Victor Davis Hanson: "Race" Everywhere

Judge Orders Arizona’s Cochise County To Certify Election Results Authored by Caden Pearson via The Epoch Times (emphasis ours), An Arizona county’s board of supervisors certified their jurisdiction’s midterm elections results on Thursday at the order of a judge three days after they missed the statutory deadline of Nov. 28. An election worker gathers tabulated ballots to be boxed inside the Maricopa County Recorders Office in Phoenix. Arizona, on Nov. 10, 2022. (Matt York/AP Photo) Judge Casey McGinley of the Pima County Superior Court instructed Cochise County’s board of supervisors to convene and declare the results official by 5 p.m. MT on Thursday. McGinley ruled that the failure of two Republican supervisors to certify the results before the state’s legal deadline was illegal. On Monday, the lone Democrat on the three-person panel, supervisor Anne English, voted against the motion to postpone the results, while Republican supervisors Peggy Judd and Tom Crosby voted to postpone. An election worker carries trays filled with mail-in ballots to open and verify at the Maricopa County Tabulation and Election Center in Phoenix, Ariz., on Nov. 11, 2022. (Justin Sullivan/Getty Images) Following the certification on Thursday, state officials in Arizona will now be able to proceed with statewide certification on Monday after the board voted 2–0 to certify the outcomes of the Nov. 8 midterm elections. English and Judd cast the deciding votes to certify, with Republican Tom Crosby abstaining from the court-ordered hearing. Cochise County’s Board of Supervisors sought to push back certifying the results in order to further review claims that the county’s voting equipment was not properly certified in accordance with the law. According to election officials, the machinery was properly approved. Cochise County, which borders Mexico, has always been a bastion of Republican and conservative voters. Hobbs Sues Cochise Board After the two Republican members of the board voted to delay certification, Arizona Secretary of State Katie Hobbs, a Democrat who was declared the victor of the state’s governor contest, sued Cochise County earlier this week. Cochise County “had a statutory duty to certify the results of the 2022 General Election” by Nov. 28., Hobbs said on Twitter, where she shared screenshots of the lawsuit. According to Hobb’s lawsuit, failure to certify the results before Dec. 1 will “sow greater confusion and doubt about the integrity of Arizona’s election system” and asked the court to issue an injunction compelling officials to do so. “The Board’s inaction not only violates the plain language of the statute but also undermines a basic tenet of free and fair elections in this state: ensuring that every Arizonan’s voice is heard,” the lawsuit (pdf) reads. Arizona Democrat Katie Hobbs, who has been named winner in the state’s gubernatorial race, speaks to attendees at a rally in Phoenix, Arizona, on Nov. 15, 2022. (Jon Cherry/Getty Images) Hobb’s lawsuit stated that without the court’s intervention, she would have no choice, as Arizona’s chief elections official in her role as secretary of state, but to complete the statewide canvass by Dec. 8 “without Cochise County’s votes included.” Read more here... Tyler Durden Sat, 12/03/2022 - 14:30.....»»

Walker found himself on stage with the Republican A-team and fizzled out. Christie too had been a bright shiny object — then Trump came along. Republican Govs. Scott Walker of Wisconsin (left), Ron DeSantis of Florida, and Chris Christie of New Jersey are shown during key moments in their careers. Walker is shown ending his 2016 presidential campaign, DeSantis is shown after easily winning reelection in 2022, and Christie is depicted during a 2011 town hall, months before ruling out a 2012 presidential campaign.Insider composite of AP and Getty Images Florida Gov. Ron DeSantis is seen as the top potential challenger to Trump in 2024. He'll have to decide whether he wants to run for president in 2024 or wait it out. Both approaches carry risks that could torpedo his chance at the White House, top GOP political strategists told Insider. Florida Gov. Ron DeSantis often gets compared to ex-President Donald Trump. But as he faces a decision over whether to run for president in 2024, DeSantis shares far more similarities with two other ex-GOP frontrunners: Former Govs. Scott Walker of Wisconsin and Chris Christie of New Jersey. Like DeSantis, Walker and Christie once seemed like inevitable frontrunners for the White House.The two men made vastly different choices when it came to actually running for president. Walker seized the moment, while Christie let his moment pass.They both lost. Their stories provide a look into what could happen to DeSantis, too, if he decides to run in 2024 GOP nomination — or if he decides to wait until 2028."Timing is important," Mike DuHaime, CEO of MAD Global and adviser to Christie's 2016 presidential campaign, told Insider. "He's at a high point right now. Running when you're at a high point is a good thing. Timing is in many ways the most important and least controllable part of politics."Walker emerged as a darling of the right when Barack Obama was president. Like DeSantis, he skyrocketed to national prominence by picking fights with key Democratic allies.But Walker's campaign crashed so badly that he never even made it to the voting stage. He would also fail to secure a third term in Wisconsin in 2018. As for Christie, he was brash, populist, and had a big personality. It turned out that these were attributes that 2016 voters genuinely wanted in a president. But a certain reality TV star had those qualities too, just in far higher quantities.If Christie had run in 2012, when he was having a moment, maybe he would have been sitting in the Oval Office rather than Trump. Instead, he rebuffed influential Iowa Republicans who literally flew to New Jersey to beg him to run.DeSantis could trip up early in a '24 contest. A scandal could emerge during his second term that he can't come back from. Someone could steal the spotlight if he delays his run until 2028. Or, waiting might be the right move to secure an eventual White House win — he could have a strong second term in Florida with even higher approval ratings. "Those are definitely calculations and considerations that smart people in DeSantisworld would put out there," said a GOP strategist not affiliated with DeSantis, who asked not to be named in order to speak candidly. "And they would probably look at some of these past candidacies as a case study. There is a such thing as a perceptual moment and then sometimes the shine dulls a little bit."Then-President Donald Trump speaks as then-Wisconsin Gov. Scott Walker (L) and Foxconn CEO Terry Gou look on at the groundbreaking for the Foxconn Technology Group computer screen plant on June 28, 2018 in Mt Pleasant, Wisconsin.Andy Manis/Getty Images'We were a big deal'Walker was the one everyone was talking ahead of 2016.In 2010, he'd flipped the Wisconsin governor's mansion just two years after Obama carried the state. He then took on public sector unions to the delight of conservatives and the Koch brothers.Liberals tried to recall him. Then Democrats turned to his reelection campaign. By the end of 2014, Walker had won three times in four years. He was holding court with wealthy donors in Madison by the following summer. Neighboring Iowans clamored for his presence and a presidential campaign, as pollsters saw his fortunes rise. It all came crashing down just two months after Walker made his presidential run official. "We were a big deal, before we even had a campaign, because of what we did," Walker told Insider in an interview. "But we really didn't have the infrastructure or the experience nationally to deal with that."On top of that, the day-to-day questions a candidate faces as governor are vastly different than what can arise on the campaign trail, a top aide on Walker's Iowa team told Insider. "The national press scrutiny and the presidential issues are a completely different ballgame than being governor," said Eric Woolson, who was Walker's Iowa communications director. "It's one thing to be talking about state issues, and it's another thing to suddenly be talking about foreign policy and federal policy."Then, Walker's debate performance solidified his standing as a candidate unprepared for primetime. He was crowded out by well-known national Republican leaders on stage in heated debates. "It was almost like if they were trying out for a track team, and it was like, 'Oh, wow, everybody's a lot faster than me,'" Duhaime said. "He wasn't as good as when you put Trump and Christie and Ted Cruz, and Marco [Rubio]. They were all A-level debaters, A-level thinkers, on this stuff. Walker was just kind of the junior varsity on that stage." DeSantis may face a similar situation. He has more national and foreign policy experience because he served in the US House. But while he gets significant national coverage, he hasn't reached the national stage yet. He didn't face a serious challenge to the governorship this year, he isn't known as a gifted orator or debator, and rumors proliferate about about his lack of people skills. But DuHaime said DeSantis was "stronger than Walker ever was" and had "substantive experience" after dealing with hurricanes and the COVID-19 pandemic. "You don't have to be the best — you have to be good enough," Duhaime said about DeSantis getting on a debate stage. "And my guess is he's good enough at that point." Florida Gov. Ron DeSantis smiles as confetti falls after he is declared the victor on election night 2022.Getty ImagesDeSantis could face a pile on  DeSantis is Trump's most formidable potential rival for the 2024 nomination. A total of 33% of potential GOP primary voters said they'd vote for DeSantis today, shows a Morning Consult/Politico tracking poll released November 15. But he's still 14 percentage points behind Trump, who made his presidential run official last week.The Florida governor has so far been mum about his future plans, but he hasn't committed to serving out all four years as governor.He isn't the only one who could jump into the 2024 race. Other prospects include former Vice President Mike Pence, former UN Ambassador Nikki Haley, South Dakota Gov. Kristi L. Noem, former CIA director Mike Pompeo, Sens. Tim Scott of South Carolina and Ted Cruz of Texas, and former Maryland Gov. Larry Hogan.Should DeSantis not run, it's possible one of these other candidates could beat Trump as well as President Joe Biden, locking out the possibility for DeSantis to seek a White House run until 2032.If DeSantis does enter a large field, he would become vulnerable not just to attacks from Trump, but from all the other candidates that view him as a threat. DuHaime said presidential races were a "grind" unlike any other run for office."Millions and millions of dollars just turn on you in an instant," he said. "It happens to everybody. Only one person survives that." Hogan told reporters last weekend at a Republican Jewish Coalition event, a high-profile gathering in Las Vegas, that he knew the media was "focused" on DeSantis but warned much could change in the next six months. "I can tell you in almost every race I've ever seen, the guy that comes out the box first that everybody's talking about two years out is almost never the nominee," he said.Former Gov. Chris Christie of New Jersey.AP Photo/Carolyn Kaster, FileDeSantis is in a stronger position than Christie wasWhen Democratic strategist David Axelrod wrote a now-famous presidential memo to Obama, who was then a US Senator of Illinois, he stressed the importance of timing in politics. "History is replete with potential candidates for presidency who waited too long rather than examples of people who ran too soon," he wrote. Many in the donor class, GOP leadership, and media tried to impart the same lesson on Christie in 2011. But there are some key differences between Christie and DeSantis, even in terms of the timing piece, Duhaime said. When Christie was having his moment, he was early into his governorship, and Republican Mitt Romney, the former governor of Massachusetts, was getting a good deal of support from donors. "He legitimately didn't feel like he was ready — not necessarily to run but ready to do the job" of president after being governor for a short time, Duhaime said of Christie. In contrast, DeSantis would be in his fifth year as governor if he chooses to run next year. "That's a huge difference in my opinion in terms of that moment," DuHaime said.Plus, he added, Obama's reelection seemed like a surer bet whereas polling from the New York Times shows most voters don't want President Joe Biden, 80, to run again — in large part because of his age. DeSantis, in contrast, is 44.DeSantis' age gives him other options to stay relevant even if he loses the perch of the governor's mansion. He could run for Senate or — should a Republican win the White House in 2024 — serve in the administration. The GOP strategist, who concluded DeSantis should run in 2024, said "the country needs" the governor because of his competence and leadership in Florida. "There are moments," they said. "There was a moment for Christie in 2012 and there is a moment for Ron DeSantis in 2024. So so if I were advising him, I would say that it is it is less about the personal journey and more about answering the call for your country." Read the original article on Business Insider.....»»

Cheney was defeated in the GOP primary on Tuesday in her state of Wyoming by a challenger who embraced Trump's baseless claims of a stolen presidency. Rep. Liz Cheney (R-WY) gives a concession speech on August 16, 2022 in Jackson, Wyoming.Alex Wong/Getty Images Rep. Liz Cheney was defeated in the GOP congressional primary in Wyoming Tuesday.  In the speech, she criticized the election "lies" of Donald Trump.  She presented her loss as a price she paid for being one of the few Republicans to oppose Trump. Rep. Liz Cheney said Tuesday that she could have won re-election in Wyoming if she had gone along with former President Donald Trump's false claims of election fraud.But, she said, it was not a price she was willing to pay.Cheney made the remark in a defiant concession speech after being defeated by Harriet Hageman, a Republican endorses and aided by Trump in her battle against Cheney."Two years ago, I won this primary with 73% of the vote. I could easily have done the same again. The path was clear, but it would have required that I go along with President Trump's lie about the 2020 election," said Cheney in her concession speech. —CBS News (@CBSNews) August 17, 2022"It would have required that I enabled his ongoing efforts to unravel our democratic system and attack the foundations of our republic. That was a path I could not and would not take."Cheney continued: "No House seat, no office in this land is more important than the principles that we are all sworn to protect. And I well understood the potential political consequences of abiding by my duty."Our republic relies upon the goodwill of all candidates for office to accept honorably the outcome of elections. And tonight, Harriet Hageman has received the most votes in this primary. She won. I called her to concede the race. This primary election is over. But now the real work begins."Hageman, like all candidates to win Trump's approval, is a vigorous advocate of his debunked claim that the 2020 presidential election was stolen from him by electoral fraud.Insider's election partner, Decision Desk HQ, projected Tuesday night that Hageman would beat Cheney. With almost all votes counted, Hageman was the decisive victor with 66.3% of votes to Cheney's 28.9%Cheney has long been a foe of Trump. She voted for his impeachment in the wake of the January 6 riot at the US Capitol, and is one of two anti-Trump Republicans on the House committee investigating the events of that day.Trump had poured resources into ousting Cheney from her congressional seat, which covers the whole of Wyoming, the least populous US state. She had held the seat since 2017. Cheney's defeat is the biggest triumph for Trump to date in his efforts to purge the party of those who oppose him personally, or who have argued against his election-fraud conspiracy theories.Trump gloried in Cheney's defeat, posting a string of jubilant messages on his Truth Social website, including the prediction that Cheney would now "disappear into the depths of political oblivion."In her speech, Cheney warned of the impact of Trump's divisive rhetoric on America and said she would continue to oppose him out of office."Our nation is barreling once again towards crisis, lawlessness and violence," she said. "No American should support election deniers for any position of genuine responsibility."Cheney said she "will do whatever it takes to ensure Trump is never again anywhere near the Oval Office. And I mean it."Read the original article on Business Insider.....»»

Both of Oklahoma's US Senate seats are up for election this year after Sen. Jim Inhofe announced plans to retire from the Senate in January 2023. InsiderOklahoma held congressional, gubernatorial, and local primary elections on Tuesday. Polls closed at 7 p.m. CT.The races and the stakes: US SenateSix Democrats are running in the Democratic primary for a chance to unseat Republican Sen. James Lankford in the fall. They include Dennis Baker, Brandon Wade, and Arya Azma. Lankford defeated Joan Farr and Jackson Lahmeyer in the GOP primary, Decision Desk HQ projects.Rep. Markwayne Mullin will advance to a likely runoff in the special Senate primary to help determine who will fill Sen. Jim Inhofe's six-year term. Inhofe announced in February that he would resign from the Senate on January 3, 2023 — his term doesn't end until January 2027 — to spend more time with his family. Rep. Markwayne Mullin and former Oklahoma House Speaker T.W. Shannon placed top two in a field of more than a dozen contenders. US HouseOklahoma has five congressional districts, all of which are occupied by Republicans. Each of the districts is up for election this November.In the state's competitive 2nd Congressional District, 14 candidates are running in the GOP primary. There's no incumbent in the race, and the winner will run against Democrat Naomi Andrews in the fall.  GubernatorialOklahoma Gov. Kevin Stitt is running in the Republican primary against three challengers: Joel Kintsel, Mark Sherwood, and Moira McCabe. The winner of the GOP primary will match up against the victor of the Democratic primary, either Joy Hofmeister or Constance Johnson, in the fall.Local racesOklahoma has 48 state senate seats, half of which are up for election this year. The state also has 101 seats in the Oklahoma House of Representatives, the overwhelming majority of which are held by Republicans. All 101 of the house seats are up for election this year. Read the original article on Business Insider.....»»

Nebraskans will choose tonight who will fill out the remainder of scandal-plagued former Rep. Jeff Fortenberry's term. Rep. Jeff Fortenberry of Nebraska in 2012.Bill Clark/CQ-Roll Call, Inc via Getty ImagesNebraska is holding a special election in its 1st Congressional District on Tuesday. Polls closed at 8 p.m. local time.  The race and stakes: Nebraskans will choose who will fill out the final months of former Rep. Jeff Fortenberry's term after he was forced out following his conviction for lying to the FBI.In the state's 1st Congressional District, a sprawling seat that encompasses most of the eastern part of the state except Omaha, voters will pick between two state lawmakers: Republican Mike Flood and Democrat Patty Pansing Brooks.Tuesday's victor must run again in November but do so with added bonus of being an incumbent. Flood and Pansing Brooks are also their parties' respective nominees for the regular general election.Flood is widely expected to win in the overwhelmingly Republican district that then-President Donald Trump carried by roughly 15 percentage points in 2020.Unlike the competitive Omaha-based 2nd District, the 1st District race is not.Flood's campaign reported just over $32,000 on hand on his pre-special election report, having brought in over $1.1 million through the entire cycle. Pansing Brooks had roughly $365,000 on hand, having raised just over $765,000 this cycle. House Minority Leader Kevin McCarthy swung through for a fundraiser in early June.As for Fortenberry, he avoided prison time when US District Judge Stanley Blumenfeld Jr. sentenced him today to two years probation, 320 hours of community service, and a $25,000 fine.Read the original article on Business Insider.....»»

Both of Oklahoma's US Senate seats are up for election this year after Sen. Jim Inhofe announced plans to retire from the Senate in January 2023. InsiderOklahoma is holding congressional, gubernatorial, and local primary elections on Tuesday. Polls closed at 7 p.m. CT.The races and the stakes: US SenateSix Democrats are running in the Democratic primary for a chance to unseat Republican Sen. James Lankford in the fall. They include Dennis Baker, Brandon Wade, and Arya Azma. Lankford's facing off against Joan Farr and Jackson Lahmeyer in the GOP primary, which he is expected to easily win.Oklahoma is also conducting a special primary election on Tuesday to help determine who will fill Sen. Jim Inhofe's six-year term. Inhofe announced in February that he would resign from the Senate on January 3, 2023 — his term doesn't end until January 2027 — to spend more time with his family. Rep. Markwayne Mullin and former Oklahoma House Speaker T.W. Shannon are among the leading candidates in a field of more than a dozen contenders. US HouseOklahoma has five congressional districts, all of which are occupied by Republicans. Each of the districts is up for election this November.In the state's competitive 2nd Congressional District, 14 candidates are running in the GOP primary. There's no incumbent in the race, and the winner will run against Democrat Naomi Andrews in the fall.  GubernatorialOklahoma Gov. Kevin Stitt is running in the Republican primary against three challengers: Joel Kintsel, Mark Sherwood, and Moira McCabe. The winner of the GOP primary will match up against the victor of the Democratic primary, either Joy Hofmeister or Constance Johnson, in the fall.Local racesOklahoma has 48 state senate seats, half of which are up for election this year. The state also has 101 seats in the Oklahoma House of Representatives, the overwhelming majority of which are held by Republicans. All 101 of the house seats are up for election this year. Read the original article on Business Insider.....»»

New congressional districts have forced Reps. Marie Newman and Sean Casten to face off against each other in the same district. InsiderIllinois is holding congressional, gubernatorial, and local primary elections on Tuesday. Polls closed at 7 p.m. CT.Illinois Governor Incumbent Gov. J.B. Pritzker is facing off against Army veteran and nurse, Beverly Miles, in the Democratic primary. The winner of that election will match up against the victor of the state's Republican primary, where six candidates are looking to unseat Pritzker including Darren Bailey, Richard Irvin, and Gary Rabine.US Senate A slate of seven Republicans are vying for a chance to challenge incumbent Democratic Sen. Tammy Duckworth in the November general election. GOP nominees include Navy veteran Peggy Hubbard, pastor Anthony Williams, attorney Kathy Salvi, and Casey Chlebek. Duckworth is unopposed in her primary.US House Each of Illinois' 18 congressional districts is up for election this November.There's a competitive race between Democratic Reps. Marie Newman and Sean Casten on Tuesday as the two face off against each other in the state's 6th Congressional District. Casten currently holds the seat. But redistricting following the recent US Census shifted district lines, pitting him against Newman, who currently represents the 3rd Congressional District.Redistricting is also causing two Republican incumbents to run against each other in the state's 15th Congressional District. There, Rep. Mary Miller looks to defend her seat against Rep. Rodney Davis in the GOP primary. The winner of their election will advance to face Democrat Paul Lange in November.State Senate and HouseEach of Illinois' 59 state senate seats and 118 state house districts is up for election in the fall. Read the original article on Business Insider.....»»

Nebraskans will choose tonight who will fill out the remainder of scandal-plagued former Rep. Jeff Fortenberry's term. Rep. Jeff Fortenberry of Nebraska in 2012.Bill Clark/CQ-Roll Call, Inc via Getty ImagesNebraska is holding a special election in its 1st Congressional District on Tuesday. Polls close at 8 p.m. local time.  The race and stakes: Nebraskans will choose who will fill out the final months of former Rep. Jeff Fortenberry's term after he was forced out following his conviction for lying to the FBI.In the state's 1st Congressional District, a sprawling seat that encompasses most of the eastern part of the state except Omaha, voters will pick between two state lawmakers: Republican Mike Flood and Democrat Patty Pansing Brooks.Tuesday's victor must run again in November but do so with added bonus of being an incumbent. Flood and Pansing Brooks are also their parties' respective nominees for the regular general election.Flood is widely expected to win in the overwhelmingly Republican district that then-President Donald Trump carried by roughly 15 percentage points in 2020.Unlike the competitive Omaha-based 2nd District, the 1st District race is not.Flood's campaign reported just over $32,000 on hand on his pre-special election report, having brought in over $1.1 million through the entire cycle. Pansing Brooks had roughly $365,000 on hand, having raised just over $765,000 this cycle. House Minority Leader Kevin McCarthy swung through for a fundraiser in early June.As for Fortenberry, he avoided prison time when US District Judge Stanley Blumenfeld Jr. sentenced him today to two years probation, 320 hours of community service, and a $25,000 fine.Read the original article on Business Insider.....»»

Both of Oklahoma's US Senate seats are up for election this year after Sen. Jim Inhofe announced plans to retire from the Senate in January 2023. InsiderOklahoma is holding congressional, gubernatorial, and local primary elections on Tuesday. Polls close at 7 p.m. CT.The races and the stakes: US SenateSix Democrats are running in the Democratic primary for a chance to unseat Republican Sen. James Lankford in the fall. They include Dennis Baker, Brandon Wade, and Arya Azma. Lankford's facing off against Joan Farr and Jackson Lahmeyer in the GOP primary, which he is expected to easily win.Oklahoma is also conducting a special primary election on Tuesday to help determine who will fill Sen. Jim Inhofe's six-year term. Inhofe announced in February that he would resign from the Senate on January 3, 2023 — his term doesn't end until January 2027 — to spend more time with his family. Rep. Markwayne Mullin and former Oklahoma House Speaker T.W. Shannon are among the leading candidates in a field of more than a dozen contenders. US HouseOklahoma has five congressional districts, all of which are occupied by Republicans. Each of the districts is up for election this November.In the state's competitive 2nd Congressional District, 14 candidates are running in the GOP primary. There's no incumbent in the race, and the winner will run against Democrat Naomi Andrews in the fall.  GubernatorialOklahoma Gov. Kevin Stitt is running in the Republican primary against three challengers: Joel Kintsel, Mark Sherwood, and Moira McCabe. The winner of the GOP primary will match up against the victor of the Democratic primary, either Joy Hofmeister or Constance Johnson, in the fall.Local racesOklahoma has 48 state senate seats, half of which are up for election this year. The state also has 101 seats in the Oklahoma House of Representatives, the overwhelming majority of which are held by Republicans. All 101 of the house seats are up for election this year. Read the original article on Business Insider.....»»

New congressional districts have forced Reps. Marie Newman and Sean Casten to face off against each other in the same district. InsiderIllinois is holding congressional, gubernatorial, and local primary elections on Tuesday. Polls close at 7 p.m. CT.Illinois Governor Incumbent Gov. J.B. Pritzker is facing off against Army veteran and nurse, Beverly Miles, in the Democratic primary. The winner of that election will match up against the victor of the state's Republican primary, where six candidates are looking to unseat Pritzker including Darren Bailey, Richard Irvin, and Gary Rabine.US Senate A slate of seven Republicans are vying for a chance to challenge incumbent Democratic Sen. Tammy Duckworth in the November general election. GOP nominees include Navy veteran Peggy Hubbard, pastor Anthony Williams, attorney Kathy Salvi, and Casey Chlebek. Duckworth is unopposed in her primary.US House Each of Illinois' 18 congressional districts is up for election this November.There's a competitive race between Democratic Reps. Marie Newman and Sean Casten on Tuesday as the two face off against each other in the state's 6th Congressional District. Casten currently holds the seat. But redistricting following the recent US Census shifted district lines, pitting him against Newman, who currently represents the 3rd Congressional District.Redistricting is also causing two Republican incumbents to run against each other in the state's 15th Congressional District. There, Rep. Mary Miller looks to defend her seat against Rep. Rodney Davis in the GOP primary. The winner of their election will advance to face Democrat Paul Lange in November.State Senate and HouseEach of Illinois' 59 state senate seats and 118 state house districts is up for election in the fall. Read the original article on Business Insider.....»»

Musk said on Twitter that he voted for Mayra Flores in Texas in the "first time I ever voted Republican." Elon Musk attends the 2022 MET Gala on May 02, 2022 in New York City.Sean Zanni/Patrick McMullan via Getty Images Elon Musk said he voted Republican for the first time by backing Mayra Flores in Texas. He said there would be a "Massive red wave in 2022." Musk said he was "tbd" on voting Republican for president but would likely vote for Florida's GOP governor. Elon Musk said that he just voted Republican for the first time, and predicted there would be a "massive red wave in 2022."Musk early on Wednesday morning responded Republican Mayra Flores winning the special election for Texas's 34th Congressional District by saying he voted for her.The election was triggered when the seat's Democratic incumbent resigned from Congress to become a lobbyist, and Flores in Tuesday's election won against her Democratic rival Dan Sanchez."I voted for Mayra Flores – first time I ever voted Republican. Massive red wave in 2022," Musk tweeted.—Elon Musk (@elonmusk) June 15, 2022Musk was also asked on Twitter if he would vote for a Republican for president, and he said "tbd."He then was asked who he was "leaning towards" voting for as president, and he responded: "DeSantis," referring to Florida Republican Gov. Ron DeSantis.Musk added that he supported the Democratic candidate Andrew Yang in the 2020 election but believes DeSantis "has a better chance of winning" in the upcoming election. Musk said last month that he would vote Republican in an upcoming election, though he had voted for Democrats in the past and described himself as a "moderate, neither Republican nor Democrat."Flores, a healthcare worker and local Republican activist, defeated Democrat Daniel Sanchez. Her win flipped the seat, taking it away from Democrats.With more than 95% of the votes counted, Insider's election partner DDHQ said Flores was the victor with 50.98% of the vote. Sanchez, her nearest challenge, had 43.33%.Read the original article on Business Insider.....»»

Former President Donald Trump's endorsed candidate lost after a contentious primary battle in Nebraska. Jim Pillen is projected to have emerged as the victor in Nebraska's contentious GOP gubernatorial primary. Pillen prevailed over businessman Charles Herbster, Trump's pick in the race. Pillen is now favored to keep the governor's mansion in the GOP's hands. Jim Pillen, a member of the Nebraska state board of regents, is projected to have won the state's Republican gubernatorial primary.Pillen narrowly bested businessman Charles Herbster, former President Donald Trump's pick in the race. Pillen's victory illustrates once again how Trump's backing does not guarantee a candidate a primary win. The race and the stakes: Herbster alleged that Gov. Pete Ricketts, who endorsed Pillen, feed reports of sexual assault allegations against him. The allegations upended Herbster's campaign.It's not immediately clear how Republicans will move forward from the extremely contentious contest. But Democrats have not won the governor's mansion in decades, an outcome that is unlikely to change this November.Trump endorsed Herbster over the repeated pleas of Gov. Pete Ricketts, who is term-limited, to not back Herbster, one of Trump's most loyal supporters. As Politico noted, Herbster supported Trump from the first moment of his presidential campaign — the 2015 descent down the Trump Tower's golden escalator — all the way through January 6, when Herbster left the area outside of the US Capitol just hours before a violent insurrection began.Despite Ricketts' fierce opposition, Herbster appeared poised to become the Republican nominee for Nebraska governor. In a state as conservative as Nebraska, this would have made him the all but certain next governor.But in mid-April, The Nebraska Examiner, a local non-profit news organization, published a report detailing how multiple women say Herbster had groped them. One woman, state Sen. Julie Slama, went on the record with her account. Pillen's victory demonstrates Ricketts' grip on the state GOP establishment, something worth watching as Ricketts ponders his next act after leaving the governorship. Jean Stothert, mayor of Omaha, Nebraska, threw her support behind state Sen. Brett Lindstrom — a sign of just how divided Republican loyalties are in the race. Lindstrom ran a surprisingly strong campaign, but it appears that he failed to generate enough support in rural Nebraska to claim the nomination himself.On the Democratic side, state Sen. Carol Blood is projected to be her party's nominee.Regardless, Democrats face an enormous task in flipping the governorship. Nebraskans haven't elected a new Democrat to the top job since Ben Nelson, who'd later become a US senator, won in 1990.To give you a sense of how long that's been: To give you a sense of how long that's been: Nebraska Cornhuskers football coaching legend Tom Osborne, who would also go on to serve in Congress himself, had yet to win any of his three national titles, the first of which came in 1994.Come November, seats will also be up for grabs in the nation's only nonpartisan, single-house legislature — and the nation's smallest in terms of membership.The Nebraska Unicameral, which is effectively controlled by Republicans, has 24 of its 49 seats on the ballot this November. Republicans continue to hope that they can break what's effectively been a Democratic filibuster there.Read the original article on Business Insider.....»»

"We need to defend the integrity of women's sports in America for the benefit of women everywhere," Pence said in support of UVA swimmer Emma Weyant. Swimmer Lia Thomas on the podium after winning the 500 yard race at the 2022 NCAA Championships.Justin Casterline/Getty Images Former Vice President Pence said Emma Weyant was the true victor in the NCAA swimming tournament. In making his comments, Pence rejected trans swimmer Lia Thomas' first-place win in the competition. In recent years, conservatives have railed against trans athletes competing in sports at schools. Former Vice President Mike Pence on Tuesday dismissed transgender swimmer Lia Thomas' NCAA Division I championship win, declaring that the victor was University of Virginia swimmer Emma Weyant.While speaking at the University of Virginia during an event hosted by Young America's Foundation, Pence sided with Weyant, the runner-up to the University of Pennsylvania's Thomas in the 500-yard freestyle women's race. The competition result has become a cause célèbre among conservatives who are vehemently against transgender athletes participating in sports for their schools.When a student in the audience lamented that the university's "tradition of excellence" was recently "upended by the woke left," Pence was then asked what he would say to Weyant, who the student claimed was "was robbed of a medal.""Thank you so much for that thoughtful question. Emma Weyant won that race," Pence said.He continued: "I know that in his State of the Union address, President [Joe] Biden promised to stand for the God-given right of men to compete in women's sports." Since taking office, Biden has spoken up and advocated for the rights of LGBTQ Americans and recognized last month's Transgender Day of Visibility.Laughter erupted in the audience after Pence's statement. "Common sense needs to reign, and it will reign. Women's sports is a pathway toward achievement and excellence," the former vice president said.He added: "I expect there are some outstanding women athletes in the room today — maybe some looking on. And we need to defend the integrity of women's sports in America for the benefit of women everywhere."Pence's comments mirror that of Gov. Ron DeSantis of Florida — who is up for reelection this fall and has become one of the most recognizable potential 2024 Republican presidential candidates in the country.DeSantis last month refused to validate Thomas' win and issued a statement declaring Weyant — a Florida native — to be the true victor."It is my determination that men should not be competing against women such as Emma Weyant, robbing women and girls of achievements, awards, and scholarships," he wrote, calling Thomas a "male identifying as a woman."Former President Donald Trump in recent days has also stoked Republican angst over the issue, arguing that GOP control of Congress in 2023 would mean conservative issues would gain prominence in the national dialogue in the lead up to a potential rematch between the former president and Biden."We will not by the way, have men participating in women's sports," Trump said during a Saturday rally in North Carolina, in what has become a rallying cry for his supporters in recent months.Pence has also reportedly been mulling a 2024 presidential bid of his own, which would put him in a direct path against his former boss — and potentially DeSantis.Read the original article on Business Insider.....»»

Rabobank: The IMF Warning Of "Economic Collapse" Should Get Headlines By Michael Every of Rabobank "Economic Collapse" you say? The IMF are warning of “economic collapse”, which should get headlines. Not because the IMF have any kind of track record of being timely or right about anything, but because the Fund so rarely says anything negative for fear of being seen as precipitating the crises which the policies it imposes always end up creating anyway. Besides a total lack of surprise on first seeing the headline, my initial thought was “Yes, but where?” There are so many candidates as: Supply chain issues are being swept out to sea in lieu of having a rug large enough. (A ship outside a port is not at a port; a container dumped outside a port is not in a port – success!) Just about everyone at the Fed now says tapering needs to be accelerated and rate hikes happen far sooner than we had thought. On top of all the debt we added under Covid. The curve flattening we see speaks volumes on that. Janet Yellen says "I'm ready to retire the word transitory. I can agree that that hasn't been an apt description of what we're dealing with." What adjective is she thinking of instead as she pushes more stimulus for groups with the highest marginal propensity to consume without addressing supply-chain issues? Confusingly, Yellen also said the Fed should keep a close eye on rising wages to avoid a 70’s-style "wage-price spiral". THIS IS NOT HER JOB, and without wage gains there is no way to escape the economic paradigm she seems determined to shift…or is it OK to give people benefits, but not for them to earn that money? Oil prices The US government may see a shut down as soon as this evening, and perhaps even technical debt default, with just one senator now able to force this to happen. The Australian Financial Review plaintively asked yesterday how long the can can be kicked on the $7 trillion debt Chinese developers are carrying. Kaisa is now the new Evergrande, it seems, which I was being told repeatedly was a firm-specific “contained” issue a few months ago. It wasn’t. It isn’t. It cannot be given the scale of borrowing and the policy shift away from bubbles. But that doesn’t mean we are going to get a Chinese GFC – just a long growth slowdown, with real financial pain for some investors, and the likelihood surely being that foreign investors are near the top of that list? On which note, the race from both the US and the Chinese sides to stop offshore listings of Chinese firms continues apace – with Didi taking the lead in a move back to Hong Kong. Moreover, China is warning China-linked US businesses: you cannot ‘make a fortune in silence’, with Vice-foreign minister Xie Feng telling them to push the White House towards a ‘rational’ China policy and end ‘ideological’ conflicts over trade and tech. Many US firms of course will, and if you look at alleged Democratic attempts to drop human rights provisions on imports from Xinjiang in pending legislation, some US politicians are already receptive. However, this also risks making some other politicians warier of US business being in China, and there is an election in 2022. Or, as the WTA show, some firms may just act unilaterally. Turkey is slashing rates in the face of rising inflation – which only developed economies can, while not understanding “transitory”. As the lira collapses against the Dollar, Ankara seems to be sending the signal this FX metric does not matter. If it is wrong, the consequences will be painful: hyperinflation is mentioned in a far from unconnected economy. Yet if it is right, the message for the US ought to be clear: and Turkey is extremely important in geostrategic terms. The US warns Russia of “terrible consequences” if it moves on Ukraine, as Moscow says Ukraine’s possible move to retake Russian enclaves is a risk to it, giving both the US and Russia a casus belli - yet only one with a military force in place. Russia is also putting missiles on islands contested by Japan. The US and Iran are pessimistic about the 2015 nuclear deal, and Israel defiant, as Tehran negotiates how you should in the Middle East – as if you can walk away. By contrast, the US is negotiating like the 1980’s “Wilma, that bird stole my hairpiece!” tourists or European diplomats who think box-ticking stops deadly ticking boxes.) "I have to tell you, recent moves, recent rhetoric, don't give us a lot of cause for ... optimism," says Secretary of State Blinken, trying to keep a poker-face against Russia and Iran (and China) simultaneously, while holding a pair of 2s. (With three US aces not being used ‘because reasons’.) OPEC+ may have stuck to a looming output hike, but oil did not fall for long, and longer-term European electricity prices are back at record highs. Imagine if the Russia/Ukraine and Iran thing goes wrong. In France, Les Républicains voted for hard-right Ciotti in the first round of voting for their presidential candidate over the better-known ‘French sovereignty first’ Barnier: the victor wants a referendum ‘to stop mass immigration’, and to set up ‘a French Guantánamo bay’. If he wins, he will be competing against Le Pen, who needs no explanation, and newcomer Zemmour, who is literally running on a “they will not replace us” platform. And President Macron, who is hardly a cultural leftist of late, having just reintroduced Greek and Latin into schools. Of course, none of this has anything to do with ECB acronyms, so markets will blindly shrug it all off, (hard) right? Regardless, markets are already seeing lunatic volatility anyway, with hedge funds allegedly piling out, retail pundits piling in, and some funds almost certainly seeing year-to-date gains made via let’s-ignore-underlying-risks-and-buy-all-of-the-things strategies suddenly wiped out, leaving them only a few trading days between now and year end to ensure their books don’t close looking as ugly as the IMF’s description of the economic outlook. Expect Hail Mary trading in response? Anyway, back to the IMF. "We may see economic collapse in some countries unless G20 creditors agree to accelerate debt restructurings and suspend debt service while the restructurings are being negotiated," IMF chief Kristalina Georgieva said in a blog, adding that it is critical private creditors also offer relief. Yet exhale: the Fund was ‘only’ talking about the outlook for very poor countries! Carry On Regardless while extolling the virtues of diversity and inclusion, please. Remind me again – how did these very poor countries get so much debt without servicing ability in the first place? Why wasn’t the IMF advising capital controls and Hamiltonian-style growth models to prevent it? And why aren’t these countries allowed to tell their central banks to buy all their worthless assets at par to bail everyone out? After all, that’s what developed economies get to do! On top of this we also have a US payrolls report today that may actually matter – and regular readers will know it’s rare that I say that. The expectation is 550K after 531K last month. Anything stronger or weaker and goodness knows where Powell, Yellen, curves, the Dollar, China, Turkey, Russia, and Iran, as well as Europe (and US tourists in it shouting “Wilma, that bird stole my hairpiece!”) will sit. Or slump. Hey, but Happy Friday. Tyler Durden Fri, 12/03/2021 - 08:49.....»»

"We rally behind our nominee. That is what we do, whether that candidate is you or the person you're going for, or the person you're not going for," she said. Rep. Alexandria Ocasio-Cortez, right, greets Buffalo Democratic mayoral nominee India Walton, left, during a rally in support of Walton in Buffalo, New York, on October 23, 2021. AP Photo/Joshua Bessex Rep. Ocasio-Cortez stumped for Buffalo Democratic mayoral nominee India Walton at a Saturday rally. In a speech, AOC reiterated the importance of supporting party nominees in their respective races. "Let's talk about the stakes. This isn't a game," Ocasio-Cortez said of a "fascist" threat. Rep. Alexandria Ocasio-Cortez on Saturday criticized Democratic leaders who decline to endorse more liberal candidates within the party, calling out the holdouts for "playing a dangerous game with our democracy."While speaking at a rally in support of India Walton, the Democratic mayoral nominee in Buffalo who won an upset primary victory over longtime Mayor Byron Brown in June, the Bronx native said that a refusal to endorse party nominees is deeply problematic amid what she describes as a "fascist threat" in US politics."Here's the deal. There are many primaries where I have stood behind incredible community organizers, and you know what? That moment may not have been the time. That's ok. We get up and we move on," she said. "But when a nominee wins, I do not try to undermine the entire political party. We don't try to do that. Do you know why? Because in the grander scheme of things, we are facing a very real fascist threat in this country. Let's talk about the stakes. This isn't a game," she added.In her speech, Ocasio-Cortez reiterated a distaste for intraparty divisions."We rally behind our nominee," she said. "That is what we do, whether that candidate is you or the person you're going for, or the person you're not going for. Any Democrat right now that is trying to establish a precedent of not uniting behind the party's nominee is playing a dangerous game with our democracy."She emphasized: "I want to send a very direct message to some of those folks. If you as a Democratic elected official try to go out and undermine your party's nominee, how can you ever turn around and ask people to support you when you're the party's nominee?"Ocasio-Cortez traveled Upstate to stump for Walton, a self-described socialist who is still facing a challenge from Brown, who successfully launched a write-in campaign and could siphon off voters that she would naturally receive as the Democratic nominee of the diverse post-industrial city.New York Gov. Kathy Hochul, a native of the Buffalo area, has declined to endorse a candidate, citing the "unique" nature of two Democrats running in the same race."With respect to Buffalo, we have a unique situation there," she said during a COVID-19 briefing last week. "I'm going to be looking forward to truly working hard, rolling my sleeves up, with whoever … emerges as the victor. Buffalo's success is important to me personally."While some of Walton's supporters have argued that party leaders like Hochul should endorse the nominees chosen by Democratic voters, she recently received a key endorsement.Senate Majority Leader Chuck Schumer, a Brooklyn native and one of the most powerful politicians in the country, on Thursday endorsed Walton, praising her activism and emphasizing unity within the party."Today, I endorse @indiawaltonbflo, the Democratic nominee for Mayor of Buffalo," he tweeted. "She's a community leader, nurse, & mother with a clear progressive vision for her hometown. Dems are at our best when we build a big tent & forge inclusive coalitions to fight for everyday people."Last week, a range of political figures, including Ocasio-Cortez and Schumer, criticized a statement made by New York State Democratic Party Chairman Jay Jacobs to Spectrum News 1 where he said that the winner of the primary is not guaranteed a party endorsement, offering an example of the former Ku Klux Klan leader David Duke winning a primary."Jay Jacobs absolutely should resign over his disgusting comments comparing a Black single mother who won a historic election to David Duke," Ocasio-Cortez tweeted.Schumer released a statement saying, "The statement was totally unacceptable and the analogy used was outrageous and beyond absurd."Jacobs later apologized for his remarks.Read the original article on Business Insider.....»»

Kate Gallego took a big lead in early election results released in the Phoenix mayoral race Tuesday night as media were calling her the victor. In the first batch of results, Gallego led her rival Danny Valenzuela by more than 21,000 votes. Thos.....»»

Futures Reverse Overnight Plunge As European Banks Stabilize From Historic Rout US equity futures, global markets and European bank stocks have stabilized, rebounding off worst levels which saw Europe's brand new banking megagiant UBS plunge as much as 16% before recouping most of the losses... ... as investors digested UBS’s agreement to buy Credit Suisse as well as central bank moves to boost dollar liquidity in an effort to restore confidence in the global financial system. Futures contracts on the S&P 500 were little changed at 7:30 a.m. ET after tumbling 1% earlier. The Stoxx Europe 600 index was modestly higher, with banks and financial services still the sharpest fallers. UBS shares sank as much as 16%, while Credit Suisse sank 60%. European bank stocks pared losses with the Stoxx Europe 600 Banks Index down less than 1%, after after dropping as much as 6%. A gauge of Asian shares fell by more than 1%. In premarket trading, First Republic Bank was poised to extend last week’s record loss as the US lender’s shares plunged 19% after S&P cut its credit rating again. Wells Fargo and Citigroup trimmed US premarket declines. Gold-mining stocks rallied in premarket trading on Monday, after a $3.2 billion deal between UBS and troubled lender Credit Suisse failed to calm nerves in the banking industry, knocking risk appetite. Newmont, the biggest US-listed gold miner, gains as much as 2.6%; Harmony Gold Mining +5.6%, Gold Fields +2.2%, New Gold +3.4%, Wheaton Precious Metals +1.5%, First Majestic Silver +2%, Pan American Silver +0.7%. The price of gold rose above $2,000 an ounce for the first time in a year amid safe-haven appeal. Here are some other notable premarket movers: Cryptocurrency-exposed stocks rise after Bitcoin extended its gains for a fifth consecutive session, with the digital asset reaching levels not seen in about nine months. Marathon Digital (MARA US) +5.6%, Riot Platforms (RIOT US) +8% and Coinbase (COIN US) +4.2% Energy stocks decline as investors’ concern about the banking system spur broad risk aversion and drag crude prices lower. Exxon Mobil (XOM US) slid 1.3%, Chevron (CVX US) -1.1%, Occidental Petroleum (OXY US) -1.1%. For those who were lucky enough to be away from their computers this weekend, this is what you missed: Credit Suisse shareholders will receive 1 share in UBS (UBSN SW) for 22.48 shares in Credit Suisse which reflects a merger consideration of CHF 3bln and that FINMA determined that Credit Suisse’s additional tier 1 capital in the aggregate nominal amount of around CHF 16bln will be written off. Credit Suisse also told staff in a memo that the details of the transaction are being worked through and no disruption to client services is expected, while it told staff there will be no changes to payroll arrangements and bonuses will still be paid on March 24th. UBS said the company will suspend share buybacks and that they did not initiate the discussions but believe the transaction is financially attractive to UBS shareholders and are planning to de-risk and downsize Credit Suisse’s investment banking operations. UBS also noted its strategy is unchanged in US and APAC and said that Credit Suisse is quite complementary to the wealth business in Southeast Asia. Furthermore, Colm Kelleher will be Chairman and Ralph Hamers will be Group CEO of the combined entity, while the transaction is not subject to shareholder approval and there is a material adverse change clause on the Credit Suisse deal. SNB said it is providing substantial liquidity assistance to support the UBS takeover of Credit Suisse and the takeover was made possible with the support of the Swiss federal government, FINMA and SNB, while it added that both banks have unrestricted access to the SNB’s existing facilities. There were also comments from the Swiss Finance Minister that this is a commercial solution and not a bailout, while she noted the cost of bankruptcy to the Swiss economy would have been huge. ECB said it welcomes the swift actions and decisions taken by Swiss authorities and noted that the Euro area banking sector is resilient with strong capital and liquidity positions. ECB’s Lagarde also stated that the ECB’s policy toolkit is fully equipped to provide liquidity support to the euro area financial system if needed. BoE said it welcomes the comprehensive actions by the Swiss authorities to merge UBS and Credit Suisse, while it has been engaging with international counterparts throughout preparations for the announcement. Furthermore, it stated that the UK banking system remains safe and sound and is well-capitalised and funded. Fed Chairman Powell and US Treasury Secretary Yellen said they welcome the announcements by Swiss authorities to support financial stability and noted the capital and liquidity positions of the US banking system are strong and US financial system resilience is strong. Furthermore, they have been in close contact with international counterparts to support their implementation. At least two major banks in Europe are examining scenarios of contagion potentially spreading across Europe’s banking sector and looking to the Fed and ECB to step in with stronger signals of support, according to Reuters citing executives with knowledge of the deliberations. Banking stocks and bonds plummeted after UBS Group sealed a state-backed takeover of troubled peer Credit Suisse, a deal that was shoved down Credit Suisse investors' throats - literally - in an attempt to restore confidence in a battered sector. The Federal Reserve and five other central banks announced coordinated action on Sunday to boost liquidity in US dollar swap arrangements. The Fed’s next policy decision is due later this week, with market attention on whether it may slow or pause interest-rate hikes. UBS emerged as Switzerland’s one and only global bank, a risky bet that makes the Swiss economy more dependent on a single lender. Credit Suisse told staff its wealth assets are operationally separate from UBS for now, but once they merged clients might want to consider moving some assets to another bank if concentration was a concern. The rudest shock in the rushed deal was reserved for the holders of Credit Suisse's riskiest tranche of bonds. UBS is salvaging the most value from the wreckage, says Breakingviews columnist Liam Proud. Hedge fund managers and other large investors believe it is far too soon to call an all-clear on turmoil in the global financial sector. Amid the endless turmoil, the KBW Bank Index plunged 28% over the past two weeks, with financials rattled by concerns over Credit Suisse as well the recent failures of Silicon Valley Bank and two other US lenders. Gains in tech stocks have helped support the overall market, however, as investors look for a safe haven. "The turmoil still has at least a couple of days to play out, and only the Fed can come in and calm that,” Chris Beauchamp, chief market analyst at IG Group Holdings Plc, said on Bloomberg Television. He expects the US central bank to hike rates by 25 basis points as a pause would be interpreted by markets as a sign that the stress in banks is bigger than initially thought. “Assuming these banking stresses do not evolve into something more serious, the European Central Bank and the Fed may perceive that they are at or near their objectives with current policy,” said Brad Tank, chief investment officer for fixed income at Neuberger Berman. “The Fed, in particular, is further along in its tightening cycle and should have more flexibility to pause — and markets are indeed pricing for 2023 fed funds rate cuts once again.” Meanwhile, one day after he revealed his shock that stocks remain resilient and just under 4,000 despite calling for a crah for the past 3 months, Morgan Stanley’s Michael Wilson said the stress in the banking system marks what’s likely to be the beginning of a painful and “vicious” end to the bear market in US stocks, adding that the risk of a credit crunch has increased materially. The S&P 500 will remain unattractive until equity risk premium climbs to as high as 400 basis points from the current 230 level, according to the bearish strategist who two weeks ago flip-flopped briefly to bullish before getting rugpulled by the banking crisis. European stocks are higher after reversing the negative knee-jerk reaction to the terms of the UBS takeover of Credit Suisse. The Stoxx 600 is up 0.6% as gains in utilities, miners and consumer products outweigh declines in bank stocks.  European oil stocks declined as investors’ concern about the potential for a global banking crisis spur broad risk aversion and drag crude prices lower. The Stoxx Europe 600 Energy index slid 1%; among oil majors, Shell declined 1.5%, TotalEnergies -1.3%, and BP -0.6%. Smaller producers also dropped with Harbour Energy falling 5.7% and Tullow Oil -7.7%. Here are the biggest European movers: UBS shares drop as much as 16%, the most in eight years, after a government-brokered deal for it to buy rival Credit Suisse prompted a slew of downgrades Deutsche Bank declines 11%, ING -9.6%, Commerzbank -9.6%, Standard Chartered -8.7%, BNP Paribas -9% following UBS’s agreement to buy Credit Suisse El.En shares slide as much as 9.6% after Berenberg downgrades the laser- equipment maker to hold from buy, saying the company has a “tough year ahead” JM AB falls as much as 7.7% after DNB Markets gave the Swedish construction and building management company its sole sell rating in reinstated coverage Centamin shares rise as much as 6.6%, Endeavour Mining up as much as 7.2% and Fresnillo rises as much as 4.1% as gold gains owing to haven demand amid banking concerns Earlier in the session, Asian stocks declined as the UBS takeunder failed to quell investor concerns about the health of the global financial system.  The MSCI Asia Pacific Index fell as much as 1.4%, reversing most of its gain from Friday, with tech and financial names among the biggest drags. Hong Kong gauges led losses in the region as financial stocks including HSBC and AIA Group fell due to worries over risky bond exposures.  While the takeover of Credit Suisse is seen to reduce the immediate systemic risk for the banking sector, investors are worried over further repercussions from its bonds. Traders are also focused on the Federal Reserve’s rate decision later this week. “Even with the rescue plans over the weekend, it is hard to predict what will happen in the near future,” said Ayako Sera, a market strategist at Sumitomo Mitsui Trust Bank Ltd. “The measures to restore confidence in banks and to tame inflation go in opposite directions, and the dilemma is reducing risk appetite in the stock market.” China’s onshore equity benchmark erased earlier gains even after its central bank unexpectedly cut the reserve requirement ratio late Friday.  The PBOC’s announcement timing “seems to fall in line with recent global banking jitters, which suggests that the PBOC is on high alert to provide any cushion against any knock-on impact from recent turmoil,” said Jun Rong Yeap, market strategist at IG Asia In FX, the Bloomberg Dollar Spot Index steadied, erasing a decline of as much as 0.2% earlier while the Japanese yen is the best performer among the G-10’s. The New Zealand dollar is the weakest. Australia and New Zealand’s currencies flipped to losses amid souring risk sentiment. “Traders are looking for haven assets again with bank stocks falling, and worries about CoCo bonds gaining momentum,” Mingze Wu, a foreign exchange trader at StoneX Group, said of contingent convertible bonds. “The insistence of the Swiss National Bank to make the UBS-Credit Suisse deal happen suggests the rot was deeper and greater than they might have thought, and the dollar is an obvious beneficiary of this rush to safety” In rates, the nervous start to the trading week prompted a flight to safety, with German and UK government bonds rallying. 2-year TSY yield fell as much as 21bps to 3.63%, while its 10- year peer slid to as low as 3.29%, the lowest since September; traders bet on 15bps of Fed hikes this week but eased tightening beyond by as much as 12bps, pricing 105bps of cuts from the peak in May through to year-end. Bund futures are off their best levels but still in the green with 10-year yields down 4bps while two-year yields fall 8bps. In commodities, oil prices fell again with West Texas Intermediate briefly plunging below $65 a barrel, as escalating investor concerns about a global banking crisis eroded appetite for risk assets including commodities. Gold steadied, after rising above $2,000 an ounce for the first time in a year. Bitcoin remains bid and has extended comfortably above the USD 28k handle for the first time since June, though is yet to convincingly breach USD 28.5k to the upside. There is nothing scheduled on the macro calendar today but there will be plenty of bank related newsflow. Market Snapshot S&P 500 futures down 0.1% to 3,943.50 MXAP down 1.1% to 155.86 MXAPJ down 1.4% to 498.89 Nikkei down 1.4% to 26,945.67 Topix down 1.5% to 1,929.30 Hang Seng Index down 2.7% to 19,000.71 Shanghai Composite down 0.5% to 3,234.91 Sensex down 1.3% to 57,214.31 Australia S&P/ASX 200 down 1.4% to 6,898.51 Kospi down 0.7% to 2,379.20 STOXX Europe 600 up 0.6% to 438 German 10Y yield little changed at 1.95% Euro down 0.3% to $1.0641 Brent Futures down 3.8% to $70.18/bbl Gold spot up 0.8% to $2,005.59 U.S. Dollar Index up 0.17% to 103.88 Top Overnight News from Bloomberg The Federal Reserve and five other central banks announced coordinated action Sunday to boost liquidity in US dollar swap arrangements, the latest effort by policymakers to ease growing strains in the global financial system. UBS Group AG shares slumped Monday as investors digested the news of its historic acquisition of rival Credit Suisse Group AG and began to assess the job of integrating the troubled Swiss lender. The riskiest bonds of European lenders are plunging after holders of Credit Suisse Group AG’s contingent convertible securities suffered a historic loss as part of its takeover by UBS Group AG. A more detailed look at global markets courtesy of Newsquawk Asia-Pac stocks were on the back foot amid ongoing banking sector jitters despite the announcement that UBS will take over Credit Suisse in an emergency rescue valued at CHF 3bln which would wipe out CHF 16bln of additional tier 1 bonds. ASX 200 extended its retreat from a recent break beneath 7,000 with declines led by weakness in the energy, real estate,  consumer and financial sectors, although gold miners were boosted after last week’s climb in the precious metal. Nikkei 225 was pressured amid the banking sector woes and after the BoJ’s Summary of Opinions provided little in the way of new information whereby it reiterated that the BoJ must patiently maintain monetary easing. Hang Seng and Shanghai Comp. were varied with Hong Kong underperforming on broad weakness across sectors, while the mainland was kept afloat for most of the session after Friday’s surprise RRR cut by the PBoC in an effort to boost liquidity and support the economy, but opted to maintain its benchmark lending rates. Top Asian News PBoC 1-Year Loan Prime Rate (Mar) 3.65% vs. Exp. 3.65% (Prev. 3.65%); 5-Year Loan Prime Rate (Mar) 4.30% vs. Exp. 4.30% (Prev. 4.30%) PBoC warned the collapse of Silicon Valley Bank shows rapid monetary policy shifts in developed economies are having a hazardous impact on financial stability, according to Bloomberg citing comments from Deputy Governor Xuan. PBoC adviser Cai said China needs household stimulus to boost the recovery and noted that residents' incomes have not grown well in the past few years, so the recovery in consumption is not enough to support economic growth, according to Caijing. Russian President Putin said he expects total trade volume with China to exceed USD 200bln this year and it is important to increase the share of trade with China conducted in national currencies, according to Reuters. WHO advisers urged China to release all information related to the origin of the COVID-19 pandemic after new findings were briefly shared on an international database to track pathogens, while they recommended researchers in China investigate upstream sources of animals and animal products present in the Huanan Market before January 1st 2020, according to Reuters. BoJ Summary of Opinions from the March meeting stated that the BoJ must patiently maintain monetary easing until the price target is achieved and the BoJ must scrutinise without any preset idea the state of market function but must maintain easy policy at present. Furthermore, it stated the BoJ must focus on the risk of losing the chance to meet the price target with a premature policy shift, rather than the risk of being too late in shifting policy and must be mindful of the risk inflation may overshoot expectations. European bourses are mixed/flat, as marked banking-led pressure has eased throughout the morning following the initial reaction to the UBS-Credit Suisse merger. On this, Credit Suisse and UBS opened lower by over 60% and 8% respectively, but have since eased off lows with the broader SX7P index now ~2% lower vs downside of over 5% at worst. On the merger, attention is on Credit Suisse's AT1 bonds being written off; a detail which pressured such bonds in APAC trade, with HSBC for instance a notable initial laggard on this. Since, we have seen European regulators reiterate  that CET instruments are the first to absorb losses, with AT1 only required after their full use. Stateside, futures are in similar proximity to the unchanged mark given the above as participants await updates around  First Republic and look ahead to the FOMC. Top European News BoE's plans to revamp bank capital rules risk a 25% reduction in lending to small businesses which threatens jobs and economic growth, according to a study by consultants Oxera cited by FT. PoliticsHomes' Payne reminds that DUP MPs meet today to discuss their stance on Wednesday's Windsor Framework vote, expected to announce their stance on Tuesday. Moody’s affirmed Greece at Ba3; Outlook revised to Positive from Stable and affirmed Luxembourg at AAA; Outlook Stable, while S&P affirmed Belgium at AA; Outlook Stable. FX The DXY has struggled to benefit from the subdued start to the session, with the index near the mid-point of 103.68-103.96 parameters for much of the morning. Given the tone, the JPY is the standout outperformer with USD/JPY down to 130.55 vs 132.64 peak; though, given the relative pickup in equity performance USD/JPY is now holding above 131.00. Despite the subdued risk tone, CHF is the underperformer as the market's focus remains on Credit Suisse/UBS; USD/CHF above 0.93 and EUR/CHF above 0.99. Given their high-beta status, the Antipodeans are also faring poorly with RBA minutes and Kiwi trade data scheduled ahead. Elsewhere, peers are comparably more contained with EUR/USD holding above 1.0650 and Cable near 1.22. PBoC set USD/CNY mid-point at 6.8694 vs exp. 6.8701 (prev. 6.9052) Fixed Income EGBs and USTs are benefitting from marked haven demand, with Bunds over 140.00 and USTs nearing 117.00 at best, though the benchmarks have eased from highs as equity sentiment improves. Specifically, Bunds soared to a 140.30 peak vs 137.10 low, but have since pulled back to just below 140.00 as the associated 10yr yield slipped to a 1.92% intraday low. Stateside, USTs are similar in both direction and magnitude with yields lower across the curve and action more pronounced in the short-end currently; as it stands, market pricing via Reuters is leaning towards the Fed leaving rates unchanged on Wednesday, with around a 40% chance of a 25bp hike implied. Commodities WTI and Brent are lower intraday given the broader risk tone and while they are off lows, are yet to stage a 'recovery' akin to that seen in equities; currently, the benchmarks are lower by circa. USD 2/bbl just above USD 64.12/bbl and USD 70.12/bbl respective lows. Spot gold surpassed USD 2000/oz, but failed to hang onto the level as the DXY makes its way back into positive territory and broader sentiment improves slightly while base metals are moving with equity sentiment and as such are turning incrementally firmer on the session. Iraq’s Oil Minister said his country is committed to OPEC’s agreed production rates and obliged some oil companies' operations in the south to cut production to come in line with OPEC’s agreed rates, while it was also reported that Iraq and OPEC stressed the importance to coordinate to stabilise prices, according to Reuters. Iran set April Iranian light crude oil price to Asia at Oman/Dubai plus USD 2.50/bbl, according to Reuters. India plans to extend export restrictions on diesel and gasoline beyond March 31st, according to Reuters sources. TotalEnergies (TTE FP) said 34% of operational staff at its refineries and depots conducted a strike on Sunday morning in protest against the government’s move to raise the retirement age by two years, according to Reuters. Kuwait Oil Company declares a state of emergency re. an oil spill located in west Kuwait; production unaffected. Geopolitics Russian President Putin visited Crimea on the 9th anniversary of its annexation from Ukraine and also visited Mariupol in the occupied Donetsk region of Ukraine, while he also met with the top command of Russia’s military operation in Ukraine at the Rostov-on-Don command post in southern Russia, according to Reuters. Russian President Putin said the visit by Chinese President Xi confirms the special character of the Russian-Chinese partnership and Russia is pinning big hopes on the visit, while he added Russia is expecting a powerful impulse to relations and that relations are at their highest ever point. Putin also said there are no limits or forbidden subjects in relations with China and he is grateful for China’s balanced line on events in Ukraine, as well as welcomes China’s willingness to play a constructive role in solving the Ukrainian crisis. Furthermore, Putin said that they are worried about dangerous actions that could undermine global nuclear security and Russia is open to a diplomatic settlement of the Ukraine crisis but rejects ultimatums, according to Reuters. Chinese President Xi said China has always taken an objective and impartial position on the situation in Ukraine and has made efforts to promote reconciliation and peace negotiations, according to Rossiiskaya Gazeta. ICC judge issued an arrest warrant for Russian President Putin over alleged war crimes related to ‘unlawful deportation’ of Ukrainian children, according to The Guardian. It was also reported that German Chancellor Scholz said ICC is an important institution that has been given a mandate through international treaties and noted that nobody is above the law which is becoming clear now, according to Reuters. Ukrainian President Zelensky’s Chief of Staff and several top security officials including the Defence Minister held a call with US counterparts to discuss military aid for Ukraine, according to Reuters. Ukrainian Infrastructure Minister said the Black Sea grain deal has been extended for 120 days which is longer than the 60-day touted by Russia, while a UN spokesman confirmed the extension of the export deal but didn’t specify the length of the renewal, according to Reuters. EU foreign policy chief Borrell said an agreement was reached on ways to implement an EU-backed deal on normalising ties between Serbia and Kosovo, while he added that the sides agreed to implement their respective obligations in good faith. Saudi Arabia’s King Salman invited Iranian President Raisi to visit Riyadh, while it was also reported that Iran’s Foreign Minister agreed to hold a meeting at the foreign minister level with Saudi Arabia and said that Iran has declared a readiness to reopen embassies. In other news, Iraq and Iran signed a deal to tighten their border security. South Korea said that North Korea fired a short-range ballistic missile off the east coast into the sea on Sunday which flew 800km before hitting a target and is a clear violation of the UN Security Council resolution. In relevant news, G7 foreign ministers said they regret inaction by the UN Security Council regarding North Korea’s missile tests and that the March 16th ICBM launch undermines international peace, according to Reuters. North Korea confirmed it conducted exercises aimed at improving tactical nuclear capability on March 18th-19th and said the US and South Korea are expanding joint military drills aimed at North Korea involving US nuclear assets and its exercises are meant to send strong warnings against US and South Korea. Furthermore, North Korean leader Kim said the country should be ready to conduct nuclear attacks at any time in a deterrence of war, according to KCNA. US Event Calendar Nothing major scheduled DB's Jim Reid concludes the overnight wrap This weekend felt like being transported back into 2007-2008 in many respects with a race-against-time deal between UBS and Credit Suisse being put together in full view of the market. The most remarkable thing about yesterday was the huge swings in Credit Suisse AT1s on a Sunday. Clips of the $17.3bn of outstanding CS AT1 bonds seemed to trade at both ends of a mid-20s to around 70c range as the outline of the UBS deal filtered through. It was eventually a shock that the AT1s were zeroed in the deal even as UBS eventually bought CS for $3.3bn, a firmly positive number. This was however less than half what they were worth at the close on Friday and down 99% from their peak pre-GFC. The decisions to wipe out AT1 bondholders is going to be the biggest issue medium and longer-term for the European banking sector, especially when the company was bought with a positive value yesterday. It's hard to argue with the morals of it but it will likely increase the cost of capital for banks which could lead to an additional tightening of lending conditions. So that c.$17bn of debt destruction could eventually be worth multiples of that to the wider European economy and in other regions too. Selected Asian AT1 securities are trading around 5-10% down as we type and HSBC equity is around -6% in Hong Kong so this serves as a benchmark for the European banking open. The good news at the macro level is that the CS situation has been dealt with and there are no obvious European next shoes to drop at this stage. CS had been decoupled from the rest of the continents' banking sector for months now and therefore was by far and away the weakest link when the US regional banking woes began less than 2 weeks ago. So the market has now got to balance the reduction of systemic risk with the likely higher cost of some forms of bank capital. There will also be nervousness as to how easy it was to change laws and market conventions in order to get this deal done. Some risk premium will surely be factored in to the cost of capital for the sector now. Meanwhile, in a coordinated global response, the Fed in a statement along with five other central banks - including the BOE, the BOJ, the ECB and the SNB - last night announced that they would enhance dollar swap lines i.e., to increase the frequency of swap line agreements from weekly to daily, beginning March 20 and will continue “at least” through the end of next month. In doing so, the central banks indicated that the move would serve as an “important backstop” amid financial market unease, thereby helping to keep credit flowing to households and businesses. Overall, Asian equity markets have started the week on a weaker footing with the Hang Seng (-2.56%) leading losses across the region, with the Nikkei (-1.01%) and the KOSPI (-0.46%) also dipping in early trade. Elsewhere, stocks in mainland China are bucking the regional negative trend with the CSI (+0.12%) and the Shanghai Composite (+0.12%) both trading slightly higher. Note their was a 25bps RRR cut on Friday. Outside of Asia, US stock futures tied to the S&P 500 (+0.12%) and NASDAQ 100 (+0.23%) are relatively flat which helps after the weekend news but then again as you'll see from the weekly review at the end the S&P 500 was higher last week in the face of incredible turmoil elsewhere. Meanwhile, yields on 10yr US Treasuries are stable while 2yr yields (+2.92bps) briefly touched 4% before sliding back to 3.87% as we go to press. Moving forward, it's hard not to have sympathy for the Fed this week. Any criticism of their policy should probably be more directed to the actions of 2020-2021 for keeping policy excessively too loose as government spending, money supply and inflation was surging. Today they are in a catch-22 position where the excesses of those days (and earlier) are now unravelling while inflation is still way above target. Their rate decision on Wednesday will be the undoubted non-banking related highlight of the week but we will also have the BoE meeting (Thursday), UK CPI (Wednesday), Japan CPI (Thursday), flash global PMIs (Friday) which might capture a small amount of the turmoil period, and importantly Chinese President Xi Jinping will be in Moscow from today to Wednesday. After the FOMC, it will be the BoE's turn on Thursday to decide on rates. Our UK economists preview the meeting here and expect a final +25bps hike as well as likely dovish forward guidance amid concerns over overtightening risks. The decision will follow a host of UK inflation data released on Wednesday. Also on Thursday markets may follow the SNB meeting more closely than usual following this week's turmoil around Credit Suisse. Aside from several monetary policy decisions, there will also be a plenty of central bank speakers, especially from the ECB, including President Lagarde (twice), following last week's +50bps hike. In the US, aside from the PMIs investors will also get durable goods orders (DB forecast -0.5% vs -4.5% in January) on Friday and a host of regional Fed indicators throughout the week to gauge economic sentiment. Housing market data including existing home sales (tomorrow) and new home sales (Thursday) are also due. Over in Europe, other key data will include the PPI (today) and the ZEW survey (tomorrow) for Germany, Eurozone consumer confidence on Thursday and UK consumer confidence and retail sales on Friday. Moving on to Japan, the key release will be the CPI report on Thursday. Our Chief Japan Economist (full preview of the week ahead here) expects government subsidies for electricity and gas to weigh on core CPI inflation (3.2% vs +4.2% in January) but core-core CPI ex. energy to pick up 3.4% (3.2%) but reach its peak for the cycle. Looking back on a tumultuous last week now. On Friday, with market volatility already elevated from the growing concerns around the global financial system the preliminary University of Michigan sentiment survey dropped -4.6pts to 63.4. That was just the second monthly drop since last June, and the lowest reading since December. The declines pre-dated the SVB collapse. If one wanted to find a positive in the report inflation expectations were lower with 5-10yr expectations down to 2.8% (2.9% expected), while the 1yr inflation expectation was 3.8% (4.1% expected). That’s the lowest 1yr expectations have been since April 2021. That was just the last link in a chain of market moving events last week that repriced Fed futures across the curve. Expectations for a 25bps hike at the March meeting is now at just 60% with a 15.0bp hike priced in. That is down -18.3bps on the week and -4.2bps on Friday, as well as -27.8bps since Powell’s testimony before the Senate Banking Committee the week before last. At the same time, the expected terminal rate ended the week at 4.794% by the May meeting after starting the week at 5.285% at the June meeting and being as high as 5.691% at the September meeting on the prior Wednesday before the SVB news broke. Futures are also now pricing in nearly -96bps of rate cuts by year-end after starting the week with -40bps of cuts priced. 10yr Treasury yields fell back another -14.8bps on Friday and -27.0bps over the course of the week to their lowest level since early-February at 3.429%. The 2yr yield saw a much bigger move, coming down -74.9bps last week (-32.0bps on Friday) to their lowest level since September 2022. On this side of the pond, 10yr bund yields fell back -40.0bps (-18.2bps on Friday) last week to 2.108%, its lowest point since the first week of February. The 2yr bund yield fell by -71bps last week (-22.0bps Friday) in its most significant weekly down move since September 1992. While sovereign bonds outperformed last week, US equities whipsawed with a large amount of dispersion. Even though the S&P 500 closed the five days higher, US banks continued to selloff with the KBW bank index down -14.55% last week (-5.25% Friday), with major banks like JPM (-5.87%), BofA (-8.09%), Citi (-8.46%), and GS (-7.26%) outperforming while the regional bank ETF KRE was down -14.30% last week. With CS seeing pressure from a lack of depositor and investor confidence, the SNB offered the Swiss bank a 50bn franc credit line. However this was not enough to stop the stock from ending the week -25.48% lower (-8.01% Friday), while European Banks at large were down -13.40% (-2.72% Friday) leaving the index up just +1.2% YTD. The STOXX 600 was down -3.85% week-on-week (-1.21% on Friday), whilst the CAC and DAX fell -4.09% (-1.43% on Friday) and -4.28% (-1.33% on Friday) respectively. With risk markets selling off, credit spreads widened significantly on the week once again. The Euro Crossover HY CDS index was +66.7bps wider (+18.8bps wider Friday) and EUR IG CDS +18.1bps wider on the week (+3.8bps Friday). EUR HY CDS is now +18.9bps wider YTD, with EUR IG +9.9bps wider since the start of the year. US credit also significantly widened again as the US HY CDS index was +31.6bps wider (+26.8bps Friday) with IG +4.8bps wider following a +5.1bps move on Friday. The weekly widening has left USD HY CDS +45.7bps wider YTD, while US IG CDS was +5.8bps wider YTD. Finally in commodities, industrial inputs sold off as recession fears rose. Brent crude fell back -11.85% (-2.32% on Friday) and WTI was down -12.96% (-2.36% on Friday), meanwhile European natural gas futures reversed the prior week’s significant rally with energy prices falling -18.92% week-on-week (-3.35%). Copper was down -3.26% (+0.72% Friday) while the overall Bloomberg Commodity index was down -1.87% (-0.16% Friday). With the risk-off tone throughout markets, Gold was a notable outperformer with the precious metal up +6.48% on the week (+3.63% Friday) in its best weekly performance since Covid to close at its highest level in a year at $1989/oz. Tyler Durden Mon, 03/20/2023 - 08:03.....»»

In today's edition: Flipping a crumbling Victorian townhouse into a dream house, all the countries that have banned TikTok, and more headlines. $100K apparently isn't that much, pals. I'm Diamond Naga Siu, and I'm definitely feeling a financial strain in San Diego.A new study found that if you make $100,000 in NYC, it only "feels like" $36,000. Meanwhile, the same study found that San Diegans need to make even more than New Yorkers to live comfortably. Imagine moving to New York to save some money. Wild.But you could also move to cities like Houston or St. Louis, where the increase in purchasing power would actually be significant. My colleague Aidan Pollard highlights the top 10 cities where your money goes the furthest.Before I go cry over my bank account, let's dive into today's tech.P.S. Check out Insider's event on how women leaders are transforming the tech industry. It's a perfect way to celebrate National Women's History Month.If this was forwarded to you, sign up here. Download Insider's app here.Robyn Phelps/ Insider1. Deel employees told Insider how the startup exploded. In just three years, the HR services startup grew from under 30 employees to over 2,000. An Insider investigation dives into the unconventional methods Deel used as it grew at such a rapid pace."Deel Speed" was the internal term for breakneck growth and constant action. And to some workers, an all-encompassing work ethic was exhilarating. But it's also the company's Achilles Heel, per a former worker.The company brought on employees across the world by the hundreds. Yet Deel often didn't have the required entities to hire local employees, insiders say. So they were hired as contractors instead.My colleague Rob Price talked with more than 30 current/former Deel employees about its astronomical rise. They shared the unconventional practices that they say helped fuel its ascent.Get a front row seat to Deel's grow-at-all-costs approach — intense, even for Silicon Valley.In other news:A view of Africa taken by Apollo 11 astronauts on July 20, 1969.NASA/Flickr2. How the vernal/spring equinox works. It means the Earth's tilted axis forms an L-shape with the sun's rays. The astronomical event is set to happen today, March 20. Here's the science behind it (as well as the equinox egg balancing trick).3. Higher fees are squeezing sellers for Amazon, Ebay, and other companies. Many of the major e-commerce platforms recently raised fees for sellers. Besides also raising prices, sellers are getting creative to make up for the lost money. Check out their strategies here.4. How much an influencer charges for brand deals. Paulina Perez has 6,900 followers on Instagram. She charges $350 for a post and $700 for a three-picture slideshow. Perez even offers a discount if you also bundle it with a TikTok post. Check out all her rates here.5. Grocery chain uses eye scanners and voice prints to identify shoplifters. This is becoming a common anti-theft method for stores. But shoppers are a little creeped out. More on the overly personal grocery run here.6. Every country that partially or completely banned TikTok. New Zealand most recently issued a partial ban, joining Taiwan, the UK, and others. Get the full list here. Bonus: Buying TikTok will be very tough — even for Big Tech. These are the most likely buyers.7. Loyalty, loyalty, loyalty: Why people are sticking with Silicon Valley Bank. Entrepreneurs revealed to Insider why they'll continue banking with the recently imploded institution. One said, "We owe them to keep them healthy." Check out their reasoning here.8. Volkswagen just beat Tesla at the affordable EV race. A $25,000 EV has long been discussed (especially by Elon Musk). VW just got closer to making it a reality with the ID.2all release, which it plans to sell for 25,000 euros ($26,600). The sleek, minimalist vehicle has a 280-mile range. Get a full look at the affordable ride here.Odds and ends:Sweeny took out an extra $35,000 loan to create her dream kitchen at McClain House.Betsy Sweeny9. Flipping an $18,000 Victorian townhouse into a dream home. This 3,025-square foot home was crumbling when Betsy Sweeny bought it. Check out more before and after photos (like the one above) here, plus how she financed it.10. Fitbit took a step back with the Versa 4. This midrange smartwatch fails to live up to expectations, Mattie Schuler writes for Insider. It doesn't store or play music and even has activity tracking issues. More on the underwhelming wearable here.What we're watching today:It's the United Nations' International Day of Happiness.Financial Times' annual Commodities Global Summit starts today in Lausanne, Switzerland.Legalweek is hosting its annual Leaders in Tech Law Awards in New York City.The Game Developers Conference starts today in San Francisco. Leaders from Google, Microsoft, and other major companies will speak at the event.The Economist's events group kicks off its third-annual Technology for Change Asia in Singapore. Nvidia's developer conference starts online today. It'll focus on AI and the metaverse.Cloudfest begins today in Europa-Park. The entire amusement park is closed just for the internet infrastructure conference attendees.Curated by Diamond Naga Siu in San Diego. (Feedback or tips? Email dsiu@insider.com or tweet @diamondnagasiu) Edited by Matt Weinberger (tweet @gamoid) in San Francisco and Hallam Bullock (tweet @hallam_bullock) in London.Read the original article on Business Insider.....»»

Former New Jersey Gov. Chris Christie said on ABC's "This Week" that Donald Trump welcomes "chaos and turmoil" but only on his terms. Chris Christie (left) and Donald Trump.Richard Rodriguez/Getty Images; Lev Radin/Pacific Press/LightRocket via Getty Images Donald Trump and his allies have claimed that an indictment will only help his election prospects. Chris Christie, a former district attorney, said Trump thrives on "chaos and turmoil." But an indictment "never helps anybody," Christie said on ABC's "This Week." Former New Jersey Gov. Chris Christie said on Sunday that an indictment won't help Donald Trump, countering the former president's claims that it'll only make him more popular.While discussing Trump's possible indictment for hush-money payments to adult actress Stormy Daniels, Christie said on ABC's "This Week" that Trump thrives on conflict but only when he's behind the narrative reins."The circus continues. I mean, look, he only profits and does well in chaos and turmoil. And so he wants to create the chaos and turmoil on his terms," Christie said. "He doesn't want anybody else's terms … He wants it on his terms."However, Christie, who is also a former district attorney, added: "But look at the end, being indicted never helps anybody. It's not a help."—This Week (@ThisWeekABC) March 19, 2023A few weeks before the possibility of an indictment further materialized, Trump said he "wouldn't even think about" dropping out of the 2024 race even if he was charged with a crime."Probably it will enhance my numbers," he said, per an ABC News report.Some of his closest allies echoed that sentiment."If the Manhattan DA indicts President Trump, he will ultimately win even bigger than he is already going to win," Rep. Marjorie Taylor Greene wrote on Twitter on Saturday.Twitter CEO Elon Musk also claimed Trump will be "re-elected in a landslide victory." If Manhattan prosecutors deliver an indictment, Trump would be the first former president in US history to be formally charged with a crime — let alone a former president who is also running a third election campaign.The closest a former president came to being charged with a crime was Nixon before he was granted a pardon by Gerald Ford in September 1974. The last time a presidential candidate was indicted was in 2011, when John Edwards, John Kerry's 2004 vice presidential running mate, was charged with campaign finance violations. "I don't think that the American people will probably see this as a huge crime," Christie said. "But the vision of a former president of the United States being processed, fingerprinted, mug shotted ... What else do you expect Trump to say ... than to say that it helps his campaign?"Read the original article on Business Insider.....»»

The Swiss giant has weathered a slew of scandals in recent years, and investors are jittery after the collapse of three US banks. Credit Suisse's stock is plunging as investors fear a banking crisis.AP Photo/Schalk van Zuydam UBS is officially buying Credit Suisse after regulators rushed to restore confidence. Credit Suisse has long been a troubled bank, posting billions in losses and deposit outflows.  Here's a closer look at why regulators are so worried about Credit Suisse. UBS is officially buying Credit Suisse in an effort to prevent the bank's collapse, the Swiss National Bank announced Sunday.UBS and Credit Suisse each confirmed the deal in press statements released later Sunday. Credit Suisse said the deal would value the bank at Sfr3 billion, or around $3.25 billion. "Credit Suisse and UBS have entered into a merger agreement on Sunday with UBS being the surviving entity," Credit Suisse said in its statement. "After negotiations that took place during the weekend leading up to the signing of the merger agreement, UBS and Credit Suisse concluded that it would be in the best interest of their shareholders and their stakeholders to enter into the merger." The merger comes after shares of Credit Suisse tumbled to a record low this week and fears mounted over the strength of the global banking system. The Financial Times reported earlier on Sunday that UBS said it would pay $2 billion to buy rival Credit Suisse, doubling its initial $1 billion offer, before finally settling at $3.25 billion. The deal is significantly less than the bank's market value of $9.5 billion. Credit Suisse pushed back on the initial offers on Sunday, saying they were too low and would hurt shareholders, sources told Bloomberg. "This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue," UBS Chairman Colm Kelleher said in a statement. The deal between Switzerland's two biggest banks was brokered by the Swiss National Bank and regulators in an effort to shore up confidence for the country's financial institutions, the Financial Times reported on Friday. According to the outlet, Swiss regulators said a merger between the two banks was their "plan A" leading into markets opening Monday. The FT reported that Switzerland is using emergency measures to fast-track the deal and bypass the usual six-week consultation period for shareholders. Deutsche Bank also reportedly considered acquiring parts of Credit Suisse, sources close to the matter told Bloomberg on Saturday. Here's a closer look at the European lender's troubles, and why it's faced doubts about its stability.Why is Credit Suisse under fire right now?Credit Suisse shares tanked Wednesday after its biggest shareholder, Saudi National Bank, warned it wouldn't be able to invest more cash without raising its stake above the regulatory limit of 10%.SNB's chair, Ammar al-Khudairy, told Reuters that he doesn't see the Saudi bank's stated lack of support as a problem."I don't think they will need extra money; if you look at their ratios, they're fine," he said, referring to standard measures of a bank's financial health."We are happy with the plan, the transformation plan that they have put forward. It is a very strong bank," he added, noting Credit Suisse operates under a strong regulatory regime in Switzerland and other countries.But investors have been showing signs of losing faith in Credit Suisse long before the Saudi comments, and before the SVB collapse rattled the entire banking industry.Harris Associates, Credit Suisse's No. 1 investor as recently as last year, exited its entire stake in the embattled Swiss bank over the past few months. The Chicago-based investment management firm owned about 10% of the Swiss bank's stock as of August last year, but slashed its exposure to 5% in January. More recently, Harris reportedly cut its holdings in the lender to zero."There is a question about the future of the franchise. There have been large outflows from wealth management," David Herro, Harris Associates' deputy chairman and chief investment officer, was cited by the Financial Times as saying, in a March 5 report.And Credit Suisse has faced a slew of other recent challenges. The bank revealed in its latest annual report that it found "material weaknesses" in its internal control over its financial reporting. Moreover, it delayed publishing that annual report after the Securities and Exchange Commission inquired about the lender's revisions to cash flow statements dating back to 2019.Credit Suisse also suffered a net loss of about $8 billion last year, as its net revenues tanked by more than a third.Moreover, it has seen a sharp increase in outflows over the past few months, driving it to tap its "liquidity buffers" — liquid assets such as central-bank reserves and high-quality government debt.Here's a quick summary of the controversies that have plagued Credit Suisse in recent years:The bank hired private detectives to spy on former executives, leading to the departure of its CEO in February 2020.It lost nearly $6 billion in March 2021 after Archeges Capital Management imploded and defaulted on its loans from the Swiss lender.It's still working to recover about $2 billion of the roughly $10 billion it had tied up in supply chain finance funds linked to Greensill, which collapsed amid allegations of fraud in March 2021.It was fined for making fraudulent loans dubbed "tuna bonds" to Mozambique's government between 2012 and 2016.Its chairman was forced to resign in January after an internal investigation found he violated COVID-19 quarantine rules to attend Wimbledon.Credit Suisse's previous CEO resigned for personal and health reasons last July.Is a banking crisis brewing?The race to put together a deal to acquire Credit Suisse follow recent events in the US banking industry.Silvergate, a key lender to the cryptocurrency industry, announced it was winding down its operations and liquidating its assets last Wednesday.Silicon Valley Bank, a major player in the venture-capital ecosystem, was overwhelmed by a wave of withdrawals and taken over by the Federal Deposit Insurance Corporation (FDIC) on March 10. The FDIC revealed on March 12 it had taken control of Signature Bank as well. Moreover, it announced that under a "systemic risk exception," it would fully guarantee both banks' deposits, beyond the usual limit of $250,000 per account.And First Republic Bank has also been trying to stave off concerns about its financial position, with 11 banks depositing $30 billion in the bank to help shore up its liquidity. Still, the New York Times reported on Friday that First Republic was looking to raise fresh capital. SVB ran into trouble because it invested some of its clients' deposits in long-dated bonds. Those plunged in price as the Federal Reserve hiked interest rates from nearly zero to upwards of 4.5% over the past 12 months in response to inflation hitting 40-year highs.The lender sold its bond portfolio at a nearly $2 billion loss last week, and launched a capital raise to reinforce its finances. Its scramble for cash stoked concerns about SVB's stability among VCs and their portfolio companies, sparking a wave of withdrawals that overwhelmed the bank and spurred the FDIC to intervene. SVB's collapse fueled worries that other banks are carrying heavy losses on their bond portfolios, as rates have jumped in both the US and Europe.It also put a focus on bank liquidity, with consumers and companies shifting their deposits from weaker banks to the strongest and largest institutions. Read the original article on Business Insider.....»»