DIRS.INFO The most relevant business & tech news

☆ West Virginia Gov. Jim Justice is running for Joe Manchin's pivotal Senate seat
▼ + stars: | 2023-04-27 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

West Virginia Governor Jim Justice (R) and US Senator Joe Manchin (L), Democrat of West Virginia, attend a roundtable discussion on the opioid epidemic with local and state officials at the Cabell-Huntington Health Department in Huntington, West Virginia, July 8, 2019. West Virginia's Republican governor, Jim Justice, filed official paperwork to kick off a 2024 campaign for the U.S. Senate seat currently held by incumbent Democratic Sen. Joe Manchin. If Manchin decides not to run for a third term, Democrats are widely expected to lose the seat to whichever Republican nominee emerges from West Virginia's Senate primary. A Trump campaign spokesman did not immediately respond to a request for comment. With his seat under threat, Manchin has appeared increasingly critical of President Joe Biden and his fellow Democrats.

☆ Resolving Credit Suisse: an alternative history
▼ + stars: | 2023-04-27 | by ( Liam Proud | ) www.reuters.com time to read: +8 min

Reuters GraphicsThe market shock will be all the more extreme because Credit Suisse doesn’t obviously need more capital. It seems perverse to put taxpayer money on the line while leaving the Credit Suisse bonds untouched. Of the 30 global lenders classed as systemically important by the Financial Stability Board, Credit Suisse is the third-smallest by total assets. It also enables the Swiss National Bank to offer Credit Suisse an open-ended credit line, hopefully ending the bank run. Credit Suisse is suffering from a crisis of confidence brought on by years of mismanagement, rather than a system-wide meltdown.

[1/4] South Korean President Yoon Suk Yeol delivers remarks to the U.S.-Korea Business Council at the U.S. Chamber of Commerce in Washington, D.C., U.S., April 25, 2023. He said the two countries' economies had been facing new challenges and the economic slowdown was unsettling the investment environment. "Competition for technological hegemony, energy issues and climate crises are casting more uncertainties on business activity day by day," Yoon said. "This cooperation should extend beyond semiconductors to future emerging technologies such as AI, Quantum, SMR (Small Modular Reactors) and more," Yoon said. Core technologies from the United States and South Korea's advanced manufacturing capabilities would "create enormous synergies that will benefit both countries," he said.

☆ Ad Flap Leaves Bitter Aftertaste for Bud Light and Warning for Big Business
▼ + stars: | 2023-04-25 | by ( Charles Homans | ) www.nytimes.com time to read: +1 min

The backlash and subsequent scrambling provide a lesson in the newly unsettled politics of corporate America. In the past decade, major companies have leaned into liberal social politics that are increasingly anathema to their longstanding allies in the Republican Party and the consumers who vote for them. Bud Light’s trials this month have underscored the difficulty of straddling that divide. Ms. Heinerscheid’s efforts reflected the company’s aspirations of shoring up years of eroding market share among consumers in predominantly liberal urban areas. Ms. Heinerscheid did not respond to a request for comment.

☆ Opinion | The Violence in Sudan Is Partly Our Fault
▼ + stars: | 2023-04-23 | by ( Jacqueline Burns | ) www.nytimes.com time to read: +3 min

My optimism was quickly tempered by those who assured me that none of the armed groups were actually interested in peace. Women, internally displaced persons and those who did not happen to be part of an armed rebel movement were almost entirely excluded. Instead, yet another peace agreement facilitated by a third party brought the armed rebel movements to the table and into the transitional government. Earlier this year, the various armed groups and civilian representatives once again met to finalize an agreement on the transition. This time, even though the negotiations included consultations with women and other previously marginalized groups, it was far too little, too late.

☆ Opinion: The world just tilted in India’s favor
▼ + stars: | 2023-04-20 | by ( Opinion Frida Ghitis | ) edition.cnn.com time to read: +7 min

She is a weekly opinion contributor to CNN, a contributing columnist to The Washington Post and a columnist for World Politics Review. CNN —Imagine a world in which the world’s most populous country is a democracy. The United Nations Population Fund announced Wednesday that, according to its calculations, India’s 1.4 billion have already surpassed mainland China’s population, and will exceed all of China’s – including Hong Kong’s population – by the middle of this year. In addition to shrinking, China’s population is growing older. Today, after decades of breakneck economic growth, China’s population is much wealthier than India’s.

☆ China takes swipe at Western 'friend-shoring' efforts
▼ + stars: | 2023-04-14 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

WASHINGTON, April 14 (Reuters) - China's central bank governor on Friday took a swipe at efforts by Western economies to trade more with allies and rely less on the world's largest goods-exporting country, saying such "friend-shoring" attempts could prevent global supply chain tension from easing. Reducing their deep dependence on supply chains with China at their center has become a top priority among Western economies as Beijing's threats to Taiwan heighten geopolitical risks in Asia. "Despite an overall easing of supply chain tensions, they continue to be challenged by protectionist measures such as onshoring, nearshoring, and friend-shoring," Yi said. U.S. Treasury Secretary Janet Yellen has recently encouraged "friend-shoring," or the diversification of supply chains away from China to market-oriented democracies such as India. The fragmentation of global trade has drawn warnings from international institutions including the IMF.

On Wednesday, Group of Seven (G7) finance leaders pledged to give low- and middle-income countries a bigger role in diversifying supply chains to make them more resilient and sustainable. It's one of the key reasons that the IMF predicts the global economy will stay mired in low-growth mode for years. Georgieva said policymakers might have to accept that development of new, more separated supply chains would involve some cost. "Security of supplies and the reliable functioning of global supply chains is taking a new, higher priority seat in economic discussions," she said, citing the impact of both the COVID pandemic and the war in Ukraine. But he drew a distinction between "de-risking" supply chains and "de-coupling" from China.

They reiterated that the financial system is resilient, supported by prompt government responses to the turmoil and reforms implemented after the 2008 financial crisis. "We will continue to closely monitor financial sector developments and stand ready to take appropriate actions to maintain the stability and resilience of the global financial system," the G7 finance leaders said. 'SHARED VALUES'The ministers said that supply chains needed to achieve both efficiency and resilience, helping to maintain macroeconomic stability and make economies more sustainable. The statement cited the need to diversify the "highly concentrated" supply chains for clean energy technologies. JOINT RESEARCHIn addition to working more closely with developing countries on supply chains, the G7 finance officials pledged to encourage joint research and development efforts among G7 members and other "interested parties."

April 11 (Reuters) - Banks that contributed the bulk of $30 billion in deposits to First Republic Bank (FRC.N) plan to set aside about $100 million each in first-quarter earnings in case of potential losses, two sources with direct knowledge of the matter said. The sources declined to be identified because of the sensitivity of the situation. The banks declined to comment. The four largest U.S. banks were among a group of 11 lenders that bolstered First Republic after its shares plunged during the crisis triggered by the collapse of Silicon Valley Bank and Signature Bank. Major U.S. banks will begin reporting first-quarter earnings from Friday.

☆ Brainard: US banking system is ‘sound’ and ‘stable’
▼ + stars: | 2023-04-12 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

Minneapolis CNN —The broader US banking system remains sound and stable, but the two regional banks that failed were “poorly managed” and “took unacceptable risks,” White House economic adviser Lael Brainard told CNN’s Poppy Harlow in an interview Wednesday at Semafor’s World Economy Summit in Washington, DC. “The banking system, it’s very sound, it’s stable; the core of the banking system has a great deal of capital that was put in place in the wake of the 2008-2009 global financial crisis,” said Brainard, director of the White House National Economic Council. They failed, and the president took strong actions along with the Secretary of the Treasury and the banking regulators,” she said. “Those actions reassured Americans their deposits are safe, the banking system is sound; but it was also important to the president that the executives of those failed banks were held accountable and, very important, that taxpayer money not be at risk,” she continued. “When those strong safeguards were put in place [through Dodd-Frank], it materially strengthened the banking banking system,” she said.

In its latest Global Financial Stability Report, the IMF said global financial stability risks had increased "rapidly" in the six months since its previous assessment when it was already touting hazards as being "significantly skewed" to the downside. The IMF said the bank failures "have been a powerful reminder" of the challenges wrought by tighter monetary policy - and the more stringent financial conditions it generated - and the buildup in vulnerabilities since the global financial crisis more than a decade ago. Problems at U.S. regional banks grew last year, as rapidly rising interest rates slashed the value of some banks' holdings in long-term assets such as home loans and government bonds. Going forward, regional banks could face greater scrutiny with respect to their holdings and funding structures, the IMF cautioned. Even still, authorities should be more prepared to deal with financial instability, the IMF recommended, including by strengthening their bank resolution regimes.

☆ China's consumer, factory prices skid as demand falters
▼ + stars: | 2023-04-11 | by ( Reuters Staff | ) www.reuters.com time to read: +4 min

REUTERS/Tingshu WangIn contrast to surging prices globally, China’s retail and producer inflation has remained anaemic as the consumer and industrial sectors struggle to recover from their pandemic hit. Analysts now think consumer inflation could fall short of Beijing’s official targets this year. On a month-on-month basis, food prices fell 1.4%. GRAPHIC: China's inflation skids, hereFALLING SHORTThe government has set a target for average consumer prices in 2023 to be about 3%. “We think consumer price inflation will rebound in the coming months as the labour market tightens again and will peak at 2.3% in early 2024,” said Zichun Huang, China economist at Capital Economics.

☆ U.S. aims to rally allies to up pressure on Russia, shore up Ukraine support
▼ + stars: | 2023-04-10 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, April 10 (Reuters) - The U.S. government will seek to rally allies this week to ratchet up economic pressure on Russia over its invasion of Ukraine, and shore up support for Kyiv, a top U.S. Treasury official is slated to say on Monday. "The United States is redoubling our efforts to rally our global coalition of allies at the Spring Meetings on Treasury’s two lines of effort as part of the United States’ unwavering commitment to Ukraine," he said in the prepared remarks. That means "shoring up economic support for Ukraine’s government and people, and ... continuing to deny (Russian President Vladimir) Putin the revenue and military equipment he needs to further his illegal war." Shambaugh highlighted the four-year $15.6 billion IMF program approved for Ukraine on March 31 as another key form of support, and a way to underpin Ukraine’s efforts to strengthen good governance. "Looking ahead, Ukraine will need support from a broad set of donors as its recovers and rebuilds.

☆ Uranium is having a 'renaissance.' What to know about it, and how to play it
▼ + stars: | 2023-04-07 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

But despite the strong outlook for the commodity price, stocks and funds related to the commodity have not risen in lock step. The Sprott Uranium Miners ETF (URNM) and Sprott Physical Uranium Trust (SRUFF) are down about 7% and 4% so far this year, underperforming the broad S & P 500 , which has gained 6.5% . He said the Sprott Physical Uranium Trust is a smart play because it has the best risk-to-reward ratio in his eyes and has the benefit of holding actual uranium as opposed to just mining stocks. The company also manages the Sprott Uranium Miners ETF, which Huhn said has a larger emphasis on the mining stocks than the commodity price. Zuri-Invest's option is unique because it has a shorter settlement time and can be redeemed for either money or physical uranium, Huhn said.

☆ U.S. trade chief Tai to defend pursuit of non-traditional trade deals
▼ + stars: | 2023-04-05 | by ( David Lawder | ) www.reuters.com time to read: +3 min

WASHINGTON, April 5 (Reuters) - U.S. Trade Representative Katherine Tai on Wednesday will defend the Biden administration's decision not to pursue traditional free trade deals and argue her approach of working to ease non-tariff barriers is better for workers and supply chain resilience. Her remarks come amid growing calls from U.S. business and agricultural trade groups for Congress to approve new "fast track" negotiating authority for USTR to pursue traditional free trade deals. These groups argue the U.S. is falling behind the growing network of free trade deals forged by China and the European Union in recent years, putting U.S. farmers and food companies at a disadvantage against many foreign competitors in key markets. Republicans in the U.S. Senate and House of Representatives also pelted Tai with complaints about the lack of new tariff-reducing trade deals during hearings last month. Tai told reporters it has been difficult to explain the need to break away from the traditional vision of ever-liberalizing trade deals.

☆ Insolvency is on the horizon for Social Security, Medicare funds, expert says. These changes may help
▼ + stars: | 2023-04-05 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

The research finds 37.8% of adults 65 and over would have incomes below the official poverty line without Social Security benefits. With Social Security benefits, 9% of older adults have incomes below the poverty line. But reducing poverty through and outside of Social Security beyond a sliding scale minimum benefit may be a better approach, she said. Moreover, the maximum Social Security retirement benefit is two to three times higher than what countries like the United Kingdom, Canada or Australia pay. "We're going way, way beyond a pure safety net program," Biggs said.

LONDON, April 5 (Reuters) - As "fragmentation" of politics and economics becomes the new buzzword for a world that appears to be splintering into blocs, the related costs of the new order are only now being totted up. Corporate rethinking of foreign direct investment (FDI) - bricks-and-mortar developments overseas as well as mergers and acquisitions - would make the hit even scarier. And if FDI fragmentation is defined by a permanent rise in cross-bloc barriers to imported investment inputs, the IMF said developments could cut world output by 2% in the long term. "Fragmentation of the global economy will likely put inflation at a higher structural level, and the cost of capital will likely go up, squeezing low-quality and leveraged companies." Reuters GraphicsBIS chart on global trade as share of GDPBCG projections on world trade to 2031The opinions expressed here are those of the author, a columnist for Reuters.

☆ Column: The new US Social Security forecast: what it means for retirees
▼ + stars: | 2023-04-04 | by ( Mark Miller | ) www.reuters.com time to read: +6 min

But if the headlines stemming from the annual report of the Social Security trustees jangled you, take a deep breath. The report, released on March 31, forecasts that the Social Security retirement trust fund reserves will be depleted in 2033. What does the new Social Security forecast mean for current and future retirees? But the trust fund also can accumulate balances when Social Security runs surpluses, as has been the case for the last several decades. A: Social Security collects FICA contributions only up to a certain level of wages - $160,200 this year.

☆ Why cloud-based browser management is the missing piece of your business' IT strategy
▼ + stars: | 2023-03-30 | by ( Sponsor Post | Created Insider Studios With Google Chrome Enterprise | ) www.businessinsider.com time to read: +6 min

Cloud-based browser management, like Google's Chrome Browser Cloud Management, can help effectively manage these variables and offer insights into your organization's browsers across the enterprise and down to the user level. How enterprise browser management worksChrome Browser Cloud Management helps support crucial web-based business processes in different user environments by shoring up security, supporting worker productivity, and enforcing unified policies. Getting Started with Chrome Browser Cloud ManagementWith a unified view across devices and operating systems, Chrome Browser Cloud Management can help IT administrators reduce time spent on browser management. Those who are new to Chrome Browser Cloud Management can start the short and no-charge enrollment process here. See how Chrome Browser Cloud Management can help you manage your enterprise's IT operations.

☆ Here's why recent moves by the SEC and CFTC may be just the start of crypto's regulatory troubles
▼ + stars: | 2023-03-29 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +6 min

Both the SEC and the CFTC have taken action against the crypto industry in the last few weeks. He added: "At the end of the day industry participants are searching for regulatory clarity, which has not yet been achieved." "Compliance and regulatory efforts are expensive, but necessary, the personnel will be almost as important as tech people," Yang told Insider. Markets could face more volatility following a crackdown because crypto prices are often sensitive to regulatory news. This, however, would require a widespread effort and coordination between financial regulators, industry participants, and legislators.

☆ Buy the dip on this regional bank which, unlike SVB, hedged its interest rate risk, Piper says
▼ + stars: | 2023-03-28 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

At least one beaten-up regional bank was well prepared for the issues that brought down Silicon Valley Bank, and that makes its stock a rebound candidate, according to Piper Sandler. on Tuesday, saying that the Cincinnati-based bank was well hedged for the rapid rise in interest rates that has stressed other regional banks. The hedging actions by Fifth Third are in stark contrast to SVB's portfolio, which had little interest rate hedging despite a large exposure to long duration bonds. In its final annual report , SVB reported a notional amount of $550 million of interest rate swaps as hedging instruments as of Dec. 31, 2022. The fallout from SVB has hit many regional bank stocks, including Fifth Third.

☆ Energy, industrial stocks lift TSX; Lundin Mining jumps
▼ + stars: | 2023-03-28 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

"But here it seems the market likes the deal and is giving a thumbs up with respect to the acquisition." ET (14:10 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 61.34 points, or 0.31%, at 19,686.08. Energy stocks (.SPTTEN) added 0.8%, tracking oil prices amid supply disruption risks from Iraqi Kurdistan. Still, the bourse is up for the quarter underpinned by gains from January as equities bounced back from previous year's losses. Reporting by Johann M Cherian in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

The first test in the race to replace Sen. Dianne Feinstein of California is a year away, but the top three contenders are already furiously raising money, crisscrossing the state and amassing endorsements in what could become one of the most expensive statewide contests in recent memory. Reps. Barbara Lee , Katie Porter and Adam Schiff have been hitting the campaign trail hard, shoring up support and introducing themselves to new voters since Mrs. Feinstein announced in February that she would retire at the end of her term. The trio are some of the biggest names in Democratic politics but the field appears wide open, with no candidate drawing more than a quarter of the vote in an early poll.

Search resuls for: "Shoring"

25 mentions found