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☆ Rocket Lab CEO Peter Beck on building hypersonic technology
▼ + stars: | 2023-04-18 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRocket Lab CEO Peter Beck on building hypersonic technologyCNBC’s Morgan Brennan with Rocket Lab CEO Peter Beck, join 'Closing Bell: Overtime' to discuss the company's plans to go hypersonic.

The largest U.S. lender gained $50 billion in deposits at the end of March, its first-quarter earnings report showed. That compares to Citigroup Inc (C.N), where deposits were largely flat, and a decline at Wells Fargo & Co (WFC.N). Investors have closely scrutinized deposits after the collapses of Silicon Valley Bank and Signature Bank last month rattled markets, prompting regulators to step in to guarantee their customers' deposits. JPMorgan reported a 2% rise in deposits to $2.38 trillion at the end of the quarter compared with the end of 2022. Deposits at Wells Fargo slid 2% to $1.36 trillion as customers moved their money to higher-yielding accounts and products.

☆ New Zealander without college degree couldn't talk his way into NASA or Boeing—so he built a $1.8 billion rocket company
▼ + stars: | 2023-04-11 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +6 min

Beck launched the company, Rocket Lab, later that same year. Running a rocket company is kind of like that scene in "Indiana Jones," where he's getting chased by that giant ball. What do you wish you'd known when you decided to start your own rocket company? At that time, that was an absurd amount of money for a rocket startup. A rocket startup from someone living in New Zealand was even more absurd.

☆ What OPEC's surprise production cut means for our oil stocks
▼ + stars: | 2023-04-03 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +6 min

Crude prices and oil stocks jumped Monday after OPEC+ members announced a surprise production cut, giving investors an opportunity to pare back their energy exposure. Oil prices rose more than 6% on Monday, with U.S. crude benchmark West Texas Intermediate climbing above $80 per barrel for the first time since early March. Halliburton (HAL) shares surged more than 8% Monday, to over $34 each, as the best-performing Club energy stock. Shares of Coterra Energy (CTRA), our energy stock most focused on natural gas, rose 2.3%. In the short run, Jim Cramer said, oil prices could certainly climb a bit higher, possibly back to the $90-per-barrel level.

☆ The best tips for buying a car, according to dealers
▼ + stars: | 2023-03-31 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Car buying is daunting, but especially with today's interest rates and uncertain inventory. Car dealers offered some tips about getting the best deal. There are plenty of things consumers can do to make the right choice and get the best deal amid all of that. Dealers — who know the ins-and-outs of the auto-buying market — have a few more tips for the best way to get a deal and navigate the process. The average new car sold for $48,763 in February, according to Kelley Blue Book, down from January's $49,468 and December's $49,507.

☆ Americans love to buy more car than they need. It's making electric cars more expensive.
▼ + stars: | 2023-03-30 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

But Americans love SUVs and trucks, and they're going to have to pay for them in the near term. A lot of prospective EV buyers just haven't yet found the types of EVs they're looking for. They don't necessarily need more luxury electric sedans — they want the trucks and SUVs they're used to. A recent study found most car-buyers don't want to spend more than $50,000 to go EV, but they also want electric trucks and SUVs that inherently cost more. Bigger vehicles are often just more expensive, largely because they require bigger batteries — the most expensive part of these new EVs.

☆ Rocket Lab targets $50 million launch price for Neutron rocket to challenge SpaceX's Falcon 9
▼ + stars: | 2023-03-24 | by ( Michael Sheetz | ) www.cnbc.com time to read: +3 min

During its fourth-quarter report last month, Rocket Lab said it had begun producing the first tank structures of Neutron, as well as construction of the launch pad for the rocket. That means Neutron is targeting a "$50 million to $55 million launch service cost," Spice said. "We don't have any hard data on that but certainly, if that was to happen, that'd be an incredibly bullish thing for Neutron," Spice said. More than rocketsSpice also emphasized to the Bank of America audience that Rocket Lab is "much more than" just a rocket company. As CEO Peter Beck has previously noted, Rocket Lab aims to create an "end-to-end platform for customers" who need space-based services.

☆ Working out is one of the best things you can do to treat depression
▼ + stars: | 2023-03-24 | by ( Yeji Jesse Lee | ) www.businessinsider.com time to read: +5 min

A new paper that analyzed data from 41 studies found that exercise had a big effect on depression. Researchers found that exercise improved depression symptoms at least as much as other treatments. They said that exercise should be offered as "an evidence-based treatment option" for patients. Aerobic exercise and resistance training had big effects on reducing depression symptoms, the authors noted, as did supervised and group exercises of "moderate intensity." A 2018 study published in JAMA Psychiatry found that strength training can help treat depression just as well as aerobic exercise.

☆ Retirement vs. emergency savings: How to prioritize in a shaky economy
▼ + stars: | 2023-03-23 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Jamie Grill | Getty ImagesWhen you're on a tight budget, It can be tough to decide between contributing to your retirement savings or to your emergency fund — especially during periods of economic uncertainty. Although the 401(k) contribution limit jumped to $22,500 for 2023, experts say you shouldn't forgo emergency savings to max out your plan. More than half of savers are prioritizing short-term financial goals in 2023, including emergency savings, according to a recent study from Fidelity Investments. While maxing out your 401(k) should be the goal, your emergency savings is also important, she said. If your emergency savings are short after that, you should "definitely" divert any additional funds to build up that cash reserve, she said.

☆ Texans sound off against Elon Musk's 'horrifying' plans for dumping The Boring Company wastewater into Colorado River
▼ + stars: | 2023-03-23 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

The Boring Company is facing criticism from Texans over its plans to dump treated wastewater. One resident said about 400 people showed up at the public meeting on The Boring Company's plans. "The thought of this happening is horrifying," Erin, who runs an organic farm near the Boring Company facility, told Fox News. The Boring Company. A spokesperson for The Boring Company did not respond to a request for comment from Insider.

☆ Silicon Valley Bank's CEO and CFO were ousted but other bank executives still have their jobs — and they're wooing new customers, acting CEO told clients.
▼ + stars: | 2023-03-17 | by ( Kali Hays | Darius Rafieyan | Dakin Campbell | ) www.businessinsider.com time to read: +5 min

Clients were told that the CEO and CFO are out of SVB, while other managers remain. His message to them: Silicon Valley Bank was fully operational, protected by unlimited FDIC insurance even for new deposits, and all business was functioning normally, as if the bank run on Friday never happened. In this case, Silicon Valley Bridge Bank is a full-service bank." Retaining management is, perhaps, a good outcome for the moment for SVB employees who have been cast in a pall of uncertainty since last week. SVB employees now seem to fall into three groups, according to the recruiter, who has spoken with SVB employees in recent days.

☆ Goldman’s new strategy gets baptism of fire
▼ + stars: | 2023-03-15 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +4 min

NEW YORK, March 15 (Reuters Breakingviews) - The collapse of Silicon Valley Bank is providing a slightly awkward showcase for Goldman Sachs’ (GS.N) manifold talents. It’s true to the new unified “One Goldman Sachs” strategy expounded by Chief Executive David Solomon, dampened by the client not living to tell the tale. The investment bank Solomon now leads scrambled throughout the financial crisis to help panicked clients shore up their finances. SVB’s financial models had to be revised on the fly and approved by its board as the situation deteriorated. There also was no soothing imprimatur from Buffett, or a rich Silicon Valley grandee such as Larry Ellison, Steve Ballmer or Larry Page.

LONDON, March 15 (Reuters) - Finance minister Jeremy Hunt presented less gloomy forecasts for Britain's economy at his Spring Budget on Wednesday. Reuters Graphics Reuters GraphicsROSIER OUTLOOKA rout in global banking stocks on Wednesday overshadowed many UK-specific moves. Investments announced by Hunt such as a corporate spending tax break, a boost for defence and extra childcare support were not viewed as particularly inflationary. Unlike in the last budget, noise around windfall taxes on oil and gas companies was muted in the run-up to the budget since energy prices have fallen dramatically since then. "In general, the budget is not the big story for gilts right now, global drivers are in the driving seat," said James Smith, economist at ING.

☆ The collapse of Silicon Valley Bank foreshadows a bigger reckoning for the tech industry
▼ + stars: | 2023-03-15 | by ( Linette Lopez | ) www.businessinsider.com time to read: +12 min

In the days since the stunning collapse of Silicon Valley Bank, I've seen the tech world point a lot of fingers. Silicon Valley Bank imploded in part because it was a repository for the riskiest behaviors of the industry it serviced. In spite of this reality, there has been little self-reflection on the part of the industry that was so closely tied to Silicon Valley Bank. Silicon Valley Bank thrived on these trends. But to grow at the breakneck speed of its clients, Silicon Valley Bank executives had to change things in Washington.

☆ SVB execs sold $84 million in stock over the past 2 years, stoking outrage over insider trading plans
▼ + stars: | 2023-03-14 | by ( Robert Frank | ) www.cnbc.com time to read: +1 min

Silicon Valley Bank CEO Greg Becker sold nearly $30 million of stock over the past two years, raising new questions over insider stock sales. Becker sold $3.6 million worth of shares on Feb. 27, just days before the bank disclosed a large loss that triggered its stock slide and collapse. The sale capped two years of stock sales by Becker that totaled $29.5 million, according to data from Smart Insider. Altogether, SVB executives and directors cashed out of $84 million worth of stock over the past two years, according to Smart Insider. The sales have sparked criticism of SVB's management — as well as the broader phenomenon of insider stock sales before major declines.

☆ SEC and Justice Department reportedly investigating SVB's collapse, including insider stock sales
▼ + stars: | 2023-03-14 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

People queue up outside the headquarters of Silicon Valley Bank to withdraw their funds on March 13, 2023 in Santa Clara, California. The Securities and Exchange Commission and the Justice Department are investigating how Silicon Valley Bank became the second largest bank failure in U.S. history, the Wall Street Journal reported Tuesday. In addition to backstopping the deposits at SVB and Signature Bank, federal regulators also announced an additional funding facility for troubled banks. Daniel Beck, CFO of SVB, sold 2,000 shares of SVB Financial on Feb. 27, the same day that CEO Gregory Becker exercised options on 12,451 shares and sold them, regulatory filings showed. CNBC reported Monday that regulators could make a second attempt to sell the failed SVB after the auction over the weekend led nowhere.

Biden said his administration's actions over the weekend meant "Americans can have confidence that the banking system is safe", while also promising stiffer regulation after the biggest U.S. bank failure since the 2008 financial crisis. Shares in U.S. banking giants JP Morgan Chase (JPM.N), Morgan Stanley (MS.N) and Bank of America (BAC.N) nevertheless weakened. But your second thought is, how big was that crisis, how big were the risks that this step had to be taken?" U.S. regulators stepped in on Sunday after the collapse of SVB, which had seen a run after a big bond portfolio hit. [1/3] U.S. President Joe Biden delivers remarks on the banking crisis after the collapse of Silicon Valley Bank (SVB) and Signature Bank, in the Roosevelt Room at the White House in Washington, D.C., U.S. March 13, 2023.

[1/2] A sign for Silicon Valley Bank (SVB) headquarters is seen in Santa Clara, California, U.S. March 10, 2023. REUTERS/Nathan Frandino/File Photo/File PhotoCompanies SVB Financial Group FollowMarch 13 (Reuters) - SVB Financial Group (SIVB.O) and two top executives were sued on Monday by shareholders, who accused them of concealing how rising interest rates would leave its Silicon Valley Bank unit, which failed last week, "particularly susceptible" to a bank run. The proposed class action against SVB, Chief Executive Greg Becker and Chief Financial Officer Daniel Beck was filed in the federal court in San Jose, California. Reporting by Jonathan Stempel in New YorkOur Standards: The Thomson Reuters Trust Principles.

Greg Becker and two top lieutenants, Chief Financial Officer Daniel Beck and President Michael Descheneaux , were at the helm of Silicon Valley Bank as it rode a wave of low rates and easy-money policies. Last year, when the world changed and the Federal Reserve started raising rates at its fastest pace in decades, they all but ignored it, betting that interest rates would fall and homing in on the boom-and-bust tech industry.

[1/2] A sign for Silicon Valley Bank (SVB) headquarters is seen in Santa Clara, California, U.S. March 10, 2023. REUTERS/Nathan Frandino/File Photo/File PhotoMarch 13 (Reuters) - SVB Financial Group (SIVB.O) and two top executives were sued on Monday by shareholders who accused them of concealing how rising interest rates would leave its Silicon Valley Bank unit, which failed last week, "particularly susceptible" to a bank run. It appeared to be the first of many likely lawsuits over the demise of Silicon Valley Bank, which U.S. regulators seized on March 10 following a surge of deposit withdrawals. Silicon Valley Bank had an estimated $209 billion of assets and $175.4 billion of deposits before its collapse, in the largest U.S. bank failure since the 2008 financial crisis. The case is Vanipenta v SVB Financial Group et al, U.S. District Court, Northern District of California, No.

☆ A conservative commentator who sexually harassed AOC is suing her for blocking him on Twitter
▼ + stars: | 2023-03-13 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +3 min

The lawsuit also provides a screenshot from Stein's account showing that he was blocked. Stein's lawyer requests that he immediately be unblocked from the @AOC Twitter account, Ocasio-Cortez' personal account, which the suit describes as her de facto "official" account. "Mr. Stein desires to engage in political discussions in the robust public forum that is Ms. Cortez's huge Twitter account," Stein's lawyer wrote. Following the harassment from Stein, Ocasio-Cortez called the incident "deeply disgusting" and said Stein was "seeking extremist fame." However, she said in 2019 that she would not stop blocking people on her personal @AOC account and she stood by her decision.

☆ 15 Best Dress Shirts for Men, According to Style Experts
▼ + stars: | 2023-03-10 | by ( ) www.wsj.com time to read: +10 min

Since dress shirts are a closet staple, there are also hundreds to pick from, making a trusted recommendation invaluable. “Hands down, it’s my top selling button-up dress shirt,” she says. Though it has the appearance of a traditional dress shirt, it’s actually made of a sweat-wicking cotton-polyester blend with four-way stretch. “Without a doubt, this is a favorite of each client that tries it,” Alexander says of the dress shirt he recommends most often. Soft silk pickAs an alternative to cotton or synthetic blends, silk is a luxurious option that’s lightweight and soft on the skin.

☆ At right-wing CPAC forum, Trump shows why he'll be tough to topple
▼ + stars: | 2023-03-05 | by ( James Oliphant | ) www.reuters.com time to read: +6 min

[1/4] Former U.S. President Donald Trump attends the Conservative Political Action Conference (CPAC) at Gaylord National Convention Center in National Harbor, Maryland, U.S., March 4, 2023. The three-day conference illustrated the iron grip he holds over the right-wing, grassroots base of his party and how hard it could be for a challenger to deny Trump the Republican presidential nomination in 2024. DeSantis also attended a gathering for Republican donors in Florida held by the anti-tax group Club for Growth to which Trump was not invited. In his remarks, Bannon maintained that Trump should be the Republican nominee, saying DeSantis and other potential challengers lacked experience. Trump and DeSantis both are scheduled in the coming days to visit Iowa, which holds the first Republican nominating contest next year.

☆ Salesforce CEO asks if tech execs should 'unleash' their inner Elon Musk. Experts say that's an awful idea.
▼ + stars: | 2023-03-05 | by ( Grace Kay | ) www.businessinsider.com time to read: +6 min

Scott Latham, a strategic management professor at the University of Massachusetts Lowell, called Musk's leadership "incredibly dysfunctional." He said he's never seen a company recover from the type of drastic cuts Musk initiated at Twitter. "Every CEO in Silicon Valley has looked at what Elon Musk has done and has asked themselves, 'Do they need to unleash their own Elon within them?'" If you're going to have a successful company, you need good employees and good employees typically have options. "If more companies start treating their employees like Musk has, that would be a very grim future," Alon-Beck said.

☆ Elon Musk's lawyers are making closing arguments in a trial over his $56 billion pay package that could be decided as soon as today
▼ + stars: | 2023-02-21 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

A judge will hear the closing arguments in a trial over Elon Musk's $56 billion pay plan on Tuesday. A Tesla shareholder has sued Musk and the automaker with the goal of getting the pay plan rescinded. Lawyers for Musk and Tesla investor Richard Tornetta will begin presenting their final arguments on Tuesday at 1:30 p.m. Tornetta aims to get the pay package rescinded. The result of the trial could impact not only Musk's pay package, but his other companies as well, Anat Alon-Beck, assistant professor of law at Case Western Reserve University, previously told Insider.

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