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☆ US banks' residential mortgages face mandates exceeding global standards - Bloomberg News
▼ + stars: | 2023-07-18 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: The Federal Deposit Insurance Corp (FDIC) logo is seen at the FDIC headquarters. REUTERS/Jason Reed/File Photo(Reuters) - U.S. bank regulators are set to release their plans next week for a sweeping overhaul of capital rules, with the latest draft including requirements for large lenders’ residential mortgages that go beyond international standards, Bloomberg News reported on Monday. The changes would be part of the U.S. version of a global accord known as Basel III that followed the financial crisis, according to the report. The OCC and the FDIC did not immediately respond to Reuters’ requests for comment. The proposal is the first major rule led by Fed Vice Chair for Supervision Michael Barr, who has launched a sweeping review of capital rules and is expected to be tough on Wall Street.

Persons: Jason Reed, Michael Barr Organizations: Federal Deposit Insurance Corp, REUTERS, Bloomberg, Basel III, Federal Reserve, Currency, OCC, FDIC, Reuters, U.S . Federal, Banking, Silicon Valley Bank, Fed Locations: U.S, Basel, Silicon

☆ Global rules leave crypto firms with no place to hide, says G20 watchdog
▼ + stars: | 2023-07-17 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, July 17 (Reuters) - Globally agreed rules leave crypto firms with no option but to introduce basic safeguards to prevent the blow-ups seen at FTX exchange and other crypto casualties, the G20's Financial Stability Board said on Monday. The FSB published on Monday final recommendations requested by the G20 on supervising firms that trade cryptoassets such as bitcoin. The watchdog also revised its existing recommendations for stablecoins in light of the demise of TerraUSD/Luna coins. The collapse of FTX in November 2022 highlighted vulnerabilities from crypto firms and the FSB said that all countries should apply the recommendations, even those that are not members of the watchdog. "Therefore, cryptoasset players need to stop operating outside the regulatory perimeter or in non-compliance with existing rules," FSB Secretary General John Schindler told reporters.

Persons: FTX, John Schindler, Schindler, Bitcoin, IOSCO, Huw Jones, Louise Heavens Organizations: Ripple Labs, European Union, FSB, Thomson Locations: FTX, Bahamas, Basel

Potential buyers and sellers are also being deterred by the long wait for deal approvals by regulators, the experts said. The uncertainty over capital rules has created a "chilling effect" that could put a lid on mergers, while rising interest rates and a looming economic downturn could also damp activity, Adams said. That compares to $3.9 billion in bank deals for non-stressed institutions, the lowest seen over the first half of a year since 2010. "Instead of evaluating mergers based on competition and the needs of the community, political factors have become too important," she said. Regional banks will "have incentives to merge and reach larger scale since they will be subject to more regulatory scrutiny and capital,” Johnson said.

Persons: ”, Timothy Adams, Adams, Michael Barr, “, Meg Tahyar, Davis Polk, Janet Yellen, Tim Johnson, ” Johnson, Tatiana Bautzer, Saeed Azhar, Nupur Anand, Pete Schroeder, Lananh Nguyen, Deepa Babington Organizations: YORK, Institute of International Finance, Global, Federal, Treasury, Dominion Bank, First, KPMG, Thomson Locations: U.S, Canada's Toronto

☆ Dimon says private equity giants are 'dancing in the streets' over tougher bank rules
▼ + stars: | 2023-07-14 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Jamie Dimon, CEO of JPMorgan Chase, testifies during the Senate Banking, Housing, and Urban Affairs Committee hearing titled Annual Oversight of the Nations Largest Banks, in Hart Building on Sept. 22, 2022. "This is great news for hedge funds, private equity, private credit, Apollo , Blackstone ," Dimon said, naming two of the largest private equity players. Banks face requirements to hold more capital as a cushion against risky activities from both U.S. and international regulators. Authorities are proposing higher capital requirements for banks with at least $100 billion in assets after the sudden collapse of Silicon Valley Bank in March. But that also coincides with a long-awaited set of international rules spurred by the 2008 financial crisis referred to as the Basel III endgame.

Persons: Jamie Dimon, JPMorgan Chase, Wells, Mike Mayo, Michael Barr, Blackstone, Dimon, Apollo didn't, Banks Organizations: JPMorgan, Banking, Housing, Urban Affairs Committee, Nations Largest Banks, Federal, Silicon Valley Bank Locations: Wells Fargo, Silicon, Basel

☆ What layoffs? JPMorgan Chase is growing headcount in every division despite a dealmaking drought and possible economic slowdown.
▼ + stars: | 2023-07-14 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +5 min

Wall Street has suffered severe layoffs amid a dealmaking drought and shaky economic outlook. Headcount is up in every division, not including thousands of First Republic employees onboarded in July. Jobs have grown in every division despite the non-stop news about industry layoffs (think Goldman) and consolidation (think Credit Suisse). It has also cut about 40 high-paying investment banking jobs, and about 1,000 jobs from its home lending unit. The bank also beat Wall Street's expectations and has again become a challenger to Goldman Sachs' spot as No.

Persons: JPMorgan Chase, Jobs, Goldman, It's, headcount, Goldman Sachs, Morgan Stanley, May, JPM, Jamie Dimon, JPMorgan's, Jeremy Barnum Organizations: JPMorgan, First Republic, onboarded, Suisse, JPMorgan Headcount, Bank Division, Consumer, Community Bank, Investment Bank, Bank, Wealth Management, First, Republic, Wall, Credit Suisse, UBS, Reuters, Global, Basel III Locations: Louis , Missouri, First Republic, San Francisco, China, Ukraine, Basel

Federal banking regulators are expected to introduce proposals in the coming weeks requiring banks to keep more cash on hand to ensure the financial system remains stable. The nation's largest lender may increase prices or abandon some products as a way to offset the higher capital costs, Barnum said. One key new expected rule would require banks to hold more capital against certain trades. Meanwhile, banks are staying cautious and preserving capital until there is more clarity around the rules. Wells Fargo was expecting capital requirements to climb and weighing the potential effect on stock buybacks, CEO Charlie Scharf told investors on its call.

Persons: Michael Barr, Jeremy Barnum, Barnum, Jane Fraser, Wells Fargo, Charlie Scharf, Blackstone, Jamie Dimon, Pete Schroeder, Nupur Anand, Saeed Azhar, Tatiana Bautzer, Lananh Nguyen, Megan Davies, Susan Heavey Organizations: WASHINGTON, Federal, JPMorgan Chase's, JPMorgan, U.S, Treasury, Industry, Blackstone, Apollo, JPMorgan Chase, Thomson Locations: Washington, New York

☆ Fed plans to boost US banks' reserve requirements; industry gripes
▼ + stars: | 2023-07-10 | by ( Pete Schroeder | ) www.reuters.com time to read: +5 min

The banking industry called the effort misguided and economically harmful. ‘HOLISTIC REVIEW’Barr’s speech served as a comprehensive update on a “holistic” review of bank capital rules that he launched shortly after joining the U.S. central bank in 2022. He said he will seek to apply stricter capital rules to banks with more than $100 billion in assets, expanding the pool of firms that must comply. Dashing industry hopes for any rules relief, Barr also said he did not plan to weaken an existing surcharge on large global banks or leverage rules which the industry argued hampered Treasury market functions. The Fed has itself come under criticism for its oversight of banks involved in this year’s banking crisis.

Persons: Michael Barr, Evelyn Hockstein, ” Barr, Barr, Joe Biden, ”, Tim Adams, Jerome Powell Organizations: WASHINGTON, Federal, Federal Reserve, Banking, Housing, Urban Affairs Committee, Capitol, REUTERS, Center, Institute of International Finance, U.S, Silicon Valley Bank, Republican, House, Monday, Bank Locations: Washington , U.S, Washington, Basel, Silicon, U.S

☆ One of the US's largest racial-justice organizations is slashing its budget and laying off staff after overspending on lavish perks
▼ + stars: | 2023-07-05 | by ( Sean Campbell | ) www.businessinsider.com time to read: +17 min

Color of Change recently announced significant cuts to its budget and staff. Color of Change dramatically increased its spending in 2020, and it continued burning through its cash even as revenue declined. Their post, published June 22, served as the first official communication to most staff members that budget and staff cuts were imminent. A week later, 49 staffers were laid off, according to staff and a list of eliminated positions reviewed by Insider. Medium/Color of Change board chairsIn a written statement, Color of Change also claimed Insider's reporting contained inaccuracies.

Persons: —, Jordan Neely, George Floyd, Airbnb, Rashad Robinson, Oprah, hasn't, we've, Andre Banks, Banks, Ben O'Keefe, O'Keefe, It's, Salaah Muhammad, Muhammad, Robinson, Heather McGhee's, Bryan Bedder, I've, Berlin Rosen, Ryan Senser, Rashad, Senser Organizations: Service, New York City, The Recording Academy, Forbes, Staff, Education, New York's Office, Labor, YouTube, Miami's Art, Fund, Fashion, NAACP, Fenton Communications, Berlin, Insider Locations: Hollywood, New York, Oakland , California, New York City, Washington, Miami's Art Basel, Minneapolis, Manhattan

☆ US bank stocks rise as lenders sail through Fed's stress test
▼ + stars: | 2023-06-29 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +4 min

This year's test, which was devised before the latest banking crisis, checked if banks would stay above the minimum 4.5% capital ratio during economic stress and macroeconomic instability. Banks will disclose their new stress capital buffer in the coming days and Well Fargo expects a reduction in the capital requirements for JP Morgan, BofA and Goldman. Goldman Sachs analysts said market focus will likely return quickly to potential increases to stress capital buffer and tougher regulations against the backdrop of Basel III revision. Citigroup (C.N) rose 0.7%, but trailed its peers as analysts said higher stress capital buffer would hamper its efforts to boost profitability. "Citi will now have the highest CET1 requirement among our banks at 12.3%," J.P. Morgan analysts wrote in a client note.

Persons: Charles Schwab, Morgan Stanley, Goldman Sachs, Banks, JP Morgan, BofA, Goldman, Wells, J.P, Morgan, It's, Brian Jacobsen, Manya Saini, Niket Nishant, Chuck Mikolajczak, Arun Koyyur Organizations: Big, JPMorgan Chase, Bank of America, Fargo, JP, Reuters Graphics Reuters, Wall Street, Jefferies, Citizens, Citigroup, Citi, Bank of New York Mellon, US Bancorp, RBC Capital Markets, Wealth Management, Reuters, Banks, Thomson Locations: Wells Fargo, Basel, U.S, Menomonee Falls , Wisconsin, Bengaluru

☆ US banks gird for dose of post-stress-test trauma
▼ + stars: | 2023-06-29 | by ( John Foley | ) www.reuters.com time to read: +8 min

NEW YORK, June 29 (Reuters Breakingviews) - For the biggest U.S. banks, the nerves this year come after the exam. Fed stress tests subject banks to a theoretical market shock and incorporate elements of operational risk, and then spit out a “stress capital buffer” requirement tailored to each firm. The risk for banks is that new rules get piled on top of existing regulations in a process known as gold-plating. U.S. banks are awaiting a proposal from their regulators to revamp capital rules, expected in July. Gruenberg said regulators were considering expanding the reach of a stricter set of capital rules to include banks with over $100 billion in assets.

Persons: Goldman Sachs, Michael Barr, Jamie Dimon, Banks, Morgan Stanley, Jay Powell, PwC, watchdogs, Michelle Bowman, Martin Gruenberg, It’s, Gruenberg, Peter Thal Larsen, Streisand Neto Organizations: YORK, Reuters, Federal Reserve, JPMorgan, Citigroup, Banking Supervision, Basel III, America, State Street, Bank of New York Mellon, Big, Bank, U.S ., Reuters Graphics Reuters, Signature Bank, First, Fed, Federal Deposit Insurance, FDIC, Credit Suisse, Committee, “, “ Basel IV, Federal, Thomson Locations: U.S, Basel, Goldman, Big U.S, Swiss, “ Basel

Some billionaires rocketed into space as Branson and Amazon founder Jeff Bezos have. Other rich travelers journeyed on a submersible to explore the wreckage of the ocean liner Titanic. For $250,000 to $300,000 a trip, Kent sometimes fields unusual requests including helping a Saudi prince fulfill his dream of flying a plane onto and off of an aircraft carrier. The experience was so demanding that Ackman's father expressed concern about the intended trip, not for his son but for another fund manager who had signed up to go. One person familiar with that excursion said it probably wouldn't happen again, in part because it was such a potentially risky undertaking.

Persons: Eric Gaillard, Richard Branson, Branson, Jeff Bezos, ”, Alexandre Cymbalista, Geoffrey Kent, Kent, Goldman Sachs, Monica Heslington, Goldman, Melissa Biggs Bradley, Massimo Bottura, Bill Ackman, Whitney Tilson, Tilson, Ackman, Svea Herbst, Bayliss, Tatiana Bautzer, Julia Harte, Nupur Anand, Paritosh Bansal, Anna Driver Organizations: REUTERS, Twitter, Virgin Galactic, Virgin Group, Amazon, Wall Street, Abercrombie, Kent, Credit Suisse, SPECIAL, Goldman, Art Basel, Rubell Museum, Bank of America, Indagare, Ferrari, Navy, Svea, Thomson Locations: Nice, France, New York City, Branson, safaris, Botswana, Kent, Saudi, Africa, Miami, Art Basel, Modena, Italian, Mongolia, California

☆ EU agrees deal on final leg of Basel bank capital rules
▼ + stars: | 2023-06-27 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, June 27 (Reuters) - The European Union on Tuesday reached a deal to implement the final batch of tougher bank capital rules agreed internationally following the global financial crisis over a decade ago, with additions to contain risks from the crypto sector. The remaining leg of the 'Basel III' global accord, agreed among G20 and other nations, includes safeguards such as limits on big banks using their own internal models to calculate capital buffers. The collapse of Silicon Valley Bank and other lenders in the United States, whose fallout rippled through Europe, and the forced takeover of Credit Suisse by UBS has thrown a spotlight on bank capital and liquidity. The deal between EU states and the European Parliament phases in some elements in the Basel III accord from 2025, two years after the deadline agreed globally. The EU is the first major jurisdiction to reach a deal on the remaining Basel III rules, ahead of Britain and the United States.

Persons: Elisabeth Svantesson, Gilles Boyer, Huw Jones, Christina Fincher Organizations: European Union, Basel III, Silicon Valley Bank, Credit Suisse, UBS, EU, Thomson Locations: Basel, Silicon, United States, Europe, Sweden, Britain

☆ Why chaos in Russia could spell trouble for the global economy
▼ + stars: | 2023-06-25 | by ( Mark Thompson | ) edition.cnn.com time to read: +6 min

On Saturday, a fellow global energy power, Qatar, expressed “great concern” about the situation in Russia. Any meaningful loss of Russian energy would force China and India to compete with Western nations for supplies from other producers. Libya and Venezuela provide cautionary tales of how civil war and internal political strife can savage energy exports. At just under 10 million barrels per day, it produces about 10% of global crude oil demand. It took a long time for the Russian oil industry to recover from that.

Persons: Vladimir Putin, “ Putin, ”, Jeffrey Sonnenfeld, Richard Bronze, Matt Smith, Kpler, —, Stern, Agustin Carstens, Brent, Moscow, “, Sonnenfeld, — Sarah Diab, Sharon Braithwaite, Alexandra Peers, Ramishah Organizations: London CNN —, ” Yale, CNN, Western, Energy, Bank for International, BIS, US Energy Information Agency, Council, Foreign Relations Locations: Ukraine, Russian, Moscow, Russia, China, India, Qatar, Americas, Europe, United States, Basel, Asia, Venezuela, Libya, Saudi Arabia, OPEC, Soviet Union, London, New York

☆ Princess of Wales wins point against Roger Federer while playing tennis at Wimbledon
▼ + stars: | 2023-06-25 | by ( Issy Ronald | ) edition.cnn.com time to read: +1 min

CNN —Tennis royalty met British royalty at Wimbledon this month as Roger Federer and Catherine, Princess of Wales, met the tournament’s ball boys and girls, took part in their training, and played a game of doubles. Kate even managed to win a point against the eight-time Wimbledon champion, hitting a passing shot while he was standing at the net. As a royal patron of the All England Lawn Tennis Club, Kate is often seen watching the tennis from the Royal Box at Wimbledon, which this year begins on July 3. At one point, however, Kate took an impressive one-handed catch, only to be told by Federer that ball girls and boys weren’t allowed to catch the ball at Wimbledon. “You’re meant to let it bounce and then get it,” a ball girl standing next to her added.

Persons: Roger Federer, Catherine , Princess of Wales, Kate, ” Federer, Federer, “, ” Kate, Thomas Lovelock, I’m, ”, weren’t Organizations: CNN — Tennis, Wimbledon, Lawn Tennis Club Locations: Basel, Switzerland

WASHINGTON, June 22 (Reuters) - The head of the Federal Deposit Insurance Corporation said Thursday that bank regulators are considering applying an upcoming set of stricter capital rules to banks with over $100 billion in assets. "If we had any doubt that the failure of banks in this size category can have financial stability consequences, that has been answered by recent experience," he said in prepared remarks. "The lesson to take away is that banks in this size category can pose genuine financial stability risks." He added agencies will propose new capital rules to implement an international bank rule agreement in the near future, but will likely not complete the rules before the middle of 2024. But Gruenberg argued it was critical, particularly in the wake of the spring bank failures, for regulators to get tougher rules in place.

Persons: Martin Gruenberg, Gruenberg, Pete Schroeder, Nick Zieminski Organizations: Federal Deposit Insurance Corporation, Thomson Locations: Basel, U.S

Bank regulators led by the U.S. Federal Reserve are finalizing the proposal which would implement international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. On Wednesday, Fed Chair Jerome Powell told Congress it was critical banks have strong capital, but regulators must be mindful of the tradeoffs. Republican officials at the agencies have flagged similar concerns, two people said, while Republican lawmakers on Wednesday also raised worries over capital rules with Powell. The Fed is drafting the Basel rules with the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corp. (FDIC). Speaking to reporters last week, acting Comptroller Michael Hsu said banks had "not been shy about sharing their concerns" which regulators were taking into account.

Persons: Morgan Stanley, Andrew Kelly, Jerome Powell, Michael Barr, Isaac Boltansky, jitters, Powell, “, Kevin Fromer, It's, Michael Hsu, Pete Schroeder, Niket Nishant, Lananh Nguyen, Tatiana Bautzer, Michelle Price, David Gregorio Organizations: New York Stock Exchange, REUTERS, WASHINGTON, Bank, U.S . Federal, Banking, Bankers, Committee, American Express, U.S, UBS, Deutsche Bank, Barclays, Washington, Bank Policy Institute, WALL, Fed, Industry, Republican, Financial Services, Currency, Federal Deposit Insurance Corp, Regulators, FDIC, OCC, Thomson Locations: Manhattan , New York City, U.S, Basel, Silicon

☆ Analysis: Forex derivatives nudged out into the open as regulations increase costs
▼ + stars: | 2023-06-20 | by ( Laura Matthews | ) www.reuters.com time to read: +6 min

REUTERS/Dado Ruvic/IllustrationNEW YORK, June 20 (Reuters) - Foreign-exchange investors are moving more of their over-the-counter (OTC) derivatives trades to lookalike products on exchanges to avoid higher costs due to recent global regulations, helping inject transparency into a multitrillion-dollar market that is largely hidden from the public eye. The gradual behavioral change in FX derivatives trading is being caused by increasing margin and collateral costs, said Joe Midmore, chief commercial officer at OpenGamma, a derivatives analytics firm. OTC derivatives are privately negotiated contracts while cleared derivatives, though bilaterally negotiated, are booked with a clearinghouse such as a listed exchange. "They will also incur the operational, legal and custody costs of setting up margin facilities as well as the capital costs of posting margin," Houston said. "There is inherently risk involved in lots of people transacting derivatives with each other," said Riddle.

Persons: Dado Ruvic, Ben Feuer, Joe Midmore, ”, Michael Riddle, Paul Houston, Houston, ForexClear, James Pearson, Tom Arnold, Joe Spiro, Peter Vassallo, Riddle, Laura Matthews, Shankar Ramakrishnan, Megan Davies, Matthew Lewis Organizations: REUTERS, Societe Generale, Banking Supervision, International Organization of Securities Commissions, CME, CME Group, FX, Reuters Graphics British, Financial, ForexClear, BNP, Management, Thomson Locations: Saudi, New York, Hazeltree

☆ I work as a celebrity stylist and moved from Paris to Los Angeles. Now I dress stars like Cardi B and Lil Nas X.
▼ + stars: | 2023-06-17 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +4 min

Lycia Lamini moved from Paris to Los Angeles to pursue her dream of being a celebrity stylist. Now the 22-year-old is dressing some of the biggest celebrities including Cardi B and Lil Nas X. I packed up and moved from Paris to Los Angeles almost a year ago to pursue my dream of becoming a celebrity stylist. I attended fashion week events, which opened doors for me. Lycia Lamini has styled celebrities including Cardi B, Lil Nas X and Burna Boy.

Persons: Lycia Lamini, Cardi, Lil Nas, —, Lycia, Kollin Carter, Karl Lagerfeld, Prada, Christian Dior, Lenny S, Jay Z's, I've, Joey Bada, Kali, they're Organizations: Service, Art Basel, Roc Nation, Paris Fashion Locations: Lycia, Paris, Los Angeles, LA, Miami

☆ Mixed Business at an Anxious Art Basel
▼ + stars: | 2023-06-16 | by ( Scott Reyburn | ) www.nytimes.com time to read: 1 min

After an underwhelming series of auctions in New York in May, dealers exhibiting at this year’s Art Basel fair in Switzerland — which opened to V.I.P.s on Tuesday and welcomes the general public from Friday onward — hoped to quell concerns about a dip in the art market. The 53rd annual edition of this bellwether Swiss event, featuring 284 international galleries specializing in 20th and 21st-century art, was the first under the watch of Art Basel’s new chief executive, Noah Horowitz. It is being held in a climate of geopolitical uncertainty, with high interest rates and inflation hampering consumer spending in many countries. “There’s quite a lot of anxiety around,” said Paul Gray, the director of Gray gallery, based in Chicago and New York. But in his 40-year experience, he added, the art market suffered from few major downturns.

Persons: —, Basel’s, Noah Horowitz, ”, Paul Gray, Gray Organizations: Basel Locations: New York, Switzerland, V.I.P.s, Chicago

☆ Art Basel draws surge in Asian collectors
▼ + stars: | 2023-06-15 | by ( Noele Illien | ) www.reuters.com time to read: +2 min

[1/4] People pose in front of the sculpture "Naughtynightcap" from 2008 by artist John Chamberlain at the Art Unlimited exhibition at the Art Basel art fair in Basel, Switzerland September 21, 2021. Noah Horowitz, who became Chief Executive of Art Basel in November said that an extraordinary amount of people from Asia have travelled to this year's flagship Art Basel fair. China's art market, the third largest in the world, had reported a steep decline in sales in 2022, with lockdowns stalling activity and cancelling art auctions and events, according to the 2023 UBS Global Art Market Report. "The art market compared to the financial market is completely different – it is very opaque, it is not transparent and there are limited sources of data," she said. Art Basel is open to the public until Sunday.

Persons: John Chamberlain, Arnd, Mark Rothko, Noah Horowitz, Joost Bosland, Stevenson, Bosland, Patricia Amberg, Noele Illien, Sandra Maler Organizations: Art, REUTERS, Art Basel, Basel, UBS Global Art, UBS, Thomson Locations: Art Basel, Basel, Switzerland, ZURICH, Swiss, Asia, South Africa, Netherlands, China

☆ Klimt’s ‘last masterpiece’ poised to fetch $80 million at Sotheby’s auction
▼ + stars: | 2023-06-14 | by ( Oscar Holland | ) edition.cnn.com time to read: +5 min

Depicting an unidentified female subject, “Dame mit Fächer” (Lady with a Fan) was one of two paintings found at the Austrian artist’s studio upon his death in 1918, according to Sotheby’s auction house. Started in 1917, “Dame mit Fächer” is rendered in Klimt’s characteristically rich, expressive style. Sotheby's said it expects the painting the fetch "in the region of" $80 million when it goes under the hammer this month. Klimt’s “Portrait of Adele Bloch-Bauer I” was meanwhile bought by US businessman Ronald Lauder for a reported $135 million in 2006. “Dame mit Fächer” is the star lot in Sotheby’s modern and contemporary art summer auction, which takes place on June 27.

Persons: Gustav Klimt, Fächer ”, Sotheby’s, Thomas Boyd Bowman, ”, “, —, De Agostini, Klimt, Helena Newman, Newman, Erwin Böhle, Rudolf Leopold, Sotheby's, Paul G, Allen, Dmitry Rybolovlev, Yves Bouvier, Adele Bloch, Bauer, Ronald Lauder, Oprah Winfrey, Alberto Giacometti, Edvard Munch Organizations: CNN, Austrian, De Agostini Editorial, “, Microsoft, Financial Times, Bloomberg, UBS, Art Locations: London, Klimt's Vienna, Viennese, Sotheby’s, Austrian, “ Birch, Covid

☆ Klimt’s ‘last masterpiece’ sells for record-breaking $108.4 million
▼ + stars: | 2023-06-14 | by ( Oscar Holland | Jacquelyn Palumbo | ) edition.cnn.com time to read: +5 min

“Dame mit Fächer” was one of two paintings found at the Austrian artist’s studio upon his death in 1918, according to Sotheby’s. A work the artist had started a year prior, in 1917, “Dame mit Fächer” is rendered in Klimt’s characteristically rich, expressive style. "Dame mit Fächer" (right) pictured in Klimt's Vienna studio in 1918. "Dame mit Fächer" became Klimt's highest-selling artwork at auction. Klimt’s “Portrait of Adele Bloch-Bauer I” was meanwhile bought by US businessman Ronald Lauder for a reported $135 million in 2006.

Persons: Gustav Klimt, Fächer ”, Klimt, Paul G, Allen, “, —, Sotheby’s, Thomas Boyd Bowman, ”, De Agostini, Helena Newman, Newman, Erwin Böhle, Rudolf Leopold, Dmitry Rybolovlev, Yves Bouvier, Adele Bloch, Bauer, Ronald Lauder, Oprah Winfrey, Alberto Giacometti, Edvard Munch Organizations: CNN, Microsoft, Austrian, De Agostini Editorial, Financial Times, Bloomberg, UBS, Art Locations: London, Birch, Hong Kong, Klimt's Vienna, Viennese, Sotheby’s, Austrian, Covid

☆ Low-tax Switzerland votes on global minimum corporate tax rate
▼ + stars: | 2023-06-14 | by ( John Revill | ) www.reuters.com time to read: +4 min

In 2021 almost 140 countries including Switzerland agreed to an Organisation for Economic Cooperation and Development (OECD) deal to ensure large companies pay a minimum tax rate of 15%, to prevent them trying to avoid taxation by transferring profits to low tax countries. Reuters GraphicsEach of Switzerland's 26 cantons can set its own corporate tax rate, but the federal government would impose a top-up tax to ensure companies are paying 15 percent, raising up to 2.5 billion Swiss francs ($2.76 billion) in tax revenue. She said last month, "this minimum tax is coming, with or without Switzerland." Swiss Holdings, a group representing 62 multinationals in Switzerland including Nestle, Johnson & Johnson, and IKEA, supported the minimum tax. Stefan Kuhn, Head of Tax and Legal at KPMG Switzerland, said the top-up tax "gives cantons the money to do something smart to remain competitive."

Persons: Arnd, Fabian Molina, Karin Keller, Johnson, Christian Frey, Stefan Kuhn, Kuhn, John Revill, Alexandra Hudson Organizations: REUTERS, Switzerland Broad, Economic Cooperation, Development, GFS, Google, Nestle, Reuters, Union, Social Democrats, Sutter, OECD, Swiss Holdings, Johnson, IKEA, KPMG Switzerland, Alexandra Hudson Our, Thomson Locations: Bernese, Lake Zug, Zug, Switzerland, ZURICH, Swiss, GFS Bern, Germany, Japan, Basel, Economiesuisse

☆ Art Basel’s New Chief Is All About the Brand
▼ + stars: | 2023-06-12 | by ( Scott Reyburn | ) www.nytimes.com time to read: +1 min

“People are ever more driven by experience, and people are ever more driven by brand,” said Horowitz. “They buy at a major auction house, but they also buy from Art Basel galleries because we’re a brand.”Horowitz’s appointment, announced in October, came as a surprise. He replaces the formidable Marc Spiegler, who oversaw the growth of the fair brand for 15 years and was widely regarded as one of the art world’s most influential figures. Horowitz returned to Art Basel from Sotheby’s, where he had a 13-month spell as the head of gallery and private dealer services; before that, he spent six years as Art Basel’s director of the Americas, in charge of the Miami Beach fair. “When I left Art Basel two years ago, one of the difficult things was not knowing what impact James and his partners would have as stakeholders,” said Horowitz.

Persons: ”, Horowitz, “, Marc Spiegler, James, Murdoch Organizations: Art, Art Basel, Miami Beach, Prix, Basel Locations: Art Basel, Sotheby’s, Americas

☆ These 9 global stocks have raised dividends for the last 30 years
▼ + stars: | 2023-06-07 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Nine global stocks have raised dividends every year for the past three decades, according to CNBC Pro analysis. Of about 92,000 global stocks screened by CNBC Pro, the following nine consistently rewarded their shareholders. Novartis' stock has been on an upward trend recently – rising 8.9% year to date – after moving sideways for more than six months. Novartis' dividend yield is currently 3.5%. NOVNEE-CH 1Y line Roche Like its peer Novartis, Roche , the pharmaceuticals and diagnostics company headquartered in Basel, Switzerland, offers a 3.3% dividend yield.

Persons: Maurice Choy, . Choy, Eric Le Berrigaud, Roche, Luisa Hector, James Halstead Organizations: CNBC, CNBC Pro, Fortis Canadian, Fortis, RBC Capital, Novartis, Roche, Pharma, Sage Group, Kerry Locations: Novartis Swiss, Basel, Switzerland, ROG, Spirax, Saco

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