Author: Press Room

Tupperware Brands Corp. late Friday issued a going-concern warning, saying that it has hired financial advisers to help navigate its near-term difficulties. “Tupperware has embarked on a journey to turn around our operations and today marks a critical step in addressing our capital and liquidity position,” Chief Executive Miguel Fernandez said in a statement. “The company is doing everything in its power to mitigate the impacts of recent events, and we are taking immediate action to seek additional financing and address our financial position,” Fernandez said. The advisers would help the company, synonym with storage containers and other kitchen products,…

The numbers: Deposits at U.S. banks rose slightly in the last week of March, but lending to businesses declined for the second week in a row. Deposits rose at both large and small banks, according to data released Friday by the Federal Reserve. The deposit figures are unadjusted. There has been a sharp drop-off in lending. There has been a sharp drop-off in lending since the Silicon Valley Bank collapse. Total commercial and industrial loans fell $68 billion over the two weeks since the startling bank run led the government to close the bank. Key details: Deposits at large U.S.-owned…

The number of people working more than one job is on the rise. Multiple jobholders reached 8,137,000 in March, or 5.1% of the total employed population, according to the latest data from the Bureau of Labor Statistics. That’s up from close to 7.5 million people during the same period last year, or 4.7% of the total employed population.  But the March level was still lower than the pre-pandemic level of 8,181,000 million in February 2020 at 5.2% of the total employed population.  Among those holding multiple jobs, the number of people working their primary job full-time while taking on a…

ZURICH (Reuters) – Austria’s government is monitoring the global banking turmoil although there are so far no signs of it spreading to the country’s financial sector, Finance Minister Magnus Brunner said in an interview published on Saturday. “Our banks did their homework very well after the financial crisis. They are very well prepared,” Brunner told Swiss newspaper Neue Zuercher Zeitung. He also defended Raiffeisen Bank International (RBI) which has come under fire for continuing to operate in Russia despite the war in Ukraine. The Austrian lender is now the most important Western bank in Russia, offering a lifeline to people…

Topline The banking crisis is far from over, JPMorgan Chase CEO Jamie Dimon wrote Tuesday morning in an annual letter to shareholders, offering the most in-depth insight into recent industry-wide turbulence from the head of the country’s biggest bank yet. Key Facts “Repercussions” from the ongoing banking calamity will linger “for years to come,” Dimon wrote, referring to the failures of American banks Silicon Valley Bank and Signature Bank and the unraveling of Swiss stalwart Credit Suisse over a two-week period last month. Dimon pointed to shortcomings among bank management at the collapsed institutions, federal regulators and venture capitalists pushing…

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The dollar strengthened on Friday after data showed an increase in jobs in the world’s largest economy last month, suggesting that the Federal Reserve may have to raise interest rates next month. Prior to the jobs report, the rate futures market had been betting that the Fed would pause at the May policy meeting. The market has now priced in a 70% chance the Fed will raise interest rates by 25 basis points (bps), though multiple rate cuts have also been factored in by the end of the year.     Friday’s data showed…

By Guy Faulconbridge MOSCOW (Reuters) – Russia warned the West on Friday that unless obstacles to its exports of grain and fertilisers were removed, then Ukraine would have to export grain over land and Moscow would work outside the UN-brokered landmark grain export deal. The Black Sea grain deal is an attempt by the United Nations to ease a food crisis that predated the Russian invasion of Ukraine, but was made worse by the most deadly war in Europe since World War Two. The deal, first signed by Russia, Ukraine, Turkey and the UN in July last year and twice…

3/3 © Reuters. FILE PHOTO: A replica model of Virgin Orbit’s LauncherOne rocket sits in a media area ahead of UK’s First launch at Newquay Airport in Newquay, Britain, January 8, 2023. REUTERS/Henry Nicholls 2/3 By Joey Roulette and Kevin Krolicki (Reuters) – As the fortunes of Richard Branson’s Virgin Orbit were crashing to Earth last month, a little-known investor called Matthew Brown appeared offering a $200 million rescue.     Within two days of being contacted by Brown, Virgin Orbit Chief Executive Dan Hart had secured board backing for a preliminary agreement with the 33-year-old Texas-based investor, according to related documents…

Banking-as-a-Service is one of the buzziest areas of fintech globally, but economic and regulatory pressures are bearing down on it. BaaS already looks and feels very different depending where you are geographically, and by the end of the year it’s going to see further significant changes that will leave the segment and the companies that comprise it looking very different to 2022. How BaaS Works In Europe In Europe, the term is applied broadly to many different types of business, but within that there are two distinct groups: Companies with full banking licenses and software providers that have varying levels…

Summary According to a GuruFocus backtesting study, stocks with higher GF Scores tend to outperform those with lower GF Scores. These defensive stocks have high dividend yields, low valuations and GF Scores that indicate outperformance potential. When the Covid-related stock market bubble began to deflate near near the end of 2021, it was tempting to snap up shares of businesses deemed to be “recession-proof,” such as those in the consumer defensive and utility spaces. However, even though many of these businesses have held up well despite the struggling economy, their share prices still had room to adjust just downward due…