Sensex, Nifty Open: आज अडानी ग्रुप शेयरों में बिकवाली जारी है. वहीं बैंक और फाइनेंशियल सेक्‍टर के हैवीवेट शेयरों ने भी बाजार को कमजोर किया है.

Sensex, Nifty Opening: मिले जुले ग्‍लोबल संकेतों के बीच घरेलू शेयर बाजार में भारी उतार चढ़ाव देखने को मिल रहा है. बाजार की शुरूआत बड़ी बिकवाली के साथ हुई, लेकिन कुछ देर बाद ही सेंसेक्‍स और निफ्टी दोनों इंडेक्‍स हरे निशान में आ गए. सेंसेक्‍स निचले सतरों से 900 अंक मजबूत हुआ है और फिलहाल 200 अंकों से ज्‍यादा बढ़त पर है. निफ्टी भी 17700 के पार निकल गया है. बाजार को बैंकिंग और मेटल शेयरों से बूस्‍ट मिला है. हालांकि आज अडानी ग्रुप शेयरों में बिकवाली जारी है. वहीं बैंक और फाइनेंशियल सेक्‍टर के हैवीवेट शेयरों ने भी बाजार को कमजोर किया है. फिलहाल सेंसेक्‍स में 286 अंकों की तेजी है और यह 59,616.53 के लेवल पर ट्रेड कर रहा है. जबकि निफ्टी 99 अंक चढ़कर 17703 के लेवल पर है.

आज के टॉप गेनर्स और टॉप लूजर्स

आज के कारोबार में बैंक और फाइनेंशियल शेयरों में खरीदारी दिख रही है. निफ्टी पर दोनों इंडेक्‍स 1 फीसदी मजबूत हुए हैं. वहीं मेटल इंडेक्‍स 2 फीसदी मजबूत हुआ है. ऑटो, FMCG और IT इंडेक्‍स भी हरे निशान में हैं. फार्मा इंडेक्‍स फ्लैट है तो रियल्‍टी इंडेक्‍स 1 फीसदी मजबूत हुआ है.

आज हैवीवेट शेयरों में मिक्‍स्‍ड ट्रेंड है. सेंसेक्‍स 30 के 16 शेयर हरे निशान में हैं, जबकि 14 लाल में. आज के टॉप गेनर्स में BAJFINANCE, NTPC, ITC, SUNPHARMA, SBI, MARUTI, WIPRO शामिल हैं. जबकि टॉप लूजर्स में HUL, Airtel, Titan, IndusInd Bank, Tata Steel, LT, HDFC शामिल हैं.

Stocks in News: Bajaj Finance, Tata Motors, Adani Enterprises, NTPC में रहेगी हलचल, इंट्राडे में रखें नजर

Stock Market: सेंसेक्‍स 241 अंक टूटकर बंद, निफ्टी 18127 पर, बैंक-ऑटो शेयरों में गिरावट, ये हैं टॉप लूजर्स

Adani Group Shares: अडानी ग्रुप के शेयरों में निवेशकों के 2 लाख करोड़ डूबे, Adani Gas 20% टूटा, इन शेयरों में लोअर सर्किट

Real Estate Outlook: रियल एस्टेट में इस साल दिख सकती है बंपर ग्रोथ, सरकार को उठाने होंगे ये जरूरी कदम

Stocks in News: Bajaj Finance, Tata Motors, Adani Enterprises, NTPC में रहेगी हलचल, इंट्राडे में रखें नजर

अमेरिकी बाजार बढ़त पर बंद हुए

शुक्रवार को प्रमुख अमतेरिकी बाजार बढ़त पर बंद हुए थे. बेहतर कॉरपोरेट अर्निंग और इकोनॉमिक रिकवरी के संकेतों के चलते सेंटीमेंट बेहतर हुआ. शुक्रवार को Dow Jones में 28.67 अंकों या 0.08 फीसदी की तेजी रही और यह 33,978.08 के लेवल पर बंद हुआ. S&P 500 इंडेक्‍स 10.13 अंक बढ़कर 4,070.56 के लेवल पर बंद हुआ. जबकि Nasdaq Composite में 109.30 अंकों की बढ़त रही और यह 11,621.71 के लेवल पर बंद हुआ.

Adani Enterprises FPO को कैसा मिल रहा रिस्‍पॉन्स, अडानी ग्रुप के शेयरों में बिकवाली से क्‍या डर गए निवेशक?

FII और DII डाटा

शुक्रवार यानी 27 जनवरी के कारोबार में फॉरेन इंस्‍टीट्यूशनल इन्‍वेस्‍टर्स (FII) नेट बायर्स रहे. NSE पर उपलब्‍ध प्रोविजनल डाटा के अनुसार 27 जनवरी को FII ने बाजार से 5977.86 करोड़ रुपये के शेयर खरीदे. वहीं इस दौरान डोमेस्टिक इंस्‍टीट्यूशनल इन्‍वेस्‍टर्स (DII) नेट बायर्स रहे. उन्‍होंने 27 जनवरी को 4252.33 करोड़ के शेयर खरीदे.

F&O बैन में ये स्‍टॉक

आज यानी 30 जनवरी 2022 को 1 शेयर F&O बैन में हैं. एनएसई ने इस कैटेगिरी में आज Ambuja Cements को शामिल किया है. जिस कंपनी का डेरिवेटिव कांट्रैक्‍ट मार्केट वाइड पोजिशन लिमिट का 95 फीसदी पार कर जाता है, उनके शेयरों को F&O में रखा जाता है.

एशियाई बाजारों में मिक्‍स्‍ड ट्रेंड

आज के कारोबार में प्रमुख एशियाई बाजारों में मिक्‍स्‍ड ट्रेंड दिख रहा है. SGX Nifty में मामूली 0.03 फीसदी की गिरावट है तो निक्‍केई 225 में 0.16 फीसदी बढ़त है. स्‍ट्रेट टाइम्‍स में 0.10 फीसदी और हैंगसेंग में 1.26 फीसदी की कमजोरी देखने को मिल रही है. ताइवान वेटेड में 2.92 फीसदी बढ़त है तो कोस्‍पी में 1.24 फीसदी गिरावट है. हालांकि शंघाई कंपोजिट 0.71 फीसदी मजबूत हुआ है.

ब्रेंट क्रूड 87 डॉलर पर

ब्रेंट क्रूड में हल्‍की गिरावट देखने को मिल रही है. क्रूड इंटरनेशनल मार्केट में 87 डॉलर प्रति बैरल पर है. अमेरिकी क्रूड भी 80 डॉलर के नीचे है. यूएस में 10 साल की बॉन्‍ड यील्‍ड 3.516 फीसदी पर है.

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Originally Appeared Here

The so-called “Yellowstone effect” — a cultural phenomenon stemming from the popularity of the television drama “Yellowstone” — has trickled into fashion, making Western wear like cowboy hats and boots increasingly popular across the U.S.

According to one executive, that trend will last for at least the next few years.

Western wear is “going to briefly take over the world,” J Rogers Kniffen World Wide Enterprises CEO Jan Rogers Kniffen told Yahoo Finance Live (video above). “Why is it going to take over the world? It’s courtesy of Paramount. Paramount+ basically came out with ‘Yellowstone’ and ‘1883,’ which was the spinoff, the prequel to ‘Yellowstone,’ and ‘1923,’ which is another prequel to ‘Yellowstone.’ And they’re the most popular things on television.”

Western wear is back in style, largely due to the popularity of the television show “Yellowstone.” (Photo: Paramount Network)

Yellowstone’s popularity boomed this fall as the Paramount Network (PARA) show launched its fifth season. With 9.41 million viewers, Yellowstone’s Season 5 premiere finished fourth in network television viewership for the week of Nov. 7-13, only trailing NFL football. And the craze around the show has led to an increasing number of people looking to emulate the style of the show’s featured family — the Duttons — and their cowboy ranch.

“Everybody wants to be Beth Dutton,” Kniffen said, referring to one of the show’s main characters. “Everybody wants to meet Beth Dutton in a bar. And everybody wants John Dutton to be their dad. And that’s going to cause Western wear to be great.”

The show has not only led to a tourism boom in Montana but also a rise in wealthy individuals seeking to own land in the state. According to Kniffen, it could also help boost some public companies over the next several quarters.

Retailers like Boot Barn (BOOT), Levi Stauss (LEVI), Wrangler (KTB), and even Tractor Supply (TSCO), which sells Carhartt clothing, all stand to benefit from the Western wear trend, he added, particularly because people who don’t typically wear the style are now trying it out.

Story continues

“People like me, who have always worn it, are wearing more of it,” Kniffen said. “And even fashion videos and things are featuring Western wear. … [But] it’s not just Western — it’s also outdoor looks. And we’re seeing that take over. And if you haven’t been invited to a denim and diamonds party, you will be. And you’ll have to wear boots and a Western look. And that’s just where we’re going right now.”

—

Josh is a reporter and producer for Yahoo Finance.

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app for Apple or Android

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Originally Appeared Here

One of the oldest financial adages in the book is that it “takes money to make money.” Aside from selling your own labor, that’s true, and the stock market is arguably the most lucrative and time-tested arena for everyday investors to put their money to work.

Of course, the most surefire way to take advantage of Wall Street gains is to buy and hold passive, low-cost stock market mutual funds and exchange-traded funds, or ETFs, that track a prominent index like the S&P 500. While this approach works best for most people, there are two downsides: First, you can never outperform the index you’re tracking. Second, it’s a bit boring.

So let’s say you’ve decided to take the plunge into picking individual stocks. If you’ve never done it before, it can be a bit daunting to jump right in and deploy your hard-earned capital. This is where “paper trading” comes in handy.

What Is Paper Trading?

Instead of buying stocks with real money, the act of paper trading simply means that you game out your investing strategy with fake money and track your results. This allows you to test the success of your ideas before ultimately putting real capital behind your convictions.

While paper trading is arguably most useful for short-term day traders looking to test a rules-based strategy, it can also benefit the cautious would-be buy-and-hold investor.

Here are five of the best paper trading sites and stock market simulators:

• MarketWatch
• Investopedia
• Finviz
• Thinkorswim by TD Ameritrade
• eToro

MarketWatch

Dubbed the “virtual stock exchange,” this paper trading platform is hosted on financial news site MarketWatch. Heavily used by individual investors, beginners and students competing with one another in a classroom setting, there were more than 40,000 active “games” at the time of this writing.

The virtual stock exchange allows users to create or join a game in which you can compete against others to produce the best returns with your imaginary money. Looking to paper trade in private? No problem – just create a private game and track your own hypothetical trades without fear of judgment.

MarketWatch offers the choice to invest in more than 5,000 public companies across the Nasdaq, NYSE and NYSE American exchanges, as well as many over-the-counter pink sheet picks. You can choose to start with any sum of fake money you like, up to a maximum of $10 million.

Other features include the ability to set a commission fee for each trade, the ability to short sell, margin trading (and a customizable interest rate charged for trading on margin), as well as limit, stop-loss and partial shares, or fractional, trading.

This paper trading site should have most of what the average investor would want or need, although there are some minor drawbacks. Options trading isn’t allowed, and the end date for the game you devise can’t be more than a year in the future. And for those looking to pull one over on their fellow competitors, there appears to be a minor glitch in which reverse stock splits can erroneously multiply the value of your portfolio overnight.

Investopedia

Another financial news and analysis site, Investopedia, also offers a free stock market simulator in the same vein as MarketWatch’s. On top of the ability to trade stocks, Investopedia offers several additional features that MarketWatch doesn’t.

In addition to stocks and ETFs, users can freely paper trade stock options, which adds another layer of complexity for anyone looking to explore what selling covered calls or testing options strategies like protective collars or iron butterflies might look like in real life.

A nice perk of Investopedia’s interface is the “learn” tab of the simulator, where you can learn all about stocks themselves, trading basics, how to research stocks, portfolio management and options basics and strategies.

Aside from the options capability and easy-to-digest educational materials, Investopedia also differentiates itself through its cryptocurrency simulator. Like the real crypto market, it’s open for paper trading 24/7. The crypto simulator is separate from Investopedia’s main stock and options simulator, and is also free of charge once you’ve created a login.

Finviz

Financial visualization site Finviz, which also boasts news links and a daily view of the market’s top performers and most actively traded names, also offers a way for folks to seamlessly track the performance of their picks without putting real money up.

Like previous names on this list, Finviz’s portfolio-tracking capabilities don’t cost a penny as long as you create a free account. While not marketed as a stock simulator or paper trading tool, Finviz’s “portfolio” capability allows you to create a virtual portfolio that can contain as many as 50 different symbols in customized allocations. You can also build dozens of different hypothetical portfolios for free, allowing users to create portfolios based on various themes.

One neat feature is the ability to use Finviz’s stock screener to produce a list of stocks fitting certain criteria, then automatically create a portfolio of those stocks and track its performance over time.

While users can play with how selling a stock short would play out, Finviz doesn’t allow users to see what the true experience would be like, which involves paying margin interest and the potential for receiving a dreaded margin call if your bearish bet moves against you.

There are some quirks and limitations within Finviz’s paper trading features – stock splits and spinoffs are incorrectly accounted for, for example – but for a back-of-the-napkin look at how your trading strategies might play out, Finviz does just fine.

Thinkorswim by TD Ameritrade

Perhaps you want to take it a step further beyond merely creating watchlists or fake portfolios. Maybe you also want to simultaneously familiarize yourself with the layout and features of an online brokerage, and emulate exactly what trading securities with real money would look and feel like.

Thinkorswim is a highly acclaimed online trading software offered by TD Ameritrade. If you’re an existing customer, you should already have access to the paper trading feature, appropriately dubbed paperMoney. But even if you don’t have an account, you can sign up for free access to this feature alone. In doing so, you’ll get a firsthand look at some of the charting, screening and other tools that make thinkorswim one of the most highly regarded trading platforms for intermediate and sophisticated investors.

Here you’ll get access to paper trading stocks, ETFs, options, futures and foreign exchange markets, all within the heralded thinkorswim interface itself, which offers tons of education, charting and analysis tools.

There’s a touch of a learning curve with the platform for newer or less-advanced traders, but for anyone looking to seriously paper trade and get a sense of how it would look within the confines of a real online brokerage, paperMoney by thinkorswim is an excellent option.

As part of Charles Schwab Corp.’s (ticker: SCHW) 2020 acquisition of TD Ameritrade, thinkorswim is expected to migrate to Schwab sometime this year.

eToro

Online broker eToro also does a fine job of offering a paper trading experience to users. While its simulator is free, users will have to divulge a bit of personal information in order to paper trade stocks, although no such requirement is in place to paper trade cryptocurrencies.

With a much simpler and more intuitive interface than thinkorswim, eToro is a nice option for a beginner investor looking to experiment with the feel of different online brokerages and trading strategies while not risking a sensory overload from a collage of complex tools.

Those with an interest in crypto might favor eToro, and its CopyTrader feature lets users mimic the trades of certain traders on the platform, whose past performance and risk profile you can examine as well. As with other crypto-focused simulated trading tools, eToro allows paper trading of digital assets at all hours of the day and night – not just when Wall Street’s open for business.

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Originally Appeared Here

PRESS RELEASE

Published January 27, 2023

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WRITTEN BY

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Originally Appeared Here

With so much focus on Elon Musk’s acquisition of Twitter, investors have raised concerns over the strategy and management of Tesla Motors and Space X.

Today’s Tesla financial report for 2022-Q4 (October, November, and December) are one-way Musk can deny that his purchase of Twitter is impacting his other business… at least at first glance.

High Level Results

• Topline: $13.7 billion GAAP operating in 2022; $3.9 billion in Q4
• Operating cash flow of $14.7 billion
• Tesla breaks record for number of cars delivered in 2022: 1.31 million

“In the last quarter, we achieved the highest-ever quarterly revenue, operating income, and net income in our history,” reads the company’s report.

Telsa’s increased production capabilities helped them to deliver 1.3 million vehicles, more than any other year.

This record-breaking quarter formed part of a record-breaking year with total revenue increasing fifty-one percent and net income doubling to $12.6 billion.

How have investors responded to the results?

Investors have responded with cautious optimism to the news. Tesla’s stock price has moved up 0.38 percent today, adding onto a sixteen percent increase seen over the last five days. Nevertheless, the news has not managed to lift the stock price anywhere close to the levels seen at this time last year; over the last twelve months, Tesla’s stock has fallen by over fifty percent.

Additionally, some shareholders have voiced frustration with Musk’s demeanor on Twitter, which they believe could offend potential Tesla customers —who tend to be on the more liberal side of the political spectrum. Concerns over canceled orders did not materialize as a cost to the firm’s bottom line last quarter, but the risk remains.

Safety concerns with Tesla’s self-driving software could hurt its bottom line

The report also mentions the rollout of Telsa’s Autopilot and Full Self-Driving (FSD) software. FSD is now available for purchase, and all customers interested based in the United States and Canada can access it. Musk has emphasized that FSD will be critical to the profitability of Tesla in the coming years as they compete with traditional automakers who are moving to the electrical vehicle market.

Whether or not FSD is helping or hurting the business remains to be seen. Videos of crashes involving the software have raised many concerns that the rollout may have happened too quickly.

None of Tesla’s models were given a five-star safety rating by the Department of Transportation this year.

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Originally Appeared Here

The U.S. government has hit the debt ceiling, which means within a few months it won’t be able to pay its bills unless Congress votes to raise the debt limit. The U.S. Treasury can keep everything afloat for only a short time before the government defaults, which could spell disaster on a national and global scale. The clock just restarted for Congress to take action.

So, what is the debt ceiling anyway? And why should you care?

The debt ceiling, also known as the debt limit, is the total amount of money the United States government can borrow so it can meet its legal obligations. Those obligations include funding for things like Social Security, Medicare, military salaries, interest on the national debt and tax refunds.

The United States hit its debt ceiling on Jan. 19. 

When the government hits the debt ceiling, it risks eventual default, which would kick off a financial crisis. To avoid a debt ceiling crisis, Congress can raise or suspend the debt limit; the limit has been modified 20 times since 2002.

How high is the debt ceiling?

The U.S. debt ceiling was last increased to $31.4 trillion on Dec. 16, 2021. 

The last time the U.S. hit the debt ceiling was in 2011, and it resulted in a standoff between Democrats and Republicans, which led to chaos in the markets. Default was narrowly avoided by a midnight deal to raise the limit, but the ripple effects on the economy lasted for months.  

What’s happening with the debt ceiling now

In order to prevent the United States from defaulting, the Department of the Treasury is implementing “extraordinary measures” that, for now, primarily impact retirement funds. These measures include:  

1. Redeeming existing and suspending any new investments of retirement funds for government employees, including the Civil Service Retirement and Disability Fund, or CSRDF, and the Postal Service Retiree Health Benefits Fund, or Postal Fund. 

2. Suspending reinvestment in the Government Securities Investment Fund of the Federal Employees Retirement System Thrift Savings Plan, or G Fund. 

In a Jan. 13 letter, Treasury Secretary Janet Yellen called on Congress to increase or suspend the debt limit. She wrote that the Treasury estimates the government will run out of money and default by June.

Congress usually agrees that raising the debt limit, and thereby repaying the government’s debts, is necessary, and routinely votes for it, as they last did in 2021. However, this time it won’t be so easy. 

Republicans are reportedly demanding cuts to future spending in exchange for increasing the debt ceiling. House Speaker Kevin McCarthy, R-Calif., has asked for discussions to begin. Again, negotiating in order to raise the debt ceiling is unusual. And Democrats aren’t budging on their call to raise the debt ceiling sans strings. On Jan. 18, White House Press Secretary Karine Jean-Pierre said at a press conference, “We have been very, very clear about that. We are not going to be negotiating over the debt ceiling.”

What would happen if the U.S. defaulted on debt?

If the default lasts for weeks or more, rather than days, it could trigger a fire-and-brimstone, Armageddon-level financial crisis for the U.S. and global economies.  

A report from the White House Council of Economic Advisors in October 2021 warned of the possible effects of the U.S. defaulting, which include a worldwide recession, worldwide frozen credit markets, plunging stock markets and mass worldwide layoffs. The real gross domestic product, or GDP, could also fall to levels not seen since the Great Recession. 

The U.S. has only defaulted once, in 1979, and it was an unintentional snafu — the result of a technical check-processing glitch that delayed payments to certain U.S. Treasury bond holders. The whole affair affected only a few investors and was remedied within weeks.

But the 1979 default was not intentional. And from the point of view of the global markets, there’s a world of difference between a short-lived administrative snag and a full-blown default as a result of Congress failing to raise the debt limit.

A default could happen in two stages. First, the government might delay payments to Social Security recipients and federal employees. Next, the government would be unable to service its debt or pay interest to its bondholders. U.S. debt is sold to investors as bonds and securities to private investors, corporations or other governments. Just the threat of default would cause market upheaval: A big drop in demand for U.S. debt as its credit rating is downgraded and sold, followed by a spike in interest rates. The U.S. government would need to promise higher interest payments to justify the increased risk of buying and holding its debt.

Here’s what else you can expect to see if the U.S. defaults on its debt. 

A sell-off of U.S. debt 

A default could provoke a sell-off in debt issued by the U.S. government, considered among the safest and most stable securities in the world. Such a sell-off of U.S. Treasurys would have far-reaching repercussions.

Money market funds could sell out 

Money market funds are low-risk, liquid mutual funds that invest in short-term, high-credit quality debt, such as U.S. Treasury bills. Conservative investors use these funds as they typically shield against volatility and are less susceptible to changes in interest rates. 

In the past, investors have sold out of money market funds when the U.S. ran up against debt ceiling limits and signaled potential government default. Yields on shorter-term T-bills go up because they are impacted more compared with longer-term bonds, which give investors more time for markets to calm down. 

Federal benefits would be suspended

In the event of a default, federal benefits would be delayed or suspended entirely. Those include:

Social Security; Medicare and Medicaid; Supplemental Nutrition Assistance Program, or SNAP, benefits; housing assistance; and assistance for veterans. 

Stock markets would roil

A default would likely trigger a downgrade of the United States’ credit rating — the S&P downgraded the nation’s credit rating only once before, in 2011 when it was approaching default. The default combined with the downgraded credit rating would in turn cause the markets to tank, the White House’s Council of Economic Advisors said in 2021.

If current debt ceiling talks continue for too long, the markets are likely to become more volatile than they already are.

Interest rates would increase

As debt ceiling negotiations linger, Americans could see rates increase on consumer lending products, including credit cards and variable rate student loans. 

Credit lenders may have less capital to lend or may tighten their standards, which would make it more difficult to get credit. 

Depending on the timing of a default and how long the effects are felt, rates could increase on new fixed auto loans, federal or private student loans and personal loans.

Tax refunds could be delayed

If the debt ceiling isn’t raised, it could take more time for tax filers to receive their refunds — usually within 21 days of filing. If the government defaults, those who file late run a risk of not receiving their refund.  

Housing rates would increase 

A debt ceiling crisis won’t impact those with fixed-rate mortgages or fixed-rate home equity lines of credit, or HELOCs. But adjustable-rate mortgage, or ARM, holders may see rates rise even further than they already have — more than four percentage points on rate indexes since spring 2022. Those in the fixed period of their ARM can expect to see rates rise when reaching their first adjustment.

If the government defaults, rates on new mortgages would probably rise, but it’s unclear in which direction variable-rate HELOCs would move.

What’s the difference between the debt ceiling and the national debt? 

The debt ceiling and the national debt aren’t the same, but they relate to one another. The debt ceiling is the total the government is allowed to borrow before it defaults. The national debt — $31.41 trillion as of Jan. 19 — is the total amount of outstanding money that is currently borrowed by the federal government, plus interest. Refusing to vote to lift the debt ceiling would not bring down the national debt — it would mean the government cannot repay the debt it already has.  

Here’s how the national debt works: When spending surpasses revenue in a fiscal year, the government runs a budget deficit. In order to pay the deficit, the federal government borrows money by selling what are known as marketable securities, such as Treasury bonds, bills, notes, floating rate notes and Treasury inflation-protected securities, or TIPS. The total debt includes both the amount borrowed plus the interest that it promises to those who lent money by purchasing those marketable securities. 

Holden Lewis and Kate Wood contributed to this story.

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When Rob Rooney stepped down as chief executive of Morgan Stanley’s international business in 2018, a note went out to staff saying he was relocating from London after more than two decades to take up a new senior role in the US.

“A memo came out that said I’d moved to New York, but my wife didn’t get that memo,” Rooney tells Financial News on a trip to the US to see family. “I became a very regular commuter.”

He is still splitting his time between the two cities, despite leaving a full-time role at the bank in 2022.

But he is now embarking on a new career, having signed up to fintech firm HyperJar as chief executive on 18 January, just three months after joining its board as a non-executive director in November.

It is difficult to extrapolate this Morgan Stanley lifer from the Wall Street giant, which he regularly refers to as “we”. He was a 32-year veteran of the bank, joining it straight after graduating from Columbia University in 1989. He was even once seen as a potential contender to succeed chief executive, James Gorman, who has been at the helm since 2009 and is among the longest-serving CEOs of a big US bank.

READ Ex-Morgan Stanley exec Rob Rooney signs up to fintech firm HyperJar as CEO

But Morgan Stanley shook up its senior ranks in 2021, essentially lining up four possible replacements for when Gorman eventually steps down. None of them was Rooney.

Rooney says it would be “disingenuous” to say that it wouldn’t have been a “great honour” eventually to take the top job at Morgan Stanley. But he says the experiences he gained there will help launch his new career outside banking.

During his time at Morgan Stanley, Rooney was given some real ‘fixer’ roles for businesses facing big challenges. When he took over as global co-head of fixed income in 2013, the trading units were still weighing down large investment banks in the wake of the 2008 financial crisis. Banks avoided overhauling their businesses, expecting a rebound in activity, but eventually had to make big cuts years later.

“Our fixed income business went into the crisis way too big, way too derivatives heavy,” he says. “My partners and I were responsible for really aggressively restructuring that into a much smaller, lighter, more appropriate business for the future.”

In 2015, Morgan Stanley cut around a quarter of its staff, a decisive action that won it praise — in contrast to  rival Goldman Sachs, which stayed the course and faced flack from investors for years. In 2020, Morgan Stanley started to rebuild the business again as the pandemic started a wave of market volatility.

Soon after he took the helm of its international operations in 2016, Rooney was handed responsibility for setting Morgan Stanley’s Brexit strategy, after Leave voters unexpectedly voted to exit the bloc in the referendum. He says it was like “unravelling a huge bowl of spaghetti”.

“Frankly, everybody was surprised, including the Europeans,” he says. “There was no aspect of the European financial infrastructure or financial regulatory environment that was ready for all of these big financial institutions and big balance sheets in London to move there.”

Since the UK formally left the EU in 2020, financial services firms have moved £1.3tn of assets away from London, according to EY, as well as 7,000 people — a number smaller than many predicted. Rooney says the biggest hurdle was persuading people to leave the City.

“People had lived almost a generation in London, covering clients in Italy, Spain, France, the Nordics or wherever. Suddenly, we said: ‘You guys have to go home now.’ They said: ‘But we are home.’”

Morgan Stanley’s Brexit strategy was done and dusted by 2018, after which Gorman turned to Rooney for another key role — overseeing the firm’s technology, operations and firm-wide resiliency from New York. Banks are huge consumers of technology and for a time, Rooney was focused on initiatives such as attracting talent and rolling out Microsoft’s cloud computing software.

READ Wall Street bank CEOs slam working from home: ‘This is not an employee choice’

But then Covid hit and he was faced with the daunting task of getting nearly 75,000 office-based staff working from home in the space of three weeks — a job Rooney says was “24/7”.

“People were sick. People have family members that are sick,” he says. “We didn’t really understand the pandemic and everyone was really scared. There was tragedy everywhere and you had to manage the human side of it enormously.”

Rooney was instrumental in setting up the bank’s ‘distinguished engineer’ title — a designation for talented technologists who mentor up-and-coming talent. Importantly, this helps retain staff in a fiercely competitive job market.

The world’s largest investment banks spend tens of billions of dollars on technology every year and compete with tech giants such as Google and Facebook for talent.

Lloyd Blankfein, Goldman Sachs’ former chief executive, famously described the Wall Street bank as a “technology firm”, with around a third of its employees in technology jobs.

Rooney says that if technologists want to work in a “big, senior, cool tech job” in London or New York, then a big bank is their obvious choice.

But he adds: “One of the reasons you never heard Morgan Stanley say ‘We’re a tech company’ is because it was always my position that Morgan Stanley is a global investment bank, a global wealth manager and a global investment manager. That’s why we’re building the tech. The day we forget that is the day we lose.”

CV

Born
1967

Education
1989

BA, Maths & History, Columbia University

Career

2023-present

CEO, HyperJar

2022-present

Board member, HyperJar

2022-23

Senior advisor, technology and innovation, Morgan Stanley

2017-22

Global head of technology, operations and firm resilience, Morgan Stanley

2016-18

CEO, Morgan Stanley International

2013-22

Member, firm-wide operating committee, Morgan Stanley

2010-15

European then co-global head of fixed income, Morgan Stanley

2010-18

Board director, Morgan Stanley International

2001-09

MD, Emea, fixed income, equities & capital markets,  Morgan Stanley

1990-2000

Various roles in securitised assets and credit trading, Morgan Stanley

To contact the author of this story with feedback or news, email Paul Clarke

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The need to raise the debt ceiling is a bipartisan problem

Senator Dick Durbin told CNN’s ‘State of the Union’ anchor Dana Bash on Sunday that President Biden should “absolutely not” negotiate with Republicans on raising the debt. 

“Those who are posing for holy pictures as budget balances, the MAGA Republicans, should note one important fact,” he said. “Almost 25 percent of all of the national debt accumulated over the history of the United States, 230 years, was accumulated during the four years of Donald Trump.”

While technically true, the majority of the ballooning US debt has happened over the past two decades under both Republican and Democratic administrations. The US debt stood at roughly $5.8 trillion in 2001, by the time Obama came to office it had doubled, giving GW Bush 18.4% share. Eight years later it nearly doubled again to just shy of $20 trillion, giving Obama almost 29.7%.

Under Trump it jumped another $7.8 trillion, 24.8%, thanks to Republican tax cuts and bipartisan measures to alleviate the fallout from the covid-19 pandemic. So far, in the two years of Biden’s term the national debt has risen over $3.6 trillion, or an 11.7% share of the overall amount over the history of the United States.

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The host of Mad Money, Jim Cramer, has thanked Securities and Exchange Commission (SEC) Chairman Gary Gensler for standing up to the “crypto bullies” who want the regulator to approve a spot bitcoin exchange-traded fund (ETF). Cramer has repeatedly warned about the SEC cracking down on uncompliant crypto firms, urging investors to get out of the asset class now.

Jim Cramer Praises SEC Chairman Gary Gensler

The host of CNBC’s Mad Money show, Jim Cramer, has thanked the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, for not approving a spot bitcoin exchange-traded fund (ETF). Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.

The Mad Money host tweeted Friday:

Thank you, SEC Chief Gary Gensler for standing up to the crypto bullies who wanted an ETF. They could have been blown to kingdom come by Genesis Global, now filing for bankruptcy.

Crypto lender Genesis Global Capital LLC is part of a subsidiary of venture capital firm Digital Currency Group (DCG). Genesis filed for bankruptcy following an SEC lawsuit alleging that the company and crypto exchange Gemini offered and sold unregistered securities to retail investors through the Gemini Earn crypto asset lending program.

Another DCG subsidiary is digital asset manager Grayscale Investments, which has been trying to convert its flagship Bitcoin Trust (GBTC) into a spot bitcoin ETF. However, the securities watchdog has not approved the company’s filing. In June last year, Grayscale filed a lawsuit against the SEC challenging the regulator’s decision to reject its bitcoin ETF application.

In addition, Bloomberg reported earlier this month that the U.S. Department of Justice (DOJ)’s Eastern District of New York and the SEC are investigating internal transfers between Genesis and DCG.

Many People Disagree With Cramer

Many bitcoin proponents on Twitter disagreed with the Mad Money host. Lawyer John Deaton wrote: “So anyone who favored a spot BTC ETF is a bully? Cramer believes people were protected by Gary Gensler NOT granting a spot ETF, even though BTC futures and short ETFs exist. These companies didn’t get in trouble because of bitcoin.” ETF Store President Nate Geraci opined:

I would argue exact opposite… SEC failing to approve spot ETF led to rise of GBTC arbitrage trade (where large accredited investors took advantage of retail). Meaningful portion of Genesis solvency issues stem from lending to 3AC, etc to execute that arbitrage trade (which blew up).

Cramer has repeatedly warned about the SEC doing a “roundup” of uncompliant crypto firms, advising investors to get out of crypto now. “I wouldn’t touch crypto in a million years,” the Mad Money host stressed. He often cited John Reed Stark, SEC’s former head of internet enforcement, who recently said a “regulatory onslaught is just beginning.” Following the SEC lawsuit against Gemini and Genesis, Cramer tweeted: “Here comes the crackdown: Genesis and Gemini are first. We have had a fabulous short squeeze run. Ka-ching. Ka-ching.”

SEC Slammed for Enforcement-Centric Approach

While Cramer appreciated Gensler and the SEC, many people have criticized the SEC chairman for focusing on enforcement and not taking action to prevent the FTX catastrophe after several meetings with former FTX CEO Sam Bankman-Fried (SBF).

Congressman Tom Emmer (R-MN) commented on Twitter last week after the SEC announced charges against Gemini and Genesis: “Gary Gensler is once again late to the game, ‘protecting’ no one. Quite clear that his political ‘regulation through enforcement’ strategy hurts everyday Americans.” In a follow-up tweet, the lawmaker wrote:

Gary Gensler, when can we expect proactive guidance instead of leaving the industry to interpret the rules of the road through your after-the-fact enforcement actions?

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What do you think about Jim Cramer thanking SEC Chairman Gary Gensler? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Kelowna-Lake Country MP Tracy Gray

As your representative (in Parliament) for Kelowna-Lake Country, it’s important to me to hear the day-to-day concerns of residents so I can bring them to Ottawa.

I do this by meeting with residents and organizations, attending local events, activities and celebrations, and by dropping in on small businesses.

I’ve heard that with the ringing in of the new year, many people are feeling anxious about 2023. It’s easy to understand why, with many significant organizations providing less than favourable forecasts for the year.

The Office of the Superintendent of Bankruptcy found both business and personal insolvencies are on the rise, with business insolvencies in Canada 58.3% higher in November 2022 than in November 2021. It was reported insolvency experts have seen the same trend in the Okanagan.

The Bank of Canada increased interest rates a record seven times in 2022. That, of course, hit families with mortgages and the timeline of when it will be felt hardest will depend on individuals personal situations.

Small businesses, still carrying extra debt from the pandemic, are now also running against the rise in interest rates as well as continued increases in other costs due to inflation. The Canadian Federation of Independent business (CFIB) reported the average small business took on $150,000 in new debt during the pandemic and many do not have sales back to pre-pandemic levels.

People have also been hit with higher food, fuel, home heating and housing costs, making it hard to pay for these basic necessities. Department of Natural Resources research found more than one in five Canadians indicated heating costs as a significant financial burden.

A Toronto-based food bank, Second Harvest, polled more than 1,300 Canadian charities on their outlooks for 2023 where they predicted a 60% increase in food bank usage.

An increase of that size would come on top of what our own Central Okanagan Food Bank reported was a 30% increase in use in 2022. The Mississauga Food Bank CEO said people have come in there asking about accessing Medical Assistance in Dying (MAID) – not because of illness, but because they couldn’t afford to live. It’s heartbreaking to hear this feeling of hopelessness in Canada.

Recent opinion research in Maru Public Opinion’s monthly household outlook index found more than one in four Canadians felt their financial position deteriorated in the last month. Canada’s record-high inflation continues to squeeze budgets and paycheques.

While federal ministers continue to argue inflation is not home-grown in any way, the last two governors of the Bank of Canada, Tiff Macklem and Mark Carney, both said the government’s increased spending over the past few years contributed to Canada’s inflation rate.

Former finance minister, Bill Morneau, recently revealed that when he presented the prime minister with a pandemic spending plan crafted by the experts at the Department of Finance, he found his proposal ignored in favour of far larger spending targets.

“Calculations and recommendations from the Ministry of Finance were basically disregarded in favour of winning a popularity contest,” said Morneau.

We now know the cost of that popularity contest with the independent Auditor General of Canada reporting billions in taxpayer-funded pandemic relief went to ineligible recipients, including for large profitable corporations.

I’ll press the government to rein in its discretionary spending and focus on delivering core government services that Canadians expect and deserve.

I’ll also advocate for much-needed tax relief on gas, groceries, heating and paycheques. People are struggling and looking for hope and I’ll stand up on these important issues.

If you need assistance with programs or have any thoughts to share, feel free to reach out, at 250-470-5075 or at [email protected].

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.

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