Once again there are some ripples in the banking sector. Bank of America and Citi have queried the Fed on why the results of the banks’ own stress tests differ so widely from the results of tests conducted by the Fed. BofA has even paused a dividend announcement pending clarity on the issue. This may be nothing but, as we saw with SVB, from little things, big things grow. I’m guessing bank executives, shareholders and depositors would also perform poorly on a stress test right now.

The lowdown

• 😬 Bank of America and Citi ask Fed for clarity after latest stress test, after the banks arrive at different results.

• 📱 Billionaire Mukesh Ambani’s Jio announces a 4G phone starting at 999 rupees ($12).

• 🧵 Facebook parent Meta to introduce Twitter-like microblogging service called Threads.

Featured story

Yahoo may return to public markets

Well known internet brand and current private company Yahoo may make a comeback to public markets ($). CEO Jim Lanzone has highlighted the company's strong balance sheet and profitability (unheard of in tech IPOs these days) to indicate the company’s readiness for a return.

Yahoo was acquired by Verizon in 2015 and then sold to PE firm and current owner Apollo in 2021, after significant losses. The sale of Yahoo by Verizon marked a fall from grace for the brand, which had lost popularity and market share to competitors like Google and Facebook.

In addition to an IPO, Yahoo plans to pursue some strategic M&A – Lanzone was formerly the CEO of Tinder don’t forget and it seems he still can’t resist a good match.

The content we're consuming today

• WSJ: Inside the Mormon Church’s Globe-Spanning Real-Estate Empire ($).

• Innovation Nation: The Finance Industry is a Useless Drain on The Economy that Should be Made Illegal.

• Odd Lots podcast: Bridgewater’s Greg Jensen on AI, Inflation and What Markets Are Getting Wrong.

Off-balance sheet items

• Given all our US readers are busy blowing off their hands with fireworks, today is a prime opportunity to include some more cricket content. It would take too long to explain why this Ashes stumping was controversial, but many fans were unhappy.

The bottom line