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Triller owner prepares direct listing amid social media pivot - sources
  + stars: | 2021-06-14 | by ( Echo Wang | ) www.reuters.com sentiment -1.00   time to read: +2 min
Unlike with a traditional initial public offering, TrillerNet would not sell any shares in its direct listing, which could come as early as September, the sources said. The company plans to register its direct listing confidentially with the U.S. Securities and Exchange Commission next month, hoping stock market investors will value it at more than $5 billion, according to that source. Launched in 2015, Triller has been diversifying beyond short video apps to live events, mobile gaming and pay-per-view streaming. In a sign it no longer views itself as a direct competitor to TikTok, Triller stopped reporting daily or monthly active users for its short video app. TrillerNet also owns Triller Fight Club, a live-event platform in partnership with rapper Snoop Dogg and operates TrillerTV, a long-form content streaming platform with more than 65 original shows.
Persons: TrillerNet, Triller, Amplify.ai’s, Mahi de Silva, Snoop, Paul Kahn Organizations: Reuters, U.S . Securities, Exchange Commission Locations: Ukraine
Electric truck maker Lordstown Motors shares slide after CEO and CFO resign
  + stars: | 2021-06-14 | by ( Michael Wayland | ) www.cnbc.com sentiment -0.99   time to read: +2 min
Lordstown Motors Corp Chief Executive Steve Burns poses with a prototype of the electric vehicle start-up's Endurance pickup truck, which it will begin building in the second half of 2021, at the company's plant in Lordstown, Ohio, U.S. June 25, 2020. Lordstown said its lead independent director, Angela Strand, has been appointed executive chairwoman and would oversee the firm's transition until a permanent CEO is identified. Shares of Lordstown, which went public through a special purpose acquisition company, or SPAC, in October, slid by about 13% during premarket trading. Lordstown Motors said Monday that CEO Steve Burns and CFO Julio Rodriguez have resigned, days after the electric truck maker warned that it had "substantial doubt" about its ability to continue as a going concern in the next year. Hindenburg accused Lordstown in a March report of using "fake" orders to raise capital for its Endurance electric pickup.
Persons: Steve Burns, Lordstown, Angela Strand, Becky Roof, Lordstown Motors, Julio Rodriguez, Hindenburg, Strand, Organizations: Lordstown Motors Corp, Lordstown, Hindenburg, U.S . Securities, Exchange Commission, SPAC DiamondPeak Holdings, SPACs, General Motors, – Reuters Locations: Lordstown , Ohio, U.S, Ohio
The resignations were announced after the struggling carmaker released the results of an investigation into an investor’s report on the company’s viability. The resignations are effective immediately, and Lordstown has hired an executive search firm to find their replacements. Mr. Burns was the driving force behind Lordstown — founding the company just months after he stepped down as chief executive at Workhorse, another electric vehicle company. The company said on Monday that it had appointed its lead independent director, Angela Strand, as executive chairwoman while it looks for a permanent chief executive. Lordstown, in announcing last week it may not have enough money to survive, also said it had found material weaknesses in it financial reporting system.
Persons: carmaker, Tony Dejak, Steve Burns, Julio Rodriguez, Lordstown, Sullivan, Cromwell, ” Lordstown, Burns, Angela Strand, Becky, David T, Lauren Hirsch, Read Organizations: Lordstown Motors, Credit, Press, Motors, Hindenburg Research, Securities and Exchange Commission, Sullivan, General Motors, Diamond Peak Holdings Locations: Lordstown, Ohio
High-Speed Trader Virtu Fires Back at Critics Amid Meme-Stock Frenzy
  + stars: | 2021-06-13 | by ( Alexander Osipovich | ) www.wsj.com sentiment -0.99   time to read: +1 min
High-speed trader Virtu Financial Inc. is pushing back against critics in Washington who say the stock market is rigged against small investors. The review will include a practice known as payment for order flow, in which brokerages send many of their customers’ orders to trading firms in exchange for cash payments. Payment for order flow has existed for decades and has come under scrutiny before. They say small investors benefit from the practice because it results in better prices than they would get at public exchanges like the New York Stock Exchange and the Nasdaq Stock Market . Collectively, that saves investors billions of dollars a year, industry data show.
Persons: Gary Gensler, brokerages, Gensler’s, Sean Casten Organizations: Virtu Financial, AMC Entertainment Holdings Inc, GameStop Corp, Securities and Exchange Commission, SEC, GameStop, Markets, New York Stock Exchange, Nasdaq Locations: Washington
Musk says Tesla will accept bitcoin again as crypto miners use more clean energy
  + stars: | 2021-06-13 | by ( Emma Newburger | ) www.cnbc.com sentiment -1.00   time to read: +1 min
Tesla CEO Elon Musk on Sunday said the company will resume bitcoin transactions once it confirms there is reasonable clean energy usage by miners. "When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing bitcoin transactions." Tesla revealed in an SEC filing in February that it purchased $1.5 billion worth of bitcoin and said it would begin accepting bitcoin as a payment method for its products. On Sunday, Musk disputed Wierzycka's allegations of market manipulation, explaining, "Tesla sold roughly 10% of its bitcoin holdings "to confirm BTC could be liquidated easily without moving market," he said. Bitcoin was trading around $37,442, according to Coindesk, at around 2:30 pm ET, up more than 4% on the day.
Persons: Elon Musk, Tesla, Magda Wierzycka, Sygnia, Musk, Bitcoin Organizations: U.S . Securities, Exchange Commission, SEC, bitcoin, BTC
Pershing Square served as cosponsor of Justice Holdings, with Nicolas Berggruen and Martin Franklin. Pershing Square remains the second-largest investor in Restaurant Brands International. Pershing Square has had its best success when it has invested in high quality businesses with simple, predictable, cash flow and durable and growing business lines. One transferable five-year right per share of Pershing Square SPARC Holdings, Ltd. ("SPARC"), which is expected to trade on the New York Stock Exchange. Pershing Square Tontine Holdings is owned in the fund.
Persons: Nicolas Berggruen, Martin Franklin, Tim Hortons, PSTH, Bill Ackman, Ken Squire Organizations: Pershing, Justice Holdings, Martin Franklin . Justice Holdings, 3G Capital, Burger King Worldwide Holdings Inc, Restaurant, Restaurant Brands, Warner Brothers, Spotify, Charter Communications, Disney, Amsterdam, Securities and Exchange Commission, Pershing Square SPARC Holdings, Ltd, New York Stock Exchange, SPARC, Bloomberg, 13D, Tontine Locations: UMG, effectuate, PSTH
AMC Bet by Hedge Fund Unravels Thanks to Meme-Stock Traders
  + stars: | 2021-06-11 | by ( Matt Wirz | Juliet Chung | ) www.wsj.com + 0.00   time to read: +7 min
A multipronged bet on AMC Entertainment Holdings Inc. AMC 12.84% boomeranged this month on Mudrick Capital Management LP, the latest hedge fund to fall victim to swarming day traders. But he also sold call options, derivative contracts meant to hedge the fund’s exposure to AMC should the stock price founder. Day traders took their first run at AMC shares in late January. Meanwhile, investors who bought AMC stock at the start of the year and held on have gained about 2000%. Theater attendance, already under pressure, had disappeared almost entirely amid Covid-19 pandemic lockdowns, and AMC stock traded as low as $2.
Persons: Jason Mudrick, Bing Guan, Mudrick, Mudrick’s, Adam Aron, — Alexander Gladstone, Soma Biswas, Matt Wirz, Juliet Chung Organizations: AMC Entertainment Holdings Inc, AMC, Mudrick Capital, GameStop Corp, Bloomberg, Mudrick, Bloomberg News, U.S . Securities, Exchange Commission, GameStop, NJOY Holdings Inc, Globalstar Inc, HSBC Alternative Investment, Federal Reserve, Capital Locations: Mudrick
AMC shares rose as much as 8% early Friday after S&P Global Ratings raised the company's credit rating. The credit rating was upgraded to CCC+ from CCC- but leaves the rating still within a speculative grade. AMC shares climbed Friday, bolstered by an upgrade of its credit rating at S&P Global Ratings which said fundraising by the company should help put the movie-theater chain on steadier financial footing. S&P Global said AMC had a monthly cash burn of $120 million in the first quarter of this year. Renewed interest in AMC's stock was ignited in late May after its largest shareholder, private Chinese conglomerate Dalian Wanda Group, sold almost all of its remaining stake.
Persons: Scott Zari Organizations: AMC, P Global, Global, Mudrick Capital Management, Bloomberg, Securities and Exchange Commission, Dalian Wanda Group, Retail
A former Amazon employee's husband was sentenced after pleading guilty to insider trading. Between 2016 and 2018, Viky Bohra illegally traded Amazon stock for a profit of $1.4 million. The husband of a former Amazon employee was sentenced Thursday to 26 months in prison after pleading guilty in November to insider trading, the US Attorney for the Western District of Washington said. "Bohra's conduct was not an isolated incident, limited to trading before one Amazon earning's statement. Rather, Bohra engaged in illegal insider trading in advance of 11 straight earnings announcements," prosecutors wrote to the court.
Persons: Viky Bohra, Bohra, Vik Bohra, Peter Offenbecher, Bohra's, Tessa M, Gorman Organizations: Amazon, Western, US Securities Exchange Commission, The Seattle Times Locations: Washington
Atai Life Sciences has raised hundreds of millions as a private psychedelics company. Atai now has a portfolio of 10 therapeutic programs, around half of which are focused on developing psychedelics medications to treat mental illnesses. Atai would become the second psychedelics company to IPO on a major US exchange after Compass. Other psychedelics companies — like Bright Minds, MindMed, Field Trip, and MagicMed — have recently listed or applied to list through acquisitions or uplisting from Canadian exchanges. But if any of Atai's companies are successful, approved, and commercialized?
Persons: Peter Thiel, Atai, Christian Angermayer, Florian Brand, Srinivas Rao, Lars Christian Wilde, Brand, MagicMed —, Cowen, Berenberg, Cantor, Canaccord, Johnson, Thiel Organizations: Sciences, US Securities and Exchange Commission, Nasdaq, Atai, Credit Suisse, Citigroup, RBC Capital Markets, US Food and Drug Administration, Neuroscience, Compass, IB, Therapeutics, Apeiron Investment Group, Galaxy Group Investments, Kendall Capital Markets, Apeiron Investment, Galaxy, PayPal, Thiel Capital, Biotech, US Drug Enforcement Administration Locations: United States, Atai
U.S. charges Israeli traders in healthcare insider trading scheme
  + stars: | 2021-06-10 | by ( Jonathan Stempel | ) www.reuters.com sentiment -0.99   time to read: +2 min
U.S. prosecutors on Thursday unveiled criminal charges in Manhattan accusing two Israeli traders of illegal trading in several biotechnology and healthcare companies in connection with a sprawling international insider trading scheme. Tomer Feingold and Dov Malnik were accused in a 15-count indictment of securities fraud, wire fraud, tender offer fraud, concealment of a money laundering scheme, and conspiracy. The U.S. Securities and Exchange Commission filed related civil charges against Feingold and Malnik in March 2020. The other trader, identified in media reports as Marc Demane Debih from Geneva, pleaded guilty to 38 charges and cooperated in U.S. prosecutors' insider trading case against Telemaque Lavidas, a pharmaceutical executive. He had been among six people charged in four indictments in October 2019 over an insider trading scheme that prosecutors said generated tens of millions of dollars in illegal profit.
Persons: Tomer Feingold, Dov Malnik, Feingold, Audrey Strauss, Malnik, Benjamin Taylor, Darina Windsor, Marc Demane Debih, Telemaque Lavidas, Lavidas Organizations: Authorities, Ariad Pharmaceuticals Inc, Avanir Pharmaceuticals Inc, InterMune Inc, U.S . Securities, Exchange Commission, Malnik, SEC, Moelis, Centerview Partners, Thomson Locations: Manhattan, Geneva, Switzerland, U.S
Lilly spokesperson Kathryn Beiser and a Justice Department spokesperson declined to comment. The firm also has several lawyers whose reputations would carry weight with the Justice Department and the FDA, including former Attorney General Eric Holder, legal experts said. ANSWERING DIFFERENT QUESTIONSThe company-backed investigation was based on interviews with more than 100 people, the May 20 memo to Lilly employees said. The memo denies the company made false statements to the FDA. The company memo said Lilly couldn’t substantiate allegations that employees faced retaliation for refusing to make false statements.
Persons: Eli Lilly, Mike Segar, Lilly, Burling, Nellie Clark, Kathryn Beiser, Clark, Covington, it’s, , Paul Pelletier, Eric Holder, Gerald Masoudi, Masoudi, Amrit Mula, Mula, Trump, New Jersey Democrat Bob Menendez, ” Menendez Organizations: Reuters, U.S . Justice, Company, REUTERS, U.S . Food, Drug Administration, Washington D.C, Covington, Burling LLP, Justice Department, U.S . Securities, Exchange Commission, Justice, U.S, Department, FDA, New, New Jersey Democrat Locations: New Jersey, Branchburg , New Jersey, , New Jersey, Washington, Covington, Mula, U.S
US STOCKS-Wall Street set for flat open as consumer prices jump
  + stars: | 2021-06-10 | by ( Ambar Warrick | ) www.reuters.com + 0.00   time to read: +3 min
(For a live blog on the U.S. stock market, click or type LIVE/ in a news window.) The Labor Department said its consumer price index increased 0.6% last month after surging 0.8% in April. The labor market and inflation are two key factors for the Fed to consider tightening, and while inflation has risen, recent payrolls data was underwhelming. A separate report on Thursday from the Labor Department showed the number of Americans filing for jobless claims fell less than expected last week. Focus was also on a major infrastructure spending bill, talks over which hit a deadlock in the Senate.
Persons: , Mark Grant, Ambar Warrick, Maju Samuel Organizations: Boeing, Dow, Nasdaq, Federal Reserve, Labor Department, CPI, Riley, Fed, Dow E, Clover Health, GameStop Corp, Securities and Exchange Commission, Reuters United Airlines, Airbus, Ocugen Inc Locations: Bengaluru
Wall Street set for flat open as consumer prices jump
  + stars: | 2021-06-10 | by ( Ambar Warrick | ) www.reuters.com + 0.00   time to read: +3 min
Morning sunlight falls on the facade of the New York Stock Exchange (NYSE) building after the start of Thursday's trading session in Manhattan in New York City, New York, U.S., January 28, 2021. REUTERS/Mike Segar/File PhotoU.S. stock indexes were set for a muted open on Thursday as a surge in consumer prices in May fanned fears of early policy tightening by the Federal Reserve, while another report showed the labor market remained under pressure. The Labor Department said its consumer price index increased 0.6% last month after surging 0.8% in April. A separate report on Thursday from the Labor Department showed the number of Americans filing for jobless claims fell less than expected last week. read moreFocus was also on a major infrastructure spending bill, talks over which hit a deadlock in the Senate.
Persons: Mike Segar, Mark Grant Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Labor Department, CPI, Riley, Fed, Dow E, Nasdaq, Clover Health, GameStop Corp, Securities and Exchange Commission, Boeing, Reuters United Airlines, Airbus, Thomson Locations: Manhattan, New York City , New York, U.S
The Labor Department said its consumer price index increased 0.6% last month after surging 0.8% in April. The labor market and inflation are two key factors for the Fed to consider tightening, and while inflation has risen, recent payrolls data was underwhelming. ET, the Dow Jones Industrial Average (.DJI) was up 230.84 points, or 0.67%, at 34,677.98, the S&P 500 (.SPX) was up 27.27 points, or 0.65%, at 4,246.82. read moreAdvancing issues outnumbered decliners by a 2.55-to-1 ratio on the NYSE and a 2.17-to-1 ratio on the Nasdaq. The S&P index recorded 38 new 52-week highs and no new low, while the Nasdaq recorded 58 new highs and six new lows.
Persons: Mike Segar, Mark Grant, Scott Brown, Raymond James Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Labor Department, CPI, Riley Financial, Fed, Dow Jones, Nasdaq, Clover Health, AMC, GameStop Corp, Securities and Exchange Commission, Boeing, Reuters United Airlines, Airbus, NYSE, Thomson Locations: Manhattan, New York City , New York, U.S, St . Petersburg , Florida
GameStop tumbles, Clover Health rises in 'meme stock' rollercoaster
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
June 10 (Reuters) - Shares of GameStop fell 7.6% and Clover Health Investments jumped 5.9% in early deals on Thursday, setting the stage for another rollercoaster session for stocks favored by small-time investors on social media platforms. Clover Health, which had a short interest of 43.5% of free float as of Tuesday, was up 5.9% at around $17.92 before the bell. In the past two weeks, the so-called “meme stocks” have received $1.27 billion of retail inflows, Vanda Research said on Wednesday. That matched their peak in January, when the surge in GameStop shares squeezed short sellers and further boosted the stock price. Shares of AMC Entertainment were down 6.0%, while prison operator Geo Group - the latest “meme stock” - slumped 8.5% after surging 38% on Wednesday.
Persons: Vanda, Sagarika, Sriraj Kalluvila Organizations: GameStop, Clover Health Investments, Wednesday, Medicare, Clover Health, AMC Entertainment, U.S . Securities, Exchange Commission, SEC, Vanda Research, Geo Locations: Bengaluru
GameStop tumbles, Clover Health rises in 'meme stock' roller coaster
  + stars: | 2021-06-10 | by ( ) www.reuters.com + 0.00   time to read: +2 min
A person walks past a GameStop in the Manhattan borough of New York City, New York, U.S., January 29, 2021. REUTERS/Carlo Allegri/File PhotoShares of GameStop Corp (GME.N) fell 7% and Clover Health Investments Corp (CLOV.O) jumped 6.4% in early deals on Thursday, setting the stage for another roller coaster session for stocks favored by small-time investors on social media platforms. Shares of cinema operator AMC Entertainment Holdings Inc (AMC.N) were down 4.1%, while prison operator Geo Group Inc (GEO.N), the latest "meme stock", slumped 8.8%, after surging more than 38% on Wednesday. In the past two weeks, the so-called "meme stocks" have received $1.27 billion of retail inflows, Vanda Research said on Wednesday. That matched their peak in January, when the surge in GameStop shares squeezed short sellers and further boosted the stock price.
Persons: Carlo Allegri, Inc's, Edward Moya, Moya, Clover, Vanda Organizations: GameStop, REUTERS, GameStop Corp, Clover Health Investments Corp, Wednesday, ContextLogic Inc, Clean Energy Fuels Corp, AMC Entertainment Holdings Inc, Geo Group Inc, Medicare, AMC, U.S . Securities, Exchange Commission, SEC, Vanda Research, Thomson Locations: Manhattan, New York City , New York, U.S
GameStop tumbles, other "meme stocks" falter after big runups
  + stars: | 2021-06-10 | by ( ) www.reuters.com + 0.00   time to read: +2 min
A person walks past a GameStop in the Manhattan borough of New York City, New York, U.S., January 29, 2021. REUTERS/Carlo Allegri/File PhotoShares of GameStop Corp (GME.N) fell more than 17% on Thursday and other so-called meme stocks also declined, setting the stage for another roller-coaster session for stocks favored by retail investors on social media platforms. AMC shares were off around 11%. In the past two weeks, the so-called "meme stocks" have received $1.27 billion of retail inflows, Vanda Research said on Wednesday. That matched their peak in January, when the surge in GameStop shares squeezed short sellers and further boosted the stock price.
Persons: Carlo Allegri, Inc's, Edward Moya, Clover, Vanda Organizations: GameStop, REUTERS, GameStop Corp, Wedbush Securities, AMC Entertainment Holdings, Clover Health Investments Corp, Geo Group Inc, AMC, Medicare, U.S . Securities, Exchange Commission, SEC, Vanda Research, Thomson Locations: Manhattan, New York City , New York, U.S
GameStop falls 25% on potential share sale, other 'meme stocks' falter
  + stars: | 2021-06-10 | by ( ) www.reuters.com + 0.00   time to read: +3 min
A person walks past a GameStop in the Manhattan borough of New York City, New York, U.S., January 29, 2021. REUTERS/Carlo Allegri/File PhotoShares of GameStop Corp (GME.N) fell 25% on Thursday and other so-called meme stocks also declined in a sell-off that hit a broad range of stocks favored by retail investors on social media platforms. "It appears that other companies, like GameStop, are hoping to follow AMC’s lead by issuing shares and otherwise profit from the meme stocks run up,” Ablin said. In the past two weeks, the so-called "meme stocks" have received $1.27 billion of retail inflows, Vanda Research said on Wednesday. That matched their peak in January, when the surge in GameStop shares squeezed short sellers and further boosted the stock price.
Persons: Carlo Allegri, Inc's, Jack Ablin, ” Ablin, Clover, Vanda Organizations: GameStop, REUTERS, GameStop Corp, AMC Entertainment Holdings, Clover Health Investments Corp, Geo Group Inc, AMC, Cresset Capital, , Wedbush Securities, Medicare, U.S . Securities, Exchange Commission, SEC, Vanda Research, Thomson Locations: Manhattan, New York City , New York, U.S
The lawsuit alleges investors purchased RLX shares at artificially inflated prices, in part because the company omitted and misrepresented information in the registration statement. As the stock price dropped, RLX investors lost hundreds of millions of dollars, the lawsuit said. Rosen Law Firm PA and Bronstein, Gewirtz & Grossman LLC, among others, said Thursday they are seeking RLX investors who want to join a class-action suit. RLX on June 2 reported revenue of 2.4 billion Chinese yuan, equivalent to $366.1 million, for the quarter ended March 31, up from 368.6 million yuan the prior-year period. The company booked a net loss of 267 million yuan, or $40.8 million, compared with a profit of 12.1 million yuan during the prior-year quarter.
Persons: Alex Garnett, Garnett’s, RLX didn’t, RLX, Garnett, Garnett didn’t, Labaton Sucharow, Bronstein, Gewirtz, Jacek Welc, Cash, Welc, , Erik Gerding, Mark Maurer Organizations: RLX Technology Inc, U.S, Southern, of, U.S . Securities, Exchange Commission, Inc, Nasdaq, New York Stock Exchange, Dealogic, Regulators, International, Schall, Rosen, Firm, Grossman, Poland’s Wroclaw University of Economics, Business, Wirecard, University of Colorado, mark.maurer Locations: U.S, of New York, Beijing, China
Investors can't address the climate emergency on their own, but governments can't reach climate solutions without investors." "Investors can't address the climate emergency on their own, but governments can't reach climate solutions without investors." 'Our house is burning'The debate over how to respond to the climate crisis comes amid rising awareness from the public, business leaders and regulators about the consequences of climate change. Tobias Adrian, director of the IMF's monetary and capital markets department, told CNN Business the climate crisis could "absolutely" ignite a financial crisis. "Investors know that the impacts of the climate crisis are systemic financial risks," Lubber said in a statement, "and will worsen, if left unchecked."
Persons: Thomas DiNapoli, DiNapoli, Joe Biden, Biden, Apple, Gary Gensler, Jerome Powell, Christine Lagarde, Lagarde, Tobias Adrian, Mindy Lubber, Lubber Organizations: CNN Business, Investors, Fidelity, State, York, Allianz Global Investors, California, NDC, Securities and Exchange Commission, SEC, US Chamber of Commerce, Federal, Central Bank, Green Swan Conference Locations: York, United Kingdom, United States
Take a look at some of the biggest movers in the premarket:RH (RH) – RH surged 8.4% in premarket trading after it reported quarterly profit of $4.89 per share, above the $4.10 a share consensus estimate. Signet Jewelers (SIG) – Signet surged 6.3% in premarket trading after it trounced a $1.27 consensus estimate with quarterly earnings of $2.23 per share. Clover Health (CLOV), Wendy's (WEN), WWE (WWE), Clean Energy Fuels (CLNE) – The newest of the so-called "meme stocks' remain on watch today, as they pick up social media interest. Clean Energy Fuels – a California-based natural gas provider – rallied 5.6% in premarket trading after a 31.5% surge Wednesday. Verint Systems (VRNT) – Verint Systems reported quarterly profit of 44 cents per share, beating the 35 cents a share consensus estimate.
Persons: – RH, Matt Furlong, Mike Recupero, WEN, Wendy's, – Jefferies, Goldman Sachs, Goldman, Oppenheimer, Fastly, – Tesla, Verint Organizations: Signet Jewelers, Signet, GameStop, Amazon, Securities and Exchange Commission, Clover Health, WWE, Energy Fuels, Clean Energy Fuels, , Northern Star, Boeing, – United Airlines, Max, Bloomberg, United, Plaid, Verint Systems, Systems Locations: California, Fremont , California
Consumer prices keep on rising. Where does it end?
  + stars: | 2021-06-10 | by ( Julia Horowitz | Cnn Business | ) edition.cnn.com + 0.00   time to read: +6 min
You can sign up right hereLondon (CNN Business) From lumber and steel to paint and burrito bowls at Chipotle, prices are rising almost everywhere you look . What's happening: Wall Street is training its attention on the Consumer Price Index for May, which arrives on Thursday. The report is expected to show that prices excluding food and energy continued to notch strong gains last month, rising 3.4% over the previous year. Including food and energy, economists believe consumer prices leaped 4.7% in the past 12 months. The European Central Bank, which met Thursday in Frankfurt, did not change its policy, issuing a statement that was essentially unchanged from its decision in April.
Persons: Kit Juckes, Yi Gang, Christine Lagarde, Andy Haldane, Wendy's WEN, Maneesh Deshpande, Deshpande, There's, , cyberattacks, Andre Nogueira, Jennifer Granholm, Jake Tapper, Dave Organizations: CNN Business, Bell, CNN, Consumer, Index, Traders, Federal, Generale, People's Bank of, European Central Bank, ECB, ING, Bank of England, New Statesman, Energy Fuels, Clover Health, Barclays, GameStop, Securities and Exchange Commission, Colonial Pipeline, US Justice Department Locations: London, China's, Shanghai, People's Bank of China, Frankfurt, Cornwall, England
State Street is creating a dedicated cryptocurrency division
  + stars: | 2021-06-10 | by ( Tanaya Macheel | ) www.cnbc.com sentiment -0.97   time to read: +2 min
State Street is creating a division dedicated to digital finance, which will comprise cryptocurrency, central bank digital currency, blockchain technology and tokenization, it announced Thursday morning. State Street Digital will be integrated with its proprietary electronic trading platform, which the bank plans to develop into one that can support crypto assets as well as other asset classes. State Street, which has $3.6 trillion assets under management and $40.3 trillion in assets under custody, is the second of the five major global custodians introduce a service for digital assets. Nadine Chakar, head of global markets at State Street, will lead the division and report to chief operating officer Lou Maiuri. The bank also said the division plans to create new liquidity venues for our clients and investors.
Persons: Ron O'Hanley, CNBC's Bob Pisani, Gary Gensler, BNY Mellon, Nadine Chakar, Lou Maiuri Organizations: Street, Securities and Exchange Commission, Wednesday, SEC, State
Bitcoin ETF hopefuls likely have a little longer to wait. New SEC Chair Gary Gensler may have taught a class on crypto at MIT, but that doesn't mean a bitcoin-based fund will immediately receive approval, King told CNBC's "ETF Edge." "People are sort of reading into it [like] that means that there's going to be green lights for a bitcoin ETF. We're not so sure that's the case," said King, who plans to convert Osprey's Bitcoin Trust (OBTC) to an ETF when the time is right. He added that he is "100% committed" to converting his firm's popular Grayscale Bitcoin Trust (GBTC) to an ETF "when the regulatory environment is ready to have it."
Persons: Greg King, Gary Gensler, King, CNBC's, It's, — haven't, Michael Sonnenshein, we're, Sonnenshein, that's Organizations: Securities and Exchange Commission, Osprey Funds, CNBC, . New SEC, MIT, SEC, Investments Locations: bitcoin
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