DIRS.INFO The most relevant business & tech news

☆ Once loyal Calibrate patients say they regained weight after the startup struggled to get them weight-loss meds on time
▼ + stars: | 2023-11-02 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +14 min

Christina started taking Wegovy in September 2021 after getting a prescription through Calibrate, a startup that promises science-backed help with weight loss. She never received medication through Calibrate again, and she's since gained back all the weight she lost. Calibrate says its goal for Masters patients is to get them off weight-loss medications and help them maintain the weight loss they achieved. A former employee on Calibrate's clinical team said the startup allocated fewer doctors to second-year patients because those patients historically required less help from Calibrate. At least four second-year patients Insider spoke with said they sought refunds from Calibrate after they didn't receive the services they paid for.

Persons: Christina, She'd, I'm, Florian Gaertner, they've, They've, Isabelle Kenyon, Kenyon, Fortune, Jenny Craig, Ozempic, it's, Katie, Calibrate's, didn't, It's, James, they'd, Arantza Pena Popo, Disha, aren't, hasn't, Michael Siluk, Beth Organizations: Getty, Calibrate's, Better, LinkedIn Locations: York, Chicago

The recent missteps have created an unwelcome wrinkle for Trump, his campaign team and the larger Republican political apparatus. Republicans have questioned whether Biden is able to serve as commander-in-chief, pointing to his age and mental fitness. And, during a rally in South Carolina in September, Trump confused former Florida Gov. “President Trump continues to dominate in primary polls and is winning against Crooked Joe Biden in the general election,” Trump spokesperson Steven Cheung said in a statement. Instead of attacking Biden directly over his age, Trump instead tries to paint Biden as “incompetent,” and “cognitively impaired,” which he argues is not solely about the president’s age.

Persons: Donald Trump, Joe Biden, –, He’s, ” Trump, Biden, Weeks, Trump, Barack Obama, Obama, Viktor Orbán, Turkey –, Jeb Bush, George W, Bush, ”, …, Ron DeSantis, —, can’t, ’, ” DeSantis, Nikki Haley, I’ve, ” Haley, MSNBC chyron, Trump’s, Biden’s, Crooked Joe Biden, Steven Cheung, “, he’s, Megyn Kelly, Kelly Organizations: CNN, Trump, Republican, Florida Gov, Former South Carolina Gov, Republican Jewish Coalition, Democratic National Committee, Twitter, MSNBC, Hamas, Publicly, “, Crooked, Air Force, Biden, NBC, Sirius XM Locations: Cedar Rapids , Iowa, Sioux City , Iowa, Sioux Falls , South Dakota, Iowa, Washington , DC, Hungary, Turkey, Israel, South Carolina, Florida, New Hampshire, “, Former

It won five cabinet positions in the three-party coalition, including the powerful economy and foreign ministries. And a host of missteps that some even within the party concede has stalled the Greens’ momentum. Today the Greens are widely viewed as a drag on the government of the Social Democratic chancellor, Olaf Scholz, which one poll gave a mere 19 percent approval rating. The Greens have drawn withering attacks from even their own coalition partners. To their opponents, the Greens have overreached on their agenda and become the face of an out-of-touch environmental elitism that has alienated many voters, sending droves to the far right.

Persons: Olaf Scholz Organizations: Germany’s Green Party, Greens, Social Democratic Locations: Ukraine

☆ Risk of a Wider Middle East War Threatens a ‘Fragile’ World Economy
▼ + stars: | 2023-11-01 | by ( Patricia Cohen | More About Patricia Cohen | ) www.nytimes.com time to read: +2 min

“We are in one of the most fragile junctures for the world economy.”Mr. Gill’s assessment echoes those of other analysts. Tensions between the United States and China over technology transfers and security only complicate efforts to work together on other problems like climate change, debt relief or violent regional conflicts. If the conflict stays contained, though, the ripple effects on the world economy are likely to remain limited, most analysts agree. At the moment, the United States is the world’s largest oil producer, and alternative and renewable energy sources make up a bit more of the world’s energy mix. “It’s a highly volatile, uncertain, scary situation,” said Jason Bordoff, director of the Center on Global Energy Policy at Columbia University.

Persons: ” Mr, Gill, Mr, Jamie Dimon, JPMorgan Chase, Jerome H, Powell, ”, Jason Bordoff, Bordoff Organizations: JPMorgan, Hamas, Federal Reserve, Center, Global Energy, Columbia University Locations: Gaza, United States, China, Israel, Egypt, Syria, U.S, Europe, Iran, Persian

☆ WeWork bankruptcy: One of the biggest startup failures of all time, and venture capitalists haven't learned a thing.
▼ + stars: | 2023-11-01 | by ( Julie Bort | ) www.businessinsider.com time to read: +4 min

WeWork, backed by Softbank and other top VC firms, was once worth $47 billion. AdvertisementAdvertisementWeWork just isn't working anymore, and the venture capitalists who backed the company when it was a high-flying startup haven't learned a thing from its disaster. When a $47 billion startup shrivels so drastically, who gets hurt? Then there's Neumann, who owned over 68 million shares of common stock and virtually all its Class C stock — nearly 20 million shares — earlier this year. Staggering as it might seem to blow away nearly $47 billion dollars, with those kinds of repercussions, WeWork isn't a warning for most of the venture capital community.

Persons: Softbank, haven't, —, WeWork's, Adam Neumann, WeWork, Vivek Ranadivé, Fitch, there's Neumann, speck, Neumann, Andreessen Horowitz Organizations: Venture, Service, Street Journal, New York Stock Exchange, BowX, Golden State Warriors, Sacramento Kings, CNBC, Reuters, SEC, Insight Partners, Benchmark Locations: Sacramento, It's

☆ Why the Fed could be wrong — again — on its latest interest rate call
▼ + stars: | 2023-10-30 | by ( Jeff Cox | ) www.cnbc.com time to read: +6 min

"The Fed has never kept the target fed funds rate at peak levels for longer than nine months after a tightening cycle," Arone said. Nine months from now, at least based on history, the target fed funds rate is likely to be lower, not higher." He also sees lower rates ahead and pointed out the history of what happens with tight monetary policy. "The market is eager for lower rates or rate cuts. If the Fed has to rate cuts, it's likely because we're in recession or something in the capital markets is broken," he said.

Persons: Jerome Powell, aren't, Michael Arone, Powell, JPMorgan Chase, Jamie Dimon, Arone, Barry Sternlicht, —, I'm, They've, Thomas Ryan, Nick Elfner, Elfner, Breckinridge, Street's Arone Organizations: Federal, U.S, SPDR, State Street Global Advisors, Fed, JPMorgan, Starwood Capital, Future Investment Initiative, Capital Economics, Breckinridge Capital Advisors Locations: United States, Saudi Arabia, U.S, Breckinridge

From the moment his cryptocurrency empire collapsed in November, Sam Bankman-Fried didn’t stop talking. Against the advice of his defense lawyers, Mr. Bankman-Fried embarked on a lengthy press tour to explain the failure of his FTX cryptocurrency exchange, giving interviews to TV anchors and obscure Twitter personalities. On Friday, Mr. Bankman-Fried, 31, made an even riskier call: He took the stand to testify at his criminal fraud trial in federal court in New York. But he also acknowledged that he had made missteps, citing “significant oversights” that hurt FTX customers. Wearing a gray suit and purple tie, his famously tousled hair cut short by a fellow inmate at the Brooklyn jail where he is detained, Mr. Bankman-Fried said he “made a number of small mistakes, and a number of larger mistakes.”

Persons: Sam Bankman, Fried, “ Organizations: Brooklyn Locations: New York

☆ How Morgan Stanley exec Ted Pick rose from 'rough edged' deal junkie to CEO
▼ + stars: | 2023-10-25 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +21 min

Editor's note: Morgan Stanley announced on October 25 that Ted Pick would replace James Gorman as CEO. Employees knew they were getting promoted if Pick told them to wear a tie the following day, an ex-managing director recalled. While Morgan Stanley currently trades at a premium among its Wall Street peers, its enviable success isn't thanks to Pick. Gonzalo Marroquin/Patrick McMullan via Getty Images Show less Morgan Stanley investment management head and dark horse in the race for CEO, Dan Simkowitz. Despite enjoying the stock price gains under Gorman's reign, plenty of longtime employees want another dyed-in-the-wool Morgan Stanley loyalist, according to a former senior executive.

Persons: Morgan Stanley, Ted Pick, James Gorman, Pick, Gucci loafers, Blackstone, Tony James, Morgan, Gorman, Andy Saperstein, Dan Simkowitz, John Mack, Ted, James, Phil Purcell, Mack, Purcell, Merrill Lynch, Paul Taubman, Colm Kelleher, coheads, Gonzalo Marroquin, Patrick McMullan, Saperstein, Euromoney, Parker Gilbert, He's, John, cohead, Bolu, Goldman Sachs, Pablo, tony, Betsey Kittenplan, Smith Barney, James cochairs, Jim Breyer, Anna Wintour, John Mack pranking Pick, John Waldron, I'm, Howard Marks, Bill Parcells, atta, Brian Moynihan, aren't, David Solomon, Jamie Dimon's, Eaton Vance, he's, you've, Richard Drew, —, Hayley Cuccinello Organizations: Employees, Archegos Capital Management, Blackstone, McKinsey, Getty, Middlebury College, China Construction Bank, Harvard Business School, Mitsubishi, Wall, Autonomous Research, Anguilla, Agricultural Bank of China, Capital Management, Metropolitan Museum of Art, Vogue, New York Rangers, Oaktree Capital Management, Bloomberg, Staten, Disney, JPMorgan, Trade, AP Locations: China, Beijing, Manhattan, New York City, Caracas, Venezuela, Brookville, tony Long, hcuccinello@insider.com

☆ Lula approval falls on view Brazil economy slipping -Genial/Quaest poll
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Brazil's President Luiz Inacio Lula da Silva attends a meeting with Chinese Politburo Standing Committee member, Li Xi at the Planalto Palace in Brasilia, Brazil September 22, 2023. REUTERS/Adriano Machado/File Photo Acquire Licensing RightsBRASILIA, Oct 25 (Reuters) - Approval of President Luiz Inacio Lula da Silva's performance has fallen on Brazilian worries that Latin America's largest economy is worsening, a new Genial/Quaest poll showed on Wednesday. Approval of his way of governing has fallen to 54% in October from 60% in August, while 42% of those polled say he is doing a bad job, up from 35% in the previous survey. Genial/Quaest interviewed 2,000 people of voting age between Oct. 19 and Oct. 22. The poll has a 2.2 percentage point error margin.

Persons: Luiz Inacio Lula da Silva, Li Xi, Adriano Machado, Luiz Inacio Lula da, Quaest pollster Felipe Nunes, Lula, Jair Bolsonaro, Quaest, Anthony Boadle, Steven Grattan, Jonathan Oatis, Deepa Babington Organizations: REUTERS, Rights, Thomson Locations: Brasilia, Brazil, Rights BRASILIA

☆ Premarket stocks: Big Tech earnings can make or break this market
▼ + stars: | 2023-10-25 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —In an unstable economic climate marked by geopolitical unrest, concerns about the Federal Reserve and soaring Treasury yields, investors are closely watching this week’s Big Tech earnings for clues about where the volatile stock market may head next. That means investors are watching their earnings particularly closely for prognostications about where the market is headed next. Big tech controls the market: Excluding Big Tech, the average earnings for S&P 500 companies would drop by 5% this quarter, according to Bloomberg Intelligence data. “Big Tech valuations pose risks for the broader markets, as Big Tech has contributed to almost all of the stock market’s year-to-date gains,” said David Bahnsen, chief investment officer of the Bahnsen Group. “This lack of market breadth suggests that investors are still highly prone to chasing momentum and getting overly excited about different market themes and stories, such as artificial intelligence.”It also suggests that there’s not a lot of room for any Big Tech earnings missteps.

Persons: —, ”, David Bahnsen, there’s, Louis Navellier, Matt Egan, ” Brian Nelson, Samantha Murphy Kelly Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Big Tech, Microsoft, Google, Nvidia, Apple, Bloomberg Intelligence, Bahnsen, Navellier, Associates, Treasury Department, Gulf Cooperation, United, United Arab Emirates, Saudi, GCC, Treasury, Hamas, United Arab, Mac, IDC Locations: New York, States, Saudi Arabia, Qatar, Kuwait, Oman, Bahrain, United Arab, Israel, US, Riyadh, United States, Sudan, Algeria, Turkey, United Arab Emirates, Treasury’s

☆ Men Accused of Stealing 2 Million Dimes Face Federal Charges
▼ + stars: | 2023-10-24 | by ( Mike Ives | More About Mike Ives | ) www.nytimes.com time to read: +1 min

And then, somehow, more than two million dimes, worth nearly a quarter of a million dollars. The four thieves who federal prosecutors say were behind the robberies didn’t use the most sophisticated tactics. Four men now face several criminal charges, including theft of government money and robbery interfering with instate commerce, according to court documents unsealed last week. The defendants have “developed into a bona fide cargo theft and robbery crew” that used multiple vehicles to break into cargo trailers across the city this spring, federal prosecutors said in a court filing on Monday. In addition to refrigerators, tequila and dimes, they also stole — and in some cases tried to resell — televisions and frozen meat, shrimp and crab legs.

Persons: Jose Cuervo Locations: Philadelphia

☆ Republican Scott to boost staff, resources in Iowa as presidential campaign flags
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

[1/5] Republican presidential candidate U.S. Senator Tim Scott (R-SC) delivers a speech at New Beginnings Church in Chicago, Illinois, U.S., October 23, 2023. Senator Tim Scott is increasing his staff in Iowa and shifting resources to the early voting state as he seeks to revive his languishing campaign to be the Republican 2024 presidential nominee. Following the next debate on Nov. 8, Scott will travel to Iowa every week ahead until January vote, his campaign added. The DeSantis campaign has relocated one-third of its campaign staff to Iowa and has committed to a $2 million TV ad buy to run through the caucuses.

Persons: Tim Scott, Jim Vondruska, Donald Trump, Trump, Scott, Ron DeSantis, DeSantis, Scott's, Nikki Haley's, Haley, Alexandra Ulmer, Aurora Ellis Organizations: Republican, U.S, New Beginnings Church, REUTERS, Trump, U.S . Senate, Reuters, Thomson Locations: Chicago , Illinois, U.S, Iowa, Florida, Carolina

☆ ANALYST VIEW Argentina vote headed for runoff between ruling Peronist and radical Milei
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

[1/2] Argentina's presidential candidate Sergio Massa addresses supporters as he reacts to the results of the presidential election, in Buenos Aires, Argentina October 22, 2023. REUTERS/Mariana Nedelcu Acquire Licensing RightsLONDON, Oct 23 (Reuters) - A stronger-than-expected showing by Argentina's ruling Peronist coalition at a general election on Sunday has set the stage for a run-off vote on Nov. 19 between Economy Minister Sergio Massa and far-right radical Javier Milei. First, any announcements by the two candidates advancing to the second round. MARIANO MACHADO, PRINCIPAL AMERICAS ANALYST, VERISK MAPLECROFT, MALAGA"It is true that in the first round, societal mood shied away from radical change; but in the second round, pro-change voters may shift to Milei to oust Kirchnerism from power." The combination of a libertarian candidate pushing for dollarisation, with minister Massa hiking the money-printing machine to produce a political miracle for ‘candidate’ Massa could finally push macroeconomic variables off the cliff’s edge."

Persons: Sergio Massa, Mariana Nedelcu, Argentina's, Javier Milei, SERGIO ARMELLA, GOLDMAN SACHS, Massa, Milei, DIEGO W, PEREIRA, Patricia, Bullrich’s, Juan, MARIANO MACHADO, VERISK, Kirchnerism, ’ Massa, Karin Strohecker, Kirsten Donovan, Bernadette Baum Organizations: REUTERS, Peronist, JPMORGAN, NEW, Thomson Locations: Buenos Aires, Argentina, AMERICAS, VERISK MAPLECROFT, MALAGA, Rosario

☆ What Alex Rodriguez taught his daughters about recovering from major mistakes: ‘You have to stand up, take the hit’
▼ + stars: | 2023-10-23 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +3 min

When Alex Rodriguez's teen daughters make mistakes, he wants them to feel comfortable enough to come clean to their parents. The 48-year-old former Major League Baseball All-Star, who retired in 2016, has made his own share of high-profile mistakes. It felt particularly important for Rodriguez, whose father left his family when he was 10 years old. It can help relieve anxiety, teach that no one is perfect and model the good behavior of taking responsibility for your actions. It's unrealistic to expect your children to never make mistakes, Rodriguez adds: If his daughters never messed up, he'd worry "they're not pushing hard enough."

Persons: Alex Rodriguez's, Rodriguez, he'd, —, Rod Corp, Natasha, Mark Cuban, Warren Buffett Organizations: Major League Baseball, CNBC, Rod, National Basketball Association's Minnesota Timberwolves, University of Michigan, Global

Biden has literally, and figuratively, wrapped Netanyahu in a warm embrace since the Oct. 7 attacks by Hamas. Biden himself told reporters on his way back from Israel that he had a “long talk” with Israeli officials “about what the alternatives are” to a possible extended ground operation. “At the same time ... Netanyahu and I discussed again yesterday the critical need for Israel to operate by the laws of war. That was followed by more than a dozen lawmakers introducing a resolution urging the Biden administration to call for an immediate de-escalation and ceasefire. Biden administration officials, meanwhile, in their interactions with their Israeli counterparts have witnessed trauma — and rage — that is palpable.

Persons: Joe Biden, Benjamin Netanyahu, Biden, he'd, Netanyahu, Bibi, ”, He's, Netanyahu “, “ We’re, ” Biden, Antony Blinken, Delia Ramirez, Summer Lee of, Michigan —, Blinken, Ilhan Omar, Omar, Israel, “, ” Josh Paul, Biden’s, Gazans Organizations: WASHINGTON, White, Israel, Democratic Party, Democratic, Delia Ramirez of Illinois, West Bank, Rep, Ministry, State Department's Bureau, Political, Military Affairs, State Department, U.S Locations: Israel, Tel Aviv, Gaza, Israeli, U.S, Ukraine, Egypt, Iraq, Jordan, Delia Ramirez of, Summer Lee of Pennsylvania, Michigan, Afghanistan, Rafah, Hiroshima, Nagasaki, United States

☆ Some Israeli Journalists Express Fear About Conveying Dissenting Views
▼ + stars: | 2023-10-21 | by ( Emma Goldberg | More About Emma Goldberg | ) www.nytimes.com time to read: +4 min

Other journalists say they are getting threats and being harassed on social media. In Israel, many journalists are covering the war while processing their own grief and shock over the surprise attacks by Hamas on Oct. 7. Expressing dissenting opinions has become even more fraught than in previous conflicts, said Anat Saragusti, a senior staff member for the 1,500-member Union of Journalists, an Israeli organization with 1,500 members. Journalists and media experts attributed the change to several factors: The attacks by Hamas have been especially traumatizing for Israelis. And the spread of misinformation, particularly on WhatsApp and social media platforms like Facebook and X, formerly known as Twitter, has intensified existing viewpoints.

Persons: ”, Anat Saragusti, ” Ms, Saragusti, Natan Sachs, Mr, Sachs, Benjamin Netanyahu, Netanyahu, “, Tehilla Shwartz, “ It’s, Dr, Shwartz, Tal Shalev, it’s, Shalev, “ I’m Organizations: Union of Journalists, Journalists, Center for Middle East, Brookings Institution, Israel Democracy Institute Locations: Gaza, Israel, Washington

Brian Kemp's new health plan for low-income adults has enrolled only 1,343 people through the end of September about three months after launching, The Atlanta Journal-Constitution reports. The Georgia Department of Community Health has projected up to 100,000 people could eventually benefit from Georgia Pathways to Coverage. But the nation’s only Medicaid program that makes recipients meet a work requirement is off to a very slow start. In addition to imposing a work requirement, Pathways limits coverage to able-bodied adults earning up to 100% of the poverty line — $14,580 for a single person or $30,000 for a family of four. State officials and supporters of Pathways say the work requirement will also help transition Medicaid recipients to better, private health insurance, and argue that working, studying or volunteering leads to improved health.

Persons: Brian Kemp's, ”, ” Laura Colbert, Biden, Barack, Kemp Organizations: ATLANTA, —, — Georgia Gov, Atlanta, Georgia Department of Community Health, of Community Health Locations: — Georgia, Georgia, Carolina

☆ Meet the candidates in the running to replace James Gorman as Morgan Stanley's CEO
▼ + stars: | 2023-10-20 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +8 min

Morgan Stanley CEO James Gorman plans to retire by May 2024, leaving big shoes to fill. AdvertisementAdvertisementSuccession has traditionally been a bloody sport on Wall Street with the losers leaving and taking their lieutenants with them. Morgan Stanley CEO James Gorman, who plans to retire by May 2024, wants the buck the trend so the bank can hold onto all three candidates. "Wall Street has had a history of that not happening," said Gorman in a July earnings call. With Morgan Stanley at the top of its game, breaking up this well-oiled team could be disastrous.

Persons: Morgan Stanley, James Gorman, Ted Pick, Andy Saperstein, Dan Simkowitz, —, Gorman, Morgan, Ted, He's, Tony James, Morgan Stanley's, Pick, Simkowitz, Dodd, Frank, Fannie Mae, Freddie Mac, Dan, Andy Saperstein Saperstein, Merrill Lynch, Bloomberg, Hayley Cuccinello Organizations: Service, Archegos Capital Management, Washington , D.C, Federal Reserve, Treasury, General Motors, AIG, Citigroup, McKinsey, Staten, Disney, Hamptons Locations: Washington ,, hcuccinello@insider.com

☆ Premarket stocks: How billion-dollar fines are reshaping digital communications in banking
▼ + stars: | 2023-10-19 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

A version of this story first appeared in CNN Business’ Before the Bell newsletter. HSBC is blocking staff from texting on their work phones, a person familiar with the matter confirmed to CNN. What’s happening: Banks must follow strict compliance rules for how they use and store their employees’ texts and other business communications. “Banks use a wide range of approved channels to communicate in compliance with regulatory obligations,” a company spokesperson told CNN. Tesla reported adjusted earnings of $2.3 billion in the quarter, or 66 cents a share, down 37% from a year earlier and the smallest profits it reported in two years.

Persons: Banks, ”, ” Sanjay Wadhwa, Tesla, Chris Isidore, Refinitiv, Dan Ives, “ Price, Elon Musk, “, ’, Craig Jelinek, Ron Vachris, Jelinek Organizations: CNN Business, Bell, New York CNN, HSBC, CNN, Bloomberg, Securities and Exchange Commission, SEC, Commodity Futures Trading Commission, “ HSBC, Carlyle Group, Blackstone, Bank of America, Citigroup, Wedbush Securities, Costco, Sam’s Club, Walmart Locations: New York, London, Wells Fargo, WhatsApp, United States

☆ The marketing failure that's going to kill us all
▼ + stars: | 2023-10-19 | by ( Jake Safane | ) www.businessinsider.com time to read: +12 min

A good example of bad climate marketing comes from the Irish budget airline Ryanair. Carbon offsets involve contributing money to a project that will help avoid, reduce, or remove carbon emissions from the atmosphere, such as planting trees or building wind farms. Some of the most successful corporate efforts at climate marketing place more emphasis on consumers' personal concerns. According to the International Energy Agency, global carbon emissions reached a record high last year. The more you focus on what everyday people care about, Berger said, the more effective your marketing campaign will be.

Persons: they've, —, Jonah Berger, that's, Jonathan Ernst, Biden, Jenna DiPaolo, DiPaolo, John Oliver, Oliver, Ben Forman, Ryanair, Forman, " Forman, Tesla, " Berger, Berger, Jake Safane Organizations: Keystone XL, Pew Research, Wharton School, University of Pennsylvania, REUTERS, National Petroleum Reserve, Greenpeace, Wildlife, Ryanair, International Monetary Fund, International Energy Agency, United Nations Locations: Canada, Alaska, Greenpeace USA, Ireland, Phoenix

☆ New York sues crypto firms for alleged $1 billion fraud, cites SBF hedge fund bet
▼ + stars: | 2023-10-19 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Crypto firms Digital Currency Group and Gemini defrauded more than 230,000 investors out of a collective $1.1 billion, New York state prosecutors said in a lawsuit filed in Manhattan Thursday. They cited a series of missteps, including failure to adequately manage the risk associated with exposure to Sam Bankman-Fried's bankrupt and allegedly fraudulent crypto trading firm. For a time, it was very lucrative, until crypto hedge fund Three Arrows Capital defaulted on its loans and sent much of the crypto world into tumult. Gemini would then give Genesis that customer crypto for further lending, collecting a slice of Genesis' interest. By extension, prosecutors say, that meant that Gemini also had exposure to Alameda — and allegedly knew they did.

Persons: Crypto, Sam Bankman, Genesis, Barry Silbert's, DCG, 3AC, Cameron, Tyler Winklevoss, Gemini Organizations: Digital Currency Group, Gemini, Genesis Global Capital, Arrows Capital, New, Genesis's, Alameda Research, Alameda — Locations: New York, Manhattan, Alameda

☆ WhatsApp clampdown highlights video call compliance threat for finance firms
▼ + stars: | 2023-10-18 | by ( Sinead Cruise | ) www.reuters.com time to read: +7 min

Video calls are broadly considered proxies for face-to-face meetings and therefore are currently subject to little or no formal record-keeping obligations. At least two major global banks are now recording Zoom calls, said sources with knowledge of the matter, who declined to be named because the information is not public. One bank is recording Zoom calls undertaken by certain staff, including traders, while the other is recording all Zoom calls so content can be reviewed later if needed. FINRA declined to comment on how many firms were subject to the rule or whether the rule also extended to video calls. Video calls pose "unique risks" and technology needed to efficiently screen video calls is not widely used, said Matt Smith, CEO of communications surveillance firm SteelEye.

Persons: Dado Ruvic, Brad Levy, Morgan, Goldman Sachs, Matthew Nunan, Gibson, Dunn, Morgan Stanley, Sarah Pritchard, Claire Garrett, Michael Watling, Seward, FINRA, Matt Smith, Ryan, Yonk, Symphony's Levy, Chris Prentice, Michelle Price, Huw Jones, Sharon Singleton Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, Finance, Reuters, U.S, EMEA, Microsoft, Britain's, Authority, HSBC, Bloomberg, U.S . Financial Industry Regulatory Authority, Employees, American Institute for Economic Research, Washington D.C, Thomson Locations: Marsh, U.S, New York, Washington, London

Mr. Goodell will be 68 when his current contract runs out. Mr. Goodell is the most powerful executive in American sports, and the N.F.L. Mr. Goodell will be older when his new deals ends than two predecessors were when they retired. “We’ll see what the future holds,” Mr. Goodell said about his plans after this current extension. “It’s a healthy discussion to have,” Mr. Goodell said in July.

Persons: Roger Goodell, Goodell, Art Rooney II, Goodell’s, “, ”, Daniel Snyder, Josh Harris, Jerry Jones, Jones, Brian Rolapp, Kevin Warren, Pete Rozelle, Paul Tagliabue, ” Mr, I’m, Jim Irsay, Mr, It’s, I’ve Organizations: Pittsburgh Steelers, Denver Broncos, Carolina Panthers, Washington, Dallas Cowboys, Chicago Bears ’, Minnesota Vikings, Indianapolis Colts Locations: New York, Egan, Minn, Minneapolis

☆ The next GOP speaker will face the same traps that doomed McCarthy
▼ + stars: | 2023-10-05 | by ( Stephen Collinson | ) edition.cnn.com time to read: +10 min

Two candidates, GOP Majority Leader Steve Scalise of Louisiana and Judiciary Chairman Jim Jordan of Ohio, have already launched campaigns. He’s not the first GOP speaker to think so. But in this political climate, any Republican speaker who has to rely on Democratic votes is critically weakened and probably can’t last long. But the only way a Republican speaker will be able to pass aide to Ukraine will be to do so with Democratic help. The lack of such flexibility has been a fatal flaw of GOP speakers for years.

Persons: Kevin McCarthy, he’d, Steve Scalise, Jim Jordan of, Kevin Hern, McCarthy, Matt Gaetz, tormentor, Nancy Pelosi, Garret Graves, CNN’s Jake Tapper, ” Graves, Donald Trump, “, ” McCarthy, He’s, John Boehner, shutdowns, –, Paul Ryan, Ryan, Trump, they’d, McCarthy –, Mike Lawler, Biden, ” Lawler, CNN’s Wolf Blitzer, Lawler, Jordan, CNN’s Manu Raju, Michael McCaul, Raju, Jordan didn’t, Scalise, don’t Organizations: CNN, Republican, GOP, United, Republican Party, Tea Party, Wisconsin Rep, “ America, Democratic, New, Trump, Foreign, Texas Locations: Louisiana, Jim Jordan of Ohio, Oklahoma, Florida, Garret Graves of Louisiana, United States, New York, reining, Russia, China, Ukraine, Kyiv

☆ China has reason not to let Evergrande rejig rot
▼ + stars: | 2023-10-03 | by ( Chan Ka Sing | ) www.reuters.com time to read: +4 min

Yet Evergrande creditors are nonetheless in limbo. Up to 44% of Evergrande’s 558 billion yuan of interest-bearing debt is unsecured, of which a large chunk is held by offshore creditors. If the company is forced into liquidation, unsecured offshore creditors will recover less than 10 billion yuan, Evergrande has warned, with some facing a recovery rate as low as 2%. Evergrande was trying to reach an agreement with offshore creditors first before tackling issues onshore. It also cancelled meetings due to be held with creditors on Sept. 25 and Sept. 26.

Persons: Hui Ka Yan, Evergrande, ”, Sunac, Hui’s, Una Galani, Katrina Hamlin Organizations: Reuters, HK, Guangdong International Trust and Investment Corporation, Street, China Evergrande, Thomson Locations: HONG KONG, China, Guangdong, Republic, Hong Kong

Search resuls for: "Missteps"

25 mentions found