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☆ FuboTV insiders describe how its 'doomed' sportsbook collapsed in a year — and what it means for the future of the streaming company
▼ + stars: | 2023-01-19 | by ( Colin Salao | Ashley Rodriguez | ) www.businessinsider.com time to read: +22 min

But despite the MetLife lounge remaining open throughout the 2021-22 NFL season, the Fubo Sportsbook wouldn't launch in New Jersey until the following one, in September 2022. "It was doomed from the start," one former Fubo Gaming staffer told Insider. Meanwhile, Rattner — whom the first former Fubo gaming staffer described as a "good talker" — sustained the startup's more youthful culture. The Fubo Sportsbook launched in New Jersey on September 7, days before the first Jets home game. A promotional image from when the Fubo Sportsbook went live in New Jersey in September 2022.

☆ Silvergate Capital reports net loss of $1 billion for the fourth quarter
▼ + stars: | 2023-01-17 | by ( Hannah Lang | ) www.reuters.com time to read: +2 min

Jan 17 (Reuters) - Silvergate Capital Corp (SI.N) reported a net loss of $1 billion in the fourth quarter, after reporting earlier this month that investors spooked by the collapse of crypto exchange FTX pulled out more than $8 billion in deposits in the last three months of 2022. The company sold $5.2 billion of debt securities at a loss of $718 million in the fourth quarter to maintain liquidity. The bank said it would take an impairment charge of $196 million in the fourth quarter on assets purchased for the payment solution venture. Founded in 1988, Silvergate ventured into crypto in 2013. Company filings show that the bank received $4.3 billion in advances from the Federal Home Loan Bank of San Francisco in the fourth quarter.

☆ Investing Club: The week in review, the week ahead — Jan. 14, 2023
▼ + stars: | 2023-01-14 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

Also, earnings season is just kicking off, when we'll learn much more about what companies are seeing on the ground. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. People shop at the Pioneer Supermarkets on January 12, 2023 in the Flatbush neighborhood of Brooklyn borough in New York City.

☆ Volkswagen announces changes to Mexico, Canada supervisory boards
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: 1 min

Companies Volkswagen AG FollowFRANKFURT, Jan 12 (Reuters) - German car company Volkswagen Group (VOWG_p.DE) announced on Thursday promotions in its North American operations, CFO and COO Arno Antlitz posted on LinkedIn. Volkswagen of America President and CEO Pablo Di Si will take on the role of chairman of the company's Mexican supervisory board, and Andrew Savvas, Chief Sales & Marketing Officer at Volkswagen of America, will become chairman of its Canadian supervisory board. Both appointments take effect immediately, in a region Antlitz describes as "a cornerstone of the group's strategy." Reporting by Emma-Victoria Farr, editing by Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

☆ Olam’s Saudi-Singapore IPO sign of shifting times
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Jan 11 (Reuters Breakingviews) - Signs of deepening ties between Asia and the oil-rich Gulf are coming thick and fast. A planned Saudi Arabia-Singapore dual listing this year for Olam Agri, a trader of grains and seeds, is the latest example. Corporate and financial moves underscore how the global pin-code, as Olam’s co-founder and Chief Executive Sunny Verghese puts it, is changing. Between population trends, the Russia-Ukraine war and polarising geopolitics, expect the Gulf and Asia to get cosier. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ This scientist was irked by the phrase 'hella' big — so he created 2 new units of measurement
▼ + stars: | 2023-01-10 | by ( Adam Rogers | ) www.businessinsider.com time to read: +13 min

Metric measurements — also known as the International System of Units, or SI — are managed by a formal international organization. The prefixes Brown came up with are ronna and ronto for 1027 and 10-27 and quetta and quecto for 1030 and 10-30. In fact, SI units used to be based on actual, real-life physical artifacts. "If everyone sticks to SI prefixes," Brown says, "you don't have to go on Wikipedia to find out how long a light-year is or the power in 1 jansky." Pražák proposed sticking to Greek words and letters.

☆ Cryptoverse: Bitcoin digs in for a bumpy new year
▼ + stars: | 2023-01-10 | by ( Lisa Pauline Mattackal | ) www.reuters.com time to read: +4 min

[1/2] Bitcoin are seen in this illustration picture taken September 27, 2017. The overall global crypto market cap has risen 5% to $871 billion since Jan. 1, but it's still down over 57% from this time last year. Bitcoin itself has gained 4.3% since the start of 2023, though stuck in a narrow range between $16,500 and $17,300. For some market players, though, subdued sounds pretty good after the bitcoin bloodbath of 2022. Reuters GraphicsTHE BULL'S TALEMarcus Sotiriou, analyst at digital asset broker GlobalBlock, pointed to tightening Bollinger bands - a technical indicator tracking price and volatility - on bitcoin charts.

☆ Regional lender Metropolitan Bank to exit crypto-related asset vertical
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +1 min

Jan 9 (Reuters) - Metropolitan Bank Holding Corp (MCB.N) said on Monday it will exit the cryptocurrency related asset vertical, as the digital assets industry slips deeper into a crisis. It has four active institutional crypto-asset related clients that account for about 1.5% of its revenues and 6% of deposits. The crypto world's woes have continued into this year marked by plunging deposits, layoffs and multiple legal hurdles. Last week, crypto-focused bank Silvergate Capital Corp (SI.N) reported a sharp drop in fourth-quarter crypto-related deposits as investors spooked by the collapse of FTX pulled out more than $8 billion. MCB said it has no loans outstanding to any of its crypto-asset related clients, and that it does not hold crypto-assets on its balance sheet.

☆ Stocks making the biggest moves midday: World Wrestling Entertainment, Bed Bath & Beyond, Costco and more
▼ + stars: | 2023-01-06 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

World Wrestling Entertainment — The wrestling entertainment stock surged 21% after WWE announced that founder Vince McMahon is returning to its board of directors and that the company is exploring strategic moves. R1 RCM — Shares of the healthcare technology firm soared more than 11% after the company raised its revenue outlook for 2023. Costco Wholesale — Shares of the big-box retailer jumped more than 6% after it reported solid sales numbers for December. First Solar — Shares of First Solar rose more than 4% after Wells Fargo upgraded it to overweight, saying Europe's energy crisis and the Inflation Reduction Act in the U.S. will boost demand for solar energy. Bed Bath & Beyond — Shares plunged 20% after the retailer warned it was running out of cash and was considering bankruptcy.

SINGAPORE, Jan 6 (Reuters) - Crypto exchange Huobi plans to lay off about 20% of its staff, the company told Reuters on Friday. With the current state of the bear market, a very lean team will be maintained going forward," Huobi said in a statement, responding to queries from Reuters. Sun, a Chinese cryptocurrency entrepreneur who is also a member of Huobi's global advisory board, said in an internal memo to Huobi staff that the company has been like "a fire in the (crypto) winter" despite the deteriorating macro environment. Huobi was ranked the eighth largest crypto exchange in terms of volume as of last November, according to analytics website CoinGecko. It was not immediately clear how many staff Huobi currently has.

☆ StanChart suitors track banking’s flighty fortunes
▼ + stars: | 2023-01-06 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +4 min

But one reliable rule of thumb is that Standard Chartered (STAN.L) will be the subject of periodic bouts of takeover speculation. The latest prospective suitor, First Abu Dhabi Bank (FAB.AD), reflects the shifting fortunes of global banking. Under UK rules, First Abu Dhabi cannot make an offer for StanChart for six months, unless another bidder emerges. The Abu Dhabi lender said it had been in “the very early stages of evaluating a possible offer” for the emerging markets-focused bank. Standard Chartered declined to comment.

☆ Wood's Ark Invest nearly liquidates Silvergate Capital position
▼ + stars: | 2023-01-06 | by ( David Randall | ) www.reuters.com time to read: +1 min

NEW YORK, Jan 6 (Reuters) - Star stock picker Cathie Wood's Ark Invest sold 403,990 shares of embattled crypto-focused bank Silvergate Capital Corp (SI.N) on Thursday as shares in the firm plunged more than 40%, according to disclosures by Ark Invest. The selling nearly liquidated the firm's share holdings and came from the $645 million ARK Fintech Innovation ETF (ARKF.P), and not the firm's flagship $5.9 billion ARK Innovation fund (ARKK.P), which does not have a position in the company. Total deposits from digital asset customers at Silvergate fell to $3.8 billion at the end of December, compared to $11.9 billion at the end of September. Ark Invest first bought shares in Silvergate in November, 2019, according to Morningstar data. Shares of Silvergate were down 9.2% in midday trading on Thursday, while shares of the ARK Fintech Innovation fund were up 0.8%.

☆ Crypto firms off to rocky start in 2023 with outflows, layoffs and a lawsuit
▼ + stars: | 2023-01-05 | by ( Hannah Lang | ) www.reuters.com time to read: +4 min

The fallout from the collapse of crypto exchange FTX and criminal charges leveled against its founder Sam Bankman-Fried weighed heavily on the sector this week. Among those hit were Genesis Global Capital, which laid off staff, and crypto-focused Silvergate Bank, which reported a large fall in deposits. Another crypto entrepreneur, Alex Mashinsky, the founder and former CEO of Celsius Network, also encountered a legal battle on Thursday. The accounts at Silvergate Bank and Farmington State Bank, which does business as Moonstone Bank, held about $143 million, court records showed. Crypto exchange Gemini, which had a crypto lending product in partnership with Genesis, and other Genesis creditors have been agitating for a solution to avoid a situation similar to FTX’s rapid descent into bankruptcy.

☆ Crypto bank run vindicates watchdogs’ vigilance
▼ + stars: | 2023-01-05 | by ( John Foley | ) www.reuters.com time to read: +4 min

What happened to Silvergate was a classic – and these days rare – bank run. Deposits from crypto firms fell to $3.8 billion in December from $11.9 billion in September. Silvergate hadn’t locked up customers’ deposits in loans, instead stacking its $15 billion balance sheet with government bonds and other easy-to-sell assets. But bank regulators too have kept crypto on a tight leash: They warned on Tuesday that they are closely watching banks with crypto-focused business models. If a go-to crypto bank can lose most of its deposits without failing or spreading chaos to other institutions, it suggests the firewall between digital and traditional finance is holding up.

☆ Crypto lender Genesis lays off 30% of staff - source
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

Several firms have suffered from waning investor appetite for crypto after major exchange FTX blew up in September. "As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to reduce our headcount globally," a spokesperson for the company confirmed. The company now has a headcount of 145, the source said, compared to 260 before the two rounds of layoffs. The crypto firm's lending arm, Genesis Global Capital, froze customer withdrawals in November, citing "unprecedented market dislocation" following the collapse of major crypto exchange FTX. Higher interest rates and worries of an economic downturn have also piled pressure on the crypto industry, as investors flee risky assets.

☆ The Equity Talk: Volkswagen North America's CEO plans to roll out dozens of electric vehicle models and boost diversity at the company
▼ + stars: | 2023-01-05 | by ( Marguerite Ward | ) www.businessinsider.com time to read: +9 min

Volkswagen North America CEO Pablo Di Si wants the company to become the top EV seller in the US. Di Si also plans to raise the number of women in leadership roles at Volkswagen North America from around 16% to more than 20% by 2025. For Di Si, diversity and inclusion are personal. He immigrated to the US from Argentina when he was a teen, and he's also the first Hispanic chief of Volkswagen North America. The Volkswagen North America CEO told Insider he wants to increase the number of women in leadership positions as well as those working in factories.

☆ Jim Cramer's top 10 things Thursday: Strong jobs, Amazon cuts staff
▼ + stars: | 2023-01-05 | by ( Jim Cramer | ) www.cnbc.com time to read: +3 min

The life sciences and medical diagnostics company is doing so much to help its share price that I find this downgrade curious. Piper Sandler cuts price target on Cyberark Software (CYBR) to $160 per share from $190, suggesting more room to drop. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ Factbox: From BlockFi to Genesis, crypto firms reel from exposure to FTX
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +5 min

Jan 5 (Reuters) - After the collapse of major cryptocurrency exchange FTX, the industry has felt a ripple effect due to the exposure of many companies to FTX and its affiliated trading firm Alameda Research. Here are some firms that have given information about their exposure to FTX. The crypto lending arm of U.S. digital asset broker Genesis Trading suspended customer redemptions last month, citing the sudden failure of FTX. Genesis said in a tweet on Nov. 10 that its derivatives business has approximately $175 million in locked funds on FTX. COINSHARESCrypto asset manager CoinShares has $30.3 million worth of exposure to crypto exchange FTX, it said in a statement on Nov. 10.

☆ Silvergate Capital's crypto-related deposits plunge in fourth quarter
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

Jan 5 (Reuters) - Silvergate Capital Corp's (SI.N) crypto-related deposits plummeted in the fourth quarter, according to a preliminary earnings report on Thursday, as souring crypto sentiment following the collapse of FTX exchange led to a surge in withdrawals. To maintain liquidity, the bank sold $5.2 billion of assets at a loss of $718 million in the fourth quarter. More than a trillion dollars in value was wiped out from the crypto sector last year with rising interest rates exacerbating worries of an economic downturn. The crash has eliminated key industry players such as crypto hedge fund Three Arrows Capital and crypto lender Celsius. Still, the biggest blow to the sector came after major crypto exchange FTX filed for bankruptcy protection in November.

[1/2] A Hainan Airlines aircraft is seen at Beijing Capital International Airport, amid the coronavirus disease (COVID-19) outbreak in Beijing, China December 27, 2022. About 62% of tickets to and from China were sold by Chinese carriers and 38% by foreign carriers in 2019, ForwardKeys data shows, reflecting the strong outbound market dominating traffic flows. "Foreign airlines don't have that flexibility and it will be hard for them to forecast and project how fast demand returns on their China routes," he added. Many foreign carriers also retired large numbers of widebody planes during the pandemic and have struggled to add capacity even before China opened. TIMING OF REBOUNDThe Chinese travel industry had expected a border opening around March and was not prepared for the Jan. 8 date, according to a research note from Tianfeng Securities.

"It's not a question of if it will happen, it's now just a matter of how many and how fast." As the Lunar New Year holiday - typically a peak travel period for Chinese tourists - starts on Jan. 21, some businesses are already gearing up. Japan, however, is being cautious about Chinese tourism due to the rapid spread of the virus in China. Australia, Germany, Thailand and others, however, said they would not impose additional rules on Chinese travel for now, with France taking to social media platform Sina Weibo to emphasise it welcomed Chinese friends "with open arms". "I suspect any meaningful rebound will have to wait until the travel boom in June or July next year."

☆ Australia blocks Telstra-TPG wireless internet deal, sparking legal fight
▼ + stars: | 2022-12-21 | by ( Byron Kaye | ) www.reuters.com time to read: +3 min

SYDNEY, Dec 21 (Reuters) - Australia's antitrust regulator blocked an asset transfer deal between Telstra and TPG, the country's No.1 and No.2 wireless internet firms, citing competition concerns, setting the scene for a legal battle over access to four million customers. In a deal announced in May, Telstra Group (TLS.AX) was to buy spectrum - airwaves which carry wireless internet - and transmission towers from TPG Telecom Ltd (TPG.AX), while TPG would keep selling 4G and 5G coverage using what would become Telstra's infrastructure. 3 wireless internet provider Optus, owned by Singapore Telecommunications (STEL.SI), opposed the deal saying it would build Telstra's market dominance. The decision sets up a second legal showdown between TPG and the ACCC in just over two years. "By knocking back this deal, the ACCC has helped ensure that our regional communities will continue to benefit from competition," said Optus CEO Kelly Bayer Rosmarin in a statement.

☆ Australia rejects Telstra, TPG's network-sharing deal; firms to appeal
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

Dec 21 (Reuters) - The Australian Competition & Consumer Commission (ACCC) on Wednesday rejected TPG Telecom's (TPG.AX) regional network-sharing agreement with Telstra Group (TLS.AX), and said the deal would significantly weaken overall competition in the country. TPG's shares tanked nearly 6% to a record low following the news, while Telstra slipped 0.1%. In February, the telecom giants signed a regional multi-operator core network agreement under which Telstra — the country's largest telecoms operator — would gain access to TPG's 4G and 5G spectrums. TPG and Telstra expressed disappointment with the competition regulator's decision, which the latter said it would appeal against, while rival telecoms firm Optus — owned by Singapore Telecommunications (STEL.SI) — welcomed it. ACCC noted the network-sharing arrangement is proposed at a time when all the three companies — TPG, Telstra and Optus — are competing in the roll-out of 5G infrastructure including in regional areas.

☆ Australia's competition watchdog rejects Telstra-TPG network sharing deal
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

Dec 21 (Reuters) - Australian Competition & Consumer Commission (ACCC) on Wednesday rejected TPG Telecom's (TPG.AX) network sharing agreement with Telstra Corp (TLS.AX), saying the deal would significantly weaken competition in the country. 2 internet service provider - said it was "disappointed" with the Australian competition regulator's decision and is preparing an application for a review of the decision. In February, the companies signed a regional multi-operator core network agreement under which Telstra, the country's largest telecoms operator, would gain access to TPG's 4G and 5G spectrums. The deal was expected to deliver between A$1.6 bln ($1.07 bln) and A$1.8 billion of revenue to Telstra over the initial 10-year term. Reporting by Navya Mittal in Bengaluru; Editing by Anil D'Silva and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ From ads in video games, retail media, and cookieless tracking — experts predict these surging areas will drive ad industry M&A in 2023
▼ + stars: | 2022-12-20 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +8 min

Despite an economic downturn, experts predict there will be plenty of advertising M&A in 2023. While that could include some and firesales, deals are expected in hot areas like retail media and CTV. Insider spoke to more than a dozen industry experts who dished on the trends that will drive advertising M&A next year. Companies in hot areas like performance marketing, retail media and CTV will buy others to build out their offeringsPerformance marketing, retail media, and the growth of connected TV advertising have been among the hottest trends for advertising companies and agencies in recent years. Areas like retail media and ad-supported streaming are on fire.

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