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☆ Venezuela's Maduro suspends PDVSA restructuring committee after minister quits
▼ + stars: | 2023-03-27 | by ( Deisy Buitrago | ) www.reuters.com time to read: +2 min

CARACAS, March 27 (Reuters) - Venezuela's President Nicolas Maduro suspended a committee he had appointed to restructure state oil firm PDVSA under the supervision of Tareck El Aissami, the oil minister who resigned last week amid an expanding anti-corruption probe into the company and the judiciary. The probe has led to 10 officials and 11 businessmen being arrested and 11 more wanted. PDVSA President Pedro Tellechea was appointed as the new oil minister last week, giving him wide control of the industry. Maduro said last week a new restructuring process must begin in PDVSA, formally known as Petróleos de Venezuela, S.A., to audit its accounts and uncover corruption. PDVSA's restructuring commission was created to adopt urgent measures to "protect the industry from imperialist aggression."

☆ This Sequoia-backed startup bringing a form of buy now, pay later to B2B payments just raised $19.3 million. Check out the 10-slide pitch deck Two used to land the funds.
▼ + stars: | 2023-03-21 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

Sequoia-backed payments startup Two just raised $19.3 million in a Series A round. The Oslo-based company plans to bring a version of buy now, pay later to B2B transactions. Check out the 10-slide pitch deck Two used to land the fresh cash below. A Sequoia-backed startup that wants to bring a version of the buy now, pay later model to B2B transactions just raised $19.3 million in fresh funds. Two's solution is to effectively offer a form of buy now, pay later for B2B payments to both small and medium-sized businesses and multinational corporations.

HOUSTON, March 21 (Reuters) - Venezuela's state-run oil company PDVSA has accumulated $21.2 billion in accounts receivable, according to documents viewed by Reuters, after turning to dozens of little known intermediaries three years ago to export its oil under U.S. sanctions. The scale of the receivables explains a January freeze on supply contracts by PDVSA's new boss Pedro Tellechea, who sought to halt unpaid cargoes immediately after taking office. A series of attempts to tighten contract terms came after some vessels absconded without payment in recent years. PDVSA and Venezuela's oil ministry did not immediately reply to a request for comment. Reporting by Marianna Parraga; Editing by Gary McWilliams and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

☆ Why Goldman Sachs alumni are being hoovered up by elite hedge funds like Citadel and Millennium
▼ + stars: | 2023-03-21 | by ( Alex Morrell | ) www.businessinsider.com time to read: +14 min

In November, one of the world's most consequential hedge funds announced a shake-up at the top of its power structure. In an internal memo, the founder of Millennium Management, Izzy Englander, said that Bobby Jain would be vacating the co-CIO role. "You can't readily find that managerial experience at other hedge funds and Goldman is a perfect place to look for those people." 8 former Goldman Sachs leaders are now Millennium execsEnglander isn't alone — firms rarely are in the copycat world of multistrats. In a statement to Insider, Abbey Collins, a spokesperson for Goldman Sachs, said, "Goldman Sachs has always been and remains a talent magnet.

☆ German regulator allows SVB to conduct lending business through local branch
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

BERLIN, March 20 (Reuters) - Silicon Valley Bridge Bank (SVB) (SIVBV.UL) has been granted permission to conduct its lending business through its SVB Germany branch, German financial regulator BaFin said on Monday. BaFin had imposed a moratorium on the German branch of SVB in the wake of the U.S. lender's demise and noted the branch had "no systemic relevance". SVB Germany worked with German companies such as HelloFresh (HFGG.DE) and Lilium (5KD.F). Its total assets stood at 789.2 million euros ($846.26 million) at the end of 2022, according to BaFin. SVB Financial filed for bankruptcy protection on Friday, about a week after Silicon Valley Bank was shut down in the largest U.S. bank failure since the 2008 financial crisis.

☆ FTX has a massive $9.5 billion shortfall in top crypto and cash needed to repay customers, the bankrupt exchange's new bosses say
▼ + stars: | 2023-03-03 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

FTX has a $9.5 billion shortfall in top crypto and cash to repay customers, bankruptcy lawyers say. Just $694 million in assets of $2.2 billion recovered are easy to cash in. FTX US also has a shortfall, with $191 million in assets versus $335 million of customer claims and $283 million of related party claims payable. In January, bankruptcy lawyers said they had recovered $5.5 billion in liquid assets from FTX. The Commodities and Futures Trading Commission (CFTC) has estimated that $8 billion of client money had been lost by the exchange.

☆ Japan’s next central bank chief may rue promotion
▼ + stars: | 2023-02-13 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +7 min

In fact, it has spent an average of 1.3 trillion yen per trading day since the band widened: nearly 50 trillion yen in total, per Refinitiv data, and still counting. The central bank already owns over half of Japan’s sovereign bonds and is sure to suffer large losses when their prices fall, which they eventually must. The central bank chief must also work to put the country’s vast stack of inert money back to work. Kuroda effectively put the central bank at the service of former Prime Minister Shinzo Abe’s “Abenomics” stimulus programme. Fumio Kishida, the current leader, is having popularity problems and will want the central bank to support his aggressive agenda, which includes hiking defence spending, promoting innovative startups and redistributing wealth.

☆ Investing Club mailbag: How to tell if a company will keep paying its dividend
▼ + stars: | 2023-02-12 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

How do we figure out free cash flow and how can we tell if a company can continue to pay its dividend. First find operating cash flow (OCF) and PP & E , which are both in the cash flow statement ; OCF is its own line, PP & E is under "investing cash flows." Take Apple, a Club holding that uses GAAP and therefore doesn't break out free cash flow. But free cash flow is cash: you either received it or you didn't. The math is once again straightforward: If the free cash inflow exceeds the cash dividend outflow, it is considered sustainable.

☆ A prominent UK cybersecurity stock is under attack from short sellers. Here's what you need to know
▼ + stars: | 2023-02-06 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

Omar Marques | SOPA Images | LightRocket via Getty ImagesCybersecurity company Darktrace , one of the U.K.'s most prominent tech names, has found itself under attack from short sellers. Short selling is a strategy in which investors bet on the price of a stock going down in value. Darktrace, one of the U.K.'s largest cybersecurity companies, was founded in 2013 by a group of former intelligence experts and mathematicians. "This has been, and remains, a very small part of Darktrace's marketing and the costs of them over the last five years has consistently been substantially below 0.5% of Darktrace's revenue," Darktrace added. The Lynch connectionIt's worth noting that, even before the QCM report, there were clouds hanging over Darktrace's business.

☆ The Spending American Express Should Worry About Is Its Own
▼ + stars: | 2023-01-27 | by ( Telis Demos | ) www.wsj.com time to read: 1 min

American Express says it has a premium customer. Does that mean it should trade at a premium multiple? With a potential recession still looming, some lenders are talking about credit risk that might start to exceed levels seen prior to the pandemic. Not so for American Express. That is below where reserves started at the beginning of 2020, at 2.9%, after new loan-loss accounting rules had kicked in but before the pandemic had.

☆ Billionaire-backed Americanas files for bankruptcy protection, shares tank
▼ + stars: | 2023-01-19 | by ( Gabriel Araujo | ) www.reuters.com time to read: +4 min

SAO PAULO, Jan 19 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) on Thursday filed for bankruptcy protection, days after uncovering nearly $4 billion in accounting inconsistencies and amid a legal feud with creditors. In the filing, Americanas asks to exclude fintech Ame from the bankruptcy protection, as it is regulated by the central bank, and for authorization to increase its capital. Chief Executive Sergio Rial resigned last week, less than two weeks after taking the job, citing the discovery of "accounting inconsistencies" totaling 20 billion reais. Andre Luzbel, head of variable income at SVN Investimentos, said the bankruptcy protection was unavoidable, noting it would be one of the largest ever in Brazil, "as complex as Oi's one." Oi SA (OIBR4.SA), a telecom firm, filed in June 2016 for Brazil's then-biggest ever bankruptcy protection and only exited it in December 2022.

Uniper (UN01.DE) has already booked billions of euros of losses on derivatives, exacerbating a crisis as it rushed to plug the gap left after Russia turned off the taps. Like other energy firms, Uniper uses derivatives, such as securing an option to sell gas at a set price in the future, to guard against energy price swings. "In total, we have derivative positions of about 216 billion euros as of September 30 2022," a spokesperson for Uniper said, adding that the riskier part of this was small. According to its accounts, Uniper held around 198 billion euros of receivables from derivative instruments as assets. It is also more than the 131 billion euros Germany's RWE (RWEG.DE) had at the end of June, public data shows.

☆ Debt woes and zero-Covid: China's cities are running out of cash to pay huge bills
▼ + stars: | 2022-12-02 | by ( Laura He | ) edition.cnn.com time to read: +9 min

They spent 11.8 trillion yuan ($1.65 trillion) more than they raised in revenue between January and October, borrowing heavily to do so, according to data from China’s Ministry of Finance. Andy Wong/AP‘Widest in history’For nearly three years, local governments have borne the brunt of enforcing pandemic controls. The weak fiscal position of local governments has been a drag on the country’s overall financial standing. Kevin Frayer/Getty ImagesLow income, high costsWhy are local governments in this parlous state? In May, Beijing told local governments that they had to bear the costs for regular Covid testing in their regions.

☆ Credit Suisse’s fuzzy Apollo deal better than none
▼ + stars: | 2022-11-15 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

The U.S. buyer, which already has about $523 billion of client money, will also manage the remaining $20 billion of Credit Suisse’s packaged loans and mortgages, in return for a fee. The Apollo deal and other smaller transactions will only reduce Credit Suisse’s risk-weighted assets by roughly $10 billion by mid-2023, which is less than half of the $22 billion that Körner said was sitting in the unit at the end of September. Credit Suisse also said that the final sale price will depend on discount rates. Follow @liamwardproud on TwitterloadingCONTEXT NEWSCredit Suisse on Nov. 15 said it would sell the bulk of its securitised products business to Apollo Global Management. As a result of the deals, Credit Suisse’s risk-weighted assets will fall by about $10 billion.

☆ How to transform your business's payables and receivables to keep up with customer demand
▼ + stars: | 2022-11-11 | by ( Sponsor Post | Created Citizens With Insider Studios | ) www.businessinsider.com time to read: +7 min

By Matt Richardson, head of treasury product solutions, CitizensFueled by greater connectivity and faster transactions, the digital transformation of the payables and receivables landscape continues to reshape the outlook for treasury management. We've seen many companies embrace faster and easier payments systems. This is set to launch by 2023 and will extend access to real-time payments to more financial institutions and customers nationwide. The dominant force in this area will be cloud-based, intelligent payables and receivables platforms like Citizens' integrated payables solution powered by Paymode-X. Relatedly, payment messaging will be an essential area to keep track of as new digital payment options are becoming increasingly sophisticated and data-intensive.

☆ Indian companies turn to exotic options to manage fx costs, risks
▼ + stars: | 2022-11-09 | by ( Nimesh Vora | ) www.reuters.com time to read: +3 min

MUMBAI, Nov 9 (Reuters) - A few large Indian companies are returning to exotic currency options to deal with the rupee's volatility as they look to manage hedging costs and foreign exchange risks. These options provide companies increased flexibility to manage their currency risks. Companies are specifically turning to barrier options, a class of knock-out or knock-in options that are exercisable or expire worthless depending on whether a particular level on the underlying asset is reached. When used with proper risk assessment, barrier options help to manage the premium cost, a trader with a large private sector bank said. Meanwhile, foreign exchange consultants warned against large-scale use of exotic options.

☆ Here are all five parts of our series on how to analyze an earnings report
▼ + stars: | 2022-10-15 | by ( Jim Cramer | ) www.cnbc.com time to read: +85 min

Operating income Once we remove operating expenses from gross margin dollars , we are left with what is known as operating income. This is especially important from a cash flow perspective as many companies define free cash flow (a non-GAAP metric) as "operating cash flow less expenditures on property, plant and equipment." Part 3: Cash flow analysis The cash flow statement is the middle child in a financial report — it gets overlooked. Investors may look to use operating cash flow or free cash flow for this equation. AMC's cash flow Let's finish by taking a look at the cash flow statement.

☆ How to analyze an earnings report — Part 5: A case study
▼ + stars: | 2022-10-11 | by ( Zev Fima | ) www.cnbc.com time to read: +23 min

In this case study, we can apply some of what we covered in Part 1 : The income statement; Part 2 : The balance sheet; Part 3 : Cash flow analysis; and Part 4 : The ratios. At the time, he still had over 2.3 million shares, nearly all of which were unvested. AMC's cash flow Let's finish by taking a look at the cash flow statement. What we really want to focus on is operating cash flow (line three), followed by capital expenditures and then free cash flow. Even in the fourth quarter, it didn't generate enough cash flow to cover the investing and financing outflows, not to mention capital expenditures.

☆ $15 billion delivery startup Gopuff tried to rip out a page from Amazon's playbook by poaching its managers. Insiders say a newfound metrics obsession 'destroyed' its operations.
▼ + stars: | 2022-09-06 | by ( Tom Dotan | ) www.businessinsider.com time to read: +11 min

Gopuff warehouse managers knew times had changed the moment their corporate bosses started needling them about employee bathroom breaks. These kinds of questions have become a regular occurrence, according to seven current and former Gopuff employees. Insider talked to a dozen current and former Gopuff employees at both corporate and regional levels. At that meeting, he said he wanted to level up the talent of the company's warehouse managers, two former employees said. Another former Gopuff manager said the company's Amazon hires seemed to take little interest in learning how Gopuff had been doing things previously.

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