Patricia Avila is seeking monetary damages related to the incident, citing loss of wages due to being unable to work, medical bills, emotional distress, and pain and suffering
Hyun Jin Ryu cruised into the seventh inning, Marcus Semien and Rowdy Tellez homered, and the Toronto Blue Jays beat the New York Yankees 7-3 on Tuesday night. Ryu (1-1) allowed only an unearned run over 6 2/3 innings, striking out seven and limiting the Yankees to four hits and a walk. The Blue Jays ace retired 12 in a row after DJ LeMahieu had a leadoff infield single in the first.
(Bloomberg) -- The collapse of Archegos Capital Management LP, an investment firm that few even on Wall Street had heard of until it imploded last month, is changing a lucrative, decades-old part of global banking.Nomura Holdings Inc. and Credit Suisse Group AG, the two lenders hit hardest, have started to curb financing in the business with hedge funds and family offices. European regulators are looking at risks banks are taking when lending to such clients, while in the U.S., authorities started a preliminary probe into the debacle.Together, steps taken from Washington to Zurich and Tokyo could portend some of the biggest changes since the financial crisis to a cornerstone of global banking known as prime brokerage. Typically housed in the equities units of large investment banks, these businesses lend cash and securities to the funds and execute their trades, and the relationships can be vital for investment banks.But the collapse of Archegos, the family office of former hedge fund trader Bill Hwang, has underscored the risks banks are taking with these clients, even when their loans are secured by collateral. Credit Suisse has been the worst-hit so far, taking a $4.7 billion writedown in the first quarter.The lender, one of the biggest prime brokers among European banks, is now weighing significant cuts to its prime brokerage arm in coming months, people familiar with the plan have said.It has already been calling clients to change margin requirements in swap agreements -- the derivatives Hwang used for his bets -- so they match the more restrictive terms of other prime-brokerage contracts, people with direct knowledge of the matter said. Specifically, the bank is shifting from static margining to dynamic margining, which may force clients to post more collateral and could reduce the profitability of some trades.$2 Billion LossNomura, which is facing an estimated $2 billion from the Archegos fiasco, followed suit, with restrictions including tightening leverage for some clients who were previously granted exceptions to margin financing limits, Bloomberg reported on Tuesday. Japan’s biggest brokerage is examining the cause of the possible losses though it’s too early to say how it might impact earnings, an executive at the firm said in March, asking not to be identified. A representative for the Tokyo-based firm declined to commentHwang’s family office built positions in at least nine stocks that were big enough to rank him among the largest holders, fueled by bank leverage that would have been unusual even for a hedge fund. Archegos was able to place outsize wagers using derivatives and, as a private firm, avoid the disclosures required of most investors. Almost invisibly, he accumulated a portfolio that some people familiar with his accounts estimate at as much as $100 billion.While Hwang’s financiers had clues about what Archegos was doing and the trades they had financed, they couldn’t see that he was taking parallel positions at multiple firms, piling more leverage onto the same few stocks, according to people familiar with the matter.In the U.S., regulators are already privately dropping hints of new rules to come. Securities and Exchange Commission officials have signaled to banks that they intend to make trading disclosures from hedge funds a higher priority, while also finding ways to address risk and leverage.“Hopefully this will cause the prime brokerages of regulated banking organizations (and their supervisors) to re-assess their relationships with highly leveraged hedge funds,” Sheila Bair, a former chairman of the Federal Deposit Insurance Corp., wrote on Twitter.In Europe, the top banking regulator has asked some of the bloc’s largest banks for additional information on their exposure to hedge funds, people familiar with the matter said. While the checks by the European Central Bank on lenders such as Deutsche Bank AG and BNP Paribas SA are standard practice after such a disruptive event, they underscore regulators’ concern, even as most euro-region banks skirted big losses.“There is a need to scrutinize the reasons why the banks enabled the fund to leverage up to such an extent,” ECB executive board member Isabel Schnabel said in an interview with Der Spiegel last week. “It is a warning signal that there are considerable systemic risks that need to be better regulated.”(Updates with Nomura details in seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Oil extended gains in Asian trading after an industry report pointed to another decline in U.S. crude stockpiles that followed an upbeat assessment of the demand outlook from OPEC.Futures in New York rose 0.7% after advancing 0.8% on Tuesday. The American Petroleum Institute reported crude inventories fell by 3.61 million barrels last week, according to people familiar, which will be a third straight decrease if confirmed by government figures on Wednesday. OPEC boosted its consumption forecast for this year and predicted the market recovery will continue.Oil’s sizzling start to the year faltered in mid-March as some regions saw a resurgence in Covid-19 cases, raising concerns about near-term fuel demand. The Organization of Petroleum Exporting Countries said in its monthly report Tuesday that rising consumption should help to trim stockpiles even as OPEC+ readies to return more barrels to the market from May.The coronavirus, however, is clouding the outlook for demand with some countries renewing restrictions and lockdowns to curb its spread, highlighted by normally bustling streets in India left deserted. The pause in the rollout of Johnson & Johnson’s Covid-19 vaccine in Europe after concerns about blood clots also marks another setback for the global inoculation drive.“Oil is trying to build momentum for another test to the upside,” said Jeffrey Halley, a senior market analyst at Oanda Asia Pacific. “OPEC’s upward demand forecast revision is helping, though it may be slightly optimistic. China’s industrial output data on Friday is going to be the next big inflection point.”The prompt timespread for Brent was 39 cents a barrel in backwardation -- where near-dated contracts are more expensive than later-dated ones. That compares with 35 cents a week earlier.See also: China Clamps Down on Independent Oil Refiners to Curb CapacityThe International Energy Agency is scheduled to release its monthly report later Wednesday, providing another snapshot on the outlook for demand and supply. March industrial production data due Friday from China, which has helped the market rebound from the depths of the pandemic, is expected to show a 26.5% gain from a year earlier.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
On Tuesday, country music star Morgan Wallen resurfaced on Instagram, after two months away, to let his fans know that he will not be performing this summer, taking time instead to continue working on himself. “I wanted to let you guys know that I’ve taken a couple months away and feel like I’ve really worked […]
President Joe Biden's address to Congress will fall on his 99th day in office as he looks to claim progress during his first 100 days.
The Yankees fell back to under .500 with a 7-3 loss to the Toronto Blue Jays on Thursday.
This year marks the 100th anniversary of insulin discovery. Ontario Pharmacists Association (OPA) is proud to announce a partnership with BD Canada and Ascensia Diabetes Care to celebrate the momentous anniversary and highlight the important involvement of pharmacy professionals in the management of the disease. The revolutionary Canadian discovery by Sir Frederick Banting and his assistant Charles Best is a leading medical advancement that has fundamentally changed the lives of millions around the globe.
"We empathize with the pain that Black mothers, fathers, and children are feeling," wrote Barack and Michelle Obama.
Justin Steele threw 1 1/3 shutout innings in his MLB debut against the Brewers.
Apr. 13—GEORGETOWN — The New Albany-Floyd County school district is preparing for expected growth in the Georgetown area with the purchase of property for future use. At Monday's meeting, the NAFC board voted 6-1 to approve the acquisition of more than 53 acres at 1715 Oakes Road in Georgetown. NAFC Superintendent Brad Snyder said at the meeting that the purpose of the property is "to be ...
Tuesday's situation comes in the wake of a February freeze that knocked out power to millions of Texans.
The Wildcats and Gators are tied for Region 5-5A lead in girls soccer
Viktor Arvidsson (Nashville Predators) with a Goal vs. Tampa Bay Lightning, 04/13/2021
Communities marched and mourned Tuesday in memory of Daunte Wright, a 20-year-old Black man who was fatally shot by police during a traffic stop.
Paul George continued to dominate his former team by scoring 36 points on Tuesday night, leading the Los Angeles Clippers to a 126-115 victory at Indiana. The Clippers have won six straight and 12 of 14 overall. George also had seven rebounds and eight assists while improving to 4-0 at Bankers Life Fieldhouse since being traded by the Pacers to Oklahoma City in July 2017.
Apr. 13—MIDDLEBURY — Before coming to Northridge High School, Dave Harms only knew two things about Middlebury: a player he recruited to play football for him, Jody Weldy, went to Northridge — and Essenhaus. Now, Middlebury is like a second home to Harms. That's what makes his decision to retire so difficult. Harms, 64, will be stepping down as athletic director at Northridge at the end of the ...
Apr. 13—Muskogee's Farmers Market opened for business Saturday, and it provides a great way to find fresh produce as well as a way to get out and mingle (socially distanced) and enjoy the fresh air. Cassie Herringshaw, who is co-manager of the market, said 2020 was a down year for the Muskogee Farmers Market. COVID-19 kept some vendors home as well as some customers. With the number of ...
Apr. 13—Montana Coffee Traders' Kalispell cafe has closed indefinitely due to a lack of available workers, the coffee chain announced Tuesday. The business's three other locations in Whitefish, Columbia Falls and along U.S. 93 remain open. This year marks the 40th anniversary of the chain's founding in the Flathead Valley. "We made this difficult choice because we are unable to find enough ...
Apr. 13—GOSHEN — Congregants of Faith Mennonite Church have erected a memorial at the Elkhart County Courthouse to remember those locally who've lost the battle with COVID-19. "The loss of life is irreplaceable," said Felipe Merino of Goshen. "If there is one thing I've learned from the loss of three of my family members is that sometimes you don't get another chance to live life. You have to ...