Raphael Stevens

More stories

  • 63 Shares99 Views

    in Finance

    An anniversary for free traders

    ABOUT HALF of most British people’s income in the 1830s and 1840s was spent on food. Hunger was commonplace, occasionally sparking riots. Contributing to the high cost were tariffs on imported grain, called the Corn Laws, which soared as high as 80%. The system enriched aristocratic landowners when most Britons were not allowed to serve in Parliament or vote.Listen to this storyYour browser does not support the element.Enjoy more audio and podcasts on More

  • 88 Shares149 Views

    in Finance

    A new phase in the financial cycle

    GROWING UP IS hard to do but growing old is harder. As the business cycle matures and ages, it goes through phases, just as people do. These are mirrored in financial markets. Strategists like to talk in terms of early-, mid- or late-cycle investing. It is tricky to say when one stage ends and another begins, just as it is hard to delineate adulthood from adolescence. The markets drop some hints, though. The slope of the Treasury yield curve is one.Listen to this storyYour browser does not support the element.Enjoy more audio and podcasts on More

  • 138 Shares149 Views

    in Finance

    Three corporate giants are posing a stiff test for Chinese banks

    NOT LONG ago the conventional wisdom was that China would do whatever it took to save its biggest companies from failing. Times have changed. Three corporate giants—Evergrande, the country’s biggest property developer; Huarong, its biggest investor in bad bank assets; and Suning, a retail giant—are all suffering from financial distress.Listen to this storyYour browser does not support the element.Enjoy more audio and podcasts on More

  • 150 Shares159 Views

    in Finance

    Rivals see ‘fierce’ competition as UAE digital bank Zand prepares for launch

    Buena Vista Images | Stone | Getty ImagesDubai, United Arab Emirates – Dubai-based digital bank Zand will attempt to attract customers with competitive deposit rates and a digital-first product lineup when it launches later this year, challenging traditional bank rivals as Covid-19 drives a wave of digital adoption in the Gulf.”We think there is a huge opportunity,” Zand CEO Olivier Crespin said during a CNBC moderated panel session at the Open Banking Ecosystem Summit hosted by QnA International on Monday.”We are onboarding friends and family on both the retail and corporate side, and we should be ready to go to market in the next couple of months,” added Crespin, who said interest in the Sheikhdoms newest bank had been “very strong” ahead of its official launch date, which is still subject to final administrative and licensing requirements.Zand plans to be the first fully independent digital bank in the UAE, with a remit to service both retail and corporate customers. Emaar Properties founder Mohamed Alabbar, the developer behind The Dubai Mall and Burj Khalifa, has invested in the company and will serve as chairman.Other domestic and international backers are yet to be disclosed.Zand will offer interest rates of “around 2%” on deposits according to Crespin, as it seeks to attract users and compete in the crowded UAE market, where 48 banks already cater to a population of around 10 million people. For example, major local incumbents such as First Abu Dhabi Bank and Emirates NBD offer 0.020% and 0.2% respectively on a standard website advertised savings account. Rates are dependent on a multitude of factors, and a proper like-for-like comparison can’t be considered fair until details of Zand’s product offering are released to the public. Zand will offer cards, loans, accounts and personal financial management products “comparable to N26 or Revolut” for new retail customers, Crespin said, drawing a comparison with some of Europe’s established neobanks. “We’re also focusing on the corporate side, where we are going to work primarily on supply chain finance,” he added. The launch comes as Covid-19 accelerates the adoption of digital services across the Gulf region. Demand for financial technology products among its young and mobile enabled population is rising, particularly in the UAE and Saudi Arabia.Regional competitionIn the UAE, Emirates NBD has already launched digital retail bank Liv and separate digital business bank E20 — leveraging its banking license, large customer base and established brand credibility. Liv claims to have 400,000 users. Other banking incumbents have chosen to partner with financial technology platforms as a means to grow their digital presence. Large international digital banks such as Revolut have also signaled an intention to enter the region, promising currency and crypto exchange services, person-to-person payments, and advanced personal finance analytics beyond the standard offering.The rising competition underscores the challenge for Zand — a start-up that will need to compete on product, service and back-end technology, while still being subject to the same capital requirements and regulations as its traditional bank rivals. “The challenge is being able to combine two DNAs — the DNA of banking, which is about risk management, financial expertise and compliance with regulation, and the DNA of digital, which is about customer centricity, better leverage of analytics and the latest technology,” said Crespin, who previously held roles at BNP Paribas, Citi, and DBS Bank. Local reactionZand will be put to the test when it finally launches, according to big bank executives who also joined Monday’s panel discussion.”I think it’s a great development,” Bernd van Linder, CEO of Commercial Bank of Dubai, told CNBC. “The challenge that Zand puts to the banking sector, and one that I embrace and look forward to, is to make sure that we become as agile as fast and as innovative as (Zand) will be.”However, he said: “The big challenge for the digital banks … is to make money while you compete with lots of incumbents that have already developed their digital proposition, and who know how to make money on the back of lending.””The competition is going to be fierce,” Boutros Klink, CEO of Standard Chartered Middle East, told CNBC when asked about digital-first rivals in the region. “It’s exciting, and we need to do what we need to do to stay ahead of the curve,” he added.”Some will survive, and some will fail, without a doubt.” More

  • 225 Shares99 Views

    in Business

    Luminar's shares pop after Volvo says it will use start-up's lidar technology as standard equipment on new EV

    In this articleLAZRVOLV.B-SEChesnot | Getty Images News | Getty ImagesVolvo is integrating Luminar Technologies’ lidar system on the automaker’s upcoming electric flagship SUV, the first major carmaker to integrate the technology as standard equipment on a vehicle.Luminar’s new Iris lidar system, which is an advanced sensor that allows vehicles to “see” their environment better, will be standard on the SUV, the Swedish automaker and start-up Luminar announced Thursday. The vehicle, a successor to Volvo’s current XC90, is expected to be unveiled next year.Shares of Luminar, which went public through a SPAC deal in December, jumped by more than 12% ahead of the markets opening Thursday.”Volvo Cars is and always has been a leader in safety. It will now define the next level of car safety,” Volvo CEO Hakan Samuelsson said in a release. “By having this hardware as standard, we can continuously improve safety features over the air and introduce advanced autonomous drive systems, reinforcing our leadership in safety.”Lidars, or light detection and ranging systems, can sense surroundings and help cars avoid obstacles. They use light to create high-resolution images that provide a more accurate view of the world than cameras or radar alone.Lidar has been talked about a lot for self-driving vehicles like delivery vans and trucks but not as much for consumers due to the cost. Luminar says its system, which will initially be used to enhance the vehicle’s safety, will only cost companies about $1,000 per vehicle.Depending on when the vehicle is launched, it could be the first with lidar as standard equipment. It’s a major win for Luminar.”This is the first time it’s being standardized, but it certainly won’t be the last,” Luminar founder and CEO Austin Russell told CNBC during a demonstration of the technology in Detroit.Russell said Luminar’s technology is being integrated into Volvo’s next-generation EV platform, which could mean Volvo will offer it standard or optional on all of its upcoming EVs. A spokesperson for Volvo did not immediately respond for comment.Volvo has said it plans to be a fully electric car company by 2030, which would significantly help Luminar in scaling up its lidar technology. The vehicles are expected to eventually offer advanced hands-free highway driving with some self-driving capabilities as well, the companies have said.”This is something that will really help set the stage in ushering in the whole next wave of safety,” Russell said. “I think it’s going to kick off a huge trend of growth across the board from that safety perspective.”Russell said 2023 will be the “first major ramp up” of the company’s lidar technology for the automotive industry.”In the second half of this decade, we will easily have millions of vehicles out on the road with all of this,” he said. More

  • 175 Shares179 Views

    in Finance

    JPMorgan Chase ‘strongly’ urges all U.S. employees to get vaccinated ahead of office return

    Jamie Dimon, chief executive officer of JPMorgan Chase & Co., gestures while speaking during a Bloomberg Television interview at the JPMorgan Global Markets Conference in Paris, France, on Thursday, March 14, 2019.Christopher Morin | Bloomberg | Getty ImagesJPMorgan Chase is `strongly’ urging all its U.S. employees get the Covid-19 vaccine, warning that the jab may eventually be mandatory for workers, according to a memo sent late Wednesday.The bank is now requiring all U.S. workers to log their vaccination status in a software portal by June 30. Those who are vaccinated don’t need to wear masks, socially distance or log their health status on a daily basis when they return to office life; those who aren’t vaccinated need to wear masks and are encouraged to take weekly Covid tests, JPMorgan said.”We strongly urge all of our employees to be vaccinated because we think it protects you, your friends and family, your fellow employees, and the community at large,” the bank said in the memo, signed by its entire operating committee led by CEO Jamie Dimon.”We also believe that the more employees who are vaccinated, the safer our offices will be for everyone,” JPMorgan said. “In the future, we may mandate that all employees receive a COVID-19 vaccination consistent with legal requirements and medical or religious accommodations.”JPMorgan, the biggest U.S. bank by assets with almost 260,000 employees globally, is taking a more gradual approach to vaccine enforcement than smaller rival Morgan Stanley. Earlier this week, Morgan Stanley announced that only vaccinated employees and clients could enter offices starting July 12.At JPMorgan, while employees can choose to keep their vaccination status private, it means they must continue all the precautions, including social distancing, of the pre-vaccine era.And the unvaccinated are still expected to return to assigned office locations, along with all other U.S. employees, by July 6. Bloomberg reported the memo earlier.Here is the memo:Dear colleagues,In our country today, we all should feel extremely grateful and fortunate that we are starting to see the pandemic in the rear-view mirror. Given the availability and effectiveness of COVID-19 vaccines and other improved health indicators in the U.S., we are now taking steps to properly prepare for returning to the office in a safe and productive way. We are doing this because we believe that human interaction, spontaneous learning and creativity are so important to the way we run our company and serve our clients.We want to be very specific about what we expect and what the requirements are related to working in the office.I.        We need all U.S. employees — it is now mandatory — to log into and enter responses in the JPMC COVID-19 Vaccine Record Tool by June 30. If you don’t, your manager will follow-up with you individually until a response is received. We need you to enter this information so that we can properly prepare for and manage returning to the office in a very detailed way, and by location.There are three possible answers to the question we will ask you:a.       I am vaccinatedb.       I am not vaccinatedc.       I choose not to share my vaccination status with JPMorgan Chase (it is fine not to tell us, but you must respond)   II.        If you have been vaccinated, have entered your data into the Tool, and have uploaded your COVID-19 vaccination card, you will no longer need to wear a mask or social distance in most locations in accordance with our current practices, and you will no longer be required to complete the Daily Health Check beginning July 6. (Note: U.S. Branch employees should continue to follow State-by-State Face Covering Guidance.)  III.        If you indicate that you are unvaccinated or select the “I choose not to share my vaccination status with JPMorgan Chase” option, we still expect you to return to the office. You will be strongly encouraged to test for COVID-19 weekly and will also have to continue to wear a mask, complete the Daily Health Check and practice social distancing when in the office in accordance with our current practices.  IV.        We strongly urge all of our employees to be vaccinated because we think it protects you, your friends and family, your fellow employees, and the community at large. We also believe that the more employees who are vaccinated, the safer our offices will be for everyone. In the future, we may mandate that all employees receive a COVID-19 vaccination consistent with legal requirements and medical or religious accommodations.V.        Finally, beginning July 6, we expect all U.S. employees to move to a regular schedule, in your assigned office location, subject to occupancy limits and as directed by your manager. In many cases this may be five days each and every week, and for others it will mean a minimum of 50% of your workdays will be in the office, due to occupancy limits. We are aware that some teams are piloting a hybrid approach that varies by job, such as three days in the office or 50% rotations, but we want each of you back regularly so that we can test the effectiveness of these models as quickly as possible.Over the past month it has been terrific to see more of you safely returning to our U.S. offices, and we have been pleased to hear from many of you that our workspaces are better than ever. You’ve commented on the health and safety protocols we’ve put in place, the new technology we’ve rolled out and, most importantly, how good it feels to see your colleagues in person.We look forward to seeing more of you very soon.This story is developing. Please check back for updates.Become a smarter investor with CNBC Pro. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today. More

  • 125 Shares119 Views

    in Business

    Millions could be suffering from long Covid, British study suggests

    Healthcare workers in North Memorial’s 2019s South Six and South Seven Intensive Care Units treated patients critically ill with COVID-19 on Monday, Dec. 7, 2020 at North Memorial Health Hospital in Robbinsdale, Minn.Aaron Lavinsky | Star Tribune via Getty ImagesA study in England looking at persistent Covid-19 symptoms suggests that around 2 million people in the country may have had the condition known as “long Covid.”The study, part of Imperial College London’s REACT research which is tracking the virus in England, saw 508,707 people across the country of roughly 56 million asked whether they’d had Covid (confirmed or suspected), and asked about the presence and duration of 29 different symptoms linked to the virus.Among the 76,155 participants that said they had experienced a symptomatic Covid infection, 37.7% said they experienced at least one symptom lasting 12 weeks or more, while almost 15% of people said they had experienced three or more symptoms lasting 12 weeks or more.The symptoms of long Covid can vary, with people reporting ongoing fatigue, shortness of breath, memory loss or problems with concentration (dubbed “brain fog”), insomnia, chest pain or dizziness, as well as other symptoms. But it is still poorly understood and scientists don’t yet know why some people continue to have symptoms post-Covid, and others none.CNBC Health & Science Read CNBC’s latest global coverage of the Covid pandemic:Covid is already deadlier this year than all of 2020. So why do many in U.S. think the problem’s over?Delta Covid variant has a new mutation called ‘delta plus’: Here’s what you need to knowMillions could be suffering from long Covid, study suggests CDC group says there isn’t enough data yet to recommend Covid booster shots CDC group finds likely link between rare heart inflammation after Covid shot”In this large community-based study of symptoms following Covid-19 among adults aged 18 years and above in England, participants reported high prevalence of persistent symptoms lasting 12 weeks or more,” the researchers at Imperial noted of their latest study.Extrapolating the findings in the study to the wider Covid backdrop in England, where there have been 4.07 million Covid cases confirmed to date, the study could mean that over 2 million adults who have had the virus in England may have experienced some form of long Covid.”Estimates ranged from 5.8% of the population experiencing one or more persistent symptoms post-Covid-19 (corresponding to over 2 million adults in England), to 2.2% for three or more persistent symptoms (just under a million adults in England),” the researchers noted.They said that their estimates of the proportion of people with persistent Covid symptoms were higher than in many other studies, although previous estimates have varied widely.”Our comparatively high estimate, at 37.7% of people with Covid-19 experiencing one or more symptoms at 12 weeks, may partly reflect the large list of symptoms we surveyed, many of which are common and not specific to Covid-19. However, we asked participants only about symptoms that they related to a confirmed or suspected episode of Covid-19, and not to symptoms more generally.”Scientists are still investigating long Covid, and experts have urged the British government to address its public health implications; the National Health Service has opened long Covid assessment centers, for example.”A substantial proportion of people with symptomatic Covid-19 go on to have persistent symptoms for 12 weeks or more, which is age-dependent. Clinicians need to be aware of the differing manifestations of Long Covid which may require tailored therapeutic approaches,” researchers at Imperial said.The survey data was collected between Sept. 15 last year and Feb. 8 and the study is a preprint, and has not yet been peer-reviewed or published in a journal.  More

  • 225 Shares109 Views

    in Business

    Brooklyn Nets owners will use character, not credit scores, for $2.5 million loan program that helps Black businesses

    Nets Owner Joseph C. Tsai and Clara Wu Tsai at the game between the Brooklyn Nets and Indiana Pacers on December 21, 2018 at Barclays Center in Brooklyn, New York.Nathaniel S. Butler | National Basketball Association | Getty ImagesBrooklyn Nets owners Joe Tsai and Clara Wu Tsai are taking the next steps to distribute money from a $50 million commitment to help minority communities.The sports owners created a $2.5 million loan program that targets Black-owned businesses impacted by Covid-19. The money derives from the Tsai foundation’s Social Justice Fund, which was established last year, and aims to combat economic inequality in Black communities.The new loans are part of the “EXCELerate” program and catered to owners with credit scores 620 or below. But though applicants will not be judged on the scores, business owners need to be “character-based” eligible. Hence, they’ll need to have good references to secure their loan.There are two loan types. The “rapid recovery” loan offers immediate funds up to $15,000 and no interest attached. These loans are for businesses that stayed open during the pandemic but need capital for new equipment, renovations, rent or leases.The “restart” loan is for business owners who temporarily closed or reduced hours due to the pandemic. Well-referenced applicants can apply for up to $100,000 at 2% interest to help restart and normalize operations, and repayments depend on the success of the businesses. When money from the $2.5 million program is repaid, it returns and becomes eligible for new loans. Interest made from the loans will be used for administration costs.Black Owned Business sign in local storefront window, MisFits Nutrition, Queens, New York.Lindsey Nicholson | Education Images | Universal Images Group | Getty Images”We know that there is no social justice without economic opportunity, which is why we are so excited to launch the Brooklyn EXCELerate Loan Program aimed at elevating Brooklyn’s BIPOC [Black, indigenous, and other people of color] business owners post-pandemic and doing our small part to overcome barriers this community faces in accessing capital,” said Wu Tsai in a statement.The announcement used statistics from the National Bureau of Economic Research, which states Black-owned businesses declined by 41% during the earlier stages of the pandemic, compared to 17% among white-owned businesses. It also says this loan program “seeks to address the obstacles within capital markets that create unfair hurdles for these entrepreneurs.”Applicants need “local community members” for references, and loans will not “require neither collateral or guarantor.” Social organizations including TruFund Financial and Brooklyn Alliance Capital will oversee the loans. Also, the Tsai foundation hired Gregg Bishop as executive director of the fund. Bishop is the former commissioner of the New York Department of Small Business Services.”As the city comes back from the pandemic, we have an opportunity to do it better than we did before, to address some of the longstanding barriers preventing the accumulation of Black wealth and ensure that everyone can equally benefit from the capital that is coming into our city anew,” said Bishop in a statement.Speaking to CNBC in August 2020, Wu Tsai discussed developing a five-point plan to enhance social and economic equality following the death of George Floyd.”You have to admit that racism exists, and you have to understand that there are systemic imbalances in society that cause racism and cause lack of economic mobility and lack of wage trajectory,” said Wu Tsai.The Nets’ contributions to combat social issues total $60 million, including $10 million donated toward the National Basketball Association’s $300 million pledge to start the “NBA Foundation.”Tsai and Wu Tsai purchased a majority stake in the Nets in 2019 for $2.35 billion after buying an initial share in 2017. And they also own WNBA franchise, the New York Liberty. More