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☆ SpaceX Starship launch: Was it really a 'success?'
▼ + stars: | 2023-04-21 | by ( Jackie Wattles | ) edition.cnn.com time to read: +7 min

CNN —After the first test launch of a SpaceX Starship rocket — the most powerful launch vehicle ever constructed — ended in an eruption of flames over the Gulf of Mexico on Thursday, the company sought to frame the mission as a success. Within the space industry, Thursday’s Starship test mission wasn’t considered an outright failure, Caleb Henry, director of research at the space research firm Quilty Analytics, said. The SpaceX Starship exploded after launch for a flight test on April 20, 2023. There isn’t just one Starship vehicle that’s spent years in the development pipeline. The SpaceX rocket that flew on Thursday “was really just a bare bones,” Reisman added.

East Palestine, Ohio CNN —Melissa Henry already had a lot on her plate before a Norfolk Southern train derailed in East Palestine about a mile away from her home on February 3, spilling toxic chemicals into the air. He currently has several properties listed in East Palestine and said there are about 14 properties total on the market, more than there would typically be. East Palestine is a good city. But they just got kicked in the pants on this one.”An aerial view shows a plume of smoke, following a train derailment that forced people to evacuate from their homes in East Palestine, Ohio, on February 6, 2023. Alan Freed/ReutersWith a population of about 5,000 people, there are roughly 2,600 residential properties in East Palestine, according to Attom, a property data provider.

☆ Virgin Orbit was a promising company that could never find a working business model
▼ + stars: | 2023-04-16 | by ( Magdalena Petrova | ) www.cnbc.com time to read: +2 min

Virgin Orbit started as a program of Richard Branson's Virgin Galactic in 2012, before being spun off into a separate company five years later. But Virgin Orbit was dogged by delays. "Virgin Orbit did not have an anchor customer." In late March, Virgin Orbit said it was laying off the majority of its workforce and ceasing operations "for the foreseeable future" after failing to secure a funding lifeline. Watch the video to find out more about what led to Virgin Orbit's collapse.

☆ Succession's huge plot twist is more realistic than you'd think – the departure of a powerful CEO like Logan Roy really can cause wild share price swings
▼ + stars: | 2023-04-15 | by ( Ryan Hogg | George Glover | ) www.businessinsider.com time to read: +5 min

There's real-life precedent that shows why a CEO can cause huge share price swings when they depart. He was portrayed as an omnipotent boss of the group, reflected in a cratering share price upon his death in the episode that aired April 9. But there is real-life precedent for a company's share price collapsing on news of a powerful CEO's ill-health. The power of Logan RoyThere are downsides to a stock being so closely linked to a powerful CEO like Jobs, Musk, or Roy. Indeed, there have been examples of a share price rally following the death of a CEO, because investors see it as a company decoupling from a deadweight boss.

☆ Mom and dad of 9-year-old high school graduate share their No. 1 parenting rule: 'You've got to develop a different mindset'
▼ + stars: | 2023-04-14 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +1 min

Talking to David Balogun is like talking to, well, a 9-year-old. "This is the normal 9-year-old part," his mother, Ronya Balogun, tells CNBC Make It as she refocuses him on the conversation. David is one of the youngest people in the U.S. to earn a high school diploma. When it comes to raising a child like David, "there is no book on it," Ronya says. 1 rule: When a system isn't built for your child, don't try to fix your child.

House lawmakers tore into top U.S. bank regulators Wednesday, questioning their competency and saying examiners were asleep at the wheel, at a second day of congressional hearings this week about how Silicon Valley Bank and Signature Bank collapsed practically overnight on March 10 and March 12. "We need competent financial supervisors, but Congress can't legislate competence," House Financial Services chairman Rep. Patrick McHenry, R-N.C., told top officials at the Federal Reserve, Treasury and FDIC at the beginning the hearing. "The light touch cautions from the Fed to SVB management are clearly not what Congress intended for bank supervision," said Waters. Republican Rep. Bill Huizenga, Mich., demanded raw, confidential supervisory information about the banks, available to regulators ahead of the collapses. Members of the Republican majority House challenged many of the decisions made by regulators in the hours and days after SVB collapsed and Signature Bank followed 48 hours later.

☆ Key lawmakers say upcoming hearings on bank failures aim to boost U.S. confidence in banking sector
▼ + stars: | 2023-03-24 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

WASHINGTON — A bipartisan group of lawmakers overseeing the recent turmoil in the banking sector said Wednesday that they aim to increase Americans' confidence in the banking industry after Silicon Valley Bank and Signature Bank collapsed over the last two weeks. Regulators and lawmakers are also trying to contain further damage to the economy and reinforce confidence in the banking system. Sen. Tim Scott, a South Carolina Republican and ranking member of the Senate Banking Committee, also said writing new laws should take a back seat at the hearings to investigating what happened. We can't legislate that either in the financial sector or among financial institutions management, nor with the regulators." Sen. Sherrod Brown, an Ohio Democrat and chairman of Senate Banking Committee, compared the SVB collapse to the devastating train crash in East Palestine, Ohio.

☆ What would a federal expansion of deposit insurance look like?
▼ + stars: | 2023-03-22 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +7 min

That’s the Federal Deposit Insurance Corporation’s standard limit, meaning any bank deposits up to that amount are protected by the independent government agency. But now there’s growing support for raising that insurance cap. A higher insurance cap doesn’t automatically mean banks will be subject to tighter regulations, Dollar noted, but there could be some call for it. The FDIC insurance limit has been raised seven times since 1950 — and $250,000 also isn’t a calculated number, Collins said. In 2008, the FDIC used the same system for temporary unlimited deposit insurance guarantee on certain accounts.

☆ U.S. lawmakers to examine merits of higher bank deposit insurance cap
▼ + stars: | 2023-03-19 | by ( David Lawder | ) www.reuters.com time to read: +4 min

[1/4] Signs explaining Federal Deposit Insurance Corporation (FDIC) and other banking policies are shown on the counter of a bank in Westminster, Colorado November 3, 2009. "I think that lifting the FDIC insurance cap is a good move," Senator Elizabeth Warren, a Democrat, said on CBS's "Face The Nation" program, referring to the Federal Deposit Insurance Corporation's current $250,000 limit per depositor. During the financial crisis that erupted in 2008, the FDIC temporarily backstopped all deposits to safeguard smaller banks. Pressure on midsized and smaller banks from deposit outflows continued on Friday despite a move by several large banks to deposit $30 billion into First Republic Bank (FRC.N), an institution rocked by the failure of Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O). McHenry said he wanted to examine the trade-offs of higher deposit insurance limits, "the moral hazard of having more risk taking in the financial sector, and also the impact it would have on community banks."

☆ U.S. lawmakers to examine merits of higher FDIC bank deposit insurance cap
▼ + stars: | 2023-03-19 | by ( ) www.cnbc.com time to read: +3 min

"I think that lifting the FDIC insurance cap is a good move," Senator Elizabeth Warren, a Democrat, said on CBS's "Face The Nation" program, referring to the Federal Deposit Insurance Corporation's current $250,000 limit per depositor. "What I will do though, legislatively, and in an oversight function, is to determine whether or not we need to address the FDIC deposit level," McHenry told the same CBS program. During the financial crisis that erupted in 2008, the FDIC temporarily backstopped all deposits to safeguard smaller banks. Pressure on midsized and smaller banks from deposit outflows continued on Friday despite a move by several large banks to deposit $30 billion into First Republic Bank, an institution rocked by the failure of Silicon Valley Bank and Signature Bank. McHenry said he wanted to examine the trade-offs of higher deposit insurance limits, "the moral hazard of having more risk-taking in the financial sector, and also the impact it would have on community banks."

☆ One of the youngest people in the world to 3D print a house became a CTO at 22. Here's how she did it.
▼ + stars: | 2023-03-15 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +4 min

Kristen Henry is the 24-year-old chief technology officer of 3D printed home company Sq4d. Falling for 3D printingIn her second semester, Henry found her calling in a 3D printing class called See It, Change It, Make It. A 3D print of Yale's campus that Henry made in her first 3D printing class. Henry went on to design a small-scale concrete 3D printer with a colleague for her senior year design project. Compared with traditional building methods, "3D printed houses are fireproof and waterproof and much stronger."

☆ U.S. House Financial Services chair urges confidence, says financial agencies acting within law
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +3 min

The FDIC is doing what the FDIC is supposed to do in conformance with the law," Representative Patrick McHenry told CNBC, adding Americans should "have confidence in their financial system." "You have the decisions of the institution, and you have decisions of the supervisors," the Republican committee chairman told Punchbowl late on Monday after briefing Republicans on the matter. His administration stepped in over the weekend to shore up the banks, with the FDIC taking over receivership. Biden also vowed new bank rules after regulations enacted after the 2008 financial crisis were rolled back under former Republican President Donald Trump. The panel's ranking Democrat, Maxine Waters, on Monday urged bipartisan work to ensure the stability of the financial system.

☆ U.S. House Financial Services chair to seek documents, hold hearing amid bank collapses -report
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, March 14 (Reuters) - The head of the U.S. House Financial Services Committee said he would request documents and hold a hearing after the collapse of two U.S. banks raised concerns about the banking sector and roiled world markets, according to a media report on Tuesday. McHenry spoke after briefing Republicans, who control the House of Representatives, about the weekend collapse of Silicon Valley Bank and Signature Bank, which continued to weigh on investors on Tuesday. "They currently have the tools, and they‘ve used them appropriately to resolve two banks," McHenry said. Biden also vowed new bank rules after regulations enacted after the 2008 financial crisis were rolled back under former Republican President Donald Trump. The panel's ranking Democrat, Maxine Waters, on Monday urged bipartisan work to ensure the stability of the financial system.

☆ Ron Howard and Brian Grazer's LinkedIn for Hollywood workers, which just raised $15 million, is disrupting how productions are staffed at Warner Bros, Paramount, and more
▼ + stars: | 2023-03-10 | by ( Lucia Moses | ) www.businessinsider.com time to read: +6 min

Ron Howard and Brian Grazer's Impact, a LinkedIn-like platform for Hollywood, recently raised $15 million. Hiring below-the-line crew members has largely been an offline process based on personal networks, Impact CEO Tyler Mitchell said. "We would have to find where the productions are, and more than anything, get people, whether they're independent films or other productions, using our products," he said. "I don't think there's a scenario where people will be using Impact to source 100 percent of a crew. The company has a database of 1.3 million people, including 30,000 crew members who are active users.

☆ Wagner wills New Zealand to miracle one-run win over England
▼ + stars: | 2023-02-28 | by ( Ian Ransom | ) www.reuters.com time to read: +5 min

Feb 28 (Reuters) - New Zealand pulled off a remarkable one-run win over England on Tuesday as lionhearted paceman Neil Wagner's heroics saw the hosts become just the fourth side in test history to win a match after being asked to follow on. Wagner took four wickets and two crucial catches at Wellington's Basin Reserve, where the hosts recorded only the second one-run victory in test cricket following West Indies' famous 1993 win in Adelaide. Enter Wagner, who had bled more than eight runs an over in the third innings when England romped to a 267-run win in the series-opener at Mount Maunganui. "It's a special one this and we'll celebrate it well," said Wagner, who finished with 4-62 in the fourth innings. Over the home summer, England chased down fourth-innings targets above 250 in three successive tests to whitewash New Zealand.

"I think that we have a very good candidate for the World Bank," French Finance Minister Bruno Le Maire said of Banga during a news conference at the G20 finance leaders meeting in India. The comments marked a turnabout from Tuesday, when Germany's international development minister, Svenja Schulze, who represents a different party in Germany's coalition government, said the next World Bank chief should be a woman. The G20 ministers meeting is being held on the outskirts of the Indian tech hub city of Bengaluru. 'UNIQUE SET OF SKILLS'The United States, the lender's dominant shareholder, has chosen every World Bank president since the founding of the institution at the end of World War Two. World Bank staff are bracing for Banga to make some management changes at the bank, emboldened by Yellen's repeated calls for "bolder and more imaginative" action by the bank, two bank sources told Reuters.

As a result, the world's largest listed miner reported underlying profit attributable from continuing operations of $6.6 billion, down from $9.72 billion a year earlier. That missed a Vuma Financial estimate of $6.82 billion, as earnings from copper and coal came in lower than analysts had expected. Shares of the global miner fell as much as 2.8% to A$47.11, their lowest since Jan. 6 and were down 2% at 0138 GMT in a broader market (.AXJO) that was down 0.5%. BHP also said it expected aggressive global interest rate hikes from last year to slow growth sharply across the developed world. BHP has threatened not to invest in Queensland after the state hiked its coal royalties to the highest rate in the world.

☆ GOP lawmakers vilify ESG moves at BlackRock, Vanguard but take their money nonetheless
▼ + stars: | 2023-02-21 | by ( Brian Schwartz | ) www.cnbc.com time to read: +9 min

But Republicans have vilified BlackRock, Vanguard Group and State Street for leading the push on Wall Street to promote clean energy and what GOP lawmakers often title "left-wing social priorities." Still, many Republican lawmakers received money from the very firms their party is criticizing. It was the third election cycle in a row that both lawmakers took donations from the firm's PAC. Rep. Ann Wagner, R-Mo., received $10,000 from BlackRock and a combined $6,500 from Vanguard and State Street in the 2022 cycle. Huizenga's spokesman Brian Patrick said the donations won't affect the lawmaker's position on ESG issues.

SINGAPORE, Feb 21 (Reuters) - Chinese utilities and traders have stepped up purchases of Australian coal in February, encouraged by signs of further policy relaxation after trade partially resumed last month following a two-year hiatus. At least 15 vessels hauling about 1.4 million tonnes of February-loading Australian coal are bound for China, according to shiptracking data from Refinitiv and Kpler. Reuters GraphicsAnother more than 1 million tonnes of thermal coal have been booked to load in March, a senior trader with a state-run Chinese utility said. "In theory, firms who acquire the licence would be able to get their cargoes through customs," said another Chinese utility official. Chinese buyers may also face competition in Australian coal purchases as producers have pivoted their sales to other markets in China's absence.

SummarySummary Companies H1 profit misses estimateInterim dividend beats estimatePositive on demand outlook from ChinaStarts process to sell two Queensland met coal minesFeb 21 (Reuters) - Global miner BHP Group (BHP.AX) was positive about demand outlook through to fiscal 2024 as top metals consumer China reopens and shifts policy towards its debt-laden property sector, the company said on Tuesday after its 2023 first-half profit missed estimates. However, its interim dividend of 90 cents per share, while lower than last year's $1.50 per share, beat Vuma Financial's estimate of 88 cents. "We are positive about the demand outlook in the second half of fiscal 2023 and into fiscal 2024, with strengthening activity in China on the back of recent policy decisions the major driver," Chief Executive Officer Mike Henry said. But the reopening of the world's second-biggest economy and a property sector policy shift has BHP upbeat on the commodity demand outlook. However, in an environment where central banks are aggressively tightening their monetary policy, BHP expects its operating environment to remain volatile in the near term, but expects China to be a source of stability for commodity demand.

☆ BHP upbeat on demand outlook on China reopening, first-half profit drops 32%
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +2 min

Feb 21 (Reuters) - BHP Group Ltd (BHP.AX) on Tuesday reported a steeper than estimated 32% drop in profit for the first half, citing weak iron ore prices, but forecast a positive demand outlook on strengthening activity in China. However, its interim dividend of 90 U.S. cents per share, while lower than last year's 150 cents per share, beat Vuma Financial's estimate of 88 cents. "We are positive about the demand outlook in the second half of fiscal 2023 and into fiscal 2024, with strengthening activity in China on the back of recent policy decisions the major driver," Chief Executive Officer Mike Henry said. But the reopening of the world's second-biggest economy and a policy shift for its debt-ridden property sector has BHP upbeat on the commodity demand outlook. Reporting by Sameer Manekar and Himanshi Akhand in Bengaluru; Editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Growth trumps rates
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +6 min

While there were some questions about seasonal adjustments in the data, economists were impressed that sales growth was pretty broad based and have scrambled to re-crunch first quarter U.S. output forecasts as a result. There may be a more mixed picture from Thursday's data slate on producer prices, housing starts and weekly jobless claims. Even though rates futures and Treasury yields ticked back a bit today, pricing now has Fed policy rates moving as high as 5.25% and staying above 5% all year. And while full-year earnings growth estimates for S&P500 companies have sunk to zero, consensus forecasts are now pencilling in a rebound of almost 12% next year. Uncertainty about the pace of growth and annual tax receipts in April makes it difficult for government officials to predict the exact "X-date", it said.

☆ Stocks making the biggest moves midday: Zillow, Microsoft, Meta, Fidelity National and more
▼ + stars: | 2023-02-13 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Microsoft — The technology corporation's shares rose more than 3% on Monday, pushing its market cap over $2 trillion once again, after Morgan Stanley reiterated its overweight rating for the stock. Ralph Lauren — Shares of the apparel giant rose almost 4% after Bank of America upgraded the stock to buy from neutral. Meta — The Facebook parent's stock rose nearly 3% after the Financial Times reported it is planning another round of layoffs. Five Below — The discount retailer's stock rose 2.9% after Roth MKM upgraded it to buy from hold, noting it sees attractive growth ahead. Late last week, Reuters reported that Tesla must open its supercharging network to competitors in order to qualify for U.S. subsidies.

☆ Key inflation data in the week ahead will offer clues to future Fed rate moves and the market's path
▼ + stars: | 2023-02-11 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Looking forward The January consumer price index (CPI) , which calculates the average change over time in prices that shoppers pay for goods and services, is slated for Tuesday. Economists and investors will use the number to gauge the odds of a soft landing or hard landing for the economy. The producer price index (PPI) for January, which calculates the change in selling prices received by producers of goods and services, is out on Thursday. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

With a majority of S & P 500 companies having posted their quarterly results, investors' focus will turn toward inflation and the consumer price index reading in the upcoming week. The three major indexes are on pace to end the week down, with the S & P 500 poised to post its worst performance since December. Sharp declines for Alphabet , which is off by more than 9% this week, dragged the tech-heavy index. January's consumer price index With the latest Powell speech in the books, investors are now looking ahead to the consumer price index for insight into the pace of inflation. "Retail sales and CPI is really driven by the consumer, and a lot of eyes are on how the consumer doing," Bruno said.

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