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☆ FDIC plans to hit big banks with fees to refill deposit insurance fund - Bloomberg News
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

[1/2] A sign reads “FDIC Insured” on the door of a branch of First Republic Bank in Boston, Massachusetts, U.S., March 13, 2023. REUTERS/Brian Snyder/File PhotoMay 4 (Reuters) - The U.S. Federal Deposit Insurance Corporation is planning to exempt smaller lenders from kicking in extra money to replenish the government's bedrock deposit insurance fund, and instead saddle the biggest banks with much of the bill, Bloomberg News reported on Thursday, citing people familiar with the matter. The FDIC is planning to release a highly anticipated proposal for refilling its deposit insurance fund as soon as next week, the report added. The FDIC and its flagship deposit insurance fund have been active since the Great Depression to provide an orderly resolution for failed banks and to reimburse certain customer accounts. The regulator estimates the failure of Silicon Valley Bank will cost the deposit insurance fund $20 billion.

The case is the latest bid asking the Supreme Court, which has a 6-3 conservative majority, to rein in the authority of federal agencies. The companies are asking the Supreme Court to overturn its own decades-old precedent calling for judges to defer to federal agency interpretation of U.S. laws, a doctrine called "Chevron deference." The New England herring fishing regulations were issued by the fisheries service, part of the U.S. Commerce Department. The Biden administration said in court papers that the monitoring program will be suspended for the fishing year starting in April due to insufficient federal funding. The Supreme Court is due to hear the case in its next term, which begins in October.

☆ The insurance limit on your savings has become a hot global debate
▼ + stars: | 2023-04-28 | by ( Julia Horowitz | ) edition.cnn.com time to read: +8 min

The US Federal Deposit Insurance Corporation insures deposits up to $250,000 per person, per account, using a fund that banks pay into. “I don’t think that’s served us well.”Some argue the US deposit insurance limit should be 100 times higher. What is deposit insurance? Deposit insurance is aimed at calming fears, giving customers less reason to pull their cash out in a hurry. The debate over deposit insurance taps into bigger questions about the state’s role in private enterprise.

[1/2] Florida Governor Ron DeSantis speaks at the 2023 NHGOP Amos Tuck Dinner in Manchester, New Hampshire, U.S., April 14, 2023. REUTERS/Brian SnyderApril 26 (Reuters) - In his face-off with Walt Disney Co (DIS.N), Florida Governor Ron DeSantis has frequently adopted the pose of a swaggering gunfighter out of the Wild West. “There’s a new sheriff in town,” DeSantis boasts to conservative audiences nationwide as he prepares to launch his 2024 presidential bid. But as his clash with Disney escalates, so does the political risk for DeSantis and his nascent campaign. Billionaire Ken Griffin of Citadel Securities last year remarked that DeSantis’ actions amounted to “retaliation against corporate America.”“The war with Disney made some sense for a time in the context of Governor DeSantis’ presidential aspirations.

☆ Bristol Myers CEO Caforio steps down
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

[1/2] A sign stands outside a Bristol Myers Squibb facility in Cambridge, Massachusetts, U.S., May 20, 2021. REUTERS/Brian Snyder/File PhotoCompanies Bristol-Myers Squibb Co FollowApril 26 (Reuters) - Bristol Myers Squibb Co (BMY.N) said on Wednesday CEO Giovanni Caforio, who has been in the role since 2015, has decided to step down from his position. Outgoing CEO Giovanni will continue as executive chairman of the company's board. Bristol Myers is due to report first-quarter financial results on Thursday. Bristol Myers shares rose 0.39% to $68.29 in after-hours trading.

[1/2] Florida Governor Ron DeSantis speaks at the 2023 NHGOP Amos Tuck Dinner in Manchester, New Hampshire, U.S., April 14, 2023. Seemingly entrenched in culture wars, Florida governor DeSantis risks being overshadowed by Trump's fundraising, improving polling numbers and endorsements by lawmakers, anti-Trump donors say. Other polls of Republicans alone show Trump has surged into a commanding lead over DeSantis in recent weeks. History shows that early endorsements by elected party officials give candidates momentum and can be predictive of who wins a presidential nomination. These culture war appeals to Trump's Republican base so far do not appear to be working.

[1/4] Robert F. Kennedy Jr. delivers a speech announcing his candidacy for the Democratic presidential nomination in Boston, Massachusetts, U.S., April 19, 2023. REUTERS/Brian SnyderApril 19 (Reuters) - Anti-vaccine activist Robert F. Kennedy Jr., a member of a storied U.S. political dynasty, announced on Wednesday a long-shot bid to challenge incumbent President Joe Biden for the 2024 Democratic presidential nomination. He is the nephew of former President John F. Kennedy, who was assassinated in 1963, and the son of former U.S. Senator Robert F. Kennedy, who was assassinated in 1968 during his own presidential bid. During the COVID-19 pandemic, Kennedy criticized social-distancing requirements and vaccine mandates.

☆ Chris Christie joins Trump in bashing DeSantis over Disney clash
▼ + stars: | 2023-04-18 | by ( Dan Whitcomb | ) www.reuters.com time to read: +2 min

[1/3] Former New Jersey Governor Chris Christie speaks at the Institute of Politics at St. Anselm College in Manchester, New Hampshire, U.S., March 27, 2023. REUTERS/Brian Snyder/File PhotoApril 18 (Reuters) - Former New Jersey Governor Chris Christie joined former U.S. President Donald Trump on Tuesday in criticizing a fellow Republican, Florida Governor Ron DeSantis, over his feud with the Walt Disney Co. (DIS.N). "I don’t think Ron DeSantis is a conservative based on his actions towards Disney,” added Christie, who is also said to be considering a run for the 2024 Republican presidential nomination. Trump, who could be DeSantis' top rival for the Republican presidential nomination in 2024, has called the Florida governor's war with Disney a "political stunt" and suggested it could backfire on the party. DeSantis and the Florida legislature have been working to eliminate the virtual autonomy the company has enjoyed over the Disney World resort and amusement parks for more than 50 years, saying that constitutes an "unfair advantage."

REUTERS/Brian Snyder/File PhotoWASHINGTON, April 17 (Reuters) - The U.S. Supreme Court on Monday declined to hear Novartis Pharmaceuticals Corp's (NOVN.S) bid to revive a key patent on its blockbuster multiple sclerosis drug Gilenya that was invalidated amid a legal dispute with China's HEC Pharm Co Ltd (1558.HK). Novartis sued HEC and more than a dozen other generic drugmakers for patent infringement in Delaware federal court after they applied for FDA approval of Gilenya generics. Novartis settled with some of the drugmakers, allowing for some Gilenya generics before a key patent's 2027 expiration. The Supreme Court in October rejected a Novartis emergency bid to pause the decision. HEC responded that the Federal Circuit "followed its own rules," and that "no Federal Circuit judge - including the dissenter - suggested any procedural concern" with the decision.

☆ Nikki Haley gets early support from wealthy donors while some remain on the sidelines
▼ + stars: | 2023-04-17 | by ( Brian Schwartz | ) www.cnbc.com time to read: +4 min

Both Haley and Ramaswamy are trailing former President Donald Trump, according to the latest public polls. Team Stand for America's filing says the group received individual donations from wealthy donors ranging from $5,000 to $16,600. The joint fundraising committee finished raising over $4.3 million, while the Haley campaign itself brought in around $5.1 million, according to FEC records. Team Stand for America transferred about $1.8 million to the Haley campaign on March 31, according to the records. Leonard Stern, the CEO of real estate firm Hartz Mountain Industries, contributed the same amount as Hamm to Team Stand for America in March.

The Merck/Moderna collaboration is one of several combining powerful drugs that unleash the immune system to target cancers with mRNA vaccine technology. BioNTech SE (22UAy.DE) and Gritstone Bio Inc (GRTS.O) are working on competing cancer vaccines based on mRNA technology. Barr said it took about eight weeks to design a personalized mRNA vaccine for each patient. In the past, similar experimental cancer vaccines were developed targeting a single tumor mutation, or neoantigen. With mRNA technology in combination with Keytruda, "we can create this shotgun approach ... that can create a more potent immune response," Barr said.

The Merck/Moderna collaboration is one of several combining powerful drugs that unleash the immune system to target cancers with mRNA vaccine technology. BioNTech SE (22UAy.DE) and Gritstone Bio Inc (GRTS.O) are working on competing cancer vaccines based on mRNA technology. Barr said it took Moderna about eight weeks to design a personalized mRNA vaccine for each patient. In the past, similar experimental cancer vaccines were developed targeting a single tumor mutation, or neoantigen. With mRNA technology in combination with Keytruda, "we can create this shotgun approach ... that can create a more potent immune response," Barr said.

☆ Record-holder Kipchoge headlines stacked Boston Marathon field
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +2 min

[1/5] Members of the public fill Boylston Street to watch a dedication ceremony at the finish line on the ten year anniversary of the 2013 Boston Marathon bombings in Boston, Massachusetts, U.S., April 15, 2023. REUTERS/Brian SnyderApril 15 (Reuters) - World record-holder Eliud Kipchoge headlines a star-studded Boston Marathon field on Monday as the world's oldest 26.2-mile race takes on a somber tone 10 years after a bombing attack near the finish line. Ethiopian Amane Beriso, who produced the all-time third-fastest marathon in Valencia late last year, headlines a speedy women's field with twice major winner Joyciline Jepkosgei of Kenya and Ethiopia's world champion Gotytom Gebreslase. Kenyan Edna Kiplagat will vie for her third Boston title with her fellow former champions American Des Linden and Ethiopian Atsede Baysa also expected to run. The 127th running of the Boston Marathon begins with the men's wheelchair division at 9:02 a.m.

☆ US labor market gradually losing steam; producer inflation cooling
▼ + stars: | 2023-04-13 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Still, the labor market and inflation are likely not cooling fast enough to stop the Federal Reserve from raising interest rates one more time next month. Claims, however, remain below the 270,000 level, a breach of which economists say would signal a deterioration in the labor market. "The upcoming labor market downturn will be modest since the drop in demand is expected to be fairly modest." InflationThe annual PPI rate is subsiding as last year's large increases drop out of the calculation. In the 12 months through March, the core PPI advanced 3.6% after increasing 4.5% in February.

☆ California county starts monitoring wastewater for illicit drugs
▼ + stars: | 2023-04-11 | by ( Nathan Frandino | ) www.reuters.com time to read: +3 min

[1/5] The Central Marin Sanitation Agency facility, where wastewater samples are collected for testing, is seen in San Rafael, California, U.S. March 29, 2023. REUTERS/Nathan FrandinoSAN RAFAEL, California, April 11 (Reuters) - As the COVID-19 pandemic wanes, a California county is using the same wastewater monitoring program it used to track the coronavirus to go after another deadly public health crisis: opioids. We're losing one resident every five days in Marin County," said Dr. Matt Willis, Marin County's public health officer. Marin County, like many other places in the U.S., is grappling with a drug epidemic. Reporting by Nathan Frandino in San Rafael, Additional reporting by Brian Snyder in Cambridge, Editing by Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

☆ 'This one was for Seve,' says Rahm after Masters triumph
▼ + stars: | 2023-04-10 | by ( Frank Pingue | ) www.reuters.com time to read: +3 min

[1/4] Golf - The Masters - Augusta National Golf Club - Augusta, Georgia, U.S. - April 9, 2023 Spain's Jon Rahm thanks the late Seve Ballesteros during his speech after winning The Masters REUTERS/Brian SnyderAUGUSTA, Georgia, April 9 (Reuters) - Spaniard Jon Rahm captured the biggest win of his career at the Masters on Sunday and said he felt the presence of his idol, the late Seve Ballesteros, helping pull him through. Ballesteros, who died of brain cancer in 2011, inspired a generation of golfers in his country and counts two Masters titles among his five major championships. With victory all but sewn up, Rahm pulled his drive into the trees on the last and hit a provisional. "For me to get it done on the 40th anniversary of his win, his birthday, on Easter Sunday, it's incredibly meaningful," said Rahm. Reporting by Frank Pingue in Augusta, Georgia; Editing by Peter RutherfordOur Standards: The Thomson Reuters Trust Principles.

☆ Woods withdraws from Masters due to foot injury
▼ + stars: | 2023-04-09 | by ( ) www.reuters.com time to read: +2 min

[1/5] Golf - The Masters - Augusta National Golf Club - Augusta, Georgia, U.S. - April 8, 2023 Tiger Woods of the U.S. reacts on the 18th green during the second round REUTERS/Brian SnyderAUGUSTA, Georgia, April 9 (Reuters) - Tiger Woods has withdrawn from the Masters due to injury after completing seven holes of his third round, tournament organisers said on Sunday. "I am disappointed to have to WD (withdraw) this morning due to reaggravating my plantar fasciitis," Woods said on Twitter. But in unforgiving conditions on a cold Saturday with heavy rain falling, Woods was visibly limping and made back-to-back double bogeys. Last year, in his second start after the crash, Woods withdrew from the PGA Championship after carding one of his worst rounds at a major tournament -- a nine-over 79. American Brooks Koepka leads Spaniard Jon Rahm by four shots with the third round of the Masters yet to be completed.

☆ Koepka and Rahm set for Masters showdown as Woods withdraws
▼ + stars: | 2023-04-09 | by ( Steve Keating | ) www.reuters.com time to read: +3 min

Critics of LIV Golf have branded the Saudi-bankrolled big-money venture as uncompetitive and little more than a sportwashing enterprise by a country eager to polish its human rights record. A Koepka victory will not end the human rights questions but would give the rebel circuit some of the credibility and legitimacy it craves. The 47-year-old American has won the Masters five times, most recently in 2019, but he has struggled since his car crash. "I am disappointed to have to WD (withdraw) this morning due to reaggravating my plantar fasciitis," Woods said on Twitter. "Thank you to the fans and to The Masters who have shown me so much love and support.

☆ Weather-hit Masters resumes at rainy, chilly Augusta
▼ + stars: | 2023-04-08 | by ( Frank Pingue | ) www.reuters.com time to read: +2 min

[1/5] Golf - The Masters - Augusta National Golf Club - Augusta, Georgia, U.S. - April 8, 2023 General view of the 14th green as play resumes during the second round REUTERS/Brian SnyderAUGUSTA, Georgia, April 8 (Reuters) - The weather-interrupted second round of the Masters resumed under steady rain on Saturday with Spaniard Jon Rahm looking to catch clubhouse leader Brooks Koepka at Augusta National where tournament officials hope to get the major back on track. With temperatures around 48 Fahrenheit (8 Celsius) and the rainy and windy conditions expected to persist throughout the day, players will be in for a gruelling session. If Woods makes the cut, he would tie Gary Player and Fred Couples for most consecutive cuts made at the Masters (23). First-round co-leader Viktor Hovland was one over through his first 10 holes before Friday's play was halted and six shots behind Koepka. Reporting by Frank Pingue in Augusta, Georgia; Editing by Ken FerrisOur Standards: The Thomson Reuters Trust Principles.

[1/2] A "now hiring" sign is displayed outside Taylor Party and Equipment Rentals in Somerville, Massachusetts, U.S., September 1, 2022. Economists polled by Reuters expect a gain of 239,000 jobs in March, with hourly wages rising at a 4.3% annual rate and the unemployment rate remaining at 3.6%, a level seen less than 20% of the time since World War Two. Unemployment is still at a very low level," Boston Fed President Susan Collins said in an interview with Reuters last week. How "slack" in the labor market links to lower inflation may depend on where job growth slows, and over what timeline. "The services sector, in particular, has contributed substantially to recent inflation, reflecting ongoing imbalances in labor markets where supply remains impaired and demand remains robust," they wrote.

☆ Robert Kennedy Jr to make 2024 Democratic presidential bid
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +2 min

[1/2] Robert F. Kennedy Jr. and his wife actor Cheryl Hines arrive for a speech by Kennedy at the NH Institute of Politics at St. Anselm College in Manchester, New Hampshire, U.S., March 3, 2023. REUTERS/Brian Snyder/File PhotoWASHINGTON, April 6 (Reuters) - Robert F. Kennedy Jr., a lawyer and vaccine skeptic, will make a bid for the White House in 2024, becoming the second long-shot Democratic candidate to challenge President Joe Biden in his expected run for re-election. Senator Robert F. Kennedy, filed papers with the Federal Election Commission on Wednesday. Marianne Williamson, the self-help guru who warned of the "dark psychic force" unleashed by Republican President Donald Trump, launched a Democratic presidential bid for 2024 in March, calling for "justice and love." The environmental lawyer, a member of the storied American political dynasty, was a nephew of assassinated President John F. Kennedy.

☆ AbbVie signals Q1 hit from R&D expenses
▼ + stars: | 2023-04-05 | by ( Reuters Staff | ) www.reuters.com time to read: 1 min

FILE PHOTO: A sign stands outside a Abbvie facility in Cambridge, Massachusetts, U.S., May 20, 2021. REUTERS/Brian Snyder(Reuters) - AbbVie Inc said on Wednesday it expects first-quarter earnings to be hit by acquired in-process research and development (IPR&D) and milestones expenses. The company expects first-quarter adjusted earnings, including the impact of acquired IPR&D and milestones expense, to be between $2.31 per share and $2.41 per share.

☆ Drugmaker AbbVie trims profit forecasts on IPR&D expenses
▼ + stars: | 2023-04-05 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

REUTERS/Brian Snyder(Reuters) -AbbVie Inc on Wednesday lowered its full-year and first-quarter profit expectations, citing a $150 million hit from acquired in-process research and development (IPR&D) and milestone expenses. The company estimated first-quarter adjusted earnings to be between $2.31 and $2.41 per share from an earlier range of $2.39 to $2.49. It now sees 2023 adjusted earnings to be between $10.62 and $11.02 per share, compared with its prior forecast of $10.70 to $11.10. Analysts on average were expecting full-year earnings of $11.07 per share, according to Refinitiv IBES data. AbbVie is scheduled to report first-quarter earnings on April 27.

[1/3] Republican presidential candidate and former U.S. Ambassador to the United Nations Nikki Haley arrives for a campaign event in Dover, New Hampshire, U.S., March 27, 2023. REUTERS/Brian Snyder/File PhotoWASHINGTON, April 5 (Reuters) - Republican U.S. presidential candidate Nikki Haley has raised more than $11 million since declaring her candidacy in February, her campaign said on Wednesday, a significant sum that could help her expand her support in the coming months. It noted that Haley's fundraising figure exceeded the $9.5 million raised by rival Donald Trump in the fourth quarter of 2022, when he declared his candidacy for the 2024 Republican presidential nomination. "That's a very solid number and a testament to what a strong launch she had," Alex Conant, a Republican strategist, said of Haley's fundraising numbers.

☆ Reflective Woods content with 'small victories'
▼ + stars: | 2023-04-04 | by ( Steve Keating | ) www.reuters.com time to read: +3 min

Even last year returning to competitive golf at Augusta National 14 months after a car crash nearly resulted in the amputation of his right leg, a defiant Woods insisted he was there to win. But given the opportunity during his pre-Masters news conference, a reflective 15-time major winner was content to talk of "small victories". "I didn't win the tournament, but for me to be able to come back and play was a small victory in itself," Woods told reporters. "I just have to be cognizant of how much I can push it," said Woods. "I just think it's understanding, picking some guys' brains and figuring out what they need to do to win this tournament."

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