Opening Bell: 4.24.24



Technology/tiktok-ban-congress.html”>‘Thunder Run’: Behind Lawmakers’ Secretive Push to Move the TikTok Invoice [NYT]
For practically a 12 months, lawmakers and a few of their aides labored to jot down a model of the invoice, concealing their efforts to keep away from setting off TikTok’s lobbying would possibly. To bulletproof the invoice from anticipated authorized challenges and persuade unsure lawmakers, the group labored with the Justice Division and White Home…. Their success contrasts with the stumbles by different lawmakers and American officers, beginning in the course of the Trump administration, to deal with nationwide safety considerations about TikTok. They are saying the Chinese language authorities might lean on ByteDance to acquire delicate U.S. person knowledge or affect content material on the app to serve Beijing’s pursuits, together with interfering in American elections.

JPMorgan CEO Dimon Says US Economy Is Booming [Reuters via U.S. News]
The U.S. financial growth is “unbelievable,” Dimon mentioned at an Financial Membership of New York occasion on Tuesday. “Even when we go into recession, the patron’s nonetheless in good condition….”
Dimon hailed U.S. management and financial energy in an annual letter to shareholders earlier this month that invoked “liberty and justice for all.”

Banks rake in billions as prime broking continues to soar [FN]
The highest 12 prime brokers made $20.4bn in 2023, up greater than 25% in a decade, in line with analytics agency Coalition Greenwich…. Goldman Sachs, Morgan Stanley and JPMorgan proceed to dominate a top-heavy house with a 40% market share.

Health/healthcare/the-true-cost-of-megamergers-in-healthcare-higher-prices-5c58e8db”>The True Value of Megamergers in Healthcare: Greater Costs [WSJ]
Such value will increase added $204 million to nationwide Health spending, on common, within the first 12 months after a merger of close by hospitals…. Hospitals say mergers create efficiencies and mix sources to make strategic investments and enhance high quality. Working prices drop by 4%-7% on common at acquired hospitals after a deal, analysis reveals. High quality stays the identical or declines after mergers, research have discovered.

U.S. prosecutors seek 36-month sentence for ex-Binance CEO Changpeng Zhao [CNBC]
Zhao is accused of wilfully failing to implement an efficient anti-money laundering program as required by the Financial institution Secrecy Act, and of successfully permitting Binance to course of transactions involving proceeds of illegal exercise, together with transactions between People and people in sanctions jurisdictions…. Zhao stepped down as Binance’s CEO in November final 12 months after reaching this plea and was changed by the previous Abu Dhabi markets regulator’s chief, Richard Teng.

The Monaco hedge fund boss tied up with an indebted English town [FT]
[Lee] Robinson’s relationship with Warrington is dealing with rising scrutiny from opposition councillors, who’ve struggled to totally perceive the monetary dangers of the council’s dealings with him…. Warrington is a part of a swath of UK native authorities which have ploughed cash into speculative ventures over the previous decade by taking up large money owed in response to extreme centrally imposed funding cuts.



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