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☆ The bank taking over SVB's venture-debt business doesn't seem to know a lot about venture debt
▼ + stars: | 2023-04-06 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

But first, can you explain what venture debt is? The venture debt community, which has grown considerably as equity funding has dried up, is skeptical that First Citizens is the best firm for the job, Insider's Darius Rafieyan reports. Reporting from the first annual Venture Debt Conference in New York, which First Citizens seemed to be absent from, Darius details how attendees and panelists questioned the family-run regional bank's ability to take over the complex and nuanced business that is venture debt. I'm all for learning on the job, but that type of knowledge seems like a prerequisite for buying a business with more than $70 billion in venture debt. But, if First Citizens is as ill-equipped to take over SVB's venture-debt business as some believe, that only further complicates the matter.

REUTERS/Dado Ruvic/IllustrationMarch 31 (Reuters) - General Electric Co (GE.N) has settled all its outstanding wind turbine technology patent disputes in the United States and Europe with Siemens Gamesa Renewable Energy S.A (GAM.HA), the companies said on Friday. Siemens Gamesa had sued GE for patent infringement in 2020 over the latter's Haliade-X turbines. Last year, a Boston federal judge barred GE from making and selling its Haliade-X wind turbines in the United States, after a jury found they infringed a patent owned by Siemens Gamesa. But GE was allowed to continue making and operating the turbines for existing projects off the coasts of Massachusetts and New Jersey with royalty payments to Siemens Gamesa. In February, the same judge ruled GE must double its patent royalty payments to Siemens Gamesa for the turbines it uses in a renewable energy project off the New Jersey coast.

☆ Tech leaders are urging caution on AI
▼ + stars: | 2023-03-30 | by ( Paayal Zaveri | ) www.businessinsider.com time to read: +4 min

Insider asked ChatGPT, the viral AI chatbot sweeping the internet, to whip up a layoff memo for a pretend tech company, Gomezon. Elon Musk, Steve Wozniak, researchers at Alphabet's DeepMind, and other AI leaders are calling for a pause on training AI models more powerful than OpenAI's GPT-4. My colleague Emilia David looked at why Elon Musk and other tech leaders are right: AI needs to slow down. An Apple Watch is an essential for many of us these days, but the right band can make all the difference. Check out Insider's review of the 18 best Apple Watch bands in 2023.

☆ Trump again defends Putin and rips into DeSantis for calling him an 'authoritarian gas station attendant' and a 'war criminal'
▼ + stars: | 2023-03-30 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +3 min

Ron DeSantis called Putin "basically a gas station with a bunch of nuclear weapons." Trump knocked DeSantis over the comments, claiming the rhetoric could lead to war. Trump has a long history of defending Putin and called his justification for invading Ukraine "genius." —Trump War Room (@TrumpWarRoom) March 29, 2023Representatives for DeSantis and Romney did not immediately respond to Insider's requests for comment. In the interview last week in which he called Putin a war criminal, DeSantis said his comments had been "mischaracterized."

☆ Australian PM says would welcome inflation-matching minimum wage rise
▼ + stars: | 2023-03-30 | by ( Lewis Jackson | ) www.reuters.com time to read: +2 min

Changes to the national minimum wage are reviewed annually by the independent Fair Work Commission (FWC), which last year delivered an increase largely in line with inflation. "If the Fair Work Commission makes that decision then I would welcome it, but it is an independent decision of government. The FWC decision, expected in June, also covers minimum wages and conditions for specific industries and occupations, known as awards. Roughly 2.7 million Australians are covered by awards, compared to around 180,000 on the minimum wage. Catherine Birch, a senior economist at ANZ, said the FWC would likely lift the minimum wage further than award wages, given the latter's broader reach.

☆ Binance 'could be in big trouble' as the CFTC lawsuit alleges the crypto behemoth dodged regulators and breached laws
▼ + stars: | 2023-03-28 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +10 min

Binance is being blow-torched from all angles as US regulators close in on the world's largest crypto exchange. The CFTC sued the exchange this week for violating US financial laws, whilst some reports suggest Binance has engaged in secret fund transfers. On Monday, the Commodities Futures and Trading Commission (CFTC) sued Binance and Zhao himself, for allegedly breaching US financial laws. Following the shocking implosion of Sam-Bankman Fried's FTX exchange late last year, concerns have risen whether Binance faces similar risks. If US authorities decide the links meant the crypto exchange had control over the US platform, it could expose the company to enforcement action.

HONG KONG, March 23 (Reuters Breakingviews) - Tencent (0700.HK) is sounding more like its normal self again. The combination of regulatory respite, a post-lockdown consumption bounce plus cost cuts have put the company in a sweet spot for 2023. Revenue in the three months to December inched up 0.5% from a year earlier, to $21 billion, reversing year-on-year declines from the previous two quarters. With 2022 firmly behind it, Tencent can put a spring back in its step. Shares of Tencent rose 4.7% to HK$364.00 during early morning trading on March 23.

☆ Spain's PM Sanchez to go on state visit to China
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

MADRID, March 23 (Reuters) - Spanish Prime Minister Pedro Sanchez will visit China next week following a formal invitation by President Xi Jinping, as the Asian country seeks to position itself as a mediator in the ongoing war in Ukraine. The weight that Spain and Pedro Sanchez have in the world is unquestionable," Bolaños said, adding that "China has a key role to play in mediating the war". Bolaños said the visit would also be important from a trade and economic perspective, as Sanchez plans to meet with the Asia Pacific Forum and Spanish businesses operating in China. Xi has just concluded a three-day trip to Moscow, where he described China's position on the conflict as "impartial". The latest bilateral talks between the two leaders took place in November 2022 during the G-20 summit in Bali, Indonesia.

☆ European banks battered after Credit Suisse rescue
▼ + stars: | 2023-03-20 | by ( Lucy Raitano | ) www.reuters.com time to read: +3 min

LONDON, March 20 (Reuters) - Shares in European banks were battered in early trade on Monday following UBS's (UBSG.S) state-backed rescue of Credit Suisse (CSGN.S) that brought with it massive writedowns for the latter's bondholders. Shares in Credit Suisse (CSGN.S) fell more than 63% while UBS Group (UBSG.S) shares were last down 12.5%. UBS on Sunday agreed to pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit Suisse and assume up to $5.4 billion in losses. JPMorgan said that although UBS stood to gain in the longer-term from the deal, the writedown of the AT1 bonds would impact other European banks. Barclays cut its view on European banks to "neutral" from "positive" on Monday, citing likely increased regulatory scrutiny after Silicon Valley Bank collapse and UBS agreeing to buy Credit Suisse.

☆ Derivatives that track bonds at the heart of Credit Suisse rescue slide
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 20 (Reuters) - Derivatives that track the value of key bank debt fell sharply on Monday, after UBS (UBSG.S) agreed to rescue rival Credit Suisse (CSGN.S), forcing a massive writedown of the latter's additional tier-one debt as part of the deal. Invesco's AT1 Capital Bond exchange-traded fund (INAT1.L), which tracks the value of AT1 debt, dropped 14% in early trading, while WisdomnTree's AT1 CoCo bond ETF was indicated 3% lower. Additional tier-one bonds, known as AT1s, are a type of contingent convertible debt that make up part of the capital buffers that regulators require banks to hold to protect themselves in times of market turmoil. If a bank's capital levels fall below a set threshold, AT1s can either be converted into equity or are written off, as they were in the case of Credit Suisse, which had to write off around $16 billion worth. Reporting by Amanda Cooper; Editing by Dhara RanasingheOur Standards: The Thomson Reuters Trust Principles.

☆ Ryan Reynolds explains sale of Mint Mobile to T-Mobile
▼ + stars: | 2023-03-15 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRyan Reynolds explains sale of Mint Mobile to T-MobileMad Money host Jim Cramer talks to Mint Mobile's Ryan Reynolds and T-Mobile CEO Mike Sievert about the latter's acquisition of Mint Mobile and Ultra Mobile, two value-oriented brands, for up to $1.35 billion in cash and stock.

☆ The China-brokered Saudi-Iran deal has big repercussions for the Middle East — and the U.S.
▼ + stars: | 2023-03-15 | by ( Natasha Turak | ) www.cnbc.com time to read: +8 min

Taking up a specific role that the U.S. could not have fulfilled, this was Beijing's first foray into Middle East mediation, an area that for the past few decades was largely occupied by Washington. "I think China was a good partner to do this. I think they're the right people," he said, noting that China invests heavily in Saudi Arabia and is its top trading partner. Chinese President, Xi Jinping (L) is welcomed by Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud (R) at the Palace of Yamamah in Riyadh, Saudi Arabia on December 8, 2022. And not just economically, as it already exports an immense amount of goods to the Middle East and is the largest importer of Saudi oil – but politically.

☆ Tucker Carlson said in private messages that he actually hates Trump 'passionately:' 'I can't handle much more of this'
▼ + stars: | 2023-03-08 | by ( Matthew Loh | Azmi Haroun | ) www.businessinsider.com time to read: +3 min

Fox News host Tucker Carlson bashed former President Donald Trump in private, per new court filings. "We are very, very close to being able to ignore Trump most nights," Carlson wrote, per Dominion's filing. "I hate him passionately," Carlson replied immediately after, per the filing. Navarro, a former Trump advisor, publicly admitted in January 2022 to devising a scheme to overturn the 2020 election. Representatives for Fox News and a spokesman for Trump did not immediately respond to Insider's requests for comment on Carlson's Trump texts.

☆ No current plan for the UAE to leave OPEC oil alliance, sources say
▼ + stars: | 2023-03-06 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria. The United Arab Emirates does not intend to leave the influential OPEC oil alliance at this time, two senior officials with knowledge of the matter told CNBC, after a recent report signaled internal talks over such a departure. The UAE oil ministry and Adnoc, the state-owned oil company of the United Arab Emirates, did not immediately respond to CNBC requests for comment. On March 3, the Wall Street Journal reported that rising political disagreements between OPEC+ chair Saudi Arabia and the UAE have once more sparked questions over the latter's future in the producers' coalition. The front-month Nymex WTI contract was at $78.72 per barrel, lower by 96 cents per barrel from the previous settlement price.

☆ Bausch Health's stock soars on solid quarterly results, but we have concerns about the recovery
▼ + stars: | 2023-02-23 | by ( Zev Fima | ) www.cnbc.com time to read: +4 min

Bottom line The Canadian specialty pharmaceuticals company reported solid results for the fourth quarter, along with favorable forward guidance. Bausch management on Thursday did not offer additional information, other than to reiterate its confidence in the strength of the company's patents. Bausch Health previously started the separation process via an initial public offering of Bausch + Lomb in May 2022. Results at the diversified products division — which includes neurology pharmaceutical products, generics and dentistry products — were hampered by generic competition. Notably, as Bausch Health owns most of Bausch + Lomb, the latter's financials still appear on Thursday's results.

☆ Explainer: How Microsoft is addressing antitrust concerns over Activision deal
▼ + stars: | 2023-02-22 | by ( Foo Yun Chee | ) www.reuters.com time to read: +3 min

WHAT IS THE ACTIVISION DEAL? The UK competition agency CMA has suggested divesting Call of Duty to address its concerns while the European Commission has warned Microsoft about the possible anti-competitive impact of the deal. A group of 10 gamers in the United States has filed a private consumer antitrust lawsuit over the deal. WHAT ARE THE NINTENDO AND NVIDIA LICENSING DEALS? Both companies have signed 10-year licensing deals that will bring Call of Duty to their gaming platforms but these are conditional on the Activision deal being approved.

☆ Not so quiet on the BAFTA front as anti-war remake tops the billing
▼ + stars: | 2023-02-19 | by ( Marie-Louise Gumuchian | ) www.reuters.com time to read: +3 min

[1/5] Albrecht Schuch, Edward Berger, and Malte Grunert arrive at the world premiere of "All Quiet on the Western Front" at the Toronto International Film Festival (TIFF) in Toronto, Ontario, Canada September 12, 2022. REUTERS/Mark Blinch/File PhotoLONDON, Feb 19 (Reuters) - A German remake of anti-war classic "All Quiet on the Western Front" leads the contenders at the British Academy Film Awards on Sunday, the country's highest accolade for the industry. "Banshees", about two feuding friends on a remote island off the coast of Ireland, and "Everything Everywhere" each have received 10 nominations. Bill Nighy ("Living"), Paul Mescal (Aftersun") and Daryl McCormack ("Good Luck to You, Leo Grande") complete the leading actor nominees list. BAFTA Chief Executive Jane Millichip said while Grozev would not attend the ceremony, the film's nominated producers would.

☆ Ukraine war live updates: Russian strikes hit critical infrastructure in western city of Lviv; UN to vote on new peace resolution
▼ + stars: | 2023-02-16 | by ( Natasha Turak | ) www.cnbc.com time to read: 1 min

Russian strikes hit critical infrastructure in the western Ukrainian city of Lviv in the early hours of Thursday morning, Ukrainian officials reported. Lviv is considered one of the relatively safer parts of Ukraine, at the opposite end of the country from the eastern front, but it still has been hit by Russian strikes a number of times. Eastern Ukraine is being hit "round the clock" by Russian attacks as heavy fighting continues in areas like Bakhmut and Luhansk, Ukrainian authorities say. Russia says Ukrainian forces are pulling back, which Kyiv denies. Meanwhile, the United Nations is set to vote on a resolution next week calling for a cease-fire and lasting peace between Russia and Ukraine that ensures the latter's territorial sovereignty.

☆ Philippines, U.S. to hold biggest war games in years
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +2 min

MANILA, Feb 15 (Reuters) - The Philippines and the United States will this year carry out their biggest joint military drills since 2015, Manila's army chief said on Wednesday, against a backdrop of growing tensions with China in the South China Sea. President Marcos on Tuesday summoned China's ambassador to express "serious concern" over the intensity and frequency of China's activities in the South China Sea, most of which China claims as its territory. China's use of a laser against a Philippine vessel on Feb. 6, which its foreign ministry insists was legal, has sparked expressions of concerns and support from Australia, Japan, and the United States. The Philippines has granted Washington greater access to its military bases as part of the latter's efforts to deter China's increasing assertiveness in the South China Sea and tension over self-ruled Taiwan. In 2015, more than 11,000 troops from both countries participated in the joint military exercises.

☆ Invest like 'Queen of Stonks' Nancy Pelosi and other members of Congress with new Republican and Democrat ETFs
▼ + stars: | 2023-02-07 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Subversive Capital Advisor and Unusual Whales launched ETFs that track the portfolios of Democratic and Republican lawmakers. On Tuesday, investment firm Subversive Capital Advisor and the data hub Unusual Whales launched two ETFs: the Unusual Whales Subversive Democratic ETF and Unusual Whales Subversive Republican ETF. Despite a historically poor stock market, both parties ended 2022 in the green, according to an Unusual Whales report. Meanwhile, Cruz has blasted the Pelosi stock trades and previously vowed to back legislation that would ban members of Congress from trading stocks. The launch of the ETFs coincides with recent calls for a new bill to ban lawmakers from stock trades.

☆ The massive selloff in Adani shares eclipses those of other short-seller targets like Enron and Wirecard
▼ + stars: | 2023-02-07 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Adani Group companies have lost over $110 billion in market value in the past fortnight. These losses eclipse those at other short seller targets like Enron and Wirecard. Enron lost more than $65 billion between August 2000 and December 2001 when it filed for Chapter 11 bankruptcy, per Bloomberg's record. In Wirecard's case, it was short seller Fraser Perring, who in a 2016 report, accused the payments firm of money laundering and fraud. Shares of Adani Transmission, Adani Green Energy, and Adani Power were also up.

"Major economies are rightly stepping up investment in net zero industries," von der Leyen told a news conference. And we want to be an important part of this net-zero industry that we need globally," von der Leyen said. RESISTANCEThe European Commission is hoping member states will back its plan at a Feb.9-10 summit but it faces a hot debate. Solar sector industry group SolarPower Europe said it was concerned by what it called a "lack of focus" on specific technologies in the EU plan. The bloc is heavily reliant on China for rare earths and lithium, which are vital materials for the green transition.

The plan is partly a response to multi-billion-dollar support programmes of China and the United States, including the latter's Inflation Reduction Act. Many EU leaders are concerned that the local content requirements of its $369 billion of green subsidies will encourage companies to relocate, making the United States a leader in green tech at Europe's expense. RESISTANCEThe European Commission is hoping member states will back its plan at a Feb.9-10 summit but huge chunks are likely to be hotly debated among member states. There is also clear opposition from some EU members to previous suggestions that the plan could entail further joint borrowing. The bloc is heavily reliant on China for rare earths and lithium, which are vital materials for the green transition.

The plan is partly a response to multi-billion-dollar support programmes of China and the United States, including the latter's Inflation Reduction Act. Many EU leaders are concerned that the local content requirements of its $369 billion of green subsidies will encourage companies to relocate, making the United States a leader in green tech at Europe's expense. Longer term, the Commission will propose creating a European Sovereignty Fund to invest in emerging technologies. The bloc is heavily reliant on China for rare earths and lithium, which are vital materials for the green transition. The EU executive also wants to seal more free trade agreements and partnerships to make supply chains more resilient and to open markets for green goods.

☆ Adani Group fallout drags Indian shares to 3-month low
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Jan 27 (Reuters) - Indian shares fell more than 1% to a three-month low on Friday, as banks continued to lead the market lower along with Adani Group companies in the wake of a short-seller attack on the conglomerate. He said the hammering of Adani Group stocks has upset investor sentiment and created a crisis of confidence. Adani Ports (APSE.NS) and Adani Enterprises (ADEL.NS) were the top losers on the Nifty 50 on Friday, ahead of the latter's $2.45 billion follow-on public offering (FPO). The heavyweight financials sector (.NIFTYFIN) again led the slide, falling more than 2% even though brokerages said banks' exposure to the Adani Group was within manageable limits. The drop in Indian stocks was in contrast to their Asian peers, which hit a near nine-month-high after strong U.S. economic growth data eased recession worries.

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