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☆ Malaria deaths dip in 2021 after rising in first year of COVID, says WHO
▼ + stars: | 2022-12-09 | by ( Pratik Jain | ) www.reuters.com time to read: +2 min

Estimated deaths from malaria globally declined to 619,000 last year from 625,000 in 2020 as healthcare services stabilized after pandemic-led disruptions, especially in Africa where the disease is most prevalent, the WHO stated in its World Malaria Report 2022. Four countries - Nigeria, the Democratic Republic of the Congo, the Niger and Tanzania - accounted for just over half of all malaria deaths globally in 2021. The decline in deaths comes even as the number of malaria infections continued to rise, albeit at a slower pace, to an estimated 247 million in 2021. The WHO also highlighted that lower funding due to the pandemic and rising costs have increased pressure on national malaria programmes. Funding in 2021 came in at nearly $3.5 billion, the report said, compared with a required investment of $7.3 billion.

By the time Cherelle Griner arrived at the White House, it was clear Brittney Griner was on the verge of being released. As Cherelle Griner waited to meet with Sullivan, however, a change in venue signaled what was about to happen. Biden delivered the first official confirmation that Brittney Griner was on her way home, something he’d told aides he wanted to do himself. Shortly after, advisers delivered the official notification to Biden and Cherelle Griner: Brittany Griner was secure and in the hands of US officials. Biden then brought Cherelle Griner to a chair set up next to his at the Resolute Desk.

The effort, known as the Net Zero Asset Managers (NZAM) initiative, was launched in late 2020 to encourage fund firms to reach net zero emission targets by 2050 and limit the rise in global temperatures. As of Nov. 9, NZAM counted 291 signatories representing some $66 trillion in assets under management. As recently as May Vanguard was touting commitments it had made in line with NZAM's goals. Vanguard said the change "will not affect our commitment to helping our investors navigate the risks that climate change can pose to their long-term returns." "Vanguard was never serious about implementing its net zero commitment" Cuvelier said in a statement.

☆ Lazard CEO warns of more Wall Street layoffs
▼ + stars: | 2022-12-07 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

[1/2] The Charging Bull or Wall Street Bull is pictured in the Manhattan borough of New York City, New York, U.S., January 16, 2019. Rivals Goldman Sachs Group Inc (GS.N) and Citigroup Inc (C.N) have also culled some staff. Elsewhere on Wall Street, BlackRock Inc (BLK.N), the world's largest asset manager, has also frozen hiring except in critical roles. "When I talk to our clients, they sound extremely cautious," Goldman Sachs CEO David Solomon told investors Tuesday. Reporting by Manya Saini and Noor Zainab Hussain in Bengaluru; Additional reporting by Lananh Nguyen in New York; Editing by Krishna Chandra Eluri, Lananh Nguyen and Anna DriverOur Standards: The Thomson Reuters Trust Principles.

☆ Wall Street cuts jobs as grim economic reality sets in - Lazard CEO
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: 1 min

Dec 7 (Reuters) - Wall Street banks are adjusting to a more sluggish economic environment by laying off staff even as they compete to retain and recruit top talent, Kenneth Jacobs, Chief Executive Officer of Lazard Ltd (LAZ.N), told investors at a conference Wednesday. "Reality is starting to set in," said Jacobs, who was speaking generally about job cuts that were being reported across the financial industry. Reporting by Lananh Nguyen in New York and Manya Saini and Noor Zainab Hussain in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ U.S banks warn of recession risk, inflation hurting consumers
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Dec 6 (Reuters) - The biggest U.S. banks are bracing for a worsening economy next year as inflation threatens consumer demand, according to executives Tuesday. "Those things might very well derail the economy and cause this mild to hard recession that people are worried about," he said. "Economic growth is slowing,” Goldman Sachs' chief executive David Solomon said. In banking, the job market remains "surprisingly tight" and competition for talent is "as tough as ever," he said. Reporting by Lananh Nguyen and Saeed Azhar in New York and Noor Zainab Hussain in Bengaluru; Editing by Lananh Nguyen and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

NEW YORK, Dec 6 (Reuters) - The biggest U.S. banks are bracing for a worsening economy next year as inflation threatens consumer demand, according to executives Tuesday. "Those things might very well derail the economy and cause this mild to hard recession that people are worried about," he said. Consumers have $1.5 trillion in excess savings from pandemic stimulus programs, but it may run out some time in mid-2023, he told CNBC. Major banks' shares fell sharply on the day after a lineup of top bankers outlined the risks for the economy. "Economic growth is slowing," Goldman Sachs CEO David Solomon said at the same conference.

CNN —Russian forces unleashed a new round of missiles towards Ukraine on Monday, ramping up attacks on the central and southeastern regions of the country. “We see that strategic bombers have taken off and the first wave of missiles was already launched,” said Yurii Ihnat, spokesman for the Ukrainian Air Forces, adding that there may be several more assaults. Citizens sheltered in the metro in Kyiv on Monday, as Russia released another missile attack towards Ukraine. Jeff J Mitchell/Getty ImagesMost of the Russian missiles were intercepted: KyivThe Ukrainian Air Force said they had intercepted more than 60 Russian missiles on Monday, repelling further attacks on power facilities. Air defense intercepted most of the missiles.

☆ LSEG CEO says recent volatility has exposed weak spots in markets
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

Dec 1 (Reuters) - London Stock Exchange Group PLC (LSEG.L) Chief Executive David Schwimmer said on Thursday that large spikes in volume associated with algorithmic trading have exacerbated recent market volatility, exposing weaknesses in the global market infrastructure. At the onset of the COVID pandemic in March 2020, some banks reached out to LSEG, asking it to close its markets for a day or two so they could catch up with post-trade processing, he said. Another "weak spot" in global markets is in the private equity and debt markets, which have grown quickly in recent years, while using lots of leverage, but with very little transparency, he said. "A lot of people are sort of wondering and watching, how does that play out as rates continue to go up," he said. Reporting by Peter Thal Larsen and John McCrank in New York and Noor Zainab Hussain in Bengaluru Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

NEW YORK, Nov 30 (Reuters) - The volatility and market uncertainty have hit the initial offerings market hard, driving down proceeds by 93% this year, Lynn Martin, president of the New York Stock Exchange said on Wednesday. "There is a lot of uncertainty and there's a lot of different forces that are impacting markets," said Martin during an interview at the Reuters NEXT conference. Martin said companies "very much want to go public," but they are just all waiting for the volatility in the market to calm down. She also spoke about the collapse of crypto exchange FTX, pointing out FTX lacked a central counterparty for clearing its trades, which is why their bankruptcy is "a bit murky." "The FTX situation may have added a layer of complexity to to the crypto markets in general," Martin said.

A view of damaged electrical wires after Ukrainian army retaken control from the Russian forces in Lyman, Ukraine on November 27. (Metin Aktas/Anadolu Agency/Getty Images/FILE)Ukrainian Prime Minister Denys Shmyhal said that the second winter season of the war "will be very challenging." Shmyhal said that "all regions of Ukraine, except Kherson region, are supplied with power. Shmyhal said the situation required a strong air defense and quick repairs of damaged power equipment. Obtaining additional power equipment was also a priority, he said.

☆ BlockFi tells U.S. bankruptcy court it is 'the antithesis of FTX'
▼ + stars: | 2022-11-29 | by ( Dietrich Knauth | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/IllustrationNov 29 (Reuters) - Lawyers for BlockFi, the first direct casualty of crypto exchange FTX's collapse, made their initial appearance in U.S. bankruptcy court on Tuesday, emphasizing that the U.S. cryptocurrency lender was "the antithesis of FTX." Sussberg went to great lengths to distance BlockFi from FTX, saying the company did not face the myriad issues apparently plaguing FTX. Sussberg said BlockFi also intends to seek a court ruling allowing customers in the BlockFi Wallet program to withdraw their funds during the bankruptcy case if they wish. "If it's in your wallet, it stays in your wallet," Sussberg said. Its Chapter 11 plan envisages that BlockFi Wallet customers would be paid back in full and other account holders and creditors would receive a mixture of cryptocurrency, cash, and new equity shares.

A handful of creators are in Qatar, or heading there in the next few weeks, to help capture the best moments from the 2022 World Cup. This year’s World Cup, which has been shrouded in controversy, kicked off Sunday. In a Short posted earlier this week, de la Haye captured his dad's reaction when he told him they're going to the World Cup. "Every World Cup ... faithfully, we sit and home and support our team." He will be filming from the semifinal and final matches, but made a comedic Short with his World Cup predictions.

Many in the art and insurance world, however, say it may be only be a matter of time before art works are vandalised, especially if protests spread beyond climate activism. The art insurance market globally earns around $750 million in premiums. PRESSURE ON PREMIUMSLosses and levels of insurance availability tend to dictate insurance premiums. Commercial museums and galleries, however, buy art insurance, and its use is also more prevalent among larger museums in the United States than in Europe. While five insurers contacted by Reuters said they were not yet factoring climate attacks into premiums, some artists say they already face increased costs.

He is seeking the remainder from other funds, including current investors in FTX such as venture capital fund Sequoia Capital, the source added. Tether's chief technology officer, Paolo Ardoino, tweeted that it had "no plans to invest in or lend assets to FTX." FTX also got hit by the Bahamas Securities Commission, where the company is based, freezing assets of FTX Digital Markets "and related parties". In a tweet, FTX said it had reached a deal with Tron to establish a special facility that would allow clients to swap some crypto assets from FTX to external wallets. Bankman-Fried told investors that Alameda owes FTX about $10 billion, the Wall Street Journal reported.

☆ Insurer AIG profit slumps on hurricane costs, lower investment returns
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

Nov 1 (Reuters) - Insurer American International Group Inc (AIG.N) on Tuesday reported a more than 39% decline in quarterly profit as investment income fell by more than $1 billion and losses from Hurricane Ian pushed up catastrophe bills. read moreAIG - one of the world's biggest commercial insurers - reported $600 million of catastrophe losses in the quarter, out of which about $450 million was attributable to Hurricane Ian, the insurer said. Total consolidated net investment income fell 28% to $2.7 billion, hurt mainly by lower alternative investment income. The metric excludes catastrophe losses, and a ratio below 100 signifies that the insurer earns more from premiums than it pays out in claims. read moreReporting by Noor Zainab Hussain in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

LONDON, Oct 20 (Reuters) - Insurance for humanitarian workers, journalists, engineers and others heading to Ukraine is now more expensive and harder to organise than during the Iraq war. The United Nations and other aid organisations in Ukraine said last week that the missile attacks had disrupted their humanitarian work. A shortage of providers is also adding to insurance costs, sources said, pointing in particular to reluctance among some U.S. insurers to offer Ukraine cover. AIG (AIG.N), which declined to comment, was drawing up broad exclusion clauses for Russia and Ukraine, Reuters reported earlier this year. ($1 = 1.0206 euros)Register now for FREE unlimited access to Reuters.com RegisterEditing by John O'Donnell and Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ How Liz Truss’ term as British prime minister went from bad to worse
▼ + stars: | 2022-10-20 | by ( Sana Noor Haq | ) edition.cnn.com time to read: +7 min

Here are the lowlights – and lowerlights – of Truss’ term as Britain’s shortest-serving prime minister. Jessica Taylor/UK Parliament/ReutersThe prime minister later defends her government’s controversial tax cuts in an exclusive interview with CNN’s Jake Tapper. October 20: Truss quitsAfter a chaotic six-week spell in Downing Street, Truss announces her resignation. She will remain UK prime minister until her successor is chosen. Her swift exit as prime minister prompts calls for an early general election in Britain.

☆ Insurer Travelers profit falls on hurricane costs, lower investment returns
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

A U.S. flag is seen in a flooded rural area after Hurricane Ian caused widespread destruction in Arcadia, Florida, U.S., October 4, 2022. REUTERS/Marco BelloOct 19 (Reuters) - Property and casualty insurer Travelers Companies Inc (TRV.N) reported a 20% fall in quarterly profit on Wednesday, hurt by hurricane-related claims and lower returns on its investments. Insurers are bracing for a hit of up to $57 billion from Hurricane Ian in Florida and South Carolina, risk modeling firm Verisk said earlier this month. The insurance industry also faces hefty claims from the Ukraine crisis and greater uncertainty brought on by higher claims costs from inflation. Pretax net investment income dropped 23% to $593 million, Travelers said.

The bank will now have three operating segments - asset and wealth management, global banking and markets, and platform solutions. Goldman Sachs outlined leadership changes for the new units, with Marc Nachmann becoming global head of the asset and wealth management division. In the consumer and wealth management business, Goldman saw revenue jump 18% to $2.38 billion in the quarter, reflecting higher demand for loans and higher fees from managing assets. Goldman said its consumer unit will be folded into two separate businesses - wealth management and the newly created platform solutions. The Platform Solutions unit will include GreenSky, the fintech lender Goldman bought in a $2.2 billion deal.

☆ Factbox: These are the leaders who want to reshape Goldman Sachs
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

Oct 18 (Reuters) - Goldman Sachs Group Inc (<GS.N>) unveiled a plan to reorganize its business into three units in another overhaul in less than three years by the Wall Street giant, which also reported a smaller-than-expected 44% slump in third-quarter profit on Tuesday. The bank will now have three operating segments - asset and wealth management, global banking and markets, and platform solutions. Following is the leadership structure at Wall Street's foremost investment bank in the newly organized units:Register now for FREE unlimited access to Reuters.com RegisterAsset & Wealth Management (AWM): The new unit integrates the bank's investing and wealth activities into a single businessGlobal Banking & Markets (GBM): Integrates Goldman's investment banking and global markets into a single businessPlatform Solutions: The bank's new business will bring together its fintech platforms including GreenSky, that Goldman bought in a $2.2 billion deal in 2021Source: Goldman SachsRegister now for FREE unlimited access to Reuters.com RegisterReporting by Manya Saini, Niket Nishant, and Noor Zainab Hussain in Bengaluru and Saeed Azhar and Lananh Nguyen in New York Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Andrew KellyOct 14 (Reuters) - Profits slid at Wall Street's biggest banks in the third quarter as they braced for a weaker economy while investment banking was hit hard, but investors saw a silver lining with some banks beating estimates. Banks set aside more money in preparation for a hit from a potential economic slowdown. Marinac said investors would want to see banks build reserves at this point in the economic cycle. Morgan Stanley's earnings showed that investment banking revenue more than halved to $1.3 billion with declines across the bank's advisory, equity and fixed income segments. Corporations' interest in mergers, acquisitions and initial public offerings dried up, particularly hitting banks strong in investment banking.

JPMorgan reported a 17% drop in third-quarter profit to $9.74 billion, although that was less than had been feared. Banks set aside more money in preparation for a hit from a potential economic slowdown. While investment banking and investment management were impacted by the market environment, he said fixed income and equity divisions "navigated challenging markets well." Morgan Stanley's earnings showed that investment banking revenue more than halved to $1.23 billion with declines across the bank's advisory, equity and fixed income segments. Corporations' interest in mergers, acquisitions and initial public offerings dried up, particularly hitting banks strong in investment banking.

☆ Wells Fargo profit falls on higher loan loss reserves
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah MoonOct 14 (Reuters) - Wells Fargo & Co (WFC.N) on Friday reported a decline in profit for the third quarter as the bank set aside more money in preparation for a hit from a potential economic slowdown. Register now for FREE unlimited access to Reuters.com RegisterThe outlook has been further clouded by the Russia-Ukraine war and fading stimulus measures. Higher borrowing costs have also shackled demand for mortgages and car loans, crimping banks' revenues. The fourth-largest U.S. lender reported a profit of $3.53 billion, or 85 cents per share, for the quarter ended Sept. 30, compared with $5.12 billion, or $1.17 per share, a year earlier.

☆ JPMorgan profit down 17% as sluggish dealmaking, loan loss reserves weigh
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +2 min

Oct 14 (Reuters) - JPMorgan Chase & Co (JPM.N) reported a 17% drop in third-quarter profit on Friday, as a worsening economic outlook curbed dealmaking and prompted the largest American bank to boost its reserves for possible defaults. Register now for FREE unlimited access to Reuters.com RegisterDimon, however, cautioned that rising interest rates, inflation and geopolitical turmoil pose significant headwinds. The bank set aside $808 million in reserves, as the Fed's interest rate hikes stoke fears of an economic downturn. By comparison, in the same quarter last year, the bank had released $2.1 billion of reserves that it had kept aside for potential COVID losses. The bank reported $32.72 billion in revenue for the quarter, up from $29.65 billion last year.

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