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☆ Super Bowl betting in Nevada drops nearly 15% from record set in 2022
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

Feb 14 (Reuters) - The value of bets placed in Nevada sportsbooks on this year's Super Bowl between the Kansas City Chiefs and Philadelphia Eagles was 14.8% below the record set last year, according to unaudited figures provided by the Nevada Gaming Control Board. Nevada sportsbooks kept a combined $11.3 million from Super Bowl bets for a hold percentage of 7.4% compared with last year when they kept $15.4 million for a hold percentage of 8.6%. The twice Super Bowl winner also ran for 44 yards, including a 26-yard scramble that helped set up the game-winning field goal. Next year's Super Bowl will be held at the home of the Las Vegas Raiders and many experts are expecting betting around that game to reach new heights. "The Nevada Gaming Control Board looks forward to Allegiant Stadium hosting Super Bowl LVIII in Las Vegas next year," Nevada Gaming Control Board Chairman Kirk Hendrick said in a news release.

☆ Adidas shares tank after it issues warning over unsold Yeezy stock
▼ + stars: | 2023-02-10 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

"The numbers speak for themselves. We are currently not performing the way we should", Adidas CEO Bjørn Gulden said in a press release. Adidas could lose around 1.2 billion euros ($1.3 billion) in revenue in 2023 if it is unable to sell its existing Yeezy stock. "The numbers speak for themselves. Adidas' revenues increased 1% in 2022, based on unaudited numbers, while operating profit dropped from almost 2 billion euros in 2021, to 669 million euros in 2022.

☆ More mainland Chinese firms will take away market share from Taiwan iPhone suppliers: Investment firm
▼ + stars: | 2023-01-09 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

"Chinese companies are getting pretty competitive for iPhone assemblers. More mainland Chinese electronics manufacturing companies are set to take away market share from Taiwanese counterparts such as Foxconn and Pegatron , an investment fund manager said. "Chinese companies are getting pretty competitive for iPhone assemblers. "So that's why eventually, you are going to see more and more Chinese companies taking market share away from Taiwanese electronic companies," Yang added. That comes after Foxconn posted record unaudited revenue in 2022 and reported that output at its iPhone plant in China had "basically returned to normal."

In this article BTC.CM=ETH.CM= Follow your favorite stocks CREATE FREE ACCOUNTKris Marszalek, CEO of Crypto.com, speaking at a 2018 Bloomberg event in Hong Kong, China. Paul Yeung | Bloomberg | Getty ImagesKris Marszalek wants everyone to know that his company, Crypto.com, is safe and in good hands. While no evidence has emerged of wrongdoing at Crypto.com, Marszalek's business history is replete with red flags. Over the course of 2008 and 2009, Marszalek and his partner were transferred nearly $3 million in payments from Starline, according to the documents. As a result, when the bank forced Starline into liquidation, Marszalek and his partner were forced into bankruptcy as well.

☆ BlockFi Says It Is Different From FTX, Affirms Efforts to Return Customer Funds
▼ + stars: | 2022-11-29 | by ( Jonathan Randles | ) www.wsj.com time to read: 1 min

BlockFi Inc. told a U.S. bankruptcy court on Tuesday it was blindsided by cryptocurrency exchange FTX’s rapid demise and would work to repay creditors and allow customers access to their digital wallets as soon as possible. Jersey City, N.J.-based BlockFi, which secured a rescue loan from FTX in June to shore up its liquidity, reviewed unaudited FTX financial reports as part of due diligence it performed at the time of the transactions, said Joshua Sussberg, a lawyer for BlockFi, during its debut hearing in the U.S. Bankruptcy Court in Trenton, N.J. BlockFi filed for chapter 11 on Monday after the loan fell apart in the wake of FTX’s collapse earlier in November.

The new CEO of FTX issued a searing indictment of the company’s operations Thursday in a court filing as part of the company’s ongoing bankruptcy process. New CEO and restructuring officer John Ray wrote that the company had a striking lack of financial records, internal communications or even a clear idea of who worked there. Bankman-Fried and FTX did not immediately respond to requests for comment. Throughout his filing, Ray insisted that the financial records of the organizations overseen by Bankman-Fried are frequently either nonexistent or untrustworthy. “One of the most pervasive failures of the FTX.com business in particular is the absence of lasting records of decision-making,” Ray said.

☆ Never seen 'such a complete failure' of corporate controls, says new FTX CEO who also oversaw Enron bankruptcy
▼ + stars: | 2022-11-17 | by ( Rohan Goswami | ) www.cnbc.com time to read: +3 min

Ray formerly served as the CEO of Enron after the implosion of the energy titan. He promised to work with regulators to investigate FTX founder Sam Bankman-Fried. Bankman-Fried." Ray excoriated Bankman-Fried and his management team for what were described as lackadaisical controls on systems and regulatory compliance. Coordinating with regulators, Ray wrote, the chapter 11 bankruptcy process would examine the actions of Bankman-Fried in connection with FTX's collapse.

☆ FTX's new CEO blasted Sam Bankman-Fried over 'a complete failure of corporate controls' in a scathing bankruptcy filing
▼ + stars: | 2022-11-17 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

FTX's new CEO issued scathing remarks about Sam Bankman-Fried in a bankruptcy filing on Thursday. He cited "inexperienced" execs, auto-deleting messages, and "a complete failure of corporate controls." Ray said that FTX "did not keep appropriate books and records, or security controls, with respect to its digital assets." Ray said that many companies in the FTX Group also lacked "appropriate corporate governance," with some of the entities never holding board meetings. FTX Group had "unclear records and lines of responsibility" related to its staff and contractors, Ray wrote.

☆ FTX collapse an example of ‘greed and FOMO,’ says short-seller Carson Block
▼ + stars: | 2022-11-17 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

Carson Block, founder of short selling investment firm Muddy Waters, thinks the collapse of cryptocurrency exchange FTX under Sam Bankman-Fried is a "great example of greed and FOMO." Block told CNBC's "The Exchange" he had seen the business trajectory of the former billionaire and thought there was "obviously something wrong." Block is a crypto sceptic who described the recent surge into the industry as a bubble based on a "suspension of disbelief." His comments come amid a war of words in the crypto sphere as it grapples with the recent volatility. At an event hosted by CNBC on Thursday, Changpeng Zhao, founder of cryptocurrency exchange Binance, said he was "shocked" that Bankman-Fried "lied to everybody," and described his actions as "fraud."

related investing news Cathie Wood's ARK Invest keeps buying more crypto assets despite FTX bankruptcy Crypto.com is smaller than FTX but still ranks among the top 15 global exchanges, according to CoinGecko. Kris Marszalek, CEO of Crypto.com, speaking at a 2018 Bloomberg event in Hong Kong, China. Marszalek has spent the early part of the week trying to reassure users and regulators that the business is fine. FTX CEO Sam Bankman-Fried said his company's assets were "fine" two days before he was desperate for a rescue because of a liquidity crunch. Marszalek said on Monday that this was just a reflection of the assets Crypto.com customers were buying.

☆ Crypto.com CEO downplays FTX contagion fears, says he’ll prove naysayers wrong as withdrawals rise
▼ + stars: | 2022-11-14 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

"We do not run a hedge fund, we do not trade customers' assets. Alameda Research, FTX's sister company, borrowed billions in customer funds from the exchange to ensure it had enough funds on hand to process withdrawals, CNBC reported Sunday. Bankman-Fried declined to comment on allegations of misappropriating customer funds but said its recent bankruptcy filing was the result of issues with a leveraged trading position. Asked about this Monday, Marszalek said this was just a reflection of the assets Crypto.com customers were buying. Crypto.com has 70 million users globally and made revenues of $1 billion annually in both 2021 and 2022, according to Marszalek.

☆ Expect fewer iPhones in your Christmas stockings: Apple just warned of fewer iPhone 14 Pro and Pro Max shipments due to supply disruptions in China
▼ + stars: | 2022-11-07 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Apple told customers that iPhone 14 Pro and Pro Max deliveries may take longer than expected. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyCustomers who ordered the iPhone 14 Pro or iPhone 14 Pro Max should expect "longer wait times" for their new phones, Apple warned on Sunday. On Sunday, Apple said demand for both the iPhone 14 Pro and Pro Max is still strong. Preorders for the iPhone 14 Plus and basic iPhone 14 were "significantly lower than expected," Apple analyst Ming-Chi Kuo wrote in September. The closed-loop system could impact iPhone production at the plant by as much as 30%, Reuters reported on October 31.

☆ Huawei Posts Rare Climb in Revenue as Business Stabilizes
▼ + stars: | 2022-10-27 | by ( Dan Strumpf | ) www.wsj.com time to read: 1 min

HONG KONG—Huawei Technologies Co. recorded its second straight quarter of higher revenue during the third quarter, as signs emerged that its business has begun to stabilize following years of punishing U.S. sanctions. Revenue at the Chinese telecom giant rose 6.5% to 144.2 billion yuan, or about $20 billion, during the third quarter compared with a year ago, according to calculations based on unaudited financial figures released by the privately held company Thursday.

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