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Good morning readers. Universal's Oppenheimer stole the show at the Oscars last night, clinching an impressive seven awards, including the coveted best picture. Christopher Nolan's portrayal of J. Robert Oppenheimer's life nabbed accolades for best director, actor, supporting actor, and more. Meanwhile, Disney and Searchlight's Poor Things charmed with four wins, including best actress. Host Jimmy Kimmel infused the night with his trademark humor, poking fun at past Oscar mishaps, including the accidental announcement of “La La Land” as best picture. Memorable moments included a nearly naked John Cena and Emma Stone's second win for best actress. Despite director Greta Gerwig's snub, Barbie scored a win for best original song.

Check out the nights full list of winners here.

Let’s jump into today’s storylines.

In today’s digest:

• The one year anniversary of the SVB collapse

• Headline Hustle: WeGovy approved by FDA to help slash heart disease, Microsoft’s hack by Russain backed-hackers is more serious then we thought, the Body Shop shuts down all US operations

• Trader Joe’s tote bags are a big thing these days

• The Week Ahead: What to Expect

• Pulse Points: What’s Trending

BANKING

It’s been one year since the banking crisis of 2023. We’re still adjusting

In the banking world, March 2023 was not a month to save in the memory bank, but rather one that many wished they could withdraw from entirely.

Silicon Valley Bank, First Republic Bank and Signature Bank all collapsed within weeks of the other sparking widespread concerns over the stability of the financial sector, laying bare the tension-filled dynamics between the banking industry and regulatory bodies.

What happened last year?

The heart of the crisis was traced back to risky investment ventures and a failure in crisis communication, leading to a steep loss of consumer confidence. The aftermath saw the government stepping in, orchestrating bailouts and facilitating acquisitions by larger financial institutions, ensuring that no depositor was left in the dark thanks to federal insurance safeguards.

Regulators have since pointed fingers at both the banking sector's push for leniency in regulations and their own oversight lapses.

• The proposed corrective measures involve the adoption of Basel III accords, mandating that banks strengthen their capital reserves, alongside stricter liquidity frameworks to bolster cash flow management during emergencies.

• Yet, these suggestions have been met with resistance from within the banking community, with claims that such measures could throttle lending capabilities and inadvertently funnel business towards less scrutinized, shadow banking entities.

The chance of future crises remains a possibility, with industry experts like Jamie Dimon of JPMorgan highlighting the ever-present danger of bank runs in the face of rising interest rates and potential economic downturns. This is particularly evident in the commercial real estate sector, where the shift towards remote work has triggered a decline in property values, prompting banks to brace for losses.

Startups are getting the short end of the stick. They continue to face challenges, particularly in accessing low-interest loans. The demise of Silicon Valley Bank (SVB), a key player in venture debt, has left a void in the market, making it tougher for early-stage startups to access venture debt. Despite the challenges, there are signs of recovery in venture debt activity, with a Deloitte report predicting a rebound, especially with the entrance of new competitors.

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IN THE KNOW

Headline Hustle

💉 Novo Nordisk’s WeGovy approved by FDA to help with heart disease. The Food and Drug Administration (FDA) has granted approval for Novo Nordisk's Wegovy, a potent weight loss drug, to be used in reducing the risk of serious cardiovascular issues in adults with obesity and heart disease. This decision could broaden insurance coverage, addressing a significant access barrier for those that can’t afford the high price tag that comes with using the drug. Wegovy's efficacy in reducing heart attack, stroke, and cardiovascular death by 20% was demonstrated in a pivotal trial. Novo Nordisk anticipates EU approval this year.

💻️ Microsoft reveals extensive breach by Russian state-backed hackers. Microsoft disclosed on Friday that Russian state-backed hackers managed to get into its core software systems in a hack initially revealed in January, indicating a more severe intrusion than previously reported. The hackers exploited stolen information from Microsoft’s corporate email to access its source code repositories and internal systems. This breach, linked to a group with a history of Kremlin-supported intelligence activities, follows the 2020 SolarWinds breach targeting US agencies. Despite ongoing espionage campaigns, Microsoft assures no compromise to customer-facing systems.

🫧 The Body Shop shuts down all US operations and files for bankruptcy. The Body Shop, renowned for its natural, ethical products, has ceased US operations and is shuttering numerous Canadian stores amid bankruptcy filings. Despite its global presence, the company faced challenges amidst rising inflation, particularly impacting traditional retail models. Founded in 1976 with a commitment to cruelty-free products, The Body Shop changed ownership multiple times, most recently being acquired by Natura. Struggles persisted, evidenced by a decline in sales reported by Natura, culminating in its recent sale to Aurelius.

BUSINESS

Trader Joe's tote bags take the internet by storm

When tote bags transform from grocery carriers to gold mines, you know the world's shopping dynamics have shifted. Trader Joe’s canvas mini tote bags, which usually cost $2.99 in store, are now fetching upwards of $500 on platforms like eBay and Facebook Marketplace.

The rise of the tote

The humble canvas tote, a staple for grocery shopping, has unexpectedly become a hot commodity in recent weeks. With over 11 million views on social media platforms like TikTok, the colorful bags have captured the attention of shoppers worldwide.

Despite efforts by stores to limit purchases, enthusiasts are still clamoring to get their hands on these sought-after totes. Resellers have seized the opportunity, flooding platforms like eBay and Facebook Marketplace with listings ranging from a modest $5 to an eye-watering $500.

Fueling the frenzy, sellers are claiming the bags were produced in limited quantities, driving up both demand and prices. But the true extent of these transactions remains a little murky, as eBay users have the option to place bids lower than the initial asking price.

This is more than just tote bags. It's a peek into how hype can turn anything into a hot commodity overnight. It’s a wild story that shows just how unpredictable the world of retail can be, powered by the engine of social media.

WEEK AHEAD

What to expect

• Russian presidential election, running over several days at the end of the week, where Vladimir Putin is seeking a fifth term in office, a notable event with potential international implications.

• US presidential election primaries continue, with the contest between Biden and Trump largely determined, but still noteworthy for the democratic process.

• Economic reports including gross domestic product updates from Japan and the UK, followed by inflation figures from the US, India, and several European nations, providing insights into global economic trends. Additionally, OPEC and IEA will publish their monthly oil industry reports, which could impact global energy markets.

• Earnings reports featuring German carmakers (Volkswagen, Mercedes-Benz, and Porsche), online disrupters (Deliveroo, Moonpig, and HelloFresh), British retail darling of the middle classes John Lewis, and plastic brick behemoth Lego, shedding light on the performance of key industries and companies.

What else is happening:

• St. Patrick’s Day is this Sunday, March 17th

SNIPPETS

Pulse Points

• OpenAI announced the return of co-founder and CEO Sam Altman to its board as part of a restructured oversight team, following over four months of management turmoil.

• WWE introduces logo placements on its wrestling mat, debuting with Prime Hydration, co-founded by Logan Paul, as the first brand to feature in the ring.

• The Senate passed a $460 billion bill to fund the U.S. government, preventing a shutdown of several agencies for the remainder of the fiscal year.

• A preliminary investigation reveals that Colorado's renowned DNA scientist manipulated evidence for years, casting doubt on the criminal cases she handled over her nearly three-decade career.

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