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Mehta pressed him, for example, on if being dominant in search means that Google's search engine will improve faster than its competitors. In particular, he said, Google should not have made agreements with Apple that requires that Google be the default search engine. Google argued in court filings that the payments at issue are legal revenue-sharing deals and not illegal efforts to exclude rivals. Since this lawsuit was filed, Google has been hit with other antitrust complaints. The Justice Department filed a second lawsuit in January accusing the company of abusing its dominance of the digital advertising business.

Mehta pressed him, for example, on if being dominant in search means that Google's search engine will improve faster than its competitors. Google's Schmidtlein replied: "Offering a superior product, winning business on the merits is never unlawful." Google has argued in court filings that the payments at issue are legal revenue-sharing deals and not illegal efforts to exclude rivals. Since this lawsuit was filed, Google has been hit with other antitrust complaints. The Justice Department filed a second lawsuit in January accusing the company of abusing its dominance of the digital advertising business.

Google has argued in court filings that the payments are legal revenue-sharing deals and not illegal efforts to exclude rivals. The case is being heard by Judge Amit Mehta of the U.S. District Court for the District of Columbia. Since this lawsuit was filed, Google has been hit with other antitrust complaints. The Justice Department filed a second lawsuit in January accusing the company of abusing its dominance of the digital advertising business. A group of states led by Texas also sued on ad tech in 2020 while states led by Utah filed a lawsuit in 2021 saying the company broke antitrust law in handling its play store.

But overall bank credit has been stalled at about $17.5 trillion since January. The response - less lending, tighter credit standards and higher interest on loans - was already taking shape. Hard data on bank lending and credit will come into play, augmenting topline statistics like unemployment and inflation that the Fed is focused on. Reuters GraphicsSENTIMENT WEAKENINGThe survey of large and small banks asks high-level questions - Are lending standards tighter or looser? A Dallas Fed bank conditions survey, conducted in late March after the two bank failures, indicated lending standards in that Fed regional bank's district have kept tightening, with loan demand falling.

☆ An incredibly rare bullish stock market indicator just flashed for the first time since 2019
▼ + stars: | 2023-04-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

An incredibly rare bullish stock market indicator just flashed, suggesting more upside ahead. The Zweig Breadth Thrust indicator flashed for the first time since 2019, according to Ryan Detrick of the Carson Group. That's according to Carson Group chief market strategist Ryan Detrick, who pointed out that the "extremely rare" Zweig Breadth Thrust Indicator just triggered. The last time the Zweig Thrust Indicator triggered was in early 2019. Meanwhile, the six-month forward average return after the Zweig Thrust Indicator triggered is 17%.

☆ OPEC’s surprise production cut complicates the Fed’s fight against inflation
▼ + stars: | 2023-04-08 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Energy prices across the globe surged last year when Russia invaded Ukraine, fueling global inflation just as the world’s major economies were beginning to rebalance after the pandemic. Now, with oil prices surging once again, headline inflation could remain elevated for longer or even rise. Even core inflation could be affectedWhile Fed officials consider multiple economic metrics in order to inform their decision making, one of their main points of focus is core inflation, which strips out volatile food and energy prices. However, higher oil prices can eventually push up core prices if they remain elevated for long enough. However, he acknowledged the eventual impact of higher prices.

☆ Wall St Week Ahead Resilient U.S. stocks failing to factor in recession, investors fear
▼ + stars: | 2023-03-31 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

NEW YORK, March 31 (Reuters) - U.S. stocks have soldiered on through a banking mess to notch solid first-quarter gains. Some investors say that performance could come under pressure if a widely expected recession hits. Wary investors say those gains leave stocks more vulnerable to an economic downturn, which may have been brought closer by tumult in the banking sector following this month’s collapse of Silicon Valley Bank. S&P 500 earnings for the first quarter are estimated to have fallen 5% from the prior year, followed by an expected 3.9% drop in the second quarter, Refinitiv data shows. Nathan Shetty, head of multi-asset at Nuveen, believes current valuations show investors have yet to price in a recession.

The deal was opposed by consumer advocates and politicians on worries it could lead to higher prices due to an overlap between Rogers and Shaw's wireless divisions. Rogers reaffirmed its conditions, including setting up a western headquarters in Calgary, creating 3,000 new jobs in Western Canada and investing C$6.5 billion to upgrade connectivity. If it breaches the commitments, Rogers (RCIb.TO) will have to pay a fine of as much as C$1 billion, Champagne said at a news conference in Ottawa. Champagne said if wireless prices do not go lower, he would seek further legislative and regulatory powers. Rosa Addario, a spokesperson for internet advocacy group OpenMedia, said the concessions sought by the government were unlikely to result in lower prices.

☆ Jamie Dimon is riding to the rescue again. This time, he's poised to come out on top.
▼ + stars: | 2023-03-31 | by ( Carter Johnson | ) www.businessinsider.com time to read: +15 min

Why, then, has Dimon been so willing to swing back into action in the wake of Silicon Valley Bank's collapse? But it's starting to look like JPMorgan — and Dimon — will end up winners no matter how things turn out. In backstopping First Republic, JPMorgan helps a client and a bank that experts say would fit nicely into its business. By saving First Republic, JPMorgan also stands to gain goodwill from Silicon Valley startups, which are customers of the smaller bank. The paper also reported that regulators asked Dimon, Bank of America, and other banks to buy Silicon Valley Bank and pay out depositors over the insured limit.

☆ Fact Check-Door opening in Northern Ireland’s Giant’s Causeway stems from promotional campaign
▼ + stars: | 2023-03-30 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

A spokesperson for the National Trust confirmed to Reuters that the clip was commissioned by the Trust as part of a promotional campaign. At the time, staff at the Giant’s Causeway gave visitors a map and clues on how to find the cave that featured in the promotional clip (here), (here). The Trust shared various images and clips using the aforementioned hashtag (here). The Giant’s Causeway in Antrim, Northern Ireland consists of over 40,000 basalt columns created during volcanic events 50 to 60 million years ago (here). The clip stems from a promotional campaign made by the Northern Ireland National Trust released in 2015.

☆ Exclusive: Google says Microsoft's cloud practices anti-competitive, slams deals with rivals
▼ + stars: | 2023-03-30 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, March 30 (Reuters) - Alphabet's (GOOGL.O) Google Cloud has accused Microsoft (MSFT.O) of anti-competitive cloud computing practices and criticised imminent deals with European cloud vendors, saying these do not solve broader concerns about its licensing terms. Google Cloud Vice President Amit Zavery urged EU antitrust regulators to take a closer look at the issue. Google Cloud's first public comments on Microsoft and its EU deals underscores the rivalry between the two U.S. tech giants in the multi-billion-dollar cloud computing business where Google trails market leader Amazon (AMZN.O) and second-ranked Microsoft. He criticised Microsoft's deals with smaller European cloud vendors. Microsoft has offered to change its cloud computing practices in a deal with smaller rivals which in turn will suspend their antitrust complaints, a person with direct knowledge of the matter told Reuters this week.

☆ Exclusive: Google says Microsoft cloud practices are anti-competitive
▼ + stars: | 2023-03-30 | by ( Foo Yun Chee | ) www.reuters.com time to read: +4 min

BRUSSELS, March 30 (Reuters) - Alphabet's (GOOGL.O) Google Cloud has accused Microsoft (MSFT.O) of anti-competitive cloud computing practices and criticised imminent deals with several European cloud vendors, saying these do not solve broader concerns about its licensing terms. In response, Microsoft referred to a blogpost in May last year where its president Brad Smith said it 'has a healthy number two position when it comes to cloud services, with just over 20 percent market share of global cloud services revenues'. "We are committed to the European Cloud Community and their success," a Microsoft spokesperson told Reuters on Thursday. There is intense rivalry between the two U.S. tech giants in the fast-growing, multi-billion-dollar cloud computing business, where Google trails market leader Amazon (AMZN.O) and Microsoft. 'UNFAIR ADVANTAGE'Zavery said individual deals struck with several smaller European cloud vendors only benefit Microsoft.

☆ Layoffs destroy workers' trust, but there are ways employers can reduce the damage, a PwC survey shows
▼ + stars: | 2023-03-28 | by ( Josée Rose | Tim Paradis | ) www.businessinsider.com time to read: +4 min

A PwC survey identified steps employers can take to help restore trust amid layoffs. "Trust is built in hard times, not easy times," Wes Bricker, a vice chair and US trust solutions coleader at PwC, told Insider. Bank runs and waves of job cuts across industries, including tech, have left some leaders and rank-and-file workers feeling uneasy. Yet the gaps in trust revealed by the survey indicate that there's more work for business leaders to do. The recent challenges in some industries mean business leaders need to be straight with their employees, Bricker said, even when it's difficult.

☆ Microsoft offers to change cloud computing practices after rivals' complaint, source says
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: 1 min

BRUSSELS, March 28 (Reuters) - Microsoft (MSFT.O) has offered to change its cloud computing practices to settle antitrust complaints filed by its smaller rivals in three EU countries to EU antitrust regulators, a person with direct knowledge of the matter said on Tuesday. French cloud computing services provider OVHcloud (OVH.PA), Italian cloud service provider Aruba and a Danish association of cloud service providers had complained to the European Commission about Microsoft's cloud practices and licensing deals. Reporting by Foo Yun CheeOur Standards: The Thomson Reuters Trust Principles.

☆ Microsoft offers to change cloud practices to ward off EU antitrust probe-source
▼ + stars: | 2023-03-28 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, March 28 (Reuters) - Microsoft (MSFT.O) has offered to change its cloud computing practices to settle antitrust complaints filed by its smaller rivals, a person with direct knowledge of the matter said on Tuesday, a move that will stave off an EU investigation. French cloud computing services provider OVHcloud (OVH.PA), Italian cloud service provider Aruba and a Danish association of cloud service providers had complained to the European Commission about Microsoft's cloud practices and licensing deals. Microsoft said: "We are grateful for the productive conversations that led us there and appreciate the feedback that we have received since." Trade group CISPE, which counts cloud computing market leader Amazon.com Inc (AMZN.O) as one of its members, said it was not part of the settlement. Reuters reported last week that rivals wanted Microsoft to do more to resolve their complaints after an initial offer fell short.

☆ Microsoft prepares to settle EU antitrust complaint on Cloud - Bloomberg News
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

French cloud computing services OVHcloud (OVH.PA), Italy's Aruba SpA and the Danish Cloud Community are the parties involved in the final stages of settling with Microsoft and the announcement could come in this week, the report added. Microsoft is facing an antitrust complaint filed by the three European rivals in the booming cloud computing business. The complaint, filed with the European Union's competition watchdog, alleges that Microsoft's contractual and business practices make it costly and difficult for users of its cloud computing services to opt for those of a competitor. Microsoft, OVHcloud and Aruba SpA did not immediately respond to Reuters' queries. The Danish Cloud Community declined to comment on the report.

☆ First Citizens to buy large chunk of failed Silicon Valley Bank
▼ + stars: | 2023-03-27 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Photo illustration, the Silicon Valley Bank logo is visible on a smartphone, with the stock market index in the background on the personal computer on March 14, 2023, in Rome, Italy. First Citizens Bank & Trust Co will buy Silicon Valley Bank's deposits and loans, the U.S. Federal Deposit Insurance Corporation said Monday, just over two weeks after the biggest U.S. banking collapse since Lehman Brothers. The deal includes the purchase of approximately $72 billion of SVB assets at a discount of $16.5 billion, but around $90 billion in securities and other assets will remain "in receivership for disposition by the FDIC." It comes after the regulator transferred all SVB deposits and assets into a new "bridge bank" earlier this month in an effort to protect depositors of the failed lender. "The 17 former branches of Silicon Valley Bridge Bank, National Association, will open as First–Citizens Bank & Trust Company on Monday, March 27, 2023," the FDIC statement said Monday.

London/Oakland, California CNN —First Citizens Bank is buying most of the business of Silicon Valley Bank, the US tech lender that failed earlier this month. Seventeen former branches of SVB will begin operating as “Silicon Valley Bank, a division of First Citizens Bank,” on Monday, First Citizens said. The FDIC said First Citizens was getting the $72 billion in SVB loans at a discount of $16.5 billion. “The FDIC estimates the cost of the failure of Silicon Valley Bank to its Deposit Insurance Fund to be approximately $20 billion. It had to be rescued a week ago by bigger rival UBS (UBS) in an emergency takeover orchestrated by the Swiss government.

☆ First Citizens buys Silicon Valley Bank
▼ + stars: | 2023-03-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

First Citizens BancShares has agreed to buy Silicon Valley Bank. The deal includes the purchase of about $72 billion of Silicon Valley Bridge Bank assets at a discount of $16.5 billion. Silicon Valley Bank was shut by regulators on March 10 after a bank run and capital crisis. Silicon Valley Bank was shut by regulators on March 10 after a bank run and capital crisis. —First Citizens Bank (@firstcitizens) March 27, 2023First Citizens said in a Monday statement the transaction is "structured to preserve First Citizens' solid financial position."

☆ Treasury yields rise as investors weigh banking sector developments
▼ + stars: | 2023-03-27 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +2 min

Yields and prices move in opposite directions and one basis point equals 0.01%. ET, the yield on the 10-year Treasury was up by close to five basis points to 3.4265%. The 2-year Treasury was trading at around 3.8875% after rising by over 11 basis points. U.S. Treasury yields climbed on Monday as investors assessed the latest changes in the banking sector and concerns about its future eased slightly. Investors considered fresh developments in the banking sector.

☆ First Citizens Bank to buy SVB's deposits, loans from FDIC
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: 1 min

March 27 (Reuters) - First Citizens Bank & Trust Co will buy all of Silicon Valley Bank's (SIVB.O) deposits and loans from the Federal Deposit Insurance Corporation (FDIC), the regulator said in a statement. Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

The planned closure of the plant has left dozens of Virginia chicken growers scrambling to find new buyers in a region with few other options. Tyson alerted Virginia farmers by phone on March 13 and later by mail that it will shut its Glen Allen plant on May 12, according to three poultry farmers who supply the plant. The USDA, which enforces the PSA, told Reuters it is "closely monitoring" Tyson's planned plant closure. 'WE'RE DONE'Under normal circumstances, Tyson supplies farmers with chicks, while farmers assume the costs of land and chicken houses. On Monday, about 20 Tyson farmers and local government officials gathered in a fire station in Burkeville, Virginia, and raised concerns about Tyson's short timeline for closure of the plant, attendees said.

French cloud computing services provider and complainant OVHcloud (OVH.PA) is also waiting for a more concrete proposal from Microsoft, a person with direct knowledge of the matter said. Resolving the complaints with the companies could help Microsoft stave off a possible EU antitrust investigation that could lead to a fine as much as 10% of its global turnover. The complaints by OVHcloud, Italian cloud service provider Aruba and a Danish association of cloud service providers focused on Microsoft's cloud practices and licensing deals. "We are grateful for the productive conversations that led us there and appreciate the feedback that we have received since," a Microsoft spokesperson said. Cispe's members include cloud computing market leader Amazon.com Inc (AMZN.O).

While big banks have dominated headlines, the country's 4,258 community banks, which are more risk-averse, account for more than 90% of all chartered banks. Her comments marked a shift in emphasis to include community banks that were not mentioned in her earlier testimony. "The community banks in this country, we know, are strong and resilient. Yellen's shift to include community banks "was certainly better, it was an attempt for her to kind of restate what she was saying and acknowledging the importance of the community banks," Williams said. Community banks play an important political role.

☆ TSX futures crawl higher ahead of Fed meet decision
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

March 22(Reuters) - Futures for Canada's main stock index edged up on Wednesday tracking gains in bullion prices, as investors awaited the U.S. Federal Reserve's verdict on further monetary tightening. The Fed is expected to deliver quarter of a percentage-point rate hike at 2 p.m. March futures on the S&P/TSX index were up 0.2% at 7:05 a.m. Gold prices added shine as investors rushed to the safe-haven asset ahead of the Fed's rate decision announcement. ET, while S&P 500 e-minis were up 2.75 points, or 0.07% and Nasdaq 100 e-minis were down 7.75 points, or 0.06%.

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