STORY: Conversely, Nasgovitz views shares of major retailers such as Macy's and Best Buy - both of which were up on Thursday (March 2) - as not having a great "risk-reward set-up."
International Monetary Fund chief Kristalina Georgieva warned on Sunday that risks to financial stability had increased and stressed "the need for vigilance" following the recent turmoil in the banking sector."It is also clear that risks to financial stability have increased," she added.
Once hailed as a genius, South Korean entrepreneur Do Kwon -- now facing multiple criminal charges over his failed cryptocurrency -- was a brash industry figure whose fame disintegrated into global notoriety.Yet as recently as March 2022, Kwon was being described in glowing South Korean media reports as a "genius" as thousands of private investors lined up to pour cash into his company.
It is unknown if further action will be taken against the executive chairman
Working against the clock to stop a developing banking crisis, Treasury Secretary Janet Yellen had until sunset on Sunday, March 12, to come up with a plan to calm the U.S. economy. Paulson, who ran the Treasury Department during the financial crisis in 2008, counseled immediate government action. A bank run on Silicon Valley Bank had begun earlier in the week.
STORY: U.S. stocks closed higher on Friday, marking the end of a turbulent week as U.S. Federal Reserve officials calmed investor fears over a potential liquidity crisis in the banking sector.The Dow climbed 4-tenths of one percent. The S&P 500 rose about half of a percent and the Nasdaq gained 3-tenths of a percent.In separate appearances, three regional fed bank presidents said that their confidence in the banking system is what allowed them to stay focused on inflation and implement a 25 basis point rate hike on Wednesday.But worries over potential contagion spreading from regional banks to their larger peers persisted, sparked by a sell-off of European bank shares.That sell-off was prompted by the rising cost of insuring Deutsche Bank's debt, coming on the heels of the state-sponsored buyout of Credit Suisse.U.S.-traded shares of Deutsche Bank dropped 3%.“We continue to see weakness and stress in financials….”Banríon Capital Management Founder and CEO Shana Sissel says we are starting to see more divergence in the performance of various sectors as the economy softens. “And we continue to see weakness and stress in cyclical areas. Areas that are doing well are things like utilities, staples, things of that nature. So you're seeing the market kind of bifurcate between things that should do OK as we see economic stress. Versus where the actual stress is."Among other movers, Activision Blizzard jumped nearly 6-percent after the UK competition regulator dropped some competition concerns in the Microsoft-Activision deal.
While capital flowed into bitcoin amid a period of uncertainty, the cryptocurrency’s fractured liquidity arguably played the largest role in its surge.
Turmoil in the banking system has made for a murkier outlook for the economy.
STORY: From recession watch in the U.S., to the fallout from the UBS-Credit Suisse deal, these are the business and finance stories to watch out for in the coming days.January saw the biggest rush into equities on record for the first month of the year - with investors loading up on cheap stocks as the economic outlook seemed on the up. Fast-forward a few weeks and the picture is much different.With a slew of crypto companies folding, U.S. regional bank stocks tanking, and more uncertainty for European banks, market volatility has been whipped into a 2008-style frenzy.That could mean rates will peak faster than expected, as central banks are wary of a credit crunch. Banks have gone on a wild ride, and the turmoil may not be over yet. Swiss National Bank chief Thomas Jordan says the next two weeks will be vital to securing UBS's takeover of Credit Suisse. Fed Chair Jerome Powell said banking stress could trigger a credit crunch with "significant" implications for a slowing U.S. economy.And then there's a new challenge to grapple with -- social media rumors and fears stoking a bank run.Prices of banks' AT1s bonds tumbled following the news that Credit Suisse's forced takeover by UBS involved $17 billion of Additional Tier 1 debt being wiped out.Potential legal action is also possible after Swiss authorities ruled that holders of Credit Suisse AT1 bonds would get nothing in the deal.March's reading of U.S. consumer confidence is due on Tuesday, timely for investors trying to weigh up whether the economy can prevent a downturn.On Friday, the February personal consumption expenditure index will offer another look at inflation.Incoming Bank of Japan Governor Kazuo Ueda will closely watch the latest Tokyo inflation data.The release of Tokyo CPI on March 31st is likely to show inflation has topped the Bank of Japan's 2% target for a 10th straight month.Ueda takes over in April with the weight of his predecessor's decade of massive stimulus on his shoulders. Policymakers say the economic recovery remains fragile, giving Ueda even more reason for caution.
KUALA LUMPUR, March 25 — A senior citizen who claimed he was assaulted by Petaling Jaya City Council (MBPJ) officers dur...
KUALA LUMPUR, March 26 — Community Communication Department (J-Kom) director-general Mohammad Agus Yusoff today urged al...
TikTok CEO Shou Zi Chew was grilled for around four-and-a-half hours by a bipartisan US Congress on 23 March amid increasing calls for a ban on the platform in the US over concerns about the Chinese government’s influence on the company. Chew was called to testify before the House Energy and Commerce Committee about TikTok’s “consumer privacy and data security practices, the platforms’ impact on kids, and their relationship with the Chinese Communist Party.” Members of both the Democratic Party
The thought of flying economy class on a long-haul flight triggers a degree of panic. No one wants to fly for hours cramped between seats with not enough legroom to stretch. But some airlines offer economy seats so luxurious that many would be tempted to fly again and again in the same class. Of course, flying business class, or first class as it is also known, is something that anyone would want to experience when flying long distances. Yet, there is always a possibility of not being able to bo
Calvin Klein debuts its ‘Calvin or nothing’ Spring 2023 campaign starring celebrities at the fore front of artistry baring it all. What comes to mind when we think of Calvin Klein? Minimalism, sensuality and artistry. The latest chapter in Calvin Klein’s ‘Calvins or nothing’ campaign captures exactly that as the world’s biggest names in music, film and fashion strip back in unadulterated confidence. The new collection is Calvin Klein doing what it knows best — minimalist, comfortable fashion for
Klopp is planning wholesale changes this summer with the German reportedly now telling a defender he is part of a massive nine-man clearout
KUALA LUMPUR, March 26 — DAP veteran Lim Kit Siang today said that no race or religion in Malaysia is under threat. In...
Nicholas Lloyd Webber, son of Andrew Lloyd Webber, died in Basingstoke, England on March 25, after an 18-month-long battle with gastric cancer. He was 43. The theater composer announced the news of his son’s death on Saturday. “I am shattered to have to announce that my beloved elder son Nick died a few hours ago […]
China and Honduras began formal diplomatic relations on Sunday, with Taiwan accusing Beijing of using "coercion and intimidation" to lure away its few remaining allies.- 'Pressure and intimidation' - Taiwan Foreign Minister Joseph Wu confirmed the severing of ties, accusing China of offering "financial incentives" to lure away the island's allies.
Royal watchers were left perplexed after Prince Archie’s profile on the official Buckingham Palace website vanished weeks after it was updated to reflect his royal title, Prince Archie of Sussex. His profile has since been restored. .
Dozens of people on Sunday joined Hong Kong's first authorized protest since the lifting of major COVID-19 restrictions under unprecedentedly strict rules, including wearing a numbered badge around their necks. During the pandemic, protests were rare due to COVID-19 restrictions. In addition, many activists have been silenced or jailed after Beijing imposed a national security law following massive protests in 2019.
MARCH 25 — It’s not every year that I find myself writing about Malaysian films back-to-back for three weeks straight he...
