DIRS.INFO The most relevant business & tech news

☆ Jefferies quarterly profit falls as dealmaking in doldrums
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: 1 min

June 27 (Reuters) - Jefferies Financial Group Inc's (JEF.N) second-quarter profit slumped 89% as subdued dealmaking and a lull in new initial public offerings weighed on its advisory and underwriting fees, the investment bank said on Tuesday. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Jaiveer Singh, Sriraj Organizations: Jefferies, Thomson Locations: 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

☆ In Charleston, a Museum Honors a Journey of Grief and Grace
▼ + stars: | 2023-06-23 | by ( Holland Cotter | ) www.nytimes.com time to read: +1 min

In Charleston Harbor, where the initiating shots of the Civil War were fired — Fort Sumter is distantly visible — I’m on the site of a former shipping pier known as Gadsden’s Wharf. On this spot now, looking a bit like a ship itself, stands the eagerly awaited and long-delayed new International African American Museum. After an almost quarter-century journey hampered by political squalls, economic doldrums, sometimes mutinous crews, and last-minute fogs, this cultural vessel has securely, and handsomely, come to berth here, opening to the public on Tuesday. The new museum is very much what this place is about: the original forced infusion of Black cultural energy into America, and the consequences of that for the present. It’s the first major new museum of African American history in the country to bring the whole Afro-Atlantic world, including Africa itself, fully into the picture.

Organizations: International African American Museum Locations: Charleston Harbor, Fort Sumter, America, Africa

LONDON, June 23 (Reuters) - Global trade remained in the doldrums during the second quarter as China’s post-lockdown rebound proved slower than expected and was offset by continued weakness in North America and Europe. Chartbook: Global container tradeChina’s freight movements have rebounded as the country emerged from lockdowns and the exit wave of the epidemic, though not as fast as anticipated at the start of the year. At Japan’s Narita airport, international air cargo was down 25% in the first five months of 2023 compared with a year ago. The most optimistic interpretation is that freight volumes have stabilised, after declining sharply in the second half of 2022, but there is no sign yet of a recovery outside China. Related columns:- Global freight cycle may have reached lowest point (May 25, 2023)- Global freight shows signs of bottoming out (April 27, 2023)- Global freight slump deepens at the start of 2023 (March 21, 2023)John Kemp is a Reuters market analyst.

Persons: John Kemp, Barbara Lewis Organizations: Global, of, European Union, Ministry of Transport, Traffic, Association of American Railroads, American Trucking Association, Thomson, Reuters Locations: North America, Europe, Netherlands, China, Asia, United States, Japan, United Kingdom, lockdowns, Singapore, East Asia, Los Angeles, Long Beach , Oakland, Houston, Charleston, Savannah, Virginia, Seattle, New York, U.S, Narita, Heathrow

But the plunge in the deal pipeline prompted soul-searching and job-hopping among investment bankers accustomed to a feast. Barclays, which has struggled to retain bankers following a shake-up in the management of its investment banking division, has lost at least nine top technology bankers in recent weeks. Traditionally, smaller firms have been reluctant to offer investment bankers guaranteed compensation, in order to have more of their pay tied to performance. Alan Johnson, managing director of compensation consultancy Johnson Associates, said that first-year guarantees were common practice in the hiring of investment bankers, but second-year guarantee used to be rare. "You get paid a higher percentage of revenue than in a big bank, but you have to generate the revenue with perhaps less help," Johnson said.

Persons: Goldman Sachs, Sam Britton, Britton, Anthony Keizner, Goldman, Nick Pomponi, Rob Chisholm, Troy Broderick, Goldman's, Perella Weinberg, Laurence Braham, Richard Hardegree, Steve Markovich, Ron Eliasek, Jason Auerbach, Alan Johnson, Johnson, Milana Vinn, Anirban Sen, Greg Roumeliotis, Jamie Freed Organizations: YORK, Goldman, Bank of America, Barclays, Qatalyst Partners, Jefferies Financial, Technology, LSEG, Intelligence, Search, Evercore, UBS, Centerview, Jefferies, SVB Securities, Bank, Reuters, Johnson Associates, Thomson Locations: Qatalyst, New York

This spike bodes well for the IPO market, bankers say, because both new listings and secondary stock sales rely on strong demand from equity investors. "Historically, follow-on activity of this magnitude should lead to animal spirits in the IPO market," said Daniel Burton-Morgan, head of Americas syndicate for equity capital markets at Bank of America Corp (BAC.N). The IPO market has been in the doldrums since the start of 2022, when Russia's invasion of Ukraine and a spike in inflation fueled a bout of market volatility as investors fretted over U.S. interest rate hikes. The week of June 5 saw 19 follow-on and secondary stock sales in the United States, totaling proceeds of $6.6 billion, one of the highest weekly tallies since the end of 2021. IPO HOPEFULSMajor companies are waiting in the wings to launch their market debut come September, when the IPO window traditionally opens after a summer lull.

Persons: Daniel Burton, Morgan, Goldman Sachs, Electric's, Alex Wellins, Keith Townsend, Echo Wang, Lance Tupper, Greg Roumeliotis, Sam Holmes Organizations: YORK, LSEG, Intelligence, Bank of America Corp, Dealogic, Reuters Graphics, Federal, Goldman, Intel Corp, GE Healthcare Technologies, SoftBank Group Corp, chipmaker, Holdings, Blueshirt, King, Spalding, Thomson Locations: United States, Ukraine, Cava, New York

☆ Meet the First Woman to Sail the ‘Voyage for Madmen’
▼ + stars: | 2023-06-14 | by ( Lauren Sloss | ) www.nytimes.com time to read: +2 min

But ironically, those moments weren’t because of heavy weather, they were because of a total lack of wind. It’s often said by sailors that the most difficult moments are the calms, because when you are experiencing heavy weather, you’ve got something to keep you busy. I assume that was more challenging during the calm periods, but in general, it’s a long time to be alone. Eight months is a very long time to be in one place — you’re moving, but the place you’re in is the same. It felt like trying to summit a mountain: This is the summit and from here on it’s the descent.

Persons: It’s, you’ve, it’s, I’d, you’d, I’ve, ”

☆ Inflation, Fed policy back in focus for crypto investors as bitcoin enters summer doldrums
▼ + stars: | 2023-06-01 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

The crypto market leader finished May down 7.9%, according to Coin Metrics, while ether posted a 2% loss. Absent other clear catalysts – such as the U.S. regional bank crisis whose start and end coincided with the crypto rally – price movements in June will probably be determined yet again by inflation, monetary policy and regulatory updates. "Crypto investors will probably follow the economy for clues on where prices go next," said Callie Cox, an analyst at the investment company eToro. "Bitcoin and ether are likely to gather assets from the more speculative crypto currencies that investors have abandoned since the various scandals," she added. Prices, like growth stock valuations, have come down and made the asset more digestible, and interesting, particularly for institutional investors.

Persons: Bitcoin, Crypto, Callie Cox, Sylvia Jablonski, eToro's Cox, Joel Kruger, There's, it's, Defiance's Jablonski Organizations: Fed, Metrics, LMAX, CNBC Locations: Defiance

☆ These airlines are back in the black — they're looking to China as the next bright spot
▼ + stars: | 2023-05-19 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +3 min

Travellers check in for the flight at the Singapore Airlines counter in the departure hall at Changi International Airport in Singapore on December 2, 2021. Roslan Rahman | AFP | Getty ImagesThree major airlines in Asia are back in the black, rebounding from their pandemic doldrums as global travel picks up, and they're all saying that China could be the next bright spot for them. Just this week, Singapore flag carrier Singapore Airlines posted a record net profit of 2.16 billion Singapore dollars ($1.61 billion) for the financial year ended March. At that time, ANA posted a net profit of just 28 billion yen, less than a third of its current net profit. Hopes in China reopeningAll three airlines are looking to China to power further growth.

☆ Get ready for a sharp rally if debt ceiling is solved, JPMorgan tells clients
▼ + stars: | 2023-05-18 | by ( Scott Schnipper | ) www.cnbc.com time to read: +1 min

U.S. stocks may be setting up for a sharp late spring/early summer rally if the U.S. debt ceiling debate is rendered moot, either by an agreement or a decision to kick the can until after Labor Day, a note from JPMorgan’s trading desk said Thursday. That's a contrarian view running counter to the market's latest doldrums, but JPMorgan said the economic backdrop plus the way in which professional investors are positioned may add fuel to any potential advance. The so-called pain trade that catches the greatest number of investors off guard "is higher, specifically if led by cyclical stocks such as energy, financials, industrials and materials. JPMorgan also looks for a potential reversal in financial stocks if deposits don't flee. It notes that the regional bank ETF is 8% below its April average and 64% beneath its year-to-date high and that short interest in financials has ballooned, possibly paving the way for a huge short squeeze.

☆ We identified the 112 top executives at Warner Bros. Discovery under CEO David Zaslav as the year-old company takes aim at Netflix and Disney
▼ + stars: | 2023-05-15 | by ( Claire Atkinson | Lucia Moses | Taylor Tyson | ) www.businessinsider.com time to read: +2 min

Warner Bros. One year after Discovery acquired WarnerMedia, WBD CEO David Zaslav faces economic headwinds and an ad slump. Insider mapped out the 112 most powerful people under Zaslav leading WBD film and TV studios, HBO, CNN, and more. One year after the merger that created Warner Bros. While Kathleen Finch has joined the mix with her portfolio of Discovery channels, top TV execs from the WarnerMedia regime — HBO's Casey Bloys and Warner Bros. TV studios chief Channing Dungey — are still in place.

☆ Energy Stocks Are in the Doldrums After Last Year’s Big Rally
▼ + stars: | 2023-05-11 | by ( Hannah Miao | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/energy-stocks-are-in-the-doldrums-after-last-years-big-rally-f9315b15

☆ Hurricanes of Data: The Tiny Craft Mapping Superstorms at Sea
▼ + stars: | 2023-05-09 | by ( Porter Fox | ) www.nytimes.com time to read: +35 min

The Tiny Craft Mapping Superstorms at Sea Shortly after dawn on Sept. 30, 2021, Richard Jenkins watched a Category 4 hurricane overrun his life’s work. That August, a sister ship, SD 1031, successfully entered Tropical Storm Henri, but only in its early stages. Hurricane research, modeling and forecasting requires many terabytes of data for every square mile the storm passes through, including vitally important sea-level data from inside a storm. The next day, the depression was upgraded to a tropical storm and officially given the name Sam. And four months later, Tropical Storm Megi killed more than 150, wiped out several villages with landslides and displaced more than a million people.

☆ King Charles' scaled-back coronation set to cost the UK up to $125 million
▼ + stars: | 2023-05-05 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Estimates put the cost of King Charles coronation at between £50 million and £100 million ($63-125 million). Future Publishing | Getty ImagesLONDON — The eyes of the world will be on the U.K. this weekend as King Charles III is crowned at Westminster Abbey in a quintessentially British display of pomp and pageantry. However, King Charles himself is said to have sought a more scaled-back celebration, with a "shorter," "smaller, less expensive and more representative" ceremony — part of his wider plans for a slimmed down monarchy. That's potentially more than the approximately £50 million in today's money — then £1.5 million — spent when the queen took the throne in 1953. It's also well above the equivalent £24.8 million — then £450,000 — spent on George VI's coronation in 1937.Who pays for the event?

☆ Summer movie preview 2023
▼ + stars: | 2023-05-05 | by ( Dan Heching | ) edition.cnn.com time to read: +12 min

CNN —Most moviegoers can pinpoint one summer movie – or perhaps, a summer of movies – in their formative years that really and truly cemented their love for going to the cinema, whether it be 1975’s “Jaws,” “E.T. And while streaming has clearly siphoned off part of the audience, particularly for more serious films, what we think of as “summer movies” still have the potential to rake in cash just like the old days. (CNN and DC are both part of the same parent company, Warner Bros. Courtesy Warner Bros. PicturesInitially meant for streaming platforms, this vehicle will herald the cinematic arrival of DC Studios’ first Latino superhero, played by Xolo Maridueña of “Cobra Kai” and “Parenthood” fame. If the fast-paced trailer is any indication, the movie looks sure to whisk those dog days of summer doldrums away quite nicely.

☆ Britain’s Economy Needs a Pick-Me-Up. Is the Coronation Enough?
▼ + stars: | 2023-05-04 | by ( Eshe Nelson | ) www.nytimes.com time to read: +1 min

Dawn Anchor, who runs a pub in the village of Kings Worthy, about 60 miles southwest of London, has everything she needs: reams of red, white and blue bunting, mini Union Jack flags and a life-size cardboard cutout of King Charles III. This weekend’s coronation of Britain’s new monarch has been a gift for her establishment, one of just a handful of pubs in Britain aptly called The King Charles. And like many business people enduring Britain’s economic doldrums, Ms. Anchor hopes the coronation will bring some much-needed cheer (and sales). At The King Charles, the celebrations will begin on Friday with a 17-hour day, serving breakfast through dinner, with afternoon tea in between. Fuller’s Coronation King’s Ale, a special edition bitter, will be on tap and likely to contribute to the estimated 17 million extra pints that are expected to be poured around the country over the three-day weekend, according to the British Beer and Pub Association.

☆ These stocks will help investors break out of the sideways market doldrums, BMO says
▼ + stars: | 2023-05-02 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

The stock market could be volatile and stay rangebound for the foreseeable future — but that doesn't mean investors should sit it out, according to BMO. The Canadian bank's year-end target of 4,300 for the S & P 500 implies just a 3.2% upside from where the broad index finished Monday. "Nonetheless, investors should remain opportunistic by employing active decision-making, in our view, as our analysis suggest that plenty of investment opportunities still exist even during range-bound market periods." He screened for stocks that have forword price-to-earnings multiples below the S & P 500 and forword earnings per share growth that's greater than the S & P 500's. The Delaware company also missed revenue expectations, reporting $3.02 billion against the $3.10 billion anticipated.

Why did other bidders, such as Bank of America, drop out of the auction? And will short-sellers who had taken aim at First Republic move on to shares of other regional lenders? Mr. Munger, 99, also said investors should expect far lower returns on their money than in the past. Francis added that he was doing “all that is humanly possible” to return children taken from Ukraine to Russia. Writers have pushed for economic concessions from studios that factor in changes wrought by the rise of streaming

☆ As Biden Runs Again, Black Voters’ Frustration Bubbles
▼ + stars: | 2023-04-29 | by ( Maya King | Reid J. Epstein | ) www.nytimes.com time to read: +1 min

In his campaign announcement, Mr. Biden made no secret of the importance of Black voters to his re-election. The state party is preparing to hold its presidential primary first in the nominating process — a move Mr. Biden and Democrats said was made to give Black voters more influence. Mr. Biden’s allies maintain that his administration has delivered for Black voters but that he has failed to trumpet some of his progress. The economy, a top concern for Black voters, has recovered from its pandemic doldrums, though inflation, which spiked last summer, remains higher on a sustained basis than it has been for decades. “The president and vice president have made issues Black Americans care most about a priority and are running to finish the job,” said Kevin Munoz, a spokesman for Mr. Biden’s campaign.

☆ Amazon Rebounds From Postpandemic Doldrums, but Says Cloud Growth Is Slowing
▼ + stars: | 2023-04-27 | by ( Sebastian Herrera | ) www.wsj.com time to read: 1 min

Amazon has made efforts in recent months to reduce costs and focus on profitability. Photo: Marissa Leshnov for The Wall Street JournalAmazon.com Inc. reported surging growth as it rebounded from stagnant sales after a postpandemic slowdown, but its cloud-computing business showed further signs of cooling. Stronger-than-expected performance in its advertising and international businesses was initially greeted warmly by investors.

☆ UPS and FedEx are shrinking as packages evaporate. Automation could make the changes permanent.
▼ + stars: | 2023-04-27 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +6 min

Revenue in the first quarter was down 6% and package volume was down by 5.4%. Both UPS and FedEx are downshifting and planning futures with smaller, more efficient networks. But beyond initial cuts, UPS and FedEx are leaning into technology upgrades to shrink strategically and emerge from the doldrums more efficient. The company has already begun the combination of Ground and Express, which will involve closing Express facilities and moving those operations into nearby Ground buildings. These networks have long acted as a moat around UPS and FedEx — making entering the delivery space so expensive it was rarely attempted.

☆ J&J Consumer-Health IPO Process to Kick Off Key Test for Moribund New-Issue Market
▼ + stars: | 2023-04-23 | by ( Corrie Driebusch | Peter Loftus | ) www.wsj.com time to read: 1 min

The division slated to become Kenvue generated $14.95 billion in global sales last year, about 15.7% of Johnson & Johnson’s total. Photo: BRENDAN MCDERMID/REUTERSJohnson & Johnson is poised to begin a roadshow to pitch shares of its consumer-healthcare business, the producer of household names such as Tylenol, in a test for an IPO market that has been in the doldrums for the past year. Kenvue Inc. plans to start meeting with prospective investors as early as Monday, people familiar with the matter said. The goal is to raise $3.5 billion or more in the offering at a valuation close to $40 billion, the people said. IPO roadshows typically last anywhere from a few days to a week ahead of the stock’s trading debut.

☆ Guest view: Why bank investors have it the hardest
▼ + stars: | 2023-04-21 | by ( Rupak Ghose | ) www.reuters.com time to read: +6 min

But what matters at least as much for shareholders is the risk of near or total wipe-out, as demonstrated by Silicon Valley Bank and Credit Suisse. No investor could have known that Credit Suisse allowed Archegos to fund its trades with insufficient cash collateral. More recently, U.S. authorities seemed to flip-flop on whether uninsured depositors at other banks would enjoy the same protection offered to Silicon Valley Bank’s customers. The upshot for bank investors is that seemingly low valuations might not be low enough. Previously, he was head of corporate strategy at UK-based brokers ICAP and NEX, and an equity research analyst at Credit Suisse focused on the financial sector.

☆ We mapped out the 113 most powerful people at Warner Bros. Discovery after a blockbuster merger and a tumultuous year of layoffs and cuts under CEO David Zaslav
▼ + stars: | 2023-04-20 | by ( Claire Atkinson | Lucia Moses | Taylor Tyson | ) www.businessinsider.com time to read: +2 min

Warner Bros. CEO David Zaslav is focused on rebuilding but faces economic headwinds and an advertising slump. Insider mapped out the 112 most powerful people under Zaslav leading WBD film and TV studios, HBO, CNN, and more. One year after the merger that created Warner Bros. While Kathleen Finch has joined the mix with her portfolio of Discovery channels, top TV execs from the WarnerMedia regime — HBO's Casey Bloys and Warner Bros. TV studios chief Channing Dungey — are still in place.

☆ Wall Street aces its real-life stress test
▼ + stars: | 2023-04-20 | by ( John Foley | ) www.reuters.com time to read: +7 min

One flaw in this plan is that the Federal Reserve, which designs the stress test, has tended to assume that when bad times come, interest rates would fall, not rise. Because their clients also fear sudden shifts in interest rates, they call on fixed-income securities desks to help offlay the risk. One clear outcome of higher interest rates is that banks are lending less, and more carefully. Reuters Graphics Reuters GraphicsFollow @johnsfoley on TwitterCONTEXT NEWSLarge U.S. banks reported their first-quarter earnings between April 14 and April 19. Both said that trading revenue had declined from first quarter 2022, but it was substantially higher than the last three months of the year.

Search resuls for: "doldrums"

25 mentions found