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Two former Credit Suisse bankers have come forward to say that the bank helped wealthy Americans dodge taxes for years, even after pleading guilty to those charges in 2014.
This is outrageous.
Prices as of 4 pm EST, 3/28/23
A major overhaul of the US banking system is in the cards after top financial officials met yesterday to discuss plans to address the issues that led to the collapse of Silicon Valley Bank and other regional lenders. The plan will aim to strengthen capital and liquidity standards for banks with assets larger than $100 billion, enhance the Fed's stress tests of banks, propose a long-term debt requirement for big banks, explore liquidity rules to improve resiliency, and review potential changes to deposit-insurance coverage.
US home prices fell for the 7th consecutive month in January, dropping 0.2% from December. Now down 3% from their June peak, prices still remain up year-over-year (3.8%) but the pace of annual growth has slowed as high mortgage rates and economic uncertainty discourages would-be homebuyers.
Consumer confidence edged up in March but the percentage of consumers describing jobs as “plentiful” decreased at the same time that the percentage who report they are “not so plentiful” increased. While consumers are more positive about the future, their optimism toward the current situation has slipped:
After initially unveiling the feature in June, Apple has finally soft-launched its ‘buy now, pay later’ (BNPL) service which will allow mobile shoppers to split purchases up into 4 payments over 6 weeks with no interest or fees. Partnerships with MasterCard and Goldman Sachs will help power parts of the service while the company’s newly formed Apple Financing LLC will handle the service’s credit checks.
Shares of Lululemon surged in after-hours trading after the retailer beat analysts’ estimates on both the top and bottom lines thanks to solid demand from yoga pants enthusiasts over the holidays. The company also topped annual guidance expectations, projecting between $9.3 to $9.4 billion in sales for 2023 (the Street called for $9.1 billion).
Micron Technology reported its worst quarter in history yesterday, posting more than $2 billion in losses to go along with its worst gross margin since the Dotcom bubble. Naturally, the stock…rose? Investors appear to be taking an “only way to go from here is up” approach by looking past the horrible results and placing more weight on the company’s more confident long-term outlook.
After leaving billions on the table last year by locking in low prices, US oil producers have reduced their price hedges in 2023. This move, however, has left them vulnerable to the sell-off in oil markets triggered by turmoil in the banking sector where new price levels could force some to cut back on output growth plans, reduce payouts to shareholders, or both.
According to the International Renewable Energy Agency, the global transition to renewables has a lot of catching up to do. A new report published yesterday suggests an additional $35 trillion will be needed to meet 2030 goals set out by the Paris Agreement.
Meanwhile, the Net-Zero Asset Owner Alliance—which oversees $11 trillion in assets—is urging its members to halt new investments in O&G and demanding companies set science-based targets to include so-called Scope 3 emissions.
Brick-and-mortar: After his e-commerce push failed to take off, GameStop CEO Ryan Cohen is refocusing the video game retailer’s focus on its physical locations.
Tax dodgers: According to whistleblowers, Credit Suisse has for years been helping rich Americans evade US taxes.
Unsavory: CEO Jamie Dimon will be deposed over JPMorgan’s ties to Jeffrey Epstein in connection with 2 high-profile cases being brought against the bank.
Concerning: Big Tech companies like Microsoft and Google are raising eyebrows over possible ethical dilemmas as they have been cutting staff from their “responsible AI teams”.
Layoffs: EV maker Lucid has plans to reduce its workforce by 18% (or 1,300 employees) as part of cost-cutting measures ahead of the release of its second model next year.
Prices as of 4 pm EST, 3/28/23
Binance outflows: The only thing outpacing Binance’s mounting legal woes is the rate at which traders are withdrawing funds from its platform.
SBF: Disgraced FTX founder Sam Bankman-Fried has been charged by the US government with bribing Chinese officials to the tune of $40 million in crypto.
FTX sale: A Delaware court approved the sale of $45 million of FTX assets in Sequoia Capital Fund to Abu Dhabi’s investment arm.
Shapella date: The Shapella network upgrade will activate on the Ethereum network on April 12.
Hacked: Nearly $9 million was drained by an exploiter who targeted BNB chain-based exchange Safemoon.
Big split: Chinese conglomerate Alibaba announced plans to split into 6 units and will explore fundraising or listings for most of them as part of a major restructuring.
Meme stock: Shares of AMC surged yesterday after reports that Amazon is exploring an acquisition of the theater chain to help market its feature films.
Payments: MasterCard and Visa are reportedly in talks to acquire cloud-based payment and banking platform provider, Pismo, for around $1 billion.
Succession: Former UBS CEO Sergio Ermotti–who ran the bank for 9 years–is set to retake his position as the lender’s top executive.
Halted: Voyager Digital’s $1.3 billion sale to Binance.US has been halted following appeals over concerns the sale could involve unregistered securities and illegal transactions.
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