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☆ Crypto contagion deepens: Coinbase to lay off 20% of workforce
▼ + stars: | 2023-01-10 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

The company said it expects to incur about $149 million to $163 million in restructuring expenses. Its shares reversed course to fall 2.7% premarket after rising more than 5% on the layoffs announcement earlier. Last year, rising interest rates and worries of an economic downturn wiped out more than a trillion dollars from the crypto sector. However, the bigger blow came after larger crypto exchange FTX filed for bankruptcy protection in November. Coinbase in November cut more than 60 jobs in its recruiting and institutional onboarding teams, after slashing 1,100 jobs, or 18% of its workforce, in June.

☆ C.H. Robinson Reaches Standstill Agreement With Activist Investor
▼ + stars: | 2023-01-10 | by ( Paul Berger | ) www.wsj.com time to read: +4 min

Robinson Worldwide Inc. has reached an agreement to work with its activist investors as analysts said new board member Jim Barber would be a strong candidate to lead the company. Robinson’s board. Robinson’s then board chair as interim CEO as the board said it would start an immediate search for a permanent successor. Robinson’s board, said Monday that Mr. Biesterfeld’s firing was a board decision. Robinson has retained executive search firm Russell Reynolds Associates Inc. to find a permanent chief executive.

☆ Coinbase and Amazon are slashing thousands of workers, as a wave of layoffs continues into 2023. Here's the full list of major US companies making cuts.
▼ + stars: | 2023-01-10 | by ( Bethany Biron | Samantha Delouya | ) www.businessinsider.com time to read: +1 min

Coinbase and Amazon are the latest to be hit by a wave of layoffs at big US tech companies. The companies are cutting thousands of employees in total. Sign up for our newsletter for the latest tech news and scoops — delivered daily to your inbox. Coinbase is the latest tech giant to lay off hundreds of workers. According to data cited by the Journal from Layoffs.fyi, a site that's been tracking layoffs since the start of the pandemic, tech companies slashed more than 150,000 in 2022 alone — compared to 80,000 in 2020 and 15,000 in 2021.

☆ Coinbase shares pop on company's plans to slash workforce
▼ + stars: | 2023-01-10 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

It is a big win for Coinbase as it continues to expand internationally despite continued pressure on the crypto market. Shares of Coinbase popped about 5% on Tuesday after the cryptocurrency exchange announced it will cut 20% of its workforce. Coinbase slashed 18% of its workforce in June during a collapse in its stock and crypto prices. Coinbase is the latest tech company to cut jobs after going on a hiring spree during the Covid pandemic. The analysts maintained their outperform rating on the stock and said they remain excited about the "real-world innovation" taking place in the crypto industry.

☆ Coinbase to slash 20% of workforce in second major round of job cuts
▼ + stars: | 2023-01-10 | by ( Kate Rooney | ) www.cnbc.com time to read: +2 min

Coinbase is cutting about a fifth of its workforce as it looks to preserve cash during the crypto market downturn. Coinbase said the move would result in new expenses of between $149 million and $163 million for the first quarter. "Long term that's a good thing. But short term, there's still a lot of market fear." Bitcoin is down 58% in the past year, while Coinbase shares are off by more than 83%.

☆ Coinbase jumps to a one-month high as the crypto exchange says it will slash another 20% of staff amid market slump
▼ + stars: | 2023-01-10 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Coinbase shares spiked up Tuesday after the crypto exchange said it plans to cut more jobs. The stock reached a nearly one-month high after CEO Brian Armstrong outlined the decision to slash 950 jobs. The crypto exchange plans to cut 950 jobs to reduce operating expenses by 25%, CEO Brian Armstrong said in a Tuesday blog post. In Tuesday's blog post, Armstrong also appeared to point to FTX founder Sam Bankman-Fried as a negative source of pressure on the crypto market. "In 2022, the crypto market trended downwards along with the broader macroeconomy," Armstrong wrote.

☆ Coinbase to lay off 20% of staff as crypto winter continues
▼ + stars: | 2023-01-10 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +3 min

Coinbase announced Tuesday that it was laying off 950 people, about 20% of its staff. Coinbase, like many other publicly traded and privately held crypto companies, has been hit hard by the massive plunge in the price of bitcoin and other cryptocurrencies. Bitcoin is up more than 4% since the start of the year, suggesting that crypto prices may have finally bottomed out. The hope is that bitcoin and other crypto prices may start to stabilize, especially if financial regulators start to provide more guidance and clarity about their stance on cryptos. Several high profile crypto companies have gone belly up, most notably one-time crypto darling (and Coinbase rival) FTX.

☆ Coinbase will chop 20% of its staff in a 2nd round of big job cuts, as its boss blames 'unscrupulous actors' for putting pressure on crypto
▼ + stars: | 2023-01-10 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Coinbase will cut 20% of its workforce amid a crypto selloff, its CEO Brian Armstrong said Tuesday. It's the 2nd round of big job cuts after the crypto exchange chopped 18% of staff in June. The crypto exchange plans to slash 950 jobs in a bid to reduce its operating expenses by 25%, he said in a blog post. "In 2022, the crypto market trended downwards along with the broader macroeconomy," he said. The job cuts are part of a restructuring plan that Coinbase expects to complete by the end of June 2023.

☆ Investors should buy these 33 stocks for the best shot at outperformance in 2023 — according to a Deutsche Bank group that's seen its stock picks double in value in five years
▼ + stars: | 2023-01-08 | by ( Marley Jay | ) www.businessinsider.com time to read: +2 min

Deutsche Bank updated its list of favorite stock picks to include its 33 best ideas for 2023. The firm says its portfolio of top ideas has doubled in value in a little more than five years. Today, its best ideas include significant bets on industrials and consumer-focused companies. Deutsche Bank isn't expecting a repeat of that dynamic — at least, not to the same degree. This week the firm updated its quarterly list of its highest-conviction stock ideas, and there are no oil and gas companies represented among its analysts' 33 favorites picks.

Comcast Corp. named a company insider as its next finance chief as the cable and media sector grapples with cord-cutting customers and deterioration in the ad market. Jason Armstrong was appointed chief financial officer, Philadelphia-based Comcast said Friday, after serving for the past nine years in various financial leadership positions. Mr. Armstrong most recently served as deputy CFO and treasurer, responsible for capital formation, capital allocation, credit-related matters and investment management activities. Jason Armstrong, chief financial officer of Comcast. Photo: Comcast CorpSince joining Comcast in 2014, Mr. Armstrong has also had the roles of CFO of Sky, Comcast’s pay-TV giant, and head of investor relations and finance.

☆ Comcast Promotes Jason S. Armstrong to Chief Financial Officer
▼ + stars: | 2023-01-06 | by ( Will Feuer | ) www.wsj.com time to read: +1 min

Comcast Corp. said it has named Jason Armstrong as its chief financial officer, succeeding Mike Cavanagh, who was recently named president of the company. Mr. Armstrong has worked at the cable and entertainment giant in various finance roles for about nine years, and most recently served as deputy CFO of the company. Mr. Cavanagh had served as CFO of Comcast since 2015, and was named to the additional post of president in October. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. PREVIEW The elevation of Mr. Armstrong comes as the cable and media sector faces a rapidly shifting landscape.

☆ Tech sector should see 'very strong' second half of 2023, says Flowcode CEO Tim Armstrong
▼ + stars: | 2023-01-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTech sector should see 'very strong' second half of 2023, says Flowcode CEO Tim ArmstrongTim Armstrong, Flowcode CEO and former AOL CEO, joins 'Squawk Box' to discuss Armstrong's thoughts on the digital ad space, how the tech sector will play out through the year and more.

☆ Coinbase settles with New York state financial regulator for $100 million, stock spikes
▼ + stars: | 2023-01-04 | by ( Rohan Goswami | ) www.cnbc.com time to read: +2 min

Coinbase signage in New York's Times Square during the company's initial public offering on the Nasdaq on April 14, 2021. Coinbase settled a case with New York's state financial regulator, the parties announced Wednesday, and will pay a $50 million fine and invest a further $50 million in compliance efforts. Regulators from the New York Department of Financial Services said the company had longstanding failures in its anti-money laundering program. "This agreement includes a $50 million penalty and a separate commitment from Coinbase to invest $50 million in our compliance program over two years," Coinbase Chief Legal Officer Paul Grewal said in a statement. Regulators wrote that Coinbase's compliance shortcomings led to "suspicious or unlawful conduct being facilitated through Coinbase's platform," according to the consent order.

☆ Freight Broker C.H. Robinson Ousts CEO Bob Biesterfeld
▼ + stars: | 2023-01-03 | by ( Liz Young | ) www.wsj.com time to read: +6 min

Mr. Anderson, 56, stepped down as chair, a position he has held since 2020. Mr. Anderson doesn’t plan to be considered as a candidate for the permanent position, according to the securities filing. Robinson and this exceptional team,” Mr. Biesterfeld said in a statement released by the company. Robinson is by far the largest player in the U.S. freight brokerage market, one that matches freight shippers with available trucks. “We got ahead of ourselves in terms of head count,” Mr. Biesterfeld said on Nov. 2.

☆ The Fed won't be what drives markets in 2023, wealth manager says
▼ + stars: | 2022-12-30 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Prior to that, the U.S. saw a four consecutive three-quarter point hikes — the most aggressive policy decisions since the early 1980s. Fed officials and economists expect rates to stay high next year, with reductions unlikely until 2024. But that doesn't mean the Fed will remain the primary driver of the markets. "Next year I think it's not going to be the Fed determining the market. It was hard to expect a return above inflation where yields were."

☆ FTSE 100 falls as consumer, commodity stocks drag on China COVID worries
▼ + stars: | 2022-12-29 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 eyes worst day in two weeksFalling crude drags oil giants lowerFTSE 100 down 0.4%, FTSE 250 off 0.3%Dec 29 (Reuters) - UK's FTSE 100 fell on Thursday, with energy and consumer stocks leading declines, as optimism over China's reopening fizzled out in the face of surging COVID-19 cases in the world's second largest economy. The blue-chip index (.FTSE), down 0.4%, will post its biggest single day drop in two weeks if losses hold. Commodity prices broadly fell as surging COVID cases in China dimmed hopes of a recovery in fuel demand for the world's largest crude oil importer even as it began dismantling strict COVID curbs. Oil majors BP (BP.L) and Shell (SHEL.L) lost 1.2% and 0.8%, respectively, on Thursday as crude prices fell more than 2%. Consumer stocks such Unilever (ULVR.L) and British American Tobacco (BATS.L) weighed on the FTSE 100, slipping nearly 1%.

☆ Geodis’s Marie-Christine Lombard Sees Global Forces Continuing to Reshape Trade Flows
▼ + stars: | 2022-12-28 | by ( Paul Berger | ) www.wsj.com time to read: +6 min

Newsletter Sign-up The Logistics Report Top news and in-depth analysis on the world of logistics, from supply chain to transport and technology. MS. LOMBARD: The supply chain used to be quite seamless and fluid. The world order has a huge impact on the supply chain and its stability. The difference is that the supply chain itself was not disrupted. The entire supply chain is being rethought and recalibrated and re-costed.

Canada is in the midst of building a large terminal to export LNG, but its completion is two years away. Canadian gas production is on track to reach a record 18 bcfd in 2022 and 19 bcfd in 2023, according to energy consultancy Rystad Energy. Pipelines are also constrained in Canada due to swift production growth, particularly TC Energy Corp's (TRP.TO) NGTL pipeline system that ships gas around and out of western Canada. In August, gas prices in Alberta briefly turned negative because of bottlenecks stemming from NGTL maintenance. U.S. LNG exports are expected to reach 10.6 bcfd in 2022 and 12.3 bcfd in 2023, according to federal estimates.

☆ DeVante Parker: NFL says it is reviewing an apparent head injury incident during Monday's Patriots game
▼ + stars: | 2022-12-14 | by ( Kevin Dotson | ) edition.cnn.com time to read: +27 min

CNN —The NFL and the NFL Players Association are looking into an incident in which an apparent head injury to New England Patriots wide receiver DeVante Parker seemingly went unnoticed by medical staff and spotters, league spokesman Brian McCarthy tells CNN. Jeff Dean/AP Los Angeles Chargers wide receiver Mike Williams catches a pass against Miami Dolphins cornerback Xavien Howard on December 11. Marcio Jose Sanchez/AP Minnesota wide receiver Justin Jefferson dives for a two-point conversion during the Vikings' 29-22 victory over the Chicago Bears. Gerald Herbert/AP Indianapolis Colts wide receiver Michael Pittman Jr. is tripped up by Denver Broncos cornerback K'Waun Williams. Gary A. Vasquez/USA Today Sports/Reuters New Orleans Saints wide receiver Michael Thomas makes a reception against Atlanta Falcons cornerback A.J.

☆ Astronauts explain why nobody has visited the moon in 50 years — and the reasons are depressing
▼ + stars: | 2022-12-14 | by ( Dave Mosher | Hilary Brueck | ) www.businessinsider.com time to read: +15 min

The last time a person visited the moon was in December 1972, during NASA's Apollo 17 mission. But those stays during the Apollo program didn't establish a lasting human presence on the moon. Researchers and entrepreneurs have long pushed for the creation of a crewed base on the moon — a lunar space station. But many astronauts and other experts suggest the biggest impediments to making new crewed moon missions a reality are banal and somewhat depressing. During NASA's Apollo program, 12 people landed on the moon.

☆ Coinbase debtholders sweat as bonds trade near 50 cents on the dollar following FTX collapse
▼ + stars: | 2022-12-13 | by ( Ari Levy | ) www.cnbc.com time to read: +3 min

Monitors display Coinbase signage during the company's initial public offering (IPO) at the Nasdaq MarketSite in New York, U.S., on Wednesday, April 14, 2021. For over a month, Coinbase notes set to mature in 2031 have been trading around 50 cents on the dollar, down from about 92 cents at the beginning of the year. The first tranche of bonds — $1.4 billion in convertible notes — don't mature until June 2026. But the company is projected by analysts to run up a $2.6 billion loss this year and another deficit of $1.4 billion in 2023, according to Refinitiv estimates. "The company is in a strong liquidity position, but at the same time they have to deal with a changing operating environment."

☆ Cardinals vs Patriots: Arizona's woes continue as Kyler Murray hurt in 27-13 loss to New England
▼ + stars: | 2022-12-13 | by ( Amy Woodyatt | ) edition.cnn.com time to read: +27 min

Jeff Dean/AP Los Angeles Chargers wide receiver Mike Williams catches a pass against Miami Dolphins cornerback Xavien Howard on December 11. Gary McCullough/AP Green Bay Packers wide receiver Samori Toure is tackled by Detroit Lions safety Will Harris. Marcio Jose Sanchez/AP Minnesota wide receiver Justin Jefferson dives for a two-point conversion during the Vikings' 29-22 victory over the Chicago Bears. Gerald Herbert/AP Indianapolis Colts wide receiver Michael Pittman Jr. is tripped up by Denver Broncos cornerback K'Waun Williams. Gary A. Vasquez/USA Today Sports/Reuters New Orleans Saints wide receiver Michael Thomas makes a reception against Atlanta Falcons cornerback A.J.

☆ Coinbase CEO Brian Armstrong Says Regulation Could Boost USD Coin Usage
▼ + stars: | 2022-12-10 | by ( Vicky Ge Huang | ) www.wsj.com time to read: 1 min

Brian Armstrong, CEO of Coinbase, wants to make USD Coin ‘the de facto central bank digital currency of the U.S.’Coinbase Global Inc. Chief Executive Brian Armstrong believes that regulation will help fuel the rise of a stablecoin backed by his exchangeUSD Coin will become “the de facto central bank digital currency” of the U.S., he said in a Friday interview.

☆ Send Sam Bankman-Fried to prison, Elon Musk suggests, while Binance's boss calls him a 'master manipulator'. 8 top figures weigh in on the disgraced FTX founder.
▼ + stars: | 2022-12-10 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +5 min

FTX founder Sam Bankman-Fried is racking up critics after the implosion of his crypto exchange. Here's what top voices like Elon Musk, Bill Ackman and Binance boss CZ have said, in 8 top quotes. Now the crypto CEO is under fire from all sides, from Elon Musk and Bill Ackman to "Shark Tank" investor Mark Cuban. Given that, the crypto exchange boss said he feels like the mainstream media has given Bankman-Fried softball interviews. The crypto bull believes Bankman-Fried will probably end up in jail, but doesn't think he was acting alone.

☆ 2023 is shaping up to be a big year for dealmaking in live sports. Here's why.
▼ + stars: | 2022-12-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Big deals for the big (and little) screen. Next year is shaping up to be a big one for media deals. Like many other industries, media quickly turned quiet on the dealmaking front this year as the economy soured. However, a stabilization of interest rates, along with money burning a hole in investors' pockets, could lead to a big 2023, insiders say. The landscape for media deals is fascinating when you consider the two opposing forces, as Lucia pointed out to me.

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