Author: News Room

A new banking practice at HSBC will target tech and healthcare companies as well as venture capital funds © Reuters HSBC has hired more than 40 investment bankers who used to work at Silicon Valley Bank, the latest move by the British lender to scoop up parts of the failed tech-focused bank.A month after HSBC acquired SVB’s UK subsidiary for £1, the bank is now hiring several dozen of its US bankers from First Citizens, which bought much of SVB in an auction handled by the Federal Deposit Insurance Corporation.The group of ex-SVB bankers will establish a new banking practice…

I’m sure this quote from Warren Buffett has been cited many times by Seeking Alpha authors: “It is wise for investors to be fearful when others are greedy, and greedy when others are fearful.” (Investopedia) It is no stretch to say that investors currently are seriously fearful about regional banks. For example, here is a valuation history for Zions Bancorporation (NASDAQ:ZION) (Note that my book value calculations for ’22 and ’23 exclude “AOCI”, or “accumulated other comprehensive income.” More on that later.): Zions Bank, Yahoo FinanceSources: Zions Bank financial statements, Yahoo Finance ZION stock is by far cheaper today than…

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Tuesday April 11th, 2023 – Love Hate Inu ($LHINU), the unique meme coin utilizing a vote-to-earn model, has successfully raised $3.5 million in under a month.There are less than 72 hours before the price rises from $0.000105 to $0.000115 in Stage 5, so interested buyers need to move fast to grab the current price.The latest milestone achievement comes after it was announced last week that adviser to the UK All Party Parliamentary Group on Crypto and Digital Assets, Carl Dawkins, formerly head of growth at top 10 ranked meme coin Tamadoge, is its new CEO. Dawkins has hit the ground running…

At the start of the year, economists and corporate leaders expressed optimism that global economic growth might not slow down as much as they had feared. Positive developments included China’s reopening, signs of resilience in Europe and falling energy prices. But a crisis in the banking sector that emerged last month has changed the calculus. The International Monetary Fund downgraded its forecasts for the global economy Tuesday, noting “the recent increase in financial market volatility.” The IMF now expects economic growth to slow from 3.4% in 2022 to 2.8% in 2023. Its estimate in January had been for 2.9% growth…

By David Lawder and Andrea Shalal WASHINGTON (Reuters) -World Bank Group President David Malpass said on Monday that the lender has revised its 2023 global growth outlook slightly upward to 2% from a January forecast of 1.7% but the slowdown from stronger 2022 growth will increase debt distress for developing countries. Malpass told a media briefing that the upward revision was due to an improved outlook for China’s recovery from COVID-19 lockdowns, with growth now pegged at 5.1% this year compared to 4.3% in the bank’s January Global Economic Prospects report. Advanced economies, including the U.S. and in Europe, are…

ISTANBUL (Reuters) – Iraq has petitioned a U.S. federal court to enforce an arbitration award against Turkey related to Iraqi oil exports through a pipeline to a Turkish port, according to documents filed with the court. Under last month’s International Chamber of Commerce (ICC) arbitration ruling, Iraq was awarded damages in a case in which Baghdad accused Ankara of allowing the Kurdish Regional Government (KRG) to export oil without Baghdad’s consent between 2014-2018. The petition, filed with the U.S. District Court of the District of Columbia, requested from the court, “Recognizing, Confirming, and Enforcing the Final Award issued by the…

© Reuters. FILE PHOTO: A combination file photo shows Wells Fargo, Citigbank, Morgan Stanley, JPMorgan Chase, Bank of America, JPMorgan, and Goldman Sachs from Reuters archive. REUTERS/File Photo By Saeed Azhar and Mehnaz Yasmin NEW YORK (Reuters) – Most Wall Street banks are likely to report lower quarterly earnings and face a dour outlook for the rest of the year, with last month’s regional banking crisis and a slowing economy expected to hurt profitability. Earnings per share for the six biggest U.S. banks are expected to be down about 10% from a year earlier, analyst estimates from Refinitiv I/B/E/S show.…

Gold futures advanced on Tuesday, with the most-active futures contract on track to settle above the $2,000 level for a sixth straight session, as a softer U.S. dollar provided support to the yellow metal. Price action Gold futures for June delivery GC00, +0.76% GCM23, +0.76% rose by $15.20, or 0.8%, to settle at $2,019 per ounce on Comex. Prices for the most-active contract has now settled above $2,000 for six consecutive sessions, even though prices posted declines in the last three sessions, FactSet data show. Silver futures for May delivery  SI00, +1.12% SIK23, +1.12% gained 27 cents, or 1.1%, to…

Professors, graduate student workers, researchers and other educators at Rutgers University launched an historic strike this week, the latest in a wave of collective bargaining activity that has taken hold at universities across the country over the past few years. The unions participating in the strike represent about 9,000 workers at Rutgers, New Jersey’s flagship public university. As part of the event, protesters demonstrated at picket lines at the three Rutgers campuses across the state and organizers said they expect instruction and “non-critical research” at the school to stop. The strike comes after several months of stalled negotiations over contracts that…