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☆ Boies law firm makes odd moves in FTX case against Tom Brady, celebs
▼ + stars: | 2022-12-15 | by ( Alison Frankel | Thomson Reuters | Alison Frankel Has Covered High-Stakes Commercial Litigation As A Columnist For Reuters Since A Dartmouth College Graduate | ) www.reuters.com time to read: +7 min

That was apparently not what the Boies and Moskowitz firms were hoping. In mid-November, the firms filed the first of their three FTX lawsuits in federal court. On Nov. 21, the Boies and Moskowitz firms filed a second FTX class action, this time on behalf of non-U.S. FTX customers. The day after Bloom’s assignment to the case, the Moskowitz and Boies firms voluntarily dismissed the two previously-filed FTX class actions before Moore and Gayles. “As we got more cases, we filed more cases,” Moskowitz said.

U.S. scientists have achieved “ignition” — a fusion reaction that produced more energy than it took to create — a critical milestone for nuclear fusion and a step forward in the pursuit of a nearly limitless source of clean energy, Energy Department officials said Tuesday. The process imploded a tiny capsule inside the hohlraum that is filled with deuterium and tritium, creating a fusion reaction. Lawrence Livermore National Laboratory"We have taken the first tentative steps toward a clean energy source," said Jill Hruby, the Energy Department's National Nuclear Security Administration. The Inflation Reduction Act provided millions in new funding for fusion projects and the White House this year convened the first fusion summit and developed a 10-year plan to commercialize fusion technology. A technician reviews an optic inside the preamplifier support structure at the Lawrence Livermore National Laboratory in Livermore, Calif., in 2012.

☆ People are paying $12 to go on VR tours of turtle nesting in Costa Rica or India's Holi festival from their couches. Meet a tour guide who's cashing in on this travel niche.
▼ + stars: | 2022-12-10 | by ( Mark Ellwood | ) www.businessinsider.com time to read: +8 min

Ligia Morera, based in Costa Rica, leads virtual tours on the Japanese platform Dokodemo Door Trip. A VR tour guide needs AI software to reach a worldwide audienceMorera filming a VR tour. In other words, these VR tours are as much a marketing program for its core business as a standalone revenue stream. Another source of referrals is other VR tour guides. "In Costa Rica, sometimes we get little problems with that," she said.

☆ Who is Viktor Bout, the Russian arms dealer swapped for Griner?
▼ + stars: | 2022-12-08 | by ( Felix Light | ) www.reuters.com time to read: +7 min

[1/2] Suspected Russian arms dealer Viktor Bout is escorted by members of a special police unit after a hearing at a criminal court in Bangkok October 5, 2010. Russia got the jailed arms dealer back from the United States on Thursday after exchanging imprisoned U.S. basketball star Brittney Griner for him at Abu Dhabi airport. His notoriety was such that his life helped inspire a Hollywood film, 2005’s Lord of War, starring Nicolas Cage as Yuri Orlov, an arms dealer loosely based on Bout. For some experts, the Russian state's continued interest in Bout, plus his skills and connections in the international arms trade, hint strongly at Russian intelligence ties. “His case has become totemic for the Russian intelligence services, who are keen to show that they don’t abandon their own people,” Galeotti added.

☆ Canada exports rose in October helped by weak dollar
▼ + stars: | 2022-12-06 | by ( Ismail Shakil | ) www.reuters.com time to read: +2 min

Exports rose 1.5%, helped by higher exports of medicinal products as well as gold bars and coins to the United States, Statscan said. "Canada's merchandise trade surplus widened in October, with a weaker Canadian dollar providing a helping hand. When expressed in U.S. dollars, Canadian exports were down 1.3% in October, and imports decreased 2.2%, Statscan said. Exports of farm, fishing and intermediate food products rose 10.2% in October to a record-high C$5.5 billion, helped by canola and wheat. The Canadian dollar was trading at 1.3625 to the greenback, or 73.39 U.S. cents, down 0.3% on the day.

☆ Canada's deep yield curve inversion adds to BoC rate hike dilemma
▼ + stars: | 2022-12-04 | by ( Fergal Smith | ) www.reuters.com time to read: +4 min

Canada's central bank says that the economy needs to slow from overheated levels in order to ease inflation. The yield on the Canadian 10-year government bond has fallen nearly 100 basis points below the 2-year yield, marking the biggest inversion of Canada's yield curve in Refinitiv data going back to 1994 and deeper than the U.S. Treasury yield curve inversion. The depth of Canada's curve inversion is signaling a "bad recession" not a mild one, said David Rosenberg, chief economist & strategist at Rosenberg Research. Still, 3-month measures of underlying inflation that are closely watched by the BoC - CPI-median and CPI-trim - show price pressures easing. "The yield curve would not invert to this extent unless investors also believed that inflation will drop back down toward the Bank's target," said Brown.

The group agreed in early October to cut its oil production target by 2 million bpd from November until the end of 2023. Given production restraints on some members of the alliance, the actual cut the group is expected to deliver is closer to between 1 million and 1.1 million bpd. "A further cut in production cannot ... be ruled out," PVM Oil analyst Stephen Brennock said. "Failure to do so risks sparking another selling frenzy," he added, without saying how low he thought prices could go. Amrita Sen, co-founder of consultancy Energy Aspects, told bank Jefferies that she did not expect OPEC+ to change tack yet.

☆ The SEC is suing real-estate mogul Kent Swig's shady crypto partner for perpetuating a 'pump-and-dump' scheme with a different gold-backed crypto currency
▼ + stars: | 2022-12-01 | by ( Alex Nicoll | Daniel Geiger | ) www.businessinsider.com time to read: +8 min

Now the SEC is suing the CEO of Swig's company for an earlier, separate gold-backed crypto scam. According to the SEC, Braverman was said to be the chief operating officer of one of two companies the regulator targeted in the complaint. When Swig's company announced Digau, cryptocurrencies were on a sugar high, with bitcoin trading above $60,000. Neither Swig nor Dignity Gold would reveal to Business Insider any of the specific site locations where the company plans to mine. To extract the gold, Swig partnered with a mining company called Apache Mill Tailings.

☆ Oil up over $2 on tighter supply while OPEC+ talks limit gains
▼ + stars: | 2022-11-30 | by ( Rowena Edwards | ) www.reuters.com time to read: +3 min

But the likelihood that OPEC+ will leave output unchanged at its upcoming meeting limited the gains. Brent crude futures rose $2.22, or 2.67% to $85.25 per barrel by 1340 GMT. Support followed expectations of tighter crude supply. U.S. crude oil stocks dropped by 7.9 million barrels in the week ended Nov. 25, according to market sources citing American Petroleum Institute figures on Tuesday. Russia would not supply oil to countries imposing a price cap, Russia's foreign ministry spokeswoman Maria Zakharova said.

☆ Who is Viktor Bout, the arms dealer who could be swapped for Griner?
▼ + stars: | 2022-11-18 | by ( Felix Light | ) www.reuters.com time to read: +8 min

Russia wants the jailed arms dealer back in Moscow and is discussing a prisoner swap with the United States that could see him exchanged for Americans imprisoned in Russia including basketball star Brittney Griner. Reed was ultimately freed in return for Konstantin Yaroshenko, a Russian pilot jailed in the United States on drug trafficking charges. For some experts, the Russian state's continued interest in Bout, plus his skills and connections in the international arms trade, hint strongly at Russian intelligence ties. In interviews, Bout has said he attended Moscow's Military Institute of Foreign Languages, which serves as a training ground for military intelligence officers. “His case has become totemic for the Russian intelligence services, who are keen to show that they don’t abandon their own people,” Galeotti added.

☆ Texas set to execute man for killing pregnant ex-girlfriend and her son
▼ + stars: | 2022-11-16 | by ( The Associated Press | ) www.nbcnews.com time to read: +4 min

He was condemned for the February 2005 deaths of Lisa Underwood, 34, and her son Jayden. Texas prison officials didn’t formally update their policy but said they would review inmates’ petitions on a case-by-case basis and would grant most reasonable requests. Prosecutors said Barbee killed his ex-girlfriend and her son because he didn’t want his wife to know Underwood was seven months pregnant, presumably by him. Barbee confessed to police he killed Underwood and her son but later recanted. If Barbee is executed, he would be the fifth inmate put to death this year in Texas.

☆ Oil prices fall as Druzhba pipeline resumes flows
▼ + stars: | 2022-11-16 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

BENGALURU (Reuters) -Oil prices fell by more than a dollar on Wednesday as Russian oil shipments via the Druzhba pipeline to Hungary restarted and rising COVID-19 cases in China weighed on sentiment. Prices slid into negative territory after Hungarian Foreign Minister Peter Szijjarto said that flows through the Druzhba oil pipeline from Russia had resumed following a brief outage. Supply to parts of Eastern and Central Europe via a section of the pipeline were temporarily suspended on Tuesday for technical reasons, according to oil pipeline operators in Hungary and Slovakia. The Energy Information Administration said U.S. crude inventories fell by 5.4 million barrels last week, compared with expectations for a 440,000-barrel drop. “Oil demand growth in the country is being hampered by its unyielding faith in a zero-tolerance COVID-19 policy and persistent economic weakness,” PVM Oil analyst Stephen Brennock said.

☆ Oil prices slide after Druzhba crude pipeline resumes flows
▼ + stars: | 2022-11-16 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

LONDON (Reuters) -Oil prices fell sharply on Wednesday as Russian oil shipments via the Druzhba pipeline to Hungary restarted, prompting the reversal of earlier gains following an attack on an oil tanker off the coast of Oman. Prices then retreated after Hungarian Foreign Minister Peter Szijjarto said on Wednesday that flows through the Druzhba pipeline which carries Russian oil to Hungary had resumed following a brief outage. Oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline were temporarily suspended on Tuesday for technical reasons, according to oil pipeline operators in Hungary and Slovakia. “Oil demand growth in the country is being hampered by its unyielding faith in a zero-tolerance COVID-19 policy and persistent economic weakness,” PVM Oil analyst Stephen Brennock said. Earlier this week, the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for 2022 global oil demand growth for a fifth time since April, citing mounting economic challenges.

☆ Insurance stock Oscar Health is a buy and can jump nearly 40%, Wells Fargo says in upgrade
▼ + stars: | 2022-11-16 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Oscar Health could be primed for big gains after a tough year, according to Wells Fargo. Analyst Stephen Baxter upgraded the stock to overweight from equal weight, but lowered his price target, saying the outlook for the health insurance company appears "favorable" after the stock cratered 63% in 2022. Shares of Oscar Health came under pressure this year as investors dumped unprofitable growth names getting slammed by rising interest rates and high inflation. Oscar Health offers a lower membership plan than a majority of its competitors that will appeal to consumers, according to the note. At the same time, Oscar Health recently set a $120 million cost-savings target that the analyst approved of, read the note.

☆ NHL roundup: Surging Jets tie it late, sink Kraken in OT
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +5 min

With Winnipeg goalie David Rittich pulled for the extra skater, Blake Wheeler scored his 300th career NHL goal on the power play to tie the score with 5.2 seconds left. Jordan Eberle and Brandon Tanev scored for Seattle, which is 5-1-1 in its past seven games. The Kraken took a 2-1 lead on Tanev's goal at 7:02 of the third. Bruins 5, Canucks 2Five different players scored goals and defenseman Hampus Lindholm assisted on three as Boston downed visiting Vancouver for its fourth straight win. Travis Konecny scored the lone goal for the Flyers, who went 0-for-6 on the power play en route to losing their third straight game.

☆ Foxconn ramps up EV push with stake in U.S. truck maker Lordstown
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Carlos Garcia Rawlins/File PhotoNov 8 (Reuters) - Foxconn, the world's biggest contract electronics maker, has extended its drive into electric vehicle (EV) business with a deal to take a near-20% stake in loss-making U.S. electric truck maker Lordstown Motors Corp (RIDE.O) for up to $170 million. It said on Tuesday the latest deal would deepen Lordstown's ties with Foxconn's EV development platform MIH, or Mobility in Harmony. Lordstown Chief Executive Officer Edward Hightower, speaking via video at an MIH event in Taipei, said the truck maker and Foxconn were eyeing production for other original equipment manufacturers, or OEMs, as well. Foxconn shares traded up 0.5% on Tuesday. Lordstown CEO Hightower said the vehicle maker aims to deliver the first Endurance trucks to customers in the current quarter.

☆ In DeSantis' small Florida hometown, voters see 'scumbag' or 'hometown hero' as they head to the polls
▼ + stars: | 2022-11-08 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +9 min

DeSantis is up for reelection Tuesday, and could seek the White House in 2024.Insider interviewed voters from his small hometown of Dunedin, Florida. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyDUNEDIN, Florida — Florida Gov. Dunedin, Florida, has an arch in the center of town that reads, "Defending Freedom." "Ron DeSantis is a scumbag," Laura, who declined to share her last name, told Insider after exiting a polling station. Polls in Florida will close at 7 p.m., so it's not yet clear whether DeSantis will win over his hometown.

☆ Foxconn to become biggest shareholder in Lordstown Motors with up to $170 mln investment
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 min

Nov 7 (Reuters) - Lordstown Motors Corp (RIDE.O) said on Monday it had entered into a deal under which Foxconn Ventures Pte Ltd, an affiliate of Foxconn (2317.TW), would invest up to $170 million in the electric vehicle maker, that would make the Taiwanese contract manufacturer its largest shareholder. Foxconn will purchase 12.9 million shares on or after Nov. 22 and an additional 26 million shares that will propel Foxconn's holdings to 19.3% of Lordstown's common stock and all of its preferred stock, surpassing founder Stephen Burn's stake of 17.2%, according to Refinitiv. Foxconn started manufacturing Lordstown's Endurance pickup trucks in September after buying the U.S. company's Ohio facility. The deal was prompted by the need to clinch funds essential for the start of production of Endurance. Lordstown expects to limit production of the Endurance through 2023 or longer to minimize losses, until it is able to cut its materials cost.

Justice Ketanji Brown Jackson on Monday wrote her first opinion since taking office over the summer, objecting to the Supreme Court’s decision not side with an Ohio death row inmate’s claim. Chinn's lawyers argued that prosecutors had withheld evidence that a key witness, Marvin Washington, was severely mentally disabled, with an IQ of 48. Jackson wrote in an opinion dissenting from the court’s decision to reject Chinn’s claim that there was “no dispute” that the state had suppressed evidence that would have undermined Washington’s credibility as a witness. Under a 1963 Supreme Court ruling called Brady v. Maryland, such conduct can constitute a due process violation. Jackson, the first Black woman to serve on the Supreme Court, was appointed by President Joe Biden to replace fellow liberal Justice Stephen Breyer, who retired over the summer.

Brent crude rose $1.74, or 1.8%, to $96.39 as of 12:01 p.m. EDT (1601 GMT), while U.S. West Texas Intermediate (WTI) crude was up $1.95, or 2.2%, to $90.31 per barrel. U.S. crude oil stocks fell about 3.1 million barrels on the week, according to federal data. "That is why we are seeing oil prices being supported." China's zero-COVID policy has been a main factor in keeping a lid on oil prices as repeated lockdowns have slowed growth and pared oil demand. Therefore, expect oil prices to close out this year heading into triple-digit territory," PVM analyst Stephen Brennock said.

LONDON, Nov 2 (Reuters) - Oil prices slipped in and out of positive territory on Wednesday before an expected rate hike by the Federal Reserve, but found a floor as market participants weighed falling U.S. crude stockpiles and European sanctions on Russian barrels starting in December. U.S. crude oil stocks fell about 6.5 million barrels for the week ended Oct. 28, according to market sources citing American Petroleum Institute figures. China's zero-COVID policy has been a main factor in keeping a lid on oil prices as repeated lockdowns have slowed growth and pared oil demand. The potential disruption from the European Union embargo on Russian oil that is set to start on Dec. 5 may also be pushing prices higher. Therefore, expect oil prices to close out this year heading into triple-digit territory," PVM analyst Stephen Brennock said.

☆ Trump Media documents suggest Parler, Rumble as possible merger partners
▼ + stars: | 2022-11-02 | by ( Jack Stebbins | ) www.cnbc.com time to read: +3 min

The Rumble video platform logo on a laptop computer arranged in Hastings on Hudson, New York, on Saturday, Jan. 23, 2021. Trump Media and Technology Group executives named Parler and Rumble as theoretical acquisitions or partners, according to documents provided by co-founder and whistleblower, William Wilkerson, through his counsel. Wilkerson was one of the early executives at Trump Media and its Twitter-esque social media platform Truth Social. DWAC and Trump Media are also the subject of a criminal probe into possible securities violations relating to conversations that occurred between the two parties prior to the merger announcement. While the photo names these possible acquisition targets, it also names a number of other ventures for Trump Media that have yet to come to fruition, including "Trump Faith/Classic Films," "Trump Book Publishing" and "Trump Documentaries."

The Supreme Court on Monday wades into the decadeslong legal fight over affirmative action in cases challenging policies at the University of North Carolina and Harvard University, with the conservative majority expected to be open to ending the practice. The Supreme Court, which has a 6-3 conservative majority, will hear back-to-back oral arguments in the UNC and Harvard cases; the session is likely to last several hours. The arguments against affirmative action are being brought by a group called Students for Fair Admissions, led by conservative activist Ed Blum. The court shifted to the right following former President Donald Trump’s appointment of three conservative justices. If affirmative action is ended, those defending the practice say, race-neutral policies aimed at achieving diversity will often fail, leading to a decline in Black and Hispanic enrollment.

☆ Ukraine has taken delivery of its first mine-clearing machine, which was made by a British company and cost almost $500,000
▼ + stars: | 2022-10-31 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +3 min

Ukraine received its first mine-clearing machine, the Armtrac 400, which was made by a UK company. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyUkraine has taken delivery of its first mine-clearing machine, which was made by a British company. Funds raised through the initiative have allowed Ukraine to buy an Armtrac 400 for the Kharkiv region, which is no longer occupied but remains contaminated with mines. Ukraine paid almost $500,000 for the Armtrac 400. UNITED24The mine-clearing vehicle was developed and manufactured by Armtrac, based near Cambridge, England.

Most court observers are expecting that the court’s 6-3 conservative majority will be sympathetic to the arguments against affirmative action being brought by a group called Students for Fair Admissions. Ed Blum, the anti-affirmative action activist who leads the group, said he hopes the court "will finally end these polarizing and unfair racial preferences in college admissions." The court shifted to the right following former President Donald Trump’s appointment of three conservative justices, creating the 6-3 conservative majority. Polanco joined other UNC alumni and current students in defending the existing admissions policy in court. They argue that the UNC admissions policy discriminates against white and Asian applicants and that the Harvard policy discriminates against Asians.

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