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☆ UBS to take over Credit Suisse, central banks act on liquidity
▼ + stars: | 2023-03-19 | by ( Reuters Staff | ) www.reuters.com time to read: +13 min

LONDON/NEW YORK (Reuters) -UBS sealed a deal to buy rival Swiss bank Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss authorities said on Sunday. FILE PHOTO: The logo of Credit Suisse is pictured in front of the Swiss Parliament Building, in Bern, Switzerland, March 19, 2023. The reports that UBS is acquiring Credit Suisse will likely magnify Credit Suisse’s problems by moving them to UBS... The Credit Suisse issues are not new and needed to be resolved years ago. A legal challenge by Credit Suisse shareholders, who will claim that their property has been illegally confiscated, is guaranteed.

[1/2] Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 19, 2023. UBS will buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) and agreed to assume up to $5.4 billion in losses as it winds down the smaller peer's investment bank after a shotgun merger engineered by Swiss authorities. The failure of two U.S. banks and a rout in Credit Suisse shares have sent shock waves through markets over the past week, reviving memories of the 2008 financial crisis. The U.S., UK and Swiss central banks are all scheduled to meet in the week ahead. Others drew attention to the losses likely to be suffered by Credit Suisse junior bondholders.

☆ Mexico FinMin expects Pemex able to handle 2023 debt amortizations, government there if needed
▼ + stars: | 2023-03-17 | by ( Noe Torres | ) www.reuters.com time to read: +1 min

Companies Petroleos Mexicanos FollowMERIDA, Mexico, March 17 (Reuters) - Mexican Finance Minister Rogelio Ramirez De La O said on Friday he expects state oil firm Petroleos Mexicanos, known locally as Pemex, to be able to handle its debt amortizations in 2023, though reaffirmed that the government would be there if needed. With its financial debt totaling nearly $108 billion at the close of last year, Pemex must pay down some $8.2 billion expiring this year and another $9 billion more in 2024 in both bonds and long-term bank loans, putting it in a challenging financial position. The finance minister's latest comments came after Mexico's President Andres Manuel Lopez Obrador said in January the government would provide further support to Pemex to ensure it meets its debt repayments. The government lifeline has provided the company with some $45 billion between capital injections and tax benefits over the last four years. Reporting by Noe Torres; Editing by Anthony EspositoOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. banks' liquidity issues over for now, but likely to return: Opimas
▼ + stars: | 2023-03-15 | 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 EmailU.S. banks' liquidity issues may have passed for now, but could come back worse, Opimas CEO saysOctavio Marenzi, CEO of Opimas, discusses the Federal Reserve's support of U.S. banks facing liquidity issues and the outlook for the sector.

☆ No, Ron DeSantis can't stop Donald Trump's extradition from Florida to New York if he's indicted. Here's how it would go down.
▼ + stars: | 2023-03-15 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +12 min

Ron DeSantis can't stop extradition from Trump's home in Florida, but he could slow the process. DeSantis can't stop Trump's extradition, but he could slow it downThe standard method of interstate extradition in Florida, according to Holder and Bachner, involves the governors of each state. In that scenario, the Manhattan District Attorney's Office would present the indictment to the legal affairs office of New York Gov. DeSantis is then required to make sure the indictment is valid before ordering Trump's extradition from Florida. The Florida extradition statute describes the governor's role as simply making sure the extradition demand meets all the legal requirements.

☆ DeSantis' hand-picked Walt Disney World oversight board meets for the first time
▼ + stars: | 2023-03-08 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +4 min

REUTERS/Octavio JonesMarch 8 (Reuters) - A new board controlling Walt Disney World's special taxing district in Florida will meet for the first time on Wednesday, as Governor Ron DeSantis' hand-picked group gets ready to end the entertainment giant's "corporate kingdom." Nothing in the language of the legislation creating the Central Florida Tourism Oversight District gives the board of supervisors authority to direct Walt Disney Co's (DIS.N) content. "The District board members are now in place and will be examining all of the needed actions to get back on track," Bryan Griffin, a spokesman for the governor, said on Tuesday. Legislators in Florida passed a bill in February giving DeSantis effective control over a board that oversees municipal services and development in a special district that encompasses Walt Disney World resort. “Shameful to see Disney continue to use children as pawns to advance their WOKE political agenda,” Ziegler tweeted.

☆ Exclusive: Mexico's Pemex, 'punished' by markets, weighs how to pay heavy debt
▼ + stars: | 2023-03-08 | by ( Ana Isabel Martinez | ) www.reuters.com time to read: +4 min

Romero hit back at credit rating agencies that have "punished" Pemex by declaring its bonds speculative grade, or junk, which made its borrowing more expensive. He said the agencies were ignoring progress made by current management on boosting production, lowering debt and keeping reserves stable. At the end of January, Pemex issued 10-year bonds worth $2 billion at a 10.375% interest rate on the market to refinance some debt. That production target significantly scales back Lopez Obrador's initial oil ambitions, when in late 2018 at the start of his administration he promised to grow Pemex production to 2.6 million bpd. Pumping more, he said, "will comfortably allow us to meet our country's demand for crude oil and fuels."

REUTERS/Octavio JonesMarch 7 (Reuters) - Republican lawmakers in Florida filed bills on Tuesday to outlaw most abortions after six weeks of pregnancy, a ban that would severely undercut access to the procedure in the U.S. South if passed by the state's Republican-controlled legislature. Data from Florida's Agency for Health Care Administration showed that the number of out-of-state abortion patients rose 38% in 2022 compared to 2021. He has previously said he would sign an abortion ban as early as six weeks. Abortion rights advocates and Democrats, including White House spokesperson Karine Jean-Pierre, spoke out on Tuesday against the new bills, which would ban abortion before many women know they are pregnant. Reporting by Gabriella Borter and Joseph Ax; Editing by Colleen Jenkins and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Mexico's Pemex increased gas flaring at top field, despite pledge to stop
▼ + stars: | 2023-02-28 | by ( Stefanie Eschenbacher | ) www.reuters.com time to read: +7 min

[1/3] Gas flare is seen at the state energy company Petroleos Mexicanos (Pemex) Papan plant, in Tierra Blanca, Veracruz state, Mexico February 18, 2023. The pledge to stop burning gas at the Ixachi field came after months of pressure over flaring from the hydrocarbon regulator, environmentalists and Mexico’s most important trade partner, the United States. But Pemex has repeatedly missed gas production targets, blaming it on missing infrastructure. Two senior company sources told Reuters last November Pemex would rather pay fines than deal with gas flaring problems. Pemex's updated business plan for 2023 to 2027, released in December, reiterated promises to reduce emissions but focused more on oil and gas production as well as refining.

[1/3] A Walt Disney World photographer holds a Pride rainbow-coloured Mickey Mouse cutout before the "Festival of Fantasy" parade at the Walt Disney World Magic Kingdom theme park in Orlando, Florida, U.S. July 30, 2022. REUTERS/Octavio JonesFeb 27 (Reuters) - Florida Governor Ron DeSantis on Monday signed a bill that asserts state oversight on the land surrounding Walt Disney World, dramatically changing a special tax district that for half a century allowed Walt Disney Co (DIS.N) to operate with a high degree of autonomy. “The corporate kingdom finally comes to an end,” DeSantis said during a press event at Lake Buena Vista in Orlando. In March, Disney’s then-chief executive officer, Bob Chapek, publicly voiced disappointment with the bill limiting LGBTQ discussion in schools, saying he called DeSantis to express concern about the legislation becoming law. Disney World is the largest employer in central Florida with close to 75,000 employees and drew 36.2 million visitors in 2021, according to the Themed Entertainment Association.

☆ U.S. single-family housing starts, building permits tumble in January
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +3 min

Single-family housing starts, which account for the bulk of homebuilding, dropped 4.3% to a seasonally adjusted annual rate of 841,000 units last month, the Commerce Department said on Thursday. Single-family homebuilding tumbled 27.3% on a year-on-year basis in January. Last month, single-family homebuilding plunged in the Northeast and West, with the latter likely depressed by flooding in California. Single-family building permits dropped 1.8% to a rate of 718,000 units, while those for housing projects with five units or more rose 0.5% to a rate of 563,000 units. The inventory of single-family housing under construction fell 1.1% to a rate of 752,000 units.

☆ European banks had 'fantastic' quarter due to diversified business models
▼ + stars: | 2023-02-16 | 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 EmailEuropean banks had 'fantastic' quarter due to diversified business modelsOctavio Marenzi, chief executive of consultancy Opimas, breaks down why European banks are performing so strongly.

☆ Exclusive: After costly bond issue, Mexico's Pemex banks on high oil prices to pay off debt -sources
▼ + stars: | 2023-02-15 | by ( Ana Isabel Martinez | ) www.reuters.com time to read: +4 min

The high cost of borrowing forced a recalibration in Pemex and renewed determination to avoid the market, two company sources familiar with the matter said. Pemex has said it must pay back some $8 billion of financial debt this year and $8.7 billion next. But both sources said Pemex was banking on high crude oil prices to maintain the investments for this year as well as meet its financial obligations - without issuing more bonds. Financial debt started ballooning years ago when the oil company took on debt to pay its debts. Pemex declined to reveal the total value of debt payments due and Reuters was unable to independently calculate the figure.

☆ Nicaraguan Bishop Sentenced to 26 Years in Prison
▼ + stars: | 2023-02-11 | by ( José De Córdoba | ) www.wsj.com time to read: 1 min

A Nicaraguan court tried and sentenced a Catholic bishop to a 26-year prison term Friday, just one day after President Daniel Ortega disparaged the cleric for refusing to leave the country with other political prisoners. Judge Octavio Rothschuh read the sentence on government-affiliated media, condemning Msgr. Rolando Álvarez, 56, on charges of undermining the state, spreading false news and resisting authority, among others.

SAO PAULO, Feb 10 (Reuters) - Shares in Brazil's Banco Bradesco SA (BBDC4.SA) fell to their lowest level in almost two years on Friday after the bank reported fourth-quarter net income equivalent to less than half that of analysts' estimates. Bradesco reported a 75% drop in net income and sharply increased its provisions for loan losses to around $3 billion. The bank's preferred shares were down 6.6% in early trading in Sao Paulo to 12.89 reais, paring losses that reached 8.7% after the open. Bradesco set aside 4.9 billion reais in provisions in the fourth quarter to cover its loans to retailer Americanas SA (AMER3.SA), which has asked for bankruptcy protection. Reporting by Aluisio Alves, writing by Tatiana Bautzer; editing by Jason Neely and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Tellurian woos Indian investors for its Driftwood LNG project
▼ + stars: | 2023-02-07 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Feb 7 (Reuters) - Tellurian Inc is continuing discussions with the Indian government and oil companies for investments in its Driftwood liquefied natural gas project in Louisiana, its chief executive told Reuters on Tuesday. "The only way India and Indian companies can supply LNG at the lowest possible cost is if they invest equity in a project that allows them to lift the LNG at cost. We offer that, so obviously, it is very, very attractive to the Indian companies and the Indian government," Simoes said. Houston, Texas-based Tellurian resumed talks with Indian oil and gas companies for investments in Driftwood LNG late last year. No other competing project is under construction," Simoes said.

☆ A Colombian judge used ChatGPT to help rule on a case about the medical rights of a child with autism, reports say
▼ + stars: | 2023-02-03 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

A Colombian judge used ChatGPT in ruling on a case about the medical rights of a child with autism. The case was about whether the child's insurance should cover the bills for his medical treatments. Padilla asked the chatbot a series of questions about the case, with court documents containing the questions subsequently published on Blu Radio's website. Padilla used ChatGPT in accordance with Law 2213 of 2022 in Colombia, which says that virtual tools can be used to aid a case on some occasions. The case has divided people across the country over the ethics of using ChatGPT in a legal setting.

☆ Ron DeSantis just notched a win in court. But the judge says he still violated a prosecutor’s free speech rights.
▼ + stars: | 2023-01-20 | by ( Marc Caputo | Marc Caputo Is A Senior National Political Reporter For Nbc News. | ) www.nbcnews.com time to read: +15 min

In a statement posted on Twitter, DeSantis' office lauded the ruling without addressing those nuances. By suspending Warren, DeSantis also elevated the Democrat’s political profile in his own party. And no one in Hillsborough County was charged with violating that state law when Warren was the county prosecutor. Court testimony from DeSantis administration officials showed that the abortion letter was the major cause of Warren's suspension. Abortion was the only issue mentioned in the first draft of DeSantis' suspension order.

Jan 17 (Reuters) - Goldman Sachs Group Inc (GS.N) on Tuesday reported a bigger-than-expected 69% drop in fourth-quarter profit as it struggled with a slump in dealmaking and weakness in its wealth management business. Goldman is also curbing its consumer banking ambitions as Chief Executive Officer David Solomon refocuses the bank's resources to strengthen its core businesses such as investment banking and trading. Goldman's investment banking fees fell 48% in the latest quarter, while revenue from its asset and wealth management unit dropped 27% due to lower revenue from equity and debt investments. The bank reported a profit of $1.19 billion, or $3.32 per share, for the three months ended Dec. 31, missing the Street estimate of $5.48, according to Refinitiv IBES data. Fixed income, currency and commodities trading revenue was up 44%, while revenue from equities trading fell 5%.

Goldman Sachs Group Inc (GS.N) fell 3.5% after the bank reported a bigger-than-expected drop in quarterly profit, weighing the most on the Dow Jones Industrial Average (.DJI). "Widely expected to be awful, Goldman Sachs' quarterly results were even more miserable than anticipated," said Octavio Marenzi, chief executive at consultancy Opimas. The S&P 500 energy (.SPNY) and consumer staples (.SPLRCS) sectors were up about 0.6% each, while financial stocks (.SPSY) fell 0.6%. Earnings from Goldman Sachs and Morgan Stanley wrap up a mixed reporting season for big banks, most of which have put aside rainy-day funds to prepare for a looming recession. Analysts expect year-over-year earnings from S&P 500 companies to decline 2.4% for the quarter, according to Refinitiv data.

Here are four key takeaways from fourth-quarter earnings that could influence Goldman Sachs' cost-cutting efforts in 2023. In the fourth quarter, they were 66% higher compared to last year, although they fell from the quarter prior. Cutting expenses through attritionTo be sure, Goldman Sachs might not have to resort to more job cuts as it looks to slim down expenses in 2023. Goldman Sachs will begin announcing annual incentive rewards on Wednesday. Goldman Sachs could also gently push employees, particularly higher-level executives, out the door.

☆ U.S. FAA proposes requiring 5G safeguards on planes by early 2024
▼ + stars: | 2023-01-09 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Octavio JonesWASHINGTON, Jan 9 (Reuters) - The U.S. Federal Aviation Administration (FAA) said Monday it is proposing a requirement that passenger and cargo aircraft in the United States have 5G C-Band-tolerant radio altimeters or install approved filters by early 2024. The proposed airworthiness directive, which would take effect in February 2024, is similar to one that took effect in December 2021, prohibiting passenger and cargo flight operations in the vicinity of 5G C-Band wireless transmitters unless the FAA specifically approved them. Some international airlines have privately expressed reluctance to install filters absent a legal requirement from the FAA, officials told Reuters. FAA acting Administrator Billy Nolen in October sought a delay in some 5G C-Band transmissions from smaller operators over aviation safety concerns. A deal struck shortly before a 2022 deadline did not prevent dozens of foreign carriers from canceling international flights to the United States.

☆ U.S. FAA proposes requiring airplanes to have 5G safeguards by early 2024
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] Airline passengers walk inside the Tampa International Airport as airports around the country are awaiting for Verizon and AT&T to rollout their 5G technology, in Tampa, Florida, U.S., January 19, 2022. REUTERS/Octavio JonesWASHINGTON, Jan 9 (Reuters) - The U.S. Federal Aviation Administration (FAA) said Monday it is proposing to require passenger or cargo aircraft in the United States by early 2024 have 5G C-Band-tolerant radio altimeters or install approved filters. The proposed airworthiness directive is similar to one that took effect in December 2021, prohibiting passenger and cargo flight operations in the vicinity of 5G C-Band wireless transmitters unless the FAA specifically approved them. The FAA is also proposing to require airlines to revise airplane flight manuals to prohibit low-visibility landings after June 30 unless the retrofits have been completed on that airplane. Reporting by David ShepardsonOur Standards: The Thomson Reuters Trust Principles.

☆ The best place to be is ETFs, Opimas CEO says
▼ + stars: | 2022-12-23 | 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 EmailThe best place to be is ETFs, Opimas CEO saysETFs are the best place to be, according to Opimas CEO Octavio Marenzi, as he discusses data on which funds — if any — posted positive returns in 2022.

REUTERS/Octavio JonesNEW YORK, Nov 16 (Reuters) - Former President Donald Trump's entry on Tuesday into the 2024 presidential race confirmed the world's "worst kept secret" and created another variable for markets that some investors say remains a low priority for now. Trump's announcement, meanwhile, came as little surprise to investors, as the former president had telegraphed the possibility he might run again for some time. DIVIDED WE HURTUnlike during Trump's previous bid, the discord within the Republican party also worried some investors. The Republican president has claimed credit for the rise, tweeting often about Wall Street's performance. Both stocks rallied earlier this month on reports Trump was considering a third bid for the White House.

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