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☆ Wall St falls more than 1%; yields rise, investors assess earnings
▼ + stars: | 2023-10-18 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. The S&P 500 passenger airlines index (.SPLRCALI) dropped 5.6%. Shares ended the day down 6.8%. Tesla ended the regular session down 4.8% and Netflix ended the session down 2.7%. The S&P 500 posted 12 new 52-week highs and 25 new lows; the Nasdaq Composite recorded 25 new highs and 252 new lows.

Persons: Brendan McDermid, Netlix, homebuilding, Rick Meckler, Joe Biden, Morgan Stanley's, Tesla, Ankika Biswas, Shashwat Chauhan, Sruthi Shankar, Arun Koyyur, Vinay Dwivedi, Nick Zieminski, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Airlines, Dow, Nasdaq, Federal Reserve, Cherry Lane Investments, Procter, Gamble, United Airlines Holdings, Dow Jones, U.S, Tesla, Netflix, NYSE, Thomson Locations: New York City, U.S, New Vernon , New Jersey, Israel, Gaza, Bengaluru

Jordan's vote total of 199 was less than the 200 Republican votes he secured on Tuesday. "It's just painfully obvious that what a lot of our people want to do we can't do," said Republican Representative Steve Womack, who voted against Jordan. That idea has been floated by Republicans and Democrats, as well as two former Republican speakers, Newt Gingrich and John Boehner. He simply tells you straight up," Republican Representative Tom Cole said as he nominated Jordan for speaker ahead of the vote. Republicans who opposed Jordan voted for 10 different candidates, including Boehner and two others who no longer serve in Congress.

Persons: Jim Jordan, Jordan, Donald Trump, Kevin McCarthy, McCarthy, It's, Steve Womack, Patrick McHenry, Mike Lawler, Newt Gingrich, John Boehner, Tom Emmer, Hakeem Jeffries, Jordan's, dissemble, Tom Cole, Kay Granger, Boehner, Trump, Joe Biden's, David Morgan, Moira Warburton, Katharine Jackson, Makini Brice, Susan Heavey, Andy Sullivan, Scott Malone, Nick Zieminski, Grant McCool Organizations: U.S . House, Republicans, Republican, Democrats, U.S . Rep, Representatives, Democratic, REPUBLICAN, White, Senate, Jordan ., Committee, Thomson Locations: U.S, East, Ukraine, Washington, Jordan, Jordan . New, McHenry

Jordan secured just 200 Republican votes on Tuesday. "I don't think anybody in here on any issue of any substance would have to guess where Jim Jordan is going to stand. He simply tells you straight up," Republican Representative Tom Cole said as he nominated Jordan for speaker ahead of the vote. Potential candidates include Representative Tom Emmer, currently the No. 3 House Republican.

Persons: Jim Jordan, Jordan, Patrick McHenry, Kevin McCarthy, We've, Let's, Newt Gingrich, John Boehner, Mike Kelly, McHenry, Hakeem Jeffries, Tom Emmer, Jordan's, dissemble, Tom Cole, Donald Trump, Boehner, Joe Biden's, David Morgan, Moira Warburton, Katharine Jackson, Makini Brice, Susan Heavey, Andy Sullivan, Scott Malone, Grant McCool, Nick Zieminski Organizations: U.S . House, Republicans, Democrats, Republican, Democratic, U.S . Rep, Representatives, White, Senate, New, Committee, Biden, Thomson Locations: U.S, East, Ukraine, Jordan, Washington, McHenry

That temporary solution could also buy more time for Jordan to line up support for the job after that point. "I think it gets more and more difficult for him every day," said Republican Representative Mario Diaz-Balart, who opposes Jordan. Jordan, a close ally of former President Donald Trump, could be in trouble if more Republicans vote against him in a second ballot. At least one Republican who voted against him on Tuesday, Representative Doug LaMalfa, said he would vote for Jordan on the second ballot. 3 House Republican.

Persons: Jim Jordan, Jordan, Patrick McHenry, We've, Let's, Mike Kelly, McHenry, Hakeem Jeffries, Kevin McCarthy, Mario Diaz, Balart, Newt Gingrich, John Boehner, Donald Trump, Tom Emmer, Read, McCarthy, Doug LaMalfa, Boehner, Joe Biden's, Kay Granger, Jordan's, David Morgan, Moira Warburton, Katharine Jackson, Makini Brice, Susan Heavey, Andy Sullivan, Scott Malone, Grant McCool, Nick Zieminski Organizations: U.S . House, Republican, Democratic, Republicans, U.S . Rep, Representatives, CNBC, Caucus, Committee, Biden, White, Thomson Locations: U.S, East, Ukraine, Jordan, McHenry, Washington

[1/2] A Cruise self-driving car, which is owned by General Motors Corp, is seen outside the company’s headquarters in San Francisco where it does most of its testing, in California, U.S., September 26, 2018. NHTSA's preliminary evaluation covers about 594 vehicles and is the first step before the agency seek to force a recall. In December, NHTSA opened a separate safety probe into the autonomous driving system in Cruise vehicles after reports of two injuries in rear-end crashes. NHTSA said Cruise vehicles "may engage in inappropriately hard braking or become immobilized." The DMV in August said it was investigating "recent concerning incidents" involving Cruise vehicles in San Francisco and asked the company to take half its robotaxis off the roads, a request Cruise complied with.

Persons: Heather Somerville, Mary Barra, Cruise, robotaxi, David Shepardsin, Nick Carey, Abinaya, Nivedita Bhattacharjee, Jan Harvey, Nick Zieminski Organizations: General Motors Corp, REUTERS, Rights, General Motors, Traffic Safety Administration, NHTSA, GM, Cruise, California Department of Motor Vehicles, California Public Utilities Commission, Thomson Locations: San Francisco, California, U.S, Cruise, Washington, London, Bengaluru

REUTERS/Carlos Osorio/File Photo Acquire Licensing RightsOTTAWA, Oct 17 (Reuters) - Canada's annual inflation rate unexpectedly slowed to 3.8% in September and underlying core measures also eased, data showed on Tuesday, prompting markets and analysts to trim bets for another interest rate hike next week. Analysts polled by Reuters had forecast inflation to hold steady at the 4.0% rate recorded in August. Two of the Bank of Canada's (BoC's) three core measures of underlying inflation also decelerated. Money markets trimmed bets for a rate hike next week after the data. "There's no need for further rate hikes in Canada," Reitzes said.

Persons: Carlos Osorio, Jules Boudreau, stoking, Benjamin Reitzes, Reitzes, Statscan, Derek Holt, Macklem, Ismail Shakil, Steve Scherer, Dale Smith, Fergal Smith, Divya Rajagopal, Jonathan Oatis, Nick Zieminski Organizations: REUTERS, Rights OTTAWA, Reuters, Statistics, Mackenzie Investments, Bank of Canada's, Bank of Canada, BoC, BMO Capital Markets, Scotiabank . Bank of Canada, Thomson Locations: Toronto , Ontario, Canada, Statistics Canada, Mackenzie, Ottawa, Toronto

It was unclear whether he would be able to unite his party enough to prevail in a floor vote expected on Tuesday. In a letter to Republicans, Jordan acknowledged those differences and promised to prioritize military and spending legislation. It was unclear how many Republican lawmakers still opposed Jordan's bid, sources familiar with internal Republican discussions said on Monday. 2 House Republican Steve Scalise, who won the endorsement last week but then withdrew after he was not able to consolidate support. 3 House Republican Tom Emmer, conservative Representatives Kevin Hern and Byron Donalds as well as acting Speaker Patrick McHenry, who is presiding over the speaker election.

Persons: Jim Jordan, Republican Jim Jordan, whittling, Jordan, Kevin McCarthy's, Israel, Vern Buchanan, Republican Steve Scalise, Chip Roy, Erik Erickson, Andy Ogles, McCarthy, TRUMP, Donald Trump, John Boehner, Paul Ryan, Republican Tom Emmer, Kevin Hern, Byron Donalds, Patrick McHenry, David Morgan, Makini Brice, Moira Warburton, Susan Heavey, Katharine Jackson, Andy Sullivan, Scott Malone, Deepa Babington, Grant McCool, Nick Zieminski Organizations: U.S . House, Republican Conference, Republican, Republicans, WSB Radio, Caucus, Thomson Locations: WASHINGTON, Ukraine, Jordan, States

☆ Sam Bankman-Fried jury sees photo of FTX founder with Katy Perry, Orlando Bloom
▼ + stars: | 2023-10-16 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +4 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsCompanies Champion Trust Llc FollowNEW York, Oct 16 - The jury at Sam Bankman-Fried's fraud trial on Monday saw a photograph of the FTX cryptocurrency exchange founder with singer Katy Perry and actor Orlando Bloom at the 2022 NFL Super Bowl. Singh is the third former member of Bankman-Fried's inner circle to testify at the trial, which started on Oct. 3. Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy tied to FTX's November 2022 collapse. Singh said another FTX executive had told him the deals were meant to help spur user growth. Since his trial, Bankman-Fried has been seen during testimony typing on a laptop and whispering to his lawyers.

Persons: Sam Bankman, Andrew Kelly, Katy Perry, Orlando Bloom, Prosecutors, Nishad Singh, FTX's, Singh, Gary Wang, Caroline Ellison, Alameda's, Fried, Perry, Michael Kives, Tom Brady, Gisele Bundchen, Steph Curry, Larry David, District Judge Lewis Kaplan, Kaplan, Luc Cohen, Nick Zieminski Organizations: FTX, Manhattan, REUTERS, Bowl, Alameda, Miami Heat's, District, Bankman, Prosecutors, New York Times, Brooklyn's Metropolitan Detention Center, Thomson Locations: New York City, U.S, Los Angeles, Brooklyn's, New York

Former U.S. President and Republican presidential candidate Donald Trump delivers remarks to supporters at the Club 47 USA event in West Palm Beach, Florida, U.S. October 11, 2023. REUTERS/Shannon Stapleton/File Photo Acquire Licensing RightsWASHINGTON, Oct 16 (Reuters) - A federal judge on Monday barred Donald Trump from targeting U.S. prosecutors, court staff and potential witnesses involved in a criminal case accusing him of him trying to overturn his 2020 election loss. U.S. District Tanya Chutkan in Washington said she would not allow Trump, who has pleaded not guilty, to "launch a pretrial smear campaign" against people involved in the case. The order bars Trump and attorneys in the case from personally targeting Special Counsel Jack Smith, prosecutors working with him and court staff. It also prevents Trump from discussing potential witnesses as it relates to their testimony at trial.

Persons: Donald Trump, Shannon Stapleton, Tanya Chutkan, Trump, Chutkan, Jack Smith, Andrew Goudsward, Scott Malone, Will Dunham, Nick Zieminski, Jonathan Oatis Organizations: U.S, Republican, REUTERS, Rights, Trump, Thomson Locations: West Palm Beach , Florida, U.S, Washington

Trump, as a criminal defendant, "does not have the right to say and do exactly as he pleases," Chutkan said. The exchanges came as U.S. prosecutors sought a court order to limit Trump's public statements about people involved in the case. Trump is the frontrunner for the Republican nomination to challenge Democratic President Joe Biden in the 2024 U.S. election. Molly Gaston, a prosecutor working with Special Counsel Jack Smith, said the order was necessary to prevent Trump from trying the case "in the court of public opinion." "These prosecutors want to prevent President Trump from speaking out on the issues of the day," Lauro told the judge, adding that the case is "inextricably intertwined with campaign issues."

Persons: Donald Trump, Shannon Stapleton, Tanya Chutkan, Trump, John Lauro, Jack Smith, Chutkan, Lauro, Smith, Joe Biden, Molly Gaston, Gaston, Mike Pence, Mark Milley, Andrew Goudsward, Scott Malone, Will Dunham, Nick Zieminski, Jonathan Oatis Organizations: U.S, Republican, REUTERS, Rights, U.S . Justice Department, Trump, Democratic, Biden, Thomson Locations: West Palm Beach , Florida, U.S, Washington, York, China

☆ Major US banks show profit boost, but some caution from consumers
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +5 min

Consumers were starting to deplete savings, the banks said, and Citibank and Wells Fargo noted that losses on credit cards and other debts were starting to rise. Wells Fargo said it was seeing charge-offs, or loans written off, increasing in its credit card portfolio. "Currently, U.S. consumers and businesses generally remain healthy, although consumers are spending down their excess cash buffers," said JPMorgan CEO Jamie Dimon. JPMorgan, Citigroup and Wells Fargo, the first, third and fourth biggest U.S. lenders, respectively, also increased their outlook for NII. Shares of JPMorgan and Wells Fargo rose between 1% and 3%.

Persons: Shannon Stapleton, Wells Fargo, Jane Fraser, Wells, Charlie Scharf, Scharf, JPMorgan Chase, Jamie Dimon, Eric Kuby, Dimon, PNC's NII, Rick Meckler, Saeed Azhar, Nupur Anand, Lewis Krauskopf, Tatiana Bautzer, Sinead Carew, Niket, Manya Saini, Noor Zainab Hussain, Jaiveer Shekhawat, Pritam Biswas, Ann Saphir, Megan Davies, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: JPMorgan Chase's, REUTERS, JPMorgan, Federal, Consumers, Citibank, Valley Bank, Citigroup, U.S, PNC Financial Services, delinquencies, Bank, Citi, North Star Investment Management Corp, JPMorgan Chase, PNC, Cherry Lane Investments, Thomson Locations: New York, Major U.S, Wells Fargo, U.S, Chicago, Wells, Bengaluru, San Francisco

Citi's net income rose 2% to $3.5 billion from a year ago, while earnings per share remained stable at $1.63. Revenue at Citi's institutional clients group that houses its Wall Street operations rose 12% from a year ago, fueled by a 34% jump in investment banking fees. Citi's total provision for the credit portfolio rose to $17.6 billion from $16.3 billion a year ago. Fraser announced a sweeping reorganization last month that will disband ICG and give her more direct oversight over the company's businesses. Rivals Wells Fargo (WFC.N) and JPMorgan Chase (JPM.N) also reported higher quarterly profit on Friday, boosted by a rise interest payments.

Persons: Nick Zieminski, Jane Fraser, Fraser, Rivals Wells, JPMorgan Chase, Manya Saini, Tatiana Bautzer, Lananh Nguyen, Arun Koyyur Organizations: Citibank, REUTERS, Federal, ICG, Citi, Rivals, JPMorgan, Thomson Locations: Jackson, Queens, New York City, U.S, Bengaluru, New York

The bank said its recently announced reorganization plan will result in a 15% reduction in functional roles and that the first phase of the plan eliminated 60 net committees. Revenue at Citi's institutional clients group that houses its Wall Street operations rose 12% from a year ago, fueled by a 34% jump in investment banking fees. The bank's trading unit also boosted revenue, while its division providing treasury and securities services to corporations brought in 12% more revenue. At Citi, the total provision for the credit portfolio rose to $17.6 billion from $16.3 billion a year ago. Fraser announced a sweeping reorganization last month that will disband ICG and give her more direct oversight over the company's businesses.

Persons: Nick Zieminski, Jane Fraser, Fraser, Rivals Wells, JPMorgan Chase, Manya Saini, Tatiana Bautzer, Lananh Nguyen, Arun Koyyur Organizations: Citibank, REUTERS, LSEG, Citi, Federal, ICG, Rivals, JPMorgan, Thomson Locations: Jackson, Queens, New York City, U.S, Bengaluru, New York

☆ Major US banks show profit boost, but cautious on outlook, consumer health
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

JPMorgan's (JPM.N) profit jumped 35% on the year-ago quarter, while Wells Fargo (WFC.N) profit surged 60%. The banks benefited from higher interest rates, which have bolstered banks' net interest income (NII), or the difference between what they earn on loans and pay out on deposits. JPMorgan and Wells Fargo, the first- and fourth-largest U.S. lenders, respectively, also increased their outlook for NII. Regional lender PNC Financial Services' (PNC.N), meanwhile, reported higher consumer loan delinquencies. JPM and Wells reported a decline in average deposits.

Persons: Shannon Stapleton, Wells, Jamie Dimon, Wells Fargo, Charlie Scharf, Jane Fraser, Dimon, JPMorgan's NII, Saeed Azhar, Ann Saphir, Megan Davies, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: JPMorgan Chase's, REUTERS, Citigroup, JPMorgan, Citi, PNC, PNC Financial Services, Thomson Locations: New York, Major U.S, Wells Fargo, U.S

A newly remodeled Ford F250 Super Duty truck is displayed at the new Louisville Ford truck plant in Louisville, Kentucky, U.S. September 30, 2016. UAW President Shawn Fain on Wednesday ordered a strike at Ford's Kentucky Truck factory after Ford negotiators did not present a richer contract proposal. About 4,600 Ford workers could be idled because their jobs depend on production of Super Duty pickups and large Lincoln and Ford SUVs at Kentucky Truck, said Ford manufacturing vice president Bryce Currie. Already, 13,000 workers at Ford suppliers have been furloughed because of earlier UAW walkouts at two Ford assembly plants, Ford supply chain chief Liz Door said. Fain and other UAW officials called a meeting with Ford at on Wednesday evening and demanded a new offer, which Ford did not have, a Ford official said.

Persons: Bryan Woolston, Kumar Galhotra, Ford, Galhotra, Shawn Fain, Here’s, Fain, Stellantis, Bryce Currie, Liz Door, Chris McNally, Karine Jean, Pierre, Sam Fiorani, Glen Hauenstein, Wednesday's Ford, walkouts, Joe White, Abhirup Roy, David Shepardson, Priyamvada, Peter Henderson, Ben Klayman, Nick Zieminski, Matthew Lewis Organizations: Ford, Super, Louisville Ford, REUTERS, Rights DETROIT, United Auto Workers, UAW, Ford's Kentucky, Chrysler, Detroit, Kentucky, General Motors, Lincoln, White, AutoForecast Solutions, Reuters Graphics Reuters, Delta Air Lines, Delta, Detroit Three, GM, Stellantis, Thomson Locations: Louisville , Kentucky, U.S, WASHINGTON, Stellantis, Lincoln, Kentucky, Arlington , Texas, Flint , Michigan, Sterling Heights, Warren , Michigan, Detroit, Wells, Its Kentucky, San Francisco, Washington, Bengaluru

☆ Delta's quarterly profit tops estimates on booming international travel
▼ + stars: | 2023-10-12 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +3 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsCHICAGO, Oct 12 (Reuters) - Delta Air Lines (DAL.N) on Thursday reported stronger-than-expected quarterly profit on strong international travel, but trimmed its full-year outlook due to higher fuel costs. In an interview, he said the demand for Delta's products remain "high" as its customers are in "a very healthy condition." Delta now expects adjusted earnings of $6 to $6.25 per share this year, compared with $6 to $7 per share estimated in July. In the December quarter, the airline expects adjusted earnings in the range of $1.05 to $1.30 per share. Ultra-low-cost carrier Spirit Airlines (SAVE.N) last month cut its profit outlook for the third quarter, citing "heightened promotional activity with steep discounting."

Persons: John F, Andrew Kelly, Ed Bastian, Delta, Stephen Trent, Hopper, airfare, Bastian, Rajesh Kumar Singh, Mehr Bedi, Jamie Freed, Arun Koyyur, Nick Zieminski Organizations: Delta Air Lines, Kennedy International Airport, REUTERS, Rights, Delta, U.S, Wall Street, Citi Research, Spirit Airlines, Frontier Airlines, Thomson Locations: Queens , New York City, U.S

Centerview Partners also advised Exxon, while Morgan Stanley and Bank of America secured advisory roles with Pioneer. A transaction of this size typically results in tens of millions of dollars worth of fees for advisory firms. The chairman of the firm, Tom Petrie, was a co-founder of Petrie Parkman and served a vice chairman at Bank of America before the current Petrie was created. Three of those - Andrew Rapp and Mike Bock in Denver, as well as Jon Hughes in Houston - have been with the firm since its days as Petrie Parkman. Reporting by Anirban Sen and David French in New York Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Lucas Jackson, Goldman Sachs, Morgan Stanley, Centerview, LSEG, Petrie Parkman, Merrill Lynch, Tom Petrie, Petrie, Andrew Rapp, Mike Bock, Jon Hughes, Anirban Sen, David French, Nick Zieminski Organizations: Exxon, New York Stock Exchange, REUTERS, Petrie Partners, Natural Resources, Exxon Mobil, Goldman, Citigroup Inc, Pioneer, Centerview Partners, Bank of America, Seagen Inc, Pfizer Inc, Guggenheim Securities, Co, U.S . Department of Energy, Thomson, & $ Locations: New York, Dealogic . Denver, Bank, Saudi Arabia, Alaska, Denver, Houston ., Houston

The hubs are networks of hydrogen producers and consumers that will use local infrastructure to accelerate the deployment of clean hydrogen. The Mid-Atlantic Clean Hydrogen Hub that involves parts of Pennsylvania, Delaware and New Jersey will receive a $750 million grant, according to the sources familiar with the forthcoming announcement. The Appalachian Regional Clean Hydrogen Hub (ARCH2) that includes western Pennsylvania, Ohio and West Virginia will also receive one of the grants, according to two sources. The 2021 bipartisan infrastructure bill allocated up to $7 billion to launch the initiative, called the Regional Clean Hydrogen Hubs program, which will help fund six to 10 regional clean hydrogen hubs across the U.S. Each of the proposed regional hub projects involve dozens of partners from energy companies, academia and local and state governments.

Persons: Joe Biden's, Biden, Joe Manchin, Valerie Volcovici, Jarrett Renshaw, Nick Zieminski, David Gregorio Our Organizations: Reuters, Department of Energy, Pennsylvania, White House, Democratic, Energy Department, DOE, Dominion, Battelle, TC Energy, Thomson Locations: Pennsylvania, Appalachian, U.S, Delaware, New Jersey, Philadelphia, Ohio, West Virginia, California, Washington

The updates include the addition of memory storage to its developer tools for using AI models. The new features are expected to be rolled out at OpenAI’s first-ever developer conference in San Francisco on November 6, sources said. Keeping developers happy has been a major focus for OpenAI, these sources told Reuters. Earlier this year, the company rushed to release ChatGPT plugins, add-on tools that allow developers to create applications within ChatGPT. Earlier this year, Altman admitted to a group of developers in London that plugins have not gained market traction.

Persons: Sam Altman, Elon Musk, Altman, Musk doesn't, OpenAI, Jasper, ChatGPT, Lakshya Bakshi, Krystal Hu, Anna Tong, Kenneth Li, Nick Zieminski Organizations: Reuters, Elon, Google, Thomson Locations: OpenAI’s, San Francisco, London

☆ Peltz's Trian up 3% this year even as Disney bet soured
▼ + stars: | 2023-10-10 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +1 min

NEW YORK, Oct 10 (Reuters) - Nelson Peltz's Trian Fund Management returned nearly 3% in the first nine months of the year, investors said on Tuesday, as his bet on Walt Disney Co (DIS.N) contributed to the activist hedge fund lagging its peers' returns. Disney's stock price has tumbled roughly 30% since February, when Peltz ended a battle for a board seat but kept Trian invested in the stock. Some blue-chip activist investors, including Bill Ackman's Pershing Square Capital Management and Jeff Smith's Starboard Value, are posting better numbers. The average activist investor gained nearly 7% through the end of September, according to Hedge Fund Research data. At the end of June, the average activist investor was up 11.5% while Trian was up roughly 6%, HFR data and investors said.

Persons: Nelson, Peltz, Trian, Janus Henderson, Trian's, Bill Ackman's, Jeff Smith's, Svea Herbst, Bayliss, Nick Zieminski Organizations: Fund Management, Walt Disney Co, Disney, Reuters, Janus Henderson Group, Ferguson, Bill Ackman's Pershing, Capital Management, Pershing, Fund Research, Svea, Thomson Locations: Boston

Ellison said the hedge fund, Alameda Research, took about $10 billion in FTX customer funds to repay its debts and make investments. Gary Wang, FTX's former technology chief, testified that Bankman-Fried falsely tweeted that FTX was "fine" in November as the exchange faced surging demand for withdrawals. Bankman-Fried left in 2017 to found Alameda, and Ellison followed when he offered her a job as a trader. "He was very ambitious," Ellison told the court. In testimony that could undermine that argument, Ellison said she always consulted Bankman-Fried on big decisions and always deferred to him.

Persons: Sam Bankman, Eduardo Munoz, Caroline Ellison, Ellison, FTX, Fried, Mark Cohen, Gary Wang, Nishad Singh, Bankman, Jane, Joe Biden's, Cohen, District Judge Lewis Kaplan, Luc Cohen, Jody Godoy, Noeleen Walder, Nick Zieminski, Matthew Lewis Organizations: REUTERS, Alameda Research, Manhattan U.S, Prosecutors, Alameda, Bankman, Wall, Ellison, New York Times, Times, District, Thomson Locations: New York, U.S, Alameda, FTX

☆ US SEC shortens deadline to disclose 5% stock ownership to 5 days
▼ + stars: | 2023-10-10 | by ( Douglas Gillison | ) www.reuters.com time to read: +3 min

[1/2] The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. As adopted, the rule also shortens the disclosure deadline for certain institutional investors to 45 days from the end of the quarter in which their ownership stake surpasses 5%. Previously, the deadline was 45 days from the end of the calendar year. In advance of the announcement, SEC officials told reporters the final rule had been softened in important ways from the original proposal. The SEC announced the new rule changes after they had already been adopted rather than through a public meeting.

Persons: Andrew Kelly, Gary Gensler, Elon Musk, Hester Peirce, Peirce, Douglas Gillison, David Gregorio, Nick Zieminski, Mark Porter Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, SEC, Republican, Thomson Locations: Washington ,

☆ Global watchdog reveals tensions at heart of Credit Suisse debacle
▼ + stars: | 2023-10-10 | by ( Huw Jones | ) www.reuters.com time to read: +5 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. The report, however, exposed tensions and conflicts at the heart of a process that ultimately required Switzerland to initially back the emergency rescue of Credit Suisse by rival UBS (UBSG.S) with public money to avert panic. The officials summed up that the "resolution" rules for shutting a collapsing bank without panicking markets could have worked for Credit Suisse, though public money would still likely have been needed. The FSB report sheds new light on events that led to Credit Suisse's downfall. The FSB said Switzerland's action preserved financial stability, even if it raised questions as to why the resolution was not chosen.

Persons: Denis Balibouse, Karin Keller, Sutter, Switzerland's Keller, FINMA, Andrew Bailey, Arturo Bris, Mayra Rodriguez Valladares, Arthur Wilmarth, it’s, Tatiana Bautzer, Elisa Martinuzzi, Stefania Spezzati, Pete Schroeder, Mark Potter, Nick Zieminski Organizations: Credit Suisse, UBS, REUTERS, UBS Group, Swiss, U.S, Bank of England, IMD, Bank, MRV Associates, Banco, George Washington University Law School, Thomson Locations: Zurich Switzerland, Switzerland, Swiss, U.S

☆ Boeing 737 MAX monthly deliveries fall to lowest since 2021
▼ + stars: | 2023-10-10 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

[1/2] The Boeing 737 MAX aircraft is displayed at the Farnborough International Airshow, in Farnborough, Britain, July 20, 2022. Boeing is inspecting and fixing thousands of holes that were drilled wrong on the 737 MAX aft pressure bulkhead. While new orders improved sharply, the largest U.S. planemaker said deliveries in September fell to 15 737 MAX planes, 10 787s and two 777s, for a total of 27 deliveries. The monthly number of MAX 8 and MAX 9 deliveries was the fourth-lowest since deliveries resumed in December 2020 after a worldwide grounding following two MAX crashes in 2018 and 2019 that killed 346 people. The planemaker said in July the first delivery of the 737 MAX 7 had been delayed to 2024.

Persons: Peter Cziborra, planemaker, David Shepardson, Tim Hepher, Nick Zieminski, David Gregorio Our Organizations: Boeing, Farnborough, REUTERS, Rights, United Airlines, Air Canada, Airbus, Carriers, Federal Aviation Administration, Thomson Locations: Farnborough, Britain, U.S

In the memo, Bankman-Fried called Alameda's failure to hedge its bets a "mistake." When Everdell asked if the decision not to hedge was Ellison's, Wang replied that she was Alameda's CEO at the time. Prosecutors said last week they planned to call Ellison to take the stand once Wang finishes his testimony. She was seen entering the courthouse on Tuesday morning wearing a blue baseball cap and sunglasses, and carrying a blue thermos. A third former member of Bankman-Fried's inner circle, ex-FTX engineering chief Nishad Singh, is also expected to testify at trial.

Persons: Sam Bankman, Eduardo Munoz, Caroline Ellison, Christian Everdell's, Gary Wang, Everdell, Wang, Ellison, Prosecutors, Fried, District Judge Lewis Kaplan, Nishad Singh, FTX, Christian Everdell, Mark Cohen, Luc Cohen, Jody Godoy, Noeleen Walder, Matthew Lewis, Nick Zieminski Organizations: REUTERS, Alameda Research, New York Times, U.S, District, Brooklyn's Metropolitan Detention Center, Bankman, Alameda, Thomson Locations: New York, U.S, Manhattan, Brooklyn's, Alameda, Washington ,

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