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☆ FTX flop evokes history’s great financial swindles
▼ + stars: | 2022-11-18 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

As Walter Bagehot wrote in “Lombard Street” in 1873, “The good times too of high price almost always engender much fraud. As cryptocurrencies declined in value, FTX provided a line of credit to BlockFi, a stricken crypto-lender. He talked about Three Arrows Capital, the failed crypto hedge fund, as engaged in “punting”. His firm launched a product based on a basket of crypto assets that it called Shitcoin Index Perpetual Futures, with the unsubtle ticker SHIT-PERP. He commissioned an advertisement, aired during the Super Bowl, in which the comedian Larry David casts doubt on the viability of FTX.

☆ Crypto watchdogs have a giant offshore problem
▼ + stars: | 2022-11-17 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

The European Union’s mammoth crypto regulation would help. Known as MiCA and recently agreed by lawmakers, the rulebook forces custodians to segregate clients’ crypto holdings from the firm’s own assets. Security firm Chainalysis reckons almost three-quarters of stolen crypto in 2021 was taken from DeFi services. Take Binance, by the far largest crypto exchange. Reuters GraphicsFollow @liamwardproud on TwitterCONTEXT NEWSFTX suffered a “severe liquidity crisis” that led to its bankruptcy, according to court filings dated Nov. 14.

☆ Fiscal “black hole” obsession adds to UK problems
▼ + stars: | 2022-11-16 | by ( Pierre Briancon | ) www.reuters.com time to read: +3 min

His government is preparing to fill what media reports now describe as a “black hole” in the country’s public finances, by raising around 50 billion pounds within five years. And while new Chancellor of the Exchequer Jeremy Hunt has reversed many of Truss’ tax cuts, he’s kept measures worth some 17 billion pounds a year. The impact of his plan, based on the UK Office for Budget Responsibility’s growth forecast, will depend on its size, timing and structure. The bigger the adjustment to the public finances, which media reports reckon could be anywhere between 30 and 60 billion pounds, the larger its impact on growth. Talk of a “black hole” obscures the fact that Sunak and Hunt have multiple options.

☆ Credit Suisse’s fuzzy Apollo deal better than none
▼ + stars: | 2022-11-15 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

The U.S. buyer, which already has about $523 billion of client money, will also manage the remaining $20 billion of Credit Suisse’s packaged loans and mortgages, in return for a fee. The Apollo deal and other smaller transactions will only reduce Credit Suisse’s risk-weighted assets by roughly $10 billion by mid-2023, which is less than half of the $22 billion that Körner said was sitting in the unit at the end of September. Credit Suisse also said that the final sale price will depend on discount rates. Follow @liamwardproud on TwitterloadingCONTEXT NEWSCredit Suisse on Nov. 15 said it would sell the bulk of its securitised products business to Apollo Global Management. As a result of the deals, Credit Suisse’s risk-weighted assets will fall by about $10 billion.

☆ Taylor Swift’s ‘Midnights’ sees biggest album debut week in nearly 7 years
▼ + stars: | 2022-10-31 | by ( ) www.nbcnews.com time to read: +3 min

In streaming, Swift scores the third-largest streaming week for an album, by total on-demand official streams (549.26 million), and also logs the biggest streaming week for a non-R&B/hip-hop album and any album by a woman. 2 on the Billboard 200 with 110,000 equivalent album units earned (down 49%) after scoring the top spot a week prior. 6 in its debut week with 37,500 units (of that total, 28,500 units consist of album sales). 7 with 37,000 equivalent album units earned. 8 with 32,000 equivalent album units earned (up 1%) and Beyonce’s former No.

☆ Credit Suisse begins perilous ride to right place
▼ + stars: | 2022-10-27 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, Oct 27 (Reuters Breakingviews) - After years of botched strategies, Credit Suisse (CSGN.S) has finally hit the nail on the head. He’s also in exclusive talks with Apollo Global Management (APO.N) and PIMCO about selling the securitisation business, which bundles and slices mortgages for credit investors. It could fall even further if Credit Suisse eventually hives off the carved-out dealmaking business it is rebranding as CS First Boston, under former Citigroup (C.N) rainmaker Michael Klein. Those moves solve the central problem that has plagued Credit Suisse for years, and which former CEOs Thomas Gottstein and Tidjane Thiam failed to answer. The deposit outflow saw Credit Suisse breach liquidity requirements set by regulators of its legal subsidiaries.

☆ Western economies rediscover meaning of scarcity
▼ + stars: | 2022-10-27 | by ( Edward Chancellor | ) www.reuters.com time to read: +8 min

Western companies, which outsourced production to China and other emerging markets, found themselves less constrained by their domestic workforces. China’s rising exports lowered the prices of traded goods, dampening inflationary pressures and allowing Western central banks to cut interest rates to their lowest levels in history. In the 1970s, economists worried that fiscal deficits would lead to higher interest rates and lower investment. Western governments now face constraints that are common in developing countries, relating to fiscal policy, inflation and financial stability. To reduce the burden of their war debts, governments in Europe and the United States held interest rates below inflation.

☆ European banks’ perfect moment will prove fleeting
▼ + stars: | 2022-10-26 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, Oct 26 (Reuters Breakingviews) - Europe’s big banks are enjoying a perfect moment. That dream scenario allowed Deutsche Bank (DBKGn.DE), Barclays (BARC.L) and Banco Santander (SAN.MC) to report chunky profits in third-quarter results released on Wednesday. Barclays’ revenue from trading fixed-income securities, currencies, and commodities in the first nine months of 2022 was 63% higher year-on-year. Deutsche, Barclays and Santander have slashed their group-wide stock of loan-loss provisions since 2020, and in the latter two cases they’re even below pre-pandemic levels. Deutsche Bank and Barclays were down 0.5% and 0.9% respectively.

☆ HSBC ditches its cost-cut tsar before job is done
▼ + stars: | 2022-10-25 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

LONDON, Oct 25 (Reuters Breakingviews) - HSBC (HSBA.L), (0005.HK) boss Noel Quinn is getting rid of a cost-cutting finance chief, Ewen Stevenson, while his skills are still in need. The former Royal Bank of Scotland chief financial officer and Credit Suisse (CSGN.S) banker only started as HSBC CFO in January 2019. HSBC has so far managed to axe about $4.9 billion of gross annual expenses under a programme launched in early 2020. To keep HSBC’s investors happy, Elhedery will have to do his best impersonation of the bank’s outgoing cost-cutting tsar. Reuters GraphicsFollow @liamwardproud on TwitterloadingCONTEXT NEWSHSBC on Oct. 25 appointed Georges Elhedery as chief financial officer.

☆ Italy’s new boss is missing a trick on tax evasion
▼ + stars: | 2022-10-24 | by ( Lisa Jucca | ) www.reuters.com time to read: +3 min

A proper fight against endemic tax evasion would give her much-needed ammunition. Meanwhile, plans to allow Italians to retire earlier would likely cost more than 10 billion euros annually. She could target untaxed domestic revenue, which amounted to 100 billion euros in 2019. A serious effort to tackle tax evasion would materially help her fiscal position. The approach offers upfront windfalls but does not discourage tax evasion in the long term.

☆ Rishi Sunak offers only temporary fix for UK woes
▼ + stars: | 2022-10-24 | by ( George Hay | ) www.reuters.com time to read: +4 min

Now that Sunak has seen off an attempted return by wayward former Prime Minister Boris Johnson, yields are down to 3.7%. About 30 billion pounds of her 45 billion pounds of unfunded tax cuts have been already reversed, leaving a narrower 40 billion pound hole. But cheaper borrowing costs hastened by Sunak’s appointment should cut the gap to just 30 billion pounds, a UK budget expert told Breakingviews. Follow @gfhay on TwitterloadingCONTEXT NEWSFormer finance minister Rishi Sunak will become Britain's next prime minister after winning the race to lead the Conservative Party. Former prime minister and rival Boris Johnson withdrew from the contest saying he could no longer unite the party.

☆ 'Star Wars' actor Mark Hamill is helping donate drones to defend the skies over Ukraine against 'the evil empire'
▼ + stars: | 2022-10-22 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +3 min

Mark Hamill told Bloomberg he's helped send 500 drones to Ukraine through the country's United24 initiative. The "Army of Drones" program is collecting drone donations to "constantly monitor the front line." Hamill urged "everyone to come together and help Ukraine stand up in this war with the evil empire," Deadline reported. Other ambassadors of the "Army of Drones" program include Barbra Streisand, Liev Schreiber, Imagine Dragons, and Balenciaga creative director Demna, Deadline reported. Representatives for the "Army of Drones" program and Hamill did not immediately respond to Insider's requests for comment.

☆ Time for Europe to tame its energy cravings
▼ + stars: | 2022-10-19 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

For a year, Europe has been battling with unusually high prices. One-month TTF contracts started to decline once European nations slowed down buying to replenish their emergency storage facilities, now 92% full. With non-Russian gas producers already pumping at full capacity, Europe can’t do much to boost supply. Learning to save energy at home, and making companies more efficient, could be the only way to keep gas prices down. Reuters GraphicsFollow @LJucca on TwitterCONTEXT NEWSEuropean Union leaders will meet on Oct. 20-21 to discuss a package of measures designed to lower energy prices.

☆ Renault, Nissan messy breakup is least-bad option
▼ + stars: | 2022-10-10 | by ( Neil Unmack | ) www.reuters.com time to read: +4 min

Another headache is the alliance’s lopsided governance, which sees Renault hold a 43% stake in Nissan but the Japanese group prohibited by French law from exercising voting rights associated with its 15% stake in Renault. That will need Nissan’s backing, and the Japanese group might also invest in the electric division. The quid pro quo may be for Renault to give up some of its 43% share in Nissan. That implies the current value of just over 9 billion euros assigns little worth to the Nissan stake. Nissan is pressing Renault to cut its 43% stake in the Japanese group to as little as 15%, Reuters reported on Oct. 8.

☆ Peloton races tough economic cycle
▼ + stars: | 2022-10-06 | by ( ) www.reuters.com time to read: +2 min

TORONTO, Oct 6 (Reuters Breakingviews) - Peloton Interactive (PTON.O) is pedaling as fast as it can. The maker of connected bikes plans to cut 500 more jobs, or about 12% of its workforce, according to the Wall Street Journal. And even though McCarthy has steadily trimmed the cash burn, free cash flow was a hefty negative $412 million in the three months to June 30. Peloton, whose market value has plummeted 90% in a year, is coming precariously close to the end of a wild ride. (By Sharon Lam)Register now for FREE unlimited access to Reuters.com RegisterFollow @Breakingviews on Twitter(The author is a Reuters Breakingviews columnist.

☆ Behind Britain’s self-inflicted financial crisis: podcast
▼ + stars: | 2022-09-28 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

LONDON, Sept 28 (Reuters Breakingviews) - Sterling fell to a record low and gilt yields soared after finance minister Kwasi Kwarteng unveiled a raft of unfunded tax cuts. In this Viewsroom podcast, Breakingviews columnists explain the long-term damage to the UK’s credibility and what will rebuild investors’ confidence. Listen to the podcastFollow @aimeedonnellan on TwitterRegister now for FREE unlimited access to Reuters.com RegisterEditing by Oliver Taslic and Streisand NetoOur Standards: The Thomson Reuters Trust Principles. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Nexi can play catch-up with rival Worldline
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

The logo of Italian payments group Nexi is pictured inside their headquarters in Milan, Italy, March 28, 2019. REUTERS/Alessandro GarofaloMILAN, Sept 27 (Reuters Breakingviews) - It’s time for Nexi (NEXII.MI) to close a valuation gap with rival Worldline (WLN.PA). The 11.5 billion euro Italian payments group pledged on Tuesday to boost revenue by 9% per year by 2025 and its EBITDA by 14%. Worldline’s Gilles Grapinet, who competes with Nexi to snap up European payments assets, had earmarked just 0.8 billion euros of free cash flow in its four-year plan. Despite similar growth targets, Nexi is valued less richly than Worldline.

☆ Breakingviews: UK growth requires an even less popular Liz Truss
▼ + stars: | 2022-09-23 | by ( Aimee Donnellan | ) www.reuters.com time to read: +4 min

LONDON, Sept 23 (Reuters Breakingviews) - In her early days as prime minister, Liz Truss has had two mantras. As expected, Kwarteng reversed a planned hike in national insurance rates, costing around 17 billion pounds per year. The whole package will cost 45 billion pounds by 2027, while the government is also spending 60 billion pounds capping household and business energy bills. Support for household energy bills announced by Truss will cost 60 billion pounds for the next six months, Kwarteng said. Tax cuts would cost a further 45 billion pounds by 2026-2027, according to UK finance ministry costings.

☆ Novartis’ growth ills lay tricky treatment pathway
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 22 (Reuters Breakingviews) - Novartis (NOVN.S) is facing a prolonged period in recovery. On Thursday, the $187 billion Swiss drugmaker said it will make expansion in the U.S. market a top priority as it seeks to boost its lacklustre growth. He will also spin off its generic drug business next year and list it on the Swiss stock exchange. Strip that away from Novartis’ current enterprise value of $196 billion and the core drugs business is valued at around $167 billion. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Bonus cap scrap would be dubious Brexit dividend
▼ + stars: | 2022-09-15 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

A person points to the City of London financial district from a viewing platform in London, Britain, October 22, 2021. REUTERS/Hannah McKayLONDON, Sept 15 (Reuters Breakingviews) - UK finance minister Kwasi Kwarteng wants to make the City more competitive. That means UK banks and foreign ones operating in London might have to keep their compensation policies broadly the same to retain staff. Bringing the highly charged issue to the fore means Kwarteng might have less cover to push ahead with more meaningful changes, like getting rid of the bank levy. CONTEXT NEWSBritish finance minister Kwasi Kwarteng is seeking to scrap Britain’s cap on bankers’ bonuses, the Financial Times reported on Sept. 14.

☆ Cunoscutul jurnalist american Larry King a decedat
▼ + stars: | 2021-01-23 | by ( Borodin Victoria | ) www.zdg.md time to read: +1 min

Cunoscutul jurnalist american Larry King s-a stins din viață, din cauza complicațiilor date de COVID-19, scrie Mirror. Decesul Larry King în vârstă de 87 de ani vine după mai mulți ani în care a luptat cu probleme de sănătate, inclusiv cancer pulmonar și de prostată. Timp de 25 de ani a prezentat emisiunea „Larry King Live”. Larry King a părăsit CNN în 2010. Ulterior, a lansat emisiunea „Larry King Now”, în 2012, pe ORA TV, un canal pe internet plătit, fiind unul din fondatorii acestuia.

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