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☆ KKR wins $2 billion bidding war the old-fashioned way
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, June 30 (Reuters Breakingviews) - KKR (KKR.N) has affirmed a simple lesson: price matters. The private-equity giant made a bumped-up $2 billion offer for valve-maker Circor International (CIR.N) on Thursday that tops an offer from a rival. KKR broke the mold by offering sweeteners other than money – but in the end, it threw in more cash too. Circor’s board says KKR’s offer is more valuable because it can close more quickly. KKR knows that money isn’t the only thing that talks, but it still talks pretty loudly.

Persons: Jonathan Guilford, ’, crouch, John Foley, Streisand Neto Organizations: YORK, Reuters, KKR, Circor, Arcline Investment Management, Twitter, Thomson Locations: China

The deal had been announced in January 2022 and the FTC sued to stop it in December last year. Judge Jacqueline Scott Corley in San Francisco pressed FTC lawyers on where their economist got the data to show the deal would harm consumers. The FTC has said that if Microsoft bought Activision, Microsoft would have the incentive and the ability to harm competition in markets related to consoles, subscription game services and cloud gaming. "The harm here is we think is substantial in locking up Activision content," said FTC lawyer James Weingarten. To address the FTC concerns, Microsoft has agreed to license "Call of Duty" to rivals.

Persons: Microsoft Corporation Satya Nadella, Read, Microsoft's, Jacqueline Scott Corley, James Weingarten, Corley, Microsoft's Beth Wilkinson, it's, Satya Nadella, Nadella, Biden, Diane Bartz, Lincoln Organizations: Microsoft Corporation, . Federal Trade Commission, Microsoft, Activision Blizzard, U.S . Federal Trade, Activision, Federal Trade Commission, Nintendo, Sony Group, FTC, PlayStation, Thomson Locations: California, Downtown San Francisco , California, U.S, WASHINGTON, San Francisco, British, Canada

"You would have a revolt if you were to remove the game from one platform," said Kotick. He said that removing "Call of Duty" from PlayStation, which is made by Sony Group (6758.T), would be "very detrimental" to Activision's business. The Federal Trade Commission has asked a judge to stop the Microsoft acquisition temporarily in order to allow the agency's in-house judge to decide the case. Microsoft CEO Satya Nadella is scheduled to testify on Wednesday afternoon before Judge Jacqueline Scott Corley in federal court. The agency says the transaction would give Microsoft, which makes the Xbox console, exclusive access to Activision games, leaving Nintendo (7974.T) and Sony Group out in the cold.

Persons: Bobby Kotick, Kotick, Satya Nadella, Jacqueline Scott Corley, Biden, Diane Bartz, Greg Bensinger, Matthew Lewis Organizations: FRANCISCO, Activision, Microsoft, PlayStation, Sony Group, Federal Trade Commission, FTC, Nintendo, Britain's, Markets Authority, Thomson Locations: United States, Washington, San Francisco

☆ Factbox: Big banks stand strong against Fed's commercial real estate gloom
▼ + stars: | 2023-06-28 | by ( Michelle Price | ) www.reuters.com time to read: +3 min

WASHINGTON, June 28 (Reuters) - Big U.S. banks' commercial real estate portfolios put in a surprisingly good performance during the Federal Reserve's annual health checks, with losses declining slightly on last year, the central bank said on Wednesday. With risks growing in the commercial real estate (CRE) sector globally, analysts and investors were looking to the Fed's "stress tests" for more insight on how exposed the country's lenders are to falling real estate prices. Commercial real estate (CRE), especially offices, has been hit by interest rates hikes and workers choosing to stay at home. The Fed's annual bank "stress tests" established following the 2007-2009 financial crisis probe how lenders would fare against an extreme scenario: a 40% decline in commercial real estate values. The average projected CRE loan loss rate across the group was 8.8% of average loan balances, compared with 9.8% last year, the Fed said.

Persons: Goldman Sachs, Morgan Stanley, Charles Schwab, Michelle Price, Pete Schroeder, Stephen Coates Organizations: Federal, Moody's Investors Service, Bank of America Corporation, of New York Mellon Corporation, Barclays US, BMO Financial Corp, Financial Corporation, Charles, Charles Schwab Corporation, Citigroup Inc, Financial Group, Inc, Suisse Holdings, DB USA Corporation, Goldman, Goldman Sachs Group, JPMorgan Chase & Co, T Bank Corporation, Northern Trust Corporation, PNC Financial Services Group, RBC US Group Holdings, Street Corporation, US Holdings, Truist Financial Corporation, UBS, Holding, . Bancorp, & Company, Thomson Locations: Big U.S

☆ Factbox: Financial firms line up spot bitcoin exchange-traded fund applications
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +4 min

Stock picker Cathy Wood's Ark Invest and Swiss-based exchange-traded fund (ETF) issuer 21Shares on Wednesday amended their bitcoin ETF application, while asset manager Fidelity is also expected to file a spot bitcoin ETF application, trade publication The Block reported on Tuesday. The U.S. Securities and Exchange Commission (SEC) has rejected dozens of applications for spot bitcoin ETFs, saying the proposals have not met anti-fraud and investor protection standards. These are the major firms with live SEC applications:BLACKROCK(BLK.N) - The world's biggest asset manager filed for a bitcoin ETF on June 15. INVESCO(IVZ.N) AND GALAXY DIGITAL - Invesco reactivated its September 2021 application to launch the Invesco Galaxy Bitcoin ETF on Cboe's BZX exchange. VANECK - VanEck refiled on June 22 to for approval to launch the VanEck Bitcoin Trust on Cboe's BZX exchange.

Persons: Cathy, 21Shares, BlackRock's, BNY, Cboe BZX, WisdomTree, refiled, John McCrank, Michelle Price, Daniel Wallis Organizations: U.S, Invest, Fidelity, U.S . Securities, Exchange Commission, SEC, BLACKROCK, Nasdaq, BNY Mellon, Ark, 21Shares, Company, U.S . Bank, National Association, Invesco, Galaxy, NYSE Arca, Valkyrie, Thomson Locations: BlackRock, Swiss

☆ Microsoft, Activision CEOs expected to urge US judge to allow $69 billion merger
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

The Federal Trade Commission has asked a judge to stop the transaction temporarily in order to allow the agency's in-house judge to decide the case. Activision Blizzard CEO Bobby Kotick is expected to testify on Wednesday morning, followed by Microsoft CEO Satya Nadella in the afternoon. The case, which is being heard in federal court in San Francisco, will be decided by Judge Jacqueline Scott Corley. The FTC says the transaction would give Microsoft exclusive access to Activision games, leaving Nintendo (7974.T) and Sony Group (6758.T) out in the cold. Reporting by Diane Bartz in Washington and Greg Bensinger in San Francisco Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Bobby Kotick, Satya Nadella, Jacqueline Scott Corley, Diane Bartz, Greg Bensinger, Matthew Lewis Organizations: FRANCISCO, U.S, Microsoft, Activision, Federal Trade Commission, FTC, Nintendo, Sony Group, Britain's, Markets Authority, Thomson Locations: San Francisco, United States, Washington

☆ PGA Tour and LIV Golf: Newly obtained document details framework agreement between the sport’s leading organizations
▼ + stars: | 2023-06-28 | by ( Jill Martin | ) edition.cnn.com time to read: +5 min

CNN —On June 6, a shocking announcement was made by the PGA Tour sending reverberations around the golf world. On Monday, multiple news outlets started to circulate the framework agreement that had been quietly made by those groups. CNN has since obtained a copy of the framework agreement. The document was sent to Congress on Monday, according to a source with knowledge of the framework agreement. Lawmakers are inviting Monahan, Al-Rumayyan and LIV Golf CEO Greg Norman to testify at the hearing.

Persons: LIV, ”, ” PIF, Prince Mohammed bin Salman, “ NewCo, OWGR’s criterial, LIV Golf, Jay Monahan, Yasir Al, Keith Pelley, Monahan, Greg Norman, Patrick Cantlay, Rory McIlroy, Charley Hoffman, Peter Malnati, Webb Simpson Organizations: CNN, PGA, Public Investment Fund, LIV Golf, US Department of Justice, PGA Tour, Wall Street, Investigations, Rocket, “, Management, TOUR’s Locations: Saudi, NewCo, Al, Detroit

The Federal Trade Commission has asked a judge to stop the proposed acquisition because, it argues, it would give Microsoft, maker of the Xbox console, exclusive access to Activision games, which include the highly popular "Call of Duty." Asked if Microsoft would have any incentive to refuse to allow the games on Sony's PlayStation in order to sell more of its Xbox consoles, Nadella responded, "It makes no economic sense and no strategic sense." To address the FTC concerns, Microsoft has agreed to license the blockbuster "Call of Duty" to rivals. It has also argued that it is better off financially by licensing the games to all comers. Kotick argued there was no incentive for Microsoft, if it closes the deal for Activision, to restrict who offers the company's games.

Persons: Microsoft Corporation Satya Nadella, Satya Nadella, Nadella, Jacqueline Scott Corley, Biden, Bobby Kotick, Kotick, Diane Bartz, Greg Bensinger, Matthew Lewis Organizations: Microsoft Corporation, . Federal Trade Commission, Microsoft, Activision Blizzard, FRANCISCO, Activision, Federal Trade Commission, Nintendo, Sony Group, FTC, PlayStation, Britain's, Markets Authority, Thomson Locations: California, Downtown San Francisco , California, U.S, WASHINGTON, San Francisco, United States, Washington

It is a new challenge for formerly government-owned Air India, which Tata Group took over last year. The CCI, Air India and Vistara did not immediately respond to requests for comment. To address the CCI's concerns, Air India could make concessions such as giving up certain routes or reducing frequency, the second source said, adding that Air India remains confident the matter can be resolved by recommending certain changes. Vistara and Air India both fly on international routes such as London and Dubai and would need antitrust clearances in other jurisdictions, the first source said. Air India is expecting similar queries from foreign countries once it applies for clearance there, but is waiting for the India process to first close, the source added.

Persons: Vistara, Vaibhav Choukse, India's J, Choukse, Aditi Shah, Aditya Kalra, Gerry Doyle Organizations: Vistara, Air India, Tata Group, Tata, Air, The, of India, Singapore Airlines, India's, Sagar Associates, IndiGo, Thomson Locations: DELHI, Air India, India, London, Dubai

SL Green announced on Monday that it had sold the building at 245 Park Avenue to a U.S. subsidiary of Japanese real estate developer Mori Trust Co Ltd at a $2 billion valuation, sending its stock up nearly 20%. The transaction is a "significant milestone" for SL Green given that it represents nearly half of the planned asset sales for 2023 and more than covers the company's share of redevelopment costs, said BTIG analysts, who reiterated their "buy" rating. Analysts at Scotiabank, who rate SLG a "sector underperform", hiked their price target for the company's shares, calling the transaction "positive." SL Green's stock jumped 11% on Tuesday to a high of $31.35 per share. SL Green took control of 245 Park Avenue last year after lenders seized the building from HNA Group.

Persons: Angelo Gordon, Chibuike Oguh, Lisa Shumaker Organizations: YORK, Green Realty, SL Green, Mori Trust, Barclays, Green, Scotiabank, Grand, Ares Management, Societe Generale, HNA Group, Thomson Locations: New York City, U.S, Manhattan, New York

☆ How Jeffrey Epstein turned the US Virgin Islands into a pedophile's playground and helped elect a sitting member of Congress
▼ + stars: | 2023-06-27 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +21 min

Court filings show how Jeffrey Epstein exerted power in the US Virgin Islands, two of which he owned. A financier worth hundreds of millions of dollars, Epstein owned two islands in the US Virgin Islands (there are roughly 50 islands overall). He had donated generously to Democratic politicians from the US Virgin Islands for years. With the assistance of the US Virgin Islands' first lady, Epstein navigated the territory's political waters unscathed. The court records show that, at least in the US Virgin Islands, he exerted influence with little friction.

Persons: Jeffrey Epstein, Stacey Plaskett, —, Plaskett, Epstein, James, Lesley Groff, Scott Applewhite, Stacey, Thomas, didn't, Groff, maxed, Shawn, Michael Malone, Gabriel Lopez Albarran, Cecile de Jongh, John de Jongh Jr, de Jongh, Malone, De Jongh, Darren Indyke, Richard Kahn, Kahn, Groff didn't, Stuart McPhail, McPhail, Jeffrey Epstein's, Erika Kellerhals, Hi Jeffrey, Rick Friedman, Corbis, de, JPMorgan Chase, Ghislaine Maxwell, Epstein's, Maxwell, She's, Mary Erdoes, Jamie Dimon's, Jes Staley, Epstein's thrall, Jongh, Denise George, Albert Bryan Jr, Bryan, Jed Rakoff, Emily Michot, Bill Clinton, Donald Trump, Prince Andrew, Trump's, De, Epstein doled, John de Jongh's, Kenneth Mapp, John de Jongh, John, wasn't Organizations: Virgin Islands, Service, Democratic, US, Islands, Democratic Congressional, AP, Federal, Commission, Democratic Party, Virgin Islands Economic Development Authority, Southern Trust Co, de, Indyke, Democrat, Getty Images JPMorgan, US Virgin Islands, JPMorgan, Virgin, Hyperion, Barclays, Authorities, United States Virgin Islands, Virgin Islands Senate, Gov, New York Times, US Virgin, Deutsche Bank, U.S ., Miami Herald, Tribune, Getty, Federal Government, Mapp's PAC Locations: Virgin, Washington, Puerto Rico, Little St, Palm Beach , Florida, St, Croix, Manhattan, Islands, US Virgin, New York, U.S, U.S . Virgin Islands, Jongh, Tortola

☆ The decision makers at 6 family offices reveal what it's really like behind the scenes at the private wealth management firms managing billions – and why they are so secretive
▼ + stars: | 2023-06-27 | by ( Ben Bergman | ) www.businessinsider.com time to read: +8 min

Family offices are the private wealth management firms managing the fortunes of wealthy families. But six people agreed to pull back the curtain on family offices to reveal their inner workings. Trust comes before everything elseThe world of family offices is built on relationships and trust before everything else. "Family offices really primarily are about wealth preservation," said Nisa Amoils, managing partner of A100x Ventures who also sits on the board of the Swig Family Office. "As much as it is a family business, it is also the business of family," said Swig.

Persons: Jahnavi Kumari Mewar, JKM, Oliver Swig, I've, Swig, We've, hasn't, Amoils, Consuelo Vanderbilt, SohoMuse, Vanderbilt, Maximilian Winter, Roy, Ben Bergman, bbergman Organizations: North, RBC, Campden, nouveau, Forbes Iconoclast Summit, A100x Ventures, Vanderbilt, Central American, Wimbledon, Harmonix, SOJA Ventures Locations: New York, Columbus, Central America, San Francisco

SL Green Realty said it sold the building at 245 Park Avenue, which has 1.8 million-square-foot of office space, to a U.S. affiliate of Japanese real estate developer Mori Trust Co Ltd. Its sale represents a slight discount to the $2.21 billion that China's HNA Group paid to acquire the building in 2017 when New York City's commercial real estate market was at its peak. SL Green took control of 245 Park Avenue last year after lenders seized the building from HNA Group. Jesse Keenan, sustainable real estate professor at Tulane University, said the transaction is a speculative investment that suggests the deep downturn in the New York commercial real estate market may have bottomed out. SL Green Realty was the biggest gainer among listed REITs, leading its peers Vornado Realty Trust (VNO.N), Office Properties Income Trust (OPI.O), and Boston Properties Inc (BXP.N).

Persons: Kohn Pedersen Fox, Angelo Gordon, Jesse Keenan, Keenan, Vornado, Chibuike Oguh, Herbert Lash, Lisa Shumaker, Lance Tupper, Michelle Price Organizations: YORK, SL Green Realty Corp, Big, SL Green Realty, Mori Trust, Kohn Pedersen Fox Associates, Grand, Ares Management, Societe Generale, HNA, Green, HNA Group, Tulane University, New York, Green Realty, Vornado Realty, Income, Boston Properties Inc, Thomson Locations: New York City, U.S, Manhattan, New York

☆ UnitedHealth bags Amedisys for $3.3 bln as home health firm scraps Option deal
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

June 26 (Reuters) - Home health and hospice caregiver Amedisys (AMED.O) on Monday agreed to a $3.3 billion sweetened cash offer from UnitedHealth Group (UNH.N) and scrapped an all-stock deal with Option Care Health (OPCH.O). Meanwhile, Option Care said it was "disappointed" with the cancellation of the deal and will get $106 million from Amedisys as per its May agreement. Option Care shares rose 3% in early trading, while those of Amedisys and UnitedHealth were largely flat. Option Care investors had largely disapproved of its deal for Amedisys as they believed the company was capable of recording strong growth on its own. Its shares had slumped 14% in May due to the Amedisys deal, but rose nearly 10% this month after UnitedHealth entered the race.

Persons: Amedisys, UnitedHealth, William Blair, Matt Larew, Leroy Leo, Saumyadeb Chakrabarty, Arun Koyyur Organizations: UnitedHealth, Care, LHC, Amedisys, Thomson Locations: Amedisys, Bengaluru

☆ Strength in the services sector is beginning to falter, says Annex Wealth's Brian Jacobsen
▼ + stars: | 2023-06-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStrength in the services sector is beginning to falter, says Annex Wealth's Brian JacobsenBrian Jacobsen, Annex Wealth Management chief economist, and Bill Stone, chief investment officer at The Glenview Trust Company, joins 'The Exchange' to discuss qualities of a lazy bull market, recession worries, and waning resilience of the U.S. consumer.

Persons: Brian Jacobsen Brian Jacobsen, Bill Stone Organizations: Wealth Management, Glenview Trust Company

☆ Jeffrey Epstein got $300 mln tax breaks, paid US Virgin Islands police, JPMorgan says
▼ + stars: | 2023-06-21 | by ( Jonathan Stempel | ) www.reuters.com time to read: +4 min

In a Tuesday night court filing, the largest U.S. bank also described how Epstein allegedly paid law enforcement entities such as the Virgin Islands Police Department. The U.S. Virgin Islands, where Epstein owned two neighboring islands, has accused JPMorgan of facilitating Epstein's crimes by providing banking services, and enabling him to pay victims. U.S. Virgin Islands police "never received a single complaint" about Epstein's sex trafficking and would have investigated complaints, a person familiar with the territory's law enforcement practices said. JPMorgan's latest disclosures followed Monday's release by the U.S. Virgin Islands of a 22-page document prepared by the bank in late 2019 after Epstein's death. JPMorgan has sued Staley, and wants him liable for damages it might owe in the accusers' and U.S. Virgin Islands' lawsuits.

Persons: JPMorgan Chase, Jeffrey Epstein, Epstein, Cecile de Jongh, Jeffrey Epstein's, Venetia Velazquez, de Jongh, EPSTEIN'S, Jongh, John, Jes Staley, Staley, Jonathan Stempel, Leslie Adler, Gerry Doyle, Deepa Babington Organizations: YORK, JPMorgan, U.S . Virgin Islands, Virgin Islands Police Department, U.S ., U.S . Virgin, Virgin Islands, FIDE, Financial, Co, Southern Trust Co, territory's Department of Justice, USVI DOJ, Barclays, Thomson Locations: U.S, U.S . Virgin, Manhattan, U.S . Virgin Islands, Florida, New York

☆ Jeffrey Epstein got $300 mln in US Virgin Islands tax incentives, JPMorgan says
▼ + stars: | 2023-06-21 | by ( Jonathan Stempel | ) www.reuters.com time to read: +4 min

In a Tuesday night court filing, the largest U.S. bank described how Epstein allegedly paid law enforcement entities such as the Virgin Islands Police Department. JPMorgan also alleged in the filings that Epstein had ties to U.S. Virgin Islands officials, including former first lady Cecile de Jongh, who the bank said were aware of Epstein's crimes. Spokespeople for the U.S. Virgin Islands did not immediately respond to requests for comment after business hours. The territory, where Epstein owned two neighboring islands, has accused JPMorgan of facilitating Epstein's sex crimes by providing banking services, and enabling him to pay his victims. The bank wants Staley to cover its losses in that lawsuit and the U.S. Virgin Islands lawsuit.

Persons: JPMorgan Chase, Jeffrey Epstein, Epstein, Cecile de Jongh, de Jongh, EPSTEIN'S, Jongh, John, STALEY, Jes Staley, Staley, Jonathan Stempel, Leslie Adler, Gerry Doyle Organizations: YORK, JPMorgan, U.S . Virgin Islands, Virgin Islands Police Department, U.S . Virgin, FIDE, Financial, Co, Southern Trust Co, territory's Department of Justice, USVI DOJ, Barclays, Thomson Locations: U.S, Manhattan, U.S . Virgin Islands, Florida, New York

☆ EU Anti-Trust Commissioner Margrethe Vestager on digital markets and the future of tech regulation
▼ + stars: | 2023-06-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEU Anti-Trust Commissioner Margrethe Vestager on digital markets and the future of tech regulationMargrethe Vestager, European Commission Executive Vice President and Competition Commissioner, discusses the future of tech companies under the Digital Markets Act, safeguards on usage of artificial intelligence, and the current anti-trust landscape.

Persons: Margrethe Vestager Organizations: EU, European, Competition, Digital Markets

‘Living on top of each other’Mission Antarctica: Each year, the UK Antarctic Heritage Trust sends a crack team to run one of the world's most remote post offices. UK Antarctic Heritage Trust Shovel your way in: It was a tough start. UK Antarctic Heritage Trust Food reserves: Unsurprisingly, fresh food is in short supply, other than what comes their way via visiting cruise ships. UK Antarctic Heritage Trust Kitted out: Those sunglasses are crucial if you don't want to risk snow blindness. UK Antarctic Heritage Trust The post office at the end of the world Prev NextThe chosen candidates beat out odds of one in a thousand – but this is not a cozy posting.

Persons: They’d, Clare Ballantyne, it’s, Ballantyne, Lucy Bruzzone, Mairi Hilton, Natalie Corbett, Camilla Nichol, Nichol, “, ”, Vicky Inglis, ‘ Cheeriness, Cheeriness, They’ll, aren’t, Says Nichol Organizations: CNN, Britain’s Royal Navy, Port, Antarctic Heritage Trust, Base, Antarctic Heritage Trust Food, Antarctic Heritage, British Antarctic Survey, International Association of Antarctica Locations: there’s, Antarctica, Inglis, Montreal, Antarctic

Economists polled by Reuters had expected new yuan loans would jump to 1.6 trillion yuan last month, versus 718.8 billion yuan in April and against 1.89 trillion yuan a year earlier. Outstanding yuan loans in May grew 11.4% on year compared with 11.8% growth the previous month. Household loans including mortgages were up 367.2 billion yuan in May, versus a contraction of 241.1 billion yuan in April. Corporate loans rose to 855.8 billion yuan in May from 683.9 billion yuan in April, central bank data showed. In May, TSF rose to 1.56 trillion yuan from 1.22 trillion yuan in April.

Persons: Zhiwei Zhang, Yi Gang, Nomura, TSF, Qiaoyi Li, Judy Hua, Kevin Yao, Jacqueline Wong Organizations: People's Bank of China, Reuters, PMI, Capital, Analysts, U.S, Thomson Locations: BEIJING, Shanghai, Beijing, U.S . Federal, TSF

☆ Finland is consistently ranked the happiest country on earth. For Finns, it's an eye-roller.
▼ + stars: | 2023-06-10 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +9 min

Finland's high levels of social trust could be one reason the country has been ranked as the world's happiest for six years in a row. Finns don't view themselves as exceptionally happy people. A busy street in Helsinki, Finland. In 2021, the Nordic country spent 24% of its GDP on social protection — the highest of any other OECD country that year. 'We have problems as well'As fun as such ratings can be to share and debate, they of course obscure the challenges experienced in any country, even Finland.

Persons: Frank Martela, they've, Jennifer De Paola, De Paola's, Jimenez, you'll, We're, Meri Larivaara, it's, De Paola, ALESSANDRO RAMPAZZO, Martela, Larivaara, Eric, Susanna Nordvall, who's, De Organizations: Aalto University, De, Heli Jimenez, United Nations Sustainable Development Solutions, Gallup, Getty, Nordic, OECD, Healthcare, Mental Health Locations: Espoo, Finland's, Helsinki, Finland, AFP, Japan, Italy, Finnish

☆ Fading risks, fear of missing out may fuel US stocks after near 20% rally
▼ + stars: | 2023-06-08 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

"Further strength might beget further strength because of the FOMO factor," he added, using the popular acronym for "fear of missing out." "Inflation has clearly subsided, and yet labor market strength has remained intact," wrote BMO Capital Markets chief investment strategist Brian Belski in a recent note. “Moving past the debt ceiling and at least having some economic data that looks ok is actually enough to get some people interested,” said Keith Lerner, co-chief investment officer at Truist Advisory Services. Lerner on Monday shifted his expected S&P 500 range for this year up to 3,800-4,500, from 3,400-4,300 previously, citing improving earnings trends among other factors. For Hans Olsen, chief investment officer at Fiduciary Trust Co, that’s an ominous sign.

Persons: Cash, Chuck Carlson, Brian Belski, BofA, ”, Keith Lerner, Lerner, Monday, John Lynch, Hans Olsen, Olsen, Lewis Krauskopf, Ira Iosebashvili, Diane Craft Organizations: YORK, BofA Global, Deutsche Bank, Horizon Investment Services, BMO Capital Markets, ” BMO, Reuters Graphics, ISI, Advisory, Comerica Wealth Management, Microsoft, Nvidia, Reuters, Thomson

☆ Meta plans new overview for Facebook, Instagram users, German regulator says
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

BERLIN, June 7 (Reuters) - Germany's cartel office said Meta (META.O) plans to introduce a new overview for users of its platforms Facebook and Instagram, in a step towards allaying anti-trust concerns following years of discussions with the regulator. Meta's accounts centre will allow users to make "a largely free and informed decision" about whether they want to use accounts such as Instagram and Facebook in combination or separately, the office said. "We have updated the Meta account overview to show more transparently how our services work together and give people more control over these features," a Meta spokesperson said. In 2019, the cartel office sought to ban Meta - then Facebook - from combining user data from several sources without users' consent. Germany is keeping close watch over Meta after the regulator deemed it of "paramount significance for competition across markets", a classification which gives the regulator more leeway to curb digital companies' market power.

Persons: Rachel More, Miranda Murray, Jason Neely Organizations: Facebook, Meta, Thomson Locations: BERLIN, Germany

Focus now shifts to the Labor Department's closely watched unemployment report for May, due on Friday. The data will help determine whether the Fed sticks with its aggressive rate hikes. "The market became confident that, 'wow the Fed rate hike for June is pretty much not happening' and confidence is falling for raising rates for July," he said. C3.ai Inc (AI.N) slumped after the artificial intelligence company forecast an annual revenue outlook below analysts' estimates. Dollar General Corp (DG.N) plunged as retail companies cut their full-year sales forecasts as high inflation dimmed the U.S. consumer outlook.

Persons: Goldman Sachs, Edward Moya, I'm, Jimmy Chang, Chang, Jason Pride, We've, Herbert Lash, Shreyashi Sanyal, Shristi, Shounak Dasgupta, Maju Samuel, Deepa Babington Organizations: Labor, Dow Jones, Nasdaq, ADP, Labor Department, Unit, Futures, Reuters Graphics Reuters, Senate, Rockefeller Global, Nvidia Corp, Glenmede, Dow, Salesforce Inc, Goldman Sachs Group Inc, Meta, Inc, General Corp, Thomson Locations: New York, Philadelphia, Bengaluru

☆ Stephen Schwarzman says Blackstone has dumped office investments. Another corner of the firm kept lending billions.
▼ + stars: | 2023-05-30 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +8 min

Blackstone Mortgage Trust's $8.2 billion portfolio of office loans leaves it exposed to the sector. The Blackstone-managed firm issued about $3.3 billion of US office loans since the pandemic began. Even as clouds began to gather, Blackstone Mortgage Trust continued to lend to the office sector. In addition to managing the mortgage trust, Blackstone is among its largest shareholders. A Washington office complex shows how far values have fallenThere are ongoing issues, however, in Blackstone Mortgage Trust's portfolio.

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