Newsletter Jan 18, 2023

3 things you must know

Wall Street banks suffer big Q4 losses amid rate increases
Morgan Stanley and Goldman Sachs reported a plunge in fourth quarter profits on Tuesday, as Wall Street deal-makers handling mergers, acquisitions and initial public offerings faced a sharp drop in business in 2022. Rising interest rates roiled markets last year and global investment banking revenue sank more than 50% from a year-earlier quarter. Banks are looking for a peak in the Federal Reserve's aggressive rate hiking for confidence to return.
WALL STREET SAYS FED FIGHTING OLD WAR ON INFLATION

Fed asks major US banks for climate change risk assessment
The Federal Reserve on Tuesday told the six largest U.S. banks to compile data on how their businesses would be impacted by climate change and the transition to a lower-carbon economy in a pilot effort to ensure financial systems are ready for the threat. The analysis is designed to anticipate the likelihood of losses, loan defaults and other risk assessments due to climate change.
IS THE HIGH PRICE OF GOING GREEN WORTH THE GREEN?

Apple rolls out new products featuring in-house M2 chips
Apple unveiled MacBooks powered by its new and faster M2 Pro and M2 Max chips in a surprise launch on Tuesday, weeks ahead of its usual schedule. The roll-out of the devices using Apple's latest versions of the M2 chip, which it debuted last year, is an outgrowth of the tech giant's decision to use semiconductors designed in-house after 15 years of relying on Intel's technology.
SEE APPLE'S NEW PRODUCTS USING THE NEW M2 CHIP

You Might Like

Markets

DJIA	33,910.85	-1.14%
S&P 500	3,990.97	-0.20%
Nasdaq Composite	11,095.11	0.14%
Japan: Nikkei 225	26,138.68	1.23%
UK: FTSE 100	7,851.03	-0.12%
Crude Oil Futures	80.76	0.72%
Gold Futures	1,911.10	0.06%
Yen	128.25	0.09%
Euro	1.08	0.02%
* As of market close

White House cries foul in document scandal

The White House said Tuesday it would respond in "good faith" to inquiries from lawmakers about the improper storage of classified documents at President Joe Biden's home and former office while accusing Republicans of hypocrisy. Attorney General Merrick Garland has named a special counsel to probe the issue, as he did in the case of former President Donald Trump taking of classified documents to his Florida resort after leaving the White House in January 2021.

WILL THE DOCUMENT SCANDAL HURT BIDEN'S PLANS TO RUN?

Tesla staged video promoting self-driving

A 2016 video that Tesla used to promote its self-driving technology was staged to show capabilities like stopping at a red light and accelerating at a green light that the system did not have, according to testimony by a senior engineer on the Autopilot project. The video was promoted on Twitter by CEO Elon Musk as evidence that "Tesla drives itself." But the Model X was not driving itself with technology Tesla had deployed.

HOW TESLA STAGED THE VIDEO ON AUTOPILOT TECHNOLOGY

Kohberger messaged Idaho murder victim

Bryan Kohberger, the prime suspect in the fatal stabbings of four University of Idaho students, may have tried to interact with one of the victims online before they were murdered. A source said authorities believe an Instagram account belonging to Kohberger sent a direct message to one of the female victims in October 2022. When he did not receive a reply, Kohberger sent several additional messages.

FIND OUT WHAT KOHBERGER SAID IN THE DIRECT MESSAGES

Happy Pooh Day

What author's birthday is Jan. 18, also known as Winnie the Pooh Day?

Tuesday's answer: The record high price for an ounce of gold was set less than a year ago -- $2,074.60 in U.S. dollars -- on March 8, 2022.

IBTimes will always protect your security and privacy. Please read our detailed Privacy Policy. Please do not reply to this email. Click here to adjust your notification preferences or unsubscribe.Â