West eases efforts to restrict Russian oil trade as inflation and energy risks rise
European governments have scaled back efforts to curb trade in Russian oil, delaying a plan to shut Moscow out of the vital Lloyd’s of London marine insurance market and allowing some international shipments amid fears of rising crude prices and a tighter overall energy supply. The EU announced two months ago a global ban on providing marine insurance to ships carrying Russian oil, pending coordinated action with the British government. However, the UK has not yet introduced similar restrictions. UK participation is critical to the effectiveness of this ban because London is at the heart of the marine insurance industry….
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Live news updates from July 19: Netflix loses 1 million subscribers, judge grants speedy trial in Twitter case
Lockheed Martin has warned of persistent supply chain disruptions for the rest of the year © Jason AldenBloomberg Lockheed Martin cut its 2022 revenue outlook as it warned that supply chain disruptions, which hurt its latest results, will persist for the rest of the year. “Many companies in our supply chain, including us, were affected by extended absences” during the initial wave of the Omicron variant of Covid-19 “and although we have seen an improvement in the cadence of our operations , still to figure out how to recover what was lost,” CFO Jay Malave told the Financial Times. The…
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Stocks close flat, but the week headed higher after a strong June jobs report
US stocks were little changed at the close of a choppy session on Friday after the release of June jobs data that beat expectations. The U.S. economy added 372,000 jobs in June, while the unemployment rate held steady at 3.6 percent last month, the Labor Department reported Friday morning. All three major indexes closed close to balance after struggling for direction for much of the trading day, but ended the holiday-shortened week in the green. The benchmark S&P 500 and Dow were nearly 0.1% below the flat line, while the Nasdaq Composite closed 0.1% in the green. Treasury yields were…
Read More »Crypto market ‘very ripe’ for deals amid boom
In the debris-strewn land of virtual currencies, cash is king. A blowout in the cryptocurrency market led to a wave of layoffs, punished valuations and drove some companies into bankruptcy. Now the companies that still have capital are preparing for the purchase. “This is a very ripe scenario for some M&A,” said Jalak Jobanputra, the founder and managing partner of crypto-focused venture capital fund Future Perfect Ventures. Last week, crypto-lender Nexo agreed to acquire a Singapore-based peer called Vauld. While terms of the deal were not disclosed — vauld had raised $27 million since its founding in 2018, according to…
Read More »UBS trading fees fall 57% as boom busts
UBS’s investment banking fees fell almost 60% in the second quarter, a bigger drop than Wall Street rivals, as European lenders brace for a hit from a slump in the recruitment The Swiss bank reported revenue of $377 million in its global banking unit in the third quarter, a 57 percent decline from a year earlier and a steeper decline than analysts had expected. UBS is the first European investment bank to report its second-quarter results, a period expected to be even tougher than it was for the American companies that dominate the business league tables. Its M&A fees fell…
Read More »Advising FDIC-insured institutions regarding deposit insurance and dealing with crypto companies
Summary: To address certain misrepresentations about FDIC deposit insurance by some crypto companies, the FDIC is issuing a Notice to FDIC-Insured Institutions Regarding Deposit Insurance and Dealings with Crypto Companies (FDIC Crypto Advisory) . In addition, a fact sheet on what the public needs to know about FDIC deposit insurance and crypto companies (Deposit Insurance Fact Sheet) has been posted on the FDIC website to provide additional information on deposit insurance coverage. The Advice and information sheet are attached. Applicability statement: The content and material referenced in this FIL apply to all financial institutions insured by the FDIC. Highlights: Over…
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Ex-Home Depot disputes book’s characterization of business legend Jack Welch
the late Jack Welch led the transformation of General Electric into a multinational corporation that at one point became the most valuable company in the world, earning the reputation of “manager of the century.” But a recent book raises questions about that legacy. In “The Man Who Broke Capitalism,” journalist David Gelles argues that Welch popularized a management approach that focused on shareholder value at the expense of workers and, ultimately, the company he ran. One of Welch’s former tutors disagrees with that characterization. “I just have the highest regard for Jack Welch,” former Home Depot CEO Bob Nardelli said…
Read More »A political victory and economic success marks a turbulent week for Biden
Comment on this story comment President Biden scored some unexpected political victories just hours after emerging from his covid-19 isolation last Wednesday: Democratic senators announced a surprising advance on his stalled climate agenda. Multibillion-dollar legislation to subsidize computer chip makers was about to become law. And a move to make some prescription drugs cheaper gained momentum. But all of that crashed into the news the day after the economy contracted for the second quarter in a row. Biden and his top aides have spent much of the past few days arguing that the country is not in recession, pointing to…
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