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☆ ICBC’s Entree Onto Wall Street Looked Like a Bargain—Until Hackers Crippled Its U.S. Unit
▼ + stars: | 2023-11-26 | by ( Justin Baer | ) www.wsj.com time to read: 1 min

After ICBC FS was hacked, it was forced to unplug from the U.S. Treasury market and begin to clear trades manually. Photo: Alexander Cohn/The Wall Street JournalIndustrial & Commercial Bank of China, the world’s largest bank, paid $1 for its place on Wall Street. It got more than it bargained for. The Chinese lender acquired a small New York broker-dealer in 2010, a move that extended its presence into the U.S. securities industry. It is now dealing with the fallout from a cyberattack this month that crippled that business and briefly triggered widespread concerns about the fragility of the largest cash market in the world.

Persons: Alexander Cohn Organizations: ICBC FS, U.S . Treasury, Street, Commercial Bank of China Locations: New York

☆ Argentina's Milei invites Brazil's Lula to inauguration, travels to US
▼ + stars: | 2023-11-26 | by ( ) www.reuters.com time to read: +3 min

Last week Milei, who travels to the United States on Sunday, had already softened his tone with China's communist leadership, thanking President Xi Jinping for a letter congratulating him. "I hope that our mutual time as presidents will be a stage for fruitful work and the construction of ties that consolidate the role Argentina and Brazil can and must fulfill in the concert of nations," Milei told Lula. The letter was delivered by his top foreign policy adviser, Diana Mondino, to Brazil's Foreign Relations Minister Mauro Vieira at a meeting in Brasilia. The new Argentine leader is closer politically and personally to former Brazilian President Jair Bolsonaro and has invited him to his inauguration. Milei meanwhile was set to travel to the U.S. on Sunday, a spokesperson told Reuters, noting he would attend a religious ceremony in New York and have meetings in Washington.

Persons: Javier Milei, Brazil's, Luiz Inacio Lula da Silva, Milei, Lula, Xi Jinping, Diana Mondino, Mauro Vieira, Jair Bolsonaro, Bolsonaro, Mondino, Vieira, Karina, Kristalina Georgieva, Gabriel Araujo, Lisandra, Jorge Otaola, David Gregorio, Stephen Coates Organizations: SAO PAULO, Foreign, Argentine, White, U.S . Treasury, International Monetary Fund, dollarizing, IMF, Thomson Locations: BRASILIA, BUENOS AIRES, Argentine, Brazil, United States, China, Argentina, Brasilia, Mercosur, New York, Washington, dollarizing Argentina, U.S, Sao Paulo, Buenos Aires

☆ 3 things to watch in the stock market as Street aims to extend winning streak
▼ + stars: | 2023-11-25 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

(Treasury yields tend to move inversely to stock prices; as yields fall investors seeking better returns move money back into the stock market). The chipmaker once again came into its quarterly print with super-high expectations on the Street, but once again exceeded them . For this reason, we put more emphasis on monthly economic releases, such as the aforementioned personal spending report. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

Persons: Dow, Estee Lauder, Einstein, Jim Cramer's, Jim Cramer, Jim, Locker, Jeff Greenberg Organizations: Nasdaq, Federal Reserve, Treasury, Nvidia, Apple, TJX, Bank of Nova, Elbit Systems, Intuit, Hewlett Packard Enterprise, Hormel, Kroger, KR, Academy Sports, TD Bank, Royal Bank of Canada, Dell Technologies, Bank of Montreal, BMO, Jim Cramer's Charitable, CNBC, Universal, Getty Locations: Bank of Nova Scotia, AMBA

☆ Stick with bond funds and cash? ETF experts rethink popular portfolio strategies for 2024
▼ + stars: | 2023-11-24 | by ( Anna Gleason | ) www.cnbc.com time to read: +3 min

As of Wednesday's market close, though, the 10-year note fell to 4.408%, while the 100 largest taxable money market funds tracked by Crane Data have an average yield of 5.20%. In addition, nearly $1.2 trillion has flowed into money market funds this year through Nov. 15, compared to $264 billion into bond funds and $43 billion in U.S. equity funds, according to Goldman Sachs. In the meantime, Bartolini said clients willing to take on more risk should look to shorter-duration bond funds. The iShares 1-3 Year Treasury Bond ETF (SHY) that tracks shorter-duration notes has gained 0.22% this year as of Wednesday's close. The iShares U.S. Treasury Bond ETF (GOVT) , which has exposure to Treasurys ranging between 1 and 30 years in duration, was down 1.85% during the same period.

Persons: Dan Egan, CNBC's, Goldman Sachs, Matt Bartolini, Bartolini, Egan, it's Organizations: Federal Reserve, Behavioral Finance, Treasury, Crane Data, SPDR, SPDR Americas Research, Street Global Advisors, Treasury Bond ETF Locations: SPDR Americas, U.S

[1/3] Richard Teng, head of the Middle East and North Africa for crypto firm Binance gestures as he speaks during an interview with Reuters in Dubai, United Arab Emirates, March 30, 2022. Teng faces an especially tough task in transforming the culture of Binance, four of the people said. Still, leading a cultural shift at Binance - a firm shaped by Zhao in his own image - would be "hugely difficult," she said. For years it dominated the crypto market, but this year has rapidly lost market share. Last month it controlled 32% of crypto spot and 50% of derivatives trading, according to crypto firm CCData, down from 55% and 62% respectively in January.

Persons: Richard Teng, Abdel Hadi Ramahi, Teng, Changpeng Zhao, Janet Yellen, Binance, Carol Alexander, Zhao, Yi He, Binance's, Simon Matthews, Richard, Matthews, FinCEN, John Reed Stark, Rajeev Bamra, OKX, Joseph Edwards, Tom Wilson, Elizabeth Howcroft, Elisa Martinuzzi, Louise Heavens Organizations: Reuters, United Arab Emirates, REUTERS, U.S . Securities, Exchange Commission, SEC, U.S, Treasury, University of Sussex, Investors, Treasury's, Internet Enforcement, Singapore, Abu, Abu Dhabi Global, Singapore Exchange, Moody's Investors Service, Securities, Thomson Locations: East, North Africa, Dubai, United Arab, U.S, Abu Dhabi, France, Seychelles, London

☆ Treasury yields nudge higher after Thanksgiving holiday
▼ + stars: | 2023-11-24 | by ( Jenni Reid | ) www.cnbc.com time to read: 1 min

The benchmark 10-year Treasury yield was 5 basis points higher at 4.465%, pulling away from the two-month low reached before the holiday. The 2-year note yield rose by 3 basis points to 4.94%. U.S. Treasury yields were broadly higher early Friday as markets reopen following the Thanksgiving break. Markets are pricing in a 99.5% chance of rates being held in the current 5.25%-5.5% range at the final Fed meeting in December, according to CME Group's FedWatch tool. Friday, which is a shortened trading day, will provide insight into U.S. business activity across services and manufacturing with the release of S&P Global flash purchasing managers' index figures.

Organizations: U.S, Treasury, Federal

☆ The future of interest rates is more surprises
▼ + stars: | 2023-11-24 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

Observing these oscillating forecasts, a bystander might conclude that nobody knows anything about the future direction of interest rates. The study examined data from 19 countries back to 1870 and found only a tenuous link between the determinants of savings and investment and real interest rates. “No single factor or combination of such factors”, the authors concluded, “can consistently explain the long-term evolution of real interest rates. Indeed, if the trend persisted Schmelzing forecast that “within a generation historically implied real interest rates will have reached negative territory”. Homer and Sylla wryly observe that people assume that the interest rates they encounter are normal and are surprised by what comes next.

Persons: Claudio Borio, “, ”, Paul Schmelzing, Sidney Homer, Richard Sylla, Sylla, Peter Thal Larsen, Streisand Neto, Thomas Shum Organizations: Reuters, U.S, Capital Economics, Bank for International, Austrian, Reuters Graphics Reuters Graphics, Financial, Boston College, Treasury, Thomson Locations: Central, U.S . Federal, London, Japan

☆ Exclusive: Greek shippers exit Russian oil trade as U.S. tightens price cap scrutiny
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsMOSCOW/LONDON, Nov 23 (Reuters) - Three major Greek shipping firms have stopped transporting Russian oil in recent weeks in order to avoid U.S. sanctions now being imposed on some shipping firms carrying Russian oil, four traders told Reuters and shipping data showed. Greek shippers Minerva Marine, Thenamaris and TMS Tankers have stopped transporting Russia oil in recent weeks, the four traders said. The Greek shippers' exit from the trade followed tighter U.S. sanctions imposed on Russian oil shipments. The G7 countries introduced a price cap on Russian oil in late 2022, but had not previously enforced it. Russian oil trade has brought record revenues over the past year to the shippers who took the risk and stayed in the business.

Persons: Tatiana Meel, Thenamaris, Minerva, Jonathan Saul, Dmitry Zhdannikov, Eleftherios Papadimas, Susan Fenton Organizations: Nord, REUTERS, Minerva, TMS, Minerva Marine, Reuters, United Arab Emirates, Treasury, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, LONDON, Asia, Turkey, East, Africa, South America, Moscow, Washington, OPEC, U.S, Baltic, India, Primorsk, Ust, Iran, Europe, UAE, Hong Kong, Seychelles, Ghana, Liberia, Cook, London, Athens

☆ Russia's sanctioned Sovcombank requests US licence to make UN climate payments
▼ + stars: | 2023-11-23 | by ( Elena Fabrichnaya | ) www.reuters.com time to read: +2 min

A view shows a board with the logo of Sovcombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 17, 2022. "We have funds in foreign currency for these payments, but we have not received any response from them yet, unfortunately." Avtukhov said Sovcombank was in dialogue with the UN on the matter. "We have not suspended our membership in international organisations," Avtukhov, who also sits on Sovcombank's board, said. There are certain difficulties with making payments in general for Russian participants of this programme," Avtukhov said.

Persons: Maxim, Sovcombank, Mikhail Avtukhov, Avtukhov, Elena Fabrichnaya, Alexander Marrow, Kirsten Donovan Organizations: St ., Economic, REUTERS, U.S . Treasury, United, Reuters, European Union, Foreign Assets, United Nations Environment, Finance Initiative, U.S, Treasury, UN, Thomson Locations: St, St . Petersburg, Saint Petersburg, Russia, Ukraine MOSCOW, Russian, United Nations, Sovcombank, Ukraine, Washington, Moscow

☆ Stocks maintain November reign, oil hit by OPEC doubts
▼ + stars: | 2023-11-23 | by ( Marc Jones | ) www.reuters.com time to read: +5 min

Bull statues are placed in font of screens showing the Hang Seng stock index and stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. Wall Street's benchmark S&P 500 (.SPX) is nearing a fresh high for 2023, with the S&P 500 and MSCI's all-country world index (.MIWD00000PUS) both up more than 8% this month alone. For MSCI world that is the best showing since November 2020 when markets got a major shot in the arm from COVID vaccine hopes. Germany's 10-year bund , the benchmark for the Europe, was fractionally higher on the day at 2.57% having touched 3% last month. Bitcoin fell by 0.77% on Thursday to $37,337 after it rose nearly 5% on Wednesday.

Persons: Tyrone Siu, Geert Wilders, Robert Alster, Viktor Orban, Wilders, Mark Rutte, Sterling, Jeremy Hunt, Changpeng Zhao, Marc Jones, Christina Fincher Organizations: REUTERS, PMI, ECB, Oil, Traders, Asset Management, European Union, Freedom Party, Labour, Green, People's Party for Freedom and Democracy, European, HK, Reuters, Treasury, UK Finance, OPEC, Thomson Locations: Exchange, Hong Kong, China, Europe, U.S, EU, Germany, Holland, Ukraine, Turkey, Asia, Pacific, Japan, Brent, Bitcoin

☆ Gold ticks higher as weaker US dollar, yields lend support
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +2 min

One kilo gold bars are pictured at the plant of gold and silver refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsNov 23 (Reuters) - Gold prices edged higher on Thursday, hovering close to a key $2,000 per ounce level, as an overall weaker dollar and lower U.S. Treasury yields buoyed demand for bullion. FUNDAMENTALS* Spot gold was up 0.1% at $1,992.59 per ounce, as of 0143 GMT, after hitting a three-week high of $2,007.29 on Tuesday. * Lower interest rates decrease the opportunity cost of holding gold. DATA/EVENTS (GMT) 0745 France Business Climate Mfg, Overall Nov0815 France HCOB Mfg, Serv, Comp Flash PMIs Nov0830 Germany HCOB Mfg, Serv, Comp Flash PMIs Nov0900 EU HCOB Mfg, Serv, Comp Flash PMIs Nov0930 UK Flash Comp, Mfg, Serv PMIs NovReporting by Brijesh Patel in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Denis Balibouse, CME's, Serv, Brijesh Patel, Rashmi Organizations: REUTERS, Treasury, . Federal Reserve, Trust, Climate Mfg, France HCOB, Germany HCOB, Mfg, Thomson Locations: Mendrisio, Switzerland, France, Germany, Bengaluru

☆ CNBC Daily Open: Back to square one?
▼ + stars: | 2023-11-23 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) on November 15, 2023 in New York City. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. There's also a board reshuffle, with Bret Taylor, former co-CEO of Salesforce and Larry Summers, former U.S. Treasury secretary, joining. Separately, OpenAI researchers reportedly warned the board of an AI breakthrough ahead of Altman's ouster.

Persons: Treasurys, Australia's, Sam Altman, There's, Bret Taylor, Larry Summers, Nansen, hasn't, Changpeng Zhao, Morgan Stanley Organizations: New York Stock Exchange, CNBC, Nikkei, U.S, Treasury, Counterpoint Research Locations: New York City, U.S, Asia, Pacific, Middle East, Africa, China, India

☆ CNBC Daily Open: A Thanksgiving lull
▼ + stars: | 2023-11-23 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Last burst before a breakU.S. stocks ended Wednesday in positive territory before going on break today for Thanksgiving. Jack Ma pauses plansAlibaba founder Jack Ma is pausing his plans to sell Alibaba shares. Last week, regulator filings revealed Ma was looking to sell around $870 million worth of Alibaba shares.

Persons: Treasurys, Europe's, Jeremy Hunt, Altman's, Sam Altman, Helen Toner, Tasha McCauley, Ilya Sutskever —, Altman, Bret Taylor, Larry Summers, Adam D'Angelo, Nansen, hasn't, Changpeng Zhao, Jack Ma, Ma, Alibaba Organizations: New York Stock Exchange, CNBC, Finance, U.S, Treasury Locations: New York City, U.S

☆ Crypto scam: Inside the billion-dollar ‘pig-butchering’ industry
▼ + stars: | 2023-11-23 | by ( Reuters Graphic | ) www.reuters.com time to read: +11 min

Of that, at least $9.1 million came from a crypto wallet that U.S. blockchain analysis firm TRM Labs said was linked to pig-butchering scams. Neither did the Thai government, the Thai police or the Bangkok-based trade group Wang represented, the Thai-Asia Economic Exchange Trade Association. The crypto account registered to Wang was held at Binance, the world’s largest crypto exchange, according to three blockchain analysis firms. In April, the U.S. Department of Justice said it seized about $112 million worth of crypto linked to pig-butchering scams, without identifying suspects. The crypto account in Wang’s name was registered in November 2020, according to the financial records Reuters reviewed.

Persons: Wang Yicheng, Wang, Emma, Lisa Wolk, Erin West, Jessica Jung, West, “ I’ve, Jeremy Douglas, Binance, Bitmain, ” Organizations: Thai, Reuters, TRM Labs, Asia Economic Exchange Trade Association, U.S . Federal Bureau of Investigation, Secret Service, FBI, Secret, Global, U.S . Department of Justice, U.S . Treasury, United Nations Office, Drugs, Workers, KK Park, Commerce Company, Cultural Exchange Center, Overseas, United, Washington, Cultural Exchange Locations: California, Bangkok, Thai, Asia, Southeast Asia, U.S, Binance, United States, Thailand, China, Myanmar, KK, Ningbo, China’s, Xiamen

☆ US consumers worry inflation will pick up again, UMich survey finds
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +3 min

"These expectations have risen in spite of the fact that consumers have taken note of the continued slowdown in inflation," survey Director Joanne Hsu said in a statement. But progress this year has been inconsistent, and Fed officials remain wary of the potential for a reversal. That said, the University of Michigan survey results are at odds with other measures of inflation expectations that have shown they have in fact been moderating. A New York Fed survey of consumers last week, for instance, showed inflation expectations over both one-year and five-year horizons eased in October even as the Michigan survey showed them accelerating. Market-based measures of inflation expectations are also declining.

Persons: Joanne Hsu, Quincy Krosby, Dan Burns, Chizu Organizations: Federal Reserve, University of Michigan's, Fed, Global, LPL, University of Michigan, New York Fed, . Treasury, Securities, Thomson Locations: Michigan

The plea deals end a years-long investigation into the crypto exchange. Binance holds around $2.8 billion worth of BNB tokens, according to Nansen. Binance remains the world's largest crypto exchange globally, processing billions of dollars in trading volume every year. "This, combined with the likely imminent approval of an ETF based on bitcoin quotes, could positively impact the crypto market in the long term," said Drozdz. Binance has agreed to forfeit $2.5 billion to the government and to pay a fine of $1.8 billion.

Persons: Binance's, Changpeng Zhao, Ben Mcshane, Sportsfile, Nansen, Binance, Grzegorz Drozdz, Bitcoin, Drozdz, Zhao, Yesha Yadav, Milton R, Underwood, General Merrick Garland, Garland, Richard Teng, Teng, Janet Yellen, Al, Yellen Organizations: Getty, Department of Justice, ., SEC, Conotoxia, CNBC, DOJ, Vanderbilt University, Justice Department, U.S, Monetary Authority of Singapore, Binance, Futures Trading Commission, Treasury Department, The Securities, Exchange Commission, ISIS Locations: Lisbon, Portugal, Binance, Nansen, U.S, Abu Dhabi

BANGKOK (AP) — Shares slipped in Asia on Wednesday, tracking a decline on Wall Street a day after stocks there hit their highest level since the start of August. Troubled property developer Sunac China Holding's shares rose 2.3% as state media reported it had completed a restructuring of its $90 billion in debts. Retailers were mixed after several reported their earnings for the latest quarter and, more importantly, their forecasts for the upcoming holiday shopping season. Lowe’s sank 3.1% despite reporting better profit for the latest quarter. Best Buy dipped 0.7% after likewise beating analysts’ expectations for profit in the latest quarter but falling short on revenue and cutting its forecast for the full year.

Persons: OpenAI's, Sam Altman, Altman, Satya Nadella, OpenAI, “, ”, Bret Taylor, Larry Summers, Adam D’Angelo, Australia's, Stocks, Brent Organizations: Microsoft, U.S ., Federal Reserve, University of Michigan, Nikkei, China, Dow Jones, Nasdaq, Lowe’s, Dick’s, Goods, Federal, Deutsche Bank, Fed, Treasury, New York Mercantile Exchange, U.S Locations: BANGKOK, Asia, Tokyo, Mumbai, U.S, Japan, OpenAI, Francisco, Adam D’Angelo ., Seoul, Hong Kong, Shanghai, Taiwan, Thailand

☆ AI poster child Altman back at OpenAI, may have fewer checks on power
▼ + stars: | 2023-11-22 | by ( Aditya Soni | ) www.reuters.com time to read: +4 min

[1/3] Sam Altman, CEO of ChatGPT maker OpenAI, arrives for a bipartisan Artificial Intelligence (AI) Insight Forum for all U.S. senators hosted by Senate Majority Leader Chuck Schumer (D-NY) at the U.S. Capitol in Washington, U.S., September 13, 2023. "Altman seems awfully powerful and it is unclear that any board would be able to oversee him. The board fired Altman last week with little explanation and attempted to move on by naming an interim CEO twice. "The fact that Summers and Taylor will join OpenAI is quite extraordinary and marks a dramatic reversal of fortunes in the company," Valle said. Sutskever, Altman and Taylor could not be immediately reached for comment.

Persons: Sam Altman, OpenAI, Chuck Schumer, Craig Hudson, Sam Altman's, Altman, Mak Yuen Teen, " Altman, Beatriz Valle, Bret Taylor, Salesforce, Larry Summers, Summers, Taylor, Valle, Jack Dorsey's, Tasha McCauley, Helen Toner, Ilya Sutskever, Adam D'Angelo, Sutskever, Sam, Gartner, Jason Wong, Aditya Soni, Mark Porter Organizations: Intelligence, Senate, U.S, Capitol, REUTERS, Microsoft, National University of Singapore Business School, Wall, Elon Musk's, Twitter, ., Harvard, Democratic, OpenAI, Georgetown's Center for Security, Emerging Technology, Thomson Locations: Washington , U.S, Bengaluru

☆ Who are OpenAI's new board members as Sam Altman returns?
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +1 min

Sam Altman, CEO of OpenAI, attends the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S. November 16, 2023. REUTERS/Carlos Barria Acquire Licensing RightsNov 22 (Reuters) - ChatGPT-maker OpenAI on Tuesday said it reached an agreement for Sam Altman to return as CEO days after his ouster, and also agreed in principle to partly reconstitute the board of directors that had dismissed him. Bret Taylor, formerly co-CEO of Salesforce and Larry Summers, former U.S. Treasury Secretary, along with Quora CEO and current director Adam D'Angelo will be part of the board, OpenAI said. Here's what we know about them:* Taylor, 43, is an American computer programmer and entrepreneur, who is also a board member at Shopify (SHOP.TO). Taylor will chair the OpenAI board* Summers, 68, is an American economist who has served as U.S. Secretary of the Treasury from 1999 to 2001* A professor at Charles W Eliot University, Summers is also President Emeritus at Harvard* Summers is also on the board of Jack Dorsey's Block Inc (SQ.N) and Skillsoft Corp (SKIL.N)* D'Angelo, 39, is an American internet entrepreneur, best known as founder of California-based social question-and-answer website and online knowledge market Quora* A Computer Science graduate, D'Angelo was previously CTO of Facebook for nearly two years till June 2008(Sources: TechCrunch, Reuters reporting and LinkedIn)Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Anil D'Silva and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Altman, Carlos Barria, OpenAI, Bret Taylor, Larry Summers, Adam D'Angelo, Taylor, Charles, Summers, Jack Dorsey's, D'Angelo, Aby Jose Koilparambil, Anil D'Silva Organizations: Economic Cooperation, REUTERS, U.S . Treasury, Quora, Treasury, Charles W Eliot University, Harvard, Skillsoft Corp, Science, Facebook, Thomson Locations: Asia, San Francisco , California, U.S, American, Shopify, California, Bengaluru

Bret Taylor, formerly co-CEO of Salesforce, and Larry Summers, former U.S. Treasury Secretary, will join Quora CEO and current director Adam D'Angelo, OpenAI said. Altman said in a post on X, "i'm looking forward to returning to openai." In a statement on X, Microsoft CEO Satya Nadella welcomed the changes to OpenAI's board. In a post on X, Shear celebrated the late-night outcome Tuesday, which he said followed "~72 very intense hours of work." Following this show of solidarity, Altman wrote on X: "we have more unity and commitment and focus than ever before."

Persons: Sam Altman, Bret Taylor, Larry Summers, Adam D'Angelo, OpenAI, Altman, Satya Nadella, Altman's, OpenAI's, Emmett Shear, Sam Altman's, Susannah Streeter, Hargreaves Lansdown, Shear, Greg Brockman, Brockman, Jeffrey Dastin, Tanna, Bansari, Dhanya Ann Thoppil, Nivedita Bhattacharjee, Sam Holmes Organizations: Microsoft, U.S . Treasury, Quora, Hargreaves, Reuters, Thomson Locations: openai, San Francisco, Bengaluru

The ousted leader of ChatGPT-maker OpenAI is returning to the company that fired him late last week, the latest in a saga that has shocked the artificial intelligence industry. San Francisco-based OpenAI said in a statement late Tuesday: “We have reached an agreement in principle for Sam Altman to return to OpenAI as CEO with a new initial board" made of former Salesforce co-CEO Bret Taylor, former U.S. Treasury Secretary Larry Summers and Quora CEO Adam D’Angelo. That emboldened a threatened exodus of nearly all of the startup's 770 employees who signed a letter calling for the board's resignation and Altman's return. “We are encouraged by the changes to the OpenAI board,” Nadella posted on X late Tuesday. How many 16-inch pizzas should I order for 778 people,” the person asks, using the number of people who work at OpenAI.

Persons: OpenAI, “, Sam Altman, Bret Taylor, Larry Summers, Adam D’Angelo, D'Angelo, Altman, Greg Brockman, Altman's, Kevin Scott, Satya Nadella, ” Nadella, It's, Nadella, Brockman, ” Brockman, “ It’s, Emmett Shear, ”, ” Shear Organizations: U.S ., Microsoft Locations: San Francisco, OpenAI

☆ UK's Jeremy Hunt to announce tax cuts aimed at reviving stagnant economy
▼ + stars: | 2023-11-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

U.K. Finance Minister Jeremy Hunt will deliver his Autumn Statement budget announcement on Wednesday, facing pressure from within the ruling Conservative Party to implement tax cuts as the country's economy stagnates. Hunt will have more money at his disposal than a year ago and is under pressure from the right of his party to enact tax cuts. He is expected to announce reductions in National Insurance and business tax, while one Treasury minister has suggested that personal taxes could also be coming down. While Hunt has not ruled out tax cuts, he has emphasized the fragile state of the economy and reiterated that reducing living costs is the government's priority. The U.K. Treasury last week announced £4.5 billion ($5.6 billion) in funding for British manufacturing to boost investment in eight sectors across the U.K., available for a five-year period from 2025.

Persons: Jeremy Hunt, Rishi Sunak's, Liz Truss, Hunt, Sunak Organizations: Finance, Conservative Party, Bank of England's, National Insurance, Treasury, Labour Party Locations: U.K

☆ Singapore REITs will be a 'compelling' investment theme in 2024: UBS Wealth Management
▼ + stars: | 2023-11-22 | 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 EmailSingapore REITs will be a 'compelling' investment theme in 2024: UBS Wealth ManagementKelvin Tay from UBS Wealth Management says the U.S. treasury yields are expected to fall in 2024, which would make Singapore REITs an asset class worth investigating.

Persons: UBS Wealth Management Kelvin Tay Organizations: Singapore, UBS Wealth Management Locations: Singapore

WASHINGTON (AP) — While the scandals in the cryptocurrency industry seem to never end, Washington policymakers appear to have little interest in pushing through legislation to codify the structure of the industry. The latest shoe to drop is Binance’s multibillion dollar settlement with U.S. authorities and the resignation of its CEO this week. When cryptocurrencies collapsed and a number of companies failed last year, Congress considered multiple approaches for how to regulate the industry in the future. Brown has been highly skeptical of cryptocurrencies as a concept and he’s been generally reluctant to put Congress’ blessing on them through legislation. Yesterday’s development marks the same inflection point that we saw earlier at the intersection of the .com and post-.com eras.”

Persons: Sam Bankman, cryptocurrencies, Janet Yellen, Changpeng Zhao, Zhao, Binance, General Merrick Garland, — Binance, Debbie Stabenow, John Boozman, Sen, Sherrod Brown, Brown, He’s, ” Brown, Fried, can’t, ”, Dennis Kelleher, Yiannis Giokas Organizations: WASHINGTON, Treasury, White, Biden Administration, Binance, U.S . Treasury, U.S, Securities and Exchange Commission, Coinbase, SEC, PayPal, Futures Trading Commission, Agriculture Committee, U.S ., Financial Services, Senate, Consumer, Better, Moody’s Analytics, U.S . Authorities Locations: Washington, United States, Cayman Islands, Ohio, stablecoins, U.S

☆ Dollar hovers near 2-1/2-month lows, easing pressure on yen
▼ + stars: | 2023-11-22 | by ( ) www.cnbc.com time to read: +3 min

The Japanese yen and U.S. dollar on display in Yichang, Hubei province, Nov 13, 2023. The dollar index held around 2-1/2-month lows after minutes of the Federal Reserve's last meeting did little to dislodge market expectations that its monetary tightening cycle was over. Treasury yields slipped again overnight to hover around 4.40%, easing further pressure on the yen. The Japanese yen advanced around 0.1% versus the greenback to 148.28, clinging to recent gains after ticking up slightly from as low as 147.155 overnight. While speculation that the Bank of Japan could exit from negative interest rates early next year should help stabilize the yen, the Japanese currency still faces strong headwinds.

Persons: Matt Simpson, CME's, Sterling, Simpson, Tony Sycamore Organizations: U.S, Index, Treasury, Bank of Japan, IG Locations: Yichang, Hubei province, U.S

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