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 " But there’s not a shred of evidence that long-term interest rates rise and fall with the size of the budget deficit or the nation’s debt. No current economic data point to budget deficits as the cause of the higher long-term rates we’re now seeing." " And the biggest uncertainty right now is not found in economic data. The biggest uncertainty is political — not just about what will happen in global hotspots like Ukraine and now Israel, but more directly, about whether America is still capable of governing itself. This uncertainty has been caused by those same Republican extremists who didn’t want to raise the debt ceiling, and then refused to fund the federal government, and have abdicated political leadership of the House for the first time in the history of the nation." " And behind these two problems are tens of millions of Americans who have drunk Trump’s Kool-Aid and believe the 2020 election was stolen from him, that Democrats are now persecuting

 " NEW YORK (AP) —   Wall Street fell sharply on Tuesday   as it focused on the downside of a surprisingly strong job market. The S&P 500 dropped 1.4% to its lowest point in four months . The Dow Jones Industrial Average tumbled 430 points , or 1.3%, and wiped out the last of its gains made for the year so far. Some of the heaviest losses came from Big Tech stocks , which sent the Nasdaq composite to a market-leading loss of 1.9%." ",,,Such weight has been the main reason the stock market has lost more than 40% of its value since the end of July, after charging higher for much of the year." "Why is the stock market down today? Higher yields on T bonds pull investment dollars away from stocks market. " What makes bond yields go up? Yields have been on the march because investors are increasingly taking the Federal Reserve at its word that it will keep its main interest rate high for a long time in order to drive down inflation." " Fed Gov.

 "While PwC and KPMG are yet to report their financial year results for 2022/23 , Deloitte currently sits miles ahead of its traditional Big Four rivals after posting $65 billion in global revenues . Professional services firm Deloitte has recorded another recofrd revenue haul over the past financial year, growing by a further 15% (in local currency; 9% given exchange rate fluctuations) to a staggering $65 billion in takings. Notably, the number is almost exactly double the $32.4 billion sum from precisely a decade ago." "To put the figures in perspective, it was only in 2016, after a few years of jostling, when Deloitte reclaimed the Big Four crown from PwC, with revenues of $36.8 billion against $35.9 billion. Two years later, in 2018, the gap had widened by about $1 billion." Source: https://www.consultancy.com.au/news/8135/deloitte-pulls-away-from-big-four-rivals-pwc-ey-and-kpmg

 "AT1 investors scored a victory in May when the court ordered the publication of Finma orders writing down the AT bonds worth about $16 billion ." "Accessing those documents is key for bondholders who have borne the brunt of this unprecedented and unacceptable FINMA's order,» said lawyer Dario Item of Lugano-based law firm I&P , which represents a group of AT1 investors. A decision could come in the coming weeks. " In March, Finma ordered Credit Suisse to completely write off the high-interest AT1 bonds as part of UBS's emergency takeover of the troubled bank, rendering them worthless. By August, lawsuits had been filed on behalf of around 3,000 aggrieved parties against the Finma decision." SOURCE: https://www.finews.com/news/english-news/59567-cs-at1-finma-communicatio-ubs-credit-suisses

 "Critics argue that India’s new corridor lacks logical justification. India opting for a rail and shipping corridor when the existing and cheaper Suez Canal and maritime routes are available does not make sense . Secondly, building railways through desert terrain requires elevated tracks with deep support to withstand shifting sands and hard bedrock. The political landscape in the US adds another layer of uncertainty, as opposition to investment in this corridor could increase if the Biden administration loses power. The Republicans, on the other hand, would oppose putting money into a failing project just like they did not want to put money into the Ukraine war. On the other hand, the US and India have previously announced initiatives like the Chabahar Corridor, the International North-South Corridor and the US Blue Dot Network, but the status of these projects remains uncertain." "...Moreover, IMEC passes through Jordan and Israel, introducing complex geopolitical ch

 "Clients who deposit their cash at Credit Suisse, now a unit of UBS, earn around 1.8% on upwards of 50,000 Swiss francs ($54,000) held for three months, according to one of the people, who asked to remain anonymous because the matter is private." " Regaining clients' money and trust in Switzerland is crucial for UBS, which oversees $5.5 trillion in assets for wealthy clients since taking over its former rival. The bank also needs to try to retain clients that would have had funds in both banks and may now look to spread their risk." SOURCE: https://www.reuters.com/business/finance/ubs-pays-bumper-rates-deposits-repair-credit-suisse-outflows-sources-2023-10-04/

 "Edwards pointed to the strength of US stocks despite rising bond yields, which have surged as investors see higher for longer interest rate policy from the Federal Reserve. The yield on the 10-year US Treasury recently passed a 16-year-high, climbing to around 4.768% on Tuesday. And yet, US stocks have been relatively resilient all year. Despite hefty losses in August and September, the S&P 500 is still up 10% from levels in January." " The equity market's current resilience in the face of rising bond yields reminds me very much of events in 1987, when equity investors' bullishness was eventually squashed," Edwards said in a note on Tuesday. "Just like in 1987, any hint of recession now would surely be a devastating blow to equities." " Never in my career have I witnessed such uncertainty about where we are in the economic cycle. Is that long promised recession still lurking around the corner or are we at the start of a new economic cy

" Analyst Brian Nowak estimates that the AI technology will have a $4.1 trillion economic effect on the labor force — or affect about 44% of labor — over the next few years by  changing automating tasks and shifting the ways companies obtain, process and analyze information . Today, Morgan Stanley pegs the AI effect at $2.1 trillion, affecting 25% of labor ." SOURCE:  https://www.cnbc.com/2023/10/02/more-than-40percent-of-labor-force-to-be-impacted-by-ai-in-three-years-morgan-stanley-forecasts.html

 "It is not a game changer on the scale of BRI. It is a good announcement but you don't look at the proposal and say, oh my god, the world can't live without it," Mr Khanna told the BBC. You can see why. China has a 10 year head-start with BRI with total investments under the initiative crossing an eye popping $1 trillion this July. Over 150 countries have joined as partners, which as Mr Luthra writes has significantly expanded its geographical scope "from a regional to a near-global initiative." IMEC isn't the first effort by the developed west to use infrastructure as a counter to contain China's growing footprint. The G7 and US launched a Partnership for Global Infrastructure and Investment in 2022 , aiming to mobilize $600bn in global infrastructure projects by 2027 . The Global Gateway is the EU's answer to BRI." "Then there are also the obvious geopolitical complexities of navigating ties between partner countries such as the US

  King Abdullah II of Jordan , speaking at the first  Al-Monitor-Semafor Global Summit  Sept. 20, said that the possibility of normalization between Israel and Saudi Arabia could offer a “new horizon” for the region, but “part of the challenge is with the Israeli government.”  “This belief, by some in the region, that you can parachute over Palestine, deal with the Arabs and work your way back — that does not work,” said King Abdullah, who was the keynote speaker at the summit. “ And even those countries that have Abraham Accords with Israel have difficulty moving publicly on those issues when Israelis and Palestinians are dying. So unless we solve this problem, there will never be a true peace.”  "“There are two elephants in the room ,” the Jordanian king explained. “ One is the Palestinian transition and the future for the younger generation of leaders." " The other, the second elephant in the room, is where is Israel going? How can we have an understanding of a polit

" The Swiss bank said in a financial report released on 29 September that during the first six months of 2023 , it had paid a total of $220m in retention awards and to staff working on acquisition-related activities. The bank also warned that it expected a $2.2bn loss during the third quarter including $1.6bn in loan losses from assets placed in the combined group's so-called bad bank. Credit Suisse made selective retention awards to key staff in a bid to stop them leaving after UBS's $3.25bn acquisition was pushed through in March, people familiar with the matter told Financial News previously. Many of these were for senior dealmakers within its investment bank, they said" The Swiss bank was losing 200 employees every week after the shotgun marriage, and around 8,000 staff departed during the first half of 2023 " SOURCE: https://www.fnlondon.com/articles/credit-suisse-shells-out-220m-to-retain-key-staff-during-ubs-takeover-20230929