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First Republic ( FRC ) shares tumbled anew on Monday after Standard and Poor's cut its credit rating on the troubled lender, even as the broader market stabilized from last week's chaos and UBS Group ( UBS ) absorbed ailing Credit Suisse ( CS ). Key Takeaways S&P downgrades First Republic Bank due to 'liquidity stress' and outflows. Stocks higher despite a rollercoaster start as UBS absorbs rival Swiss bank Credit Suisse. The Federal Reserve announced coordinated action on U.S. dollar liquidity. S&P Says $30 Billion Injection ‘May Not Solve’ Woes First Republic, whose stock fetched more than $100 earlier this month, lost almost a quarter of its market value, extending its slide from last week to about $17 by 1:30 p.m. New York time. The San Francisco-based bank secured a $30bn liquidity commitment from some of the largest U.S. banks last week, including JP Morgan Chase Inc. ( JPM ) and Bank of America ( BAC ). First Republic is also … [Read more...] about First Republic Stock Slumps Anew on S&P Debt Downgrade

Share to Twitter Share to Linkedin For the decade that preceded 2022, the acronym TINA (There Is No Alternative) applied well to stocks . As central banks used every excuse to flood the system with liquidity, yields were driven to zero, and it seemed that the only way to get any return was to buy stocks. Investors gorged on index funds, and passive ETFs overtook actively managed investments. Alas, as central banks realized that inflation, long thought dead, was a real problem, and raised interest rates aggressively, yield curves inverted to historic levels, making short duration Treasury Bills the only safe, viable investment alternative, leading to “TINAC” (There Is No Alternative To Cash). But inverted yield curves are not a stable healthy state of affairs for economies, and as expected, have eventually resulted in financial market breakage which we have been observing for the last two weeks and especially this weekend as Credit Suisse, once my employer, has … [Read more...] about GITA: Gold Is The Alternative

Share to Twitter Share to Linkedin Technology never stands still, and nor does the global economy—and tech leaders and their teams are dealing with uncertainties in both areas in 2023. From trimming budgets to tackling ever-changing and growing cybersecurity threats, tech leaders are facing a challenging year ahead. While every organization will have its own, unique slate of concerns, knowing what others in the industry are bracing for can help tech leaders ensure they’ve considered all possible contingencies to prepare for. Below, 15 members of Forbes Technology Council share some of the new and significant challenges their departments are facing this year and how they are planning to overcome them. 1. Leveraging Technology To Do More With Less 2023 has been the year of tech layoffs, and with an uncertain economy and shrinking budgets, companies may be grappling with the aftershock for months. To survive, businesses need to do more with less and will … [Read more...] about 15 Industry Leaders Talk About Tech Teams’ Biggest Upcoming Tests

Share to Twitter Share to Linkedin If you’re not incorporating artificial intelligence into your work in some way, you’re behind the curve. Even the most suspicious and non-technical entrepreneurs could save time and money making use of the tools available, let alone those thinking bigger with AI and creating their own. I asked entrepreneurs across all industries about how they were using AI tools in their business and their responses fit into three categories: Content assistance If your business relies on content in any way, AI could be the copilot you were looking for. Down one end of the AI content spectrum is getting assistance with headlines and ideas, up the other is entrusting AI with more complicated tasks and writing entire documents. These entrepreneurs are getting support with the planning and prep, to create more room for creativity. Steve Vickers from Routes North is using AI to help streamline the process of commissioning new … [Read more...] about 3 Ways Ambitious Entrepreneurs Are Using AI

New Jersey residents are caught in a concealed carry application backlog following a landmark Supreme Court case in June that struck down many gun laws across the country. Nine months after the ruling, “thousands” of residents are still waiting for approval. “There’s all kinds of delays, and it’s a problem that exists sprinkled throughout the state,” Scott Bach, executive director of the New Jersey Pistol and Rifle Association, told the New Jersey Monitor. Thousands of residents are struggling to obtain concealed carry permits in New Jersey following a landmark Supreme Court case in June that struck down many gun laws across the country, according to The New Jersey Monitor. As many as 200,000 people were expected to apply for a concealed carry permit in New Jersey following the ruling , which struck down the “special need” requirement for applicants, but nine months later, “thousands” of residents are still waiting while the New Jersey State Police (NJSP) “ignores” … [Read more...] about ‘Egregious Delays’: New Jersey Gun Owners Struggle To Get Concealed Carry Permits After Landmark SCOTUS Case

Share to Twitter Share to Linkedin The highly anticipated release of GPT-4, the latest iteration of OpenAI's groundbreaking language model, has sent ripples of excitement throughout the banking and fintech industry. As ChatGPT’s capabilities expand, the traditional roles of personal finance management and financial advisors may soon become obsolete, paving the way for a new era of customized and intelligent financial solutions. The latest release of GTP-4 shows how quick ChatGPT is evolving. Industry giants like Microsoft MSFT and fintech firms like Stripe recently announced integrations of ChatGTP-4, while banks like Morgan Stanley Wealth have publicly announced their internal adoption. With its increased ability to deliver empathetic advice, potential for providing personalized insights, and delivery of real-time information, the ChatGTP-4 and beyond is a dream come true for innovators in financial services and technology. Consumer Expectations: … [Read more...] about A Brave New World: ChatGPT’s Potential To Reshape The Financial Services Landscape