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☆ The IMF warns of bond market risks amid fears of a Silicon Valley Bank repeat
▼ + stars: | 2023-10-10 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The IMF warned of bond market risks amid fears of a Silicon Valley Bank repeat. Sharp rises in bond yields could pose a risk to banking portfolios, as happened earlier this year. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementThe sharp rise in Treasury bond yields provoked warnings from the International Monetary Fund, which called on regulators to increase their financial markets oversight. In March, Silicon Valley Bank was forced to sell its bond holdings at a major loss, sparking a flight in deposits that triggered its collapse along with other lenders.

Persons: Tobias Adrian, Sharp, —, Adrian, Michael Barr Organizations: Financial Times, Service, International Monetary Fund, Silicon Valley Bank, Federal Reserve, American Bankers Association Locations: Silicon Valley, China, Europe, United States

REUTERS/Kevin Lamarque/ Acquire Licensing RightsWASHINGTON, Oct 9 (Reuters) - The U.S. Federal Reserve's top regulatory official defended a sweeping proposal to overhaul bank capital rules before the country's largest bank lobby on Monday, arguing the benefits of a bigger cushion outweigh any additional costs banks might face. The proposal implements international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. Barr's Monday speech, which is his first on bank regulation since the proposal came out, served as a broad-based defense of the effort. "The private costs of capital must be weighed against the social benefits of higher capital in creating a healthier, more resilient financial system," he said, according to prepared remarks. Barr also pushed back against the industry's refrain that higher capital costs for banks will mean curtailed lending and potential economic harm.

Persons: Michael Barr, Kevin Lamarque, Michael Barr's, Barr, Jerome Powell, Powell, Isaac Boltansky, Pete Schroeder, Michelle Price, Josie Kao, Andrea Ricci Organizations: Financial, Valley Bank, Signature Bank, Capitol, REUTERS, Rights, U.S, Federal, Banking, Silicon Valley Bank, Thomson Locations: Washington , U.S, Silicon

☆ In Beijing, Schumer Calls on Xi to Support Israel After Hamas Attacks
▼ + stars: | 2023-10-09 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +4 min

By Yew Lun Tian, Liz Lee and Antoni SlodkowskiBEIJING (Reuters) -U.S. Senate Majority Leader Chuck Schumer on Monday called on Chinese President Xi Jinping to support Israel after deadly attacks by Hamas, adding he was "disappointed" that Beijing showed "no sympathy" for the country over the weekend. Israel responded by pounding Gaza, killing hundreds of Palestinians. Schumer is leading a rare bipartisan congressional delegation on a trip to Asia, which also includes stops in South Korea and Japan. "The ongoing events in Israel over the last few days are nothing short of horrific. I urge you and the Chinese people to stand with the Israeli people and condemn the cowardly and vicious attacks," Schumer told Xi during their meeting in Beijing.

Persons: Lun Tian, Liz Lee, Antoni Slodkowski BEIJING, Chuck Schumer, Xi Jinping, Xi, Joe Biden, Schumer, Mao Ning, Mao, Washington, Biden, Antoni Slodkowski, Bernard Orr, Kim Coghill, Gerry Doyle, Miral Fahmy, Sharon Singleton Organizations: U.S, Fighters, Foreign, Democratic, Economic Cooperation Locations: Israel, Beijing, Egypt, Yom, Gaza, State, Palestine, Asia, South Korea, Japan, China, Taiwan, U.S, San Francisco, New Delhi

☆ In Beijing, Schumer urges China to support Israel after Hamas attacks
▼ + stars: | 2023-10-09 | by ( Antoni Slodkowski | ) www.reuters.com time to read: +4 min

BEIJING, Oct 9 (Reuters) - U.S. Senate Majority Leader Chuck Schumer on Monday called on China to support Israel after deadly attacks by Hamas, adding he was "disappointed" that Beijing showed "no sympathy" for the country over the weekend. Schumer is leading a bipartisan congressional delegation to Asia, which includes stops in South Korea and Japan. It aims to advance U.S. economic and national security interests, and in China, the group hopes to meet Chinese President Xi Jinping. [1/5]Visiting U.S. Senate Majority Leader Chuck Schumer, D-N.Y., talks to Chinese Foreign Minister Wang Yi during a bilateral meeting at the Diaoyutai Guest House in Beijing, Monday, Oct. 9, 2023. Communication between U.S. and Chinese officials has increased in recent months, bringing some improvement in ties strained for years over issues such as Taiwan, the origins of COVID-19 and accusations of Chinese spying.

Persons: Chuck Schumer, Schumer, Xi Jinping, ” Schumer, Wang Yi, Wang, Andy Wong, Washington, Republican Mike Crapo, Bill Cassidy, John Kennedy, Maggie Hassan, Jon Ossoff, Biden, Gina Raimondo, Raimondo, Antoni Slodkowski, Bernard Orr, Kim Coghill, Gerry Doyle Organizations: U.S, Fighters, Foreign Ministry, Israel, Foreign, House, REUTERS Acquire, Democratic, Republican, Thomson Locations: BEIJING, China, Israel, Beijing, Egypt, Yom, State, Palestine, Asia, South Korea, Japan, United States, Washington, Taiwan, U.S, Shanghai

☆ Schumer starts China trip amid tension with US, hopes to meet Xi
▼ + stars: | 2023-10-07 | by ( ) www.reuters.com time to read: +2 min

U.S. Senate Majority Leader Chuck Schumer (D-NY), and other members of the delegation arrive at Shanghai Pudong International Airport in Shanghai, China October 7, 2023. The goal of the trip to Asia, which includes stops in South Korea and Japan, is to advance U.S. economic and national security interests, and in China, the group hopes to meet Chinese President Xi Jinping, U.S. officials said. The trip follows visits by a series of high-level Biden administration officials, including Commerce Secretary Gina Raimondo in August. Other senators on the trip include Republicans Bill Cassidy and John Kennedy and Democrats Maggie Hassan and Jon Ossoff. China welcomes Schumer's visit and hopes it will deepen the U.S. Senate's "objective" understanding of China and facilitate dialogue between the nations' legislative agencies, China's foreign ministry said this week.

Persons: Chuck Schumer, Aly, Xi Jinping, Schumer, Biden, Gina Raimondo, Republican Mike Crapo, Bill Cassidy, John Kennedy, Maggie Hassan, Jon Ossoff, Schumer's, Raimondo, Antoni Slodkowski, Robert Birsel Organizations: International, REUTERS, Rights, U.S, Democratic, Republican, Thomson Locations: Shanghai, China, Washington, Beijing, Asia, South Korea, Japan, U.S, Taiwan, Shanghai's Pudong

☆ China trade council asks U.S. to "carefully consider" tech investment ban
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

The flags of the United States and China fly from a lamppost in the Chinatown neighborhood of Boston, Massachusetts, U.S., November 1, 2021. REUTERS/Brian Snyder/File photo Acquire Licensing RightsSINGAPORE, Sept 29 (Reuters) - China's international trade council has formally asked the United States to "carefully consider" rules that ban or restrict U.S. investments in China's tech sector, state television reported on Friday. "That not only gives rise to transaction risks and compliance cost...but also damages the highly inter-dependent global industrial chain," the chamber added. Biden's order was aimed at protecting national security and preventing U.S. capital from aiding China's military. Reporting by Chen Aizhu; editing by Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Brian Snyder, Joe Biden, ，, Chen Aizhu, Miral Organizations: REUTERS, Rights, China Council, Promotion of International Trade, Ministry of Commerce, Thomson Locations: United States, China, Chinatown, Boston , Massachusetts, U.S, Rights SINGAPORE

A customer leaves after speaking with FDIC representatives inside of the Silicon Valley Bank headquarters in Santa Clara, California, U.S., March 13, 2023. REUTERS/Brittany Hosea-Small Acquire Licensing RightsCompanies Silicon Valley Bank FollowWASHINGTON, Sept 28 (Reuters) - The leadership of Silicon Valley Bank and its government supervisors failed to quickly recognize risks looming in the firm before its March failure, according to a report from the U.S. Federal Reserve's inspector general. Specifically, the IG said Fed examiners struggled to transition from monitoring the bank as a smaller regional firm to stricter oversight as it rapidly grew in size, applying insufficient resources and expertise to monitoring its activities. Addressing supervisory shortcomings is a top priority for Fed Vice Chair for Supervision Michael Barr and other financial regulators in the coming months. In response to Thursday's IG report, the Fed said it generally agreed with the findings and was already working to implement several of its recommendations.

Persons: Brittany Hosea, ineffectively, Michael Barr, Barr, Pete Schroeder, Mark Porter, Marguerita Choy Organizations: Bank, REUTERS, WASHINGTON, Silicon Valley Bank, U.S, U.S . Federal, IG, Thomson Locations: Santa Clara , California, U.S, U.S .

The Treasury Department subsequently kicked off a rule-making process to implement the order, and financial firms have been rushing to meet a Sept. 28 to provide input. "It could apply to companies that are outside of China but are subsidiaries of Chinese companies or controlled by a Chinese person." While the U.S. already has restrictions on some Chinese investments in the U.S. and U.S. investments in China, the order creates a new program. The program proposes exempting publicly traded securities and index and mutual funds, but financial firms want those securities to be more tightly defined. Financial firms say they support the administration's national security goals but worry about increased liability and the economic costs of restricting capital flows.

Persons: Florence Lo, Joe Biden, Timothy Keeler, Mayer Brown, Jen Fernandez, Sidley Austin, Jay Clayton, Sullivan, Cromwell, Keeler, Peter Matheson, Fernandez, Pete Schroeder, Carol Mandl, Michelle Price, Deepa Babington Organizations: REUTERS, WASHINGTON, Treasury Department, Foreign Investment, Treasury, Former Securities and Exchange, DE, Financial, U.S, Securities Industry, Financial Markets Association, Thomson Locations: China, U.S, United States

LONDON (AP) — Britain’s immigration minister argued Tuesday that international refugee rules must be rewritten to reduce the number of people entitled to protection, as the Conservative government seeks international support for its tough stance on unauthorized migration. Britain’s government has adopted an increasingly punitive approach to people who arrive by unauthorized means such as small boats across the English Channel. Sonya Sceats, chief executive of campaign group Freedom from Torture, said: “LGBTQI+ people are tortured in many countries for who they are and who they love. The U.K. has sought international allies in its attempts to stop Channel crossings and toughen refugee laws, with limited success. British authorities also leased a barge to house migrants in a floating dormitory moored off England’s south coast.

Persons: Suella Braverman, ” Braverman, “, Braverman, ”, Braverman’s, Sonya Sceats, Alejandro Mayorkas, General Merrick Garland Organizations: —, Conservative, Nations Refugee Convention, American Enterprise Institute, Conservatives, U.S, Homeland Locations: Washington, Cambridge, Britain, France, Rwanda

Liberal Member of Parliament Anthony Rota speaks after being re-elected as Speaker of the House of Commons on Parliament Hill in Ottawa, Ontario, Canada November 22, 2021. Two days earlier, Speaker Anthony Rota had recognized 98-year old Yaroslav Hunka as a "Ukranian hero" before the Canadian Parliament. Rota in a statement took responsibility for what was characterized as an oversight, calling the initiative "entirely my own." The recognition came following a visit by Ukrainian President Volodymyr Zelenskiy, who thanked Canada for its assistance in his country's war against Russia. Since their forces entered Ukraine, Russian officials have drawn parallels with the struggle against Nazism during World War II.

Persons: Anthony Rota, Blair Gable, Yaroslav Hunka, Hunka, Simon Wiesenthal, Rota, Volodymyr Zelenskiy, Zelenskiy's, Pete Schroeder, Mark Porter Organizations: REUTERS, Rights, Canada's, Nazi, Waffen Grenadier Division, Simon Wiesenthal Center, Canada, Russia, Ukrainian, Waffen, Nazism, Thomson Locations: Ottawa , Ontario, Canada, Ukraine

The Citadel Securities logo is seen at their offices in Manhattan, New York City, U.S., October 31, 2022. REUTERS/Andrew Kelly Acquire Licensing RightsSept 22 (Reuters) - The U.S. Securities and Exchange Commission on Friday said Citadel Securities LLC, a Miami-based broker-dealer, had agreed to pay $7 million to settle charges it incorrectly handled millions of orders and violated short-selling rules. The SEC in a statement said Citadel Securities over a five-year period had incorrectly marked millions of orders, denoting short sales as long sales and vice versa. It said those incorrect markings resulted from a coding error in the firm's automated trading system. A Citadel spokesperson said the error was identified and addressed by the firm more than three years ago.

Persons: Andrew Kelly, Mark Cave, Rami Ayyub, Pete Schroeder, Carolina, Kirsten Donovan, Mark Porter Organizations: Citadel Securities, REUTERS, U.S . Securities, Exchange Commission, Citadel Securities LLC, SEC, Citadel, Thomson Locations: Manhattan , New York City, U.S, Miami

☆ Foreign Exchange: Get the Best Rate
▼ + stars: | 2023-09-20 | by ( Elaine Glusac | ) www.nytimes.com time to read: 1 min

Using foreign money wisely requires understanding the going exchange rate with the U. S. dollar and practicing the following strategies to avoid excessive fees. Take a card that doesn’t charge transaction feesThe primary rule of managing purchases abroad is ensuring you are not using a credit card that charges foreign transaction fees. You don’t need an expensive card with a $500-or-more annual fee to have foreign transaction charges waived. Capital One offers cards with no annual fees or foreign transaction charges. The personal finance website NerdWallet maintains a list of credit cards that don’t charge a fee for foreign transactions.

Persons: ”, Nick Ewen, Guy, NerdWallet Organizations: Capital One

Political Cartoons View All 1171 ImagesHere is some of the history, process and cost when it comes to MLB expansion. In 1977, MLB went to 26 teams, adding the Seattle Mariners and Toronto Blue Jays. For a reference point, the move to 30 teams started with the formation of an MLB expansion committee in March 1994. The Diamondbacks and Rays both paid $130 million to enter MLB in 1998 while the Marlins and Rockies paid $95 million in 1993. Back in 1977, the Blue Jays ($7 million) and Mariners ($6.5 million) paid even less.

Persons: —, Rob Manfred, he's, isn't, Jim Bouton's, Manfred, Ronald Blum, ___ Organizations: Tampa Bay Rays, MLB, Rays, Oakland Athletics, Las Vegas, Arizona Diamondbacks, Tampa Bay Devil Rays, Negro Leagues, League —, American League, Washington Senators, Minnesota Twins, Senators, Los Angeles Angels, National League, New York Mets, Houston Colt, Seattle Pilots, Kansas City Royals, San Diego Padres, Montreal Expos, NL, The Pilots, Seattle Mariners, Toronto Blue Jays, Colorado Rockies, Florida Marlins, Charlotte, Expos, Vegas Golden Knights, NHL, NBA, Charlotte Bobcats, NFL, Houston Texans, Diamondbacks, Marlins, Rockies, Blue Jays, Mariners, AP Locations: St . Petersburg, Florida, Las, Washington, Milwaukee, — Orlando , Florida, Phoenix, St, Petersburg , Florida, Northern Virginia, Petersburg, Charlotte, North Carolina, Nashville , Tennessee, Portland , Oregon, Montreal, Nashville, Portland, Salt Lake City, Austin , Texas

☆ IMF's Argentina predicament: Seek reforms and tango on or kill the music
▼ + stars: | 2023-09-15 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +7 min

But that programme failed to put South America's second-largest economy back on its feet. Even if he wins the Oct. 22 election and takes power in December, Milei would need alliances in Congress to push through reforms and a new IMF programme - Argentina's 23rd. That effort paved the way for the $57 billion programme, which ultimately failed and was replaced by the current one. Reuters Graphics Reuters GraphicsPREFERENTIAL TREATMENTThe current programme could end before its expiration in September 2024, but Argentina will still require funds. Without mentioning Argentina, the U.S. - holding the largest voting power in the Fund - recently raised its concerns.

Persons: Javier Milei, Agustin Marcarian, Mauricio Macri's, Mark Sobel, Milei, Sobel, Sergio Massa, Martin Muehleisen, Muehleisen, Nestor Kirchner, Stephen Nelson, Nelson, Walter Stoeppelwerth, Simon Quijano, Evans, Gemcorp Capital, Jay Shambaugh, Jorgelina, Karin Strohecker, Paul Simao Organizations: Argentine, La Libertad Avanza, REUTERS, IMF, International Monetary Fund, South, Peronist, Analysts, Graphics, Review Department, U.S ., Northwestern University, Reuters Graphics Reuters, Gletir SA, Gemcorp, Thomson Locations: La Plata, Buenos Aires, Argentina, Washington, U.S, Chicago, Zambia, Sri Lanka, Ghana, Egypt, Burundi, Saharan Africa, Rosario

☆ Donald Trump, Ron DeSantis Converge on U.S. Capital to Court Evangelical Vote
▼ + stars: | 2023-09-15 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +3 min

"They want you to believe that a man can get pregnant," DeSantis said of Democrats. DeSantis faces a challenge wooing enough religious conservatives to build a viable coalition. Trump is ahead in every major Republican demographic, with a roughly 35 percentage-point lead over DeSantis and Ramaswamy among evangelical Christians, according to a Reuters/Ipsos poll that closed on Thursday. On Thursday, DeSantis unveiled a "Faith and Family Coalition" of more than 70 faith leaders backing him in Iowa, New Hampshire and South Carolina. On Saturday, DeSantis and several other Republican primary contenders are due to speak at the Iowa Faith and Freedom Coalition's fall banquet in Des Moines, another major gathering of religious conservatives.

Persons: Gram Slattery, James Oliphant WASHINGTON, Donald Trump, Ron DeSantis, DeSantis, Joe Biden, Trump, Mike Pence, Vivek Ramaswamy, Ramaswamy, Roe, Wade, Hannah Bruce, Bruce, John F, Kennedy, James Oliphant, Jason Lange, Colleen Jenkins, Howard Goller Organizations: Former U.S, Florida, Republicans, Trump, Christian, America, Democratic, Women, Reuters, U.S, Supreme, Coalition, Iowa Faith, JFK Locations: Former, Washington, Iowa, Iowa , New Hampshire, South Carolina, Des Moines, Idaho

[1/2] Florida Governor and Republican presidential candidate Ron DeSantis arrives to address the Concerned Women for America Legislative Action Committee’s (CWALAC) 2023 Leadership Summit in Washington, U.S., September 15, 2023. "They want you to believe that a man can get pregnant," DeSantis said of Democrats. Former Vice President Mike Pence and tech entrepreneur Vivek Ramaswamy, both Republican hopefuls, also were speaking at the latter event. Trump is ahead in every major Republican demographic, with a roughly 35 percentage-point lead over DeSantis and Ramaswamy among evangelical Christians, according to a Reuters/Ipsos poll that closed on Thursday. He could have been a new JFK," Bruce said, referring to popular Democratic President John F. Kennedy during the 1960s.

Persons: Ron DeSantis, Leah Millis, Donald Trump, DeSantis, Joe Biden, Trump, Mike Pence, Vivek Ramaswamy, Ramaswamy, Roe, Wade, Hannah Bruce, Bruce, John F, Kennedy, Gram Slattery, James Oliphant, Jason Lange, Colleen Jenkins, Howard Goller Organizations: Florida Governor, Republican, Women, America, REUTERS, Rights, Former U.S, Florida, Republicans, Trump, Christian, Democratic, Reuters, U.S, Supreme, Coalition, Iowa Faith, JFK, Thomson Locations: Washington , U.S, Former, Washington, Iowa, Iowa , New Hampshire, South Carolina, Des Moines, Idaho

The groups argued that banks cannot properly respond to the proposal, which would require lenders to hold more cash to absorb losses, without that analysis. The Fed drafted the rules with the Federal Deposit Insurance Corp (FDIC) and Office of the Comptroller of the Currency (OCC). The "Basel Endgame" proposal implements international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. The U.S. central bank has estimated it will increase industry capital requirements by $170 billion. "These capital rules will have an impact on economic growth and that will affect large businesses and small businesses and their access to capital."

Persons: Rick Wilking, Goldman Sachs, Morgan Stanley, Banks, David Solomon, Jamie Dimon, Morgan Stanley's, Dan Simkowitz, Pete Schroeder, Saeed Azhar, Lananh Nguyen, Tatiana Bautzer, Michelle Price, Paul Simao, Deepa Babington Organizations: Deposit Insurance Corporation, REUTERS, Rights, Federal Reserve, JPMorgan Chase, Citigroup, APA, Fed, Federal Deposit Insurance Corp, Currency, OCC, Banking, Reuters, JPMorgan, FDIC, Republican, Financial, Bank Policy Institute, American Bankers Association, Financial Services, Institute of International Bankers, Securities Industry, Financial Markets Association, Chamber of Commerce, Thomson Locations: Westminster , Colorado, U.S, Washington

☆ China economy woes could threaten Taiwan, says US House committee chair
▼ + stars: | 2023-09-11 | by ( Michael Martina | ) www.reuters.com time to read: +3 min

"I don't know if that's true," Mike Gallagher, chair of the U.S. House of Representatives' select committee on competition with China, told a Council on Foreign Relations event in New York. China's military in recent years has stepped up activity around Taiwan, which Beijing claims as its territory. Gallagher said he was visiting New York partly to work with financial industry experts to assess the risk to the global financial system if China were to invade or blockade Taiwan. Fears of an economic slowdown have gripped China, and Xi skipped the G20 summit this past weekend. U.S. officials have said Beijing has the resources to deal with its economy short-term but must face longer-term structural economic issues such as demographics and high debt.

Persons: Mike Gallagher, Amanda Andrade Rhoades, Joe Biden, Biden, Xi Jinping, Gallagher, William Burns, Xi, Michael Martina, Josie Kao Organizations: U.S, Rep, Chinese Communist Party, Capitol, REUTERS, Rights, Democratic, U.S . House, Representatives, Foreign, U.S . Central Intelligence Agency, Thomson Locations: United States, Taiwan, Washington , U.S, Beijing, China, Asia, New York, U.S

REUTERS/Evelyn Hockstein/File Photo Acquire Licensing RightsWASHINGTON, Sept 8 (Reuters) - The Federal Reserve's top regulatory official said on Friday the central bank is "a long way" from any decision on whether it would issue its own digital currency, and added it would not do so without official support in Washington. Fed Vice Chair for Supervision Michael Barr said while officials are investigating a central bank digital currency (CBDC), the Fed was far from any decision. "Of course, investigation and research are very different from decision-making about next steps in terms of payments system development, and we are a long way from that." Barr's comments echo those of Fed Chair Jerome Powell, who also has said the Fed would not move to issue a digital currency without explicit authorization from Congress. It is important to get the legislative and regulatory framework right before significant risks emerge," he said.

Persons: Michael Barr, Evelyn Hockstein, Barr, Jerome Powell, Pete Schroeder, Hugh Lawson, Andrea Ricci Organizations: Banking, Housing, Urban Affairs Committee, Capitol, REUTERS, Rights, Federal, U.S ., Thomson Locations: Washington , U.S, Washington, Philadelphia

☆ India's policy contradictions are making it harder for investors to crack its market
▼ + stars: | 2023-09-08 | by ( Clement Tan | ) www.cnbc.com time to read: +8 min

At a time when shifting geopolitical alliances are elevating India's strategic importance, such curbs add to the contradictions global investors have to negotiate as they hunt for viable alternatives to a slowing China. They said the move will add to end-product costs for foreign vendors and shift consumer spending toward Indian firms or established foreign vendors with a manufacturing base in India. To attract foreign investors, Modi's government doubled to 170 billion rupees ($2.04 billion) its initial budget in May for a production-linked incentive scheme for IT hardware that was approved in 2021. watch now"India's large and growing domestic market, limited political instability and long-term policy continuity bolsters India's appeal to investors," Dasgupta said. Attracted by such lofty projections, global investors have also poured into Indian equity markets this year.

Persons: Javier Ghersi, Narendra Modi's, There's, Pravin Krishna Johns, it's, Pravin Krishna, Krishna, Rajeev Chandrasekhar, Taiwan's Foxconn, iPhones, Sumedha Dasgupta, Dasgupta, Modi, Goldman Sachs, — Organizations: Apple, Samsung, Dell, Pravin Krishna Johns Hopkins University's School, Johns Hopkins University's School, International, BMI Industry Research, South, BMI, Sumedha Dasgupta Economist Intelligence, Economist Intelligence Unit, CNBC, Bharatiya Janata Party, U.S, The, Monetary Fund, Capital Locations: India, China, Russia, Ukraine, Vietnam

REUTERS/Jason Reed/File Photo Acquire Licensing RightsWASHINGTON, Sept 7 (Reuters) - U.S. bank profits were largely flat in the second quarter of 2023 after accounting for the impact of three large failed bank acquisitions, the Federal Deposit Insurance Corporation reported Thursday. The bank regulator said industry profits dipped 11.3% to $70.8 billion in the second quarter, but that was primarily due to the impact of the bank failures and ensuing acquisitions. Accounting for those events, bank profits were up 5.7% compared to a year prior. The FDIC said banks saw unrealized deposits on securities increase 8.3% in the second quarter, rising to $558.4 billion. U.S. bank deposits declined for the fifth straight quarter, but only fell 0.5% in the second quarter compared to a record 2.5% decline in the first quarter.

Persons: Jason Reed, Martin Gruenberg, JPMorgan Chase, Pete Schroeder, Chizu Organizations: Federal Deposit Insurance Corp, REUTERS, Rights, Federal Deposit Insurance Corporation, Silicon Valley Bank, First Republic Bank, JPMorgan, Thomson Locations: Washington, Silicon, U.S

Companies U.s. Commodity Futures Trading Commission FollowWASHINGTON, Sept 7 (Reuters) - A U.S. District Court judge has ordered a South African to pay over $1.7 billion in restitution to victims for operating a fraudulent commodity pool worth roughly that amount in bitcoin, the Commodity Futures Trading Commission announced Thursday. The order against Mirror Trading International Proprietary Limited (MTI) resolves an enforcement case the CFTC had filed against the company and its CEO, Cornelius Johannes Steynberg. In a June enforcement order, the CFTC claimed that MTI solicited bitcoin online from thousands of people to purportedly operate a commodity pool. In reality, only a small portion of the pooled bitcoin was ever invested, at a loss, and the rest was "misappropriated," according to the CFTC. The company ultimately filed for bankruptcy in 2021, shortly after which South African authorities launched a fraud investigation.

Persons: Cornelius Johannes Steynberg, MTI, Paul Grant, Caitlin Webber, Chizu Organizations: U.s . Commodity Futures, U.S, Futures Trading, Mirror, Proprietary, CFTC, Thomson Locations: African

Capital One has revealed its newest airport lounge, an 8,500-square-foot outpost at Washington-Dulles International Airport (IAD). Read Insider's guide to the best credit cards with free airport lounge access. The Capital One Lounge at Dulles (IAD) is the issuer's highly anticipated second location, expanding the issuer's reach to the Washington D.C. metropolitan area. It's the first credit card-affiliated lounge at Dulles, and the space will likely prove popular for travelers departing from the airport. Premium perks including airport lounge access and statement creditsCheck mark icon A check mark.

Persons: Eero Saarinen, Dulles, H, Will Patton, Chris Dong, it's, Chase Sapphire, Amex, Chase Organizations: Dulles International, Travelers, Capital, Service, Fort Worth International, Dulles, Washington D.C, Capital One, One, Premier, Rhino Brewing Co, Michelin, Acorn, Dulles Airport, Venture, Business, LaGuardia, Reagan Washington National Airport Locations: Washington, Wall, Silicon, Dallas, DFW, Dulles, Virginia, Central Virginia, Denver, Las

WASHINGTON, Sept 5 (Reuters) - The U.S. Federal Deposit Insurance Corporation (FDIC) is seeking buyers for the $33 billion commercial real estate (CRE) loan portfolio of failed New York lender Signature Bank, it said on Tuesday. The majority of the portfolio comprises multi-family properties primarily located in New York City, the regulator said, adding that it would be marketing the asset over the next three months. Within the CRE portfolio is about $15 billion of loans secured by residences that are rent stabilized or controlled. New York City and State housing authorities, as well as community groups, are providing input to the FDIC as it begins marketing. The FDIC said it expects to complete any portfolio sales by the end of 2023.

Persons: Michelle Price, Pete Schroeder, David Goodman Organizations: U.S, Federal Deposit Insurance Corporation, Signature Bank, FDIC, York Community Bancorp, New, Thomson Locations: New York, New York City, State

I have three high-yield savings accounts that I use for my emergency fund and long-term goals. With many boasting interest rates over 5% — far greater than the average savings account interest rate — there's no question why they're on so many people's minds. This reignited interest has garnered discussion about where to find the best high-yield savings accounts rates. My first high-yield savings account was with AllyWhen I started my savings journey, I opened my Ally high-yield savings account after reading articles that compared different banks and seeing that name come up often. Using high-yield savings accounts with high interest rates helped, allowing me to get a small bonus deposit each month.

Persons: I've, Ally, it's, — Organizations: Service, Capital, Ally Locations: Wall, Silicon, Maldives

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