WORLD
Bill Ackman warns of accelerated deposit outflows after Fed decision
“We have gone from implicit support for depositors to @SecYellen explicit statement today that no guarantee is being considered with rates now being raised to 5%,” Ackman said in a long Twitter post. The 5% rate threshold makes bank deposits “much less attractive,” he wrote.
WORLD
What is an indictment? Everything you need to know
Michael Cohen paid Daniels $130,000 during the 2016 presidential campaign to buy her silence about her claims that she had an affair with Trump a decade earlier.
WORLD
Joe Biden teases 2024 run at awards ceremony for artists
“Bruce, some people are just born to run, man,” Biden said at an event where he bestowed 23 recipients with the nation’s highest awards for advancing the arts and humanities.
INDIA
First female leader at India’s refinery builder plots big change
Vartika Shukla, who’s worked for the company for more than three decades, is attempting to change its profile, branching out from construction of fossil-fuel plants into new areas such as renewable energy projects. EIL
WORLD
Fumio Kishida offers Ukraine support, invites Volodymyr Zelenskiy to join G-7 summit
Fumio Kishida, the last leader from a G-7 country to visit since Ukraine was attacked more than a year ago, made the trip after stopping in New Delhi to pressure Indian Prime Minister Narendra Modi to join other leaders in shunning Russia over its aggression. Japan is set to host the G-7 summit in Hiroshima.
BUSINESS
Apple seeks India labour reform in push to diversify beyond China
Tamil Nadu where Apple’s top supplier Foxconn Technology Group operates India’s largest iPhone plant, is considering passing new rules that will make factory shifts more flexible, people familiar with the matter said.
BUSINESS
Credit Suisse crisis sends shivers among wealthy Indian investors
Rajesh Cheruvu, chief investment officer and managing director at LGT Wealth India Private Ltd., said in the past 15 years or so, many multinational financial institutions have come and exited Indian markets and the latest incident was making wealthy investors nervous.
WORLD
Dovish hike, or hawkish hold? Fed, peers must choose their fear
The Federal Reserve on Wednesday will set the tone as Chair Jerome Powell gathers with his colleagues to consider whether the banking turmoil that erupted less than two weeks ago is so concerning that an interest-rate hike should be abandoned.
BUSINESS
Adani sees financial closure for petrochemical project in six months
After the financial closure, “full-fledged procurement and construction activities at the site will commence,” the ports-to-power conglomerate said in a statement Monday. “We are committed to completing the project in an expeditious manner so as to meet the original timelines.”
BUSINESS
Air India confident on funding for world’s biggest Aircraft deal
“We have the backing of Tata Sons, so there is financing available for these aircraft,” CEO Campbell Wilson said in an interview with Bloomberg News on the sidelines of the CAPA India Aviation Summit in New Delhi on Monday. “We have already made some downpayments for these aircraft from our internal funds.”
WORLD
Credit Suisse tells staff to go to work as somber mood sets in
Promised bonuses and pay increases will still be paid after a tumultuous week that ended in the 166 year-old lender being taken over by its largest rival UBS Group AG, the bank said in a memo to staff that urged them to continue “business as usual.”
BUSINESS
Credit Suisse tells staff to go to work as somber mood sets in
UBS reminded employees not to divulge any business secrets to their new colleagues, as long as the emergency acquisition hammered out in crisis talks over the weekend hadn’t closed.
BUSINESS
ADP, GMR Airports Infrastructure to merge joint venture With GMR
ADP and GMR Airports Infrastructure own 49% and 51%, respectively, of the unlisted GMR Airports Ltd., according to a statement Sunday from the French company, which operates Paris’s Charles de Gaulle and Orly.
WORLD
The one big winner and many losers of UBS’s Credit Suisse rescue
After a weekend of frantic talks to forge a solution before markets opened in Asia, the firm struck a deal to buy its smaller rival for about $3.3 billion in an share deal that includes extensive guarantees and liquidity provisions. Here are some of the big winners and losers to emerge from the deal.
BANKS
First Citizens weighing takeover of Silicon Valley Bank
The Federal Deposit Insurance Corp will decide on Sunday whether to pursue a full sale or breakup, depending if any bids come in
BANKS
Warren Buffett in contact with Biden team on banking crisis
The calls have centred around Buffett possibly investing in the US regional banking sector in some way, but the billionaire has also given advice and guidance more broadly about the current turmoil
BUSINESS
UBS Seeks Swiss Backstop in Any Credit Suisse Deal
UBS is discussing scenarios in which the government would take on certain legal costs or other specific losses in any deal, said the people, asking not to be identified describing private discussions.
BUSINESS
BlackRock not working on rival bid for Credit Suisse
“BlackRock is not participating in any plans to acquire all or any part of Credit Suisse, and has no interest in doing so,” according to a spokesman for the U.S. investment giant.
BUSINESS
Tanker giants sprout from nowhere to keep Russian oil moving
Almost 1,200 miles away in Dubai, a small office in a run down industrial estate, offers no clues that it, too, is a small cog in Russia’s vast new petroleum supply chain.
ECONOMY
China central bank warns SVB collapse shows hazard of rapid rate hikes
The abrupt collapse of SVB this month roiled global financial markets and put authorities around the world on alert for signs of contagion
BUSINESS
CFA revised exam cuts study time, stresses practical skills
Starting in 2024, Level I candidates can pick between Python, a programming language, or financial modeling. Level II will offer advanced Python or analyst skills
POLITICS
International Criminal Court issues arrest warrant for Putin for war crimes
The Kremlin dismissed the ICC move. Russia “doesn’t recognize this court’s jurisdiction and any decisions of such kind are void from the point of view of international law,” Putin’s spokesman, Dmitry Peskov, said
ECONOMY
China cuts reserve requirement ratio to boost economy
Economists said the cut was aimed at ensuring liquidity in the banking system to sustain the rapid pace of lending seen in January and February
MARKETS
Recession, yes. But markets cling to hope crisis will be avoided
Across markets, the most convincing sign of a recession is the plunge in Treasury yields. Sinking further Friday, the downturn was led by shorter-dated bonds, which took the entire yield curve below 4 percent as banking turmoil led traders to price in more Federal Reserve rate hikes
