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☆ FTX: Customers who trusted crypto giant may be left with nothing
▼ + stars: | 2022-11-14 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

But a liquidity crunch last week forced FTX to halt withdrawals, leaving customers and investors in limbo. In theory, FTX’s customers should get a cut of what’s left of the company’s assets at the end of the bankruptcy process. And FTT coins, the crypto token issued by FTX, have lost more than 90% of their value over the past week.) But I think this is actually good for the industry long-term.”The giant crypto exchange briefly emerged as a lifeline for FTX before reversing course last week. Correction: An earlier version of this article misstated the name of the law firm Loeb & Loeb.

The sources say Justice Department officials are looking carefully at a cross section of past cases involving the mishandling of classified material. Though his comments were about the separate Jan. 6 investigation, Justice Department officials said they apply broadly. Experts say the public evidence in the Mar-a-Lago case seems unambiguous. Less clear is whether there are aggravating factors — such as whether the Justice Department can prove Trump obstructed justice by failing to turn over documents despite a grand jury subpoena. Martin’s lawyers said he was a hoarder, and prosecutors concluded that he had not given classified information to anyone.

He is seeking the remainder from other funds, including current investors in FTX such as venture capital fund Sequoia Capital, the source added. Tether's chief technology officer, Paolo Ardoino, tweeted that it had "no plans to invest in or lend assets to FTX." FTX also got hit by the Bahamas Securities Commission, where the company is based, freezing assets of FTX Digital Markets "and related parties". In a tweet, FTX said it had reached a deal with Tron to establish a special facility that would allow clients to swap some crypto assets from FTX to external wallets. Bankman-Fried told investors that Alameda owes FTX about $10 billion, the Wall Street Journal reported.

He is seeking the remainder from other funds, including current investors in FTX such as venture capital fund Sequoia Capital, the source added. Bankman-Fried told investors that Alameda owes FTX about $10 billion, the Wall Street Journal reported. FTX had lent more than half of its customer funds to Alameda, the newspaper said. The U.S. securities regulator is investigating FTX.com's handling of customer funds and crypto-lending activities, according to a source with knowledge of the inquiry. Canada's Ontario Teachers Pension Plan, Tiger Global and Japan's Softbank are also FTX investors.

☆ EXCLUSIVE Bankman-Fried seeks $9.4 bln package for FTX rescue-sources
▼ + stars: | 2022-11-10 | by ( Anirban Sen | ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/IllustrationNEW YORK, Nov 10 (Reuters) - Sam Bankman-Fried is seeking to put together a rescue package of up to $9.4 billion for his troubled cryptocurrency exchange FTX, a person with direct knowledge of the matter said on Thursday. Bankman-Fried is discussing raising about $1 billion from crypto-token Tron founder Justin Sun, $1 billion from cryptocurrency exchange OKX, $1 billion from cryptocurrency firm Tether and $2 billion from a consortium of investment funds, the source said. One of the investors in talks with FTX is Daniel Loeb's hedge fund Third Point, according to the source. Bankman-Fried has had little progress so far in putting the rescue package together, according to the source. FTX, Sun, OKX and Third Point did not immediately respond to requests for comment.

☆ Verbit: 2022 Top Startups for the Enterprise
▼ + stars: | 2022-11-07 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: 1 min

Company founder Tom Livne learned firsthand as a lawyer that the $30 billion transcription services industry was not keeping up with the technology or market opportunity. He founded Verbit to combine the latest in AI-based voice capture technology with the world's largest professional transcription workforce. Now in use by over 3,000 organizations including Google, CNN, Fox, and the Library of Congress, as well as widespread adoption in the education sector from Stanford University to online learning company Udacity, Verbit has attracted top investors from the corporate world and Wall Street, including Samsung's VC arm Samsung Next and Dan Loeb's Third Point Ventures. The 2022 Top Startups for the Enterprise list is powered and inspired by the members of CNBC's Technology Executive Council (TEC). Learn more about CNBC Councils.

☆ To End the Russia-Ukraine War, Shut Up About Negotiations
▼ + stars: | 2022-11-04 | by ( Holman W. Jenkins | ) www.wsj.com time to read: 1 min

Holman W. Jenkins Jr. is a member of the editorial board of The Wall Street Journal. Mr. Jenkins joined the Journal in May 1992 as a writer for the editorial page in New York. In February 1994, he moved to Hong Kong as editor of The Asian Wall Street Journal's editorial page. Mr. Jenkins won a 1997 Gerald Loeb Award for distinguished business and financial coverage. Born in Philadelphia, Mr. Jenkins received a bachelor's degree from Hobart and William Smith Colleges and a master's degree in journalism from Northwestern University.

☆ Biden puts economic record front and center at New Mexico midterms rally
▼ + stars: | 2022-11-04 | by ( Peter Nicholas | Peter Nicholas Is A Senior National Political Reporter For Nbc News. | ) www.nbcnews.com time to read: +6 min

As an issue, democracy’s preservation pales in comparison to high prices and the economy. In fiery tones Thursday, Biden touted economic gains made since he succeeded former President Donald Trump — or, as he called him, “my predecessor.”“When I took office, this economy was in ruins,” Biden said. On the brink of an election that will decide control of Congress, Biden on Thursday dispensed with the unifying message that underpinned his inaugural address. If enacted, “you put Social Security and Medicare on the chopping block every five years” Biden said. Unable to squeeze inside, more than 100 people waited outdoors and were greeted by Biden before he gave his speech.

That hearing discussed an unclassified report issued by a Department of Defense task force in 2021. There is precedent for the Defense Department, scientists and the media playing down reports of UFOs rather than prioritizing truly open scientific inquiry. In the 1950s and 1960s, the Air Force established a UFO task force named Project Blue Book and commissioned an independent scientific study of the phenomena. There is now a danger that the NASA study, which is also supposed to be objective, may not live up to this scientific ideal. If government and academia don’t do so with UFOs, we may end up with another independent scientific panel in another 50 years, but be no closer to the truth.

☆ UFO ‘Mystery’ Shouldn’t Drag On
▼ + stars: | 2022-10-28 | by ( Holman W. Jenkins | ) www.wsj.com time to read: 1 min

☆ John Fetterman: The Midterms’ October Surprise
▼ + stars: | 2022-10-27 | by ( Daniel Henninger | ) www.wsj.com time to read: 1 min

Daniel Henninger's weekly column, “Wonder Land,” appears in The Wall Street Journal each Thursday. Mr. Henninger was a finalist for a Pulitzer Prize in editorial writing in 1987 and 1996, and shared in the Journal's Pulitzer Prize in 2002 for the paper's coverage of the attacks on September 11. In 2004, he won the Eric Breindel Journalism Award for his weekly column. He has won the Gerald Loeb Award for commentary, the Scripps Howard Foundation's Walker Stone Award for editorial writing and the American Society of Newspaper Editors' Distinguished Writing Award for editorial writing. He is a weekly panelist on the "Journal Editorial Report" on Fox News.

☆ U.S. hedge fund Third Point opens Tel Aviv office to scout investments
▼ + stars: | 2022-10-24 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Loeb's $14 billion New York-headquartered hedge fund Third Point LLC is opening an office in Tel Aviv on Monday, creating an outpost in a city known for its booming technology sector. For Third Point, one of the hedge fund industry's most successful firms, the Tel Aviv office will become its first international location. Sapir Harosh, who worked in military intelligence and joined TPV from Israeli firm Pitango earlier this year, will head the Tel Aviv office. In April, New York-based General Atlantic, opened its Tel Aviv office. Third Point finished raising its first dedicated venture fund in 2021 and is currently taking in cash for its second venture fund, a person familiar with the fundraising said.

☆ The fate of the world economy may depend on what happens to a company most Americans have never heard of
▼ + stars: | 2022-10-22 | by ( Avery Hartmans | Jacob Zinkula | ) www.businessinsider.com time to read: +13 min

The fate of the global economy may rest on the shoulders of one company: TSMC. That's because there could be trillions of dollars' worth of economic activity tied to that one company: Taiwan Semiconductor Manufacturing Company, the world's biggest chipmaker. Ann Wang/ReutersThe semiconductor industry has its roots in the US, as much of the research and development is done on US soil. According to a 2021 report from the Semiconductor Industry Association, in 1990 the US produced 37% of the world's chip supply. These days, the US is responsible for only 12% of global chip production.

☆ Western World’s Energy Folly in a New York Nutshell
▼ + stars: | 2022-10-21 | by ( Holman W. Jenkins | ) www.wsj.com time to read: 1 min

☆ There's still a bull case for the stock market even as inflation runs hot and rates rise
▼ + stars: | 2022-10-20 | by ( Carla Mozée | ) www.businessinsider.com time to read: +5 min

Today we're also looking at one firm's view that there's still a bull case to be made for stocks, but its sitting on increasingly shaky ground. The upside case for stocks rests largely on two things: inflation and rates. DataTrek Research co-founder Nicholas Colas told clients this week that investors could propel stocks up heading into 2023. "TIPS and Fed Funds Futures prices do currently support the idea that in six months inflation will be dropping and Fed policy will be moving into neutral," Colas said. Individual investors have reduced net purchases of stocks in recent days following the September inflation shock.

☆ Wall Street eyes auto industry earnings for signs of 'demand destruction'
▼ + stars: | 2022-10-19 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

But with interest rates rising, inflation at record highs and recession fears looming, Wall Street is closely watching third-quarter earnings results and guidance for any signs consumer demand might be weakening. Spak said third-quarter earnings "should mostly be fine," with the focus being on company commentary and guidance revisions. DealersCarMax fueled Wall Street's concerns last month after the used car dealer posted one of its biggest earnings misses ever. Citing CarMax's results, J.P. Morgan analyst Rajat Gupta said the sentiment for franchised dealers' third-quarter earnings "is the most negative we have encountered since the pandemic." Other major dealers scheduled to report third-quarter earnings include Group 1 Automotive on Oct. 26, followed by AutoNation , Asbury Automotive Group and Sonic Automotive on Oct. 27.

☆ Biden to push for abortion rights bill if Democrats retain control of Congress
▼ + stars: | 2022-10-18 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Mike-Memoli-Circle-Byline-Template.Jpg | Mike Memoli | ) www.nbcnews.com time to read: +4 min

President Joe Biden will pledge Tuesday to push for an abortion rights bill if Democrats retain control of Congress in the midterm elections, a Democratic official told NBC News. President Joe Biden speaks during an event at the East Portland Community Center in Portland, Ore. on Oct. 15, 2022. The president, who has largely focused on economic issues at recent public events, is turning his attention to abortion rights three weeks before the midterm elections, which could see Republicans retake control of Congress. Democrats across the country have campaigned heavily on abortion rights, vowing to reverse restrictions pushed by Republicans and expand access to reproductive health services. Any bills to codify abortion rights or to institute bans would be difficult to pass in a closely divided Senate, where 60 votes are needed to overcome filibusters.

☆ Third Point takes stake in Colgate-Palmolive; sees value in pet food spinoff
▼ + stars: | 2022-10-18 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: Colgate toothpaste is pictured on sale at a grocery store in Pasadena, California January 30, 2014. REUTERS/Mario Anzuoni (UNITED STATES - Tags: BUSINESS)(Reuters) -Daniel Loeb’s Third Point has built a significant position in toothpaste maker Colgate-Palmolive Co and sees value in a potential spinoff of its Hill’s Pet Nutrition business, the activist investor said in a letter seen by Reuters. The investor letter did not disclose the size of Third Point’s stake, but cited several reasons for investing in the consumer goods company, including its pricing power in inflationary conditions and the strength in its pet food business. “There is meaningful hidden value in the company’s Hill’s Pet Nutrition business, which we believe would command a premium multiple if separated from Colgate’s consumer assets,” the letter said. Sales in Colgate’s pet nutrition business have outpaced overall company revenue over the last few years as consumers pay more attention to the needs of their cats and dogs.

Oct 18 (Reuters) - Daniel Loeb's Third Point has built a significant position in toothpaste maker Colgate-Palmolive Co (CL.N) and sees value in a potential spinoff of its Hill's Pet Nutrition business and other brands, the activist investor said in a letter seen by Reuters. The investor letter did not disclose the size of Third Point's stake, but cited several reasons for investing in the consumer goods company, including its pricing power in inflationary conditions and the strength in its pet food business. Loeb called the pet segment one of the most "exciting" pockets in the consumer space and said the business could be worth roughly $20 billion if it were a standalone company. Register now for FREE unlimited access to Reuters.com Register"There is meaningful hidden value in the company's Hill's Pet Nutrition business, which we believe would command a premium multiple if separated from Colgate's consumer assets," the letter said. Sales in Colgate's pet nutrition business have outpaced overall company revenue over the last few years as consumers pay more attention to the needs of their cats and dogs.

☆ Dan Loeb's Third Point builds stake in Colgate, sees value in pet food business in potential spinoff
▼ + stars: | 2022-10-18 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Dan Loeb's Third Point has built a sizeable stake in consumer giant Colgate-Palmolive , according to CNBC's David Faber. Loeb sees hidden value in Colgate's subsidiary Hill's Pet Nutrition, a pet food company, if it were spun off. Colgate has been investing behind its pet food business, its fastest growing unit. The activist and hedge fund manager added that consolidation in the consumer health sector point to more opportunities for Colgate. Loeb said Colgate could become part of the current M&A "minuet" in consumer health.

☆ Stop the Hurricane Climate-Change Babble
▼ + stars: | 2022-10-11 | by ( Holman W. Jenkins | ) www.wsj.com time to read: 1 min

☆ These stocks are sharply growing earnings despite the economic slowdown, and analysts love them
▼ + stars: | 2022-10-09 | by ( Fred Imbert | ) www.cnbc.com time to read: +3 min

Analysts see 2022 earnings per share growing by 67%, and the stock advancing 42% from current levels. Energy stocks EQT and Diamondback Energy also made the list. EQT's earnings are expected to grow by 420% in 2022, and 81% of analysts covering the stock rate it a buy. Diamondback's earnings per share are also expected to more than double, and nearly three-quarters of analysts have buy ratings on the stock. Energy stocks have gotten a boost this year from rising oil prices.

☆ Disney reaches deal with activist investor Third Point, will add former Meta executive to its board
▼ + stars: | 2022-09-30 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

The Disney+ website on a laptop computer in the Brooklyn borough of New York, US, on Monday, July 18, 2022. On Friday, Disney said in a public filing that, with Third Point's support, it would add Everson to its board ahead of its board meeting in November. The deal comes weeks after Third Point took a new stake in Disney representing about 0.4% of the company and urged the media company to spin out its sports property, ESPN. Disney has reached a deal with activist investor Dan Loeb's Third Point, which includes adding former Meta executive Carolyn Everson to its board of directors, the companies said on Friday. With Everson, who will officially take her seat on November 21, Disney will have 12 board members.

☆ Gen X is late to the leadership table in US politics, prompting the question: Will it ever produce a president?
▼ + stars: | 2022-09-28 | by ( Darren Samuelsohn | ) www.businessinsider.com time to read: +21 min

By historical standards, Gen X should be in charge of the US by now. Think of them as the godparents of the "Xennials" — those born in the late 1970s or early 1980s who aren't fully Gen X or millennial. No matter whether you deny the 61-year-old Obama is a boomer, Gen X is starting to get up there in age. Michael Ciaglo-Pool/Getty ImagesWhat's the US missing without a Gen X president? "It's like seeing a ghost that doesn't appear," she said of any expectation the presidency would just suddenly open up for Gen X.

☆ Obama Led Germany Into Putin’s Energy Trap
▼ + stars: | 2022-09-23 | by ( Holman W. Jenkins | ) www.wsj.com time to read: 1 min

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