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☆ Final Days at Credit Suisse Were Marked by a $69 Billion Race for the Exits
▼ + stars: | 2023-04-24 | by ( Michael J. De La Merced | ) www.nytimes.com time to read: +1 min

Credit Suisse said on Monday that clients had withdrawn nearly $69 billion in the first quarter, underscoring the spiraling troubles the embattled Swiss bank faced that forced a fire sale to its archrival, UBS, in March. In its final financial report as an independent company, Credit Suisse — which lost 1.3 billion Swiss francs, or $1.46 billion, in the first three months of the year — said that it had suffered “significant net asset outflows,” particularly in the second half of March. Those came as investors feared for the health of the troubled 167-year-old lender, sending its stock plunging and forcing the bank to borrow billions from the Swiss central bank to shore up confidence in its finances. Shareholders had been on edge about Credit Suisse for months, worried about its viability amid losses and a series of scandals and financial missteps. But the Swiss government ultimately forced the firm to sell itself to UBS for $3.2 billion.

☆ Chipotle unveils sustainable-restaurant design as it aims to cut carbon footprint in half by 2030
▼ + stars: | 2023-04-11 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Next year, more than 100 of the burrito chain's new locations will use all-electric equipment and some additional elements from the new design. Chipotle Mexican Grill on Tuesday unveiled a new all-electric restaurant design aimed at helping the company reach its goal of cutting greenhouse gas emissions in half by 2030. Chipotle isn't the only restaurant chain looking to its restaurants to cut down on greenhouse gas emissions. And a year earlier, its archrival, Restaurant Brands International's Burger King, revealed a new restaurant design that features solar panels. The company's goal to halve greenhouse gas emissions by 2030 is based on its 2019 baseline of 1.4 million tons of carbon dioxide equivalent across its supply chain and restaurants.

☆ General Motors' U.S. sales jump 18% in the first quarter
▼ + stars: | 2023-04-03 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

A GMC pickup truck is displayed for sale on a lot at a General Motors dealership on January 05, 2023 in Austin, Texas. General Motors said Monday that its first-quarter U.S. sales rose 18% from a year ago, to just over 600,000 vehicles delivered, as it continued its rebound from the supply chain problems that limited global auto production in 2021 and early 2022. Most of those electric vehicles were Chevrolet Bolts, but GM did sell 968 of its brand-new Cadillac Lyriq EVs, built on the company's next-generation Ultium EV architecture. GM has been working to ramp up its production of its Ultium-based electric vehicles, with new high-volume Ultium-based models including an electric Chevrolet Equinox crossover due later in 2023. The company's EV sales volumes are expected to ramp up sharply from there in 2024 and 2025.

☆ No, Ron DeSantis can't stop Donald Trump's extradition from Florida to New York. Here's what happens now that he's been indicted.
▼ + stars: | 2023-03-30 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +12 min

Ron DeSantis can't stop extradition from Trump's home in Florida, but he could slow the process. DeSantis can't stop Trump's extradition, but he could slow it downThe standard method of interstate extradition in Florida, according to Holder and Bachner, involves the governors of each state. DeSantis is then required to make sure the indictment is valid before ordering Trump's extradition from Florida. The Florida extradition statute describes the governor's role as simply making sure the extradition demand meets all the legal requirements. It's unlikely that DeSantis will look too closely under the hood of the indictment, Bachner told Insider before news of the grand jury vote Thursday.

☆ Black Lives Matter dodges Adidas legal battle, but other brands using striped logos remain targets
▼ + stars: | 2023-03-29 | by ( Danni Santana | ) www.businessinsider.com time to read: +3 min

Adidas has retracted its notice of opposition against Black Lives Matter trademarking its logo. But BLM's stripes are yellow as opposed to Adidas' black and white branding. In the notice of opposition, Adidas went into great detail about its 70-year history using the three-stripe mark in collaborating with artists and athletes. An Adidas spokesperson told Insider that it will withdraw its opposition to BLM registering its trademark "as soon as possible." Adidas has at least five pending cases involving its three stripes logo against companies like Elite Custom Wear, Equicor LLC, and Sol Echo.

Last year it breached liquidity requirements at some of its entities after an unsubstantiated social media report sparked client exits. In the U.S., the decision to insure all bank deposits after SVB was shuttered surprised many. QUICKLY DISAPPEARSome in the banking industry play down the risks of another SVB-style downfall spurred by social media. Regulators will also need to monitor social media and develop a set of protocols to guide how they respond, according to Patricia McCoy, a law professor at Boston College. "They need to be looking for any signs of unsubstantiated rumors, panic starting to mount on social media, and they've got to do it around the clock," she said.

☆ No, Ron DeSantis can't stop Donald Trump's extradition from Florida to New York if he's indicted. Here's how it would go down.
▼ + stars: | 2023-03-15 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +12 min

Ron DeSantis can't stop extradition from Trump's home in Florida, but he could slow the process. DeSantis can't stop Trump's extradition, but he could slow it downThe standard method of interstate extradition in Florida, according to Holder and Bachner, involves the governors of each state. In that scenario, the Manhattan District Attorney's Office would present the indictment to the legal affairs office of New York Gov. DeSantis is then required to make sure the indictment is valid before ordering Trump's extradition from Florida. The Florida extradition statute describes the governor's role as simply making sure the extradition demand meets all the legal requirements.

☆ India leads world in cutting internet access for 5th year in a row, watchdog says
▼ + stars: | 2023-02-28 | by ( Kanishka Singh | ) www.reuters.com time to read: +2 min

Feb 28 (Reuters) - India imposed by far the highest number of internet shutdowns in the world in 2022, internet advocacy watchdog Access Now said on Tuesday, as the country topped the list for the fifth successive year. Out of 187 internet shutdowns globally recorded by Access Now, 84 took place in India, including 49 in Indian- administered Kashmir, the New York-based digital rights advocacy group said in a report published on Tuesday. Although India once again led the world in internet shutdowns, 2022 marked the first time since 2017 that there were fewer than 100 shutdowns in the country, the watchdog said. "During Russia's full-scale invasion of Ukraine, the Russian military cut internet access at least 22 times, engaging in cyberattacks and deliberately destroying telecommunications infrastructure," the watchdog said in its report. Ukraine was followed on the list by Iran where authorities imposed 18 internet shutdowns in 2022 in response to demonstrations against the government.

☆ Target will report earnings before the bell — Here's what to expect
▼ + stars: | 2023-02-28 | by ( Melissa Repko | ) www.cnbc.com time to read: +2 min

Target on Tuesday will report holiday-quarter results, as retailers brace for a year that appears poised to bring slower sales and more price-conscious customers. Yet over the past year, Target has faced a shift in both sales trends and market sentiment. The company has missed Wall Street's earnings expectations for three consecutive quarters and warned investors to expect soft holiday sales. Alongside its fiscal fourth-quarter results, Target is expected to share full-year guidance at an investor day in New York City. Groceries account for just 20% of Target's sales, while Walmart gets more than half of its sales from the frequency-driving category.

☆ Adidas is facing a problem even bigger than Yeezy
▼ + stars: | 2023-02-13 | by ( Danni Santana | Mary Hanbury | ) www.businessinsider.com time to read: +5 min

Adidas expects sales to drop by $1.28 billion in 2023 if it doesn't sell leftover Yeezy inventory. The company's guidance began on a bleak note with revenue for the year expected to drop after ending its Yeezy partnership. Against this background, Adidas said it is forecasting a decline in the high-single digits in sales in 2023. "The sales decline is about more than just Yeezy," Bernstein analyst Aneesha Sherman wrote in a note to clients early Friday. Cowen estimates the brand earned $1.2 billion in sales last year before Adidas terminated the partnership in October.

☆ Why Dick's Sporting Goods succeeded where Sports Authority failed
▼ + stars: | 2023-02-08 | by ( Darren Geeter | ) www.cnbc.com time to read: +5 min

The most significant player in the space, Dick's Sporting Goods, controls an estimated 14.2% of the market, the most by a single company. Dick's Sporting Goods was founded in 1948 by 18-year-old Dick Stack who had just $300 in his pocket when he opened his first store. In the 1990s, the company expanded its offerings to include more sports, outdoor equipment, apparel and footwear, and by 1996, there were 50 Dick's Sporting Goods stores. While Dick's Sporting Goods was expanding, its archrival Sports Authority was on the verge of collapse. Dick's Sporting Goods' momentum continued well into 2021 as the company set new records.

☆ Some Goldman Sachs partners want to tell the board about their concerns over CEO David Solomon
▼ + stars: | 2023-02-08 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +15 min

A decline in morale at the Wall Street firm concerns some Goldman partners. Here are their concerns about CEO David Solomon, who addressed the partners in Miami. CEO David Solomon addressed Goldman Sachs' partners today at the firm's annual partners meeting in Miami. There's little history for Goldman partners taking their concerns directly to the board. Since then, according to someone who has spoken to investors, more shareholders have questioned how long Solomon can last as Goldman's CEO.

☆ Goldman cuts Solomon, and his pay, down to size
▼ + stars: | 2023-01-27 | by ( John Foley | ) www.reuters.com time to read: +2 min

Or at least that is the apparent message Goldman Sachs (GS.N) is trying to send by slashing boss David Solomon’s pay by a third for 2022, to $25 million. Measured by Goldman’s performance last year, Solomon actually did fairly well. Goldman also grew its book value – accounting-speak for shareholders’ claim on the lender – by a respectable 6%. It would have been hard to reward Solomon at a time when employees are feeling the chill, and hot on the heels of 3,200 layoffs. Solomon’s humble pie may taste good to his Goldman colleagues, but it could present a different flavor profile to shareholders.

☆ Goldman Sachs cuts Solomon, and his pay, down to size
▼ + stars: | 2023-01-27 | by ( John Foley | ) www.reuters.com time to read: +2 min

Or at least that is the apparent message Goldman Sachs (GS.N) is trying to send by slashing boss David Solomon’s pay by a third for 2022, to $25 million. Measured by Goldman’s performance last year, Solomon actually did fairly well. Goldman also grew its book value – accounting-speak for shareholders’ claim on the lender – by a respectable 6%. Solomon’s humble pie may taste good to his Goldman colleagues, but it could present a different flavor profile to shareholders. loadingCONTEXT NEWSGoldman Sachs said its board had awarded Chief Executive David Solomon compensation of $25 million for his work in 2022, compared with $35 million the previous year.

☆ In 2022, UWM became the top US mortgage lender and its CEO bought an NBA team. Against the odds, it expects to grow more.
▼ + stars: | 2023-01-23 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +5 min

United Wholesale Mortgage became the country's largest originator in 2022. Mortgage rates soared at their fastest rate in decades, halting refinances and slowing home purchases to a crawl. In a way, UWM's strategy is much more old-fashioned than other mortgage players, including Rocket Mortgage. "The idea that you can go on a computer, click a button, and there's your mortgage, that's foolish," he said. To Rocket Mortgage, that's a fundamental misunderstanding of its business.

☆ Earnings playbook: What investors can expect out of Tesla, Microsoft and Boeing
▼ + stars: | 2023-01-22 | by ( Fred Imbert | ) www.cnbc.com time to read: +11 min

Tuesday Johnson & Johnson is set to report earnings before the bell, followed by a conference call at 8:30 a.m. What history shows: Johnson & Johnson has beaten earnings expectations 95% of the time, according to Bespoke Investment Group. Wednesday Boeing is set to report earnings before the bell, followed by a call with analysts at 10:30 a.m. What history shows: FactSet data shows Boeing has posted a greater-than-expected loss in the last five quarters. Tesla is set to report earnings after the close, with management set to hold a call at 5:30 p.m.

☆ Goldman slams into unwelcome sort of volatility
▼ + stars: | 2023-01-17 | by ( John Foley | ) www.reuters.com time to read: +4 min

NEW YORK, Jan 17 (Reuters Breakingviews) - The similarities between Goldman Sachs (GS.N) and Morgan Stanley (MS.N) are drawing attention to what makes them different. Investment banking fees halved year-on-year for each, though Goldman generated roughly 50% more from deal advice and underwriting stocks and bonds than its archrival. During the decade before he took over, Goldman traded at a premium to Morgan Stanley. Separately, rival Morgan Stanley reported earnings per share of $1.26 for the same three-month period, 37% less than for the same span in 2021, and slightly higher than analysts’ forecasts, according to Refinitiv. Goldman reported a $2 billion full-year loss for its new “platform solutions” division, which includes the credit card it offers alongside iPhone maker Apple.

☆ Georgia GOP Gov. Brian Kemp says Trump 'didn't do a good enough job' of making the case for a second term in 2020
▼ + stars: | 2023-01-14 | by ( John L. Dorman | ) www.businessinsider.com time to read: +3 min

Kemp told the outlet that Trump "didn't do a good enough job of telling people what he had done." Kemp, who was inaugurated to a second term this week, has been floated as a potential 2024 presidential contender. Brian Kemp of Georgia for not helping him overturn now-President Joe Biden's victory in the Southern swing state in the 2020 election. "President Trump and his reelection didn't do a good enough job of telling people what he had done and what he wanted to do in a second term," the governor told the outlet. Trump, who lost to Biden in the 2020 presidential election, has continued to allege that voter fraud was the culprit behind his ejection from the White House.

☆ Adidas needs Yeezy-like designs to thrive, but many sneakerheads say they're done with the brand
▼ + stars: | 2022-12-09 | by ( Danni Santana | ) www.businessinsider.com time to read: +3 min

In a note, Cowen analysts said Adidas has "a path forward" in selling popular shoes without Yeezy. Some sneakerheads will give Adidas' new offerings a chance, while others plan to skip the releases. "Our checks suggest there is demand for Yeezy-like designs among the sneaker community, despite clear reputational risk, and we expect management to launch new styles without Yeezy branding," Cowen analysts said. Cowen analysts estimated Adidas also has several million units of Yeezy inventory in warehouses. The company has lost over $1 billion in annual profit in the region since 2019, Cowen analysts said.

☆ Special Report: FTX's Bankman-Fried begged for a rescue even as he revealed huge holes in firm's books
▼ + stars: | 2022-11-16 | by ( Angus Berwick Anirban Sen Elizabeth Howcroft Lawrence Delevingne | Angus Berwick | Anirban Sen | ) www.reuters.com time to read: +22 min

Sequoia was shocked at the amount of money Bankman-Fried needed to save FTX, according to the sources, while Apollo first asked for more information, only to later decline. The booklet flagged the risks of crypto trading, particularly how sudden sales of tokens could trigger a "domino effect" that would lead to a "cascading set of liquidity failures." Using profits from Alameda, Bankman-Fried launched FTX in 2019. From almost nothing in 2019, FTX handled about 10% of global crypto trading this year, a September document shows. At one point, he lived in a penthouse overlooking the Caribbean, valued at almost $40 million, according to two people who worked with FTX.

☆ Nike lifts Covid mandate, igniting harsh criticism from employees on both sides of the vaccine debate
▼ + stars: | 2022-10-24 | by ( Matthew Kish | ) www.businessinsider.com time to read: +5 min

"When our vaccination policy was implemented, vaccination was critical in preventing community spread," he added. Nike employees were overwhelmingly in favor of the vaccine mandate. 'Not sure where this leaves those of us who were fired only months ago'It's unclear how many people Nike terminated for not complying with its vaccine mandate. A group called the Health Freedom Defense Fund is suing Disney over its vaccine mandate, which like Nike's, required vaccination as a condition of employment. Companies have the broad authority to mandate vaccines in their workplace, according to Dorit Rubinstein Reiss, a UC Hastings law professor, and vaccine policy expert.

☆ A bunch of Googlers who used to work at Amazon are internally sharing horror stories about their former employer's 'frupid' and aggressive culture
▼ + stars: | 2022-09-14 | by ( Eugene Kim | ) www.businessinsider.com time to read: +7 min

Googlers who used to work at Amazon are sharing how much they hated being at the e-commerce giant. Amazon is a very kill-or-be-killed environment," one of the people on the email thread told Insider. By default, product managers received subpar Windows laptops and weren't eligible for Apple devices, this person wrote. "Pretty frupid to save $200 on something that could increase the productivity of an engineer you were paying six figures to," this person wrote. "I tend to like everything about Amazon culture better than Google except one thing: how the employees are treated ;)," another person wrote.

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