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☆ Inside Disney it's 'Revenge of the Creatives' and 'Shields Up!' against outside foes as returned CEO Bob Iger is taking no prisoners
▼ + stars: | 2023-04-07 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +12 min

Since returning as Disney CEO, Bob Iger has vanquished foes and dumped many of predecessor Bob Chapek's hires. But it's a supercharged Bob Iger who is really taking command. "If I'm inside Bob's head coming back, after the downfall of Bob Chapek, this is all about taking no prisoners," said Will Schutte, a high-level executive coach. Disney World is scheduled to host a major conference on gay rights in September, according to the Miami Herald. Even if he wants to be the Bob Iger of old he can't be.

☆ Explainer: How a massive options trade by a JP Morgan fund can move markets
▼ + stars: | 2023-03-30 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

read moreWHAT IS THE JP MORGAN HEDGED EQUITY FUND? The JPMorgan Hedged Equity Fund holds a basket of S&P 500 (.SPX) stocks along with options on the benchmark index and resets hedges once a quarter. For the year, the fund was down 10.66% through September 28, compared with a 21% decline for the S&P 500 Total return Index (.SPXTR). On June 30, the refresh of the fund's options positions involved about 140,000 S&P 500 options contracts in all, including S&P 500 puts at strikes 3580 and 3020 and calls at 4005, all for the September 30 expiry. Options dealers - typically big financial institutions that facilitate trading but seek to remain market-neutral - take the other side of the fund's options trades.

☆ JPMorgan shares 4 charts that put the banking crisis into perspective — and show why the tech recession may already be over
▼ + stars: | 2023-03-26 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +6 min

But JPMorgan Private Bank's Jacob Manoukian says investors shouldn't let the noise distract them. With the recent collapses of Silicon Valley Bank and Signature Bank drawing comparisons to the Global Financial Crisis, the stakes have never been higher for the Federal Reserve than they were during this week's FOMC meeting. Both SVB and Signature Bank had an unusually high concentration of large deposits above the $250,000 threshold insured by the Federal Deposit Insurance Corporation. Takeaway #2: Say goodbye to the tech recessionBesides their deposit makeup separating them from regional banks, both SVB and Signature Bank were also highly concentrated in specific sectors. "Such companies are often (as yet) unprofitable, speculative and digitally enabled," Manoukian wrote.

☆ Anxiety Strikes $8 Trillion Mortgage-Debt Market After SVB Collapse
▼ + stars: | 2023-03-22 | by ( Matt Wirz | ) www.wsj.com time to read: 1 min

Strains in the banking sector are roiling a roughly $8 trillion bond market considered almost as safe as U.S. government bonds. So-called agency mortgage bonds are widely held by banks, insurers and bond funds because they are backed by the mortgage loans from government-owned lenders Fannie Mae and Freddie Mac . The bonds are far less likely to default than most debt and are easy to buy and sell quickly, a crucial reason they were Silicon Valley Bank’s biggest investment before it foundered.

☆ Exxon vs. Chevron? Goldman Sachs reveals its favorite — and other energy picks
▼ + stars: | 2023-03-22 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Energy stocks dropped last week as oil prices fell to a 15-year low , with the banking crisis roiling markets. Amid the volatility, Goldman Sachs named the energy stocks it likes in a March 16 note. Exxon vs. Chevron For investors looking for a defensive play, Goldman analysts recommend Exxon as a top pick, adding that they prefer it over rival Chevron . Targa vs. Oneok Within midstream stocks, Goldman said it was "more positive" on U.S.-based companies Targa Resources and Cheniere Energy following the pullback. That's because lower oil prices would not hit Targa's operations as much as Oneok's, they added.

☆ Fact Check-‘The Simpsons’ did not predict collapse of Silicon Valley Bank
▼ + stars: | 2023-03-15 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

A clip from a 1995 episode of “The Simpsons” animated series that shows the Silicon Valley Bank (SVB) running out of money has been altered to claim that the show predicted the start-up focused bank’s collapse decades ahead of its time. In the video, panic ensues as character Burt Simpson announces to customers waiting at a bank “What do you mean the bank is out of money? The bank in the original episode is the First Bank of Springfield, named after the fictitious town, where the show is set. Reuters has previously fact-checked several other claims that falsely suggested “The Simpsons” predicted important world events (here), (here) and (here). A 1990s episode of The Simpsons about a bank failure was edited to substitute the name Silicon Valley Bank instead of First Bank of Springfield.

By May the benchmark rate is seen rising further to a range of 5.00%-5.25%. Until late last week financial markets had been pricing in a bigger half-point rate hike to stem persistently high inflation. Meanwhile the Labor Department's inflation report showed a 6% rise in the consumer price index last month from a year earlier. "The recent string of regional bank failures likely closed the door on a 50 (basis point) rate hike, but today's data suggests that the Fed is going to remain on-track for a 25 (basis point) hike on March 22." Fed policymakers will publish their own rate path expectations next week.

☆ BofA's US stock chief highlights a 'tremendous opportunity' that's opened up for investors, and explains the adjustment they should make to enjoy stronger returns
▼ + stars: | 2023-03-14 | by ( Marley Jay | ) www.businessinsider.com time to read: +4 min

She says there is a great deal of opportunity for investors who focus on company fundamentals. When investors find something that works for a long time, it only makes sense that they're going to stick with it. "We've all been trained to ignore fundamentals and just pay attention to Fed speak, central banks, and then also pay attention to what quants are doing to extend any momentum." She suggested that a lot of investors think that sooner or later, conditions will revert back to where they were before the pandemic, leaving a low-interest rate, low-inflation, low-growth environment. "There is a tremendous opportunity for fundamental investors, the few that are left," she said.

☆ Global Economy Gets Tailwind From Falling Energy Prices
▼ + stars: | 2023-03-12 | by ( Tom Fairless | ) www.wsj.com time to read: 1 min

Falling energy prices act like a tax cut, giving households more money to spend and bolstering consumer confidence. FRANKFURT—Energy prices are roiling the global economy for the second time in a year. This time, it’s good news. Plunging oil and natural-gas prices are pumping up economic growth, putting money into consumers’ pockets, boosting confidence and easing pressures on government budgets.

☆ Most Middle Eastern stock markets in red as bank worries spread
▼ + stars: | 2023-03-12 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

March 12 (Reuters) - Most stock markets in the Middle East ended lower on Sunday, with the Egyptian bourse leading the declines, in response to Friday's fall in global shares over fears of contagion following the collapse of Silicon Valley Bank (SVB) (SIVB.O). The startup-focused lender became the largest bank to fail since the 2008 financial crisis on Friday, roiling global markets and leaving billions of dollars belonging to companies and investors stranded. In Qatar, the index (.QSI) slid 1.6%, as almost all the stocks were in negative territory including Qatar Islamic Bank (QISB.QA), which tumbled 3.9%. Saudi Arabia's benchmark index (.TASI) dropped 0.8%, weighed down by a 1.7% fall in Al Rajhi Bank (1120.SE) and a 0.8% decrease in Retal Urban Development CO (4322.SE). Outside the Gulf, Egypt's blue-chip index (.EGX30) tumbled 3.1%, with 28 of thirty one stocks on the index trading red, including top lender Commercial International Bank (COMI.CA), which was down 1.8%.

The Federal Deposit Insurance Corporation (FDIC), which was appointed receiver, was trying to find another bank over the weekend that was willing to merge with Silicon Valley Bank, people familiar with the matter said on Friday. However, it was not clear if regulators would have political support to throw a lifeline to the bank, which catered to Silicon Valley startups and investors. Silicon Valley Bank had an unusually high level of deposits that were not covered by the FDIC's guarantees, which are capped at $250,000. Signature Bank, First Republic Bank, PacWest Bank and Charles Schwab did not immediately respond to requests for comment. "Silicon Valley had a unique business model that was less dependent on retail deposits than a traditional bank."

☆ Six Hong Kong-listed firms say their deposits at SVB are immaterial
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: +3 min

HONG KONG, March 12 (Reuters) - Six Hong Kong-listed companies, mostly Chinese pharmaceutical firms, disclosed cash deposits at Silicon Valley Bank on Sunday, adding that their exposure to the failed U.S. lender and its impact on operations were immaterial, in an effort to calm investors. Startup-focussed SVB Financial Group (SIVB.O), which did business as Silicon Valley Bank, collapsed on Friday in the largest bank failure since the 2008 financial crisis, roiling global markets and stranding billions of dollars belonging to companies and investors. Broncus Holding Corporation (2216.HK) said it held $11.8 million at SVB, representing around 6.5% of its total cash. Noah Holdings Private Wealth and Asset Management Limited has less than $1 million with SVB, less than 0.2% of its total cash. CANbridge Pharmaceuticals Inc (1228.HK) said the amount of cash deposited with SVB is "immaterial and is generally within the amount guaranteed by the FDIC accordingly", without giving any figures.

☆ US lawmakers met Fed, FDIC to discuss Silicon Valley Bank's collapse - Coindesk
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +1 min

March 11 (Reuters) - U.S. lawmakers met with the Federal Reserve and Federal Deposit Insurance Corporation on Friday to discuss the collapse of SVB Financial Group (SIVB.O), Coindesk reported on Saturday citing a source. Democratic U.S. Representative Maxine Waters held briefings with officials from the two regulators and the Treasury Department, hours after the startup-focused SVB's collapse, the report said. Separately, Representative Ro Khanna said in a tweet on Friday that he reached out to both the White House and the Treasury Department to discuss the situation with the bank. U.S. Treasury Secretary Janet Yellen on Friday met with banking regulators on the collapse of SVB, as she and the White House expressed confidence in their abilities to respond to the bank failure. Reporting by Anirudh Saligrama in Bengaluru Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Stablecoin USDC breaks dollar peg after revealing $3.3 billion Silicon Valley Bank exposure
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +3 min

Circle has $3.3 billion of its $40 billion of USDC reserves at collapsed lender Silicon Valley Bank, the company said in a tweet on Friday. Silicon Valley Bank collapsed on Friday in the largest U.S. bank failure since the 2008 financial crisis, roiling global markets and stranding billions of dollars belonging to companies and investors. Circle said in a tweet on Friday that it and USDC "continue to operate normally" while the firm waits for clarity on what will happen to Silicon Valley Bank depositors. loadingCircle did not immediately respond to a request for comment about the dollar peg, sent outside of U.S. working hours. The chief executive of cryptocurrency exchange Binance said in a tweet on Friday it had no exposure to Silicon Valley Bank, as did Tether Chief Executive Paolo Ardoino.

☆ Crypto firm Circle reveals $3.3 bln exposure to Silicon Valley Bank
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +1 min

March 11 (Reuters) - U.S. cryptocurrency firm Circle has $3.3 billion of its $40 billion of USD Coin reserves at the collapsed lender Silicon Valley Bank, the company said in a tweet on Friday. The stablecoin company's announcement comes after startup-focused SVB collapsed on Friday in the largest bank failure since the 2008 financial crisis, roiling global markets and stranding billions of dollars belonging to companies and investors. Boston-based Circle said last week it had moved a "small percentage" of USDC reserve deposits held at Silvergate to its other banking partners. The chief executive of cryptocurrency exchange Binance said in a tweet on Friday it had no exposure, as did Tether CEO Paolo Ardoino. Stablecoin issuer Paxos and crypto exchange Gemini tweeted they do not have any relationships with SVB.

☆ Israeli reservist colonel dismissed over judicial reform protest
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

JERUSALEM, March 9 (Reuters) - The Israeli air force said on Thursday that it had dismissed a reservist officer in the military for trying to orchestrate group walkouts from training flights as part of a spreading protest at judicial reforms planned by the government. Separately, air force chief Major-General Tomer Bar said the colonel "took upon himself inappropriate authority in his contact with the IAF pilots. Netanyahu says this will restore balance between branches of government but critics see it as an effort to hollow out judicial independence. The protest in the ranks jarred Israelis, who see their conscript-based military as a melting-pot that should be kept free of politics. Air force crews in the reserves take part in training as volunteers, without a legal obligation to attend.

☆ Trump asks for the moon in NY attorney general fraud case, demanding more time despite strict warning from judge
▼ + stars: | 2023-03-03 | by ( Laura Italiano | ) www.businessinsider.com time to read: +4 min

Lawyers for Trump say they can't meet their deadlines in the NY attorney general's fraud lawsuit. There are 16 defendants named in the attorney general's lawsuit, a number that includes Donald Trump, Donald Trump, Jr., Eric Trump, Ivanka Trump, and a dozen other executives and Trump Organization sub-entities. "The current schedule imposes significant hardship on Defendants," the Trump lawyers argued in a supplemental filing. "The Defendants' claimed hardship is self-inflicted," the attorney general countered in a filing last week, after the Trump lawyers first broached moving deadlines. The judge, too, has yet to rule on the Trump lawyers' request for more time.

☆ 42% of IT professionals will quit in the next 6 months. Here's how the right software can help them avoid burnout.
▼ + stars: | 2023-03-01 | by ( Sponsor Post | Created Insider Studios With Goto | ) www.businessinsider.com time to read: +8 min

The right software can help businesses who can't find the staff they need. Worldwide the talent shortage could result in unrealized output of $449.70 billion. Alarming numbers underscore the fact that the talent shortage is everywhere. GoTo Resolve can help irrigate the IT desert by providing remote access troubleshooting, support, ticketing, and camera sharing a click away. Essentially, many of the services an enterprise needs to hire for can be procured through Rescue and GoTo Resolve.

☆ The Biden administration's recent ultimatum to chipmakers is the first step for a grander plan designed to give more workers affordable childcare
▼ + stars: | 2023-02-28 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Firms that want a shot at the $39 billion have to show that workers will have access to childcare. "That's why we're requiring companies that receive funding to tell us how they plan to provide affordable child care for workers." As Insider's Avery Hartmans reported, offering affordable childcare is one solid way for firms to attract young workers in a tight labor market. "Women are not able to answer the help wanted ad if they don't have steady, affordable childcare, because they know they can't be reliable, productive employees," Raimondo previously told Insider. Critics of the practice often point to firms prioritizing their own market value over spending that money on salaries or workers.

☆ Amazon Corporate Workers Face Pay Reduction After Shares Slip
▼ + stars: | 2023-02-20 | by ( Dana Mattioli | Sebastian Herrera | ) www.wsj.com time to read: 1 min

Amazon is in the midst of one of the toughest financial stretches in its history. The steep decline in Amazon .com Inc.’s stock over the past year is roiling the technology company’s stock-heavy compensation plan, resulting in employee pay coming in significantly lower than target compensation, according to people familiar with the matter. Amazon pays its corporate employees a large chunk of their annual salaries in restricted stock units, and a prolonged slump in the company’s shares is causing pay for 2023 to be between 15% and 50% lower than the projected targets Amazon gave to employees, some of the people said.

☆ Crypto Layoffs and Bankruptcies in 2023: Here’s the List to Watch
▼ + stars: | 2023-02-16 | by ( Candice Choi | ) www.wsj.com time to read: 1 min

The crisis roiling the crypto industry has continued to spread to a number of companies since the run on the stablecoin terraUSD last spring. Many of the biggest crypto lenders have fallen following customer withdrawals, risky practices and lack of regulation. The bankruptcy filings, in particular, have underscored how intertwined many of the industry players were.

☆ 3 suspicious objects have been downed across North America this week. Officials have no idea where 2 of the UAP came from and the pilots who shot them down can't agree on what they even look like.
▼ + stars: | 2023-02-12 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +10 min

US fighter aircraft shot down an object threatening airspace over Alaska yesterday. On Saturday, another unknown object, described as "cylindrical," was shot down over Canada. Here is what we know about the object shot down on Friday. The object shot down on Saturday was spotted in the Northern Canadian territory of Yukon. It is unclear if the object shot down off the Alaskan coast was of similar size or shape.

☆ Walter Mosley Thinks America Is Getting Dumber
▼ + stars: | 2023-02-06 | by ( David Marchese | ) www.nytimes.com time to read: +17 min

Mamadi Doumbouya for The New York Times Talk Walter Mosley Thinks America Is Getting DumberWalter Mosley is best known as one of contemporary literature’s pre-eminent crime novelists, but he’s actually four or five different writers rolled into one. You have to tell stories about real people experiencing it and not real people with a Ph.D. People who are not stupid but ignorant, who don’t know things about the world. There are people who don’t know how to spell, they don’t know how to think. You have these people coming out into the world, and they don’t know what to do. That’s going to happen.

☆ Crypto Crisis: A Timeline of Key Events
▼ + stars: | 2023-02-04 | by ( Candice Choi | ) www.wsj.com time to read: 1 min

The crisis roiling the crypto industry captured public attention with the remarkable collapse of FTX this past November and the arrest soon after of the exchange’s founder, Sam Bankman-Fried . But the industry’s troubles began months before—and has continued to spread since. Below is a look at the key dates in the crisis.

That is a shift from previous budget negotiations, when Republicans suggested raising the retirement age and partially privatizing Medicare. Social Security accounted for 17% of federal spending in the 2021 fiscal year, while Medicare accounted for 13%, according to the nonpartisan Congressional Budget Office. That would leave another 11% of the federal budget off limits. That would force budget cuts if federal borrowing exceeded a set share of the economy, but he has not said what that limit should be. NO DEBT CEILING INCREASE AT ALLSome hardliners, such as Tim Burchett and Andy Biggs, have said they will vote against raising the debt ceiling, no matter what provisions are attached.

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