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BEVERLY HILLS, May 2 (Reuters) - Wells Fargo & Co (WFC.N) CEO Charlie Scharf said on Tuesday the banking industry is "extremely strong" but added he expects more volatility as market participants assess the health of financial institutions. "Talking about regional banks as one - it just makes absolutely no sense," Scharf said at the Milken Institute Global Conference. "Unfortunately, there will be a lot of volatility and turmoil," he said, adding that "the majority of the banks that we look at are still extremely strong." He did not expect more bank failures comparable to the recent collapses of Silicon Valley Bank, Signature Bank and First Republic Bank. Lazard advised First Republic Bank (FRC.N) before it was seized by regulators and sold to JPMorgan on Monday.

☆ Big Tech earnings are on deck this week. Why that matters
▼ + stars: | 2023-04-23 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —With Microsoft, Alphabet, Amazon and Meta Platforms all slated to report earnings this coming week, investors are turning their attention away from bank earnings to Big Tech. Another major theme for tech earnings is the race toward artificial intelligence. Earnings reports from Meta Platforms (META), Boeing (BA) and ServiceNow (NOW). Earnings reports from Amazon (AMZN), MasterCard (MA), T-Mobile (TMUS), Keurig Dr Pepper (KDP) and Capital One (COF). Earnings reports from Exxon Mobil (XOM), Chevron (CVX), Colgate-Palmolive (CL) and New York Community Bancorp (NYCB).

☆ The debt ceiling is an added source of volatility in the economy, says Lazard's Peter Orszag
▼ + stars: | 2023-04-17 | 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 debt ceiling is an added source of volatility in the economy, says Lazard's Peter OrszagPeter Orszag, CEO of Financial Advisory at Lazard and former OMB director under President Obama, joins 'Squawk on the Street' to discuss House Speaker McCarthy's debt ceiling proposal, the potential credit crunch, and the Fed's rate plan.

☆ Watch CNBC's full interview with Lazard's Peter Orszag
▼ + stars: | 2023-04-17 | 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 OrszagPeter Orszag, CEO of Financial Advisory at Lazard and former OMB director under President Obama, joins 'Squawk on the Street' to discuss House Speaker McCarthy's debt ceiling proposal, the potential credit crunch, and the Fed's rate plan.

NEW YORK, April 14 (Reuters) - Firms find that investors penalize their stock less for high greenhouse gas emissions if they voluntarily disclose that data, researchers at Lazard's climate center said on Friday. For energy companies the effect was more pronounced: Disclosure actually increased their P/E measure by 0.8%. "People might assume the worst if you don't disclose," said Peter Orszag, chief executive of financial advisory at Lazard. Many firms have pledged in recent years to reduce their carbon emissions, but the report found this had little observable impact on their valuations. "Investors may not interpret pledges as bearing material weight, but rather as ... bolstering public relations," the report said.

☆ As Wall Street turns bearish on the U.S., here's where the pros say to invest
▼ + stars: | 2023-04-04 | by ( Zavier Ong | ) www.cnbc.com time to read: +6 min

Within Europe, Goldman prefers companies in value sectors that pay dividends , as well as select defensive and growth stocks in the market. Emerging markets Several Wall Street analysts are putting their money on emerging markets, with most bullish on China, the world's second-largest economy. While the bank expects just 1% earnings growth for emerging market stocks, it said the sector's valuation looks attractive at a 23% discount to global peers. Philip Blancato, CEO at Ladenburg Thalmann Asset Management, is also bullish on emerging markets. He added that the case for adding to emerging market allocations is growing, particularly given the "near guarantee" of a softer dollar in the short- to medium-term.

☆ Goldman’s Oppenheimer says stocks will stay ‘fat and flat’ — and reveals how to trade it
▼ + stars: | 2023-03-21 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

But stock markets are not out of woods yet, according to Goldman Sachs Chief Global Equity Strategist Peter Oppenheimer. He believes contagion fears around the banking sector are just one of several risk factors afflicting stocks, and predicts the market will remain "fat and flat" in the near term. He said U.S. stocks continue to look stretched and offer "very little return," while cash and short-duration debt looks "very attractive" relative to stocks. How to trade it Despite uncertainty in the European banking sector, Oppenheimer believes European stocks will continue to outperform their U.S. peers. Outside of stocks, he is also overweight cash in his global asset allocation, given greater uncertainty about the near-term path for corporate profits.

☆ Nigeria's two big parties dominate governorship elections
▼ + stars: | 2023-03-20 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +3 min

LAGOS, March 20 (Reuters) - Nigeria's two biggest parties won the majority of states in weekend governorship polls, official figures showed on Monday, maintaining their political dominance following elections in which European Union observers said 21 people died from violence. But Obi came third in the presidential race behind Tinubu and Atiku and his Labour Party was yet to win a governorship race. Official figures showed that APC won 15 states, including the closely watched Lagos race, compared to seven for PDP, which led in another state as counting continued. A northern regional party won one state and led in another. Two races were declared inconclusive because they were too close to call between APC and PDP.

☆ Banking sector fundamentals are healthier than during previous crises, Goldman Sachs strategist says
▼ + stars: | 2023-03-20 | 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 EmailBanking sector fundamentals are healthier than during previous crises, Goldman Sachs strategist saysPeter Oppenheimer, chief global equities strategist at Goldman Sachs, says that the banking sector is healthier than during previous crises and that the current issues are not systemic.

☆ Lagos governor re-elected in victory for Nigeria ruling party
▼ + stars: | 2023-03-19 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +3 min

[1/3] Lagos state gubernatorial candidate of the ruling All Progressives Congress (APC) Babajide Sanwo-Olu, arrives his polling unit to cast his vote, during the gubernatorial election in Lagos, Nigeria March 18, 2023. The Lagos election was the highest profile among races for powerful governorships in 28 of Nigeria's 36 states, as well as for state assemblies across the country. Voting was postponed to Sunday at 10 polling stations in a Lagos neighbourhood following disagreements between INEC officials and voters over the location of polling units. In northeastern Adamawa, a conservative and largely Muslim state, electoral officials were collating results after a race that could produce Nigeria's first elected female governor. Voters were still casting ballots in two districts of oil-producing Rivers state where the INEC failed to deliver voting materials.

Some industry executives said the central bank should prioritize financial stability now. “Go fast and hard on financial stability; go gradual and slow on price stability,” said Peter Orszag, chief executive of financial advisory at investment bank Lazard Ltd (LAZ.N). The central bank declined to comment. Others have joined in, with the European Central Bank raising rates by 50 basis points earlier this week. The events this past week correspond to a 1.5% increase in the Fed funds rate, Slok wrote.

☆ Regional banks relied on a business model that relied on uninsured deposits: Lazard's Peter Orszag
▼ + stars: | 2023-03-17 | 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 EmailRegional banks relied on a business model that relied on uninsured deposits: Lazard's Peter OrszagPeter Orszag, CEO of Financial Advisory at Lazard, joins 'Squawk Box' to discuss Silicon Valley Bank filing bankruptcy, the proposal to insure all bank deposits, and the move for more regulation of regional banks.

☆ Silicon Valley Bank faces 'classic run on a bank', says Lazard's Peter Orszag
▼ + stars: | 2023-03-10 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSilicon Valley Bank faces 'classic run on a bank', says Lazard's Peter OrszagPeter Orszag, CEO of Financial Advisory at Lazard, joins CNBC's "Squawk Box" to discuss Friday's premarket action and the potential fallout from trouble at Silicon Valley Bank.

☆ Consumers keep spending. That might not be good news for them or the Fed
▼ + stars: | 2023-03-06 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

And by November and December, those predictions appeared to be materializing, when data showed consumers had pulled back during the holiday shopping season. During a month chock full of suprisingly strong economic data, the Commerce Department’s retail sales and consumer spending reports far surpassed expectations. “It’s not sustainable to keep spending above their means.”Eyes on the FedHearty consumer spending at a time like this is a double-edged sword, said Ted Rossman, senior industry analyst for Bankrate and CreditCards.com. “The resilience of consumer spending is probably the biggest thing that’s pushed this recession timetable out,” Rossman said. The Home Depot (HD) warned of flat sales for 2023 as consumers continue shift spending from goods to services.

☆ Six Nigerian states challenge election in Supreme Court
▼ + stars: | 2023-03-03 | by ( Camillus Eboh | ) www.reuters.com time to read: +3 min

ABUJA, March 3 (Reuters) - Six opposition-led Nigerian states have asked the Supreme Court to throw out the result of last weekend's presidential vote, saying the electoral body broke the law and its own rules during the count, court papers showed. Six of Nigeria's 36 states - Adamawa, Akwa Ibom, Bayelsa, Delta, Edo and Sokoto - said in court papers dated Feb. 28 that the election commission had failed to transmit results through an electronic system meant to show transparency. They sought a court declaration that all presidential election results announced by the chairman of the Independent National Electoral Commission (INEC) "were invalid, null and void, and of no effect whatsoever". Those materials included ballot papers and voting machines, the order from the appeals court showed. There have been numerous legal challenges to the outcome of past Nigerian presidential elections but none has succeeded.

☆ Nigeria's Obi says he, not Tinubu, won presidential election
▼ + stars: | 2023-03-02 | by ( Camillus Eboh | ) www.reuters.com time to read: +5 min

Summary Presidential election marred by technical problemsWinner Tinubu says vote was credibleChallenger Obi vows to overturn result in courtAfter vibrant campaign, turnout was record lowABUJA, March 2 (Reuters) - Nigerian presidential candidate Peter Obi said on Thursday he had won Saturday's election, called Bola Tinubu's victory fraudulent and promised to claim the top job through legal means. Tinubu, the ruling party candidate, was declared president-elect of Africa's most populous nation on Wednesday, having won 37% of the vote. He said the election was credible and the reported problems had had no impact on the overall outcome. "We won the election and we will prove it to Nigerians," he said. While neither generated the visible enthusiasm directed at Obi, both had powerful political machines and decades of networking behind them.

☆ Bola Tinubu: From godfather of Lagos to Nigeria's president-elect
▼ + stars: | 2023-03-01 | by ( Tim Cocks | ) www.reuters.com time to read: +4 min

And since he bowed out as Lagos governor in 2007, Tinubu has picked every subsequent winning candidate to run Africa's biggest city. That power will now be tested as Tinubu attempts to tackle Nigeria's crises and improve on Buhari's lacklustre record. Many of these problems worsened under Buhari, on whose party ticket Tinubu ran. A spokesman for Tinubu's campaign did not respond to repeated requests for comment. A biography on his campaign website says Tinubu was born in Lagos in 1952, to a Muslim family from the Yoruba ethnic group, the majority in southwest Nigeria.

☆ 'Prompt engineering' is one of the hottest jobs in generative AI. Here's how it works.
▼ + stars: | 2023-03-01 | by ( Aaron Mok | ) www.businessinsider.com time to read: +6 min

Knowing how to talk to chatbots may get you hired as a prompt engineer for generative AI. Prompt engineers are experts in asking AI chatbots — which run on large language models — questions that can produce desired responses. Unlike traditional computer engineers who code, prompt engineers write prose to test AI systems for quirks; experts in generative AI told The Washington Post that this is required to develop and improve human-machine interaction models. Prompt engineering may not be 'the job of the future'Some academics question how effective prompt engineers really are in testing AI. Companies in a variety of industries are hiring prompt engineersThat isn't stopping companies across industries from hiring prompt engineers.

☆ Explainer: Nigeria election: what to expect from president-elect Bola Tinubu
▼ + stars: | 2023-03-01 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +5 min

LAGOS, March 1 (Reuters) - Nigeria's president-elect Bola Tinubu has promised to tackle a litany of problems, including escalating 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 set up a surveillance unit to protect the country's pipelines and attract new investors with tax incentives. Africa's top producer of crude oil depends on imported refined fuels, something Tinubu wants to end by increasing domestic refining through joint ventures with private investors. Tinubu wants to recruit more soldiers and police officers, while paying and equipping them better.

☆ Nigeria's Tinubu defends win in disputed presidential poll
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +3 min

The Independent National Electoral Commission (INEC) said Tinubu garnered 8.79 million votes in the weekend election, ahead of main opposition challenger Atiku Abubakar's 6.98 million votes. Peter Obi, an outsider popular with younger and more educated urban voters, garnered 6.1 million votes. "I am very happy I have been elected the president of the federal republic of Nigeria," Tinubu said to cheers in Abuja. Nigeria's election was meant to be its fairest and most open contest to date. As Lagos governor, Tinubu won praise for partially fixing some of the cities problems, including reducing violent crime, waste collection and traffic.

☆ Nigeria’s Obi to challenge presidential election result in court
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: 1 min

ABUJA, March 1 (Reuters) - Nigeria’s labour party led by presidential candidate Peter Obi will mount a legal challenge against the election of new president-elect, Bola Tinubu, the party's vice presidential candidate said on Wednesday. Reporting by Camillus Eboh and Chijioke Ohuocha; Editing by James Macharia ChegeOur Standards: The Thomson Reuters Trust Principles.

☆ Nigerian ruling party candidate declared winner in highly disputed election
▼ + stars: | 2023-03-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

ABUJA, Nigeria - March 1, 2023: Ruling party candidate Bola Tinubu, addresses supporters during celebrations at his campaign headquarters. Tinubu won Nigeria's highly disputed weekend election, electoral authorities said on Wednesday, securing the former Lagos governor the presidency of Africa's most populous democracy. Nigeria's ruling party candidate Bola Tinubu was declared the winner of the country's presidential election on Wednesday after polling was marred by transparency concerns and widespread technical problems. The APC, PDP and Labour Party won 12 states apiece, while the New Nigerian Peoples Party (NNPP) candidate Rabiu Kwankwaso claimed one state. However, the PDP, Labour Party and several other opposition parties had already rejected the results by the time Tinubu was declared president-elect on Wednesday.

☆ Nigeria Governing Party’s Bola Tinubu Declared President-Elect
▼ + stars: | 2023-02-28 | by ( Gabriele Steinhauser | Gbenga Akingbule | ) www.wsj.com time to read: 1 min

ABUJA, Nigeria— Bola Tinubu , a longtime kingmaker in Nigeria’s governing All Progressives Congress and two-time governor of Lagos, has been elected president of Africa’s most- populous nation, the country’s electoral commission said early Wednesday, an outcome that was disputed by opposition parties. Mr. Tinubu, who ran with the catchphrase “Emi lokan,” or “It’s my turn” in the Yoruba language, won 37% of the vote, ahead of Atiku Abubakar of the main opposition People’s Democratic Party, who received 29%, according to the commission tally. Peter Obi of the Labour Party, whose candidacy was propelled by young, social-media savvy Nigerians frustrated with an underperforming economy and rising insecurity, got 25%, with the balance going to candidates from smaller parties.

☆ Nigeria's Tinubu has unassailable lead in provisional election results - Reuters tally
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

LAGOS, Feb 28 (Reuters) - Nigeria's ruling party candidate Bola Tinubu has an unassailable lead in the presidential election held over the weekend, a Reuters tally of provisional results from all 36 states and the federal capital Abuja showed on Tuesday. Tinubu of the governing All Progressives Congress (APC) of outgoing president Muhammadu Buhari got about 35% of the vote, trailed by Atiku Abubakar of the main opposition People's Democratic Party (PDP) with 30%. Peter Obi of the Labour Party, an outsider popular with the youth and educated voters, got 26%. Tinubu's potential victory extends the All Progressives Congress party's (APC) grip on power in Africa's top oil producer and most populous nation, though he inherits a litany of problems from outgoing President Muhammadu Buhari. Reporting by Hamza Ibrahim in Kano, Ahmed Kingimi in Maiduguri, Anamesere Igboeroteonwu in Onitsha Tife Owolabi in Yenagoa, Tim Cocks and Macdonald Dzirutwe in Lagos; Writing by Tim CocksOur Standards: The Thomson Reuters Trust Principles.

☆ Partial results of disputed Nigeria election show Tinubu in lead
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

LAGOS, Feb 28 (Reuters) - Provisional results from Nigeria's disputed presidential election over the weekend showed Bola Tinubu from the ruling party in the lead, a Reuters tally of votes in 25 of the country's 36 states showed on Tuesday. Electoral commission results from the states showed Tinubu of the All Progressives Congress party (APC) was ahead with about 36% or 7 million of valid votes counted, with Atiku Abubakar of the main opposition People's Democratic Party (PDP) trailing close behind with 30% or nearly 6 million valid votes. Peter Obi of the smaller Labour Party got 20% or about 3.8 million votes. More results were expected to show the winner later on Tuesday. INEC had promised to upload results directly from each polling unit to its website in the election to replace outgoing President Muhammadu Buhari, but most were unable to do so immediately.

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