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☆ A long-dormant lake has reappeared in California, bringing havoc along with it
▼ + stars: | 2023-04-04 | by ( Evan Bush | ) www.cnbc.com time to read: +7 min

David Swanson | ReutersPeople have worked for a century to make California's Tulare Basin into a food grower's paradise. The Tulare Basin is at the southern end of California's San Joaquin Valley — and in essence, it's a massive bowl. Before irrigators dug canals and rerouted water for farming in the late 1800s, Tulare Lake filled the bowl's lower reaches. Today, the irrigation system is designed to "use every single drop of water" that flows into the basin, Mount said. Tulare Lake refilled in 1997 and 1983 during very wet seasons.

Macro and trend-following hedge funds dropped 3.2% this month through March 29, while algorithmic commodity trading advisor funds (CTAs) dove 6.8%. Hedge fund strategies based around macroeconomic ideas like those run by Rokos, DG Parters and EDL Capital fund posted negative performances in March, sources and bank data said. Trend-following hedge funds, which trade on systematically programmed ideas, also posted big losses. The bank decided not to change clients' borrowing limits, but it has increased diligence oversight on the hedge fund exposure, including new clients, the broker said. Trend-following funds tend to bail quickly on trades that stop working, said a pension fund director who invests in hedge funds.

☆ When Every Win Means Water, Water Everywhere
▼ + stars: | 2023-03-31 | by ( Andrew Keh | ) www.nytimes.com time to read: +8 min

When Every Win Means Water EverywherePicture yourself at work. Teleport this scene into a sports locker room, though, and suddenly the dousing is perfectly in bounds. But like many coaches, he eventually accepted his fate, removing his shoes before entering the locker room. The athletes were unwinding in the locker room when Coach Mark Few and his assistants charged in and began sousing them with ice-cold water. Isaiah Wong, the team’s star shooting guard, said they would only consider spraying water now if they won the championship.

☆ Europe drought: This once-thriving lake has all but dried up -- a story repeated across Europe
▼ + stars: | 2023-03-30 | by ( Laura Paddison | ) edition.cnn.com time to read: +9 min

While in the United States, the snow and rain that have pummeled California have helped fill reservoirs and ease unrelenting drought, winter has been far from kind to many parts of Europe. A buoy is seen on the banks of the partially dry Lake Montbel as France faces a record winter dry spell. “Lake Montbel remains at an abnormally low level,” Franck Solacroup, the regional director of the Adour-Garonne Water Agency, which covers the area that includes Lake Montbel, told CNN. Farmers like Rouquet, who rely on the lake, are having to make tough decisions on what to grow. “This is the most extreme winter in terms of low snow cover,” she told CNN.

REUTERS/Kevin LamarqueMarch 29 (Reuters) - The scope of blame for Silicon Valley Bank's failure stretches across bank executives, Federal Reserve supervisors and other regulators, the banking system's top cop on Wednesday told U.S. lawmakers demanding answers for the lender's swift collapse. "I think that any time you have a bank failure like this, bank management clearly failed, supervisors failed and our regulatory system failed," Michael Barr, Fed Vice Chair for Supervision, told Congress. 'SOME REAL FLAWS'Barr told the House Financial Services Committee that he first became aware of stress at Silicon Valley Bank on the afternoon of March 9, but that the bank reported to supervisors that morning that deposits were stable. The Fed was in discussions with Silicon Valley Bank the day before its collapse to move pledgable collateral to the discount window, a key facility long associated with providing emergency loans to banks, Barr said on Wednesday. "(Fed) staff were working with Silicon Valley Bank basically all afternoon and evening and through the morning the next day to pledge as much collateral as humanly possible to the discount (window) on Friday," Barr said.

March 29 (Reuters) - The Federal Reserve was in discussions with Silicon Valley Bank the day before its collapse to move pledgable collateral to the discount window, a key facility long associated with providing emergency loans to banks, the Fed's head of banking supervision told a Congressional committee on Wednesday. Fed Vice Chairman for Supervision Michael Barr said he first became aware of stress at Silicon Valley Bank on the afternoon of March 9, but that the bank reported to supervisors that morning that deposits were stable. "(Fed) staff were working with Silicon Valley Bank basically all afternoon and evening and through the morning the next day to pledge as much collateral as humanly possible to the discount (window) on Friday," Barr said to the House Financial Services Committee. Barr told the Senate Banking Committee he first became aware of the interest rate risk issues at SVB in mid-February, while Fed supervisors had been raising issues with the bank directly in months prior to that. Some Democrats have also argued a 2018 bank deregulation law is to blame.

"I think that any time you have a bank failure like this, bank management clearly failed, supervisors failed and our regulatory system failed," Michael Barr, Fed Vice Chair for Supervision, told Congress. REPORTS DUE MAY 1Both the Fed and FDIC are is expected to produce reports on the failure of Silicon Valley Bank by May 1. Barr told the House Financial Services Committee that he first became aware of stress at Silicon Valley Bank on the afternoon of March 9, but that the bank reported to supervisors that morning that deposits were stable. Gruenberg of the FDIC told lawmakers he also became aware of SVB's stress that Thursday evening. "(Fed) staff were working with Silicon Valley Bank basically all afternoon and evening and through the morning the next day to pledge as much collateral as humanly possible to the discount (window) on Friday," Barr said.

DURHAM, North Carolina, March 28 (Reuters) - U.S. President Joe Biden said on Tuesday his administration had done what was possible to address the banking crisis with available authorities, but added the White House response on the matter was "not over yet." The markets seem to be responding," Biden told reporters before departing North Carolina to return to the White House. Asked if his administration had exhausted its unilateral moves, short of congressional action, to address stress in the banking sector, Biden said: "No, it's not over yet. The failures of Silicon Valley Bank (SVB) and, days later, Signature Bank (SBNY.O), set off a broader loss of investor confidence in the banking sector that pummeled stocks and stoked fears of a full-blown financial crisis. The Biden administration quickly adopted a series of emergency measures to protect depositors in the two banks, while the Federal Reserve provided additional liquidity to help banks across the sector cover depositors' needs.

☆ Biden says banking crisis 'not over yet'
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, March 28 (Reuters) - U.S. President Joe Biden said on Tuesday he has done what is possible to address the banking crisis with available authorities but that it is "not over yet." Asked if the administration would not take any more executive action to address the matter, Biden said "Oh no, It's not over yet. We're watching very closely." The failures of Silicon Valley Bank (SVB) and, days later, Signature Bank (SBNY.O), set off a broader loss of investor confidence in the banking sector that pummeled stocks and stoked fears of a full-blown financial crisis. Reporting by Andrea Shalal and Nandita Bose in Washington; Editing by Chris Reese and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ 'In memory of Jordyn's fingers please lend a hand': Family has cheeky fundraiser for worker who lost fingers in Cold Stone Creamery incident
▼ + stars: | 2023-03-26 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

Jordyn Martin, 21, lost three fingers to an ice cream machine after a hand got caught, reports say. Jordyn Martin, a 21-year-old who worked at a Cold Stone Creamery in Corvallis, Oregon, was in a workplace incident on March 15 that left her with only seven fingers, the Corvallis Gazette-Times reported. According to the local news, Martin's hand was mangled by an ice cream machine after a towel she was holding got caught in its rotors. "In memory of Jordyn's fingers please lend a hand," the fundraiser is titled. According to Martin's fundraiser description, her dominant hand was hurt, and doctors were unable to reattach the amputated digits during surgery.

U.S.-China relations were dealt another blow as lawmakers at a House hearing pummeled TikTok’s chief executive over the popular app’s ties to China, and as Beijing said it would fight any U.S. attempt to force the company’s sale by its Chinese owners. The hearing Thursday, peppered with withering attacks on TikTok from both Democrats and Republicans, ran more than five hours and underscored growing concern about Beijing’s potential influence over the app. U.S.-China relations are already frayed over trade, Taiwan, technology and geopolitical rivalries.

☆ These beaten-down bank stocks have strong deposit bases and are well liked by analysts
▼ + stars: | 2023-03-23 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Bank stocks have been pummeled in recent weeks amid the ongoing crisis centered around regional banks — but Wall Street sees some buying opportunities among the financial shares that have solid fundamentals and strong deposit bases. The financial shock spurred by the closure of Silicon Valley Bank has pushed down a bevy of bank stocks in recent days as investors considered the risk of contagion. Silicon Valley Bank had around 95% of it deposits uninsured as of December. But Wall Street is expecting some bank stocks to come back as investors look past the broader crisis and find comfort in those with relatively strong fundamentals and customers. First Citizens BancShares and Goldman Sachs also made the list, with each having 33% of its deposits uninsured.

☆ Biden used first veto to save a 401(k) investment rule. Here's what it does
▼ + stars: | 2023-03-21 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

watch nowFew 401(k) plans — about 5% — offer an ESG fund, according to PSCA survey data. The [Biden] rule doesn't force you to consider ESG. Under the Biden rule, employers must still consider ESG factors within the context of what is in investors' best interests. "The [Biden] rule doesn't force you to consider ESG," Chao said. The Biden administration issued the final text of its investment rule in November, shortly before Republicans assumed control of the House.

☆ Exclusive: Some Credit Suisse counterparties put curbs on new dealings involving lender -sources
▼ + stars: | 2023-03-17 | by ( Shankar Ramakrishnan Stefania Spezzati Sumeet Chatterjee | Shankar Ramakrishnan | Stefania Spezzati | ) www.reuters.com time to read: +4 min

[1/3] The logo of Societe Generale bank is pictured on an office building in Nantes, France, March 16, 2023. Credit Suisse declined to comment. These five people with direct knowledge of the matter requested anonymity because of the sensitivity of the situation. Societe Generale has maintained existing counterparty positions with Credit Suisse, which it had cut back in recent weeks, but it is not increasing them, according to two sources with direct knowledge of the situation. Another global bank has reduced its unsecured exposure to Credit Suisse, which includes all lending with no collateral, according to a person with knowledge of the matter.

☆ Retail investors are buying the dip in financial stocks in unprecedented amounts
▼ + stars: | 2023-03-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Retail investors are buying financial stocks in unprecedented amounts after the sector's recent rout, according to Vanda Research. Banks have been pummeled in the wake of Silicon Valley Bank's collapse and concerns over Credit Suisse 's financial situation. Regional bank stocks were particularly hard hit as investors worried whether they had balance sheet issues similar to SVB. Some investors were also buying shares of First Republic Bank, PacWest Bancorp and Truist Financial . Retail investors bought nearly twice as much as the previous week's daily average, totally $1.43 billion in purchases, according to Vanda Research.

Credit Suisse shares were indicated at 2.3 Swiss francs ($2.48), up 35% from Wednesday's close. The Swiss bank's announcement overnight helped stem heavy selling in financial markets in Asian trade on Thursday and European markets were heading for a bullish start to the day. Analysts at JPMorgan said in a note that a takeover was the most likely scenario for Credit Suisse, especially by rival UBS . "Credit Suisse is the first major bank, deemed too big to fail, to take up the offer of an emergency lifeline," Susannah Streeter, head of money and markets at Hargreaves Lansdown, said. "The $54 billion rescue wad is staunching worries about a bigger run on Credit Suisse and the repercussions for other institutions around the world exposed to its operations," she added.

☆ A group of banks are in talks to deposit $30 billion in First Republic, sources say
▼ + stars: | 2023-03-16 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

A group of financial institutions are in talks to deposit $30 billion in First Republic in what's meant to be a sign of confidence in the banking system, sources told CNBC's David Faber. Bank of America , Wells Fargo , Citigroup and JPMorgan Chase will contribute about $5 billion apiece, while Goldman Sachs and Morgan Stanley will deposit around $2.5 billion, the sources said. Truist , PNC , U.S. Bancorp , M&T Bank and Capital One will deposit about $1 billion each. First Republic's stock, which closed at $115 per share on March 8, traded below $20 at one point on Thursday. The company reported more than $212 billion assets at the end of December and generated more than $1.6 billion in net income last year.

☆ First Republic just got a $30 billion lifeline from JPMorgan and other Wall Street giants. Here's why its problems aren't over.
▼ + stars: | 2023-03-16 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

JPMorgan and 10 other banks are depositing $30 billion in First Republic Bank. A white knight has arrived to First Republic Bank's rescue. A consortium of America's biggest banks including JPMorgan Chase, Morgan Stanley, and Goldman Sachs are depositing a collective $30 billion in First Republic. This $30 billion lifeline may not be enough to reassure investors and depositors, and it may be a stopgap measure before a sale. The $70 billion lifeline from JPMorgan announced on Sunday did little to quell investors' concerns, Dahiya noted.

☆ Tech stocks emerge as haven in sell-off fueled by bank worries
▼ + stars: | 2023-03-15 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +2 min

Among the big tech stocks, Apple Inc (AAPL.O) has fallen 1.5% over that time, while Microsoft Corp (MSFT.O) climbed 3.4% and Intel Corp (INTC.O) rose over 7%. Large tech stocks generally screen well on "quality" metrics, such as balance sheet strength and profit margins, heightening their allure when economic uncertainty arises, said Matthew Miskin, co-chief investment strategist at John Hancock Investment Management. Reuters GraphicsA swift tumble in Treasury yields is also helping boost tech stocks. Tech shares were pummeled in 2022 as the Federal Reserve's aggressive rate hikes drove up Treasury yields, hurting "long duration" assets such as tech stocks. The utilities sector (.SPLRCU) has climbed 1% since last Wednesday, consumer staples (.SPLRCS) has slipped 0.5%, while healthcare (.SPXHC) has dipped 1%.

Credit Suisse fell below 2 Swiss francs ($2.18) for the first time after Saudi National Bank said it could not go above 10% ownership due to a regulatory issue. Credit Suisse shares fell by as much as 23.8% and were last down 20.2%. An index of European bank stocks (.SX7P) fell in morning trading and was last down 6.1%, hitting its lowest since January 3. Fears of contagion after the collapse of tech-focused lender SVB (SIVB.O) and New York-based Signature Bank (SBNY.O) last week have weighed on European bank stocks. We move from the problems of American banks to those of European banks, first of all Credit Suisse," said Carlo Franchini, head of institutional clients at Banca Ifigest in Milan.

☆ UBS upgrades this regional bank stock that can rally more than 50%
▼ + stars: | 2023-03-15 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

New York Community Bancorp shares are "too cheap" and can jump 50% from here, according to UBS. NYCB 5D mountain NY Community Bancorp shares 5-day NY Community Bancorp shares are down more than 24% this year. They fell more than 12% and 14% this and last week, respectively, as bank stocks got pummeled in the wake of the Silicon Valley Bank failure. NY Community Bancorp shares are down 1% in Wednesday premarket trading. The analyst said NY Community Bancorp is a name in which he is above consensus expectations on 2024 earnings per share estimates, given the bank's deposit mix, that could benefit from rate cuts.

☆ Here’s how we navigated three sessions of SVB-sparked chaos and Tuesday’s bounce
▼ + stars: | 2023-03-14 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +7 min

The S & P 500 climbed roughly 1% in afternoon Tuesday trading, clawing back only some of its 3.4% decline between Thursday and Monday's close. We spent Monday morning looking for things to buy in what our trusted S & P Oscillator signaled was an oversold market. In the three sessions Thursday through Monday, both stocks underperformed the S & P 500 as they fell 5.4% and 4.4%, respectively. Palo Alto didn't get either nod, but we think it's only a matter of time before its added to the index. While S & P 500 constituency wasn't in the cards this time, we will continue to add to our position into weakness.

☆ Another house has collapsed into the ocean in North Carolina, and its owner will now have to clean up all the debris
▼ + stars: | 2023-03-14 | by ( Amanda Goh | ) www.businessinsider.com time to read: +3 min

Another beachfront home in Rodanthe, North Carolina, has collapsed into the ocean. The North Carolina Coastal Federation estimates that Rodanthe loses about 14 feet of beach per year on average. The couple bought the Rodanthe house in 2007. In February 2022, a North Carolina beachfront home partially collapsed into the Atlantic Ocean, spreading debris more than seven miles across the coast. And in May, a video circulating on Twitter captured the dramatic moment when a Rodanthe house on stilts fell into the sea and was swept away after being pummeled by powerful ocean waves.

☆ Credit Suisse finds ‘material weakness’ in its financial reporting, scraps exec bonuses
▼ + stars: | 2023-03-14 | by ( Hanna Ziady | ) edition.cnn.com time to read: +1 min

London CNN —Credit Suisse on Tuesday acknowledged “material weakness” in its financial reporting as it scrapped bonuses for top executives in the wake of its worst annual performance since the global financial crisis. The board concluded that “this material weakness could result in misstatements of account balances or disclosures that would result in a material misstatement to the annual financial statements of Credit Suisse,” it added. Credit Suisse said it was urgently developing a “remediation plan” to strengthen controls. Credit Suisse’s stock was down 3.7% in morning trade. The bank’s share price fell to a new record low Monday, as the collapse of Silicon Valley Bank and Signature Bank scared investors and pummeled European banking stocks.

☆ Stocks making the biggest moves after hours: Gitlab, United Airlines, First Republic Bank and more
▼ + stars: | 2023-03-13 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

It posted fiscal-year 2024 revenue guidance of $529 million to $533 million in 2023, compared to expectations of $586.4 million, according to Refinitiv. It's also lower than consensus expectations of 65 cents per share, according to FactSet. First Republic Bank — The bank stock popped 10% in extended trading, after plunging 61.8% during the regular trading session on Monday. Fears of contagion risk from Silicon Valley Bank weighed on the stock. Regional banks were pummeled after the collapse of Silicon Valley Bank raised fears of contagion risk, despite a plan to backstop depositors from regulators.

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