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☆ S&P downgrades multiple US banks citing 'tough' operating conditions
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

S&P downgraded the ratings of Associated Banc-Corp (ASB.N) and Valley National Bancorp (VLY.O) on funding risks and a higher reliance on brokered deposits. It also downgraded UMB Financial Corp (UMBF.O), Comerica Bank (CMA.N) and Keycorp (KEY.N), citing large deposit outflows and prevailing higher interest rates. A sharp rise in interest rates is weighing on many U.S. banks' funding and liquidity, S&P said in a summarized note, adding that deposits held by Federal Deposit Insurance Corp (FDIC)-insured banks will continue to decline as long as the Federal Reserve is "quantitatively tightening." The rating agency also downgraded the outlook of S&T Bank and River City Bank to negative from stable on high commercial real estate (CRE) exposure among other factors. Reporting by Gokul Pisharody in Bengaluru; Additional reporting by Akanksha Khushi; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Moody's, Bank of New York Mellon BK.N, Gokul, Akanksha Khushi, Varun Organizations: Global, National Bancorp, UMB Financial Corp, Comerica Bank, Federal Deposit Insurance Corp, Federal, T Bank, City Bank, Bank of New York Mellon, US Bancorp, Truist, Silicon Valley Bank, Signature Bank, Thomson Locations: New York City, U.S, Silicon, Bengaluru

☆ S&P downgrades multiple U.S. banks citing 'tough' operating conditions
▼ + stars: | 2023-08-22 | by ( ) www.cnbc.com time to read: +1 min

S&P Global on Monday cut credit ratings and revised its outlook for multiple U.S. banks, following a similar move by Moody's, warning that funding risks and weaker profitability will likely test the sector's credit strength. S&P downgraded the ratings of Associated Banc-Corp and Valley National Bancorp on funding risks and a higher reliance on brokered deposits. It also downgraded UMB Financial Corp , Comerica Bank and Keycorp , citing large deposit outflows and prevailing higher interest rates. A sharp rise in interest rates is weighing on many U.S. banks' funding and liquidity, S&P said in a summarized note, adding that deposits held by Federal Deposit Insurance Corp-insured banks will continue to decline as long as the Federal Reserve is "quantitatively tightening." The rating agency also downgraded the outlook of S&T Bank and River City Bank to negative from stable on high commercial real estate exposure among other factors.

Persons: Moody's Organizations: Global, Corp, National Bancorp, UMB Financial Corp, Comerica Bank, Keycorp, Federal Deposit Insurance Corp, Federal, T Bank, City Bank, Bank of New York Mellon, US Bancorp, Truist, Silicon Valley Bank, Signature Bank Locations: Silicon, U.S

SummaryCompanies Russia moon mission failsLuna-25 crashes into the moonFailure is a blow to Russian space prestigeSoviet space veteran: Luna-25 was my last hopeMOSCOW, Aug 20 (Reuters) - Russia's first moon mission in 47 years failed when its Luna-25 space craft spun out of control and crashed into the moon after a problem preparing for pre-landing orbit, underscoring the post-Soviet decline of a once mighty space programme. Russia's state space corporation, Roskosmos, said it had lost contact with the craft at 11:57 GMT on Saturday after a problem as the craft was shunted into pre-landing orbit. Though moon missions are fiendishly difficult, and many U.S. and Soviet attempts have failed, Russia had not attempted a moon mission since Luna-24 in 1976, when Communist leader Leonid Brezhnev ruled the Kremlin. Russian officials had hoped that the Luna-25 mission would show Russia can compete with the superpowers in space despite its post-Soviet decline and the vast cost of the Ukraine war. "This was perhaps the last hope for me to see a revival of our lunar program," he said.

Persons: Luna, Roskosmos, Yuri Gagarin, Leonid Brezhnev, Anatoly Zak, Zak, Mikhail Marov, Marov, Guy Faulconbridge, Christina Fincher, Frances Kerry Organizations: Kremlin, India, Indian Space Research Organisation, ISRO, YP Rajesh, Thomson Locations: Russia, MOSCOW, Moscow, Soviet, Europe, Tenerife, China, United States, Handout, Ukraine, Soviet Union, India, Delhi

☆ Tapestry sees weak fiscal 2024 after missing qtrly estimates on soft U.S. demand
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] A signage is seen in the offices of Tapestry, Inc., in Manhattan, New York, U.S., November 19, 2021. Luxury rivals Ralph Lauren (RL.N), LVMH (LVMH.PA), Gucci-owner Kering (PRTP.PA) and Canada Goose (GOOS.TO) have also faced sales pressures from softening U.S. demand. Tapestry expects adjusted earnings in the range of $4.10 to $4.15 per share in fiscal 2024, compared to estimates of $4.24. Tapestry said fiscal 2024 net sales were approaching $6.9 billion, compared to average analysts' estimate of $6.93 billion. The company's adjusted per share was 78 cents in the fourth quarter ended July 1, missing analysts' estimate of 97 cents.

Persons: Andrew Kelly, Ralph Lauren, RL.N, Gucci, Kering, Michael Kors, Kate Spade, Stuart Weitzman, Rachel Wolff, Tapestry, Savyata Mishra, Juveria, Maju Samuel Organizations: Tapestry, Inc, REUTERS, Capri, Insider, Thomson Locations: Manhattan , New York, U.S, United States, North America, China, Bengaluru

☆ Weight loss drugs are priced substantially higher in the U.S. than in other countries, analysis says
▼ + stars: | 2023-08-17 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

In this photo illustration, a box of the diabetes drug Ozempic rests on a pharmacy counter on April 17, 2023 in Los Angeles, California. Blockbuster weight loss drugs are priced significantly higher in the U.S. than in other large, high-income countries, according to a new analysis released Thursday. The report from KFF, a health policy organization, comes as many U.S. health insurers balk at the extreme cost of weight loss drugs and drop the medications from their plans. These list prices and the patchy insurance coverage of weight loss drugs in the U.S. undoubtedly impact accessibility. New trial data released by Novo Nordisk last week could potentially put more pressure on U.S. insurers to cover weight loss drugs.

Persons: Eli, Eli Lilly weren't, Wegovy Organizations: Blockbuster, balk, Novo Nordisk, Novo Nordisk's Wegovy, CNBC Locations: Los Angeles , California, U.S, KFF, Novo, Japan, Germany, Sweden, France, Netherlands, Danish

REUTERS/Dado Ruvic Acquire Licensing RightsWASHINGTON, Aug 16 (Reuters) - New York City on Wednesday banned TikTok on government-owned devices, citing security concerns, joining a number of U.S. cities and states that have put such restrictions on the short video sharing app. TikTok "posed a security threat to the city's technical networks," the administration of New York City Mayor Eric Adams said in a statement. New York City agencies are required to remove the app within 30 days and employees will lose access to the app and its website on city-owned devices and networks. Top U.S. security officials including FBI Director Christopher Wray and CIA Director William Burns have said TikTok poses a threat. Close to half of American adults support a ban on TikTok, according to a new Reuters/Ipsos survey released on Wednesday.

Persons: Dado Ruvic, TikTok, Eric Adams, Christopher Wray, William Burns, Wray, Donald Trump, Kanishka Singh, Jamie Freed Organizations: U.S, REUTERS, Rights, New York City, New, New York State, Reuters, Thomson Locations: New York City, New York, U.S, Montana, Washington

☆ What we want to see from retail sales and 3 Club earnings in the week ahead
▼ + stars: | 2023-08-12 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

State of the consumer: Retail sales for July are out on Tuesday. Key retail earnings reports from Walmart (WMT), Target (TGT) and Tapestry (TPR) will also provide clues on the health of the consumer. Earnings : On Wednesday morning, we hear from Club holding TJX Companies (TJX). Prior retail sales data has shown monthly sales growth at clothing and clothing accessory stores accelerate throughout the quarter, rising 0.14% monthly in April, 0.3% in May and 0.6% in June. For those looking to review first-quarter performance ahead of these releases, be sure to keep our first-quarter earnings report card handy.

Persons: We'll, Estee Lauder, we've, Palo, Cardinal Health, JD.com, Brinker, BILL, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Nasdaq, Dow Jones, Investors, Walmart, TJX Companies, Palo Alto Networks, Embraer, Energy, Getty, Sea Ltd, Cardinal, Nu Holdings, Housing, ZIM, Food, Colgate, Palmolive, Cisco Systems, Chemical & Mining, Keysight Technologies, Ross Stores, Deere & Company, Alto Networks, Jim Cramer's Charitable, CNBC Locations: China, Dole, DOLE, Manhattan, New York City

NEW YORK/LONDON, Aug 10 (Reuters) - Lean times faced by many U.S. and European companies may last longer than expected as they try to sell off their bulging inventories in an economic climate where demand is stalling. Full-to-bursting warehouses means fewer orders for manufacturers, which translates into lower levels of business activity and, ultimately, weaker growth. Now, global demand is falling as borrowing costs have risen, so companies have started running down stocks. Maersk controls about one-sixth of global container trade, transporting goods for a host of major retailers and consumer goods companies. Refinitiv I/B/E/S data shows U.S. and European companies are expected to report their worst quarterly results in years.

Persons: Vincent Clerc, Hugo Boss, Moller, Stanley Black, Decker, destocking, Levi Strauss, Rajiv Sharma, Arun Sundaram, Guillermo Novo, Cyrus de la Rubia, Siddharth Cavale, David Gaffen, Josephine Mason, Mark John, Jonathan Cable, Helen Reid, Jane Merriman Organizations: U.S, Maersk, Heineken, 3M, . Bureau of Labor Statistics, CFRA Research, Retailers, BASF, London, Rutgers University, Hamburg Commercial Bank, doesn't, Thomson Locations: Ukraine, U.S, United States, Ashland, Hamburg, New York, London

☆ Fast, cheap and deadly
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +18 min

Fast, cheap and deadly How fentanyl replaced heroin and hooked AmericaLeer en EspañolReuters obtained and analyzed ten year’s worth of data on drugs seized by U.S. Customs and Border Protection (CBP) agents at ports of entry along the southern border. It shows: Fentanyl seizures by weight more than tripled in the last quarter of 2022 compared to a year earlier. Pills were mentioned in nearly half of fentanyl border seizure incidents in 2022, up from just 6% five years earlier. A fifth of fentanyl seizures take place on pedestrians, the Reuters analysis shows. Over the same period, heroin seizures fell more than 80% from over 2,000 kg, according to the Reuters analysis.

Persons: Bryce Pardo, Troy Miller, Joe Biden, Andres Manuel Lopez Obrador, ”, Chris Urben, Urben, Joaquin ‘ El Chapo ’ Guzman, “, CBP’s Miller, Jonathan Caulkins, James Mandryck, Oxycontin, Lopez Obrador, narcotrafficking, Lopez, Rosa Rodriguez, Cecilia Farfan, Mendez, Freed, Pardo, Romain Le Cour, Cour, Carlos Perez, Perez Organizations: Reuters, U.S . Customs, Border Protection, U.S . Centers for Disease Control, United Nations Office, Drugs, DEA, CBP, U.S, Nardello, Carnegie Mellon University, U.S . Postal Service, Chinese Foreign Ministry, Mexico's, North, Forensic Laboratory, University of California, Global, Transnational, U.S . Congress ’ Commission, New Generation, Center for Research Locations: Mexican, U.S, Mexico, Sinaloa, El Paso, Arizona’s Nogales, United States, offscreen, sierra, China, Beijing, Washington, University of California San Diego ., ”, New, New Generation Jalisco, Mexico City

☆ Exclusive: TikTok in talks to gain Indonesian payments licence
▼ + stars: | 2023-08-04 | by ( Stefanno Sulaiman | ) www.reuters.com time to read: +3 min

A spokesperson for TikTok confirmed on Friday that the talks were taking place, adding that an Indonesian payments licence would help local creators and sellers on its platform. A representative for the central bank, Bank Indonesia, did not respond to a request for comment. A payments licence would enable TikTok to benefit from transaction fees and put it more directly in competition with Southeast Asian e-commerce giants, Sea's (SE.N) Shopee and Alibaba's (9988.HK) Lazada. Douyin, the Chinese counterpart to TikTok that is also owned by ByteDance, obtained a Chinese payments licence in 2020. It was not immediately clear if TikTok has obtained a payments license elsewhere in the world.

Persons: Dado Ruvic, TikTok, Shou Zi Chew, Stefanno Sulaiman, Josh Ye, Edwina Gibbs Organizations: REUTERS, Reuters, TikTok, Bank Indonesia, HK, Lazada, ByteDance, Momentum, Thomson Locations: JAKARTA, Indonesia, U.S, Southeast Asia, Europe, TikTok, China, United States, Montana, Australia, Canada, Hong Kong

☆ Connecticut law ending religious vaccine exemptions for children is upheld
▼ + stars: | 2023-08-04 | by ( Jonathan Stempel | ) www.reuters.com time to read: +3 min

REUTERS/Michelle McLoughlin/File PhotoNEW YORK, Aug 4 (Reuters) - A divided federal appeals court on Friday rejected a challenge to a Connecticut law that ended the state's decades-old religious exemptions from immunization requirements for children in schools, colleges and day care. Circuit Court of Appeals in Manhattan said ending religious exemptions, while still allowing medical exemptions, was a rational means to promote health and safety by reducing the potential spread of vaccine-preventable diseases. He said many U.S. courts have reviewed vaccination mandates for children that lack religious exemptions, and only one, in Mississippi, has ever found constitutional problems. Five other U.S. states--California, Maine, Mississippi, New York and West Virginia--also lack religious exemptions. Connecticut's law, signed by Governor Ned Lamont, does not apply to children from kindergarten to 12th grade who previously had received religious exemptions.

Persons: Michelle McLoughlin, Denny Chin, Chin, Barack Obama, Ned Lamont, Joseph Bianco, Donald Trump, Norm Pattis, Brian Festa, William Tong, Lamont, Jonathan Stempel, David Gregorio, Leslie Adler, Deepa Babington Organizations: Pfizer, REUTERS, U.S, Circuit, Patriots USA, CT, Alliance, COVID, Patriots, Connecticut Office, 2nd U.S, Thomson Locations: Storrs , Connecticut, U.S, Connecticut, Manhattan, Mississippi, California , Maine , Mississippi , New York, West Virginia, 2nd, New York

Such was the first day of DeSantis' "reboot" of his campaign in New Hampshire, the No. Before DeSantis began his speech, Michael Lunder, a 67-year-old businessman, said he was "probably going to support (DeSantis) financially." "I learned a few things that I didn't agree with, but, in general, I think I might support him," Lunder concluded. CAMPAIGN REBOOTIn the last two weeks, the DeSantis campaign has undergone a shake-up both in style and personnel, according to several people close to the campaign. He disagreed with DeSantis' position that support for Ukraine in its war with Russia is not a vital U.S. national security interest.

Persons: Ron DeSantis, sidled, Donald Trump, DeSantis, Scott Brown, Michael Lunder, Lunder, Frank Cimler, Joe Biden, Cimler, Gram Slattery, Ross Colvin, Howard Goller Organizations: Republican, U.S, Reuters, Democratic, Ukraine, Thomson Locations: RYE , New Hampshire, Florida, New Hampshire, Iowa, Trump's, COVID, Russia, U.S

The Texas Bankers Association (TBA), American Bankers Association (ABA) and a small Texas bank sued in April, saying the CFPB had no authority to issue the rule because an appeals court found the regulator's funding structure unlawful. U.S. District Court Judge Randy Crane in McAllen, Texas, granted a preliminary injunction blocking the CFPB from enforcing the rule against members of both groups and McAllen-based Rio Bank. Crane blocked the rule pending a ruling by the U.S. Supreme Court on the CFPB's funding structure. The law also required the small business loan rule. 23-00144, U.S. District Court, Southern District of Texas.

Persons: Randy Crane, Crane, Dodd, Frank, Jody Godoy, Nick Zieminski Organizations: Consumer Financial Protection Bureau, Supreme, Texas Bankers Association, American Bankers Association, ABA, U.S, Rio Bank, Circuit, Appeals, Federal Reserve, Congress, U.S . Constitution, Consumer Financial, Court, Southern District of Texas, Thomson Locations: Texas, U.S, McAllen , Texas, McAllen, U.S ., Southern District, New York

☆ Alibaba's cloud unit brings Meta's AI model Llama to its clients
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +3 min

[1/2] 3D printed clouds and figurines are seen in front of the Alibaba Cloud service logo in this illustration taken February 8, 2022. “Today, Alibaba Cloud has launched the first training and deployment solution for the entire Llama2 series in China, welcoming all developers to create customised large models on Alibaba Cloud,” Alibaba Cloud said in a statement on Tuesday published on its WeChat account. The U.S. has been actively looking to restrict Chinese companies' access to many U.S.-developed technologies related to AI, particularly in the area of AI semiconductors. Alibaba Cloud did not respond to a request for comment. Alibaba and its peers such as Tencent Holdings (0700.HK) have been aggressively developing their own AI models in recent months.

Persons: Dado Ruvic, Meta, Llama2, Alibaba, Google's Bard, Josh Ye, Muralikumar Organizations: REUTERS, OpenAI, Google, Microsoft, “, Meta, Tencent Holdings, HK, Thomson Locations: HONG KONG, HK, China, U.S, Beijing

☆ Democratic US lawmakers propose banning legacy admissions
▼ + stars: | 2023-07-26 | by ( Julia Harte | ) www.reuters.com time to read: +2 min

Legacy admissions at schools such as Harvard University have been shown to overwhelmingly favor white, wealthy students over students of color from disadvantaged backgrounds. The bill announced on Wednesday, the Fair College Admissions for Students Act, was introduced by Senator Jeff Merkley in 2022, but did not make it beyond a Senate committee. Viet Nguyen, executive director of EdMobilizer, a non-profit that has been campaigning against legacy admissions since 2018, joined the lawmakers at Wednesday's press conference. EdMobilizer is pushing alumni of 30 top colleges and universities to withhold donations from their schools until they end legacy admissions. Wesleyan University and the University of Minnesota's Twin Cities campus announced they would stop using legacy admissions in July, following a handful of other U.S. higher education institutions that have ended them in recent years.

Persons: Jeff Merkley, Merkley, Jamaal Bowman, Chris Van Hollen, Nguyen, Brown, Julia Harte, Donna Bryson, Alistair Bell Organizations: Democratic U.S, U.S . Education Department, Harvard, Harvard University, University of North, Fair College, Stanford, Wesleyan University, University of Minnesota's, University of Minnesota's Twin Cities, Thomson Locations: U.S, University of North Carolina, University of Minnesota's Twin

The executives plan to hold meetings with U.S. officials to talk about market conditions, export controls and other matters affecting their businesses, one of the sources said. Intel and Qualcomm declined to comment, and officials at the White House did not immediately return a request for comment. The sources said other semiconductor CEOs may also be in Washington next week. The chip industry has been warmly received in Washington in recent years as lawmakers and the White House work to shift more production to the U.S. and its allies, and away from China. Many U.S. chip firms get more than one-fifth of their revenue from China, and industry executives have argued that reducing those sales would cut into profits that they reinvest into research and development.

Persons: Arnd, Biden, Pat Gelsinger, Cristiano Amon, Andrea Shalal, Stephen Nellis, Karen Freifeld, Chris Sanders, Edmund Klamann Organizations: Intel Corporation, REUTERS, Intel Corp, Qualcomm Inc, Intel, Qualcomm, White, Huawei Technologies Co, Reuters, Huawei, Nvidia, Nvidia Corp, Thomson Locations: Davos, Switzerland, Washington, China, U.S, Beijing, Many U.S, San Francisco, New York

☆ North Korea condemns US plan to send cluster munitions to Ukraine as 'criminal'
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +2 min

SEOUL, July 11 (Reuters) - North Korea on Tuesday condemned U.S. President Joe Biden's decision to send cluster munitions to Ukraine as a "criminal act" and demanded an immediate withdrawal of the plan. Reclusive North Korea has forged closer ties with the Kremlin and backed Moscow after it invaded Ukraine in February last year. The United States announced last week it would send Ukraine the weapons controversial for the danger they pose to civilians long after fighting ends as part of an $800 million security package. Many U.S. allies and partners helping aid Ukraine are among the 111 state parties to the Convention on Cluster Munitions, which prohibits all use, stockpiling, production and transfer of cluster munitions and came into force in 2010. North Korea is not a party to the convention.

Persons: Joe Biden's, Biden, Choe Son Hui, Choe, Jack Kim, Ed Osmond, Nick Macfie Organizations: Korean Foreign, DPRK, Democratic People's, Kremlin, United States, U.S, Cluster Munitions, Thomson Locations: SEOUL, North Korea, Ukraine, Democratic People's Republic of Korea, Moscow, Russia, United States, U.S

Senator Tim Kaine and Representative Barbara Lee raised concerns on Sunday over the decision by President Joe Biden's administration to send cluster bombs to Ukraine to combat the Russian invasion. "Cluster bombs should never be used. That's crossing a line," she told CNN on Sunday, adding the United States risked losing its "moral leadership" by sending cluster bombs to Ukraine. He added that Russia is using cluster munitions in Ukraine and "indiscriminately killing civilians," while the Ukrainians will be using them to defend their own territory. U.S. Representative Michael McCaul, chairman of the House of Representatives Foreign Affairs Committee, said Ukraine's counteroffensive was going slowly and that the cluster bombs could be a "game changer" for the Ukrainians.

Persons: Gabriel Jenko, Tim Kaine, Barbara Lee, Joe Biden's, Antonio Guterres, Kaine, Biden, Lee, John Kirby, Kirby, Michael McCaul, McCaul, Kanishka Singh, Joey Roulette, Doina Chiacu, Scott Malone, Andrea Ricci Organizations: Munitions, U.S . Army, REUTERS, WASHINGTON, Democratic U.S, United, United Nations, Fox News, Senate Armed Services Committee, White, Cluster Munitions, CNN, White House, Democratic, Republican, U.S, Representatives Foreign, Sunday, Thomson Locations: Hovey, South Korea, Handout, Ukraine, Russian, United States, Russia, United

☆ Threads, Meta's Twitter competitor, is not yet available in the EU due to regulatory concerns
▼ + stars: | 2023-07-06 | by ( Lauren Feiner | ) www.cnbc.com time to read: +2 min

While Meta's debut of its Twitter competitor, Threads, is making a splash in the U.S., consumers in the European Union are not yet able to join the platform. "We don't want to launch anything that isn't forward-compatible with what we know and what we think is coming," Mosseri told The Verge. The DMA establishes a set of competition rules for the largest digital gatekeepers, including many U.S. tech giants such as Meta. Under the rules, digital gatekeepers must not preference their own services on their platforms and must ensure their instant messaging services are functional with those of competitors. WATCH: Higgins: Can Threads siphon away the community aspect Twitter has built around cultural events?

Persons: Adam Mosseri, Mosseri, It's, Higgins Organizations: Markets, Meta, Apple, Twitter Locations: U.S, European Union, EU, Europe

Now, Mr. Biden’s aides think they have little choice. Ukraine, which has deployed cluster munitions of its own in the war, is burning through the available supply of conventional artillery shells, and it will take time to ramp up production. One American official said Thursday that it was now clear that the weapons are “100 percent necessary” to meet the current battlefield needs. The administration has also been aware that sending the weapons to Ukraine would be enormously unpopular among allies and members of Mr. Biden’s own party; over the years, many Democrats have led the charge to bar the use of the weapons by American troops. When, five days into the war, Jen Psaki, then the White House press secretary, was asked about the Russian use of unconventional weapons, including cluster munitions, she said: “We have seen the reports.

Persons: Biden, Volodymyr Zelensky, Biden’s, Jen Psaki Organizations: American, White House Locations: Ukraine, United States, Russia

June 29 (Reuters) - The U.S. Supreme Court on Thursday struck down race-conscious admissions programs at Harvard University and the University of North Carolina, effectively prohibiting affirmative action policies long used to raise the number of Black, Hispanic and other underrepresented minority students on campuses. "Harvard and UNC admissions programs cannot be reconciled with the guarantees of the Equal Protection Clause," Roberts wrote, referring to the constitutional provision. Affirmative action had withstood Supreme Court scrutiny for decades, most recently in a 2016 ruling involving a white student, backed by Blum, who sued the University of Texas after being rejected for admission. Jackson did not participate in the Harvard case because of her past affiliation with the university. The ruling did not explicitly say it was overruling landmark precedent upholding affirmative action.

Persons: Constitution's, Edward Blum, Roe, Wade, John Roberts, Roberts, Blum, Donald Trump, Trump, Thursday's, Joe Biden's, Ketanji Brown Jackson, Jackson, Sonia Sotomayor, Elena Kagan, Sotomayor, Peter Hans, Hans, Clarence Thomas, Bollinger, Andrew Chung, Will Dunham Organizations: U.S, Supreme, Harvard University, University of North, Harvard, UNC, Fair, Universities, University of Texas, Republican, America, Liberal, Jackson, Asian, Civil, University of North Carolina, Thomson Locations: University of North Carolina, U.S, States, Black, America, New York

June 29 (Reuters) - The U.S. Supreme Court on Thursday struck down race-conscious student admissions programs at Harvard University and the University of North Carolina in a sharp setback to affirmative action policies often used to increase the number of Black, Hispanic and other underrepresented minority groups on campuses. The decision, powered by the court's conservative justices with the liberal justices in dissent, was 6-3 against the University of North Carolina and 6-2 against Harvard. The dispute presented the Supreme Court's conservative majority an opportunity to overturn its prior rulings allowing race-conscious admissions policies. Affirmative action has withstood Supreme Court scrutiny for decades, most recently in a 2016 ruling involving a white student, backed by Blum, who sued the University of Texas after being rejected for admission. The Supreme Court has shifted rightward since 2016 and now includes three justices who dissented in the University of Texas case and three new appointees by former Republican President Donald Trump.

Persons: Edward Blum, Ketanji Brown Jackson, Roe, Wade, John Roberts, Constitution's, Roberts, Blum, Donald Trump, Andrew Chung, Will Dunham Organizations: U.S, Supreme, Harvard University, University of North, Fair, Harvard, Liberal, UNC, Asian, Civil, Republican, University of Texas, Thomson Locations: University of North Carolina, U.S, America, New York

TOKYO, June 27 (Reuters) - The U.S. dollar held firm against major currencies on Tuesday as tension simmered in Russia and traders looked ahead to U.S. data that may determine the timing of further interest rate hikes. The Russian rouble weakened 0.41% versus the dollar at 84.75 after hitting its weakest level since March 2022. Japan intervened to boost the yen last year when it weakened past the 145 per dollar level. U.S. data this week include new orders for durable goods, housing figures, and consumer surveys from The Conference Board and University of Michigan. If the U.S. economic data comes out on the strong side, then further pricing in for the two rate hikes will push up the dollar," Yamamoto said.

Persons: Vladimir Putin, Shunichi Suzuki, Masafumi Yamamoto, Yamamoto, Christine Lagarde, Sterling, Rocky Swift, Christopher Cushing, Barbara Lewis Organizations: U.S, Japanese Finance, Conference Board, University of Michigan, Federal Reserve, Mizuho Securities, European Central Bank, ECB, Central Banking, Thomson Locations: TOKYO, Russia, Russian, U.S, Sintra , Portugal, China, China's

☆ Dollar holds firm ahead of U.S. durable goods, housing data
▼ + stars: | 2023-06-27 | by ( ) www.cnbc.com time to read: +1 min

The U.S. dollar held its ground against major currencies on Tuesday as tension in Russia simmered and traders looked ahead to U.S. data that may determine the timing of interest rate hikes. U.S. data this week include new orders for durable goods, housing figures, and consumer surveys from The Conference Board and University of Michigan. "Two more rate hikes are not fully priced in the market. If the U.S. economic data comes out on the strong side, then further pricing in for the two rate hikes will push up the dollar," Yamamoto said. The Australian dollar fetched $0.66815, up 0.10%, while the New Zealand dollar slid 0.08% to $0.6159.

Persons: Vladimir Putin, Masafumi Yamamoto, Yamamoto Organizations: U.S, Conference Board, University of Michigan, Federal Reserve, Mizuho Securities, European Central Bank, Central Banking, Australian, New Zealand Locations: Russia, U.S, Sintra , Portugal

Against this backdrop, the court is again poised to decide cases with the potential to reshape key areas of law and impact life for millions of Americans. The court began its term in October and typically finishes by the end of June each year. The Supreme Court already has ruled in two major race-related cases. In the student admissions cases, the challengers - a group founded by anti-affirmative action activist Edward Blum - accused the two schools of discriminating against white and Asian American applicants. The justices also are due to decide the legality of President Joe Biden's plan to cancel $430 billion in student loan debt.

Persons: Roe, Wade, Clarence Thomas, Edward Blum, Joe Biden's, Lorie Smith's, Andrew Chung, John Kruzel, Will Dunham Organizations: U.S, Supreme, Harvard University, University of North, Republican, Harvard, UNC, Colorado, U.S . Postal Service, Thomson Locations: University of North Carolina, Texas, Alabama, Arkansas , Iowa , Kansas , Missouri , Nebraska, South Carolina, Louisiana, U.S, Colorado, North Carolina, New York, Washington

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