HSBC forecasts brighter outlook as profits surge [BBC News]
Europe's biggest bank by assets reported income of $5.8bn (£4.2bn) for the January-to-March period, up from $3.2bn a year earlier…. Last year, HSBC had set aside $3bn to cover bad debts, but it has now released $400m of that following "an improvement in the economic outlook, notably in the UK"….
The jump in profits marks a turnaround for HSBC, which reported a 34% drop in profits for 2020, partly due to the impact from the coronavirus pandemic.

GameStop shares jump after the Reddit favorite raises $551 million in stock sales [CNBC]
The stock, favored by the Reddit retail trading crowd, jumped 6% on Tuesday after gaining nearly 12% during Monday’s regular trading hours. Shares are up nearly 850% this year.
GameStop announced the “at-the-market” stock offering at the beginning of April, which was viewed as a way to capitalize on its recent head-turning rally that made Wall Street history.

Ant IPO-Approval Process Under Investigation by Beijing [WSJ]
The central-government investigation, which started early this year, focuses on regulators who greenlighted the initial public offering, local officials who advocated it and big state firms that stood to gain from it. [Jack] Ma’s relationships with these state stalwarts are being examined as part of the scrutiny, according to the people…. The probe also examines how an array of state funds, including massive sovereign-wealth fund China Investment Corp. and the country’s largest state insurers—among them China Life Insurance Co. —got to invest in Ant, the people familiar with the matter say. The mandate of CIC, for instance, is to invest overseas rather than domestically.

CalPERS to back activist’s four director nominees in Exxon board fight [Reuters]
"CalPERS is supporting additional board refreshment due to the long-term financial underperformance at ExxonMobil and the need for a greater depth of skill sets and experience on the board to address the significant challenges the company faces," the pension fund said on Monday…. Engine No. 1's slate for the 12-member board consists of Gregory Goff and Anders Runevad, former chief executives of oil refiner Andeavor and wind-turbine manufacturer Vestas Wind Systems, respectively; Kaisa Hietala, former head of renewable fuels at Finnish refiner Neste; and Alexander Karsner, the former U.S. assistant secretary of energy for efficiency and renewable energy.

Anatomy of a hedge fund hack [FT]
“Hedge funds and family offices do not spend anywhere near enough [on cyber security] which is why they are targets,” said Alex Mendez, Remora’s co-founder. “Hedge funds are more vulnerable because the principals within hedge funds are more visible and easier to target….”/In September last year co-founder Michael Fagan clicked on an innocuous-looking but fake Zoom invite that allowed a hacker to infiltrate Levitas’s systems and use Fagan’s email. The hacker then sent fake payment instructions to administrator Apex Fund Services…. Fagan eventually discovered the scam by accident when checking Levitas’s bank account almost two weeks after the phishing attack…. About A$600,000 had been stolen, according to Brookes. Had it been discovered a couple of days later, then the loss could have been A$8.7m….

Who Nds th Lttr E? Scottish Fund Manager Aberdeen Tries Abrdn Instead [WSJ]
The company, with roots that stretch back to 1825, said the move is meant to standardize branding among its multiple businesses and form part of its efforts to be modern and agile. Pronunciation will remain the same—Aberdeen…. The firm’s website ranks in 35th position for the keyword “Aberdeen’’ in the U.K., which might scarcely exist as far as Google is concerned. It competes with the port city in Scotland, known as the oil capital of Europe, the University of Aberdeen, the soccer club, the local government website, the Visit Scotland website and the airport.

Related

zuck

Opening Bell: 10.20.21

Goldman wants your cash; BofA doesn’t want to cut your unemployment check; Facebook doesn’t want to be Facebook anymore; and more!

By Lishabai Yi (Middle Kingdom Media Ltd.) [CC BY-SA 4.0], via Wikimedia Commons

Opening Bell: 2.19.21

Izzy Englander cutting blank checks to himself; compliant Coinbase; Jeff Immelt doesn’t know; Steve Schwarzman’s dealing with more ingrates; and more!

instacart

Opening Bell: 3.2.21

Greensill groans; Instacart’s glee; “short term liquidity solution” for unhappy Ants; Gensler gets job interview; and more!

Opening Bell: 06.21.13

U.S. Weighs Doubling Leverage Standard for Biggest Banks (Bloomberg) The standard would increase the amount of capital the lenders must hold to 6 percent of total assets, regardless of their risk, according to four people with knowledge of the talks. That’s twice the level set by global banking supervisors. ... "The 3 percent was clearly inadequate, nothing really,” said Simon Johnson, an economics professor at the Massachusetts Institute of Technology and a former chief economist for the International Monetary Fund. “Going up to five or six will make the rule be worth something. Having a lot of capital is crucial for banks to be sound. The leverage ratio is a good safety tool because risk-weighting can be gamed by banks so easily.” China steps back from severe cash crunch (FT) China pulled back from the brink of a severe cash crunch on Friday, with money rates falling after reports that the People’s Bank of China, the central bank, had acted to alleviate market stresses. Nevertheless, interbank conditions remained tight and analysts said the PBoC would continue its hard line of recent days to compel financial institutions to pare back their leverage. Sprint Beats Dish’s Latest Bid for Clearwire (DealBook) Sprint Nextel raised its bid for Clearwire to $5 a share on Thursday, hoping to knock out a rival offer from Dish Network. The new offer, which values Clearwire at about $14 billion, is 47 percent higher than Sprint’s last proposal. It is also higher than Dish’s most recent bid of $4.40 a share. Banks Race to Increase Salaries to Beat EU Bonus Caps (IBT) Banks are racing to overhaul their remuneration structures by bumping up fixed salaries ahead of European Union-imposed bonus caps in 2015. According to a prominent employment partner at law firm Pinsent Masons, banks are stuck between having to overhaul remuneration procedures by a certain deadline but without concrete rules, which is likely to result in across-the-board increases in salary. FAA to Relax Rules for Gadgets in Flight (WSJ) The Federal Aviation Administration is expected to relax the ban on using some types of personal-electronic devices at low altitudes, allowing passengers leeway during taxiing and even takeoffs and landings, according to industry officials and draft recommendations prepared by a high-level advisory panel to the agency. For fliers, the new rules would likely mean an end to familiar admonitions to turn off and stow all electronic devices. Cellphone calls are expected to remain off limits, however. War of words erupts after wedding guests gift bride 'cheap and embarrassing' food hamper containing marshmallow fluff and croutons Kathy Mason from Hamilton, Ontario, and her boyfriend, who wished to remain anonymous, decided to create a food hamper for their friends' same-sex marriage and packed it with a mix of 'fun' treats including pasta, olive oil, croutons, biscuits, Marshmallow Fluff and Sour Patch Kids. They attached a carefully worded card to the parcel which read: 'Enjoy . . . Life is delicious.' However, the European newlyweds were less than impressed with the gesture and contacted the couple the next day via text message to ask if they had the receipt so they could get the money back instead. ... 'You ate steak, chicken, booze, and a beautiful venue . . . If anything you should be embarrassed for being so cheap and embarrassing,' the brides said in one message. Creeping mistrust stops euro zone banks lending to peers across bloc (Reuters) In a trend that could reignite fears about the euro and its banks, European Central Bank data shows the share of interbank funding that crosses borders within the euro zone dropped by a third, to just 22.5 percent in April from 34.5 percent at the beginning of 2008. Banks are now lending to other banks across euro zone borders at only about the same rate as when the single currency was first launched, 15 years ago. Greek markets rattled by political disarray (FT) The benchmark 10-year bond yield of Greece rose 75 basis points to 11.6 per cent by late morning in London, while the Athens stock exchange index fell 2.9 per cent to its lowest level since early April. ... Investor sentiment towards Greece is not helped by uncertainty over how to plug a funding gap in the country’s bailout programme. The FT reported on Thursday that the International Monetary Fund might suspend aid to Greece next month unless the eurozone stepped in. Losses loom for investors enmeshed in U.S. mortgage chaos (Reuters) A review of loan documents, property records and the monthly reports made available to investors show that mortgage servicers are reporting individual houses are still in foreclosure long after they have been sold to new buyers or the underlying mortgages have been paid off. ... In one case, Reuters found that Bank of America Corp had been collecting a monthlyservicing fee of $50.73 from investors on a loan that had been paid off nearly two years ago, investor reports show. Bank of America filed a document at a local county office on July 22, 2011 showing that the $162,400 loan on a cream-colored duplex in Greenacres, Florida, owned by a drywall hanger named Roman Pino, had been satisfied and "cancelled." But investors in Pino's loan and more than 6,700 other similar mortgages that are bundled together in a subprime mortgage bond still have not been informed that the loan no longer exists, according to the last investor report in May. Good and Evil Battle Volatility on Summer Solstice (CNBC) "Summer Solstice is upon us: the longest day of the year in the northern hemisphere where some religions in the western world believe the sun defeats the forces of evil." Also it's triple witching. Oracle to Leave Nasdaq for the Big Board (DealBook) Oracle, one of the most prominent technology companies listed on the Nasdaq, is defecting to a rival exchange. The company, which has been traded on the Nasdaq since 1986, has applied to be listed on the New York Stock Exchange, it said in a filing on Thursday. The transfer, among the largest ever between the exchanges, represents a significant gain for the Big Board, which has been trying to bolster its technology credentials. FINRA beefs up policing of arbitrators (Reuters) The Financial Industry Regulatory Authority's policy change comes after Reuters asked questions about the background of Demetrio Timban, a Medford, New Jersey-based arbitrator who has become a central figure in a lawsuit between Goldman Sachs Group Inc and a wealthy investor. Timban was indicted by the state of New Jersey for practicing law without a license, although charges were later dropped under a state program to deal with non-violent offences. He was also reprimanded by a Michigan regulator for the New Jersey incident and passing $18,000 in bad checks. Timban said in an interview he had closed his New Jersey office and the check-writing incident was "accidental," as a family member was supposed to wire funds to cover the check. But FINRA said it did not learn of the New Jersey indictment for five months and that Timban failed to tell it about the Michigan problems altogether, while he arbitrated the Goldman case. Brooklyn framer accuses former boss of firing him for being too fat (NYP) The owner of a picture-framing shop in Brooklyn fired a worker because he was too fat to fit in the aisles, a lawsuit claims. Seth Bogadanove, 52, of Bath Beach, is suing Frame It In Brooklyn, in Sunset Park, and owner Jerry Greenberg, claiming he was canned after gaining weight because of medication. “Oh, my God! What happened to you? You got so fat!” the suit says Greenberg told Bogadanove after he returned from a leave. ... But Greenberg told The Post he never hired Bogadanove back, only gave him an opportunity to work from home. He called Bogadonove’s story “ridiculous.” “He was sweating, and he couldn’t make it up stairs,” Greenberg recalled. “But that would never come out of my mouth in my wildest dreams.” Video shows woman tossing perceived rival off cliff (CBS) Surveillance video caught a brutal fight between a woman and her perceived romantic rival in Arequipa, Peru, but it's pretty one-sided. A woman caught her husband walking with a younger woman while they were out on a stroll by a cliff back in January. She is seen grabbing the younger woman by the hair and dragging her off a cliff, where she reportedly plunged about 20 feet. She is okay after the fall - she only sustained some cuts and bruises, was treated at a hospital and released.

zuckerberg

Opening Bell: 8.21.20

Ant; accreditation; antitrust; avoidance; and more!

By DonkeyHotey (Mitch McConnell - Caricature) [CC BY 2.0], via Wikimedia Commons

Opening Bell: 11.5.20

Wall Street decides it’s OK with what it said would be a nightmare; TikTok still ticking; of Ant and Alibaba; and more!

humpty-baml

Opening Bell: 11.10.17

That wasn't the big one, says BAML; cryptos are driving VC partners berserk; Evan Spiegel doesn't like data; ant-zombie fungus worse than realized; and more.

nikola truck

Opening Bell: 11.10.20

FTC expects Zoom to be around in 20 years; investors just realized COVID is still bad; Nikola doesn’t report revenue because it doesn’t have any; and more!