzolo | ) www.businessinsider.com time to read: +3 min

AI startup Casetext is in talks to be acquired, Insider has learned. This hypothesis may have found its first example in Casetext, a buzzy legal generative AI startup that is in talks to be acquired, according to people familiar with the situation. Casetext has raised $68 million in funding from VCs including Union Square Ventures, Canvas Ventures, Y Combinator, and Touchdown Ventures. Now, the technology powers Casetext's AI legal assistant CoCounsel, which aids lawyers with everything from legal research memo drafting to deposition preparation to document review. Have a tip on a startup funding round?

☆ Dollar gains on resilient U.S. economy, flight to safety
▼ + stars: | 2023-05-24 | by ( ) www.cnbc.com time to read: +3 min

"If you consider global data of late, it's painting a more resilient picture of the U.S. economy than what's going on in Europe," he said. The dollar index , which tracks the U.S. currency against six major peers, hit 103.91, its highest since March 20. "The U.S. dollar has been rallying more or less for three weeks helped by stronger-than-expected data and rising U.S. interest rates," he said. The Swedish currency hit 11.541 crowns per euro, its weakest against the common currency since March 2009. The dollar strengthened 0.82% against the crown , while the New Zealand dollar slid 2.29% against the U.S. currency to 0.61050.

Persons: Joe Manimbo, Manimbo, Marc Chandler, Chandler, We're, Simon Harvey Organizations: Reserve, Bannockburn Global, U.S, Atlanta Federal Reserve Bank, European Central Bank, New, New Zealand, Bank, England, Bank of England Locations: Washington, U.S, Europe, Bannockburn, New York

☆ Fruit harvest faces ruin after floods hit Italy's Emilia-Romagna
▼ + stars: | 2023-05-22 | by ( Angelo Amante | ) www.reuters.com time to read: +2 min

[1/3] A vineyard is flooded after heavy rains hit Italy's Emilia Romagna region, in San Giorgio near Forli, Italy, May 18, 2023. Coldiretti said the region was Italy's largest producer of pears, peaches, nectarines, apricots and plums, and the second largest producer of cherries and kiwi. In all, it accounted for a third of Italy's total fruit harvest. A Coldiretti spokesperson said the floodwater could rot the roots of almost 15 million fruit trees, killing them. Italian media said the government would initially announce some 100 million euros ($110 million) in spending and tax breaks for Emilia-Romagna.

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