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NEW YORK  – U.S. stocks jumped on Monday after a deal to rescue Credit Suisse and central bank efforts to bolster confidence in the financial system relieved investors, while participants also weighed the likelihood of a pause in rate hikes from the Federal Reserve this week. UBS late on Sunday agreed to buy rival Credit Suisse for $3.23 billion, in a merger engineered by Swiss authorities to avoid more turmoil in the banking group. Also, major central banks moved on Sunday to bolster the flow of cash around the world. Global central banks open daily dollar taps to help banks The S&P Banking index was up 0.6 percent and the KBW Regional Banking index was up 1.5 percent following sharp losses last week. The collapse of Silicon Valley Bank and Signature Bank shook markets earlier this month, leading to a rout in banking stocks and worries that central bank monetary tightening would create a recession. While some bank shares were still lower on Monday, the … [Read more...] about Wall St ends higher as bank contagion fears ease, Fed eyed

After raking in over $7 million in speaking fees from financial institutions in the two years before being confirmed, Treasury Secretary Janet Yellen now plays a major role in determining which banks are systemically important, according to her testimony at a Senate Finance Committee hearing Thursday. Yellen had received more than $7 million in speaking fees from dozens of companies including Goldman Sachs, Bank of America, Citi, Credit Suisse, UBS, Charles Schwab and many more, according to Yellen’s public financial disclosure report. Though the Federal Deposit Insurance Corporation insures deposits up to $250,000, Yellen told the senators the government may insure additional deposits, as it did at the recently failed Silicon Valley Bank (SVB) and Signature Bank, if that bank’s failure would present a “systemic risk” to the economy. WASHINGTON, DC – MARCH 16: U.S. Treasury Secretary Janet Yellen testifies about the Biden Administration’s FY2024 federal budget proposal before … [Read more...] about After Collecting Millions From Wall Street, Janet Yellen Now Helps Decide Which Banks Get Bailouts

Share to Twitter Share to Linkedin There were no new bank failures over the weekend. But the global banking system is not in the pink of health. There are two reasons for continued concern: A March 13 study by four economists reveals that 186 banks are at risk of “impairment” of $300 billion worth of insured deposits A March 19 New York Times report reveals that the Federal Reserve began warning Silicon Valley Bank (SVB) of financial risks in 2021 — over a year before it cratered — yet SVB management did nothing. What’s more Moody’s warned SVB’s management of an imminent downgrade about a month before it announced its emergency capital raise. Shares of First Republic Bank FRC are trading well below where they were after it received $30 billion in deposits from other banks on March 16. It seems only a matter of time before more rot in the banking system comes to light. (I have no financial interest in the securities mentioned in this … [Read more...] about Why 186 Other Banks Could Go The Way Of Silicon Valley Bank

Former U.S. attorney Chuck Rosenberg said Monday on MSNBC’s “Morning Joe” that former President Donald Trump should not be arrested and warned that, if he were, the fairness of the legal system could come into question. Trump announced Saturday he expects to be arrested by the Manhattan District Attorney’s office on Tuesday. The potential indictment relates to a years-long investigation into whether Trump paid hush money to former porn actress Stormy Daniels. In Oct. 2016, Trump’s former lawyer, Michael Cohen , sent $130,000 to Daniels so that she would not disclose her alleged affair with Trump, according to reporting from The Wall Street Journal . Cohen claims that the then-candidate reimbursed him for the payments, and authorities are still investigating whether Trump forged business records to hide the alleged payout. During the Monday morning segment on MSNBC, host Jonathan Lemire asked Rosenberg to walk viewers through what a possible Trump indictment would look … [Read more...] about MSNBC Guest Says Trump Should Not Be Arrested, Raises Question Of Fairness

Florida officials have enacted curfews and are weighing the possible cancellation of spring break festivities following a pair of deadly shootings and general chaos on Miami Beach from Friday into Sunday, authorities say. Officials imposed the new restrictions after two shootings occurred Friday night and early Sunday, leaving two people dead . This marks the third consecutive year officials have placed emergency restrictions on Miami Beach during spring break due to mayhem and unruly behavior. Miami Beach issues curfew after 2 people killed during spring break festivities https://t.co/uATYG92Kfm — ABC7 Eyewitness News (@ABC7) March 20, 2023 Miami Beach issued a curfew which started March 19, according to a press release from city officials. The curfew ran from Sunday at 11:59 p.m. to 6 a.m. Monday. The city will also put in place “separate emergency measures” to mitigate mayhem starting March 23 and lasting through March 27, according to the release. Miami … [Read more...] about Miami Beach Shootings Spur Curfews, Possible Spring Break Cancellation: Officials

Share to Twitter Share to Linkedin Art exists everywhere, not just in museums. Grace Banks has delved into the best places in the world to experience art off the beaten track in the book Art Escapes (Gestalten), highlighting some of the best works by artists including Niki de Saint Phalle, Sol LeWitt and Mark Rothko, in forests, streets and even churches. As we begin to plan our summer vacations, we’re highlighting some of the locations in Art Escapes that deserve a place on your summer itinerary. First, Jean Cocteau’s tiny chapel on the Côte d'Azur — a little known art gem where dozens of his paintings cover the walls. In 1957 the French banker Louis Martinon asked artist and poet Jean Cocteau to lend his illustrious drawing style to a church he wanted to build in the small village Fréjus in the Côte d'Azur. Fresh from finishing his pastel murals of biblical characters in the chapel of Villefranche-sur-Mer in nearby Nice, Cocteau was happy to … [Read more...] about Discover A Secret Jean Cocteau Artwork On The Côte D’Azur in France

Share to Twitter Share to Linkedin It seems like Jarrett Allen’s return is imminent. After the Cleveland Cavaliers practiced on Monday, head coach J.B. Bickerstaff said that Allen “participated in everything” the team did during its session. The practice comes on the same day the Cavs are traveling to Brooklyn for two games in three days against the Nets. "He'll be with us [in Brooklyn],” Bickerstaff said. “And again, like I said, he participated today and we'll see how he responds tomorrow." He added that Allen will not need to wear protective goggles when he does return. Allen has missed four games after suffering a right eye contusion on March 10 late in a game against the Miami Heat. For the year, he’s averaging 14.4 points, 9.8 rebounds and 1.2 blocks in 62 games. Cleveland is 5-5 on the year when Allen is out of the lineup. "We miss his spirit,” Bickerstaff said. “He's a guy who leads in a different way, but he leads nonetheless. And guys … [Read more...] about Jarrett Allen Participates In Practice, Could Return This Week For Cleveland Cavaliers

Share to Twitter Share to Linkedin Ai Weiwei has unveiled a new artwork inspired by Claude Monet’s monumental “Water Lilies” (1914-26) triptych. Made entirely of Lego, “Water Lilies #1” is a recreation of one of the most famous paintings by the French Impressionist. By choosing Monet, and working with industrial materials and pigments, the renowned Chinese artist and activist wants us to challenge our notion of reality and beauty. At over 15m long and made from nearly 650,000 studs of Lego bricks in 22 colors, “Water Lilies #1” is Ai’s most considerable Lego work to date. It will span the entire length of one of the walls in the Design Museum gallery in London when it goes on exhibition next month as part of “Ai Weiwei: Making Sense,” the Chinese artist’s first design-focused exhibition and his biggest UK show in eight years. “Water Lilies,” the main focus of Monet’s artistic work in the final decades of his life, captures nature’s serene beauty. Yet … [Read more...] about Ai Weiwei Shows His Largest-Ever Lego Artwork At Design Museum London

Share to Twitter Share to Linkedin A year ago, a study conducted by Workvivo , an employee experience engagement app, highlighted the challenges human resources professionals had to contend with at the time. The study surveyed more than 520 HR professionals in the United States and the U.K. on burnout in the HR department. Ninety-eight percent of HR professionals self-reported that they were experiencing burnout, while 94% said they felt overwhelmed and 88% of respondents said they dreaded work. As a result of workplace transformations, HR navigated in-office, remote and hybrid work styles. They contended with the Great Resignation, sourcing, recruiting, onboarding and retaining workers. The war for talent took its toll, as HR professionals felt undervalued and under-resourced. Human resources professionals are, once again, experiencing stress and anxiety, but this time for a different reason. Instead of being exhausted from all the hiring, HR, … [Read more...] about Human Resources And Recruiters Are Getting Axed

Share to Twitter Share to Linkedin The Lodge 10.25-Inch Cast-Iron Skillet earned the highest marks in my larger tested review of the best cast-iron skillets . Ahead, learn more about this affordable all-purpose pan and why I love it so much. After extensively testing eight of the most popular cast-iron skillets available on the market, I believe the American-made Lodge 10.25-Inch Cast-Iron Skillet is the best all-purpose pan for most home cooks. Heavy and durable, the pre-seasoned skillet can fry eggs without them sticking, bake evenly browned cornbread that releases easily and sear steaks with a crisp, dark crust. Adding to the pan’s versatility, it can do all of that pretty much anywhere: on your gas, electric or induction stove; on any type of grill; and even over a campfire. With this durable skillet, it’s easy to see why Lodge is practically synonymous with cast iron. For just $20, you can have a longtime bestselling skillet that can … [Read more...] about Lodge Cast-Iron Skillet Review: A Versatile Pan At An Unbeatable Price