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Wednesday, Jun 07th

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Don’t Take Financial Advice From Ron DeSantis

ESG Investing: Don't take financial advice from Ron DiSantisAs Ron DeSantis wages culture war in his bid for the White House, he’s taken aim at a once-obscure target: ESG investments.

The Florida governor has decried investment strategies with environmental, social and governance goals as “ideological joyrides,” and last month signed a law that bars state officials from making ESG investments or ESG bond sales.

Other Republican-led states have followed suit: Utah, Alabama, Alaska, Arkansas, Iowa, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, Ohio, South Carolina, South Dakota, Texas and West Virginia have passed similar measures, sometimes pulling billions of dollars from the massive investment firm BlackRock for promoting sustainable energy investments.

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'Inflation is cooling': Grocery costs slow, curbing stubbornly high consumer prices

Inflation easesInflation slowed for a tenth straight month in April as another drop in grocery bills offset a rebound in gasoline costs, providing some relief to Americans squeezed by a two-year run-up in prices.

Consumer prices increased 4.9% from a year earlier, down from 5% in March and a 40-year high of 9.1% last June, according to the Labor Department’s consumer price index. That's the smallest yearly increase since April 2021. On a monthly basis, prices rose 0.4% following a 0.1% increase in March.

For shoppers and drivers, Wednesday’s inflation report was mixed. Gasoline prices jumped 3% just in April. By contrast, grocery prices dropped for a second straight month. Used car prices surged 4.4% after nine months of declines. Rental costs rose but at a slower pace.

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Homeware giant Bed Bath & Beyond has filed for bankruptcy

BB&B files fo bankruptsy

The -dominant home goods retailer Bed Bath & Beyond has filed for bankruptcy protection after months of losing shoppers and money.

The cooncempany, which also owns the BuyBuy Baby chain, has struggled to regain its financial footing after a series of turnaround attempts that proved to be mistimed or ineffective.

The retailer says its 360 Bed Bath & Beyond stores and 120 BuyBuy Baby stores remain open, but will shutter over time. Starting on Wednesday, April 26, the chain will stop accepting coupons and discounts and sales will be final. Gift cards are expected to stay valid through May 8.

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First Republic secures $30 billion rescue from large banks

First Republic BankFirst Republic Bank, facing a crisis of confidence from investors and customers, is set to receive a $30 billion lifeline from a group of America’s largest banks.

“This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system,” the Treasury Department said in a statement Thursday.

The major banks include JPMorgan Chase, Bank of America, Wells Fargo, Citigroup and Trust.

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Zuckerberg’s Meta to lay off another 10,000 employees

Mark ZuckerbergMark Zuckerberg’s Meta is laying off another 10,000 people and instituting a further hiring freeze as part of the company’s “Year of Efficiency”, the chief executive announced in a Facebook post on Tuesday.

The restructuring, which also sees a further 5,000 unfilled job adverts closed without hiring, comes less than six months after the company announced another wave of 11,000 redundancies. At its peak in 2022, Meta had grown to 87,000 employees globally, with a substantial portion of that hiring occurring since the onset of the Covid pandemic.

“This will be tough and there’s no way around that,” Zuckerberg wrote in a blogpost. “Over the next couple of months, org leaders will announce restructuring plans focused on flattening our orgs, canceling lower priority projects, and reducing our hiring rates.”

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Biden tells US to have confidence in banks after 2 collapse, including NY bank

President talks about bank failuresPresident Joe Biden insisted Monday that the nation’s banking system was safe, seeking to project calm after the collapse of two banks stirred fears of a broader upheaval and prompted regulators to offer emergency loans to banks to stave off additional failures.

“Your deposits will be there when you need them,” Biden said.

Despite the message from the White House, investors continued to dump shares in bank stocks. Shares of First Republic Bank plunged more than 70% even after the bank said it was accessing emergency funding from the Federal Reserve as well as additional funds from JPMorgan Chase.

U.S. regulators closed the Silicon Valley Bank on Friday after depositors rushed to withdraw their funds all at once. It was the second largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual. New York-based Signature Bank also failed Sunday.

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Yellen Says No Federal Bailout For Collapsed Silicon Valley Bank

Janet YellenTreasury Secretary Janet Yellen said Sunday that the federal government would not bail out Silicon Valley Bank, but is working to help depositors who are concerned about their money.

The Federal Deposit Insurance Corporation insures deposits up to $250,000, but many of the companies and wealthy people who used the bank — known for its relationships with technology startups and venture capital — had more than that amount in their account. There are fears that some workers across the country won’t receive their paychecks.

Yellen, in an interview with CBS’ “Face the Nation,” provided few details on the government’s next steps. But she emphasized that the situation was much different from the financial crisis almost 15 years ago, which led to bank bailouts to protect the industry.

“We’re not going to do that again,” she said. “But we are concerned about depositors, and we’re focused on trying to meet their needs.

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