DIRS.INFO The most relevant business & tech news

☆ Bitcoin surges after court clears the way for Grayscale to turn its crypto trust into an ETF, handing the SEC a defeat
▼ + stars: | 2023-08-29 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Bitcoin soared 6% on Tuesday after Grayscale won its crypto case against the SEC. Grayscale sued the SEC in 2022 after the agency rejected its application to turn its bitcoin trust into an ETF. The court ruling from the District of Columbia Court of Appeals could pave the way for other bitcoin ETFs. The current discount of the Grayscale Bitcoin Trust to its NAV is about 24%, according to data from YCharts. The Grayscale Bitcoin Trust soared more than 17% on Tuesday.

Persons: Bitcoin, Coinbase Organizations: SEC, District of Columbia, Service, Investments, Securities and Exchange Commission, Columbia, BlackRock, Fidelity Locations: Wall, Silicon

☆ 2 passengers traveling from Canada to Egypt sued Air Canada for a 56-hour flight delay and won $740 each in compensation
▼ + stars: | 2023-08-18 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Two passengers won a lawsuit against Air Canada for a 56-hour delay in their three-leg flight. Two passengers from Kelowna, Canada, won a lawsuit against Air Canada for an international flight delay that set them back by 56 hours. The international flight consisted of three legs: Kelowna to Vancouver, Vancouver to London, England, and London to Cairo. Air Canada claimed the flight delay was due to "air traffic control restraints" and a ground delay program — a procedure used for air traffic control — operated by Nav Canada, which oversees the country's air traffic controllers. Air Canada did not immediately respond to a request for comment from Insider, sent outside regular business hours.

Persons: Abdallah Mohamed, Ghada Ali, Mohamed, Ali, —, Shelley Lopez, AC862, Lopez Organizations: Air Canada, Morning, Air, Vancouver . Air Canada, Nav Canada Locations: Canada, Cairo, Egypt, Kelowna, British Columbia, Air Canada, Vancouver, London, England

☆ Liberty SiriusXM shares get a shake-up. Here's a breakdown of the new structure
▼ + stars: | 2023-08-04 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Investing alongside Malone is complicated for individuals because Liberty Media has a string of tracking stocks for all its different businesses. The media conglomerate has two tracking stock groups: Liberty SiriusXM Group and Formula One Group. Liberty Media owns Formula One, which trades under tracking stock Liberty Media Formula One . Live Nation trades under its common stock ticker LYV, while's Liberty's share is available under the LLYVA and LLYVB tracking stocks. For the new Liberty SiriusXM tracking stocks LSXMK and LSXMA, the reclassification could help narrow the stock's wide discount to its net asset value, according to Citi.

Persons: John, Malone, SIRI, while's, BATRA Organizations: Liberty Media, Sirius XM Holdings, Entertainment, Liberty SiriusXM Group, Formula One, Nation Entertainment, Live, Major League Baseball's, Atlanta Braves, Liberty Media Corp, Nasdaq, Liberty, Citi Locations: New York

☆ Travel news: US airline staffing at ‘highest level’ in decades – so why the flight delays?
▼ + stars: | 2023-07-22 | by ( Maureen O'Hare | ) edition.cnn.com time to read: +5 min

Editor’s Note: Sign up for Unlocking the World, CNN Travel’s weekly newsletter. Extreme weatherHeat waves, wildfires, floods and storms have been hitting regions across North America, Europe and Asia. Air travel woesUS passenger airline employment is now at its highest level in over two decades, says a new statement from the International Air Transport Association (IATA) as carriers build up their workforces to meet the huge demand for post-pandemic travel. However, passengers this summer are still facing “unacceptable delays and disruptions” because of a shortage of air traffic controllers in North America. If all this has got you wistful for a bygone “golden age of air travel,” however, you’d be very wrong.

Persons: you’d, we’ve, Jay Khan, Janet Yellen’s, jian, Yellen, Liesbet Collaert, she’d, Christina Ward, Wahid Kandil, you’re, they’ve Organizations: CNN, Southern, International Air Transport Association, US Federal Aviation Administration, FAA, NAV Canada, US Locations: North America, Europe, Asia, Italy, Southern Europe, Ireland, Denmark, Bulgaria, Czech Republic, Las Vegas, Chicago, Hong Kong, Beijing, Yunnan, Belgian, California, Egypt, Barra, American, Paris

☆ 'Red-hot upside': This global high-growth tech fund's stock could rise by 180%, says Berenberg
▼ + stars: | 2023-07-17 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Shares of Molten Ventures, a venture capital fund focused on technology, could rise by more than 180%, according to Berenberg. Berenberg said Molten is currently trading at a 67% discount to its last-reported net asset value (NAV). This should, in turn, result in a substantial increase in Molten's share price. Aujla's note said that most of this decrease occurred in the first half of the year when the gross portfolio value (GPV) declined by 17% due to falling valuations. However, the analyst pointed out that Molten's investment strategy should provide protection against significant portfolio value decreases.

Persons: Draper Espirit, Berenberg, Kurran, Goodbody's Gerry Nennigan, Peel Hunt Organizations: Molten Ventures, British, Nasdaq, Numis Securities Locations: Berenberg . London, U.S

☆ SEC to vote on new money-market rules Wednesday that industry opposes
▼ + stars: | 2023-07-12 | by ( Bob Pisani | ) www.cnbc.com time to read: +5 min

The SEC is expected to vote on new rules for money-market funds Wednesday. Increase in liquidity requirements Most money market funds invest exclusively in cash or government securities. Some, known as "prime" money market funds, also invest in commercial paper. All are subject to liquidity requirements (some assets have to be readily convertible to cash), including levels of daily and weekly liquidity requirements. The Securities Industry and Financial Markets Association (SIFMA), an industry trade group, wrote to the SEC, expressing "substantial concerns" about the liquidity requirements.

Persons: Jon, Luc Dupuy, SIFMA, Kenneth Bentsen, Brad Sherman, Sherman, Dupuy, redemptions Organizations: SEC, Federal, Bloomberg, CNBC, Asset Management, Investment Funds, Securities Industry, Financial Markets Association

☆ Municipal bonds can offer your portfolio tax-free income and stability as recession fears loom
▼ + stars: | 2023-06-21 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

"People see [municipal bonds] as a defensive position for two reasons," said Shannon Saccocia, chief investment officer at NB Private Wealth. "Historically, municipal bonds have had low default rates," wrote Jared Woodard, investment and exchange-traded fund strategist at Bank of America, in a June 12 report. For instance, there's the Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) and the Nuveen New York Quality Municipal Income Fund (NAN) . In select situations, some advisors are recommending closed-end municipal bond funds. Closed-end muni bond funds trading at a deep discount include the BNY Mellon Municipal Income (DMF) and the MFS High Income Municipal (CXE) .

Persons: Shannon Saccocia, Jerome Powell, Jared Woodard, Nisha Patel, Patel, Paul Winter Organizations: Bank of America, Bond, Muni Bond ETF, Vanguard, Income Fund, Five, BNY, Income Locations: York, BNY Mellon

☆ How many engineers does it take to make a Dyson headphone? We tour its secret labs to find out
▼ + stars: | 2023-06-20 | by ( Nessa Anwar | ) www.cnbc.com time to read: +2 min

Dyson is one of the world's most recognizable vacuum makers, raking in revenue of about $8 billion in 2022. But the tech giant is also known for other household appliances such as bladeless fans, air purifiers and hair styling products. The company is building a giant battery plant the size of 53 basketball courts in Singapore, due to open in 2025. James Dyson, the company's founder, was a vocal supporter of Brexit, arguing that the U.K. would create more wealth and jobs outside the EU single market. Watch the video to learn more about why the multibillion-dollar tech company is expanding in the region.

Persons: Dyson, John Churchill, – Dyson, Churchill, James Dyson, Brexit Organizations: CNBC, EU Locations: Singapore

☆ Dyson doubles down on Singapore and ramps up hiring globally
▼ + stars: | 2023-06-20 | by ( Nessa Anwar | ) www.cnbc.com time to read: +3 min

The company is trying to hire another 2,000 engineers globally, according to Dyson's director of upstream robotics, Kashyap Chandrasekar. The Dyson 360 Vis Nav robot vacuum is displayed at the company's headquarters at St. James Power Station in Singapore in May 2023. Lauren Choo | CNBCAnother Dyson device that has garnered attention, due to its futuristic look, is the Dyson Zone — headphones that double as a wearable purifier. Dyson's global investment planSince its inception in 1991, founder Sir James Dyson has been set on pioneering new technology. The company currently has a £2.75 billion investment plan divided across Singapore, the U.K. and the Philippines.

Persons: Dyson, John Churchill, Kashyap Chandrasekar, Lauren Choo, Churchill, We'll, Sir James Dyson, they're Organizations: Robotics, James Power, CNBC, Dyson, St Locations: St, Singapore, United Kingdom, Philippines, Malaysia, Shanghai, Batangas

☆ Taylor Swift, Warren Buffett, and Elon Musk: an elite investor isn't shy of name-dropping to promote a niche type of fund
▼ + stars: | 2023-06-09 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Discounted closed-end funds aren't exactly the most headline-grabbing part of Wall Street. The elite investor also mentioned Elon Musk while explaining his fondness for these niche funds. "The majority of Warren Buffett's holdings when he was about to enter that class were discounted closed-end funds," Weinstein said. "In closed-end fund arbitrage, you can actually control your destiny," he said. Weinstein's firm takes activist positions in closed-end funds run by BlackRock and other big asset managers.

Persons: Boaz Weinstein, Taylor Swift, Warren Buffett, Elon Musk, —, Scott, Weinstein, Benjamin Graham's, Warren Buffett's, Elon, Buffett, Ed Thorp, Warren Organizations: Service, Saba Capital Management, Bloomberg, Berkshire Hathaway, SpaceX, Twitter, BlackRock Locations: Wall

☆ Hindenburg takes on billionaire Icahn with latest short position
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

May 2 (Reuters) - Hindenburg Research said on Tuesday it has a short position in activist investor Carl Icahn-controlled energy-to-pharma conglomerate Icahn Enterprises (IEP.O), making it the latest in a string of recent high-profile targets of the U.S. short seller. Icahn Enterprises did not immediately respond to a request for comment and Reuters could not independently verify the claims the short-seller has made in its report. Hindenburg also claimed Icahn was operating a "ponzi-like economic structure," selling its units to new investors to support its dividend payouts. Based in Sunny Isles Beach, Florida, Icahn Enterprises is one of the most successful activist investment firms and the chief investment vehicle of Icahn, who is known for his face-offs with several high-profile firms. As of last close, shares were down marginally this year, giving Icahn Enterprises a valuation of roughly $18 billion.

☆ Short investor Hindenburg erases fifth of Icahn empire’s value
▼ + stars: | 2023-05-02 | by ( ) edition.cnn.com time to read: +4 min

In a report published on Tuesday, Hindenburg accused IEP of overvaluing its holdings and relying on a “Ponzi-like” structure to pay dividends. The subsequent plunge in IEP shares wiped $2.9 billion off Icahn’s net worth, leaving him with an estimated $14.7 billion, according to Forbes. NAV is a key gauge of a fund’s performance, measuring the market value of securities held by the fund. Driving the frothiness in IEP’s stock, Hindenburg argued, is its dividend yield of 15.8%, the highest of any US large cap company by far. Hindenburg also offered examples it said showed IEP itself was valuing its holdings way above their market value.

☆ The short seller that took on Asia's richest man has a new target: Wall Street legend Carl Icahn
▼ + stars: | 2023-05-02 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

Hindenburg Research unveiled its short position against Carl Icahn's holding company on Tuesday. The short seller has also targeted Adani Group and payments company Block this year. Hindenburg Research, which earlier this year released a scathing report on Indian conglomerate Adani Group, unveiled its short position against Icahn Enterprises on Tuesday. Shares of Icahn Enterprises plunged nearly 20% shortly after the opening bell, trading at $41.49 at 10:05 a.m. Icahn Enterprises did not immediately respond to Insider's request for comment.

In a report published on Tuesday, Hindenburg accused IEP of overvaluing its holdings and relying on a "Ponzi-like" structure to pay dividends. The subsequent plunge in IEP shares wiped $2.9 billion off Icahn's net worth, leaving him with an estimated $14.7 billion, according to Forbes. NAV is a key gauge of a fund's performance, measuring the market value of securities held by the fund. Driving the frothiness in IEP's stock, Hindenburg argued, is its dividend yield of 15.8%, the highest of any U.S. large cap company by far. Hindenburg also offered examples it said showed IEP itself was valuing its holdings way above their market value.

☆ Exor picks Nohria as new chairman to succeed World Bank nominee Banga
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

Netherlands-based Exor has proposed Nitin Nohria as its new non-executive chairman, it said in a statement as it presented its full-year results. It said its profit rose to 4.227 billion euros ($4.64 billion) last year, from 1.717 billion euros in 2021. The holding company's net asset value (NAV) amounted to 28.233 billion euros at the end of 2022, 9.1% lower then a year earlier. Exor proposed an ordinary dividend of 100 million euros, or 0.44 euros per share. Exor said that in the first months of 2023 it had increased investments in its private funds strategies by 400 million euros and committed for a further 300 million euros.

☆ What Is a Money Market Fund?
▼ + stars: | 2023-04-04 | by ( ) www.wsj.com time to read: +11 min

“Money market funds have become a much more interesting place,” says Jay McLaughlin, institutional sales manager for iMoneyNet, a research firm that follows the money market fund industry. How money market funds workThe first thing for investors to understand is that money market funds are mutual funds, not bank accounts. Municipal money market fundsMunicipal money market funds appeal to many high-income investors because of their tax-exempt nature. One popular muni money market fund is the $17 billion Vanguard Municipal money market Fund (VMSXX) and its current 7-day yield of 2.65%—a yield which on its face is lower than other fund types, but after taxes are considered, can actually be higher for some investors. How to get the best money market fund ratesTypically your stock trading platform may have a default money market fund for its clients, established at your initial sign-up, as a kind of placeholder to keep your cash.

REUTERS/Cole Burston/File PhotoFeb 24 (Reuters) - Airports are taking steps to avoid gridlock during the upcoming holiday travel seasons, with some limiting flights during peak hours to avoid the long lines and luggage piles that marred last summer. While smoother holiday travel is expected for Europe and North America, airlines and airports which learned tough lessons on holiday travel in 2022, are taking a more prudent approach as global traffic rebounds roughly to pre-pandemic levels. Despite extensive planning and hiring this year, some airlines and airports are still wrestling with industry staff shortages, including baggage handlers. Germany's Lufthansa AG (LHAG.DE) said it has cut summer flights by an unspecified amount due to shortages of personnel like ground handlers at airports in Frankfurt and Munich. U.S. Customs and Border Protection and the Canada Border Services Agency were not immediately available to comment on staffing.

☆ JPMorgan upgrades Blackstone, calls it 'best in class'
▼ + stars: | 2023-01-24 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

JPMorgan Chase upgraded Blackstone to overweight from neutral on Tuesday, calling the money manager "best in class." The call comes on the heels of the recent controversy over Blackstone 's private real estate investment trust. Blackstone shares dropped after news of the redemption limits in December, dropping 8% in five days and ultimately ending 2022 down nearly 43%. "Blackstone remains best-in-class and an intermediate and longer term winner, so it could hold up near-term better than feared," he said. The BREIT structure remains credible and Blackstone will likely launch new retail products to leverage the success of the non-traded structure, he added.

☆ D.C. appeals court expedites oral arguments in Grayscale lawsuit against SEC
▼ + stars: | 2023-01-24 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

The SEC on Wednesday rejected Grayscale's application for a spot bitcoin ETF, citing a failure by the investment manager to answer questions about concerns around market manipulation. The District of Columbia Court of Appeals has scheduled a date to hear oral arguments in Grayscale's lawsuit contesting the Securities and Exchange Commission's decision to deny the conversion of its Grayscale Bitcoin Trust to an exchange-traded fund. Grayscale initiated its lawsuit against the SEC in June 2022 after the agency rejected its application to turn its bitcoin trust, better known by its ticker GBTC, into an ETF. The company decided to pursue the ETF, which would be backed by bitcoin rather than bitcoin derivatives, after the SEC approved ProShares' futures-based bitcoin ETF in October 2021. Still, crypto investors are longing to see the SEC approve a U.S. spot bitcoin ETF – and no longer just as a way to open the crypto market to more institutional investment.

Labor shortagesAs the pandemic swooped in, air travel was among the industries most affected, as more than 90% of flights were grounded. Today, labor shortages exist throughout the economy, but the problem drags on in the air travel sector, where more extensive employee training is usually required. Steven Senne / APOutdated technology and infrastructureThere is near-universal agreement that the infrastructure underpinning segments of America's air travel system is outdated and vulnerable. Rep. Sam Graves, R-Montana, said the incident highlighted "a huge vulnerability in our air transportation system." Air travel should be predictable and consistent, and you shouldn’t have to wonder if air traffic control is going to be working today as you head to the airport.

☆ Grayscale Bitcoin Trust could double by midyear, Ned Davis Research says
▼ + stars: | 2023-01-19 | by ( Jesse Pound | ) www.cnbc.com time to read: +3 min

Crypto is off to a hot start in 2023, and an embattled bitcoin fund gives investors a tool to squeeze more out of this rally, according to Ned Davis Research. Pat Tschosik, a senior portfolio strategist at the firm, said in a note to clients that the Grayscale Bitcoin Trust (GBTC) could give investors a 100% return by midyear. Bitcoin has rallied more than 25% to start the year and is trading above $20,000 again. The discount means that the fund's shares are priced below the bitcoin holdings they represent. However, Tschosik pointed out that the NAV discount for the Grayscale fund has been closing in recent weeks after some activist investors got involved.

"At this time, we do not believe the cause is related to the FAA outage experienced earlier today." Share this -Link copiedNearly half of Southwest flights delayed just weeks after mass cancellations Nearly half of Southwest Airlines flights were delayed as of about 11:15 a.m. Share this -Link copiedMore than 540 Delta flights delayed, 14 canceled More than 540 Delta flights were delayed as of 9:13 a.m. ET, the airline had three flights canceled and 208 flights delayed, amounting to 21% of its overall flights, according to FlightAware. Alaska Airlines had 11 flights canceled and 149 flights delayed, also amounting to 21% of its overall flights, FlightAware noted as of 8:53 a.m.

FAA officials said a preliminary review traced the outage to a damaged database file, but added there was no evidence of a cyberattack and the investigation was continuing. FAA officials said they were working to "further pinpoint the causes" so the problem can be avoided in the future. One issue airlines are facing is trying to get planes in and out of crowded gates, which is causing further delays. He described confusion as airline employees and many passengers were initially unaware of the FAA's moves and flight delays. The U.S. Travel Association, which represents the travel industry including airlines, called the FAA system failure "catastrophic."

☆ Gemini's Winklevoss accuses crypto mogul Silbert of 'bad faith stalling tactics' over frozen funds
▼ + stars: | 2023-01-03 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Tyler Winklevoss and Cameron Winklevoss (L-R), co-founders of crypto exchange Gemini, on stage at the Bitcoin 2021 Convention in Miami, Florida. He also alleged that Digital Currency Group and Genesis are "beyond commingled." Digital Currency Group (DCG) — of which you are the founder and CEO — owes Genesis (its wholly owned subsidiary) ~1.675 billion," Winklevoss said. watch nowIn addition to Genesis, Digital Currency Group also owns Grayscale, the embattled digital asset manager. "DCG did not borrow $1.675 billion from Genesis," Silbert said in reply to Winklevoss' tweet Monday.

☆ Inside DCG, the crypto conglomerate led by billionaire Barry Silbert that's come under fire from the Winklevoss twins
▼ + stars: | 2023-01-03 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

Gemini cofounder Cameron Winklevoss blasted Digital Currency Group CEO Barry Silbert for "bad faith" tactics in an open letter. Both executives' respective companies have locked horns over a business disagreement, where Winklevoss alleges that DCG owes Gemini nearly $1 billion. Gemini cofounder Cameron Winklevoss blasted Digital Currency Group (DCG) founder and CEO Barry Silbert in a public letter on Monday, accusing the billionaire of "bad faith" business practices. Winklevoss says that DCG and Genesis owe the crypto exchange and its customers $900 million. How did DCG, Genesis and Gemini get wrapped up in the alleged debt-based scandal?

Search resuls for: "NAV"

25 mentions found