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☆ German unions criticise possible Deutsche Bank job cuts
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, June 23 (Reuters) - Deutsche Bank's (DBKGn.DE) reported plans for possible job cuts at its German retail operations were roundly criticised by a union on Friday, foreshadowing tough labour negotiations ahead. "One can only shake one's head at Deutsche Bank, once again," Stephan Szukalski, chairman of the DBV bank union, said as Claudio de Sanctis prepares to take over as head of the German retail business on July 1. Reuters GraphicsDeutsche Bank declined to comment on any job cut plans or the union reaction to reports of them. The reduction in retail jobs is in the planning phase and still subject to discussions with unions and worker representatives, Reuters has reported. Deutsche Bank has in the past announced job cuts that never materialized.

Persons: Stephan Szukalski, Claudio de Sanctis, Szukalski, Verdi, Tom Sims, Friederike Heine, Alexander Smith Organizations: Deutsche, Deutsche Bank, Reuters Graphics Deutsche Bank, Reuters, Thomson Locations: FRANKFURT, Germany's

☆ Watch Fed Chair Jerome Powell speak live to Senate banking panel
▼ + stars: | 2023-06-22 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Federal Reserve Chair Jerome Powell appears Thursday on Capitol Hill for the second day of his testimony on monetary policy. The central bank leader will appear before the Senate Banking Committee after speaking Wednesday to the House Financial Services Committee. The only concession he made was that it appears the Fed won't move at the blistering pace that had characterized the prior 10 rate hikes since March 2022. Committee members questioned Powell on a variety of other topics, including the banking tumult in March. Read more:Powell expects more Fed rate hikes ahead as inflation fight 'has a long way to go'Bank of England surprises with 50 basis point rate hike to tackle persistent inflationFed holds off on rate hike, but says two more are coming later this yearSubscribe to CNBC on YouTube.

Persons: Jerome Powell, Powell, Read Organizations: Capitol, Financial Services, Bank of England, CNBC, YouTube

Robinhood vs. Coinbase: The Biggest DifferencesRobinhood Investing and Coinbase are both popular online investment platforms offering a vast range of investment choices for active traders. Robinhood Account FeaturesRobinhood's virtual library provides a variety of financial research on investing, options trading, and more. Coinbase Account FeaturesThe Basic Coinbase account offers things like trading, crypto rewards, interest rewards, digital storage, and mobile access. Compared to Coinbase, Robinhood is the better option for investors who want to merge traditional investments, such as stocks and ETFs, with more digital assets like cryptocurrencies. Although Robinhood has a significantly more limited crypto selection than Coinbase, Robinhood offers a large variety of investment options.

Persons: Robinhood, Roth, Coinbase Coinbase, Roth IRAs, Coinbase, There's, Louis Oberlander, Henry Rodriguez, Christopher Underwood Organizations: Robinhood, Chevron, Reading Chevron, Coinbase, Trade, Pro, Morningstar, Nasdaq, Better, Bureau, BBB, Gamestop, SEC, Advanced Trade, Inc, New York State Department of Financial Services, New, DFS Locations: cryptocurrencies, New York, Robinhood

☆ CBA lowers home loan buffer rates for some refinancing clients to 1%
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +2 min

June 21 (Reuters) - Commonwealth Bank of Australia (CBA.AX) on Wednesday cut its buffer rate for some borrowers refinancing their existing home loan to 1% from the industry standard of 3%, providing relief to many clients who would otherwise fail to qualify due to high interest rates. The country's prudential regulator advises lenders to refinance home loans only if they believe the customer could repay at 3% higher than current market rates. While CBA's alternate buffer is not in line with the regulator's recommendation, it does not break the serviceability buffer, the regulator said, as it allows exceptions to the policy but warns against high volumes. CBA has a quarter of the Australian mortgage market, where thousands of borrowers are expected to end their fixed rate loans this year, forcing them to shop around for new loans at current rates. "We know that due to the current interest rate environment some home owners are facing challenges refinancing their home loans so we are introducing an alternate interest rate serviceability buffer," CBA's Michael Baumann, executive general manager home buying said.

Persons: CBA's Michael Baumann, Sameer Manekar, Byron Kaye, Nivedita Organizations: Commonwealth Bank of Australia, prudential, CBA, Prudential Regulation Authority, Westpac Banking Corp, Reserve Bank of Australia, Thomson Locations: Bengaluru, Sydney

☆ Powell expects more Fed rate hikes ahead as inflation fight 'has a long way to go'
▼ + stars: | 2023-06-21 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

Federal Reserve Chairman Jerome Powell on Wednesday affirmed that more interest rate increases are likely ahead until additional progress is made on bringing down inflation. Following last week's two-day FOMC meeting, officials indicated they see rate increases totaling 0.5 percentage point through the end of 2023. "Nonetheless, inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go." Powell later said that the Fed has adjusted its approach to policy after implementing rate hikes at the most aggressive pace since the early 1980s. He also emphasized that rate decisions will be made based on incoming data and meeting by meeting, rather than on a preset course.

Persons: Powell, Jerome Powell, doesn't Organizations: Financial Services, Market, Federal, Federal Reserve, Fed, of Michigan Locations: Washington ,

☆ House Democrats release wave of bank reform bills
▼ + stars: | 2023-06-21 | by ( Chelsey Cox | ) www.cnbc.com time to read: +7 min

WASHINGTON — House Democrats on Wednesday will release a slate of reform bills in response to the recent bank failures that triggered the worst crisis for the sector since 2008. "The failures of Silicon Valley Bank, Signature Bank, and First Republic Bank make clear that it is past time for legislation aimed at strengthening the safety and soundness of our banking system and enhancing bank executive accountability," she said. President Joe Biden called for these actions shortly after the FDIC took over SVB and Signature Bank in March. The bill would have prevented SVB bank executives from cashing out after repeated warnings by regulators, according to Democrats. Neither Signature Bank nor SVB had a bank holding company before they collapsed.

Persons: Maxine Waters, Dodd, Frank, Waters, Joe Biden, Nydia Velazquez, Brad Sherman, Juan Vargas, David Scott, Al Green, Sylvia Garcia of, Emanuel Cleaver, Joyce Beatty, Steven Horsford, Rashida, Velazquez, Sherman, Cleaver, Beatty, Frank Act's, SVB, Vargas, Garcia, Tlaib, Banks, Sean Casten, Josh Gottheimer, Ritchie Torres, Wiley Nickel, Stephen Lynch, Brittany Pettersen Organizations: Financial Services, Washington , D.C, WASHINGTON —, Democrats, Financial Services Committee, Treasury Department, Federal Deposit Insurance Corporation, Silicon Valley Bank, Signature Bank, Banking Committee, Valley Bank, First Republic Bank, FDIC, Democratic, Sylvia Garcia of Texas, Republicans, Sound Banking, Prudential, prudential, Bank, Green, Sherman, Rep, Federal, Office, Federal Reserve, FAIR, Tlaib, Safety, Sherman . Locations: California, Washington ,, New York, Georgia, Missouri, Ohio, Michigan, Green, Horsford, H.R, Silicon, Illinois, New Jersey, North Carolina, Colo

☆ AI’s regulation naysayers protest too much
▼ + stars: | 2023-06-21 | by ( Karen Kwok | ) www.reuters.com time to read: +7 min

As venture capitalist Marc Andreessen notes, AI models are made up of codes and algorithms just like other computer programmes. Moreover, AI models’ ability to extrapolate from data at high speed explains why almost every industry is deploying the technology in the hope of boosting productivity. Precisely because AI models can replicate tasks done by humans, it’s harder to spot which is which. The EU’s proposed law advocates placing AI applications into four different buckets. AI systems that could be used to influence voters and the outcome of elections and systems used by social media platforms with over 45 million users are labeled “high-risk”.

Persons: Sam Altman, Marc Andreessen, Joe Biden, Altman, ChatGPT, “, ”, Peter Thal Larsen, George Hay, Katrina Hamlin Organizations: Reuters, Organisation for Economic Co, OECD, Microsoft, Watchdogs, Facebook, Meta, Twitter, Union, Bloomberg, Thomson Locations: EU, China, Canada, India, United Kingdom, United States, Brussels, Paris, Europe

☆ UBS faces big penalty over Credit Suisse's Archegos failings -FT
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +2 min

UBS has asked the U.S. Federal Reserve, the Swiss Financial Market Supervisory Authority and UK's Prudential Regulation Authority to publish their findings and announce any penalties jointly at the end of July, FT reported. The Swiss Financial Market Supervisory Authority does not have the power to fine financial institutions, president Marlene Amstad said in May. The New York-based firm's demise caused billions of dollars in losses for Credit Suisse. UBS completed its emergency takeover of embattled rival Credit Suisse last week, forging a Swiss banking and wealth management giant with a $1.6 trillion balance sheet. It set aside $4 billion for potential lawsuits on the Credit Suisse deal in May, according to a presentation.

Persons: Marlene Amstad, Archegos, Chandni Shah, Lisa Shumaker, Jonathan Oatis Organizations: UBS Group AG, Archegos, Swiss, Financial, UBS, U.S . Federal Reserve, Swiss Financial Market, Authority, Prudential, U.S . Federal, Suisse, Credit Suisse, U.S, Fed, Thomson Locations: U.S, New York, Bengaluru

☆ Rocket gives up counteroffer for Software AG, sells stake to Silver Lake
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +1 min

BERLIN, June 19 (Reuters) - Rocket Software said on Monday it was giving up its counteroffer for Software AG (SOWGn.DE) and selling its stake in the company to U.S. financial investor Silver Lake instead. Silver Lake had in April announced a 2.4 billion euro ($2.62 billion) takeover bid for Software AG, prompting a counteroffer from Rocket Software which is owned by private equity firm Bain Capital. "Unfortunately, we were not successful in our efforts," Rocket Software chairman Andy Youniss said in a statement. Rocket would sell and transfer its entire stake of 10.02% in Software AG for 32 euros per share, the company said. Silver Lake said it had as such now secured 41% of shares in Software AG, noting its cash offer to other Software AG shareholders remained open until June 28.

Persons: Silver Lake, Silver, Andy Youniss, Christian Lucas, Alexander Huebner, Sarah Marsh, Jonathan Oatis Organizations: Rocket Software, Software AG, Rocket, Bain Capital, Software, EMEA, Thomson Locations: BERLIN, Sofware, Silver

☆ Siemens to invest $2.2 bln to ramp up global production
▼ + stars: | 2023-06-15 | by ( John Revill | ) www.reuters.com time to read: +3 min

[1/4] Siemens CEO Roland Busch announces their plans for a new Singapore plant, at their office in Singapore June 15, 2023. Siemens will also increase its research and development spending by 500 million euros this year, the company said on Thursday. The company, which employs 311,000, is seen as a bellwether for the health of the global industrial economy. Siemens also wants to grow faster than rivals and increase market share, Busch told analysts last month. Still, on Thursday Siemens said it was also investing 140 million euros to expand its digital factory in the Chinese city of Chengdu and building a new R&D centre in Shenzhen.

Persons: Roland Busch, Edgar Su, Busch, Wirtschaftswoche, John Revill, Tomasz Janowski Organizations: Siemens, REUTERS, Company, Deal, Thomson Locations: Singapore, ZURICH, United States, Europe, Beijing, Washington, China, Chengdu, Shenzhen

☆ The AI act: Europe is leading the race to regulate artificial intelligence. Here's what you need to know
▼ + stars: | 2023-06-15 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

“We have made history today,” Brando Benifei, a member of the European Parliament working on the EU AI Act, told journalists. Detailed summaries of the copyrighted data used to train these AI systems would also have to be published. AI systems with minimal or no risk, such as spam filters, fall largely outside of the rules. Fines under the AI Act serve as a “war cry from the legislators to say, ‘take this seriously’,” Muldoon said. The Act also requires EU member states to establish at least one regulatory “sandbox” to test AI systems before they are deployed.

Persons: ” Brando Benifei, ” Benifei, Brad Smith, Sam Altman —, Doug McMillion, James Quincy —, Racheal Muldoon, Maitland Chambers, Meta, ” Muldoon, Dragoș, ”, Muldoon Organizations: London CNN, European Union, EU, Lawmakers, of, Big Tech, Microsoft, Yale, Summit, Walmart, ” Systems, Facebook, Twitter, General Data, Office, AI, Companies, Google, IBM Locations: Brussels, EU, Europe, China, London

☆ Volkswagen passenger cars targets 10 billion euros of efficiency gains
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +2 min

BERLIN, June 14 (Reuters) - Volkswagen's (VOWG_p.DE) passenger car brand will implement savings and cost-cutting measures amounting to 10 billion euros ($10.83 billion) by 2026 to hit a return on sales target of 6.5%, a spokesperson said on Wednesday. "The Volkswagen Group is focusing even more strongly on profitability and cash flow," Antlitz said in his post. Antlitz's statement came after Volkswagen brand chief Thomas Schaefer told workers in an internal memo in mid-May it was planning an overhaul at its core brand to put it on more solid footing. Volkswagen is due to present new financial targets and an updated corporate strategy for the entire group at a capital markets day next Wednesday. The carmaker's supervisory board was due to discuss on Tuesday cost-cutting measures across the Volkswagen, Seat, Skoda and Cupra brands to achieve that goal, a source told Reuters.

Persons: Arno Antlitz, Antlitz, Thomas Schaefer, Schaefer, Victoria Waldersee, Jan Schwartz, Miranda Murray, Kirsten Donovan Organizations: Skoda, SEAT, Volkswagen, Reuters, Thomson Locations: BERLIN, Spain

☆ Siemens plans new plant in Singapore in Asia expansion
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

BERLIN, June 13 (Reuters) - Siemens (SIEGn.DE) plans to build a new plant for its industrial automation division in Singapore, the company said on Tuesday, as it expands its business in Asia to serve booming orders for automation technology. "Siemens intends to build a new, state-of-the-art Digital Industries (DI) factory in Singapore - as part of its strategy to strengthen global diversification and resilience," a spokesperson for the company told Reuters. The company will announce further details of its plans on Thursday, the spokesperson said. The project's price tag is estimated to be at a low three-digit million-euro sum, Wirtschaftswoche magazine, which first reported the news, said, citing company sources. Reporting by Alexander Huebner and Riham Alkousaa; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Siemens, Roland Busch, Wirtschaftswoche, Alexander Huebner, Sharon Singleton Organizations: Siemens, Digital Industries, Reuters, Thomson Locations: BERLIN, Singapore, Asia, China, Amberg, Germany

☆ Volkswagen supervisory board to discuss savings programme on Tuesday
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

BERLIN, June 12 (Reuters) - Volkswagen's (VOWG_p.DE) supervisory board will meet on Tuesday to discuss a planned savings programme ahead of its capital markets day on June 21, two sources close to the company said on Monday. The board will discuss cost-cutting measures amounting to at least 3 billion euros ($3.22 billion) across the Volkswagen, Seat, Skoda and Cupra brands, said one source. Germany daily Handelsblatt, which first reported on the savings programme, reported that Chief Executive Oliver Blume wants to curb duplicate development work and better utilise German plants, particularly at Audi and Volkswagen. Volkswagen brand chief Thomas Schaefer said in an internal memo in May that the brand was targeting a 6.5% return on sales, compared to 3% achieved in the first quarter of this year. The Volkswagen brand must act," he wrote at the time.

Persons: Oliver Blume, Arno Antlitz, Thomas Schaefer, Jan Schwartz, Miranda Murray, Victoria Waldersee, Susan Fenton Organizations: Volkswagen, Skoda, Audi, Group, Reuters, Thomson Locations: BERLIN, Germany

☆ EU antitrust regulators approve Vivendi, Lagardere deal
▼ + stars: | 2023-06-09 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, June 9 (Reuters) - Vivendi (VIV.PA), the French media conglomerate controlled by billionaire Vincent Bollore, on Friday won conditional EU antitrust approval for its acquisition of France's largest publisher Lagardere (LAGA.PA). Vivendi last year announced the deal which would give it control of Lagardere's flagship weekly publications Journal du Dimanche (JDD) and Paris Match. Vivendi said in a statement that it was confident it would finalise those two transactions by the end of October. "The remedies proposed by Vivendi will allow for the preservation of existing competition in those markets, to the benefit of consumers." Reuters reported in April that the remedies were sufficient to help Vivendi gain EU antitrust clearance for the acquisition.

Persons: Vincent Bollore, Margrethe Vestager, Daniel Kretinsky, Yannick Bollore, Foo Yun Chee, Bart Meijer, Sudip Kar, Gupta, Louise Organizations: Vivendi, Paris Match, European Commission, Reuters, Le Monde, TF1, Thomson Locations: BRUSSELS, EU, Czech, Le

☆ Instagram, YouTube, TikTok, Twitter target of EU crypto advertising complaint
▼ + stars: | 2023-06-08 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, June 8 (Reuters) - Meta Platforms' (META.O) Instagram, Alphabet's (GOOGL.O) YouTube, TikTok and Twitter could face regulatory action after European consumer group BEUC complained to the European Commission and consumer authorities that the online platforms allegedly facilitate the misleading promotion of crypto assets. U.S. regulators suing crypto platforms Coinbase COIN.O and Binance, along with last year's collapse of FTX, have sparked concerns over consumer protection related to crypto assets such as bitcoin and ether. It urged the Consumer Protection Cooperation Network to require the online platforms to adopt stricter advertising policies on crypto and take measures to prevent influencers from misleading consumers. The group called on European consumer authorities to cooperate with European Supervisory Authorities for financial services to ensure the platforms adapt their advertising policies to prevent the misleading promotion of crypto. "This is why we are turning to the authorities in charge of protecting consumers to ensure Instagram, YouTube, TikTok and Twitter fulfil their duty to protect consumers against crypto scams and false promises," she said.

Persons: BEUC, Monique Goyens, Foo Yun Chee, Lisa Shumaker Organizations: YouTube, Twitter, European Commission, European Union, Consumer Protection Cooperation Network, Commission, European, Authorities, Crypto, Consumer, Thomson Locations: BRUSSELS, Denmark, France, Greece, Italy, Lithuania, Portugal, Slovakia, Spain

But China, which bristles at visits to Taiwan by foreign government officials, tends to ignore trips by business executives, who usually keep clear of politics. Dimon will meet bank employees and clients in Taiwan on his visit, said the source, who sought anonymity as the plans were not public, while adding that no meetings were planned with Taiwan officials. As part of his Asia tour, Dimon will also visit South Korea after the Taiwan trip, said the source. But there was no plan for President Tsai Ing-wen to meet Dimon, her office said on Friday. Dimon favours East-West "derisking" rather than decoupling, he told the three-day JPMorgan Global China Summit event in the city on Wednesday.

Persons: Jamie Dimon, Andrew Collier, Dimon, Nvidia Corp's, Jensen Huang, Pat Gelsinger, Dimon's, Ma Ying, Tsai Ing, Chen Jining, Selena Li, Kane Wu, Scott Murdoch, Ben Blanchard, Emily Chan, Mrinmay Dey, Sumeet Chatterjee, Clarence Fernandez Organizations: JPMorgan Chase &, JPMorgan, Orient Capital Research, Bloomberg, Wall, U.S, Nvidia, Intel, Financial, Commission, Shanghai's Communist, JPMorgan Global China, Thomson Locations: Taiwan, China, Taipei, Beijing, Hong Kong, Asia, South Korea, East, United States, Sydney, Bengaluru

☆ Claims pursuing Citgo's assets surpass $20 billion, supervisory board says
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

HOUSTON/CARACAS, May 31 (Reuters) - A group of Venezuela-related expropriation claims at U.S. courts pursuing Citgo Petroleum's assets surpass $20 billion, making it difficult for the Houston-based refiner to compensate them all, the chief of a board supervising the company said on Wednesday. Once one of Citgo's U.S. parent companies, Citgo Holding, pays off its debt entirely later this year, the firm will have room to get new financing, an extra tool for negotiating some compensations, Medina added. "We already have lined up $21 billion (in claims)," he said when comparing those to Citgo's assets, including its 769,000-barrel-per-day refining network, which have been valued at some $11 billion. A growing number of companies are seeking to be part of the case and participate in an eventual auction of shares. A U.S. court of appeals in May granted a temporary stay preventing six companies from joining a proposed court auction, giving Venezuela a small relief in the legal fight.

Persons: Horacio Medina, Medina, Citgo, Marianna Parraga, Gary McWilliams, Daniel Wallis Organizations: HOUSTON, U.S, Citgo, Houston, Crystallex, Thomson Locations: CARACAS, Venezuela, Caracas, U.S, Medina, Delaware, Louisiana , Illinois, Texas, United States, Houston

☆ What are retail shrink and organized retail theft, and why do companies keep talking about them?
▼ + stars: | 2023-05-31 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +9 min

watch nowFor several years, the terms shrink, retail crime and organized retail theft have echoed from the mouths of politicians, police officers, trade groups and the country's most prominent retail executives. And how does it differ from retail crime and organized retail theft? The companies polled for the survey estimated that retail theft accounted for 37% of those losses, employee or internal theft 28.5% and process and control failures 25.7%. The NRF defines organized retail theft as the "large-scale theft of retail merchandise with the intent to resell the items for financial gain." The line between organized retail theft and shoplifting can be murky, but they are distinctly different.

Persons: Lindsey Nicholson, It's, Lisa LaBruno, Manhattan DA Alvin Bragg, Barry Williams, John Willis, Willis, let's, Willie Carswell, he's, He's, Carswell, Tim Boyle Organizations: Trade, CNBC, Universal, Getty, National Retail Federation, Security Investigations, Retail Industry, Association, Manhattan DA, New York Daily, Homeland Security Investigations, eBay Locations: Queens , New York, New York, Manhattan , New York, New, Charlotte, Niles , Illinois

MUMBAI, May 29 (Reuters) - The Reserve Bank of India has come across instances of some banks trying to conceal the real status of their stressed assets while governance gaps have also been noticed at certain lenders, its governor said on Monday. Das also said that despite the guidelines on corporate governance, it was a matter of concern that the RBI has come across gaps in governance at certain banks, which have the potential to cause some volatility in the sector. "While these gaps have been mitigated, it is necessary that boards and the managements do not allow such gaps to creep in," he said. A robust governance structure is the most important requirement to ensure the stability of a bank and sustainable financial performance, Das added. "RBI has engaged with certain banks on the need to make suitable adjustments in their business strategies where it was observed that over-aggressive growth in certain business segments were creating avoidable vulnerabilities," Das said.

☆ Elliott seeks investigation into Deutsche Wohnen loan to Vonovia
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

DUESSELDORF, May 22 (Reuters) - Activist investor Elliott is calling for a special investigation into a loan that German property company Deutsche Wohnen (DWNG.DE) made to its top shareholder Vonovia (VNAn.DE), documents filed ahead of a Deutsche Wohnen annual shareholder meeting (AGM) show. In 2021, Vonovia completed the takeover of rival Deutsche Wohnen to create a property group with more than 500,000 apartments. In January 2022, Deutsche Wohnen disclosed in a public filing that it would lend up to 2 billion euros to its new main shareholder. Cornwall, an investment vehicle owned by Elliott, wants shareholders to vote to install an independent investigator to examine the loan at the shareholder meeting slated for June 15 to examine whether the loan was in the best interest of investors, the AGM documents show. Deutsche Wohnen's supervisory board said that it did not see any need for an investigation.

☆ JPMorgan, ex-executive spar in court over responsibility for Epstein
▼ + stars: | 2023-05-19 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +2 min

JPMorgan wants Staley to cover some or all damages it might face in lawsuits brought by Epstein's accusers and the U.S. Virgin Islands over its ties to Epstein. The lawsuits accuse the bank of aiding in Epstein's sex trafficking by keeping him as a client from 1998 to 2013, the last five years after he pleaded guilty to a Florida prostitution charge. Had Staley "observed his obligations, Epstein would not have been a client," said Leonard Gail, a lawyer for JPMorgan. Staley, who later served as Barclays Plc's (BARC.L) chief executive, has expressed regret for befriending Epstein but denied knowing about his crimes. Epstein died in a Manhattan jail cell in August 2019 while awaiting trial for sex trafficking.

☆ ECB eyes additional steps to tackle bank deposit risks
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

The ECB said it was actively working with other global supervisors to understand which lessons could be learnt. "It may be beneficial to explore how factors such as high deposit base concentration and a predominant reliance on uninsured deposits could be dealt with in the Pillar 2 framework," the ECB said. The ECB can impose additional capital and liquidity requirements if it sees fit. It would use liquidity requirements to address liquidity risks. The Pillar 2 liquidity framework focuses on liquidity risks that are not fully addressed by Pillar 1 requirements: the Liquidity Coverage Ratio (LCR) and the Net Stable Funding Ratio (NSFR).

☆ A man in South Korea got caught out after having his twin brother take an entrance exam for him when he double booked himself
▼ + stars: | 2023-05-18 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

A Bank of Korea employee got caught after his twin brother took an entrance exam in his name. The man had an entrance exam for two jobs on the same day, but got his brother to take one for him. Rather than trying to rearrange one of the exams, the man asked his twin to take the FSS exam under his name. South Korea is notorious for having a hyper-competitive job market, and for the length and intensity of work many people do. That ranks among the five highest working hours in developed nations.

The letter did not disclose either how much Berlin had proposed in state help, or by how much this had been reduced. The conflict lays bare how much industrial heavyweights depend on aid to decarbonise their businesses as well as the need for governments to approve subsidies quickly to avoid companies from shifting investments or stopping them altogether. Thyssenkrupp in August made the investment decision for the so-called direct reduction iron (DRI) site at its steel base in Duisburg, provided substantial subsidy commitments by the state of North Rhine-Westphalia and Berlin were fulfilled. Tekin Nasikkol, who heads the works council of Thyssenkrupp Steel Europe, told Reuters last week that Berlin needed to quickly approve hundreds of millions in subsidies for the site, adding workers' patience had run out. ($1 = 0.9084 euros)Reporting by Tom Kaeckenhoff; Additional reporting by Christoph Steitz and Christian Kraemer; Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

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