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Charles Schwab Corporation Common Stock SCHW shares are trading lower by 6.41% to $54.17 during Friday's session. Shares of several companies in the broader financial industryare trading lower on continued downward momentum in the sector amid volatility and stability concerns following multiple bank failures.

What's The Latest On Bank Stocks?

SVB Financial Grouphasfiled a voluntary petitionfor a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court for the Southern District of New York to preserve value.

SVB Securities, SVB Capital's funds, and general partner entities are not included in the Chapter 11 filing. These businesses will continue to operate normally as SVB Financial Group proceeds with its previously announced exploration of strategic alternatives announced on Monday but did not disclosebankruptcy as one of the potential options…Read More

According to data fromBenzinga Pro, SCHWhas a 52-week high of $93.16 and a 52-week low of $45.00.

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Entertainment

Sally Rooney tells court new books may not be published in UK due to Palestine Action ban

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Sally Rooney tells court new books may not be published in UK due to Palestine Action ban

Irish author Sally Rooney has told the High Court she may not be able to publish new books in the UK, and may have to withdraw previous titles from sale, because of the ban on Palestine Action.

The group’s co-founder Huda Ammori is taking legal action against the Home Office over the decision to proscribe Palestine Action under anti-terror laws in July.

The ban made being a member of, or supporting, Palestine Action a criminal offence punishable by up to 14 years in prison.

Rooney was in August warned that she risked committing a terrorist offence after saying she would donate earnings from her books, and the TV adaptations of Normal People and Conversations With Friends, to support Palestine Action.

In a witness statement made public on Thursday, Rooney said the producer of the BBC dramas said they had been advised that they could not send money to her agent if the funds could be used to fund the group, as that would be a crime under anti-terror laws.

Rooney added that it was “unclear” whether any UK company can pay her, stating that if she is prevented from profiting from her work, her income would be “enormously restricted”.

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Why was Palestine Action proscribed?

She added: “If I were to write another screenplay, television show or similar creative work, I would not be able to have it produced or distributed by a company based in England and Wales without, expressly or tacitly, accepting that I would not be paid.”

Rooney described how the publication of her books is based on royalties on sales, and that non-payment of royalties would mean she can terminate her contract.

“If, therefore, Faber and Faber Limited are legally prohibited from paying me the royalties I am owed, my existing works may have to be withdrawn from sale and would therefore no longer be available to readers in the UK,” Rooney added, saying this would be “a truly extreme incursion by the state into the realm of artistic expression”.

Rooney added that it is “almost certain” that she cannot publish or produce new work in the UK while the Palestine Action ban remains in force.

She said: “If Palestine Action is still proscribed by the time my next book is due for publication, then that book will be available to readers all over the world and in dozens of languages, but will be unavailable to readers in the United Kingdom simply because no one will be permitted to publish it, unless I am content to give it away for free.”

Sir James Eadie KC, barrister for the Home Office, said in a written submission that the ban’s aim is “stifling organisations concerned in terrorism and for members of the public to face criminal liability for joining or supporting such organisations”.

“That serves to ensure proscribed organisations are deprived of the oxygen of publicity as well as both vocal and financial support,” he continued.

The High Court hearing is due to conclude on 2 December, with a decision expected in writing at a later date.

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Technology

‘Green light’ away from AI trade: Two ETF executives see a key market shift underway

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'Green light' away from AI trade: Two ETF executives see a key market shift underway

ETF Edge on signals of a new market cycle and top ideas for 2026

A key rotation away from artificial intelligence stocks may be underway in the market.

According to Astoria Portfolio Advisors’ John Davi, a broader range of stocks are getting a “green light” because liquidity is returning to the system.

“The Fed cut rates four times last year. They cut rates twice already. They’re going to go again whether its December [or] January,” the firm’s CEO and chief investment officer told CNBC’s “ETF Edge” this week. “Historically whenever the Fed cuts interest rates, usually that’s a turn of a new cycle. Market leadership does tend to change quietly.”

He lists the latest performance in areas ranging from emerging markets to industrials. The iShares MSCI Emerging Markets ETF, which tracks the group, is up 17% over the past six months as of Wednesday’s close. The Industrial Select Sector SPDR Fund is up 9% over the same period.

“I think they can be a good offset to what’s an expensive large cap tech position, which dominates most portfolios,” he added. “We’re living in a structurally higher inflation world. The Fed is cutting rates like, why do you want to take so much risk in just seven stocks?” and

Davi prefers a global balanced approach to investing versus an overweight position in the Magnificent 7 — which is comprised of Apple, Amazon, Meta Platforms, Nvidia, Microsoft, Tesla and Alphabet, which has been trading around all-time highs. The Mag 7 makes up about a third of the S&P 500.

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Sophia Massie, CEO of ETF-issuer LionShares, is also wary of going all-in on the AI trade.

“I think analysts have an idea of how much value AI will add to our economy. I don’t think we really understand how that’s going to play out between different companies yet,” Massie said in the same interview. “So, I have this sense that right now, we’re pricing in this probability that… one company may be the one that dominates, dominates AI and ends up being a big player in the future.”

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World

Horror in Hong Kong: Residents reel from its worst disaster in modern history

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Horror in Hong Kong: Residents reel from its worst disaster in modern history

There is a thickness to the air outside Wang Fuk Court in Hong Kong’s Tai Po district.

The smoke catches in your throat and the emotion catches you off guard.

Seven of the eight tower blocks that make up this complex have been all but blackened. And through the shells that used to be windows, you can only imagine the horror and the panic that must have played out inside, the screams that went unanswered.

More than 30 hours after the blaze began here there was still a sense that it is far from under control. At various points during the day the flames sprung up from different windows, as if the fire has found fresh tinder.

Pockets of fire are still raging
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Pockets of fire are still raging

Thousands of people lived at the complex
Image:
Thousands of people lived at the complex

Debris falls from the buildings periodically, ash still floats in the air.

As of Friday morning here, 94 people are now confirmed to have died.

There is no doubt the community is reeling. Along the surrounding streets hundreds came out to look on in horror, mostly in a stunned sort of silence.

Occasionally the air was pierced with the terrible cries of relatives, who had received the news they were dreading.

But much of the grief was quiet and held close, an arm around the shoulders or a quiet embrace.

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Deadly blaze destroys Hong Kong tower blocks

The community is coming together in their grief, hugging and supporting each other
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The community is coming together in their grief, hugging and supporting each other

Among the survivors is the Lam family, three generations of which had been living in the building for 40 years. They have lost their home and haven’t heard from their neighbours.

“The alarm was all off because of the renovation of the outside. So there is no alarm to let all the people know. Many old people, elderly people, they were all having an afternoon sleep. So nobody knew,” Ms Lam, whose father survived the fire, said.

“Once they know the fire has already burned down everything, and they cannot escape, they were all trapped in the house. This is a disaster, actually.”

Three generations of the Lam family lived in Wang Fuk Court for 40 years
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Three generations of the Lam family lived in Wang Fuk Court for 40 years

Another survivor said: “I feel sadness and hopeless and don’t know what [I’m] going to do. I don’t know. Cannot describe. So sad.”

Hong Kong is one of the world’s most densely populated cities, fire in places like this has a significantly more deadly potential.

And it also means many are displaced. Over 4,500 lived in this complex alone and are in need of emergency shelter.

A woman says she feels sad and hopeless after losing her home in the blaze
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A woman says she feels sad and hopeless after losing her home in the blaze

The government has offered temporary accommodation to many, but the community is filling the gaps.

Armies of volunteers handed out food, water, blankets and clothes, including to those who had opted to sleep on the floor of a nearby shopping area.

One man, who wanted to sleep on the floor close to his home, said he doesn’t feel supported by the government.

One man opted to sleep on the floor close to his burned-down home
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One man opted to sleep on the floor close to his burned-down home

The man said he doesn't feel supported by the government
Image:
The man said he doesn’t feel supported by the government

There is a thin line between grief and anger, and there’s a feeling it’s narrowing here.

Many fingers have pointed towards the construction company running extensive renovations in the complex.

A netted mesh, bamboo scaffolding and polystyrene that may have been used as part of the works have all been cited as potentially speeding the spread.

Three construction bosses have already been arrested.

But there is a sense that distrust of the authorities more broadly runs deep.

“It is very serious and people are starting to feel furious about the construction company and the construction materials,” one woman said.

“There are so many layers of anger among the people. People feel that every party should take responsibility.”

Read more:
At least 83 dead as police make arrests over fire
Almost 280 people missing as blaze engulfs flats

A woman said many were angry about the construction company
Image:
A woman said many were angry about the construction company

Everyone we spoke to wanted to wear a mask to avoid being targeted, with volunteers actively encouraging the masks, and many hinted that the system shoulders its share of responsibility for what happened.

This fire is already the worst disaster in the modern history of Hong Kong; many of the victims are elderly and many will struggle to rebuild.

There will many days of pain to come, but many days of questions too.

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