>>93636 pb
Nancy back to DC
BOXER41 USAF C-40C departed Stansted Airport London east
morning
*west
Japan's MUFG to sell unit of Union Bank to U.S. Bancorp for $7bn
Japanese bank is offloading U.S. retail banking unit.
Japan’s Mitsubishi UFJ Financial Group is selling the retail banking division of its U.S. regional bank MUFG Union Bank to U.S. Bancorp, the largest regional bank in the country, in a deal worth around 800 billion yen ($7.3 billion), Nikkei has learned.
The sale comes as MUFG reviews its business structure amid lower interest rates and increasing costs from bricks-and-mortar operations. Union Bank has been central to MUFG's U.S. operations, along with the Japanese financial group's stake in Morgan Stanley. Under the deal, MUFG is likely to receive cash and U.S. Bancorp shares, as well as entering into a capital alliance with the U.S. bank. The total amount of cash to be received and the value of the shares is expected to reach around 800 billion yen, and MUFG has already informed Japan’s financial watchdog about the move.
Union Bank has about 300 outlets, mainly on the West Coast. It was acquired by the former Bank of Mitsubishi and the former Bank of Tokyo in the 1980s, with the current corporate structure continuing from 1996. Mitsubishi UFJ made Union Bank a wholly owned subsidiary through a takeover bid in 2008 after the global financial crisis. With $133 billion in assets, the bank is the 27th-largest in the U.S. The bank, whose predecessor has a history of more than 150 years, offers full banking functions ranging from housing loans and other services for individuals to corporate loans. MUFG had aimed to make its retail unit in the U.S. another pillar of growth, but it faced difficulties integrating the business. It was also hit by the accelerated shift towards digitalization and a fading need for physical stores.
The business also became less of a priority given the low interest rate environment, which has led to thinner profit margins. Meanwhile, MUFG will keep Union Bank’s business operations for large corporations.
https://asia.nikkei.com/Business/Finance/Japan-s-MUFG-to-sell-unit-of-Union-Bank-to-U.S.-Bancorp-for-7bn
SPAR98 USAF G5 inbound from Brussels Int'l Airport depart and began it's descent to JBA
NICE31 USAF KC-135 tanker over New York for Not AF1 Joe
99-6143 USAFSOC C-32B on descent for Bragg from Eglin depart
Democrats Unveil Stopgap Funding Bill, Debt Ceiling Suspension As Goldman Warns Of Shutdown "Collision Course"
Moments ago House Democrats released the text of a long-awaited stopgap bill (link) that would suspend the U.S. debt ceiling until after the 2022 congressional elections and temporarily fund the government to avert a shutdown after the end of this month. Dems also set up a Tuesday vote on a bill which according to Goldman analysts will set the US on "collision course" to a shutdown as soon as Oct 1.
The proposed debt ceiling suspension - to Dec. 16, 2022 - is needed because the "drop dead date" when the Treasury runs out of accounting measures to stave off a payment default sometime in October...although the exact date is tough to pin due to changing government revenues and outlays.
But, as we have discussed extensively before for reasons the latest WSJ editorial makes abundantly clear, Republicans have vowed to block the measure in the Senate as long as Democrats are pursuing their separate package of tax hikes and spending.
That standoff raises the odds of twin fiscal disasters - a government shutdown and a default - that could have "catastrophic" consequences, in the words of Janet Yellen for the US, for the global economy, but most importantly, for artificially levitated "markets." The proposed stopgap bill would prevent a shutdown of most U.S. federal agencies and keep them operating through Dec. 3. The bill also contains $28.6 billion for recovery from a series of hurricanes and wildfires as well as $6.3 billion to resettle refugees from the U.S. war in Afghanistan. These are included to shame republicans into voting for the bill even though even RINOs such as Mitt Romney have said they would not vote for rising a debt ceiling.
Indeed, as Bloomberg adds, "Republicans in the House and Senate are expected to vote against the bill over the debt ceiling provision. That makes it likely the Senate will have to revise the spending bill, stripping out the debt ceiling language, before the Oct. 1 deadline." And while most expect some amicable resolution after much huffing and puffing, the Democrat gamble with the debt ceiling makes the political endgame remains murky if Senate Republicans continue to block the suspension, and which as Goldman warns has substantially raised the odds of not only a government shutdown but also debt ceiling crisis, something the market is increasingly concerned about as judging by the growing kink in Treasury Bills around the Drop Dead date.
moar
https://www.zerohedge.com/political/democrats-unveil-stopgap-funding-bill-debt-ceiling-suspension-goldman-warns-shutdown
ANON USAF C-5 Galaxy departed NAS North Island after an overnight-inbound from Dover AFB yesterday
Switched to RCH105 shortly after takeoff and heading en
o7
and dis is why it's called amateur hour
NIce unload there (red dot)
https://finance.yahoo.com/quote/%5EDJI