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Microsoft granted two-month pause of UK appeal over Activision deal 2023-07-17 - LONDON, July 17 (Reuters) - Microsoft's (MSFT.O) appeal against Britain's block on its $69 billion takeover of Activision Blizzard (ATVI.O) was formally paused by a London tribunal on Monday, to give the parties more time to resolve the dispute. Microsoft, Activision and Britain's competition regulator, the Competition and Markets Authority (CMA), had all asked for a two-month stay of the case after the CMA said it would consider a modified deal put forward by Microsoft. The Competition Appeal Tribunal (CAT) ruled on Monday that the full hearing of Microsoft's appeal, which was due to begin on July 28, should be adjourned. Judge Marcus Smith said he was willing to adjourn next week's hearing if the CMA provided set out why it considers there has been a material change in circumstances or special reason justifying its adjournment application. The judge also asked for the CMA to set out any new consultation process "so that everybody is clear as to how it will work". The CMA in April became the first major regulator to block the acquisition of the "Call of Duty" maker, citing concerns about the impact on competition in cloud gaming. The U.S. Federal Trade Commission (FTC) has also opposed the tie-up, but suffered a major defeat last week when a federal court rejected the FTC's application to temporarily halt the deal. In Britain, the CMA's final report is usually the last word. Companies cannot offer remedies after its publication and their only recourse is to the CAT. But last week, less than an hour after a U.S. federal court ruled the deal could go ahead, the CMA said it could look again at a modified proposal. It later said a restructured deal could satisfy its concerns subject to a new investigation. All sides applied for a two-month pause of the case at the CAT, which the CMA's lawyers said in court filings will "allow the CMA and the parties to engage swiftly and constructively in relation to Microsoft's proposals". David Bailey, a lawyer representing the CMA, told the tribunal that the FTC's initial defeat "formed no part of the CMA's thinking" when it decided it would look at a new deal. He added: "Based upon the discussion to date, both sides - Microsoft and the CMA - have confidence that Microsoft notifying a restructured transaction is capable of addressing the concerns that the CMA has identified." Microsoft's lawyer Daniel Beard said: "The UK is the only impediment to closing (the deal) and speed is of the essence." Reporting by Sam Tobin; Editing by Josie Kao and Sharon Singleton Our Standards: The Thomson Reuters Trust Principles.

Ask an Advisor: I'm 61 With $900k in My 401(k) and $800K Sitting in a Money Market Account. How Should I Invest? 2023-07-14 - Ask an Advisor: I'm 61 With $900k in My 401(k) and $800K 'Sitting in a Money Market' Account. How Should I Invest? I have $800,000 sitting in a money market account because I don't know what else to do with it. My hope was that I could put it in something that can yield around 4-5% growth. I also have $900,000 in my 401(k) that is sitting in minimal-risk accounts with Vanguard. I will be turning 62 years old later this year and cannot afford to lose or go back to what happened to me in the early 2000s. -Kevin I completely understand your concerns here Kevin. You've worked hard to accumulate these savings and it's scary to think about risking them with something as unpredictable as the stock market. I think it's important to honor those concerns while also understanding that there are risks to being too conservative as well. The end goal is to find a balance that works for you. (And if you need help selecting an asset allocation and investment plan appropriate for your risk tolerance, consider working with a financial advisor.) Respect Your Discomfort First, it's important to give appropriate respect to the concerns you have about the stock market. Investing is about much more than numbers. Investing is an emotional endeavor and the feelings you have about it matters. Remember, consistency is one of the hallmarks of a successful investment plan. Sticking to your plan through the ups and downs rather than giving in to the frenzy of the day is one of the best ways to ensure that your money lasts as long as you need it to. While I wouldn't encourage you to completely give in to fear, it's important to acknowledge it. Dismissing or minimizing your concerns would likely result in a strategy that doesn't truly fit your investment personality, and in turn, lead to emotional decisions that negatively impact your returns. (And if you need help assessing your tolerance for risk, consider working with a financial advisor.) The Flip Side of Risk At the same time, it's important to recognize that a stock market decline isn't the only risk you face. There is also the risk of being too conservative. The 4% rule - which essentially says that you can withdraw 4% of your investment portfolio each year in retirement with little risk of running out of money - is based on a portfolio consisting of 50% stocks and 50% bonds. Bill Bengen, who did the original research, actually looked at more conservative portfolios with between 0% and 25% stocks, as well, and found that they were less likely to last as long. In other words, being too conservative with your portfolio actually reduces your odds of it lasting as long as you need it to. Part of this is due to inflation. You need your money to grow just to keep up with inflation and allow you to continue being able to afford the same expenses you've always had. If your goal is to ensure that you'll have enough money to support yourself for the rest of your life, the research says that a significant allocation to equities is generally the right move. (And if you need help building an investment portfolio aligned with your risk tolerance, consider matching with a financial advisor.) Finding the Right Balance When I work with clients, I try to stress that there is no "right" answer here. There is no perfect solution that gets you the exact return for the exact level of risk. Instead, the goal is to land on something that's good enough. You want a portfolio that isn't so conservative that it causes you to fall behind on your goals, and not so aggressive that you're exposed to more risk than you are comfortable with or able to handle. If you're looking for something that provides 4%-5% interest with little to no downside, you can get that right now from certain savings accounts, money market funds and certificates of deposit (CDs). Those rates will fluctuate though, unless you lock in a longer-term CD, so you may earn more or less depending on overall economic conditions. And this strategy would certainly fall on the conservative end of things, which could end up hurting you in the long run. As an alternative, a diversified portfolio of 60% stocks and 40% bonds would likely have a long-term expected return of 6%-6.5%, though that of course can vary widely from year to year. I personally like to put my clients in a mix of index funds that track the U.S. and international stock markets, as well as U.S. and international bond markets. If you need more help, don't be afraid to ask. Investing can be scary and confusing, and sometimes the peace of mind and behavioral coaching provided by a good financial advisor can be well worth the cost. (And if you need help finding an advisor, this tool can help you match with one.) Bottom Line Just know that whatever you do, there will inevitably be ups and downs. And whatever you do, there will always be a different strategy you could have chosen that would have worked out better. If you can make peace with those things and stay consistent with your "good enough" plan, you'll be in good shape. Tips for Finding a Financial Advisor If you need help building an investment plan suited to your risk tolerance and goals, a financial advisor can help. Finding a financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you're ready to find an advisor who can help you achieve your financial goals, get started now. Consider a few advisors before settling on one. It's important to make sure you find someone you trust to manage your money. As you consider your options, these are the questions you should ask an advisor to ensure you make the right choice. Matt Becker, CFP®, is a SmartAsset financial planning columnist and answers reader questions on personal finance and tax topics. Got a question you'd like answered? Email AskAnAdvisor@smartasset.com and your question may be answered in a future column. Please note that Matt is not a participant in the SmartAdvisor Match platform, and he has been compensated for this article. Photo credit: ©iStock.com/FG Trade, ©iStock.com/insta_photos The post Ask an Advisor: I’m 61 With $900k in My 401(k) and $800K Sitting in a Money Market Account. How Should I Invest? appeared first on SmartReads CMS - SmartAsset.

Ask an Advisor: My Child Works a Low-Paying Job. Is ‘This a Great Time' for Them to Max Out a Roth IRA? 2023-07-14 - Ask an Advisor: My Child Works a Low-Paying Job. Is ‘This a Great Time' for Them to Max Out a Roth IRA? Ask an Advisor: My Child Works a Low-Paying Job. Is 'This a Great Time' for Them to Max Out a Roth IRA? My child is in a low-paying job that puts them into a 0% or maybe a 10% marginal tax bracket. Isn’t this a great time for them to max out a $6,000 Roth IRA contribution? We are considering a gift to them to partially or perhaps fully offset their contribution. Am I missing anything? -Marshall It doesn’t sound like you’re missing anything. If your child (or you) has the means to contribute anything to his or her retirement savings, I would generally recommend a Roth individual retirement account (IRA) as the vehicle for doing so. Maxing it out is nice too, of course, but certainly not required. That said, there are always exceptions, and I can think of one or two circumstances in which a Roth would not be ideal. Even those are specific, but let’s take a look at them just in case. (And if you have questions related to your personal financial situation, consider working with a financial advisor.) 2 Reasons Not to Have Your Child Fund a Roth IRA Ask an Advisor: My Child Works a Low-Paying Job. Is 'This a Great Time' for Them to Max Out a Roth IRA? Generally, there are a couple of reasons why your child may choose not to fund – or max out – a Roth IRA. Taxes. The biggest reason someone might choose another retirement savings vehicle over a Roth is if they expect to be in a lower tax bracket in the future. This appears to not apply in your child’s case, but I will revisit it later. College financial aid. A more probable reason why your child might not want a Roth is if they are applying for college financial aid via the Free Application for Federal Student Aid (FAFSA). The FAFSA-based awards calculation tabulates college financial aid in accordance with your family’s financial need. Students and parents with lower incomes are typically awarded more aid than their higher-income counterparts. A parent’s income affects the amount of financial aid awarded, but the student’s income has a greater impact. To maximize financial aid awarded for the 2022-2023 school year, the applying student’s income should be below $7,000. So, in the interest of staying as close to that threshold as possible, you may want to start off your child with the before-tax contributions of a traditional IRA instead. The same logic applies for any other situation where they need to minimize reportable income. Aside from that, I struggle to think of good reasons for young people not to save in a Roth. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now. Why You Should Consider a Roth for Your Child Ask an Advisor: My Child Works a Low-Paying Job. Is 'This a Great Time' for Them to Max Out a Roth IRA? Roth IRAs are an excellent fit for those who: Are still a long way from retirement. Expect to be in a higher tax bracket upon retirement than the one they are currently in. Both are almost certainly true of a low-income recent graduate, for example. So any savings your kid can scrape together – even if they’re only waiting tables and spending most of their paycheck on a downtown studio apartment – are likely worth putting into a Roth. For one thing, their long time horizon means that even a small principal can make for substantial returns once they retire. For another, their after-tax contributions will create substantial savings over the total life of the account, assuming they retire in a higher income bracket than they are now. That is a reasonable assumption to make. Let me also point out how the original question mentioned a parental gift to offset the kid’s contribution. This is a great technique if you can afford it. While Roth contributions cannot exceed the accountholder’s earned income (and only they can make contributions in the first place), the IRS doesn’t care if Mom and Dad pitch in to mitigate any strain on his or her living expenses. Bottom Line To sum up: While there are situations in which other investment vehicles may be better, I would say that, more often than not, a Roth is a fantastic choice for young savers to get a head start. And if they have parents who are able and willing to chip in a bit, so much the better. Graham Miller, CFP® is a SmartAsset financial planning columnist and answers reader questions on personal finance topics. Got a question you’d like answered? Email AskAnAdvisor@smartasset.com and your question may be answered in a future column. Please note that Graham is not a participant in the SmartAdvisor Match platform. Tips for Handling Retirement Accounts Industry experts say that people who work with a financial advisor are twice as likely to meet their retirement goals. SmartAsset’s free tool matches you with up to three financial advisors who serve your area. You can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. Another easy way to save for retirement is by taking advantage of employer 401(k) matching. SmartAsset’s 401(k) calculator can help you figure out how much you will have based on your annual contribution and your employer’s matches. Photo credit: ©iStock.com/FatCamera, ©iStock.com/Edwin Tan The post Ask an Advisor: My Child Works a Low-Paying Job. Is ‘This a Great Time’ for Them to Max Out a Roth IRA? appeared first on SmartAsset Blog.

What Bill Gates Learned By Serving Blizzards With Warren Buffett At Dairy Queen 2023-07-14 - During Berkshire Hathaway’s 2019 annual meeting in Omaha, Nebraska, billionaires Bill Gates and Warren Buffett took a break from their busy schedules and visited Dairy Queen for lunch. Buffett, a long-time customer and owner of Dairy Queen through Berkshire Hathaway’s acquisition in 1998, wanted to experience the restaurant’s operations firsthand. One thing that caught Gates and Buffett's attention was how Dairy Queen serves its popular menu item the Blizzard. Each Blizzard is served upside down, showcasing its thickness and defying gravity. This practice reflects Dairy Queen’s unique philosophy of thinking differently and embracing an upside-down perspective. During their visit, Gates and Buffett not only enjoyed their meal but also learned various aspects of the restaurant business. They operated the cash register, greeted customers and mastered the art of making Blizzards, ensuring each one was served with a smile and turned upside down. Don’t Miss: Until 2016 it was illegal for retail investors to invest in high-growth startups. Thanks to changes in federal law, this Kevin O’Leary-Backed Startup Lets You Become a Venture Capitalist With $100 Don’t just buy from your favorite brands, own them so you own the upside. Learn how Retail Investors Are Taking Stakes In Their Favorite Startups To Own The Upside In a blog post, Gates highlighted the Blizzard’s appeal and the symbolic significance of serving it upside down. He quoted a Dairy Queen executive who explained that "thinking differently and celebrating an upside-down philosophy runs deep in the DQ system." Gates also expressed his admiration for Buffett’s unconventional mindset. He emphasized Buffett’s habit of spending hours reading in his office and the patience he exhibits in waiting for desired results. Gates noted Buffett’s ability to think differently about everything and shared Buffett’s famous quote, “Someone’s sitting in the shade today because someone planted a tree a long time ago.” During their Dairy Queen visit, Gates discovered another intriguing aspect of Buffett’s life — his unusual breakfast routine. Instead of ending the day with dessert, Buffett begins it with Oreos and ice cream — or sometimes McDonald's. To stay updated with top startup news & investments, sign up for Benzinga's Startup Investing & Equity Crowdfunding Newsletter Gates concluded by sharing his experience of training with Buffett at Dairy Queen. He playfully mentioned that he might have picked up the Blizzard-making skills faster than Buffett but left it to the viewers to judge by watching the accompanying video. In a lighthearted tone, Gates speculated that now that Buffett has mastered the art of making Blizzards, they might become a regular part of his breakfast menu, with a cautionary note to be careful when turning them upside down. Buffett understands the value of investing in things he loves, such as Dairy Queen, as well as areas like health insurance. While he has gained recognition for his investments in the health insurance sector, his approach is anything but conventional. See more on startup investing from Benzinga: There are more pounds of plastic in the ocean than pounds of fish. That’s why retail investors have invested over $4 million in This Startup That Invented Programmable, Drinkable Plastic That Dissolves In Water In 60 Hours Gamers are selling their old gaming items for millions. Learn why everyday gamers and investors are claiming a stake in their side hustle and how they invested over $1.2 million in this startup. Send To MSN: 0 Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better. This article What Bill Gates Learned By Serving Blizzards With Warren Buffett At Dairy Queen originally appeared on Benzinga.com . © 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Nikola’s Wild Week Erases EV Maker’s 75% Wipeout in 2023 2023-07-14 - (Bloomberg) -- Nikola Corp. has finally reignited some of the fervor of its once die hard day-trading fans. Most Read from Bloomberg The electric-vehicle maker gained around 60% this week thanks to a rally stemming from a Thursday announcement of a supply accord for a fleet of up to 50 electric vehicles. The five-year pact was with a little known startup, hydrogen-supplier BayoTech, but it was enough to reverse the stock’s 2023 decline which led to a delisting warning in May and losses reaching 75% by early June. A recent meme stock revival has sparked interest in EV names and helped push Nikola above $2 per share. But if investor interest again fades there’s a danger the stock falls back below the $1 mark that sparked the Nasdaq Inc. notice. The stock is still down more than 90% from its pandemic peaks when the retail-trading crowd pushed shares to an intraday high of $93.99. “For now, long buyers are behind the steering wheel,” said Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners LLC. Read more: Meme Stocks Are Back, Waving a Short-Term ‘Red Flag’ for S&P 500 The rally has burned short sellers, who have lost some $176 million in profits over the last 30 days, according to data from S3. Close to 70% of those losses came in the past week. “If Nikola’s stock price continues to rise — expect the short squeeze to tighten, more short covering and the short-side to have a greater effect on NKLA’s stock price in the future,” said Dusaniwsky. It’s likely that retail traders were behind much of the recent run-up. Individual investors purchased $5.4 million worth of Nikola this week, with Thursday’s $4.1 million haul marking the second-biggest flow in more than a year, according to Friday morning data compiled by Vanda Research, which studies self-directed retail trades globally. The outsized gains prompted investors to load up on both put and call options, positioning for either a downside price correction or added upside. This week, three-month implied volatility — a key measure of how expensive the options are — hovered close to a peak for 2023, as total open interest rose to an all-time high. Wall Street is less bullish than Main Street. The company has six hold recommendations and only one buy, among analysts tracked by Bloomberg. On Wednesday, before the company’s meteoric surge, Evercore ISI suspended its rating and price target for the EV maker citing, among other reasons, an inability to judge timing of “significant capital raises” needed to fund operations into next year. The analysts also pointed to the delisting risk and the complicated shareholder proceedings required to increase the number of authorized shares. There’s also a campaign led by the company’s former chief executive officer, Trevor Milton, against the proposal. The stock closed up 1.4% on Friday. --With assistance from Bailey Lipschultz. (Updates throughout to reflect closing share price) Most Read from Bloomberg Businessweek ©2023 Bloomberg L.P.

Former Charlotte Observer Publisher Rolfe Neill dies at age 90 2023-07-14 - CHARLOTTE, N.C. (AP) — Rolfe Neill, a longtime newspaperman and editor who led The Charlotte Observer as its publisher when it won a pair of Pulitzer Prizes for public service, died Friday at age 90. Neill, a North Carolina native whose journalism career included two stops in Charlotte between leadership positions in other big-city papers, died of complications from peritoneal cancer at his Lake Norman-area home, daughter Ingrid Ebert told the Observer. In 1975, Neill became publisher and president of the Observer and the now-defunct afternoon Charlotte News. He retired as Observer publisher at the end of 1997, the newspaper reported. Described as a perfectionist when it came to producing a newspaper, Neill also played a significant role in helping Charlotte grow and mature into a national powerhouse through his relationships with political and business leaders in the region and state. “He had one foot in being the publisher of the newspaper and one foot in the community, and he was a force in both,” said former Duke Power CEO Bill Grigg, a longtime friend. “You can certainly say Rolfe is one of a handful of community leaders who over the past 40 years did more than just about anybody to make Charlotte what it is today.” The Observer won a Pulitzer in 1981 for a series of stories on “brown lung” suffered by textile workers breathing in dust and in 1988 for reporting on the financial misdeeds at the Charlotte-area PTL television ministry led by Jim and Tammy Faye Bakker. “I had this strong desire to influence things for the better,” Neill once said. “Some things we didn’t get done. Some things maybe we fell short in. I tried to guide and inspire and improve people. But in the end, having said my piece, I left them to do what they thought best.” Born in Mount Airy in 1932, Neill spent the second half of his childhood in Columbus, Georgia, where he delivered the local paper. He graduated from the University of North Carolina at Chapel Hill, where he became editor of The Daily Tar Heel, the Observer reported. After an Army stint that included working for Stars and Stripes and a brief time at the weekly Franklin Press newspaper in the North Carolina mountains, the Observer hired him to open the paper’s Gastonia bureau. By 1958 he was the paper’s business editor. Next he worked at several newspapers in Florida, including The Miami Beach Daily Sun, and moved in 1965 to the New York Daily News, where he ultimately became an assistant managing editor. He then became editor of the Philadelphia Daily News until he returned to Charlotte. Former Observer editors and reporters generated a range of descriptions about Neill’s work habits and demeanor. Some cited his charisma, his ability to know the names of everyone working in the Observer building, and his expression of confidence in staff even when there were disagreements. “He was one of the most personable people I’ve ever worked for,” former Observer reporter Elizabeth Leland said. Others said it was sometimes difficult to meet his expectations. “He was the smartest person I ever worked for, very strong in character and driven by high standards,” former Observer Editor Rich Oppel said. Still, he added, “I never met an editor who worked for Rolfe who felt that he or she measured up.” Neill continued in civic and charitable endeavors in Charlotte after retirement, including literacy, the arts and the protection of green spaces. Neill’s wife of 28 years, Ann Marshall Snider, died in 2016, the newspaper reported. He had several children from a previous marriage.

GOP attorneys general shift the battle over affirmative action to the workplace 2023-07-14 - NEW YORK (AP) — Thirteen Republican state attorneys general are cautioning CEOs of the 100 biggest U.S. companies on the legal consequences for using race as a factor in hiring and employment practices, demonstrating how the Supreme Court’s recent ruling dismantling affirmative action in higher education may trickle into the workplace. The state attorneys general sent a letter to the CEOs on Thursday arguing that the controversial June ruling declaring that race cannot be a factor in college admissions — consequently striking down decades-old practices aimed at achieving diverse student bodies — could also apply to private entities, like employers. “Treating people differently because of the color of their skin, even for benign purposes, is unlawful and wrong,” they wrote. The GOP officials also suggested that Diversity, Equity and Inclusion programs could be a form of discrimination. The letter and similar actions elsewhere have raised questions about the far-reaching consequences of the Supreme Court decision beyond higher education. But experts note the court’s ruling itself doesn’t directly change current employer obligations or commitments to DEI. “The decision itself does not legally impact Title VII (of the Civil Rights Act), which is what governs employment discrimination or discrimination in the workplace,” Greg Hoff, associate counsel of the HR Policy Association, told The Associated Press. Hoff and others say the court’s ruling only applies to higher education institutions and other entities that receive federal funding. They also note that affirmative action in college admissions is very different from DEI efforts in workplaces, which can include expanding outreach for new hires, creating employee resource groups for underrepresented workers, and reducing bias in hiring through such practices as “blind” applications. “What we’ve been seeing a lot of since the decision came down is political opponents of DEI ... conflating affirmative action with DEI more broadly — because it serves their political purposes,” said David Glasgow, executive director of the Meltzer Center for Diversity, Inclusion and Belonging at New York University’s School of Law. “I think there’s a lot of quite deliberate attempts to muddy the waters here.” Beyond DEI, affirmative action in the workplace is technically still upheld by Supreme Court precedent, Glasgow adds. But workplace affirmative action is rare, and he suspects today’s court would likely overrule those cases if challenged, mirroring the college admissions decision. While Thursday’s letter doesn’t mark legal action, experts expect future litigation down the road. The attorneys’ general letter also isn’t the first time officials have argued that the Supreme Court’s ruling applies to private employers. Last week, Sen. Tom Cotton, R-Arkansas, sent a letter to Target CEO Brian Cornell stating that the company’s DEI program and “racial quota for hiring” was discriminatory while also pointing to the affirmative action ruling. Target did not immediately respond to The Associated Press’ request for comment on Friday. “They’re starting with letters, but I don’t think that they’re bluffs,” Temple University assistant professor of law Zamir Ben-Dan said. “It’s going to be a problem.” The attorneys general said they would be paying attention to companies’ practices in hiring employees and contractors — and called out companies including Airbnb, Facebook, Google, Goldman Sachs, Microsoft and Netflix for programs intended to increase racial diversity with hires and suppliers. In response, employers may take steps to avoid litigation, Hoff and HR Policy Association president and CEO Tim Bartl said. “The increased risk for employers is this increased risk of litigation as a result of the decision — but again, not because of any changing obligations under Title VII,” Hoff said. Tennessee Attorney General Jonathan Skrmetti, one of the signatories, said that the letter isn’t a warning to companies as much as it is a heads-up that racial preferences could run afoul of the law. He added that the group decided to take action in part to respond to speculation about the Supreme Court ruling not applying to employment. “The court was very clear,” he said in a Friday interview. “The appropriate response to racial discrimination is not more racial discrimination.” Not all state attorneys general cheered last month’s ruling or are eager to apply it outside college admissions. Only about half the nation’s Republican AGs signed the letter. And Democrats have been condemning the Supreme Court’s affirmative action ruling. “For decades the Supreme Court has upheld targeted affirmative action programs to increase diversity in higher education,” the co-chairs of the Democratic Attorneys General Association, Nevada’s Aaron Ford and Delaware’s Kathy Jennings, said in a statement June 29, calling that day’s ruling “a major step backwards that tramples on those ideals.” Ben-Dan anticipates that the results of any action taken in the workplace to undercut DEI will mimic what already happened when affirmative action had previously been weakened in higher education, noting that enrollment for nonwhite students — particularly Black students — went down after California banned affirmative action in 1996, for example. “I imagine that it’s going to lead to a decline in racial diversity in workforces,” he said.

India’s Modi and France’s Macron agree on defense ties but stand apart on Ukraine 2023-07-14 - PARIS (AP) — India is close to buying new French warplanes and submarines and played a starring role in France’s Bastille Day celebrations Friday. But for all the camaraderie on display this week between Indian Prime Minister Narendra Modi and French President Emmanuel Macron, their two countries remain sometimes-awkward allies. Macron skirted around concerns about threats to rights and freedoms under Modi’s Hindu nationalist government. Modi called for peace efforts in Ukraine to end Russia’s war and resulting grain shortages, and India has increased imports of sanctioned Russian oil; Macron’s France is boosting weapons supplies to Ukraine for its counteroffensive. During a two-day visit that included a banquet at the Louvre, Indian troops marching down the Champs-Elysees and a high-octane speech by Modi to Indians from around Europe, the two countries released a raft of agreements tightening cooperation in areas where they agree. The biggest step is a preliminary Indian accord to buy 26 more Rafale fighter jets and three more Scorpene French- and Spanish-made submarines, on top of a prior deal for 36 Rafales and six Scorpenes. Price details still need to be worked out. “Cooperation in defense is the basic pillar of our relationship,” Modi said ahead of meetings with Macron. “Be it a submarine or a navy ship, we want to work jointly not only for ourselves but other friendly nations too.” Macron is keen on tightening alliances in the Indo-Pacific against an increasingly assertive China, and his office unveiled a ‘’roadmap’’ with India for cooperation in the region. “This convergence stretches to our strategic interests,” he said. ‘’We are defending together the same vision of the Indo-Pacific, an area that must remain open and free from all forms of hegemony.’' Modi said India also wants to increase cooperation with France in space, after India launched a spacecraft toward the far side of the moon Friday. France houses the European Space Agency’s main launch site, in French Guiana. The two leaders also announced new initiatives to cooperate on renewable energy, hydrogen projects, artificial intelligence and semiconductors. A small clutch of activists held a rally in Paris against Modi’s visit on Thursday, accusing him of eroding Indian democracy and encouraging discrimination against religious minorities. Modi, who governs the world’s largest population, has said that “democracy runs in our veins” and insisted that there is ”absolutely no space for discrimination.” Modi was welcomed by U.S. President Biden last month, and heads next to the United Arab Emirates.

How major US stock indexes fared Friday, 7/14/2023 2023-07-14 - Another winning week for Wall Street drifted to a quiet close following profit reports from several big U.S. companies that topped expectations. The S&P 500 fell 0.1% Friday, coming off its highest close since April 2022. The Dow rose 113 points, or 0.3%, and the Nasdaq slipped 0.2%. UnitedHealth Group jumped after reporting stronger profit than expected profit. JPMorgan Chase and Wells Fargo also rose in the morning following their profit reports but lost momentum like the rest of the market as the day progressed. The S&P 500 still marked its seventh winning week in the last nine. On Friday: The S&P 500 fell 4.62 points, or 0.1%, to 4,505.42. The Dow Jones Industrial Average rose 113.89 points, or 0.3%, to 34,509.03. The Nasdaq composite fell 24.87 points, or 0.2%, to 14,113.70. The Russell 2000 index of smaller companies fell 19.80 points, or 1%, to 1,931.09. For the week: The S&P 500 is up 106.47 points, or 2.4%. The Dow is up 774.15 points, or 2.3%. The Nasdaq is up 452.99 points, or 3.3%. The Russell 2000 is up 66.43 points, or 3.6%. For the year: The S&P 500 is up 665.92 points, or 17.3%. The Dow is up 1,361.78 points, or 4.1%. The Nasdaq is up 3,647.22 points, or 34.8%. The Russell 2000 is up 169.84 points, or 9.6%.

Movies and TV shows affected by Hollywood actors and screenwriters’ strikes 2023-07-14 - Hollywood productions and promotional tours around the world have been put on indefinite hold as actors join writers on the picket lines as they seek new contracts with studios and streaming services. Late-night talk shows and many television productions were put on long-term hiatus due to the writers strike, and now movie tentpoles, some in mid-production, are shutting down too. They include Ridley Scott’s “Gladiator” sequel, with Paul Mescal and Pedro Pascal, and Marvel and Disney’s “Deadpool 3,” starring Ryan Reynolds and Hugh Jackman. Although there may not be an immediate effect on movie releases in coming months, with many films having already completed principal photography, those coming next year are another story. Here’s a selected look at shows and films in suspension. MOVIES IN PRODUCTION THAT HAVE SHUT DOWN DURING ACTORS STRIKE “Deadpool 3” - Disney/Marvel (May 3, 2024) “Mission: Impossible — Dead Reckoning Part II” - Paramount (June 28, 2024) “Gladiator 2" - Paramount (Nov. 24, 2024) “Lilo & Stitch” - Disney (TBD) “Venom 3” - Sony (TBD) Untitled Brad Pitt F1 Film - Apple (TBD) ___ SHOWS THAT HAVE PAUSED WORK DURING WRITERS STRIKE “Stranger Things” — Netflix “Cobra Kai” — Netflix “Big Mouth” — Netflix “American Horror Story” — FX “Yellowjackets” — Showtime “Billions” — Showtime “The Chi” — Showtime “A Knight of the Seven Kingdoms: The Hedge Knight” — HBO “Hacks” — Max “Penguin” — Max “Duster” — Max “1923” — Paramount+ “Severance” — Apple TV+ “Metropolis” — Apple TV+ “Daredevil: Born Again” — Disney+ “FBI: Most Wanted” — CBS “Abbott Elementary” — ABC “Family Guy” — Fox “American Dad” — Fox ___ SHOWS THAT HAVE CANCELED EPISODES DURING WRITERS STRIKE “Jimmy Kimmel Live” — ABC “The Late Show With Stephen Colbert” — CBS “The Tonight Show Starring Jimmy Fallon” — NBC “Late Night With Seth Myers” — NBC “Saturday Night Live” — NBC “Last Week Tonight With John Oliver” — HBO ___ For more on the Hollywood strikes, visit https://apnews.com/hub/hollywood-strikes/

Las Vegas police officer found guilty in string of brazen casino heists could get life sentence 2023-07-14 - LAS VEGAS (AP) — A federal jury convicted a Las Vegas police officer Friday on all counts of stealing nearly $165,000 during a trio of casino heists, including one where he was armed with a department-issued weapon that was loaded. Caleb Rogers, 35, faces life in prison upon sentencing because he brandished a revolver during the third casino heist he carried out in February 2022. U.S. District Judge Andrew Gordon set his sentencing for October. The jury reached a verdict after just over three hours of deliberation. Jurors used common sense to decide the case, Lloyd Dickerson, one of the 12, told The Associated Press. “Everything kind of added up,” Dickerson said outside the courthouse. “It took all of the evidence and all of the testimony from everybody to come to this conclusion.” Seated next to his attorney, Rogers showed no emotion as a the verdict was read in the courtroom. Richard Pocker said they planned to appeal the conviction. Rogers, who was employed as an active-duty patrol officer at the time of the heists, has been on unpaid leave without police powers since his arrest. A spokesperson for the Las Vegas Metropolitan Police Department said after the verdict that Rogers’ future at the department “will be determined at the conclusion” of an internal investigation. The department said it had no comment on Rogers’ conviction. The case went to the jury Thursday shortly after Rogers’ younger brother testified against him for more than three hours, painting a clear picture for the jurors of how the two successfully pulled off the first heist in the series. Josiah Rogers said he participated only in that robbery. Caleb Rogers carried out the other two heists alone, prosecutors said. Throughout the weeklong trial, prosecutors had portrayed Rogers as a gambling addict who had grown increasingly desperate under a crush of debt when the robberies targeting casinos off the Las Vegas Strip began. They said he had a unique set of skills and knowledge about robberies as a law enforcement officer and used that to his advantage. Jurors also heard from casino employees who said they are still haunted by their encounters with the robber. A security guard wrestled with the suspect for his loaded weapon during one the of heists. He said he couldn’t stop thinking about how he might not have made it home to his family that day. And a 63-year-old cashier said she still looks over her shoulder when she handles cash at work. Assistant U.S. attorney David Kiebler said in his closing argument Thursday that the evidence in all three robberies pointed to the same man: Caleb Rogers. But Pocker, the officer’s lawyer, called the bulk of the government’s evidence circumstantial and convenient for a police department that already had been trying for months — to no avail — to solve the other robberies when Rogers was arrested. “They tried too hard here,” Pocker said in his closing argument. “It’s just too coincidental.” Rogers’ trial came to a head Thursday when his brother took the stand. Josiah Rogers was granted immunity from prosecution in exchange for his testimony. Jurors scribbled notes and darted glances between the brothers as Josiah Rogers recounted the details. He said they rehearsed for their casino heist in November 2021. They used code words in an encrypted messaging app to communicate, he said. They returned home to their shared apartment after successfully robbing the Red Rock Casino’s cashier cage and spread the money across their dining table, counting out $73,810. Josiah Rogers said he took his $30,000 cut and moved back to their hometown of Columbus, Ohio, a week after the robbery. Before he took the stand, the government’s evidence had been mostly focused on the third robbery in February 2022, when Caleb Rogers was arrested outside the Rio All-Suite Hotel & Casino. Prosecutors said Caleb Rogers stormed that casino’s sportsbook, shoved a cashier in her 60s out of his way, and threatened to use a gun while he shoveled $79,000 into a drawstring bag hidden inside his jacket. Within minutes, prosecutors said, the robber was tackled by a group of security guards outside the casino, sending a wig he’d been wearing flying off his head. Police lapel video played during the trial showed Caleb Rogers identifying himself as a police officer as he was folded into the back of a patrol car outside the casino. Casino heists are hard to pull off, said Mehmet Erdem, a professor at the University of Nevada, Las Vegas, whose expertise includes hotel and casino operations. “The chances you get caught and are identified is very high,” he said, because of a combination of robust casino security teams with uniformed guards and plainclothes officers and advancements in security technology, including facial recognition software and high-definition cameras.

New Jersey gambling revenue up nearly 14%, but most casinos still trail pre-pandemic levels 2023-07-14 - ATLANTIC CITY, N.J. (AP) — New Jersey’s casinos, horse tracks that take sports bets, and the online partners of both those types of gambling won more than $457 million in June, an increase of nearly 14% from a year earlier. But the key metric for Atlantic City’s nine casinos — the amount of money won from in-person gamblers — continued to lag at seven of them, according to figures released Friday by the New Jersey Division of Gaming Enforcement. The amount of money the nine casinos collectively won from in-person gamblers in June narrowly surpassed the pre-pandemic level, at $241 million. But that was largely due to strong performances from the only two casinos whose in-person gambling revenue was higher last month than it was in June 2019: Hard Rock and Ocean. Those are the city’s two newest casinos, having opened five years ago and steadily seizing market share. James Plousis, chair of the New Jersey Casino Control Commission, said online gambling and sports betting have become permanent fixtures of the Atlantic City gambling industry. “Gains in all three reported areas — casino win, internet gaming win, and sports wagering revenue — demonstrate that online and traditional gaming are a winning combination,” he said. Casino executives, while welcoming the extra revenue streams, caution that they can be misleading because internet and sports betting money must be shared with partners like sports books and tech platforms, and is not solely for the casinos to keep. As much as 70% of online and sports betting money goes to these partners, they say. Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City gambling industry, said the numbers illustrate a growing divide between the performance of Hard Rock and Ocean, and everyone else. Between 2015 and 2019, the other seven casinos consistently won more than $1 billion from in-person gamblers in the first half of the year. At $931.1 million for the first half of 2023, and $911.5 million in the first half of 2022, they have yet to make up that lost ground. The Casino Association of New Jersey, the trade group for the Atlantic City casinos, said the numbers show “that the industry continues to be in a rebuilding and recovery phase from where it was three years ago.” When internet and sports betting money is included, the market-leading Borgata won nearly $105 million in June, up 5.3% from a year earlier. Golden Nugget won $53.7 million, up 11%; Hard Rock won $51.2 million, down 1.7%; Ocean won nearly $40 million, up nearly 24%; Tropicana won $29.5 million, down 6.7%; Caesars won $21.6 million, up 10%; Harrah’s won nearly $21 million, up 3.4%; Bally’s won $19.4 million, up 10%; and Resorts won $15.3 million, up nearly 11%. Resorts Digital, the casino’s online arm, won nearly $61 million, up nearly 87%. In terms of money won from in-person gamblers, Borgata won $60.5 million, up 11.6% from a year earlier; Hard Rock won $43.3 million, down 2.8%; Ocean won nearly $34.9 million, up 17.6%; Caesars won $21.4 million, up 11.4%; Tropicana won just over $21 million, down nearly 2%; Harrah’s won nearly $21 million, up 3.8%; Resorts won $15.2 million, up nearly 11%; Bally’s won $12.4 million, down 8.2%; and Golden Nugget won $11.8 million, down 6%. Internet gambling brought in nearly $150 million in June, up 12.1%. Caesars Interactive Entertainment NJ, an internet-only entity, won over $9 million, down 3.6%. More than $591 million worth of sports bets were made in New Jersey in June, with casinos, tracks and their partners keeping $66.3 million as earnings after paying off winning bets and other expenses. ___ Follow Wayne Parry on Twitter at www.twitter.com/WayneParryAC

US FTC seeks additional info on Pfizer's proposed takeover of Seagen 2023-07-14 - [1/2] The Pfizer logo is pictured on their headquarters building in the Manhattan borough of New York City, New York, U.S., November 9, 2020. REUTERS/Carlo Allegri/File Photo/File Photo July 14 (Reuters) - The US Federal Trade Commission (FTC) has sought additional information and documentary material related to Pfizer's (PFE.N) proposed acquisition of Seagen Inc (SGEN.O), Seagen said on Friday. The antitrust agency sent the requests separately to both the companies, a regulatory filing said. Pfizer struck a $43 billion deal in March to acquire Seagen and its targeted cancer therapies, to counter the fall in COVID-related sales and generic competition for some top-selling drugs. The recent scrutiny by the antitrust agency to block Amgen's (AMGN.O) $27.8 billion deal to buy Horizon Therapeutics (HZNP.O) has made investors jittery around the Pfizer-Seagen deal as well. Seagan continues to expect its merger with Pfizer will be completed in late 2023 or early 2024, it said in the filing. Reporting by Khushi Mandowara in Bengaluru; Editing by Shailesh Kuber Our Standards: The Thomson Reuters Trust Principles.

Wall St Week Ahead Investors brace for earnings from ‘Magnificent Seven’ US growth giants 2023-07-14 - [1/5] Logo of an Apple store is seen as Apple Inc. reports fourth quarter earnings in Washington, U.S., January 27, 2022. REUTERS/Joshua Roberts/File Photo NEW YORK, July 14 (Reuters) - A handful of massive growth and technology names that have dominated the U.S. stock market in 2023 are set to report earnings in coming weeks, potentially determining the path for this year’s equity rally. Lately dubbed the “Magnificent Seven” by investors, shares of the U.S. companies with the biggest market values soared between 40% and over 200% so far this year. Those moves have accounted for a lion's share of the S&P 500's 17% year-to-date rise and propelled the index to its highest level since April 2022. The outsized gains have come with big earnings expectations for the seven companies: Apple (AAPL.O), Microsoft (MSFT.O), Alphabet (GOOGL.O), Amazon (AMZN.O), Nvidia (NVDA.O), Tesla (TSLA.O) and Meta Platforms (META.O). BofA Global Research projects they will increase earnings by an average of 19% over the next 12 months, more than double the an 8% estimated rise for the rest of the S&P 500. They will need strong results to justify premium valuations. Those companies trade at an overall trailing price-to-earnings ratio of about 40 times, versus 15 times for the S&P 500 excluding those companies, according to BofA. Their results may be crucial to the market as a whole. Fueled by their recent gains, megacap stocks have climbed to dominate benchmark indexes, causing headaches for some managers of active funds. In the S&P 500, the seven stocks comprise 27.9% of the index's weight. Investors will look beyond second quarter results, said Bill Callahan, an investment strategist at Schroders. “It’s also how do these big companies, which are carrying the market ... guide for the rest of the year and into 2024,” he said. Overall, the seven companies account for 14.3% of overall S&P 500 estimated earnings for the second quarter, and 9.3% of estimated revenue, according to Tajinder Dhillon, senior research analyst at Refinitiv. Among the reports in the previous quarter, Nvidia was one of the standouts. The semiconductor company's revenue forecast blew past estimates as it said it was boosting supply to meet surging demand for its artificial-intelligence chips, further fanning the market's excitement over AI. Nvidia shares are up well over 200% this year Reuters Graphics Tesla is the first of the growth giants to report, with earnings expected on Wednesday. The Elon Musk-led company this month said it delivered a record number of vehicles in the second quarter. Microsoft and Meta are among the companies due to report the following week, and investors are expected to focus on how companies are seeking to harness AI. While AI benefits may not immediately materialize for every company, investors are eager to learn "more about how they are going to convert that into money, essentially," said Thomas Martin, senior portfolio manager at Globalt Investments. "It’s going to take some time for that to work its way through and to show up," said Martin, who is overweight some of the megacap stocks. "Along the way, people are going to want to see some sort of progress." There are signs market gains are broadening beyond the megacaps. The equal-weight S&P 500 (.SPXEW), a proxy for the average stock, is modestly beating the S&P 500 over the past month -- up 3.6% versus about 3% for its counterpart. The equal-weight version trailed badly for most of 2023. Strong U.S. data have driven confidence the economy can avoid a long-feared recession. A so-called "soft-landing" could lift cyclical stocks such as industrials and small-caps that are trading at cheaper valuations. But many investors say the corporate giants are nevertheless here to stay as critical holdings. Yung-Yu Ma, chief investment officer at BMO Wealth Management said that while “there is a lot priced in” to megacaps’ valuations, that did not mean they are overvalued. "If you think about the megacaps broadly ... they have gone from a core holding of a portfolio to an almost absolute necessary major component of the portfolio once you factor in trends such as AI," he said. Reporting by Lewis Krauskopf; Editing by Ira Iosebashvili and David Gregorio Our Standards: The Thomson Reuters Trust Principles.

Elon Musk says xAI will use public tweets for AI model training 2023-07-14 - [1/2] Elon Musk's Twitter profile is seen on a smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022. REUTERS/Dado Ruvic/Illustration/File Photo July 14 (Reuters) - Elon Musk on Friday said his new artificial intelligence company, xAI, will use "public tweets" from Twitter to train its AI models. The billionaire, who also owns Twitter, said during a Twitter Spaces audio chat that other AI companies have also trained their models using Twitter data in what he characterized as an illegal manner. Reporting by Sheila Dang in Dallas and Krystal Hu in New York; editing by Jonathan Oatis Our Standards: The Thomson Reuters Trust Principles.

Chevron opted to buy vs build US LNG processing - gas executive 2023-07-14 - July 14 (Reuters) - Chevron Corp (CVX.N) is comfortable with buying U.S. liquefied natural gas (LNG) on long-term contracts rather than constructing its own U.S. domestic export facility, said Freeman Shaheen, the company's head of global gas. The second largest U.S. oil and gas producer in June 2022 signed agreements with LNG developers Cheniere Energy (LNG.A) and Venture Global LNG for a combined 4 million tonnes per annum (MTPA) of the super-chilled natural gases. The deals will give it more gas and diversify its risk, he said. Chevron owns stakes in LNG projects in Angola, Australia and has taken early steps with partners to advance a floating LNG project off the coast of Israel that would process gas from the Leviathan field. The Cheniere and Venture Global LNG deals will provide an outlet for natural gas flowing from its Permian Basin shale holdings in West Texas and New Mexico. The company holds about 2.2 million acres in the largest U.S. shale field. As Chevron's production in the Permian has grown, it has had to decide how much gas output would stay in the U.S. and how much should be exported, said Shaheen. It opted not to build an export terminal in the U.S., where several major plants are already under construction. The company had to balance the investment needed to build an LNG facility in the U.S. against drilling more oil and gas wells in the Permian, or investments in the Eastern Mediterranean, Argentina or West Africa, Shaheen said. Shaheen said startup problems at Venture Global LNG's Calcasieu Pass plant that sparked disputes with other major gas producers over the delays in receiving their commercial cargoes has not unduly worried Chevron. "That is always a concern with any project that you do. ... So we have to weigh that in the balance in terms of how we manage our sales and our portfolio," Shaheen told Reuters at the LNG 2023 conference this week. Top LNG traders Shell (SHEL.L) and BP (BP.L) separately filed for arbitration against Venture Global LNG for failing to supply contracted cargoes, even as it sold to non-contract customers as prices soared last year. Reporting by Curtis Williams in Houston; Editing by Josie Kao Our Standards: The Thomson Reuters Trust Principles.

US Virgin Islands demands $190 mln from JPMorgan in Epstein case 2023-07-14 - Companies JPMorgan Chase & Co Follow NEW YORK, July 14 (Reuters) - The U.S. Virgin Islands said it wants JPMorgan Chase (JPM.N) to pay at least $190 million to resolve a lawsuit accusing the largest U.S. bank of ignoring the disgraced late financier Jeffrey Epstein's sex trafficking. In a Friday filing in federal court in Manhattan, the territory said it wants JPMorgan to pay a $150 million civil fine, and give up at least $40 million from its 15-year relationship with Epstein. It also wants JPMorgan to pay compensatory damages suffered by Epstein's victims, as well as punitive damages. A large payout is appropriate because JPMorgan "lacked the economic incentive and motivation to place compliance with the law and prevention of trafficking ahead of its own profits," the territory's lawyer said in the filing. JPMorgan did not immediately respond to requests for comment. Friday's letter marks the first time the U.S. Virgin Islands has put a dollar figure on any sum it wants JPMorgan to pay for relationship with Epstein. The territory wants JPMorgan held liable for providing banking services to Epstein from 1998 to 2013, enabling him to pay his victims, and ignoring internal warnings and other red flags because it valued him as a wealthy client. Epstein, who died by suicide in August 2019, had owned two neighboring islands within the territory, including one that authorities said he bought to keep people from spying on him as he sexually abused young women and girls on the other. A trial is scheduled for Oct. 23. Reporting by Jonathan Stempel in New York; editing by Jonathan Oatis and Deepa Babington Our Standards: The Thomson Reuters Trust Principles.

US banks warn stricter capital rules will raise prices 2023-07-14 - WASHINGTON/NEW YORK, July 14 (Reuters) - U.S. bank executives warned on Friday that looming higher capital requirements would raise prices for financial products and push activity into less regulated sectors as regulators weigh new rules to cushion against any potential losses. Federal banking regulators are expected to introduce proposals in the coming weeks requiring banks to keep more cash on hand to ensure the financial system remains stable. Federal Reserve Vice Chair for Supervision Michael Barr said this month that large firms need to hold more in reserve to guard against unknown risks. While detailed plans have not been announced, bank executives are already sounding warnings about the potential drawbacks. "Higher capital requirements definitely increase the cost of credit, which is bad for the economy," Jeremy Barnum, JPMorgan Chase's (JPM.N) chief financial officer, said on a conference call on Friday after the bank reported its second quarter earnings. The nation's largest lender may increase prices or abandon some products as a way to offset the higher capital costs, Barnum said. One key new expected rule would require banks to hold more capital against certain trades. JPMorgan officials also told investors that the bank would likely have to drop a derivatives product tied to the U.S. Treasury yield curve as a result, since it would no longer be economical. The rules could have more significant consequences for mortgages, which could be "harder to offer the homeowners," JPMorgan officials said. The Fed and other banking regulators are preparing to implement new risk-weighted requirements outlined in international standards agreed by the Basel Committee on Banking Supervision after the 2008 financial crisis. Meanwhile, banks are staying cautious and preserving capital until there is more clarity around the rules. "There's a lot of uncertainty out there about the new capital requirements, both in terms of the nature of them and the timing of implementation," Citigroup's (C.N) CEO Jane Fraser said in a separate post-earnings conference call on Friday. Wells Fargo was expecting capital requirements to climb and weighing the potential effect on stock buybacks, CEO Charlie Scharf told investors on its call. Industry lobbyists in Washington are also pushing back against more stringent rules. One particular area of concern is the potential application of capital charges on non-interest revenue, which include fees lenders charge on credit cards or investment banking services. If regulators impose more onerous restrictions on banks, executives said activity would drift to more lightly regulated financial middlemen, with the potential for Blackstone (BX.N) and Apollo (APO.N) to benefit. Shares of both have risen sharply in recent days. Apollo and Blackstone were not immediately available for comment. "This is great news for hedge funds, private equity, private credit -- and they're dancing in the streets," JPMorgan Chase CEO Jamie Dimon told investors. Reporting by Pete Schroeder in Washington and Nupur Anand in New York; Additional reporting by Saeed Azhar and Tatiana Bautzer in New York; Editing by Lananh Nguyen, Megan Davies and Susan Heavey Our Standards: The Thomson Reuters Trust Principles.

Coinbase limiting staking service for retail customers in four states 2023-07-14 - July 14 (Reuters) - Coinbase (COIN.O) retail customers in California, New Jersey, South Carolina and Wisconsin will be unable to pledge new cryptocurrency to the exchange’s staking program pending proceedings the states initiated last month challenging the service, Coinbase said Friday in a blog post. Any cryptocurrencies that users in those states had staked before the orders were issued June 6 are unaffected, Coinbase said. Ten states accused Coinbase in June of violating state securities laws through its staking program, which allows cryptocurrency holders to lock up certain assets for a period of time in exchange for yield. Reporting by Hannah Lang in Washington Our Standards: The Thomson Reuters Trust Principles.

U.S. bank lending holds steady in latest week 2023-07-14 - The numbers: Commercial and industrial loans — a key economic driver — held roughly steady in the week ending July 5, the Federal Reserve said Friday. Loans rose $200 million to $2.754 trillion, the central bank said. Bank lending has been slowly decelerating, falling for three straight months. C&I loans hit a peak of $2.82 trillion in mid-March, right before the collapse of Silicon Valley Bank.