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Arm executives and CEO Rene Haas gather outside Nasdaq Market site, as Softbank's Arm, chip design firm, holds an initial public offering (IPO), in New York, U.S., September 14, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSept 15 (Reuters) - Shares of SoftBank's Arm Holdings closed a volatile session lower on Friday, a day after a stellar Nasdaq debut that valued the British chip designer at $65 billion. The stock fell 4.5% to end at $60.75, after trading as high as $69 earlier in the session. The Nasdaq (.IXIC) was down 1.6% and the S&P 500 (.SPX) fell 1.2%, while an index of semiconductors (.SOX) sank 3%. Analysts said further trading volatility in Arm may be seen if the company draws more interest from AI-focused retail investors.

Persons: Rene Haas, Brendan McDermid, chipmakers, Arm's, Randy Frederick, Charles Schwab, Rick Meckler, Sophie Lund, Yates, Hargreaves Lansdown, Financials, Michael Ashley Schulman, Needham, Manya Saini, Caroline Valetkevitch, Saqib Iqbal Ahmed, Niket Nishant, Arun Koyyur, Grant McCool Organizations: Nasdaq, REUTERS, Arm Holdings, Major U.S, Cherry Lane Investments, Analysts, Graphics Arm, Running, Capital Advisors, Nvidia, Reuters Graphics, Thomson Locations: New York, U.S, British, Austin , Texas, New Vernon , New Jersey, Bengaluru

London CNN —It will be a bittersweet day for Britain’s royal family Friday as they mark not only the first year of King Charles III’s reign but the one-year anniversary of Queen Elizabeth II’s death. Charles is currently in Balmoral – the beloved royal property in Aberdeenshire where his mother retreated annually for a summer break. The Prince and Princess of Wales viewed the floral tributes to the Queen at Sandringham, September 15, 2022. The pair will then meet people from the local community – some of whom previously met Queen Elizabeth II during various visits to the city. For several royal experts, the King has used the past 12 months to blend the two reigns and strengthen the monarchy.

Persons: King Charles III’s, Queen Elizabeth II’s, Charles, King, King George VI, “, ”, Cecil Beaton, Vladimir’s Tiara, Prince, Princess, He’s, Wales, Queen, Karwai Tang, St ., St . Davids, David, Queen Elizabeth II, Duke, ” Prince Harry, Meghan, Duchess of, Sussex, Ruky, Yui Mok, ” Vernon Bogdanor, ” Charles’s, Craig Prescott, ” Prescott, King Charles, he’s, Prince William, Chris Jackson, Prescott, ” Bogdanor Organizations: CNN’s Royal, London CNN, Balmoral, CNN, Sandringham House, Sandringham, St, Davids, Invictus Games, Hurlingham, Press Association, Centre for British Politics, King’s College London, Royal Holloway, University of London, Getty Locations: London, Balmoral, Aberdeenshire, Wales, Britain’s, St, St . Davids, Pembrokeshire, Sussex, United Kingdom, Germany, Dusseldorf, Duchess of Sussex, Britain, Bournemouth

☆ U.S. men claim crushing victory in 4x400m relay
▼ + stars: | 2023-08-27 | by ( Mitch Phillips | ) www.reuters.com time to read: +1 min

Athletics - World Athletics Championship - Men's 4x400m Relay Final - National Athletics Centre, Budapest, Hungary - August 27, 2023 Quincy Hall, Justin Robinson, Rai Benjamin and Vernon Norwood of the U.S. celebrate after winning the Men's 4x400m Relay REUTERS/Sarah Meyssonnier Acquire Licensing RightsBUDAPEST, Aug 27 (Reuters) - The United States maintained their vice-like grip of the men’s 4x400 metres relay on Sunday when they emphatically won their ninth world gold from the last 10 finals. The U.S., who have also won four of the last five Olympic golds, came home well clear in 2:57.31. France took silver as a national record 2:58.45 gave them their first medal of the championships in the penultimate event. Britain took bronze in 2:58.71, holding off back to back silver medallists Jamaica. Reporting by Mitch Phillips, editing by Pritha SarkarOur Standards: The Thomson Reuters Trust Principles.

Persons: Justin Robinson, Rai Benjamin, Vernon Norwood, Sarah Meyssonnier, Mitch Phillips, Pritha Sarkar Organizations: National Athletics Centre, REUTERS, Rights, United, Quincy Hall, Jamaica, Thomson Locations: Budapest, Hungary, United States, U.S, France

☆ British Columbia lifts most travel restrictions as Canada wildfires ease
▼ + stars: | 2023-08-23 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

The restrictions barred non-essential travel to communities in the province's interior including Kelowna, Vernon and Kamloops and were due to expire at midnight. The measure will remain in place for West Kelowna. Flames burned nearly 200 homes in Kelowna and West Kelowna, officials said, but conditions were slowly improving even though smoke continued to blanket the province. "I really am beginning to feel like we're turning the corner here on this fire," West Kelowna fire chief Jason Brolund told a news conference. "...The efforts in partnership with the federal government, with First Nations and others on recovery has started already," British Columbia Premier David Eby told a news conference in West Kelowna.

Persons: David Eby, Chad Hipolito, Jason Brolund, Columbia Premier David Eby, Nia Williams, Cynthia Osterman Organizations: British, REUTERS Acquire, West, Northwest Territories, Flames, Kelowna and, First Nations, Columbia Premier, Thomson Locations: Kamloops, Canada, British Columbia, Kelowna, Vernon, West Kelowna, Northwest, Yellowknife, Kelowna and West Kelowna, Hay River, Fort Smith, Alberta

☆ ESA chief sees Ariane 6 debut launch delayed to next year
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

[1/2] A worker of Ariane Group stands in front of a Ariane 6 rocket's Vulcain 2.1 engine, prior to the visit of French President Emmanuel Macron, in Vernon, France January 12, 2021. Christophe Ena/Pool via REUTERS/File Photo Acquire Licensing RightsPARIS, Aug 16 (Reuters) - The first launch of Europe's new Ariane 6 rocket has slipped into 2024 after an incomplete recent ground test, the head of the European Space Agency suggested in remarks to Reuters. Ninety percent of July's objectives were met and further tests are scheduled for September, it added. "After this series of tests we plan to consolidate a launch date for Ariane 6," ESA Director General Josef Aschbacher told Reuters. Asked whether it was fair to assume that plans for a test launch before the end of the year were now out of reach, Aschbacher told Reuters, "This is fair to say, yes".

Persons: Emmanuel Macron, Christophe Ena, Safran, Josef Aschbacher, Aschbacher, Guillaume Faury, Tim Hepher, Gerry Doyle Organizations: Ariane, Rights, European Space Agency, Reuters, ESA, Airbus, Paris Air Forum, Thomson Locations: Vernon, France, Guiana, Germany, European

☆ Lavreysen reigns supreme in sprints, Britain top medals table
▼ + stars: | 2023-08-07 | by ( Martyn Herman | ) www.reuters.com time to read: +3 min

GLASGOW, Aug 7 (Reuters) - Dutchman Harrie Lavreysen maintained his stranglehold on track cycling's sprint discipline as he made it five world titles in succession in the individual event on Monday. Having powered the Dutch to team sprint gold earlier in the meet and, with the keirin to come on Tuesday, he could leave Glasgow having matched the record 14 world titles of French sprint king Arnaud Tournant. Host nation Britain also enjoyed another impressive day at the Chris Hoy Velodrome to top the medals table. He has won five sprint titles in a row, five of the last six in team sprint and three of the last three in keirin. "My legs are still screaming," Barker said after adding the madison to the team pursuit gold she won last week.

Persons: Harrie Lavreysen, Tobago's Paul Nicholas, Arnaud Tournant, Chris Hoy, Elinor Barker, Neah Evans, Ethan Vernon, Tiger Woods, Roger Federer, Lavreysen, Nicholas, Jason Kenny, I'm, Britain's, Barker, Evans, Martyn Herman, Ken Ferris Organizations: GLASGOW, Trinidad, UCI, Glasgow, Chris Hoy Velodrome, France, Paris Games, Reuters, MAN, Tokyo, Thomson Locations: Britain, Australia, keirin, British, France, madison

☆ US bank regulators announce sweeping proposals on capital rules
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +4 min

WASHINGTON, July 27 (Reuters) - U.S. regulators unveiled a sweeping overhaul Thursday that would direct banks to set aside billions more in capital to guard against risk. If fully implemented, the proposal would raise capital requirements for large banks by an aggregate 16% from current levels, with the brunt felt by the largest and most complex firms, regulators said. Here are key quotes about the proposal:FINANCIAL SERVICES FORUM CEO KEVIN FROMER"There is no justification for significant increases in capital at the largest U.S. ANDY DUANE, ATTORNEY AT POLUNSKY BEITEL GREEN "Raising capital requirements could see regional banks shift away from mortgage lending. Even larger bank lenders could continue to retreat from mortgage lending or impose sharp increase in fees passed along to borrowers."

Persons: KEVIN FROMER, RICK MECKLER, CHERRY, MAYRA RODRIGUEZ VALLADARES, KENNETH BENTSEN, BRIAN MOYNIHAN, ANDY DUANE, GREG BAER, Pete Schroeder, Matt Tracy, Tatiana Bautzer, Nupur Anand, Sinead Carew, Lananh Nguyen, Nick Zieminski Organizations: Regulators, NEW VERNON, NEW, MRV, AMERICA, FOX, Thomson Locations: U.S, CHERRY LANE, NEW JERSEY, Basel, United States, Washington, New York

☆ Bernstein: As UPS nears a potential strike, we might see a trade-up in FedEx
▼ + stars: | 2023-07-24 | 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 EmailBernstein: As UPS nears a potential strike, we might see a trade-up in FedExDavid Vernon, Senior Analyst at Bernstein, discusses the potential labor strike between UPS and the Teamsters union, and which stocks will be most impacted.

Persons: Bernstein, FedEx David Vernon Organizations: UPS, FedEx, Teamsters

So far the signs of revival has not translated into strong investment banking revenue, but markets see a better outlook. Goldman took $1.4 billion in writedowns in the second quarter tied to its consumer businesses and real estate investments. In discussing their earnings, Wall Street executives cited a flurry of initial public offerings as an encouraging sign that activity in capital markets will pick up after months in the doldrums. The lender was buoyed by a slight pickup in equity capital markets and a focus on its middle-market business. At Citigroup (C.N), CEO Jane Fraser warned on Friday that "the long-awaited rebound in investment banking has yet to materialize."

Persons: Morgan Stanley, Brendan McDermid, dealmaking, Goldman Sachs, Morgan, ”, Rick Meckler, Goldman, Meckler, Mike Loewengart, David Solomon, Sharon Yeshaya, Alastair Borthwick, Jane Fraser, Mark Mason, Jeremy Barnum, Tatiana Bautzer, Sinead Carew, Saeed Azhar, Noor Zainab Hussain, Lananh Nguyen, Nick Zieminski Organizations: New York Stock Exchange, REUTERS, Cherry Lane Investments, Wall Street, Morgan, Reuters, Bank of America's, Citigroup, JPMorgan, Thomson Locations: New York City, U.S, New Vernon , New Jersey, writedowns, New York, Bengaluru

BlackRock filed for a prospective spot bitcoin ETF on June 15, undeterred by the Securities and Exchange Commission's (SEC) past record of rejecting every such application. Bitcoin's market value has grown to comprise nearly half of the $1.1 trillion overall crypto market, its highest share in over two years, according to data tracker CoinMarketCap.com. Since the BlackRock filing, Invesco and WisdomTree have also reapplied for spot bitcoin ETFs after they had previous applications rejected by the regulator. Bryan Armour, director of passive strategies research for North America at Morningstar, said a spot bitcoin ETF could be a more cost-effective way for investors to trade. "It doesn't appear that most crypto ETF holders are institutional – assets are pretty spread out," he added.

Persons: Satoshi, Exchange Commission's, Satoshi Nakamoto's, Mikkel Morch, hasn't, Andrew Bond, Rick Meckler, Bryan Armour, I'd, David Wells, Medha Singh, Lisa Pauline Mattackal, Pravin Organizations: BlackRock, Securities, Exchange, SEC, Rosenblatt Securities, U.S, Cherry Lane Investments, Reuters Graphics Reuters, North America, Morningstar, MorningStar, TrackInsight, Morgan Asset Management, State, Enclave Markets, Pravin Char, Thomson, Reuters Locations: United States, U.S, New Vernon , New Jersey, J.P, BlackRock, Bengaluru

☆ More than 100 U.S. political elites have family links to slavery
▼ + stars: | 2023-06-27 | by ( Reuters Graphic | ) www.reuters.com time to read: +46 min

Then the war came, and according to the family history, Union soldiers plundered Sessions’ 27-room house. About 48 years old at the time, he did not stand a chance to succeed without slavery, the family history suggests. ‘A Better Nation’Some historians and genealogists say there is a valuable reason for white leaders – and other white Americans – to explore their links to slavery. Nicka Sewell-Smith, a professional genealogist with the family history website Ancestry.com, said people frequently ask her what to do with such documents. The top Democrat on the House Foreign Affairs Committee, Meeks said in an interview that he has spent years trying to trace his family history back before 1870.

Persons: Black, Mitch McConnell, Lindsey Graham, Tom Cotton, James Lankford, Elizabeth Warren, Tammy Duckworth, Jeanne Shaheen, Maggie Hassan, Joe Biden, –, Donald Trump –, Jimmy Carter, George W, Bush, Bill Clinton, Barack Obama, Trump’s, Amy Coney Barrett, Neil Gorsuch –, Asa Hutchinson, Doug Burgum, Tim Scott, James Clyburn, Henry McMaster, ”, Henry Louis Gates Jr, Gates, ” “, ” Gates, enslavers, Tony Burroughs, Biden, Obama, McConnell, Burroughs, Joseph Maddox, Maddox, Sela, Rubin, James, Sal, Sam ”, Graham, Graham didn’t, Nancy Mace, Drucilla, Drucilla Mace, John Mace, Hector Godbolt, John Mace’s, Godbolt, “, ” Nancy Mace, Henry Coe, Duckworth, Coe, Margaret, Isaac, Warner, George …, Isaac Franklin –, “ There’s, ” Duckworth, George Floyd, Donald Trump, ” Biden, ‘, ’, Ben Affleck, ” Affleck, Independent Angus King, Mo Brooks, ” Brooks, Sean Kelley, Kelley, White, don’t, wasn’t, Richard Sessions, Pete Sessions, Richard’s, William Sessions, John Cowger, Tom Cotton of, ” Cotton’s, Cowger, Cotton, Archibald Crawford, Juneteenth, Shaheen, Pocahontas, Edmond Dillehay, Peter ”, Milly, Lankford, ” Lankford, Joe Wilson, Stephen H, Wilson, Boineau, General David Addison Weisiger, Wilson –, Addison Graves Wilson –, Weisiger “, ” Wilson, Daniel Weisiger, Daniel Weisiger’s, Samuel, Samuel Weisiger, Daniel, Julia Brownley, Jesse Brownley, Brownley, ” Brownley, Thomas Ferguson, Brooks, Manumission, Marie Jenkins Schwartz, ” “ It’s, Union General William Tecumseh Sherman, Harvard’s Gates, Sherman, Andrew Johnson, Abraham Lincoln, Nicka Sewell, Smith, Ancestry.com, ” Sewell, LaBrenda Garrett, Nelson, Garrett, Rick Larsen, John Wiggins, Larsen, – Gilbura, George, Agg –, ” Larsen, Gilbura, Agg, Gregory Meeks, Meeks, Jim Crow South, – Meeks, – “, ” Meeks, “ I’m, I’m, Tom Bergin, Makini Brice, Nicholas P, Brown, Donna Bryson, Lawrence Delevingne, Brad Heath, Andrea Januta, Gui Qing Koh, Tom Lasseter, Grant Smith, Maurice Tamman, Catherine Tai Design, John Emerson, Jane Ross, Emma Jehle, Jeremy Schultz, Blake Morrison Organizations: Reuters, Republicans, U.S, Supreme, Republican, Harvard University, PBS, United States Congress, Representative, WikiLeaks, Sony, Facebook, White, FedEx, National Museum of, 117th, Independent, University of Essex, Geographic, American Economic, Pete Sessions, Sessions, Federal Bureau of Investigation, Jeanne Shaheen U.S, CNN, Biden, Trump, ” Reuters, South, South Carolina General Assembly, Confederate, statehouse, Congressional, Chesterfield County, Mount Vernon College, George Washington University, Mo Brooks Former U.S, “, New York Times, United, Federal Government, Union, Black, Southern, Democrat, House Foreign Affairs, Klux Klan Locations: U.S, America, Confederate States, Arkansas, North Dakota, South Carolina, Congress, Black, Northern, Southern, Illinois, Virginia, Frederick County , Virginia, United States, Minnesota, ”, Mo Brooks of Alabama, American, Texas, Mississippi, Chicot County , Arkansas, Chicot County, Tom Cotton of Arkansas, Yell County, Yell County , Arkansas, New Hampshire, Oklahoma, Tulsa, Georgia, Pennsylvania, Michigan, Frankfurt, Germany, Chesterfield County , Virginia, California, Portsmouth , Virginia, Alabama, Haywood County , North Carolina, Antebellum, United States of America, Washington, Nicholas County , Kentucky, Queens , New York, New York, York County, Mende, Sierra Leone, Africa, Bunce

☆ Swede Lundqvist headlines Hall of Fame's Class of 2023
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +2 min

[1/2] Swedish hockey goalkeeper Henrik Lundqvist announces that he will quit as a hockey goalkeeper due to his congenital heart defect, in Gothenburg, Sweden August 20, 2021. Lundqvist, who was the face of the National Hockey League's most valuable franchise during his 15-season run with the team, earned the nod in his first year of eligibility. While with the Rangers, Lundqvist set 50 franchise records, including the all-time mark for wins, appearances by a goalie, shutouts, playoff appearances and playoff wins. Lundqvist last played in the 2019-20 season and was forced to retire because of a heart ailment. The induction celebration for the Class of 2023 is scheduled for Nov. 13 in Toronto.

Persons: Henrik Lundqvist, Bjorn Larsson Rosvall, Lundqvist, Tom Barrasso, Mike Vernon, Pierre Turgeon, Caroline Ouellette, Ken Hitchcock, Pierre Lacroix, Frank Pingue, Toby Davis Organizations: TT, Agency, TORONTO, NHL's New York Rangers, Hockey Hall of Fame, National Hockey, Rangers, Vezina, NHL, Dallas Stars, Stanley, Colorado Avalanche, Thomson Locations: Swedish, Gothenburg, Sweden, American, Toronto

☆ Stocks fall as Powell says inflation fight not over
▼ + stars: | 2023-06-21 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

While noting that inflation remains very far from the Fed's target, Powell said it may make sense to move rates higher, at a more moderate pace. The pan-European STOXX 600 index (.STOXX) lost 0.50% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.37%. The Fed is "walking a tight rope between trying to tell people they are going to fight inflation as their No. The U.S. dollar index briefly rose following the release of Powell's testimony, but was last down slightly. The dollar index fell 0.458%, with the euro up 0.67% to $1.0989.

Persons: Brendan McDermid, Powell, Jerome Powell, Raphael Bostic, Rick Meckler, Brent, Caroline Valetkevitch, Medha Singh, Lawrence White, Wayne Cole, Jacqueline Wong, Lincoln, Alex Richardson, David Goodman, Richard Chang, Cynthia Osterman Organizations: New York Stock Exchange, REUTERS, U.S, Treasury, Capitol, Atlanta Federal Reserve, Yahoo Finance, Nasdaq, Dow Jones, Cherry Lane Investments, U.S . West Texas, Thomson Locations: New York City, U.S, New Vernon , New Jersey

☆ Stocks fall, yields up; Powell says inflation fight not over
▼ + stars: | 2023-06-21 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 30, 2023. REUTERS/Brendan McDermidSummary U.S. stocks mostly lowerTreasury yields risePowell updates on U.S. rate outlook in testimonyNEW YORK, June 21 (Reuters) - Global stock indexes mostly fell and Treasury yields rose on Wednesday as Federal Reserve Chair Jerome Powell said the fight to lower inflation still has a "long way" to go. The pan-European STOXX 600 index (.STOXX) lost 0.47% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.35%. The U.S. dollar index initially rose following the release of Powell's testimony, but was last down slightly. Treasury yields rose on Powell's hawkish tone.

Persons: Brendan McDermid, Powell, Jerome Powell, Rick Meckler, Brent, Medha Singh, Lawrence White, Wayne Cole, Jacqueline Wong, Lincoln, Alex Richardson, David Goodman, Richard Chang Organizations: New York Stock Exchange, REUTERS, Treasury, Financial Services, Cherry Lane Investments, Nasdaq, Dow Jones, U.S, Thomson Locations: New York City, U.S, New Vernon , New Jersey

☆ U.S. banks sink on concerns about office real estate loans
▼ + stars: | 2023-05-31 | by ( Sinéad Carew | ) www.reuters.com time to read: +3 min

Investors worried about potential losses among banks from office real estate loans after comments from executives, including Wells Fargo & Co's (WFC.N) Chief Executive Officer Charlie Scharf and Blackstone President Jonathan Gray at a Sanford C Bernstein investor conference. Meanwhile, Blackstone's Gray talked about "unprecedented weakness" in older office buildings while noting that this segment currently makes up less than 2% of company's equity portfolio in real estate. Rick Meckler, partner, Cherry Lane Investments, a family investment office in New Vernon, New Jersey said "continued concern over loans made to the office market," was hurting bank stocks broadly on Wednesday, citing the Wells Fargo comments. "The implication is that there are those that will suffer even if Wells Fargo is diversified enough," Meckler said. KeyCorp, down 5.5%, was the biggest decliner in the S&P bank index, and Zions was next, down 4.9%.

Persons: Andrew Kelly, Wells, Charlie Scharf, Blackstone, Jonathan Gray, Sanford C, Wells Fargo's Scharf, Blackstone's Gray, Gray, Bernstein, Rick Meckler, Meckler, Morgan Stanley, Goldman Sachs, Zions, Sinéad Carew, Mehnaz Yasmin, Nick Zieminski Organizations: Citibank, New York Stock Exchange, REUTERS, Banks, Investors, Buyers, Cherry Lane Investments, Citigroup, JPMorgan Chase &, Bank of America, Citizens Financial, Western Alliance Bancorp, PacWest Bancorp, Comerica, PNC Financial Services, Fifth Third Bancorp, Federal Deposit Insurance Corporation, Thomson Locations: Manhattan , New York City, U.S, New Vernon , New Jersey, New York, Bengaluru

☆ AMP names Blair Vernon as CFO, dissolves Australian wealth management structure
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +1 min

May 29 (Reuters) - Australia's AMP (AMP.AX) said on Monday Blair Vernon will take over from Peter Fredricson as its chief financial officer and will dissolve the structure of its local wealth management arm in a bid to simplify its operational model. Shares of the 174-year-old wealth manager traded 1.4% higher as at 0224 GMT, marking their second straight session of gains. The move comes as assets under management at AMP's flagship Australian wealth management (AWM) unit fell about 13% to A$124.2 billion ($84.24 billion) for the year ended Dec. 31, affected by the decline in investment markets, and net cash outflows of A$5.3 billion. The company will also dissolve the AWM CEO role as part of its simplified structure, resulting in the current chief Scott Hartley leaving the Australian wealth manager in six months. ($1 = 1.4743 Australian dollars)Reporting by Navya Mittal and Sameer Manekar in Bengaluru; Editing by Muralikumar Anantharaman, Sherry Jacob-Phillips & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's AMP names Blair Vernon as CFO, dissolves local wealth management arm
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +1 min

May 29 (Reuters) - Australia's AMP (AMP.AX) said on Monday Blair Vernon will take over from Peter Fredricson as its chief financial officer and the wealth manager will dissolve its local wealth management arm in an attempt to simplify the organizational structure. The move comes as assets under management at AMP's flagship Australian wealth management unit fell about 13% to A$124.2 billion ($84.24 billion) for the year ended Dec. 31, affected by the decline in investment markets, and net cash outflows of A$5.3 billion. Fredricson, who joined AMP last year, will be retiring and handing over the ropes to Vernon, who has been with the company for more than a decade. The company will also dissolve the CEO's role in its local wealth management arm, and as a result, the current chief Scott Hartley will be leaving the Australian wealth manager after six months. ($1 = 1.4743 Australian dollars)Reporting by Navya Mittal in Bengaluru; Editing by Muralikumar Anantharaman and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ 4 things 'Succession' gets wrong about business
▼ + stars: | 2023-05-28 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +7 min

HBO's hit show "Succession" airs its series finale Sunday night, with Waystar Royco's future in the balance. It captures the spirit of boardroom drama, but takes some liberties with corporate law, experts said. On HBO's hit show "Succession," the beats of a proxy fight are sometimes just as intense as a scheming betrayal from a once loyal lackey. Over four seasons, the show has laid out a thesis about the all-encompassing gravitational force of Logan Roy, the media mogul behind the fictional news and entertainment conglomerate Waystar Royco. "But the failure of the board to engage in any succession planning at all, is a first thing to note," she said.

☆ Despite all odds, consumers are still traveling this summer. Here are the stocks you need to own
▼ + stars: | 2023-05-26 | by ( Michelle Fox | ) www.cnbc.com time to read: +11 min

Yet despite all odds, 61% of those surveyed said they plan to travel this summer, up from the 49% who said the same in summer 2021. Some 56% of adults are more likely to stay in a hotel this summer than they were in 2022, according to the AHLA/Morning Consult survey. Booking Holdings is also an analyst favorite, with an average rating of overweight and 10% upside to the average price target, per FactSet. While prices are still high, the latest consumer price index for April showed the airline fares index fell 2.6% month over month, after rising in February and March. Airlines are essentially sold out for summer travel, according to TD Cowen analyst Helane Becker.

Persons: Matt Kramer, They're, You've, Sylvia Jablonski, Kramer, Freed, Bernstein, David Vernon, Price, Robin Farley, Farley, James Hardiman, Hardiman, Josh Weinstein's, RevPar, Tony Capuano, Chris Nassetta, Biden, Hilton, they've, Airbnb, Brian Chesky, it's, Evercore, Mark Mahaney, amortization, Mahaney, Cowen, Helane Becker, Becker, — CNBC's Michael Bloom, Ashley Capoot Organizations: KPMG, KPMG Consumer, Survey, Cruise ETF, Royal, Holdings, Marriott, United Airlines, Morning, American, & Lodging Association, Cruises, UBS, Citi, CCL, CNBC, Hilton Worldwide, U.S . Travel Association, State Department, Booking Holdings, Booking, Airlines, Delta Air Lines, Copa Holdings, Panamanian, Copa Airlines Locations: United States, Royal Caribbean, United, Caribbean, CocoCay, Thursday's, China, North America, Asia, Europe

☆ ‘Orwell’ Review: Champion of an Ordinary Truth
▼ + stars: | 2023-05-19 | by ( Dominic Green | ) www.wsj.com time to read: 1 min

George Orwell in an undated photograph. Photo: Estate of Vernon RichardsGeorge Orwell, the inventor of the Ministry of Love and Room 101 in “Nineteen Eighty-Four,” was married for the second time in Room 65 of University College Hospital in London. His sickbed was not far from Senate House, the building that had inspired the Ministry of Truth. The groom was dying of tuberculosis and wore a crimson corduroy jacket. One hundred days later, on Jan. 21, 1950, Orwell was dead, aged 46.

☆ Some of the Books That Hernan Diaz Owns Surprise Even Him
▼ + stars: | 2023-05-18 | by ( ) www.nytimes.com time to read: +3 min

Scott, Deborah Eisenberg, Paul Yoon, Ottessa Moshfegh, Michael Ondaatje, Louise Erdrich, Colson Whitehead, Sigrid Nunez, Jean Strouse, Lorrie Moore. The novel contains four different books, written by different fictional authors in disparate genres and styles. “Trust” closes with a personal diary that is also a sort of a prose poem and a love letter to modernism. While writing this, I read and revisited authors as different as Jean Rhys, Ludwig Wittgenstein, Virginia Woolf, Sylvia Townsend Warner, Dawn Powell, Theodor Adorno and Gertrude Stein. Wodehouse section of my library and can report that I’ve read 29 of his books.

☆ Wall St rallies on debt ceiling optimism, regional bank rise
▼ + stars: | 2023-05-17 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

President Joe Biden and top U.S. congressional Republican Kevin McCarthy on Wednesday reiterated their determination to strike a deal soon to raise the debt ceiling and avoid an economically catastrophic default. A jump in regional bank shares lifted sentiment, led by a 10.19% surge in Western Alliance Bancorp (WAL.N) a day after the bank said deposits grew by more than $2 billion in the quarter ended May 12. The KBW regional bank (.KRX) shot up 7.28% to notch its biggest one-day percentage gain since Jan. 6, 2021 to close at its highest level since May 1. The S&P 500 banks index also surged 4.46% for its biggest daily percentage gain since Nov. 10. "It is optimism over the debt ceiling.

☆ Wall St rallies on debt ceiling hopes, regional bank rebound
▼ + stars: | 2023-05-17 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

President Joe Biden and top U.S. congressional Republican Kevin McCarthy on Wednesday reiterated their determination to strike a deal soon to raise the federal debt ceiling and avoid an economically catastrophic default. A jump in regional bank shares lifted sentiment, led by a 12.12% surge in Western Alliance Bancorp (WAL.N) a day after the bank said deposits grew by more than $2 billion in the quarter ended May 12. The KBW regional bank (.KRX) index was up 6.86% and on track for its biggest one-day percentage gain since Jan. 6, 2021 after touching its highest intraday level since May 3. "It is optimism over the debt ceiling it. That slowing along with recent negotiations over the U.S. debt ceiling has focused attention on when the central bank will pause hiking, or cut interest rates.

[1/2] Sayfullo Saipov, the suspect in the New York City truck attack is seen in this handout photo released November 1, 2017. Saipov used a Home Depot rental truck to mow down people on a path along the Hudson River on Manhattan's West Side, according to prosecutors. He had hoped to the attack would help him gain membership in Islamic State, or ISIS, they said. Most of the people scheduled to speak at the hearing are traveling from Argentina and Belgium. Reporting by Luc Cohen in New York and Brendan O'Brien in Chicago; Editing by Will DunhamOur Standards: The Thomson Reuters Trust Principles.

☆ Fact Check-New York prison barge not being transported to Guam or ‘Gitmo’
▼ + stars: | 2023-05-16 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

A New York City prison barge is not being moved to Guam or the Guantanamo Bay detention center known as “Gitmo,” according to officials in the New York City Department of Corrections and the U.S. Southern Command. The base includes a military prison, known colloquially as Gitmo. A New York City Department of Corrections spokesperson also said in an email that the photograph shows the Vernon C. Bain Center located in the Bronx borough of New York City. The Vernon C. Bain Center is an 800-bed prison that houses inmates for the New York City Department of Corrections. The prison barge was set up in 1992, intended as a temporary facility to accommodate New York’s growing inmate population, the New York Times reported in 2019 (here).

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