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☆ Magnitude 6.3 earthquake strikes northern Philippines
  + stars: | 2023-06-15 | by ( ) www.reuters.com   time to read: +1 min
MANILA, June 15 (Reuters) - An earthquake of magnitude 6.3 struck the Philippines' main island on Thursday, authorities said, halting some railway operations in the capital Manila. No casualties or major damage were reported after the quake, which struck out at sea at a depth of 10 kilometres (6.21 miles) and was felt in nearby provinces, the Philippine seismology agency said. Operations of the three elevated railway lines in Manila were stopped due to the earthquake, the transport ministry said. The seismology agency initially recorded a magnitude 6.2 earthquake, but later revised it to 6.3. Reporting by Jahnavi Nidumolu in Bengaluru, Enrico Dela Cruz and Neil Jerome Morales in Manila; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.
Persons: Bernardo Rafaelito Alejandro, Ferdinand Marcos Jr, Peter Oliver Palacio, Jahnavi, Enrico Dela Cruz, Neil Jerome Morales, Kanupriya Kapoor Organizations: Railways, GMA, Thomson Locations: MANILA, Philippines, Manila, Philippine, Calatagan, Bengaluru
☆ Fact Check-Clip of people marching with banners in Nigeria’s Abuja predates May 2023
  + stars: | 2023-06-09 | by ( Reuters Fact Check | ) www.reuters.com   time to read: +1 min
Video of people marching with posters and banners on Kukwaba Road in the Nigerian capital of Abuja dates to at least February 2023, but has been shared online as showing supporters of Labour Party Presidential candidate Peter Obi protesting in May 2023. However, no credible sources have reported a large-scale protest in Abuja by Obi’s supporters on May 24. The video appears to have been filmed on Abuja’s Kukwaba Road, located in the Federal Capital Territory of Nigeria. Hotel Transcorp Hilton Abuja located near Kukwaba Road can also be seen in the background in the video (bit.ly/3MX8zu2). Video showing people marching in Abuja dates to at least February 2023, does not show a protest in May.
Persons: Peter Obi, Obidient’s, BUHARI dey, Nigeria’s, Read Organizations: Labour Party Presidential, Facebook, Obi’s, Twitter, Federal, Zenith Bank ”, Transcorp Hilton, Reuters Locations: Abuja, Federal Capital Territory, Nigeria, Transcorp Hilton Abuja, Kukwaba
☆ Mysterious Covid-19 lineages in US sewers could offer clues to chronic infections
  + stars: | 2023-06-09 | by ( Deidre Mcphillips | ) edition.cnn.com   time to read: +5 min
One possible explanation for these “cryptic lineages” is that they can be traced back to people who have been living with a chronic – and serious – Covid-19 infection for years. In a recent preprint study, about two dozen researchers set out to understand the origin of these cryptic lineages by closely examining the evolution of one from Wisconsin. Right now, the cryptic lineages do not pose a public health threat, she said. Wastewater surveillance is inherently messy, and lots of factors can interfere with interpretation of the data, she said. Johnson says that people with chronic infections that could be behind these cryptic lineages might have unexplained symptoms.
Persons: Marc Johnson, Johnson, it’s, ”, Amy Kirby, ” Kirby, ” Johnson, We’ve, IE2GB6CwPO — Marc Johnson, “ Don’t, “ I’m Organizations: CNN, University of Missouri, US Centers for Disease Control, Surveillance, Kirby, Washington Court House Locations: United States, Wisconsin, Ohio, Columbus, Washington
☆ Nigeria's new president vows to deliver economic reboot as he inherits 'a broken country'
  + stars: | 2023-06-01 | by ( Elliot Smith | ) www.cnbc.com   time to read: +2 min
ABUJA, Nigeria - May 29, 2023: Nigeria's President-elect Bola Ahmed Tinubu arrives to attend swearing-in ceremony at Eagle Square in the capital. Tinubu inherits a fractured society a crippled economy as he takes the reins of Africa's most populous nation. He succeeds Muhammadu Buhari, also of the All Progressives Congress (APC) party, who departs with a widely criticized economic record. Economic turmoilAs former governor of Lagos state between 1999 and 2007, Tinubu was credited with modernizing Nigeria's commercial hub and vastly expanding the regional economy. His predecessor Buhari deployed a series of protectionist economic policies and spooked international investors.
Persons: Bola Ahmed Tinubu, Tinubu, Muhammadu Buhari, Atiku Abubakar, Peter Obi of, Buhari Organizations: Nigeria's, Eagle, New, Progressives Congress, Peoples Democratic Party, Labour Party Locations: ABUJA, Nigeria, New Nigerian, Africa's, Lagos
☆ It would be a mistake to raise rates again, says Lazard's Peter Orszag
  + stars: | 2023-05-31 | 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 EmailIt would be a mistake to raise rates again, says Lazard's Peter OrszagPeter Orszag, Lazard Financial Advisory CEO and former OMB director under President Obama, joins 'Squawk Box' to discuss the latest on debt ceiling deal, the Fed's rate hike campaign, mergers and acquisitions activity, and more.
Persons: Lazard's Peter Orszag Peter Orszag, Obama Organizations: Lazard Financial
☆ Wall Street's succession summer
  + stars: | 2023-05-30 | by ( Kaja Whitehouse | ) www.businessinsider.com   time to read: +5 min
But first, it's the summer of succession — and no, we're not talking about the TV show. Wall Street CEOs pretend that succession planning is another chore, like hashing out the annual budget or organizing an earnings call. But behind the boring press announcing their succession plans is often a story of intrigue and drama. And then, of course, there's Jamie Dimon, Wall Street's longest-serving CEO. Earlier this week, Insider highlighted 17 young analysts poised to shine.
☆ Explainer: What to expect from Nigeria's new president Bola Tinubu
  + stars: | 2023-05-29 | by ( Macdonald Dzirutwe | ) www.reuters.com   time to read: +4 min
LAGOS, May 29 (Reuters) - Nigeria's new president Bola Tinubu faces a litany of problems, including widespread violence, double-digit inflation and industrial-scale oil theft. Tinubu says he will build on Buhari's public infrastructure programme to create jobs and remove legal limits on government spending. Tinubu says he will reduce corporate tax to attract investment and plug tax loopholes to boost revenue. Tinubu says he will set up a surveillance unit to protect the country's pipelines and attract new investors with tax incentives. Tinubu wants to recruit more soldiers and police officers, while paying and equipping them better.
☆ Lazard Names Peter Orszag to Succeed Ken Jacobs as C.E.O.
  + stars: | 2023-05-26 | by ( Lauren Hirsch | ) www.nytimes.com   time to read: +1 min
Lazard announced on Friday that Peter Orszag, who leads its core financial advisory business, will succeed Ken Jacobs as the company’s chief executive on Oct. 1. Mr. Jacobs will stay on as executive chairman and continue to advise clients. Mr. Orszag, a former Obama administration official, will oversee a 175-year-old financial institution with a long history of advising on major corporate deals at a time when its mainstay business faces huge challenges. “Over his career spanning both banking and government, Peter has proven to be a strategic, visionary and decisive leader, with deep relationships across the industry and the ability to effectively lead Lazard through evolving global markets and complex geopolitical dynamics,” Richard Parsons, the firm’s lead independent director, said in a statement. Lazard did not say when its succession planning began, but Mr. Orszag, 54, wrote in a memo to employees on Friday that the move followed a “selection process that has been in the works for quite some time.”
☆ Lazard's new CEO once inspired a fan blog called Orszagasm.com. Here are 5 fascinating facts about Peter Orszag, Wall Street's newest chief.
  + stars: | 2023-05-26 | by ( Kaja Whitehouse | ) www.businessinsider.com   time to read: +1 min
Peter Orszag has been named CEO of investment bank Lazard, effective October 1. Orszag is best known as Barack Obama's director of Office of Management and Budget. Investment bank Lazard announced on Friday that Peter Orszag, CEO of its financial advisory business, would replace Kenneth Jacobs as CEO. But he is also no ordinary Wall Street CEO. He only made the switch to Wall Street from Washington in 2011.
☆ Lazard CEO Jacobs set to step down, Orszag to take helm -source
  + stars: | 2023-05-19 | by ( Anirban Sen | ) www.reuters.com   time to read: +2 min
Jacobs' decision to step down comes after Lazard reported a loss in the first quarter as dealmaking activity slumped. Lazard's stock has lost about 17% this year, giving the independent investment bank a market capitalization of just over $3 billion. Orszag, 54, was previously was head of North America M&A at Lazard and joined the bank from Citigroup in 2016. Jacobs, 64, joined Lazard from Goldman Sachs Group (GS.N) in 1988 and took over as CEO in 2009 after the death of his predecessor, Bruce Wasserstein. The Wall Street Journal first reported on the succession.
☆ The stunning tech rally that boosted Meta and Nvidia by over 100% will fizzle out soon, top RBC strategist says
  + stars: | 2023-05-19 | by ( George Glover | ) www.businessinsider.com   time to read: +2 min
Tech stocks' stunning run could soon come to an end, according to top RBC Capital Markets strategist Lori Calvasina. "The tech trade in particular feels like it's starting to run out of catalysts," she told Bloomberg. The sector has soared in 2023, with Meta and Nvidia already seeing their share prices double. Tech stocks have started 2023 with a breakneck rally, benefiting from the surge in demand for ChatGPT and other AI tech as well as traders' expectation that the Federal Reserve will soon end its interest-rate hiking campaign. Read more: Facebook parent Meta and Nvidia have both seen their stock prices double within the first 5 months of 2023
☆ A new class of executives on Wall Street is gaining a ton of power
  + stars: | 2023-05-19 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +5 min
I still need questions for a future mailbag. As Wall Street grapples with how to deploy AI, the executives overseeing the tech are rising in prominence. Bianca mapped out the 12 executives leading AI strategy at Bank of America, Citigroup, Goldman Sachs, JPMorgan, Morgan Stanley, and Wells Fargo. Meet the 12 executives leading the AI strategy at the biggest US banks. The bank run on Silicon Valley Bank, which was helped along by social media, has bank executives reconsidering their online presence, Reuters reports.
☆ Lazard CEO Ken Jacobs set to step down
  + stars: | 2023-05-18 | by ( Anirban Sen | ) www.reuters.com   time to read: +1 min
Lazard lead director Richard Parsons declined to provide details of the succession plan in a statement. "We have a succession plan that we have had in place for quite some time and our plan is on track," he said. The appetite for mergers and acquisitions has soured in recent months amid volatility in the capital markets, geopolitical tensions and rising interest rates. Investment banking units at large Wall Street firms have cut bonuses and laid off staff in recent months as stock market listings stalled and companies slamming the breaks on deals. The Wall Street Journal first reported on the succession.
☆ Fact Check-Photo of Nigeria’s Obi visiting president-elect Tinubu is digitally altered
  + stars: | 2023-05-17 | by ( Reuters Fact Check | ) www.reuters.com   time to read: +1 min
“Obi visited Tinubu. The Labor Party Presidential candidate H.E Peter Obi visited the President Elect Tinubu. Obi denied visiting Tinubu during an interview on Arise News on May 1 (here ), time stamp 30:00. A photo said to show Peter Obi standing next to president-elect Bola Tinubu has been digitally altered. The original version does not feature Obi, who denied visiting Tinubu during an interview on May 1.
☆ Labor market and unemployment trends will be crucial for markets: Goldman Sachs' Peter Oppenheimer
  + stars: | 2023-05-16 | 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 EmailLabor market and unemployment trends will be crucial for markets: Goldman Sachs' Peter OppenheimerPeter Oppenheimer, Goldman Sachs chief global equity strategist, joins 'Squawk Box' to discuss the debt ceiling negotiations, latest market trends, economic outlook, and more.
☆ US imposes election-related visa restrictions on Nigerians
  + stars: | 2023-05-16 | by ( ) edition.cnn.com   time to read: +1 min
Reuters —The United States has imposed entry restrictions on more Nigerians for undermining the democratic process during the African nation’s 2023 election cycle, US Secretary of State Antony Blinken said on Monday. The action is the latest in a series of visa restrictions imposed on Nigerian individuals in recent years. Nigeria’s election tribunal this month was to begin hearing opposition petitions challenging president-elect Bola Tinubu’s victory in the disputed February presidential vote, court records showed. Tinubu, from the ruling All Progressives Congress party, defeated his closest rivals Atiku Abubakar of the People’s Democratic Party and the Labour Party’s Peter Obi, who have alleged fraud and have launched a court challenge. Atiku and Obi want the tribunal to invalidate Tinubu’s victory, arguing that the vote was fraught with irregularities, among other criticisms.
☆ Watch CNBC's full interview with Goldman's Peter Oppenheimer
  + stars: | 2023-05-16 | 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 EmailWatch CNBC's full interview with Goldman's Peter OppenheimerPeter Oppenheimer, Goldman Sachs chief global equity strategist, joins 'Squawk Box' to discuss the debt ceiling negotiations, latest market trends, economic outlook, and more.
☆ U.S. imposes election-related visa restrictions on Nigerians
  + stars: | 2023-05-15 | by ( ) www.reuters.com   time to read: +1 min
WASHINGTON, May 15 (Reuters) - The United States has imposed entry restrictions on more Nigerians for undermining the democratic process during the African nation's 2023 election cycle, U.S. Secretary of State Antony Blinken said on Monday. "These individuals have been involved in intimidation of voters through threats and physical violence, the manipulation of vote results, and other activity that undermines Nigeria’s democratic process," Blinken said in a statement. The action is the latest in a series of visa restrictions imposed on Nigerian individuals in recent years. Nigeria's election tribunal this month was to begin hearing opposition petitions challenging president-elect Bola Tinubu's victory in the disputed February presidential vote, court records showed. Atiku and Obi want the tribunal to invalidate Tinubu's victory, arguing that the vote was fraught with irregularities, among other criticisms.
☆ Frankfurt Stadium to host Kansas City Chiefs in maiden NFL game
  + stars: | 2023-05-10 | by ( ) www.reuters.com   time to read: +2 min
Five international fixtures will take place over October and November with three in London. Only one regular-season NFL game has ever been staged in Germany, last season's clash between Tampa Bay Buccaneers and Seattle Seahawks in Munich's Allianz Arena. The Frankfurt Stadium will host reigning Super Bowl champions Kansas City Chiefs on Nov. 5 for their game against Miami Dolphins and a week later will welcome Indianapolis Colts and the New England Patriots. "We are... pleased to confirm that the two games in Germany will be played in Frankfurt, a city steeped in NFL heritage. The Jaguars will kick off the international fixtures against Atlanta Falcons on Oct. 1 at Wembley Stadium.
☆ Watch CNBC's full interview with Lazard's Peter Orszag on Tuesday's critical debt ceiling meeting
  + stars: | 2023-05-09 | 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 EmailWatch CNBC's full interview with Lazard's Peter Orszag on Tuesday's critical debt ceiling meetingPeter Orszag, CEO of Financial Advisory at Lazard and former OMB director under President Obama, joins 'Squawk Box' to preview President Biden's debt ceiling meeting with top congressional leaders, and why the administration shouldn't simply agree to a one-year debt ceiling reprieve.
☆ Here's what Lazard's Peter Orszag thinks the best option is if a debt ceiling deal can't be reached
  + stars: | 2023-05-09 | 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 EmailHere's what Lazard's Peter Orszag thinks the best option is if a debt ceiling deal can't be reachedPeter Orszag, CEO of Financial Advisory at Lazard and former OMB director under President Obama, joins 'Squawk Box' to preview President Biden's debt ceiling meeting with top congressional leaders, and why the administration shouldn't simply agree to a one-year debt ceiling reprieve.
☆ Regional bank stocks could be a market afterthought in the week ahead
  + stars: | 2023-05-05 | by ( Scott Schnipper | ) www.cnbc.com   time to read: +7 min
For the immediate economic and earnings and growth outlook, it almost seems irrelevant whether regional bank stocks rally, steady or sell off more next week. Regional banks were top of mind for investors this past week, as First Republic failed , the SPDR S & P Regional Banking ETF tumbled more than 10% — twice the five-day loss in the S & P 500 Energy Index, the hardest hit S & P sector — and lenders such as PacWest Bancorp and Western Alliance Bancorp lost billions in market value. And, for all that, the S & P 500 only fell about 0.75% this week. Now the conventional wisdom on Wall Street is that regardless of how the regional bank stocks trade, it's a given that bank lending officers are going to pull in their horns and risk management desks will grow more risk averse. But stocks still face a host of issues, none of which are going away next week.
☆ Pressure grows for US regulatory intervention as bank rout deepens
  + stars: | 2023-05-04 | by ( ) www.reuters.com   time to read: +4 min
"Investors are clearly continuing to focus on remaining players that are deemed the weakest," wrote UBS banking analyst Erika Najarian on Thursday. The Federal Deposit Insurance Corp. did not respond to a request for comment. Critics say increasing deposit insurance could encourage risk-taking, and note regulators have fewer tools to rescue banks following the 2008 financial crisis. The latest crisis began in March when runs on Silicon Valley Bank and Signature Bank led to their abrupt closures, leading depositors to move their cash to bigger banks. To stem the contagion, regulators took emergency steps to reimburse all customers at the two banks, while the Fed offered lenders additional liquidity.
☆ The market is looking for the next 'domino' to fall, keeping banks under pressure
  + stars: | 2023-05-03 | by ( Hugh Son | ) www.cnbc.com   time to read: +1 min
After an intense few days in which the fate of ailing lender First Republic was finally determined, veteran banking analyst Christopher McGratty was looking forward to some calm. Minutes after the start of regular trading, however, the regional bank stocks he covers for KBW began plunging. "I was like, 'Hey, it's a good day to catch up, it seems like an orderly kind of day,'" McGratty said in a phone interview. "I get back to my desk, and I had 40 emails and 10 voicemails, and my screen was completely red." The sharp selloff in regional banks sparked by the March failure of Silicon Valley Bank resumed Tuesday, catching Wall Street analysts and investors off guard.
☆ Peter Orszag: JPMorgan's cost to the FDIC was smaller than what it could've been
  + stars: | 2023-05-02 | 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 EmailPeter Orszag: JPMorgan's cost to the FDIC was smaller than what it could've beenPeter Orszag, Lazard Financial Advisory CEO, joins 'Squawk on the Street' to discuss the fallout with the banking system, the deal between the FDIC and J.P. Morgan and what the Federal Reserve should do now.
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