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☆ Yen firms on policymaker meeting, dollar swings after debt deal
▼ + stars: | 2023-05-30 | by ( Alun John | ) www.reuters.com time to read: +3 min

[1/2] Japanese Yen and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. The yen strengthened on news of the meeting, and held onto those gains, with the dollar last down 0.2% at 140.16 yen having earlier risen as high as 140.93, its highest since November 2022. That helped the dollar index , which measures the U.S. currency against six major peers, hit 104.53 in European trading its highest in 10 weeks, though then retreated to 104.02. "It seems to be win-win on almost any scenario for the dollar right now," said Jane Foley head of FX strategy at Rabobank. That, alongside a rethinking of market positioning - people had been dumping a lot of long dollar positioning since the end of last year - was supporting the dollar, she said.

[1/2] Japanese Yen and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/IllustrationLONDON/SINGAPORE, May 30 (Reuters) - The yen strengthened on Tuesday on news of a meeting of Japan's finance ministry and central bank, while elsewhere the dollar rose to a two-month high against a basket of its peers after the U.S. debt ceiling deal. The dollar was last down 0.18% against the Japanese yen at 140.18 after the country's finance ministry said senior officials from the Ministry of Finance, Bank of Japan and Financial Services Agency will meet from 5:30 p.m. (0830 GMT). Japanese central bank policy has been a major focus for investors in the past year after the BOJ last year intervened to strengthen the yen. Kenneth Broux, head of corporate research for FX and rates at Societe Generale, said FX intervention at current levels was unlikely.

☆ Justine Triet: French film director attacks Macron during Palme d'Or acceptance speech
▼ + stars: | 2023-05-28 | by ( Niamh Kennedy | ) edition.cnn.com time to read: +3 min

CNN —French film director Justine Triet condemned what she called French President Emmanuel Macron’s “shocking” repression of the pension reform protests during her Palme d’Or acceptance speech at the Cannes Film Festival on Saturday. “The commodification of culture that the neoliberal government defends is in the process of breaking the French cultural exception,” Triet continued. Triet is just the third woman to win the Palme d’Or, one of cinema’s tpp prizes, after New Zealand’s Jane Campion and France’s Julia Ducournau. “Happy to see the Palme d’Or awarded to Justine Triet, the 10th for France! France’s social unrest has cast a shadow over this year’s instalment of the film festival.

☆ ‘Anatomy of a Fall’ Wins the Palme d’Or
▼ + stars: | 2023-05-27 | by ( Manohla Dargis | ) www.nytimes.com time to read: +1 min

The 76th Cannes Film Festival ended Saturday with the Palme d’Or awarded to “Anatomy of a Fall.” Directed by Justine Triet, this intellectual thriller centers on a woman who is brought to trial after the mysterious death of her husband. Written by Triet and Arthur Harari, the film was an early favorite with critics. Triet is the third woman to have won the Palme; Julia Ducournau won in 2021 for “Titane,” and Jane Campion took the prize in 1993 for “The Piano.”The Palme was presented to Triet by Jane Fonda, who noted the “historic” number of women — seven — who had films competing for the top honor. The strong main competition, with a jury led by the director Ruben Ostlund, effectively announced that the festival had returned to full strength after several unsteady pandemic years. An icy exploration of the banality of evil — the family eats, relaxes and sleeps to the constant sounds of screams, shouts and gunfire — the movie sharply divided the critics here.

Jane Fraser, CEO of Citigroup Inc., during an interview for an episode of "The David Rubenstein Show: Peer-to-Peer Conversations" at the Economic Club of Washington in Washington, D.C., March 22, 2023. Citigroup said Wednesday it plans to pursue an initial public offering of its Mexico business, Banamex, scuttling a 16-month effort to find a buyer for the unit. The bank expects to complete the separation in the second half of 2024, with a public offering likely to follow in 2025, Citigroup said in a release. It hasn't yet decided on a listing destination, but a dual listing in Mexico and the U.S. is possible, a source familiar with the plans told CNBC. Plans to sell or IPO Banamex were disclosed in January 2022.

☆ Op-ed: Why cash is king for emergency funds and queen for short-term savings
▼ + stars: | 2023-05-22 | by ( Stacy Francis | ) www.cnbc.com time to read: +6 min

You would have been lucky to find a high-yield savings account paying out 1%-2% at that time. Where to keep your emergency cashAn emergency fund is a cash cushion of roughly three to six months of living expenses. American Express High Yield Savings and Barclays Online Savings Account are highly competitive. The easiest way to reach this goal is to automatically have a portion of your paycheck directed toward your emergency or short-term savings fund. Your emergency fund and short-term savings should be directed toward something other than your everyday checking or savings account.

May 21 (Reuters) - The absence of women from the slate of potential Morgan Stanley (MS.N) CEO successors underscores the importance of cultivating and keeping diverse talent, corporate governance experts say. Morgan Stanley co-presidents Ted Pick and Andy Saperstein, and head of investment management Dan Simkowitz, are the front-runners to succeed James Gorman, who said on Friday he plans to step down as chief executive within a year. The most recent U.S. workforce diversity data comprehensively reported by the Wall Street banks shows women were less represented in leadership positions at Morgan Stanley than at other top U.S. banks as of 2021. A Morgan Stanley representative declined to comment. To be sure, Morgan Stanley has several women in top roles, including Chief Financial Officer Sharon Yeshaya.

☆ Jane Fonda says director asked to sleep with her before filming sex scene
▼ + stars: | 2023-05-19 | by ( Lianne Kolirin | ) edition.cnn.com time to read: +3 min

“Was it a sloppy pass?” asked Andy Cohen, host of the show. “It was a beautiful moonlit night,” said Fonda, who described him as having been “skinny.”Garbo had dived into freezing cold water, Fonda recalled. As his first question, Cohen asked which of those nominations she felt was “most deserving” of the title. She chose the 1982 movie “On Golden Pond,” in which she starred alongside her father, Henry Fonda. Finally, Cohen asked: “After your decades working in the entertainment industry, who do you think is the biggest misogynist in Hollywood?”“Oh my God,” Fonda replied in mock horror.

☆ Janet Yellen told bank CEOs more mergers may be necessary, sources say
▼ + stars: | 2023-05-19 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —During Thursday’s meeting with the CEOs of large banks, Treasury Secretary Janet Yellen told executives that more bank mergers may be necessary as the industry continues to navigate through a crisis, two people familiar with the matter told CNN. However, sources tell CNN that bank mergers were discussed during Yellen’s meeting with bank CEOs. Yellen echoed remarks from US regulators who have said there may be bank mergers in the current environment, one person familiar with the matter said. Yet earlier this month, regulators allowed JPMorgan Chase, the nation’s largest bank, to buy most of First Republic, the second-largest bank to fail in US history. Michael Hsu, acting comptroller of the currency, told lawmakers earlier this week that his agency would be willing to quickly consider bank mergers.

☆ US banks rethink social media as a threat, not a marketing tool
▼ + stars: | 2023-05-18 | by ( Nupur Anand | ) www.reuters.com time to read: +5 min

Greg Becker, the former CEO of Silicon Valley Bank, blamed social media as an "unprecedented" factor in the lender's demise. The former CEO of First Republic Bank, Michael Roffler, also blamed social media for its collapse two months later. Bank executives and directors have ordered their companies to add social media into risk-management programs, according to regional bank executives who declined to be identified because the discussions are private. "NIP IT IN THE BUD"Banks are also contacting customers who complain on social media to address their issues quickly. The Financial Stability Board, an international body, is also investigating the role of social media in recent market turmoil, a source said.

☆ Yellen warns bank CEOs of ‘severe’ economic consequences if debt ceiling isn’t addressed
▼ + stars: | 2023-05-18 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

The meeting, which took place in Washington and included JPMorgan Chase CEO Jamie Dimon and Citigroup CEO Jane Fraser, focused in part on the risks on the debt ceiling. Beyond the debt ceiling, Yellen and the Wall Street CEOs discussed the ongoing banking crisis. Yellen also met with mid-size bank CEOsIn addition to huddling with big bank CEOs, Yellen met in Washington on Thursday with executives from mid-size banks, a person familiar with the matter told CNN. Both the debt ceiling and the banking stress came up during Yellen’s meeting with the Mid-Size Bank Coalition of America, an industry trade group, the source said. During the meeting, which took place at the Treasury Department, mid-size bank CEOs expressed acute concern about how the debt ceiling standoff will impact their institutions, the source told CNN.

SINGAPORE, May 17 (Reuters) - The dollar rose on Wednesday, benefiting from its status as a safe-haven amid the risk of a U.S. debt default and as traders trimmed bets on imminent Federal Reserve rate cuts following solid consumer spending data in the United States. Against a basket of peers, including the euro, yen and sterling, the dollar index rose 0.3% to 102.96, to its highest since early April. Expectations for U.S. interest rate cuts any time soon were dampened by the solid increase in April consumer spending, and by comments from Fed officials. "A rate hike is possible this year, though the hurdle is high." The New Zealand dollar was broadly steady at $0.6232, with investors looking ahead to a 25 bp interest rate hike next week and perhaps one more after that.

☆ U.S. debt drama and data hoist dollar
▼ + stars: | 2023-05-17 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

The dollar hit a two-week peak of 136.69 yen overnight and hovered just below that at 136.54 in the Asia day. Expectations for U.S. interest rate cuts any time soon were dampened by the solid increase in April consumer spending, and by hawkish comments from Federal Reserve officials. "We expect some modest further increases in the dollar as markets continue to take out pricing for rate cuts," said Commonwealth Bank of Australia strategist Joe Capurso. "A rate hike is possible this year, though the hurdle is high." The New Zealand dollar was broadly steady at $0.6244, with investors looking ahead to a 25 bp interest rate hike next week and perhaps one more after that.

☆ Data and debt ceiling hoist dollar
▼ + stars: | 2023-05-17 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

Data showed U.S. consumer spending appeared to have increased solidly in April, which together with hawkish remarks from Federal Reserve officials weighed on bonds and against expectations that interest rate cuts are coming soon. Interest rate futures pricing implies no chance of a rate cut in June, down from about a 17% chance seen a month ago. "Market participants continue to lower pricing for near term rate cuts by the FOMC," said Commonwealth Bank of Australia strategist Joe Capurso. "We expect some modest further increases in the dollar as markets continue to take out pricing for rate cuts. The New Zealand dollar was broadly steady at $0.6239, with investors looking ahead to a 25 bp interest rate next week and perhaps one more after that.

☆ Bank CEOs to huddle with Schumer on the debt ceilin
▼ + stars: | 2023-05-17 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

During Wednesday’s meeting, Schumer plans to raise the threat of default with the bank leaders, one of the sources told CNN. After leaving a Tuesday meeting at the White House with congressional leaders, Schumer said, “Default is disaster. Given that the trade group’s board includes regional bank CEOs, other issues including the banking crisis are likely to be discussed during Wednesday’s meeting. In addition to Schumer, bank CEOs are expected to meet with other lawmakers and officials. The meetings come as the White House and congressional Republicans struggle to reach a compromise on how to avoid the debt ceiling and avoid what economists warn would be a disastrous debt default.

☆ Mexican president: 'No problem' if Grupo Mexico buys Citi's Banamex unit
▼ + stars: | 2023-05-16 | by ( Brendan O'Boyle | ) www.reuters.com time to read: +1 min

Lopez Obrador said the mining and transport conglomerate (GMEXICOB.MX) remains one of the possible buyers of the retail banking unit, also known locally as Banamex. Lopez Obrador said he believes several "recommendations" he has for the sale are being met. Reuters reported last week that Grupo Mexico was closing in on a $7 billion deal to purchase Banamex. Lopez Obrador, a leftist economic nationalist, referenced tensions with Grupo Mexico's billionaire magnate German Larrea. When it comes to the sale and purchase of the bank there is no problem," Lopez Obrador said.

[1/2] British Pound and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. The dollar index, which tracks the greenback against six main peers, was down 0.14% at 102.29, having reached 102.75 in early trading on Monday, its highest since April 10. "With all of that, do you really want to buy a lot of risky assets this year?" The weak Chinese data was also weighing on the Australian dollar which dropped as much as 0.5% to $0.6665. The dollar also gained on China's offshore yuan , rising to as much as 6.981, its highest since March 10.

[1/2] British Pound and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. Broader factors are also weighing on the pound as well, said Jane Foley, head of FX strategy at Rabobank: "A lot of the better news for sterling is already in the price. "With all of that, do you really want to buy a lot of risky assets this year?" The weak Chinese data was also weighing on the Australian dollar which dropped as much as 0.5% to $0.6665. The dollar also gained on China's offshore yuan , rising to as much as 6.9795, its highest since March 10.

☆ Yellen to meet with Jamie Dimon and other bank CEOs on Thursday as debt ceiling crisis looms
▼ + stars: | 2023-05-16 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —With time running out to reach a deal on the debt ceiling, Treasury Secretary Janet Yellen plans to meet with bank CEOs on Thursday afternoon in Washington, sources tell CNN. JPMorgan Chase CEO Jamie Dimon and Citigroup CEO Jane Fraser plan to attend the Yellen meeting, which will very likely include a focus on the debt ceiling as well as the banking crisis, people familiar with the matter told CNN. As the White House and Republican leaders struggle to reach a deal on the debt ceiling, Yellen has stepped up her warnings about the economic stakes. The debt ceiling is not necessarily the focus of the meeting, which will also include regional bank CEOs at a time when that industry is in turmoil. Yellen is also likely not the only figure from Washington who will speak before the bank CEOs this week.

NEW YORK/WASHINGTON, May 15 (Reuters) - As talks over raising the U.S. government's $31.4 trillion debt ceiling intensify, Wall Street banks and asset managers have begun preparing for fallout from a potential default. Citigroup (C.N) CEO Jane Fraser said this debate on the debt ceiling is "more worrying" than previous ones. U.S. government bonds underpin the global financial system so it is difficult to fully gauge the damage a default would create, but executives expect massive volatility across equity, debt and other markets. Banks, brokers and trading platforms are prepping for disruption to the Treasury market, as well as broader volatility. Bond trading platform Tradeweb said it was in discussions with clients, industry groups, and other market participants about contingency plans.

☆ AMERICAS Debt cap tick-tock leaves eerie calm
▼ + stars: | 2023-05-12 | by ( ) www.reuters.com time to read: +4 min

The issue dominated much of the G7 finance chiefs meeting in Japan. Dimon claimed any technical default could cause financial panic and JPMorgan had convened a 'war room' internally to deal with the issue. "It's very unfortunate, it's time-consuming, hopefully it won't happen, but it affects contracts, collateral, clearing houses, clients," Dimon said. Chinese stocks underperformed, with the G7 meeting mulling restrictions on investment to the world's second-biggest economy. Bank of England chief economist Huw Pill speaksReuters GraphicsJobless claimsReuters GraphicsReuters GraphicsBy Mike Dolan, editing by Christina Fincher, <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>.

☆ Grupo Mexico nearing $7 bln deal for Citi's Banamex unit -source
▼ + stars: | 2023-05-11 | by ( Andres Gonzalez | ) www.reuters.com time to read: +2 min

[1/2] The logo of Banamex bank is on a branch in Mexico City, Mexico, November 17, 2017. As part of the deal, Citi will retain a roughly 10% stake in the Banamex unit, the source said, requesting anonymity as the discussions are confidential. Reuters had reported in February that Grupo Mexico's proposed deal for Banamex could value it at $7 billion or more. Grupo Mexico did not immediately respond to a request for comment. Bloomberg reported on talks advancing between Grupo Mexico and Banamex earlier on Wednesday.

☆ ‘Book Club: The Next Chapter’ Review: Cinema Pinot Grigio
▼ + stars: | 2023-05-11 | by ( Amy Nicholson | ) www.nytimes.com time to read: +1 min

The 2018 comedy “Book Club” had a simple, sturdy spine of a plot: Four longtime friends (Diane Keaton, Jane Fonda, Candice Bergen and Mary Steenburgen) power up their sexual prowess while panting over — and mocking — the best seller “Fifty Shades of Grey.” At some point during the brainstorming of “Book Club‌: The Next Chapter,” the returning director Bill Holderman and his co-screenwriter Erin Simms must have decided they could ditch the book gimmick. With a cast this beloved, who cares what they’re reading? This sequel opens with a formal quote from “The Alchemist” and, when pressed, mutters about how its author Paulo Coelho embraces fate. But that’s just a spaghetti-thin excuse to send the pals on a frenetic adventure through Italy with no time to crack open a paperback. Our close familiarity with the cast is the sole thing giving this fluff a sheen of emotional weight.

☆ Dollar weakens, euro edges higher after inflation data
▼ + stars: | 2023-05-10 | by ( Laura Matthews | ) www.reuters.com time to read: +3 min

U.S. Labor Department data showed April inflation cooled to 4.9%, the smallest year-over-year increase in two years. However, so-called core inflation remained sticky at 5.5%, suggesting interest rates may need to stay high for some time to tame it. "The U.S. dollar did soften modestly on the news that core U.S. CPI inflation edges a little lower in April. Economists polled by Reuters expected core U.S. consumer prices to rise 5.5% on a year-on-year basis for April. Fed funds futures traders are pricing in a pause before expected rate cuts in September.

SINGAPORE, May 9 (Reuters) - The dollar clung to modest gains against major currencies on Tuesday but remained rangebound as traders awaited U.S. debt ceiling talks and tried to digest how a host of conflicting economic data will influence monetary policy and global growth. Closely-watched U.S. inflation data due on Wednesday is likely to set the tone for markets, after stronger-than-expected jobs data last week. Against a basket of currencies, the U.S. dollar index edged up 0.25% to 101.68, but remained near recent lows as traders eye a peak in U.S. rates. Sterling was broadly flat and bought $1.2599, ahead of Thursday's central bank policy meeting. ========================================================Currency bid prices at 10:18AM (1418 GMT)Reporting by Rae Wee Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

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