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Oil eases under $98 as markets cling to records and banks stumble
business18 days ago

Oil eases under $98 as markets cling to records and banks stumble

Wall Street hovered near a record backdrop as Brent briefly traded below $98 a barrel, with energy shares softening while financials lagged on rate expectations; On Holding jumped about 8.8% after unveiling long-term goals and a buyback plan of up to $1 billion through 2029. The bond market showed a steady 10-year yield near 4.96% as Fed rate moves weigh on banks, which also pulled the S&P 500 lower on Monday. Global equities edged higher in Europe and Asia, helped by Alibaba’s AI-chip news, even as oil’s slide pressured oil and gas stocks like ConocoPhillips. The overall tone suggests investors price oil volatility and higher-for-longer rates while tracking corporate buybacks and big-cap moves.

via apnews.com|
#banks#business#buybacks
US to sanction a major bank next week, Bessent says
world29 days ago

US to sanction a major bank next week, Bessent says

U.S. Treasury Secretary Scott Bessent said on Real America’s Voice that a “large bank” will be sanctioned next week, on Monday, without naming the bank or country, as part of ongoing pressure over Iran. The move follows earlier actions including sanctions on Dubai branches of Egypt’s second-largest bank tied to Iran, and reports that Turkey’s largest bank could also be closed, as part of a broader effort dubbed Operation Economic Outcast with secondary sanctions expanding to about 60 entities and to shipping and tech sectors.

via CNBC|
#banks#iran#sanctions
China injects 360 billion yuan into state banks and insurers to bolster growth
business1 month ago

China injects 360 billion yuan into state banks and insurers to bolster growth

Beijing is injecting 360 billion yuan into three state banks and five insurers—led by the finance ministry and China National Tobacco—to replenish capital, extending recapitalization to insurers for the first time and aiming to bolster lending as weak credit demand persists, with the goal of supporting the next growth cycle (including AI/tech). The package includes direct treasury injections to some institutions and private placements to others, but market reaction was muted to negative, and analysts say the impact on growth will be limited unless credit demand strengthens.

via cnbc.com|
#banks#business#china
Beijing backs banks and insurers with a $53bn capital infusion
economy1 month ago

Beijing backs banks and insurers with a $53bn capital infusion

Beijing is injecting RMB360bn ($53bn) into eight state-owned banks and insurers to shore up profitability and create buffers for growth, expanding last year’s recapitalisation plan to cover insurers and policy lenders; funding from the finance ministry and state tobacco firms aims to bolster capital and attract long-term institutional money, even as weak consumption, a property slowdown and low rates keep margins under pressure, with some share-price declines following the announcements.

via Financial Times|
#asia-pacific-economy#banks#chinese-business-and-finance
Labor Day shopping guide: Costco closed, banks shut, most retailers open
nation-and-world1 month ago

Labor Day shopping guide: Costco closed, banks shut, most retailers open

Most major retailers, groceries and restaurants will be open on Labor Day, but Costco warehouses and banks will be closed; USPS mail delivery is paused and UPS/FedEx will suspend standard service, though some locations may operate with limited hours. Check locally for variations (Sam’s Club 9 a.m.–8 p.m.; CVS/Walgreens hours may vary; liquor sales depend on state law).

via WXLV|
#banks#costco#labor-day
Anthropic Sets October IPO Push Ahead of Midterm Elections
business1 month ago

Anthropic Sets October IPO Push Ahead of Midterm Elections

Anthropic is pushing its IPO marketing to October at the earliest, delaying the prospectus to late September and aiming to list days before the U.S. midterm elections. The offering could be among the largest ever—potentially around $2 trillion—reflecting strong AI-market demand, with Anthropic also lining up a $15 billion revolving credit facility and meetings with top banks including Morgan Stanley, Goldman Sachs, JPMorgan and Citi.

via CNBC|
#ai#anthropic#banks
Oil windfalls and market shocks: winners and losers from the Iran conflict
economy1 month ago

Oil windfalls and market shocks: winners and losers from the Iran conflict

Six months into the US-Israel war on Iran, energy markets have surged and a patchwork of winners and losers has emerged: oil majors report hefty profits as prices rise, while US taxpayers face mounting costs; defence contractors win big missile and interceptor contracts; banks benefit from market volatility; airlines struggle with higher fuel costs and disruptions; renewables gain momentum as price pressures persist, and coal profits rise as countries rely more on coal; carmakers face earnings pressure, and global food prices and hunger risks mount as spillover effects ripple through the economy.

via Al Jazeera|
#airlines#banks#defense-industry
Bessent forecasts weekly US secondary sanctions on Iran to tighten pressure
world1 month ago

Bessent forecasts weekly US secondary sanctions on Iran to tighten pressure

US Treasury Secretary Scott Bessent says weekly secondary sanctions on Iran are coming, starting with banks to cut Iranian money from the dollar system and widen Tehran's economic isolation. He pressed G20 finance ministers to sever Iran ties or face penalties, and argued that Chinese participation isn't required as Iran's oil trade has already been curtailed.

via The Jerusalem Post|
#banks#g20#iran
SEC Subpoenas Banks Linked to AI Hedge Fund's Near-Collapse
business1 month ago

SEC Subpoenas Banks Linked to AI Hedge Fund's Near-Collapse

The SEC has subpoenaed several major Wall Street lenders to learn more about AI-focused hedge fund Situational Awareness, seeking details on its trades, use of leverage and lender communications after the fund unwound heavily levered public equity bets in July; Citadel reportedly bought much of the risk, and regulators emphasize that inquiries can occur without implying wrongdoing or enforcement action.

via CNBC|
#banks#business#hedge-fund
Switzerland tightens banking oversight after Credit Suisse crisis
financial-and-markets-regulation1 month ago

Switzerland tightens banking oversight after Credit Suisse crisis

Switzerland launched a consultation on tougher regulation after the Credit Suisse rescue, giving FINMA broader powers to intervene in troubled banks and levy fines, while boosting executive accountability and allowing bonus deferrals for systemically important banks. The package also seeks about $20 billion of extra capital for UBS’s foreign subsidiaries. Part of the Too Big to Fail overhaul, the reforms aim to reduce systemic risk and avoid future state rescues, with enactment potentially no earlier than 2029 and some elements softened amid pushback from banks and lawmakers.

via Financial Times|
#banks#credit-suisse#financial-and-markets-regulation
Shelby’s Secret Pantera Roars Back to Life with a Twin-Turbo Heart
automotive2 months ago

Shelby’s Secret Pantera Roars Back to Life with a Twin-Turbo Heart

Beau Boeckmann chronicles buying Carroll Shelby’s secret 1985 De Tomaso Pantera GT5-S, discovering the original twin-turbo Chrysler V8 in a junkyard, and restoring it with Gale Banks and Galpin Auto Sports; after a blistering test drive, the car’s 600+ hp performance defies its vintage roots, leading to a “Should I Sell It” discussion as part of The Autopian’s ongoing series about preserving, sharing, and valuing automotive history.

via The Autopian|
#automotive#banks#de-tomaso