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☆ Life insurers binge on US financing aimed at helping housing
▼ + stars: | 2023-12-05 | by ( Koh Gui Qing | ) www.reuters.com time to read: +8 min

It has been predominantly used by life insurers, because they need to boost their investment returns with cheap funding to meet long-term liabilities. They provide the cheap funding to banks and insurers in exchange for collateral to ensure they get their money back. Insurers are entitled to tap FHLB funding. Insurers’ borrowing from FHLBs picked up in 2008 financial crisis, as those that spread themselves thin with aggressive investments scrambled for cash. They did not explain why insurers need FHLB funding to invest in mortgages.

Persons: Sarah Silbiger, Ryan Donovan, CMBS, Lawrence White, White, Graphics JUICING, Cynthia Beaulieu, Cornelius Hurley, Hurley, FHLBs, ’, Michael Ericson, Jack Dolan, Koh Qui, Greg Roumeliotis, Anna Driver Organizations: REUTERS, Loan, Federal Housing Finance Agency, of Federal Home Loan, FHLBs, FHLB, National Association of Insurance, New York University, MetLife Inc, Equitable Holdings Inc, Corebridge, Brighthouse Financial, MetLife, TIAA, Equitable, Graphics, Wellington Management, Boston University School of Law, Coalition, Silicon Valley Bank, First, American, of, Insurance Coalition, Reuters, Thomson Locations: Washington , U.S, U.S, Boston, Silicon, First Republic, Chicago, New York

Summary Ten leading development banks sign joint statementTo deepen collaboration across multiple themesNo mention of phasing out fossil fuel financingDUBAI, Dec 3 (Reuters) - Ten of the world's top development banks pledged to step up their climate efforts at the COP28 summit, yet failed to say anything about halting financing for fossil fuel projects, a document seen by Reuters showed. In a statement to be announced at the event in Dubai, the group, including the World Bank and regional peers, said the window of opportunity to secure a liveable planet was "rapidly closing". A new, joint Long-term Strategies Program, hosted by the World Bank, would coordinate support to help countries and sub-national entities develop plans around issues including decarbonisation and climate resilience. The group also pledged to help countries set up platforms to encourage a "collectively reinforcing combination" of support including around policy reform, finance and technical assistance. The banks planned to scale up finance to help countries adapt to the impacts of climate change, including through boosting support for disaster risk management, disaster preparedness and capacity building.

Persons: Antonio Guterres, Bernadette Baum Organizations: Reuters, World Bank, United Nations, European Investment Bank, Thomson Locations: DUBAI, Dubai, Glasgow

☆ Dollar eases as traders weigh rate cut prospects
▼ + stars: | 2023-12-01 | by ( ) www.cnbc.com time to read: +3 min

Data on Thursday showed U.S. consumer spending rose moderately in October, while the annual increase in inflation was the smallest in more than 2-1/2 years. "It remains to be seen if getting from 3% to 2% will be easy, or if inflation will remain sticky in 2024." Federal Reserve policymakers signaled on Thursday that the U.S. central bank's interest rate hikes are likely over, but left the door open to further monetary policy tightening should progress on inflation stall. Investor focus will now move to comments from Fed Chair Jerome Powell later on Friday, with traders likely to scrutinize every word to sketch out rate outlook. The Australian dollar rose 0.20% to $0.662, while the New Zealand dollar rose 0.37% to $0.618.

Persons: Ryan Brandham, Jerome Powell, Powell, Carol Kong, Sterling, Toshiro Muto Organizations: Risk, Commonwealth Bank of Australia, Bank of Japan, New Zealand Locations: North America, U.S, Europe

☆ Options traders appear to be betting the worst is over for this beaten-up retailer
▼ + stars: | 2023-11-30 | by ( Michael Khouw | ) www.cnbc.com time to read: +5 min

What do options traders mean when they referred to an "implied move"? A core component of the implied move is the implied volatility of the options. Implied volatility is an estimate of a stock's future volatility and is embedded in an option's price. What causes large moves, such as the one seen in Foot Locker, and what are traders betting on now? FL YTD mountain Foot Locker in 2023 As the chart reveals, FL has had a tough go of it this year.

Persons: Locker, Foot Locker Organizations: FL, NBA

"It is hard to understand how the ECB ended up buying the bonds of property companies, while at the same time warning of the risks of property price inflation," former ECB chief economist Otmar Issing told Reuters. But data this week shows the central bank still owned the two bonds issued by SBB as of Nov. 24. While Sweden is not in the euro zone, SBB issued the debt bought by the ECB in neighbouring Finland, which is. Alongside the SBB bonds, the ECB also hoovered up the debt of other property companies which have since hit problems, including Sweden's Heimstaden. The ECB also gobbled up many German real estate bonds, including 39 issued by Vonovia, which has been selling property to cut debt.

Persons: Otmar Issing, Daniel Gros, Gros, Sweden's, Heimstaden, it's, Alexander Smith Organizations: SBB, European Central Bank, ECB, Reuters, Research, Institute, European, Bocconi University, Fitch, Vonovia, Thomson Locations: FRANKFURT, Europe, Germany, Sweden, Milan, Swedish, Finland

☆ What one Swiss bank's troubles can tell us about market vulnerabilities — and social media
▼ + stars: | 2023-11-30 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

A pedestrian sheltering under an umbrella passes a Julius Baer Group Ltd. branch in Zurich, Switzerland, on Tuesday, July 13, 2021. The share price of Julius Baer plummeted after the Swiss private bank disclosed 606 million Swiss francs ($692.7 million) of loan exposure to a single conglomerate client. The 606 million Swiss franc exposure to one client — via three loans to different entities within a European conglomerate — is collateralized by commercial real estate and luxury retail, the company revealed. The bank last week booked provisions of 70 million Swiss francs to cover the risk of a single borrower in its private loan book. The European Central Bank recently examined the commercial real estate sector and the provisioning methods and capital buffers of European banks.

Persons: Julius Baer, Signa, Julius Baer's CET1, DBRS Morningstar, Vitaline Yeterian, Elisabeth Rudman, Julius Baer's Organizations: Julius Baer Group, Austrian, DBRS, CNBC, European Central Bank, Swiss Locations: Zurich, Switzerland, Swiss

☆ Apollo Global’s CSO Talks About Knitting Sustainability Into the Culture
▼ + stars: | 2023-11-29 | by ( Rochelle Toplensky | ) www.wsj.com time to read: +9 min

A sustainability veteran with more than 24 years’ experience, Stangis has built sustainability teams at both Intel and Campbell Soup . WSJ Pro: Do you have a favorite sustainable product or service, that isn’t an Apollo company? In terms of our regulatory reporting, we made some great progress, but it’s also helping and building the tools for our portfolio companies. Stangis: We’ve got data from all of our portfolio companies from surveys of 100-plus questions every year. So our portfolio companies, they’re literally doing sustainability reporting to us, we’re compiling it and then making that public.

Persons: Dave Stangis, Stangis, Campbell, it’s, we’ve, I’ve, —, We’ve, they’re, we’re, Rochelle Toplensky Organizations: Apollo Global Management, Intel, Pro, Business, Campbell Soup Company, WSJ, Private Equity, Flagship Fund, Apollo, Rochelle, rochelle.toplensky@wsj.com Locations: Europe, Asia, Paris, Detroit, U.S, Russia, Ukraine, decarbonize, we’ve

☆ Julius Baer’s damage control only goes so far
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

The logo of Swiss private bank Julius Baer is seen at their headquarters in Zurich, Switzerland February 2, 2022. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsMILAN, Nov 27 (Reuters Breakingviews) - Julius Baer (BAER.S) has soothed agitated investors’ fears – but only up to a point. The $11 billion Swiss wealth manager said on Monday that 70 million Swiss francs of recently revealed losses stemmed from 606 million Swiss francs of loans to a single corporate client – which Reuters identified as troubled property group Signa. That’s 40% of the bank’s 1.5 billion Swiss francs riskiest credits, an uncomfortably high concentration. That implies a buffer of 450 million Swiss francs over the 14% threshold at which boss Philipp Rickenbacher gets comfortable doing share buybacks.

Persons: Julius Baer, Arnd, ’, –, Philipp Rickenbacher, Julius Baer’s, Lisa Jucca, Warren Buffett, George Hay, Streisand Neto Organizations: REUTERS, Reuters, X, Thomson Locations: Zurich, Switzerland, China

☆ British investment managers get green light for tokenised funds
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Kevin Coombs/File Photo Acquire Licensing RightsLONDON, Nov 24 (Reuters) - British investment managers have got the go-ahead to develop tokenised funds, in which assets are split into smaller tokens backed by blockchain technology, the industry's trade body said on Friday. Tokenisation, or fractionalisation, of funds will enable a fund's assets to trade more cheaply and transparently and investors to buy into a wider range of assets, industry proponents say. Funds authorised by Britain's Financial Conduct Authority can take the first steps towards offering tokenised funds, provided the investments are in mainstream assets and valuation and settlement arrangements don't change, the Investment Association said in a statement. Scrimgeour is chair of a working group which is working with the FCA and Britain's finance ministry to open up opportunities for tokenised funds. Investment managers and exchanges in the United States, Europe and Asia have already taken tentative steps in offering tokenised funds.

Persons: Kevin Coombs, tokenisation, Michelle Scrimgeour, Scrimgeour, Carolyn Cohn, Elizabeth Howcroft, Sharon Singleton Organizations: REUTERS, Britain's Financial, Investment Association, Legal, General Investment Management, FCA, BlackRock, Investment, Thomson Locations: Canary Wharf, London, Britain, United States, Europe, Asia

Barclays Bank logo is seen in this illustration taken March 12, 2023. As part of these 1,500 to 2,000 jobs could be cut if implemented in full, the person said. Barclays' 1 billion pound cost saving target would represent about 7% of the bank's underlying annual operating expenses of 15 billion pounds in 2022. Meanwhile, annual staff costs at BX have risen to 2 billion pounds, from 1.8 billion pounds. Barclays is "evaluating material structural cost actions", Venkat said when it reported disappointing third quarter results in October.

Persons: Dado Ruvic, C.S, Venkatakrishnan, Venkat, Sinead Cruise, Lawrence White, Alexander Smith Organizations: Barclays Bank, REUTERS, Barclays, Services, Chief, Barclays Execution Services, BX, Deutsche Bank, BNP, UBS, Reuters, Boston Consulting Group, Thomson Locations: British

Agriculture has suffered losses of over $25 billion since the war began, Ukrainian grain trader association UGA estimates. Ukraine's grain exports so far in the 2023/24 season that started in July are running 28% below the year-earlier volume, according to agriculture ministry data. A new Black Sea shipping channel may offer a lifeline, like for Ukraine's depleted steel industry. An additional 943,000 tons should leave from Black Sea ports and 464,000 tons from the Danube by the month-end. A Russian missile strike on port infrastructure in Odesa on Nov. 21 added to a series of attacks on Ukraine's Black Sea and Danube grain ports.

Persons: Stringer, Jean, Francois Lepy, Dmitry Skornyakov, Denys Marchuk, Skornyakov, Yuriy Stelmakh, Roman Gorobets, Soliman, Scott Wellcome, Pavel Polityuk, Gus Trompiz, Nigel Hunt, David Evans Organizations: REUTERS, Agriculture, UGA, Spike, Agrarian Council, FE ASTRA, Kremlin, Mediterranean, Thomson Locations: Ukraine, Zaporizhzhia region, PARIS, Russia, UN, Geneva, Black, Russian, Odesa, Romania's Constanta, Brazil, Egypt, GoodMills, Kyiv, Paris, London

☆ Israel and Hamas agree to hostage deal in a major diplomatic breakthrough
▼ + stars: | 2023-11-22 | by ( Jake Epstein | Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +6 min

Israel's government has approved a hostage deal — a major diplomatic breakthrough amid the war. The outline includes the release of 50 hostages who are in Gaza and the release of 150 Palestinians held in Israel. The deal comes as Israeli forces continue their extensive ground operations in the Gaza Strip. AdvertisementIsrael's cabinet approved a hostage release deal on Wednesday morning local time, a major diplomatic breakthrough that comes more than six weeks into the devastating war between the two sides. Hamas said in a Telegram post that it agreed to the deal and that 150 Palestinian prisoners held by Israel would be released.

Persons: —, Benjamin Netanyahu, Haim Zach, Handout, John Kirby, Biden, Benjamin Netanyahu's, Emi Palmor, Herzi Halevi Organizations: Service, IDF, NBC News, Israel's, Biden, Government Press Office, US, National Security, Israel's Ministry of Justice, Hamas, Israel Defense Forces, REUTERS Locations: Gaza, Israel, US, Qatar, Egypt, Tze'elim, Israeli, Iran, Lebanon, Yemen, Iraq, Syria, Tehran

☆ Dollar extends fall ahead of Fed minutes, yen strengthens
▼ + stars: | 2023-11-21 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +2 min

NEW YORK, Nov 21 (Reuters) - The dollar index fell for a third straight session on Tuesday ahead of minutes from the U.S. Federal Reserve's most recent policy meeting as expectations grow the central bank will start to cut rates in the early portion of next year. Bregar noted, however, the downward move in the greenback may be starting to run out of steam and big option expirations in the eurodollar and yen could stabilize the dollar. The dollar index fell 0.13% to 103.31 after falling to a fresh 2-1/2 month low of 103.17, its lowest since Aug. 31. The weakness in the dollar has buoyed the yen, along with expectations the Bank of Japan may eventually start to move off its ultra-loose monetary policy next year. The yen strengthened 0.42% versus the greenback to 147.76 per dollar after the greenback hit its lowest level since mid-September at 147.14 yen, while sterling was last trading at $1.254, up 0.29% on the day.

Persons: CME's, Erik Bregar, It's, it's, Bregar, Chuck Mikolajczak, Nick Macfie Organizations: U.S, U.S . Federal, Bull, Bank of Japan, greenback, Thomson Locations: U.S ., Toronto

REUTERS/Andrew Kelly Acquire Licensing RightsNEW YORK, Nov 20 (Reuters) - Citigroup (C.N) employees expect the bank to announce layoffs and senior management changes on Monday as part of its biggest reorganization in decades, according to five sources with knowledge of the matter. The job cuts could affect thousands of staff, according to a source familiar with the situation who was not authorized to speak publicly. Executives are also likely to announce senior management changes by email, the source said. Last month, Citi announced plans to cut management layers from 13 to eight as part of its biggest overhaul in decades. Support staff in compliance and risk management, and technology staff working on overlapping functions are at risk of being laid off, Reuters reported in September.

Persons: Andrew Kelly, Saeed Azhar, Isla Binnie, Tatiana Bautzer, Svea Herbst, Bayliss, Echo Wang, Lananh Nguyen, Lisa Shumaker Organizations: Citibank, New York Stock Exchange, REUTERS, Citigroup, Citi, Reuters, Svea, Thomson Locations: Manhattan , New York City, U.S, New York

The Camden County Sheriff's Office hired him nine months later. His file shows Aldridge was disciplined for using unnecessary force in February 2014 and May 2017. The department fired Aldridge for his third infraction just three months later. “It's just not worth the risk.”Bessent and other advocates say it’s an example of Camden County Sheriff Jim Proctor tolerating unnecessary violence. After one car crashes, body and dash camera video shows Aldridge shouting expletives as he approaches with his gun drawn.

Persons: Buck Aldridge, Leonard Cure, Aldridge, ”, Timothy Bessent Sr, Neill Franklin, they’re, Franklin, “ It's, ” Bessent, Camden County Sheriff Jim Proctor, Proctor, Larry Bruce, Jarrett Hobbs, Hobbs, jailers, “ You’ve, Harry Daniels, Christine Newman, Newman, Robert Persse, Louis Dekmar, Dekmar, Mike Spiers, “ Buck Aldridge, Adrienne Browning, “, Cure, That's, Thaddeus Johnson, ” Johnson, expletives, Johnson Organizations: Camden County sheriff's, The Associated Press, Sheriff's Office, Georgia Bureau of Investigation, Camden, Camden County’s NAACP, AP, U.S . Marine, Kingsland Police, Police, Maryland State Police, Baltimore Police Department, Camden County Sheriff, International Association of Chiefs, Georgia State University, Criminal Locations: Camden, Georgia, Florida, Camden County’s, Kingsland, Georgia's, Camden County, Hobbs, LaGrange , Georgia, Franklin, Memphis

NEW YORK, Nov 20 (Reuters Breakingviews) - Microsoft (MSFT.O) boss Satya Nadella’s stressful weekend is probably only the beginning. A lack of corporate governance protections left Nadella with few options to salvage his company’s $13 billion investment in OpenAI. As a 49% owner of OpenAI, Microsoft could have hedged itself by getting more directly involved in oversight. Recruiting Altman is at least a better outcome for Microsoft than standing by and watching him go to Google, a rival startup or opening his own AI shop. Money and salesmanship are two essential elements of developing AI, but so are the proper controls, risk management and strategic clarity.

Persons: Satya Nadella’s, OpenAI, Sam Altman, Altman, Reid Hoffman, Elon Musk’s, Satya Nadella, Greg Brockman, OpenAI’s, Brockman, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, Microsoft, Google, Altman, Thomson Locations: OpenAI

☆ The Cybersecurity Lawsuit That Boards Are Talking About
▼ + stars: | 2023-11-18 | by ( Sarah Kessler | More About Sarah Kessler | ) www.nytimes.com time to read: +2 min

Most experts agree that, regardless of the lawsuit’s outcome, it could affect how companies handle cybersecurity risks. In July, the agency adopted new cybersecurity disclosure requirements set to take effect in December. They require companies to report material attacks within four days and to make yearly disclosures about their cybersecurity risk management, strategy and governance. In a June speech, the S.E.C.’s enforcement director, Gurbir Grewal, said it had “zero tolerance for gamesmanship” around cybersecurity disclosures. No CISO can now risk basically painting an unrealistically positive picture of cybersecurity.”

Persons: Gurbir Grewal, ” Wolff, ‘, Ramakrishna, it’ll, ”, Jake Williams, CISOs Organizations: cybersecurity

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNEW YORK, Nov 17 (Reuters) - Citigroup (C.N) employees expect announcements about management changes and layoffs on Monday in the next phase of the bank’s sweeping reorganization, according to four people familiar with the situation. Employees are awaiting more details about the scale of layoffs at the bank, which employs 240,000 people worldwide. Last month, Citi announced plans to cut management layers from 13 to eight as part of its biggest overhaul in decades. The third-largest U.S. lender will also eliminate co-heads of divisions and regional roles, cut 50% of internal financial management reporting and centralize decision making, it said in October. Support staff in compliance and risk management, and technology staff working on overlapping functions are at risk of being laid off, Reuters reported in September.

Persons: Andrew Kelly, Saeed Azhar, Bayliss, Tatiana Bautzer, Lananh Nguyen, Echo Wang, Isla Binnie, Chizu Organizations: Citibank, New York Stock Exchange, REUTERS, Citigroup, Financial Times, Citi, U.S, Reuters, Svea Herbst, Thomson Locations: Manhattan , New York City, U.S, New York

☆ California regulator allows PG&E rate hike for wildfire mitigation
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

The state's biggest utility, PG&E, serves more than 16 million people across 70,000 square miles in Northern and Central California. The APD set the 2023 revenue requirement at $13.52 billion, reflecting an 11% increase from 2022. According to the regulator, customers would see an increase of $32.62 on their bills, compared with PG&E's request of $38.73. One of the main wildfire mitigation efforts PG&E has been undertaking is undergrounding, or burying power lines. This lessens the need for public safety power shutoffs — a last resort during dry, windy conditions to reduce the risk of sparking a wildfire.

Persons: Seher, Shilpi Majumdar Organizations: California Public Utilities Commission, Pacific Gas, E, Thomson Locations: Northern, Central California, powerlines, Bengaluru

☆ At their annual mega-party, real estate agents on edge over the potential erosion of their commissions
▼ + stars: | 2023-11-16 | by ( Anna Bahney | Samantha Delouya | ) edition.cnn.com time to read: +10 min

Courtesy National Association of RealtorsKasper echoed those sentiments in a keynote address to agents at the convention on Tuesday, telling agents: “We will continue to listen closely to your feedback. Real estate agents generate about $100 billion in commissions a year, according to the Department of Justice. And about half of that, plaintiffs in the recent case argue, goes to buyers’ agents. Visitors at the National Association of Realtors convention on November 14 in Anaheim, California. She said that buyers’ agreements may have to have wording that says that if a seller doesn’t agree to pay the buyer’s agent commission, the buyer is on the hook for that money.

Persons: Keller Williams, Tracy Kasper, Berkshire Hathaway, Silverhawk, ”, ” Tracy Kasper, National Association of Realtors Kasper, Renée Roqué, Alexis McGee, “, Liu Guanguan, John Natale, Natale isn’t, Lynn Madison, Madison, Chuck Simons, “ It’s, Matt Troiani, Troiani, it’s, ” Troiani, ” ‘, Jim Flanagan, Flanagan, isn’t, Nate Johnson, haven’t, Johnson Organizations: California CNN, National Association of Realtors, NAR, of Justice, NXT, Department of Justice, China News Service, Social Media, Realtors, Coldwell, RedKey Realty Locations: Anaheim, California, Missouri, America, Texas, Berkshire, Boise , Idaho, Stevenson Ranch , California, San Mateo County , California, New Jersey, Anaheim , California, Illinois, Valencia , California, Ocean County , New Jersey, Flanagan’s, St, Louis , Missouri

Broken Ethernet cable is seen in front of binary code and words "cyber security" in this illustration taken March 8, 2022. "We're also seeing a greater interest from state actors in Australia's critical infrastructure." In May, the Five Eyes intelligence alliance and Microsoft (MSFT.O) said a state-sponsored Chinese hacking group was spying on U.S. critical infrastructure organisations. Techniques used by the China hacking group could be used against Australia's critical infrastructure including telecommunications, energy and transportation, the report said. Marles said Australia's relationship with China, its largest trading partner, was "complex" and the government had never pretended the relationship would be easy.

Persons: Dado Ruvic, cybercrime, Richard Marles, We're, Marles, Matthew Warren, Nigel Phair, Renju Jose, Byron Kaye, Lincoln, Edwina Gibbs Organizations: REUTERS, Rights, U.S, Australian Cyber Security, ABC Radio, Microsoft, RMIT University Centre, Cyber Security Research, Australian Securities and Investments, Australia, Monash University, DP, Optus, Thomson Locations: Britain, U.S, Canada, New Zealand, Australia, China, Sydney

☆ JPMorgan boss Jamie Dimon warns it's too early for a Fed victory lap, as inflation 'may not go away that quickly'
▼ + stars: | 2023-11-15 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Markets are probably overreacting to the October inflation data, according to Jamie Dimon. The JPMorgan CEO told Bloomberg that he's "afraid inflation may not go away that quickly". AdvertisementThe Federal Reserve shouldn't call time on its inflation fight just yet, according to Jamie Dimon. "I'm afraid inflation may not go away that quickly," Dimon added. AdvertisementThe JPMorgan boss isn't the only big name on Wall Street telling markets not to put too much stock in Tuesday's CPI print.

Persons: Jamie Dimon, —, Stocks, Dimon, El Financiero, that's, Dimon –, they've, isn't, Ken Griffin Organizations: JPMorgan, Bloomberg, Service, JPMorgan Chase, El Financiero Bloomberg, CPI, Billionaire Citadel

☆ Euro zone banks lose millions of euros to poor IT outsourcing
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

This last area in particular cost banks 148 million euros ($160.59 million) in 2022, a 360% increase from the year before, as a result of the "unavailability or poor quality of outsourced services". While the ECB cautioned these losses were "concentrated within a few significant institutions and therefore not indicating a sectoral trend", it also found that banks' "outsourcing arrangements often failed to sufficiently address IT security requirements". Banks are making ever greater use of outsourcing as they switch to cloud-based services from storing information on their own servers. Their cloud expenses surged by 56% in 2022 to account for 3.1% of all money spent by banks on IT, the ECB said. More broadly, the ECB found fundamental shortcomings that were "more severe and widespread than expected" in how banks tackle cybersecurity.

Persons: Dado Ruvic, Banks, Francesco Canepa, Angus MacSwan Organizations: REUTERS, Rights, European Central Bank, ECB, Thomson

☆ China versus India: The pros explain why they prefer one — and share their stock picks
▼ + stars: | 2023-11-10 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

Which economic giant should emerging markets investors go for: China or India? India is the "best structural growth opportunity" in emerging markets, according to Malcolm Dorson, head of emerging markets strategy at Global X ETFs. LPL Financial's chief technical strategist, Adam Turnquist, added that India has emerged as an increasingly attractive alternative to China. Where and how to invest in India Investors could go for the "booming areas" in India — renewables such as hydrogen and solar energy, as well as agricultural tech, according to Sharma. But both Krosby and Dorson would advocate active management in emerging markets such as India, given political and economic complexities, among other reasons.

Persons: Malcolm Dorson, Morgan Stanley, Dorson, Quincy Krosby, Krosby, LPL, Adam Turnquist, Alejandra Grindal, Ned Davis, Rahul Sen Sharma, Sharma, Morningstar Organizations: Shenzhen Component, CNBC, Global, Chinese Communist Party, LPL, Ned, Ned Davis Research, India Investors, India, Hindustan Unilever, Nestle India, Jewelry, India Active Locations: China, India, Shenzhen, Asia, Beijing

☆ Sam Bankman-Fried tried to pin his fraud scheme on his closest friends. Then they turned on him for it.
▼ + stars: | 2023-11-03 | by ( Katie Balevic | ) www.businessinsider.com time to read: +12 min

A jury found Sam Bankman-Fried guilty in his fraud trial over the collapse of FTX. One by one, his friends flipped to work with the prosecution and threw Bankman-Fried under a much bigger bus. That's how a jury found him guilty of seven counts in his federal fraud trial in downtown Manhattan on Thursday evening. AdvertisementAdvertisementSingh, for example, testified he was "blindsided and horrified" when he found out in November that Alameda had used FTX customer money. The sentencing schedule may depend on a second criminal trial Bankman-Fried faces for alleged illegal campaign contributions.

Persons: Sam Bankman, Fried, SBF, —, FTX, –, Nicolas Roos, Jim Angel, Angel, Caroline Ellison, Gary Wang, Nishad Singh, Bankman, Singh, blindsided, Ellison, Sam, Eduardo Munoz Alvarez, Wang, Singh —, Mark Cohen, Cohen, who'd, Adam Yedidia, Sun, deflating, they're, Chelsea Jia Feng, Danielle Sassoon, Roos Organizations: Service, Prosecutors, MIT, Georgetown, Financial Markets, Alameda, Bankman Locations: FTX, Alameda, Manhattan, Bankman

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