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LONDON, March 22 (Reuters) - The banking turmoil sparked by the collapse of Silicon Valley Bank is not yet over, and a significant number of banks will fail within two years, the CEO of hedge fund Man Group (EMG.L), Luke Ellis, told a Bloomberg conference in London on Wednesday. Asked whether the crisis in the sector was over, Ellis told delegates at the event he did not think so. "I think we will have significantly more banks that don’t exist in 12-24 months," he said, adding that he thought smaller and regional banks in the United States and challenger banks in Britain could be at risk. Ellis said technology such as social media had accelerated the timescale at which concerns about banks could circulate. Many hedge funds have made money from the volatility in the banking sector in recent days by betting against banks, although Ellis said he had no positions in U.S. regional banks.

☆ NHL roundup: Alex Ovechkin hits 40 goals for record 13th time
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +10 min

Mandatory Credit: Brad Mills-USA TODAY SportsMarch 22 - On a night he was honored for passing one NHL legend, Washington's Alex Ovechkin made history by eclipsing another. Before the game, Ovechkin was honored in a 20-minute on-ice ceremony for passing Gordie Howe for second place on the all-time NHL goals list on Dec. 23. On Tuesday, Ovechkin scored his 40th goal of the season, passing Wayne Gretzky for the most 40-goal seasons in NHL history with his 13th. Barrett Hayton scored the lone goal for Arizona (27-33-11, 65 points), which saw its four-game winning streak come to an end. Alex Chiasson and Filip Zadina scored regulation goals for the Red Wings, who earned just their third victory in their last 13 games.

☆ Stocks, bond yields fall as Fed, with eye on inflation, signals pause
▼ + stars: | 2023-03-22 | by ( Koh Gui Qing | ) www.reuters.com time to read: +5 min

Markets initially interpreted the omission as a sign that rates might be peaking, and drove Treasury yields to session lows after the Fed's statement was released. The two-year yield , which falls with traders' expectations of a less hawkish Fed, fell to 3.9597% from Tuesday's close of 4.177%. Data also showed British inflation unexpectedly rose to 10.4% in February, lifting expectations for a quarter point rate hike at Thursday's Bank of England meeting, boosting sterling. German two-year yields overnight recorded the biggest daily jump since 2008 as markets went back to pricing in more ECB hikes. The dollar index fell on the Fed's dovish note, shedding 0.62%, and a softer dollar lifted the yen to 131.39 .

☆ Spring training roundup: A's yield inside-the-park HR, rally past Angels
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +5 min

Taylor Ward scored an inside-the-park home run for the Angels in the first inning. Ward's liner to center got past a diving Esteury Ruiz, and the A's were slow to chase it down. Jake Cave hit his third homer of spring training for Philadelphia, while Pirates veteran Andrew McCutchen hit his first of the spring, a two-run shot. Washington got a two-run homer from Victor Robles and outhit St. Louis 15-6. The Giants had 16 hits, hanging six hits and six runs on Dodgers starter Noah Syndergaard (1-2) over 4 1/3 innings.

☆ Tottenham squander points in top-four race, Leeds out of bottom three
▼ + stars: | 2023-03-18 | by ( Martyn Herman | ) www.reuters.com time to read: +4 min

Fourth-placed Tottenham have 49 points from 28 games with Newcastle United, who benefitted from a stoppage-time penalty to beat Nottingham Forest on Friday, have 47 points having played two games less. Bournemouth on 24 from 27 along with West Ham United who dropped into the relegation zone courtesy of Leeds United's impressive win at Wolves. Leicester have 25 points with Nottingham Forest, Everton and Leeds all on 26 and Wolves and Crystal Palace on 27. Tottenham substitute Pape Sarr was then adjudged in the 90th minute to have fouled Ainsley Maitland-Niles as he attempted to hack clear a bouncing ball and Ward-Prowse made no mistake to earn his side a point. Leeds will head into the international break above the relegation zone thanks to a superb display at Wolves.

☆ Spring training roundup: Nats score 8 in ninth to beat Astros
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +5 min

Blake Rutherford hit an RBI single, Cody Wilson -- who pinch-ran for Arcia -- hit a two-run double and Vargas singled home Wilson. The Yankees had 15 hits, led by Wilmer Difo (2-for-4, home run), Benjamin Cowles (homer) and Estevan Florial (2-for-4, three RBIs). Cardinals 16, Marlins 2Masyn Winn went 3-for-4 with four RBIs and Willson Contreras doubled and went 2-for-3 with three RBIs as St. Louis throttled Miami in Sarasota, Fla. The Cardinals collected 17 hits, with Dylan Carlson contributing two hits, two RBIs and two runs. The Marlins' Jerar Encarnacion went 2-for-3 with one RBI.

March 14 (Reuters) - The special prosecutor handling the case against actor Alec Baldwin in the 2021 "Rust" movie set shooting death of cinematographer Halyna Hutchins announced on Tuesday she is stepping down, as Baldwin's lawyers had sought. The decision by special prosecutor Andrea Reeb came a month after Baldwin's attorney filed a motion to remove her because she is also a representative in the state legislature. The Baldwin team argued it violates the state constitution for a legislator to serve in another branch of government. "I will not allow questions about my serving as a legislator and prosecutor to cloud the real issue at hand." Gutierrez-Reed has blamed the shooting on potential sabotage, Baldwin's lack of firearms training, and a failure by Halls and Baldwin to call her onto set for extra firearm checks.

☆ If Credit Suisse was a UK bank, regulators would have taken over already, says ABRDN's Hickmore
▼ + stars: | 2023-03-15 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIf Credit Suisse was a UK bank, regulators would have taken over already, says ABRDN's HickmoreLuke Hickmore, ABRDN Investment director, joins 'Squawk on the Street' to discuss the stock sell-off in European banks and risk in the sector.

☆ Man Group CEO takes home biggest pay package since 2008
▼ + stars: | 2023-03-14 | by ( Nell Mackenzie | ) www.reuters.com time to read: +1 min

Man Group (EMG.L), as a public company traded on London's FTSE 100 index, is a rarity among hedge funds. Large investors such as pension schemes and sovereign wealth funds use hedge funds to guard against broader market volatility. The broader HFRI Composite Index, which tracks the performance of hedge funds, rose by about 12% in 2020, according to data firm Hedge Fund Research (HFR). Over the last three years, Man Group, which uses discretionary and computer led strategies to trade, has taken in $18.7 billion of new client money and made $11.5 billion in investment gains. In 2008, Peter Clarke, the former CEO of the hedge fund, took home $14 million.

☆ TikTok's new Bold Glamour filter has gone viral for simulating 'mainstream beauty' but it's a reminder of how far AI has to go to integrate 'faces of color'
▼ + stars: | 2023-03-11 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +5 min

TikTok's new filter "Bold Glamour" has taken the platform by storm in recent weeks. Instead, she pulled out her phone to show me "Bold Glamour." Bold Glamour has appeared in millions of videos on TikTok because of how seamlessly it melds into certain users' faces. And on users with conventional, Eurocentric features, Bold Glamour looks like a wash of well-applied makeup. The argument that a filter like Bold Glamour can subtly distort a users' sense of reality, beauty, and very self is certainly valid.

☆ SVB’s failure could be the thing that keeps the Fed from wrecking the economy, Cramer says
▼ + stars: | 2023-03-10 | by ( Krystal Hur | ) www.cnbc.com time to read: +1 min

Silicon Valley Bank's collapse was due to poor communication that it was getting killed on its bond portfolio because the Fed raised interest rates so rapidly, CNBC's Jim Cramer said Friday. It's a "Cool Hand Luke" problem, Cramer said, a classic case of a failure to communicate. SVB's bond portfolio lost tremendous value because the Fed raised interest rates so rapidly, but the bank failed to communicate that to investors. At the same time, SVB's failure to signal how many startup-equity backed loans it had distressed investors. But it will also stay the Fed's hand, Cramer argued, lest more banks collapse due to "a failure to communicate."

☆ Silicon Valley Bank scrambles to reassure clients after 60% stock wipe-out
▼ + stars: | 2023-03-09 | by ( ) edition.cnn.com time to read: +5 min

SVB Financial Group scrambled on Thursday to reassure its venture capital clients their money was safe after a capital raise led to its stock collapsing 60% and contributed to wiping out over $80 billion in value from bank shares. SVB, which does business as Silicon Valley Bank, launched a $1.75 billion share sale on Wednesday to shore up its balance sheet. Investors in SVB’s stock fretted over whether the capital raise would be sufficient given the deteriorating fortunes of many technology startups that the bank serves. The company’s stock collapsed to its lowest level since 2016, and after the market closed shares slid another 26% in extended trade. However, the Information publication reported the bank told four clients that transfers could be delayed.

☆ Spring training roundup: Orioles beat Phillies on walk-off HR
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +3 min

[1/3] Mar 6, 2023; Sarasota, Florida, USA; Philadelphia Phillies third baseman Alec Bohm (28) hits a RBI double against the Baltimore Orioles during the third inning at Ed Smith Stadium. They tied the game in that frame on Coby Mayo's run-scoring single, Connor Norby's RBI groundout and Colton Cowser's two-run homer. Alec Bohm went 2-for-3 with a homer, a double and two RBIs for the Phillies and Jake Cave added a two-run shot. Miguel Rojas opened that salvo with a two-run double and later added a solo homer for the Dodgers. Cade Marlowe went yard and Cal Raleigh hit an RBI double for the Mariners.

☆ NHL roundup: Stars rally, but Flames pull out late win
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +5 min

Nazem Kadri, Jonathan Huberdeau and MacKenzie Weegar each collected two assists, and goalie Jacob Markstrom made 29 saves. Sharks 3, Jets 2 (OT)Logan Couture scored in overtime after assisting on Tomas Hertl's late game-tying goal as San Jose outlasted host Winnipeg. Senators goalie Mads Sogaard made 16 saves on 21 shots after being pressed into action when Cam Talbot was scratched due to a lower-body injury. Kings 4, Capitals 2Adrian Kempe had a goal and an assist for Los Angeles in a win against visiting Washington. Luke Evangelista scored two goals and Colton Sissons also scored for the Predators, whose two-game win streak ended.

☆ Since David Solomon became Goldman Sachs CEO, more than 80 partners have left. See the running list here.
▼ + stars: | 2023-03-03 | by ( Carter Johnson | Dakin Campbell | ) www.businessinsider.com time to read: +6 min

David Solomon has been Goldman Sachs' CEO for more than four years since succeeding Lloyd Blankfein. There's been a lot of talk about the morale at Goldman Sachs. In reality, Solomon said, there were fewer "partner transitions at Goldman Sachs" in 2022 than any year "going back to 2014." "At the moment, year-to-date, our turnover is at a 5-year low, not just for partners, in the whole firm," Solomon added. Here is a running list of Goldman's partners that have retired from the firm — or moved on to roles at other companies — since Solomon became CEO.

☆ Spring training roundup: Pirates, O’s play unneeded bottom of 9th
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +5 min

Orioles catcher Maverick Handley called balls and strikes thrown by teammate right-hander Ofreidy Gomez during the half inning. The Pirates opened a 5-0 lead before the Orioles put up four runs across the fifth and sixth innings, thanks in part to Franchy Cordero's two-run home run. Kevin Pillar had a two-run homer and an RBI single to power the Braves' offense. Phillies 7, Blue Jays 2Trea Turner hit a two-run single and finished 2-for-3 with a run as host Philadelphia took care of Toronto in Clearwater, Fla. Jace Peterson cracked a three-run homer for the Athletics.

☆ Man Group shares surge on bumper performance fees
▼ + stars: | 2023-02-28 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

A September rout in British gilt markets drove many UK pension funds to scour for cash, after investments into liability-driven investment (LDI) funds resulted in billions of pounds worth of collateral calls. Many pension funds reached for profitable investments they had elsewhere, like hedge funds as well as investments into collateralised loan obligations. Some of the strategies from which investors withdrew money were posting double digit returns at the time, he added. He declined to say how much money he'd seen back from pension schemes this quarter. Separately, Man said its chairman John Cryan had decided to retire from the board towards the end of 2023.

☆ Some schools are switching to the 4-day workweek to bring in and keep teachers, but education officials say it's not a 'magic pill' to fix the educator shortage
▼ + stars: | 2023-02-28 | by ( Korie Wilkins | ) www.businessinsider.com time to read: +8 min

"Right now, the climate across the country with educators is that they are exhausted and they are tired," Gabe Dannenbring, a middle-school-science teacher and popular TikToker, told Insider. His studies include deep dives on how the four-day schedule impacts student success, and he is considering future studies on how this schedule change can help curb educator burnout. As of 2020, about 550 districts nationwide have adopted a four-day schedule, according to the National Conference of State Legislature. Heather Luke Drozlek teaches in a small private school in Indiana, which is on a four-day school week. "I can see the benefits, but I can also see that it could cause systemic issues," Tell Williams, a preschool teacher and social-media influencer, told Insider.

[1/3] Andrew Tate talks to media representatives while being loaded inside a van outside the headquarters of the Bucharest Court of Appel, in Bucharest, Romania, February 1, 2023. Transcriptions of the wiretapped calls are included in a previously unpublished court document, dated Feb. 21, compiled by Bucharest court officials and reviewed by Reuters. Asked if he thought Tate had been framed, he replied: "The justice system will decide, not politicians." Reuters couldn't independently verify the identity of the people in the wiretapped calls, or determine if any lobbying of politicians took place. The wiretapped calls offer a window into his multi-pronged attempts to defend himself while in detention, efforts that stretch beyond the courtroom into the realms of politics and social media.

☆ Volkswagen sees no sign of forced labor at its plant in Xinjiang
▼ + stars: | 2023-02-28 | by ( ) edition.cnn.com time to read: +4 min

Volkswagen faced a barrage of criticism from campaigners Tuesday after the head of its Chinese business said he saw no sign of forced labor during a visit to the carmaker’s plant in Xinjiang. Activists and an international group of lawmakers said verifying labor standards in the region was impossible. Rights groups have documented human rights abuses in Xinjiang since the 2000s, including mass forced labor in detention camps which the United Nations said could constitute crimes against humanity. Brandstaetter said he saw no signs of forced labor and that workers’ comments matched the reports Volkswagen had received from SAIC about the plant. Reputational riskVolkswagen says it has never found evidence of forced labor among its Xinjiang workforce and its presence is positive for the local population.

For many economists, globalization appears to have stalled after three decades of low inflation, easy credit, China's integration into the world economy and a relatively peaceful period. As a share of global GDP, trade likely increased from the previous year's 57% and exports as per World Bank data. It is not really evident in the data," Nicita says, estimating that global trade grew by about 3% last year, at a pace similar to the global economy. "Trade and globalization are not on the wane, but they are changing," she told the Chatham House Global Trade Policy Forum in November, citing growth in service- and digital-based trade. UNIPOLAR V MULTIPOLARThis 'regionalization' will continue assuming Beijing's economic, trade and financial ties to the U.S. gradually loosen.

☆ Top 25 roundup: No. 4 UCLA edges Colorado to claim Pac-12 title
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +3 min

[1/3] Feb 26, 2023; Boulder, Colorado, USA; UCLA Bruins guard Jaime Jaquez Jr. (24) shoots the ball past Colorado Buffaloes guard Luke O'Brien (0) in the second half at the CU Events Center. The Bruins (25-4, 16-2 Pac-12) came into Sunday's matchup needing a win to claim an outright league title, thanks to Arizona's loss on Saturday to Arizona State. However, Colorado jumped to an early lead of 10 points then exchanged the advantage with the visitors throughout the second half. Primo Spears tallied 26 points to lead Georgetown (7-23, 2-17), which has lost its last 12 games against Top 25 teams. Chase Audige had 16 points to pace the Wildcats, but only two came in the second half.

☆ Clinical Man Utd win League Cup in heartbreak for Newcastle
▼ + stars: | 2023-02-26 | by ( Martyn Herman | ) www.reuters.com time to read: +4 min

[1/2] Soccer Football - Carabao Cup - Final - Manchester United v Newcastle United - Wembley Stadium, London, Britain - February 26, 2023 Manchester United's Bruno Fernandes and Harry Maguire lift the trophy with teammates after winning the Carabao Cup final Action Images via Reuters/Andrew CouldridgeLONDON, Feb 26 (Reuters) - Manchester United crushed Newcastle United's hopes of a claiming a first domestic trophy for nearly 70 years with a clinical 2-0 victory in the League Cup final at Wembley on Sunday. Kicking towards their fans in the second half Newcastle roused themselves into action and pinned a leggy-looking United back at times but they rarely looked like scoring. The Tyneside club has now lost each of their last nine matches at Wembley, a run that began in the 1974 FA Cup final. Newcastle were full of energy early on with Allan Saint-Maximin dangerous whenever he got the ball. "No complaints with how we played, obviously the scoreline doesn't say that, and that's where football can be cruel," Newcastle manager Howe said.

European gas prices rallied in the run-up to Moscow's invasion of Ukraine begun almost exactly a year ago and they leapt to record highs when Russia subsequently cut supplies of relatively cheap pipeline gas. Although European prices have eased to around 50 euros ($53) per megawatt hour (MWh) from last August's peak of more than 340 euros, they remain above historic averages. That was even when they had received significant levels of Russian gas on long-term contracts prior to the shut down of the Nord Stream pipeline to Germany in August. Nord Stream's closure drove up European gas prices, as well as liquefied natural gas (LNG) prices, which also hit record levels of around 70 million British thermal units (mmBtu), compared with around $16 now . That could be tricky as the fall in gas prices this year has reduced the incentive to avoid the fuel.

☆ ‘Hogwarts Legacy’ Videogame Tops Sales Charts Amid Debates About ‘Harry Potter’ Creator
▼ + stars: | 2023-02-22 | by ( Luke Winkie | ) www.wsj.com time to read: +1 min

The new videogame ‘Hogwarts Legacy’ transports players to the Hogwarts School of Witchcraft and Wizardry, where Harry Potter and his friends mastered spellbooks. When the new, highly anticipated “Harry Potter” videogame “Hogwarts Legacy” made its debut earlier this month, it shot immediately to the top of the sales charts. Set in a 19th-century Wizarding World where wizards wear top hats and drive buggies, the game transports players to the school where Harry and his friends mastered spellbooks and learned how to fight against the dark arts. Game fans are captivated by its immersive open world: In the days following its release, “Hogwarts Legacy” had at one point had more than 879,000 concurrent players, according to distribution platform Steam. Developed by Avalanche Studios and released by Warner Bros. Interactive Entertainment, it marks the first time “Harry Potter” has been given blockbuster treatment by a videogame company.

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