Raphael Stevens

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    If you're going abroad for spring break, here's what it's like to self-test for your flight back home

    If you’re returning to the U.S. from abroad, you will have to test negative for Covid-19 one day before your departure for home.
    On a recent visit to Mexico, I opted to self-test online from my hotel room but there were other options — at clinics, other hotels and the international airport.
    If you bring a self-test kit with you from home, be sure it’s legal to do so where you’re headed.

    Images By Tang Ming Tung | DigitalVision | Getty Images

    While scores of American spring breakers will soon descend on Florida hot spots like Daytona Beach and Panama City as well as other balmy U.S. destinations, many will instead opt for some fun in the sun in the foreign climes of Mexico and the Caribbean.
    Once the party’s over, however, these college-age jet-setters — along with anybody else over age 2 looking to enter the U.S. — will have to test negative for Covid-19 before boarding the flight home. The rule, instituted by the federal Centers for Disease Control and Prevention, took effect Dec. 6 and there’s no indication as yet that it will be lifted anytime soon.

    That means taking a Covid test approved for international travel no more than one day before departure for the U.S. — either at a foreign testing site or with a self-testing kit you’ve brought from home — or submitting proof of recovery from infection within the past 90 days. The test taken must be a viral test (nucleic acid amplification test [NAAT] or antigen test) to determine if you have an active Covid infection. Details can be found online at Travel.state.gov and CDC.gov.
    More from Personal Finance:Going abroad? Your destination may require travel insuranceAmericans are ready to travel as their omicron fears fadeHere’s where Americans want to travel abroad
    Airlines will deny boarding to anyone, U.S. citizen or not, without a negative test result or proof of recovery — likely meaning an unplanned extended, and likely expensive, stay abroad. (There are rare instances when exceptions are made for humanitarian reasons, but don’t count on one.) It can be a good idea to invest in a travel insurance policy covering unexpected medical and travel costs associated with Covid-19 infection and possible quarantine overseas.
    What’s the testing and travel experience — and cost — like? I recently returned to New York from a weeklong stay in Mexico without a problem. I chose to self-test at my hotel in Puerto Vallarta, but there were other options available in the Pacific coast resort city, including at its international airport.
    The Puerto Vallarta Tourism Board maintains a current list of some 17 private medical facilities offering tests, including prices and turnaround times, at Visitpuertovallarta.com/covid-19. Prices at press time ranged from $33 for a same-day antigen test to $198 for a PCR test with results in 32 hours.

    A temporary lab at Puerto Vallarta International Airport offers preflight testing to departing international passengers at prices ranging from about $25 for an antigen test to $75 for PCR testing. The airport recommends arriving an extra hour early if testing right before check-in. Sixteen hotels offer also offer on-site testing in the city.
    Before my departure from the U.S. at the start of my vacation, I had decided I didn’t want to leave testing up to chance once in Mexico. I had not been back to Puerto Vallarta since Covid first arose in late 2019 and wasn’t sure about wait times and ease of access for testing.
    I instead went online to buy a telemedicine self-testing kit approved for most international travel from eMed.com. Other online test kit retailers include Qured and Optum. (The CDC cautions self-test buyers to check the laws of their foreign destination about the importation of such kits. Bringing them with you could possibly be illegal. Also make sure your destination hotel or another nearby private venue offers an Internet connection.)

    As I was planning more than one trip out of the U.S. this year, I bought several Abbott BinaxNOW Covid-19 Ag Card home tests at $25 apiece online — which is what I would have paid at the airport in Mexico.
    What I did save on was a bit of time: 24 hours before my flight home, I received a notification from my airline that I could check in online after submitting negative Covid test results. I powered up my laptop — self-testing online was not possible with just a smartphone — joined the hotel Wi-Fi network and logged into the eMed.com site. (I first had to create an account with Abbott’s Navica system, which offers online and mobile smartphone — both Android and iPhone — access to rapid antigen test results.)
    Once logged in at eMed.com, I was paired via a live video feed with a technician who verified my identity and then led me through opening the test kit and properly performing the nasal swab test under supervision. (At one point, I lost contact with the technician due to the spotty hotel Wi-Fi connection, but she was still there when I reconnected to the network.)

    A day can last 48 hours

    AzmanL | E+ | Getty Images

    I was then put on hold for 15 minutes, after which a second technician came online to interpret and verify the test kit results. Within minutes, the Navica app displayed a negative test confirmation, which I was able to upload to yet another app, VeriFLY, which my airline was using to verify test status, after creating an account. VeriFLY reviewed and approved my results — again, within minutes — and my airline app allowed me to check in online.
    The entire process took perhaps 30 minutes and I never left the comfort of my hotel room. Clinic testing, apart from the airport mobile lab, would have required some travel on foot or by cab or bus, possibly a wait in line and then another wait of up to 36 hours for test results. (The CDC’s one-day, rather than 24-hour, testing rule means passengers departing on a 11:55 p.m. Tuesday flight, for example, could technically test as early as 12 a.m. Monday, the day before, making a nearly 48-hour testing window possible.)
    At Puerto Vallarta’s airport, I showed my mobile VeriFLY pass to an airport employee processing the paper test results of a growing line of departing passengers and was waved through to the counter to check my bag. The counter agent also checked my VeriFLY app and then took my luggage. And with that, I was on my way home.

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    Home Depot beats estimates, retailer says it sees sales growth ahead for 2022

    Home Depot on Tuesday said sales grew 11% in the fiscal fourth quarter, as the retailer topped Wall Street’s expectations and said it sees sales growth ahead for 2022.
    The home improvement retailer said it expects earnings per share growth to be in the low single digits and sales growth to be “slightly positive” in the coming fiscal year.
    The company recently named Chief Operating Officer Ted Decker its new CEO, as of March 1.

    A shopper leaves a Home Depot with merchandise that she purchased on August 17, 2021 in Alexandria, Virginia.
    Alex Wong | Getty Images

    Home Depot on Tuesday said sales grew 11% in the fiscal fourth quarter, as the retailer topped Wall Street’s expectations and said it sees sales growth ahead for 2022.
    The company said it expects earnings per share growth to be in the low single digits and sales growth to be “slightly positive” in the coming fiscal year.

    Home Depot shares were down nearly 3% in premarket trading, as the broader market declined amid Russia-Ukraine tensions.
    Here’s what the home improvement retailer reported compared with what Wall Street was expecting for the quarter ended Jan. 31, based on a survey of analysts by Refinitiv:

    Earnings per share: $3.21 vs. $3.18 expected
    Revenue: $35.72 billion $34.87 billion expected

    Net income for the fiscal fourth quarter grew to $3.35 billion, or $3.21 per share, from $2.86 billion, or $2.65 per share, a year earlier. Analysts surveyed by Refinitiv were expecting earnings per share of $3.18.
    Net sales rose to $35.72 billion, topping expectations of $34.87 billion. 
    Home Depot’s same-store sales climbed 8.1%, higher than the 5% gain that analysts expected, according to StreetAccount. Its same-store sales in the U.S. increased 7.6%.

    Home Depot’s transactions fell in the quarter to 402.5 million, but the average ticket rose to $85.11. That’s compared with 416.8 million visits and an average ticket of $75.69 in the year-ago period. Sales per retail square foot also jumped to $571.79 from $528.01 in the year-ago period, signaling customers are taking on bigger projects or hiring contractors to tackle them.
    The retailer has been a clear pandemic winner, thanks to Americans taking on do-it-yourself projects and redecorating their homes. Yet it has had other dynamics work in its favor, too. Millennials, the country’s largest generation, are moving into their first homes or into bigger homes, even as some baby boomers, the second-largest generation, decide to age in place. That’s squeezing supply and driving real estate prices higher. The country’s aging housing stock is causing more repair, maintenance and renovation projects, too — as is the additional wear-and-tear from Americans spending more time at home as they work remotely.
    Some investors wonder if home improvement’s hot streak will cool as retailers lap a period of government stimulus, raise prices because of inflation and compete with other spending priorities like dining out and vacation. Mortgage rates are also expected to rise, which may price out potential homebuyers or delay projects once they buy.
    Home Depot’s forecast, while positive, reflects more conservative expectations for growth in the quarters ahead. Its outlook is roughly in line with analysts, who expect sales to rise 2.5% and earnings per share to increase 4.7% for the full year, according to Refinitiv.
    The company will have a new CEO soon. On March 1, a company veteran, Chief Operating Officer Ted Decker, will succeed Craig Menear, who will continue to serve as chair of the board.
    Home Depot’s board approved a 15% increase in its quarterly dividend, bringing it to $1.90 per share.
    As of Friday’s close, Home Depot shares are up 24% over the past 12 months and have outperformed the broader market. The S&P 500 has risen about 11% over the past year. The stock closed Friday at $346.87, down less than 1%. The company’s market value is $362.22 billion.
    Read the company’s news release here.

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    Stocks making the biggest moves premarket: Home Depot, Macy's, Medtronic and others

    Check out the companies making headlines before the bell:
    Home Depot (HD) – The home improvement retailer’s stock rose 1% in the premarket after its quarterly profit and revenue beat Wall Street forecasts. Home Depot earned $3.21 per share, 3 cents above estimates, and comparable-store sales also beat estimates. Home Depot also announced a 15% dividend increase.

    Macy’s (M) – Macy’s beat estimates by 45 cents with adjusted quarterly earnings of $2.45 per share, and the retailer’s revenue beat estimates as well. Macy’s also authorized a new $2 billion share buyback program and announced a 5% dividend increase. The stock rallied 7.9% in premarket action.
    Tempur Sealy (TPX) – The mattress company’s stock slid 5% in the premarket after its adjusted quarterly earnings of 88 cents per share missed estimates by 8 cents, and revenue fell short of Street forecasts. Tempur Sealy’s results were impacted by costs that grew faster than sales.
    Medtronic (MDT) – The medical device maker’s shares reported a mixed quarter. Revenue missed forecasts and its adjusted quarterly profit beat estimates by a penny at $1.37 per share. Medtronic said it is seeing improved procedure volumes, and its most recent quarter was driven by strong demand for its heart devices. The stock initially slid 1.2% in the premarket but then erased that loss.
    Houghton Mifflin (HMHC) – The publishing company agreed to be bought by private equity firm Veritas Capital for $21 per share in cash or about $2.8 billion. The stock surged 14.9% in premarket trading.
    SoFi Technologies (SOFI) – The financial technology firm announced a deal to buy banking software maker Technisys for about $1.1 billion stock, saying the addition will generate up to $800 million in additional revenue through 2025. SoFi fell 2.7% in premarket action.

    Tegna (TGNA) – The TV station operator’s shares jumped 7.4% in the premarket after agreeing to a $24 per share buyout deal with private equity firms Standard General and Apollo Global Management (APO).
    McDonald’s (MCD) – Investor Carl Icahn launched a proxy fight for two board seats at the restaurant chain, as part of his push for more ethical treatment of pigs by McDonald’s suppliers. McDonald’s fell 1% in the premarket.
    Krispy Kreme (DNUT) – The doughnut chain fell a penny shy of forecasts with adjusted quarterly earnings of 8 cents per share, although revenue topped Wall Street forecasts. Krispy Kreme was able to offset wage and commodity inflation with price increases. Krispy Kreme added 1.2% in premarket trading.
    DraftKings (DKNG) – The sports betting company’s stock slid 5.5% in the premarket after Wells Fargo downgraded it to “equal weight” from “overweight” and cut the price target to $19 per share from $41. Wells Fargo is concerned with the company’s path to profitability given the pace of the increase in expenses. DraftKings has fallen for the past three sessions, including a 21.6% plunge Friday following its quarterly report.

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    Macy's earnings top estimates, retailer says it won't spin off e-commerce from stores

    Macy’s reported fiscal fourth-quarter earnings and sales that outpaced analysts’ estimates and said that a strategic review has prompted the retailer to accelerate its turnaround plans.
    It is rejecting calls from activist Jana Partners for it to split its e-commerce operations from its stores, following a similar move by Saks Fifth Avenue.
    Macy’s also offered an upbeat outlook for 2022, in spite of continued macro headwinds including inflation, supply chain pressures and labor shortages.

    People wear facemasks as they walk through Herald Square on January 8, 2021 in New York City.
    Angela Weiss | AFP | Getty Images

    Macy’s on Tuesday reported fiscal fourth-quarter earnings and sales that outpaced analysts’ estimates and said that a strategic review has prompted the retailer to accelerate its turnaround plans.
    It is rejecting calls from activist Jana Partners for it to split its e-commerce operations from its stores, following a similar move by Saks Fifth Avenue. Macy’s had been working with consulting firm AlixPartners to consider the best path forward for the business.

    Macy’s shares rose more than 7% in premarket trading following the news.
    During the holiday period, the department store chain said it brought in roughly 7.2 million new customers. Chief Executive Jeff Gennette said the department store chain was able to deliver the solid results despite Covid-19 related disruptions, supply chain issues, labor shortages and elevated inflation.
    Here’s how Macy’s did in its fourth quarter compared with what analysts were anticipating, based on a survey compiled by Refinitiv:

    Earnings per share: $2.45 adjusted vs. $2 expected
    Revenue: $8.67 billion vs. $8.47 billion expected

    Net income for the three-month period ended Jan. 29 grew to $742 million, or $2.44 a share, from $160 million, or 50 cents per share, a year earlier. Excluding one-time items, the retailer earned $2.45 a share, better than the $2 that analysts were looking for.
    Revenue grew to $8.67 billion from $6.78 billion a year earlier, beating expectations for $8.47 billion.

    Same-store sales, on an owned-plus-licensed basis, rose 27.8% year over year. Analysts were looking for same-store sales growth of 24.25%, according to Refinitiv. The metric was up 6.1% on a two-year basis.
    Digital sales rose 12% year over year and increased 36% on a two-year basis. E-commerce represented 39% of net sales.
    The company cited strong performance in categories including home, fragrances, jewelry, watches and sleepwear.
    Macy’s also offered an upbeat outlook for fiscal 2022, calling for sales to range between $24.46 billion and $24.7 billion, which would be flat to up 1% compared with 2021. Analysts had been looking for revenue of $24.23 billion, which would have been a slight decrease from the prior year.
    Macy’s sees adjusted earnings per share for the year to be between $4.13 and $4.52. That’s better than the $4.04 analysts were looking for.
    The company said in a press release it anticipates positive momentum and strong consumer demand in the months ahead. However, it said macro challenges such as inflation, supply chain pressures and labor shortages will persist. It said its annual outlook takes this into consideration.
    Key to Macy’s turnaround has been winning back customers who had left the department store chain over the past decade for rivals such as Nordstrom and big-box chains like Target, or to shop directly from brands like Nike.
    To maintain share of consumers’ wallets, Macy’s has invested in launching more of its own private labels, revamping its loyalty program, overhauling its website and opening smaller, off-mall shops with a more modern look. It has one concept called Market by Macy’s, and it’s also testing a smaller Bloomingdales store, Bloomie’s.
    Gennette said Tuesday that Macy’s will accelerate all of these initiatives, and more.
    “We are more confident in our path forward as one integrated company,” he said.
    According to data from M Science, Macy’s had 18.6% of department store market share as of January, trailing Kohl’s at 21.6% and Nordstrom at 33.6%. Kohl’s has notably been losing share, however, M Science noted. And Macy’s is up slightly from the 18.1% of market share it commanded back in July, according to the report.
    Also on Tuesday, Macy’s announced a new $2 billion share repurchase program.
    Macy’s shares are down about 2% year to date, as of Friday’s market close. Its market cap is $7.7 billion.
    Find the full earnings press release here.

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    Bitcoin and other cryptocurrencies sink on mounting Russia-Ukraine tensions

    Bitcoin sank as low as $36,370 early Tuesday, its lowest level in more than two weeks.
    Analysts attributed the drop to escalating tensions over the Russia-Ukraine crisis.

    A Bitcoin coin lies on a screen showing the Bitcoin – US dollar exchange rate.
    Fernando Gutierrez-Juarez | picture alliance | Getty Images

    Digital currencies took a beating Tuesday as geopolitical tensions over Ukraine roiled global markets.
    Bitcoin sank as low as $36,370 in early morning trade, its lowest level in more than two weeks. The world’s biggest cryptocurrency later pared its losses, last trading down 3% in 24 hours to a price of $37,495.

    Other digital assets also tumbled, with ether falling 4% and XRP sinking 10%.
    Analysts attributed the drop to escalating tensions over the Russia-Ukraine crisis. Russian President Vladimir Putin on Monday ordered troops into two breakaway regions in eastern Ukraine, moments after declaring them as independent.
    The move has fueled fears of a full-blown invasion, sending global stocks sharply lower as traders’ appetite for risk declines.

    “Bitcoin, and crypto more generally, moved in lock step with Asian stock indices overnight as Russian-Ukraine headlines drove price movements,” Chris Dick, a quantitative trader at London-based crypto market maker B2C2, told CNBC.
    “First a sell off as Putin announced he was ordering troops into Ukraine and then a bounce back as the market processed the headlines.”

    Bitcoin is often touted by its proponents as a safe haven asset akin to gold, meaning it should offer a store of value in times of uncertainty.
    However, the case for bitcoin as a sort of “digital gold” has broken down as more institutional investors have started to trade it, and the cryptocurrency is becoming more closely aligned with fluctuations in traditional markets like equities.

    Bitcoin is now well below the all-time highs above $68,000, which it reached in November 2021, and some investors believe this is as good as it’s going to get for the cryptocurrency for some time.
    Du Jun, co-founder of crypto exchange Huobi, said the next bitcoin bull market is unlikely to take place until 2024 at the earliest, when the next so-called “halving” event is due to take place.
    “Following this cycle, it won’t be until end of 2024 to beginning of 2025 that we can welcome next bull market on bitcoin,” Du said.
    The bitcoin halving reduces the rewards that miners of the cryptocurrency get for verifying transactions, effectively squeezing the supply of new coins in issuance.

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    China's finance ministry talks up tax breaks and spending on homegrown tech

    China will cut taxes and fees on a greater scale this year, while focusing on supporting the nation’s tech development, Finance Minister Liu Kun said Tuesday.
    Escalating tensions with the U.S. have cut China off from suppliers of key technologies, and prompted Beijing to introduce policies for supporting homegrown technology.
    During Tuesday’s press conference, finance ministry officials also emphasized more support for small businesses, timely pension payments to retirees and greater transfer of payments from the central government to local governments.

    A worker in a dust-proof suit controls an LED epitaxy chip production line at a semiconductor workshop in Nanchang, Jiangxi Province, on Jan. 26, 2022.
    Future Publishing | Future Publishing | Getty Images

    BEIJING — China will cut taxes and fees on a greater scale this year, while focusing on supporting the nation’s tech development, Finance Minister Liu Kun said Tuesday.
    China’s economic growth slowed after a rebound from the initial shock of the coronavirus pandemic in early 2020. Analysts expect more fiscal and monetary policy support this year.

    The first fiscal policy task is to cut taxes and fees by a greater scale than last year, Liu told reporters at a press conference, without specifying a figure. Those reductions totaled 1.1 trillion yuan ($173.5 billion) in 2021.
    The second point Liu brought up was support for technological “self-reliance” and stable manufacturing supply chains. National expenditures on science and technology rose by 7.2% in 2021 to 970 billion yuan, he said, noting the funds supported development of chips and new energy vehicles.
    Escalating tensions with the U.S. have cut China off from suppliers of key technologies, and prompted Beijing to introduce policies to support homegrown tech. Last year, the central government announced it planned to increase spending on research and development by more than 7% a year between 2021 and 2025.
    “The Ministry of Finance sticks to the priority of ensuring the national development strategy of scientific and technological self-reliance and self-improvement,” vice minister Yu Weiping told reporters at the same meeting, in response to a question about the ministry’s work on tech. That’s according to a CNBC translation of the Chinese.

    Yu said the central government increased spending on basic research last year by 15.3% to an unspecified amount, primarily to support work at state-run institutions.

    He claimed that during the first three quarters of 2021, businesses in China received 1.3 trillion yuan in additional deductions for research and development expenses, and more than 330 billion yuan in tax cuts.
    During Tuesday’s press conference, the finance ministry officials also emphasized more support for small businesses, timely pension payments to retirees and greater transfer of payments from the central government to local governments.

    Real estate sector

    There was no mention of real estate, a giant industry that has contributed significantly to local government revenues.
    China’s property market has slumped in the last several months amid Beijing’s crackdown on developers’ high reliance on debt for growth.

    Read more about China from CNBC Pro

    In 2019, more than 20% of regional and local government revenue, or 25.7 trillion yuan, came from land sales — mostly to property developers, according to Moody’s.
    For some provinces, the share of revenue was more than 40%, the ratings agency said. Altogether, property and related sectors account for more than a quarter of China’s GDP, according to Moody’s.
    The central Chinese government is set to release its budget and economic growth target for the year at an annual parliamentary meeting in early March.

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    Credit Suisse faces fresh scrutiny over culture after client data leaks

    The Swiss bank has denied any wrongdoing and said it “strongly rejects” the allegations published by dozens of global media outlets following a coordinated investigation.
    Swiss regulator FINMA has confirmed that it is in contact with the bank over the leaks.
    The European People’s Party — the conservative grouping commanding the largest number of seats in the European Parliament — on Monday urged the European Commission to “re-evaluate Switzerland as a high-risk money-laundering country.”

    The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021.
    Arnd Wiegmann | Reuters

    LONDON — Credit Suisse is facing fresh scrutiny from Swiss regulators and the European Parliament after leaked data purported to show the bank had served human rights abusers, corrupt politicians and businessmen under sanctions for decades.
    The Swiss bank has denied any wrongdoing and said it “strongly rejects” the allegations published by dozens of global media outlets following a coordinated investigation. The leak of client data was initially sent to a German newspaper before being picked up by the Organized Crime and Corruption Reporting Project and 46 other news organizations.

    Credit Suisse said the ensuing report, entitled “Suisse Secrets,” detailed “predominantly historical” matters and was based on “partial, inaccurate, or selective information taken out of context, resulting in tendentious interpretations of the bank’s business conduct.”
    “Approximately 90% of the reviewed accounts are today closed or were in the process of closure prior to receipt of the press inquiries, of which over 60% were closed before 2015.
    Swiss regulator FINMA said it was aware of the articles, though couldn’t comment on individual media reports.

    “We can confirm that we are in contact with the bank in this context. Compliance with money laundering regulations has been a focus of our supervisory activities for years now. We refer to FINMA’s measures and procedures in the context of combating money laundering in recent years,” FINMA added.
    Meanwhile, the European People’s Party (EPP) — the conservative grouping commanding the largest number of seats in the European Parliament — on Monday urged the European Commission to “re-evaluate Switzerland as a high-risk money-laundering country,” suggesting it could be included on the EU’s blacklist for countries notorious for laundering dirty money.

    “The ‘Swiss Secrets’ findings point to massive shortcomings of Swiss banks when it comes to the prevention of money laundering,” said Markus Ferber, the EPPs coordinator on economic affairs.
    “When Swiss banks fail to apply international anti-money laundering standards properly, Switzerland itself becomes a high-risk jurisdiction.”
    In its recent earnings report and in the aftermath of the resignation of its former chairman Antonio Horta-Osorio – who was found to have broken Covid-19 quarantine rules on multiple occasions – Switzerland’s second-largest bank had emphasized focus on overhauling its corporate culture.
    The bank was burned badly by litigation costs in the fourth quarter of 2021 as the fallout continued over its involvement with collapsed U.S. hedge fund Archegos Capital and insolvent supply chain finance company Greensill.
    This resulted in Credit Suisse setting aside “major litigation provisions of 1.1 billion Swiss francs ($1.2 billion) and posting a full-year net loss of 1.57 billion Swiss francs for 2021.

    Thomas Gottstein, designated new CEO of Swiss bank Credit Suisse attends an interview with Reuters in Zurich, Switzerland February 7, 2020.
    Arnd Wiegmann | Reuters

    Credit Suisse also recently became the first Swiss bank to answer criminal charges and faces a court case involving millions of euros in alleged money laundering for drug gangs between 2004 and 2008.
    A banker accused of money laundering told the court last week that Credit Suisse learned of murders and cocaine trafficking allegedly linked to a Bulgarian mafia organization, but proceeded to manage the cash in question. Both the banker and Credit Suisse deny any wrongdoing.
    In October 2021, FINMA concluded an investigation into a number of legacy anti-money laundering issues dating back decades before 2014, and some between 2016 and 2019. The regulator imposed measures on the group and continues to track their implementation.
    Scandals have plagued Credit Suisse for years. Former CEO Tidjane Thiam resigned in early 2020 after a bizarre spying saga that also resulted in the death of a contractor and the ousting of its COO Pierre-Olivier Bouee.
    Horta-Osorio was brought in to right the ship with regards to corporate culture, only to be forced to step down himself. CEO Thomas Gottstein told CNBC following the bank’s latest earnings report that righting risk management and controls was a top priority following a “challenging year.”

    ‘Extremely weak risk management’

    Credit Suisse stock is already down more than 9.5% year-to-date and trades at a discount compared to its peers, at around 0.47% of the sector average in Europe.
    DBRS Morningstar, which covers Credit Suisse stock, told CNBC on Monday that the recent news “highlights additional risk management shortcomings at Credit Suisse, including anti money laundering procedures and lack of internal controls and management accountability.”
    “We consider the news adds to the significant failures observed in 2021 and point to extremely weak risk management and controls at the Group level and across the different businesses, to now include Wealth Management, after the Archegos issue in the Investment bank and the Supply Fund Chains issue in Asset Management,” Maria Rivas, senior vice president of financial institutions at DBRS Morningstar, told CNBC.

    “This is another hit for CSG and the new Chairman and management team, who are trying to make a clean start and announced a 2022 transition year to restore confidence and improve risk management.”
    Rivas suggested that despite new leadership’s focus on overhauling the bank’s risk culture and controls, these changes could “take years to materialize” given the complexity and scale of the group’s global structure.
    “Also, there could be further implications for CSG if this is considered a breach of Swiss banking secrecy under the Swiss Banking Act article 47, as it is a federal crime to disclose the information or activity of clients banking domestically to foreign entities,” she added.

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    Singapore hopes to take 'decisive steps' toward easing restrictions after omicron peaks

    Singapore may be able to ease restrictions when the latest wave blows over, said Lawrence Wong, who is also co-chair of the nation’s Covid-19 task force.
    “The infection numbers are [at an] all-time high. And it may even go beyond 20,000. But because of our very high vaccination rate boosters, the vast majority of infected persons have milder symptoms,” he told CNBC.
    “Hopefully, when that new mutation appears in the world it will be milder than omicron. And I think that will give us confidence that we are seeing the end of the pandemic,” Wong said.

    SINGAPORE — Singapore’s Finance Minister Lawrence Wong said the country is “quietly confident” about handling the highly transmissible omicron variant, despite the recent surge in Covid cases the country recorded last week.
    The city-state may even consider easing restrictions when the latest wave blows over, said the minister who is also co-chair of the nation’s Covid-19 task force.

    “We are quietly confident in dealing with this omicron wave,” he told CNBC’s Martin Soong on Monday.
    “The infection numbers are [at an] all-time high, and it may even go beyond 20,000. But because of our very high vaccination rate boosters, the vast majority of infected persons have milder symptoms.”
    Singapore reported a record 19,420 Covid cases on Feb. 15.
    The city-state is aiming to loosen Covid restrictions further once the omicron wave subsides, said Wong.

    Hopefully, when that new mutation appears in the world it will be milder than omicron. And I think that will give us confidence that we are seeing the end of the pandemic.

    Lawrence Wong
    Singapore’s finance minister

    The country’s hospitals were busy but the intensive care units were not overwhelmed by the recent spike in cases, and the public health system is under control, the minister added.

    “If this situation continues like that, we believe that we should be able to take some decisive steps towards easing. Once we have passed this present peak of the omicron wave,” he said.

    End of the pandemic?

    Wong also said that if new Covid mutations turn out to be milder than omicron, it will give some degree of confidence that the pandemic could be nearing its end.
    The world will still continue to come across Covid variants and mutations in the near term, he acknowledged, saying Singapore will monitor the global situation.

    CNBC Health & Science

    “Hopefully, when that new mutation appears in the world it will be milder than omicron. And I think that will give us confidence that we are seeing the end of the pandemic,” Wong told CNBC.
    “But we can never rule out the fact that it may be a more dangerous or deadly variant. So we just have to be prepared for that,” he said.
    As part of its Covid strategy, Singapore will maintain its “vaccinations, boosters and therapeutics,” which have proven to be sound so far in helping to get life back to normal, the minister said.

    Singapore recorded 13,623 new Covid-19 cases as of noon on Monday, comprising 13,476 local and 147 imported infections, according to official health ministry statistics. There were seven deaths, taking the overall death toll from coronavirus complications to 952.
    About 94% of the eligible population have completed the full vaccination regimen, and 66% have received the vaccine booster shot, the data showed.

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