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☆ New York grand jury indicts former President Donald Trump in hush money payment case
▼ + stars: | 2023-03-30 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

A New York grand jury voted Thursday to indict former President Donald Trump in connection with a $130,000 hush money payment to porn star Stormy Daniels ahead of the 2016 election, his lawyer told CNBC. Trump attorney Joe Tacopina told NBC News that Trump is expected to surrender to the Manhattan District Attorney's office early next week. Trump is the first former president to be charged with a crime, a development that will reverberate around the country. Follow our live coverage of the New York grand jury vote to indict former President Donald Trump. Tacopina and another Trump lawyer, Susan Nechele, said: "President Trump has been indicted.

☆ The banking crisis is doing Fed's work and creating a window for stocks to rally
▼ + stars: | 2023-03-26 | by ( Jim Cramer | ) www.cnbc.com time to read: +19 min

Work from home has in part jacked up food prices, and the increase is about 14% above just last year. The only bank that looks like Silicon Valley Bank is First Republic Bank (FRC) because it, too, has suffered huge deposit withdrawals. Nike (NKE)said China orders were good, so did Club stock Starbucks (SBUX). As counterintuitive as it is, the banking row will give the 4.8% fed funds rate a chance to cool consumer spending. This gives stocks a window to advance until we begin earnings season with what will no doubt be a cautious banking sector.

☆ UBS could see big gains after forced Credit Suisse merger. Big U.S. banks may also be winners, analysts say
▼ + stars: | 2023-03-20 | by ( Alex Harring | ) www.cnbc.com time to read: +5 min

UBS ' acquisition of Credit Suisse could lead to big gains for the Swiss bank. UBS agreed to buy Credit Suisse for 3 billion Swiss francs, or around $3.2 billion, in a forced deal announced Sunday. As part of the deal, Credit Suisse shareholders receive 1 UBS share for every 22.48 Credit Suisse shares they hold. But Barclays analyst Amit Goel wasn't so sure, cutting his view on European banks to neutral from positive on Monday. Wells Fargo's Mike Mayo, meanwhile, sees opportunity for U.S. banks coming out of the UBS takeover of Credit Suisse.

☆ It's very unclear how this bank fallout is going to reverberate: Kayne Anderson Rudnick's Biel
▼ + stars: | 2023-03-16 | 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 EmailIt's very unclear how this bank fallout is going to reverberate: Kayne Anderson Rudnick's BielJulie Biel, portfolio manager at Kayne Anderson Rudnick, joins 'Squawk Box' to discuss her thoughts on equity markets, where she feels most comfortable in stocks, and more.

☆ Coinbase opens local bank transfers for Singapore users at no cost
▼ + stars: | 2023-03-15 | by ( Rae Wee | ) www.reuters.com time to read: +1 min

Transfers, in Singapore dollars, are facilitated by a traditional bank, Standard Chartered (STAN.L), and carry no fee, the company said in a statement. Previously, users could only purchase crypto via a Visa or Mastercard debit or credit card, or transfer crypto in and out of their Coinbase account. Coinbase, which last year received in-principle approval from the Monetary Authority of Singapore (MAS) to offer payment services in the city-state, is looking to ramp up its Singapore retail offerings, said Ahmed. Singapore has generally welcomed crypto businesses but has been wary of encouraging retail involvement. Coinbase's announcement also comes with confidence in crypto fragile as the fallout from the spectacular collapse of crypto exchange FTX continues to reverberate through markets.

☆ Wall Street ends green as inflation cools, bank jitters ebb
▼ + stars: | 2023-03-14 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

Financial stocks clawed back some losses, with the S&P 500 Banks index (.SPXBK) coming back from its steepest one-day sell-off since June 2020. Bank contagion fears were allayed on Tuesday as reassurances by U.S. President Joe Biden and other global policymakers vowed the crisis would be contained. Even so, inflation has a considerable way to go before approaching the central bank's average annual 2% target. [1/4] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 14, 2023. The S&P 500 banking index (.SPXBK) reclaimed territory lost to Monday's plunge, its biggest one-day drop since June 2020.

Like many other banks, SVB ploughed billions into US government bonds during the era of near-zero interest rates. What seemed like a safe bet quickly came unstuck, as the Federal Reserve hiked interest rates aggressively to tame inflation. When interest rates rise, bond prices fall, so the jump in rates eroded the value of SVB’s bond portfolio. The bank’s stock plummeted 60% Thursday and dragged other bank shares down with it. By Friday morning, trading in SVB shares was halted and it had abandoned efforts to raise capital or find a buyer.

☆ European stocks head for higher open but SVB's collapse rattles global market confidence
▼ + stars: | 2023-03-14 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

Oil prices dipped as the collapse of Silicon Valley Bank continues to reverberate across global markets. National Australia Bank expects the prices to drop further following a stronger than expected U.S. inflation data slated for release later. "Oil prices fall on market fall-out from the US Silicon Valley Bank collapse. While energy prices have seen some relief due to diminishing shortage concerns, upside risks remain said Commonwealth Bank of Australia. "We see upside risks to our outlook driven by a sustained fall in Russia's oil and diesel exports," CBA said.

☆ Treasury yields rise as investors assess interest rate outlook ahead of key inflation data
▼ + stars: | 2023-03-14 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +2 min

ET, the yield on the 10-year Treasury was up by almost seven basis points to 3.5827%. The 2-year Treasury was last at 4.1857% after climbing over 15 basis points. It had declined by close to 59 basis points on Monday, notching the biggest three-day drop since the fallout from the October 1987 stock market crash. U.S. Treasury yields climbed on Tuesday as investors weighed the outlook for Federal Reserve interest rate hikes after the fallout from Silicon Valley Bank's collapse and awaited fresh inflation data. Bond yields had plummeted as prices rose following the bank's collapse, which sparked fears of broader issues across the banking sector.

Ohio sued rail company Norfolk Southern over the derailment of a train carrying toxic materials in the town of East Palestine last month, the state's attorney general announced Tuesday. The state is seeking damages, civil penalties and a "declaratory judgement that Norfolk Southern is responsible," he said. "This derailment was entirely avoidable," Yost said, adding that Norfolk Southern has seen an 80% increase in accidents over the past decade. According to the complaint, filed in the U.S. District Court for the Northern District of Ohio, the derailment is one of a "long string" of Norfolk Southern derailments and hazmat incidents. Since 2015, at least 20 Norfolk Southern derailments involved chemical discharge, the state claims.

☆ FTSE 100 hits two-month low as banks stretch losses in SVB aftermath
▼ + stars: | 2023-03-13 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies HSBC falls after taking over SVB's UK armBritish American Tobacco down after JPM downgradeBank sector index hits over two-month lowFTSE 100 down 2.4%, FTSE 250 off 2.9%March 13 (Reuters) - UK's FTSE 100 fell on Monday, with banks extending losses as shock waves continue to reverberate through financial markets after U.S. regulators closed Silicon Valley Bank (SVB). The blue-chip FTSE 100 (.FTSE) lost 2.4%, falling to an over two month low. UK banks (.FTNMX301010) slid 4.3%, hitting an over two-month low and extending last week's declines of over 6%. The focus is now shifting to UK's spring budget due to be unveiled later in the day. Reporting by Shashwat Chauhan in Bengaluru; Editing by Sherry Jacob-Phillips and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

With assets of around 5.5 billion pounds and deposits of around 6.7 billion pounds, SVB UK is a minnow compared to HSBC. The situation was urgent because SVB UK had lost almost half of its deposits in the 48 hours leading up to its rescue, the source said. Officials from the Bank of England and Treasury along with board members from SVB UK were then locked in talks. HSBC also plans to inject 2 billion pounds of liquidity into SVB UK, a spokesperson for HSBC said. Advisory firm Rothschild, which advised SVB UK according to sources, also declined to comment.

☆ Why Silicon Valley Bank collapsed and what it could mean
▼ + stars: | 2023-03-13 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

London CNN —Silicon Valley Bank collapsed with astounding speed on Friday. A Brinks armored truck sits parked in front of the shuttered Silicon Valley Bank headquarters on March 10, 2023 in Santa Clara, California, United States. Established in 1983, Silicon Valley Bank was, just before collapsing, America’s 16th largest commercial bank. Like many other banks, SVB ploughed billions into US government bonds during the era of near-zero interest rates. By Friday morning, trading in SVB shares was halted and it had abandoned efforts to raise capital or find a buyer.

☆ GOLDMAN SACHS: Here are the 12 best growth stocks among financials as the turmoil surrounding Silicon Valley Bank and Silvergate rocks the sector
▼ + stars: | 2023-03-12 | by ( Marley Jay | ) www.businessinsider.com time to read: +3 min

Investors are fleeing bank stocks after the quick failure of Silicon Valley lender SVB Financial. Goldman Sachs is pointing traders to the highest-growth stocks in the new-look financial sector. US financial stocks were walloped this week after the back-to-back failures of Silicon Valley startup lender SVB Financial and crypto lender Silvergate. The stock fell 60% in a day. The KBW Nasdaq Bank Index fell 7.7% Thursday, its worst single-day loss in almost three years.

☆ Run on Silicon Valley Bank injects some panic into an already slumping stock market
▼ + stars: | 2023-03-11 | by ( Michael Santoli | ) www.cnbc.com time to read: +8 min

The charts suggest that breaking the December low in the S & P 500 around 3765 – down just 2.5% from here – would lose the bullish case a lot more credibility than has been surrendered so far. Of course, fears of contagion can outrun the facts and sometimes can become self-fulfilling, but the S & P 500 has (for now) simply backslid to a nine-week low. Jason Hunter, technical strategist at JP Morgan, had been expecting "a weakening corporate earnings environment would eventually take the narrative away from the Fed driven rates market. In the past week Apple shares lost about a third of what the S & P 500 did. Inflation has been at generational highs for two years as it was not then, and the labor market wasn't nearly as tight.

ATHENS, March 5 (Reuters) - A Greek railway employee was jailed on Sunday pending trial over a deadly train crash that killed at least 57 people, as Greeks seethed with anger over the worst rail disaster in living memory. Clashes erupted between police and demonstrators in Athens on Sunday, after thousands rallied to protest over the crash. The 59-year-old Larissa station master faces multiple charges of disrupting transport and putting lives at risk. REUTERS/Alkis Konstantinidis 1 2 3 4 5Railway workers say the country's rail network has been creaking under cost-cutting and underinvestment, a legacy of Greece's debilitating debt crisis from 2010 to 2018. Mitsotakis said on Sunday that if there had been a remote system in place throughout the rail network "it would have been, in practice, impossible for the accident to happen".

☆ Covid-Era Savings Are Crucial to China’s Economic Recovery
▼ + stars: | 2023-02-26 | by ( Stella Yifan Xie | ) www.wsj.com time to read: 1 min

A reluctance to spend by Chinese consumers could reverberate globally. HONG KONG—The strength of China’s economic rebound this year largely hinges on one uncertainty: whether families and large companies are willing to draw down the pile of cash they built up since the start of Covid-19. Chinese families, constrained by Covid lockdowns, hoarded cash and pushed up the country’s household saving rate to a multiyear high of 33% in 2022, up 3 percentage points from the prepandemic trend in 2019, according to estimates by Goldman Sachs.

☆ Three Years Into Covid, We Still Don’t Know How to Talk About It
▼ + stars: | 2023-02-22 | by ( Jon Mooallem | Photographs Ashley Gilbertson | ) www.nytimes.com time to read: +53 min

It will play out and reverberate for years or decades, Hagen told me. “The pathological normal,” Hagen calls it: a patchwork of homespun, bespoke realities, each one invested in a different story about what exactly happened when Covid ruptured the story of our lives. garb.”More than once, life seemed to be attaining “an uncanny resemblance to normal life,” as one man put it. But because we don’t totally understand where that experience has delivered us, we don’t know the right gloss to give it. “The days are strange,” one public-school teacher told Milstein toward the end of his first interview, in May 2020.

☆ Overnight protests rock Tehran, other Iranian cities, videos show
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +4 min

Videos on Friday showed demonstrations in several neighbourhoods in Tehran as well as in the cities of Karaj, Isfahan, Qazvin, Rasht, Arak, Mashhad, Sanandaj, Qorveh, and Izeh in Khuzestan province. Reuters was able to confirm three of the videos on the protests in Zahedan and one of those in Tehran. Other videos showed large protests on Friday in Zahedan, capital of southeastern Sistan-Baluchistan province, home to Iran's Baluchi minority. [1/5] People take part in a protest in Zahedan, Iran in this screen grab taken from a social media video released February 17, 2023 and obtained by Reuters. In recent weeks Iranian media have reported closures of several businesses, restaurants and cafes for failure to observe the hijab rules.

☆ Putin, secure in power, sets stage for long and draining war
▼ + stars: | 2023-02-15 | by ( Guy Faulconbridge | ) www.reuters.com time to read: +7 min

One senior Russian source with knowledge of decision-making said Putin's hopes of burnishing his reputation had been dashed. "Ahead, it will be even more difficult and more costly for both Ukraine and Russia," said the source, who spoke on condition of anonymity. For all the geopolitical shock waves Putin has caused, he still has no serious rival for power, according to five senior Russian sources close to decision-making. The source said Russia was at a disadvantage in both military technology and motivation, but that the war would still continue "for a very long time". "The president believes he can win in Ukraine," said one senior Russian source.

But too often, this behavior is an excuse for avoiding the mucky work of maintaining relationships, both personal and professional. Many managers and employees want to escape the unchecked animus they experience online, preferring the workplace feel like a safe cocoon. This year we should all work to reverse the trend and lean in to conflict — and conflict resolution — instead. Perfectionism affects and, in turn, limits the ways we feel safe communicating, which makes perfect sense. The pandemic, not surprisingly, is another culprit, exacerbating students’ experience of relational tension.

☆ Growth constraints to shackle industrial metals for a few more months
▼ + stars: | 2022-12-30 | by ( Pratima Desai | ) www.reuters.com time to read: +3 min

Nickel and tin have slumped 50% and 70% respectively. Spiralling inflation, COVID lockdowns in top consumer China and aggressive interest rate rises are behind economic weakness and dwindling demand growth for industrial metals such as copper, used in the power and construction industries. However, BoA noted that metals prices had already fallen significantly and that they would outperform energy in the first half of next year. For soldering material tin, a major theme is consumer belt tightening, which has hit demand for electronic goods. "Slowing (tin) demand is perhaps best illustrated by global semiconductor billings, which had retraced 18% by September, since reaching an all-time high in February," Macquarie analysts said in a note.

☆ China's Xi solidified grip on power during tumultuous 2022
▼ + stars: | 2022-12-29 | by ( Tony Munroe | ) www.reuters.com time to read: +5 min

It was a rare highlight for Xi in 2022, a tumultuous year capped by unprecedented street protests followed by the sudden reversal of his zero-COVID policy and coronavirus infections rampaging across the world's most populous country. Xi travelled abroad for the first since the start of the pandemic, meeting with Russian President Vladimir Putin in September. Later that month, protesters in cities across China took to the streets in opposition to nearly three years of stifling COVID-19 controls that were a signature Xi policy. Since the congress, China has reversed zero-COVID and said it will focus on stabilising its $17 trillion economy in 2023. The World Bank expects reopening of China's economy will lift growth to 4.3% in 2023 from its forecast of 2.7% for the current year.

☆ Meet the little-known Google exec steering the company's $209 billion ad business through an uncertain economy and the minefield of privacy concerns
▼ + stars: | 2022-12-24 | by ( Ryan Joe | ) www.businessinsider.com time to read: +10 min

Jerry Dischler is steering Google's $209 billion ads business through major challenges. It falls to him to reinvent digital advertising to keep its $209 billion ad business going. At the same time, he has to keep growing Google's ad business amid increasingly dour spend forecasts. He went on to search ads in 2008, and by 2009, he was overseeing Google's team that developed new ad formats. Even when some parts of Google's ad business slows, as YouTube and Google network ads did last quarter, it gains strength in other areas, such as search.

☆ The brutal cold is disrupting last-minute UPS and FedEx deliveries and sending drivers sliding on icy roads. Here's where packages could be delayed.
▼ + stars: | 2022-12-22 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +3 min

FedEx's advisory said winter weather could affect shipments going through the company's Indianapolis and Memphis air hubs. "Potential service disruptions may not affect FedEx Express, FedEx Ground, FedEx Freight, FedEx Office, etc. UPS announced that severe winter weather is already affecting deliveries in North Dakota, South Dakota, and Nebraska — 314 zip codes in all. Though the weather system will be felt by most Americans Friday, some delivery drivers have already experienced snowy and icy conditions. At least one UPS and one FedEx Ground driver posted on Reddit photos of trucks stuck in snowy drifts.

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