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[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.

☆ Here are the 5 key takeaways from this year's Milken Global conference
▼ + stars: | 2023-05-05 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +12 min

The pullback by banks is raising the hopes of those in the private credit industry. Some panelists and others who spoke in the hallways of the event suggested that there was a large-scale handoff from private equity to private credit. Many private-equity firms are scrambling to raise private credit funds to take advantage. "I don't think this is the end of private equity, but the environment certainly favors private credit," he said. And that will show up in lower returns for private credit funds, she said.

[1/2] David Hunt President and CEO, PGIM, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. As Wall Street money managers, banking executives and pension fund managers gathered at the Milken Institute Global Conference, the main topic over cocktails on Sunday night and in conference rooms the following morning was JPMorgan Chase & Co's (JPM.N) purchase of First Republic Bank. Policymakers, executives and investors at the conference said constrained lending as a result of banking sector regulation could choke off credit to the economy. Nevertheless, betting against bank stocks has been a profitable endeavor this year, which has seen the high-profile failures of Silicon Valley Bank and Signature Bank, in addition to First Republic and a state-engineered rescue of Credit Suisse by the Swiss government. The KBW Regional Banking Index, which fell 2.7% on Monday, is down almost 23.6% year-to-date, while First Republic’s shares are off 97% since January.

May 1 (Reuters) - Regulators seized First Republic Bank (FRC.N) and sold its assets to JPMorgan Chase & Co (JPM.N) on Monday, in a deal to resolve the largest U.S. bank failure since the 2008 financial crisis and draw a line under a lingering banking turmoil. Shares of JPMorgan rose 2% on Monday, while those of mid-tier banks fell and the KBW Regional Banking Index (.KRX) closed down 2.7%. [1/3] People walk past a First Republic Bank branch in San Francisco, California, U.S. April 28, 2023. "This is not the world financial crisis, this is not the savings and loan crisis. The failed bank's 84 offices in eight states will reopen as branches of JPMorgan Chase Bank from Monday, it added.

☆ First Republic's rescue by JPMorgan means the worst of the banking uncertainty is over, Citi CEO says
▼ + stars: | 2023-05-02 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

First Republic's rescue by JPMorgan will put an end to the worst of the banking uncertainty, Citi CEO Jane Fraser says. JPMorgan took over First Republic after customers yanked over $100 billion worth of deposits. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. JPMorgan stepped in to buy First Republic from the Federal Deposit Insurance Corporation (FDIC) on Monday, acquiring close to $92 billion worth of assets as well as certain liabilities. Read more: Why First Republic failed, and what it means for the rest of the banking industry

☆ 5 executives at an elite investing conference shared their views on the Fed's master plan for interest rates — and the consensus was that markets are unprepared for the pain in store
▼ + stars: | 2023-05-02 | by ( William Edwards | Akin Oyedele | ) www.businessinsider.com time to read: +4 min

But executives at this week's Milken Institute Global Conference warn that may not be the case, and that markets are ill-prepared for rates to stay higher for longer. Here's the Fed's March meeting dot-plot, which shows where members of the Federal Open Market Committee see rates at the end of 2023. While markets are pricing in a pause in June at 5-5.25%, here's where they believe rates will most likely be in December: 4.25-4.5%. Below, we've compiled what five of them said on Monday about their expectations for Fed policy and financial markets. And as our chief economist likes to say, at higher rates, bodies will continue to float to the top over the course of the summer."

☆ PacWest, Western Alliance lead regional bank sell-off of more than 20% a day after Jamie Dimon said the crisis had ended
▼ + stars: | 2023-05-02 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Shares of PacWest and Western Alliance each fell more than 25%, leading bank stocks lower on Tuesday. "This part of the crisis is over," JPMorgan's Jamie Dimon said after his bank took over First Republic. Shares of PacWest and Western Alliance fell as much as 26% and 27%, respectively. The S&P Regional Banks Select Industry Index fell 7%, while the KBW Regional Banking ETF fell 6%. The crash in regional bank shares comes a few days after First Republic Bank failed and was taken over by the Federal Deposit Insurance Corporation and its assets sold to JPMorgan.

☆ Google Promised to Defund Climate Lies, but the Ads Keep Coming
▼ + stars: | 2023-05-02 | by ( Nico Grant | Steven Lee Myers | ) www.nytimes.com time to read: +1 min

In October 2021, Google promised to stop placing ads alongside content that denied the existence and causes of climate change, so that purveyors of the false claims could no longer make money on its platforms, including YouTube. And yet if you recently clicked on a YouTube video titled “who is Leonardo DiCaprio,” you might have found a ramble of claims that climate change is a hoax and the world is cooling after a Paramount+ ad for the film “80 for Brady,” starring Lily Tomlin, Jane Fonda, Sally Field and Rita Moreno. Before another video that purported to detail “how climate activists distort the evidence,” some users saw an ad for Alaska Airlines. These are not aberrations, according to a coalition of environmental organizations and the Center for Countering Digital Hate. In a report released on Tuesday, researchers from the organizations accused YouTube of continuing to profit from videos that portrayed the changing climate as a hoax or exaggeration.

Shares of JPMorgan and some of the other the largest U.S. banks rose on Monday, while those of mid-tier banks fell. [1/3] People walk past a First Republic Bank branch in San Francisco, California, U.S. April 28, 2023. "This is not the world financial crisis, this is not the savings and loan crisis. JPMorgan also entered into a loss-share agreement with the FDIC on single family, residential and commercial loans it bought, but will not take First Republic Bank's corporate debt or preferred stock. The failed bank's 84 offices in eight states will reopen as branches of JPMorgan Chase Bank from Monday, it added.

☆ Citi's Fraser warns U.S. debt ceiling debate has serious consequences
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

BEVERLY HILLS, May 1 (Reuters) - Citigroup chief executive officer Jane Fraser said on Monday that debate about the debt ceiling in the United States had serious consequences even as the investing world breathes a sigh of relief that an ailing bank was rescued by a bigger competitor the same day. The debt ceiling turmoil is "more worrying" than previous events, Fraser said at the Milken Institute Global Conference. Facing uncertainty, Fraser stopped short of saying there is a world financial crisis but she said the stress will be there and will be targeted in certain sectors. She also said that she expected a lot of people to make a lot of money. Reporting by Svea Herbst-Bayliss and Carolina Mandl; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ Jamie Dimon bails out First Republic – and FDIC
▼ + stars: | 2023-05-01 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

In the wee hours of Monday morning, however, he agreed to take mid-sized First Republic Bank (FRC.N) out of receivership from the Federal Deposit Insurance Corp. The bank acquires nearly $229 billion of assets and absorbs some $173 billion in loans at a roughly 13% discount to book values. After taxes and paying the FDIC $10.6 billion, JPMorgan should get a $2.6 billion boost before integration costs. The agency will share losses of up to 80% on the large majority of First Republic’s loan book. There’s also a $50 billion loan from the FDIC at specific terms that have not been disclosed so far.

☆ First Republic may not survive, even after two multibillion-dollar bailouts
▼ + stars: | 2023-04-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —First Republic Bank is in a fight for its survival. “It’s becoming clearer each day” that First Republic is “toast,” said Don Bilson at Gordon Haskett, in a note Wednesday. First Republic said in its latest earnings call that is exploring its strategic options, Wall Street code for searching for a white knight. First Republic CEO Michael Roffler attempted to assure investors in an earnings call Monday that the bank had enough liquidity to do that. That’s what happened to Silicon Valley Bank on March 10 when the California Department of Financial Protection and Innovation took possession of and closed Silicon Valley Bank and on March 12 Signature Bank was closed by the New York State Department of Financial Services.

☆ Citigroup defends revamp as shareholders complain about sluggish stock
▼ + stars: | 2023-04-25 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +2 min

"We completely understand" shareholders' frustration with the share price, he said, after fielding several questions from shareholders on the topic. Still, Mayo welcomed Citigroup CEO Jane Fraser's pledge to receive 85% of her pay in stock, a higher proportion than peers at other banking giants. Separately, Fraser said the sale of Citigroup's Mexican consumer business, known as Banamex, was taking "longer than expected," because of its complexity. The bank is still pursuing two options for the business: a sale or initial public offering, she said. SHAREHOLDER PROPOSALSThe majority of Citigroup shareholders agreed to management proposals to elect board members and pay executives.

☆ The Janes 1960s underground abortion network
▼ + stars: | 2023-04-23 | by ( Sandee Lamotte | ) edition.cnn.com time to read: +28 min

The group was officially created in 1969 as the “Abortion Counseling Service of Women’s Liberation.”But after running ads in an underground newspaper: “Pregnant? “It wasn’t just abortion,” Barron explained. “Vacuum aspiration was much easier to do, and I think it’s less difficult for the woman,” Scott said. We had to keep the service running.”Laura Kaplan volunteered for the Janes, later immortalizing the group in her book, "The Story of Jane: The Legendary Underground Feminist Abortion Service." Each Jane was charged with 11 counts of abortion and conspiracy to commit abortion, with a possible sentence of up to 110 years in prison.

☆ From cooling inflation to a looming recession, here's what CEOs of the 5 largest US banks are predicting for the economy through 2023
▼ + stars: | 2023-04-22 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

The world's largest banks reported earnings over the past week. Here is what some top bank CEOs are saying about the US economy during their earnings calls this season. JPMorgan CEO Jamie DimonThe Wall Street vet warned investors of looming "storm clouds" ahead. Bank of America CEO Brian MoynihanDuring an earnings call, Moynihan warned of a US recession but said inflation has showed signs of cooling. He allayed fears of a full-blown banking crisis, addressing the turmoil sparked by collapse of specialist banks like SVB last month.

☆ 'Dream' hoard of 1000-year-old Viking coins discovered by amateurs on a metal-detector vacation
▼ + stars: | 2023-04-22 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +3 min

A group of amateur archaeologists in Denmark found a Viking silver hoard. The people who discovered the trove were on a metal-detector holiday when they came across the find. The three people who discovered the treasure trove — Jane Foged-Mønster, Louise Stahlschmidt and Mette Norre Bækgaard — told TV2 Nord that they had been on a metal-detector holiday when they made their amzing discovery. But these finds aren't the end of the discoveries, with archaeologists from the North Jutland Museums being given the grant to investigate the site further. "I hope we find the remains of a large Viking hall," Christiansen told TV2 Nord.

SINGAPORE, April 17 (Reuters) - The dollar edged higher on Monday after the April survey of business activity in New York state rose for the first time in five months and bolstered expectations the Federal Reserve will raise interest rates in May. The new orders index rose 47 points to 25.1, while the shipments index added 37 points to 23.9, substantial increases after they had declined in recent months, the Federal Reserve Bank of New York said. "It's the best reading since last July with a big jump in orders and has taken the dollar higher on this," said Marc Chandler, chief market strategist at Bannockburn Global Forex in New York. The outlook of U.S. interest rates relative to the monetary policies and economies of other countries can boost or erode the dollar's value. The Mexican peso lost 0.51% versus the dollar to trade at 18.12, while the Canadian dollar fell 0.31% versus the greenback to 1.34 per dollar.

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