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☆ China’s Singles Day sales could top 1 trillion yuan even as the economy cools
▼ + stars: | 2022-11-11 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

Hong Kong CNN Business —China’s Singles Day, the world’s biggest annual shopping event, is known for regularly smashing sales records. Singles Day usually eclipses two of the world’s most popular sales events — Black Friday and Cyber Monday — combined. Xiaofeng Wang, a principal analyst at research firm Forrester, told CNN Business that she believed Singles Day sales would cross the trillion-yuan mark this week. In 2021, the tally for Singles Day rose 13%, “the smallest advance ever,” according to an analysis by Bain & Company. Singles Day “isn’t going anywhere,” concluded James Yang, a Hong Kong-based partner at Bain.

☆ Disney is reportedly planning to pause hiring and make some job cuts, joining other media titans like Netflix and Warner Bros
▼ + stars: | 2022-11-11 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +2 min

Disney is planning for a hiring freeze and potential job cuts, according to CNBC. CEO Bob Chapek issued an internal memo to the company's executives Friday. "We are limiting headcount additions through a targeted hiring freeze," CNBC reported that CEO Bob Chapek said in the memo to division leads. Disney joins Netflix and Warner Brothers in its plans to downsize staff amidst a tough economic climate. In a call with analysts following the earnings report, CEO Bob Chapek projected that Disney + will be profitable by 2024.

☆ The tech boom is officially over - and the FTX fiasco will spark a crypto crackdown, ex-Treasury chief Larry Summers says
▼ + stars: | 2022-11-10 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The tech boom is over, thanks to the pandemic receding and interest rates rising, Larry Summers said. The ex-Treasury chief predicted the FTX fiasco will lead to greater crypto regulation. He warned some of the recent excesses in the tech sector won't return until the next speculative boom, if at all. Investors need to reset their expectations after years of venture capitalists subsidizing companies' user acquisition with zero regard for profits or sustainable growth, he continued. Summers also touched on the financial troubles of Sam Bankman-Fried's FTX and Alameda Research, which have roiled cryptocurrency markets this week.

☆ Michael Oher, athlete who inspired ‘The Blind Side,’ marries longtime love
▼ + stars: | 2022-11-09 | by ( Marianne Garvey | ) edition.cnn.com time to read: +1 min

CNN —Former NFL player Michael Oher has married his longtime love, Tiffany Roy. My beautiful wife, I love you so much, thank you for blessing me with our family! Easily the best single weekend I’ve ever been a part of.”Oher continued: “Not being from the area everyone came to was even more special. I won’t be able to tell everyone thank you, if I saw you this weekend, thank you! Lily Collins, Sandra Bullock, Tim McGraw, Jae Head and Quinton Aaron in "The Blind Side."

☆ Citigroup to buy Deutsche Bank license in Mexico for wholesale unit
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

Financial details were not disclosed, and Deutsche Bank said it would continue to grow and invest in Mexico through its broker dealer business there. The purchase of Deutsche Bank's license allows Citi to sidestep the lengthy process of independently applying for its own, once the split is complete. The retail operation will become known as Banco Nacional de Mexico, or Banamex, while the wholesale unit will be called Citi Mexico, Citi's country chief said in September. Deutsche Bank said it would still do business in Mexico. "Deutsche Bank is committed to deliver our global emerging markets platform to all of our client base through our Mexico broker dealer entity," the bank said.

☆ Arctic Wolf: 2022 Top Startups for the Enterprise
▼ + stars: | 2022-11-07 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +1 min

Rather than a single cybersecurity tool, its managed security approach builds a centralized operations platform internally for an organization's overall monitoring of threats. It has gained thousands of clients including banks, hospitals and municipal governments seeking to limit cyber risks. Partnering with U.S. tech titans has also contributed to its expansion, as its platform integrates with several third-party security tools. Last year, Arctic Wolf named Amazon Web Services as its primary cloud provider to power its security operations platform. The company also joined the Microsoft Intelligent Security Association, a coalition of partners with a shared mission to provide better security.

☆ NFL Week 9 Preview: How to watch and all you need to know
▼ + stars: | 2022-11-06 | by ( Hannah Brewitt | ) edition.cnn.com time to read: +23 min

Norm Hall/Getty Images Buffalo Bills quarterback Josh Allen hurdles Kansas City Chiefs safety Justin Reid as he scrambles for a first down. Marcio Jose Sanchez/AP Minnesota wide receiver Justin Jefferson dives for a two-point conversion during the Vikings' 29-22 victory over the Chicago Bears. Gerald Herbert/AP Indianapolis Colts wide receiver Michael Pittman Jr. is tripped up by Denver Broncos cornerback K'Waun Williams. David Richard/AP Tampa Bay Buccaneers wide receiver Breshad Perriman fumbles after catching a pass during the first half against the Green Bay Packers in Week 3. Gary A. Vasquez/USA Today Sports/Reuters New Orleans Saints wide receiver Michael Thomas makes a reception against Atlanta Falcons cornerback A.J.

☆ Dozens of tech companies, from Lyft to Twitter, are laying off workers. Here are 5 concrete steps to take if you lose your job.
▼ + stars: | 2022-11-04 | by ( Rachel Durose | ) www.businessinsider.com time to read: +6 min

There are five steps two career experts say workers should take if they've lost their job. They suggest taking time for yourself, looking into legal counsel, and posting on social media. In 2022, more than 99,000 technology workers have been laid off, according to the tech-industry-layoffs tracker Layoffs.FYI. Workers need time to process their emotions before diving into the logistics of their severance and job hunting. "If you can, I always recommend utilizing legal counsel," she said.

REUTERS/Andrew Kelly/Companies Trump Organization Inc FollowNEW YORK, Nov 3 (Reuters) - A New York judge on Thursday ordered that an independent watchdog be appointed to oversee the Trump Organization before a civil fraud case by the state's attorney general against Donald Trump's company goes to trial. Last month, James asked the Manhattan-based judge to appoint an independent monitor to halt ongoing fraud at the company and keep the Trumps from transferring assets out of her reach. In a statement, the Trump Organization objected to "political persecution" by James, a Democrat, ahead of the Nov. 8 midterm elections. He said James had no legal authority to challenge how Trump valued his properties, calling it a private matter between Trump's company and its lenders and insurers. The Trump Organization manages hotels, golf courses and other real estate around the world.

The visit — the first by a G7 leader to China in roughly three years — comes as Germany slides towards recession. A spokesperson for Hamburger Hafen und Logistik (HHLA), the company operating the port terminal, told CNN Business on Thursday that it was still negotiating the deal with Cosco. “The restrictions are suffocating economic growth and heavily impact China’s attractiveness as a destination for foreign direct investment,” he told CNN Business. The ministry did not respond to a request for comment from CNN Business. He predicted that “the large majority will stay committed to the Chinese market and is expecting to expand their business.”Companies appear to be toeing that line.

☆ Joe Manchin tells CEOs it's 'foolish' for them to give money to political candidates while 'asking nothing in return'
▼ + stars: | 2022-11-03 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +4 min

Democratic Sen. Joe Manchin addressed a room full of top CEOs on Thursday morning. He said that by "asking nothing in return" for political donations, CEOs were "supporting bad behavior." He expanded, contrasting the investments that CEOs make in the business world with the money that they contribute to political candidates' campaign accounts. Manchin suggested on Thursday that CEOs were making political contributions based on broader ideological dynamics — referencing Democrats who are "too liberal" or Republicans who voted against certifying the 2020 election results. While Manchin appeared to be suggesting an outright quid-pro-quo for political contributions, he added that political contributions from CEOs are fueling "bad behavior" by politicians, suggesting a broader point about political dysfunction.

☆ Responding to yet another Trump lawsuit, New York's attorney general says he's still committing fraud
▼ + stars: | 2022-11-03 | by ( Rebecca Cohen | Laura Italiano | ) www.businessinsider.com time to read: +5 min

New York Attorney General Letitia James responded to Donald Trump's new lawsuit filed against her Wednesday night. James alleged Trump is still committing fraud and is "seeking to put assets beyond this Court's reach." Trump accused the attorney general of abusing her power by investigating him and his family. Kevin Wallace, a lead prosecutor in the James lawsuit against Trump, told a judge that the AG is still "seeking an injunction against ongoing fraudulent activities by the Trump Organization." Trump's lawsuit on Wednesday is the latest legal action he's taken against James, who he has frequently railed against and accused of being corrupt.

☆ The former assistant to Jack Ma reveals the 'secret sauce' behind Alibaba's meteoric rise in a new book
▼ + stars: | 2022-11-02 | by ( Jonathan A. Knee | ) www.businessinsider.com time to read: +5 min

Brian A. Wong is a long-time Alibaba executive and former special assistant to Jack Ma, the company's founder. to Jack Ma, the company's founder. In a new book, Wong details Alibaba's management ethos and how it can be applied by others to achieve similar success. Brian Wong joined Alibaba as its first American employee shortly after meeting CEO Jack Ma in 1999, the same year the trailblazing e-commerce behemoth was founded. Like Steve Jobs, Jack Ma was haunted by the decline of once great technology companies like Hewlett Packard after the departure of their founding team.

☆ 'He is our phoenix': In Brazil, newly elected Lula has seen ups and downs
▼ + stars: | 2022-11-01 | by ( Associated Press | ) www.nbcnews.com time to read: +5 min

Da Silva’s mother was left alone to raise eight children, of whom Lula was the youngest. He told The Associated Press he saw da Silva’s face light up with each colorful envelope he delivered. “God willing, one day we will publish (the letters),” da Silva said at a rally in September. After 580 days’ imprisonment, da Silva was a free man — free to marry his girlfriend, and free to run for the presidency. Ultimately, it came down to the wire: Da Silva was elected with 50.9% of the vote.

☆ NFL roundup: Bill Belichick makes history as Pats overpower Jets
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +10 min

Matthew Stafford had a rushing and passing touchdown for the Rams (3-4), going 22 of 33 in the air for a season-low 187 yards. Dalvin Cook (20 carries, 111 yards) and Alexander Mattison (five carries, 40 yards) combined for 151 rushing yards and two touchdowns for the Vikings (6-1). According to the NFL, Kamara is the first player in league history to have 10 games with at least one rushing touchdown and one receiving touchdown in his first six seasons. Josh Jacobs, who entered the game second in the NFL with an average of 105.5 rushing yards per game, finished with 43 yards on 10 carries for the Raiders (2-5). It was the fourth consecutive 200-yard performance for Henry against the Texans (1-5-1), dating back to 2019, and the most rushing yards by any player this year.

☆ Rate Squeeze Punishes Once-Triumphant Tech Stocks
▼ + stars: | 2022-10-30 | by ( Gunjan Banerji | Hannah Miao | ) www.wsj.com time to read: 1 min

The Nasdaq Composite Index’s value has dropped this year by about $8 trillion. Shares of the largest U.S. technology firms have fallen out of favor in the most pronounced way since the 2000 tech bubble, victims of a shift in investors’ tastes inspired by rising interest rates. The 2022 market bust has turned the popular “FAANG trade”—the practice of buying fast-growing technology titans such as Facebook owner Meta Platforms Inc., Apple Inc., Amazon.com Inc., Netflix Inc. and Google parent Alphabet Inc.—into a pumpkin. Of those five companies, only Apple, down 12% this year, has outpaced the Nasdaq Composite Index’s 29% decline.

☆ A notorious market bear who called the 2000 and 2008 crashes says stocks would still need to fall more than 50% just to reach valuation norms — and warns of an 'avalanche of earnings disappointments'
▼ + stars: | 2022-10-29 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

John Hussman says stocks would have to fall more than 50% further to hit valuation norms. Stocks have staged an impressive rally in recent weeks, with the S&P 500 up 9% since October 12. For Hussman, valuations are still too high, even though the benchmark index has fallen as much as 25% this year. Still, valuations are nowhere near levels that we associate with satisfactory long-term market returns, so I suspect that more shoes will drop." The earnings disappointments Hussman sees will be caused by restrictive monetary policy from the Federal Reserve that weigh on demand.

The bid amounts for the unit, known too as Banamex, were not disclosed by the sources. The sources also cautioned that no deal was guaranteed with any party and Citigroup could ultimately decide to sell Banamex shares on the Mexican Stock Exchange instead. Inbursa and Grupo Mexico declined to comment. Backed by Slim, Mexico's richest person, Inbursa was flagged as a strong contender when Citigroup put Banamex up for sale in January. However, mining tycoon Larrea has the firepower to compete as a candidate to buy Banamex, the sources said.

LONDON, Oct 27 (Reuters) - Seeking to restore vigour to a business that's been languishing, Credit Suisse (CSGN.S) says it will reshape its investment bank by resurrecting the First Boston brand. Still, Credit Suisse says it expects CS First Boston to generate 14% of total group revenue by 2025, starting with annual sales of about $2.5 billion. Credit Suisse has been plagued by an exodus of senior bankers over the past 18 months. Yet most trading activities will remain within Credit Suisse, raising questions on CSFB's ability to compete with the likes of Goldman Sachs and JPMorgan (JPM.N). Credit Suisse is hoping to eventually pursue an initial public offering of CSFB, Körner told analysts.

☆ Investors should look for the bear market to be over in the first quarter of 2023, Morgan Stanley's Mike Wilson says
▼ + stars: | 2022-10-26 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Investors could see the bear market end as soon as early next year, according to Morgan Stanley's Mike Wilson. "We think the market will hold up and that will be another positive catalyst," Wilson told Bloomberg. Wilson noted that the outlook was fluid and he would turn bearish again if the S&P 500 fell below 3650. "We think the market will hold up and that will be another positive catalyst, because if the market doesn't go down on bad news, and the market doesn't go down on bad news and fundamentals, what do you have?" Wharton professor Jeremy Siegel echoed those points, predicting stocks could rally 30% next year as long as the Fed doesn't overtighten the economy and tip the US into a recession.

☆ Goldman Sachs shares exactly how to position your stock portfolio as a make-or-break Q3 earnings season kicks into high gear
▼ + stars: | 2022-10-25 | by ( James Faris | ) www.businessinsider.com time to read: +6 min

Goldman Sachs shared the investing playbook it recommends following right now. Since 1974, those three groups have had the best relative performance to the S&P 500 during periods of weak economic growth, Kostin wrote. "Our economists expect GDP to decelerate further, and risks to their forecast are tilted downward," Kostin wrote in the note. Goldman SachsFinally, Goldman Sachs recommends that investors avoid the following sectors and industries: technology hardware, industrials, media & entertainment, semiconductors, automobiles & components, and materials. Those parts of the market are economically sensitive and will be disproportionately hurt if the economic slowdown worsens, Kostin wrote.

☆ Bolsonaro versus Lula: Ahead of Brazil's high-stakes elections, here's what to know
▼ + stars: | 2022-10-24 | by ( Associated Press | ) www.nbcnews.com time to read: +5 min

His adversary, former President Luiz Inácio Lula da Silva, has sought to kindle nostalgia for his years presiding over an economic boom and social inclusion. Here’s what you need to know about the Brazilian presidential runoff, which is on Oct. 30. That is why da Silva, who was president from 2003 to 2010, can run this year. Most polls 2 1/2 weeks after the first round show da Silva retaining a slight lead over Bolsonaro. Da Silva, known universally as Lula, has focused on his prior terms, during which commodities exports surged and tens of millions of Brazilians joined the middle class.

☆ NFL roundup: Panthers surprise Bucs, Packers lose third straight
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +10 min

Mandatory Credit: Jim Dedmon-USA TODAY SportsOctober 24 - PJ Walker threw two touchdown passes and the Carolina Panthers shut down Tom Brady and the Tampa Bay Buccaneers in a 21-3 victory Sunday afternoon at Charlotte, N.C. Foreman gained 118 yards on 15 carries and Hubbard picked up 63 yards on nine carries with a touchdown. Commanders 23, Packers 21Taylor Heinicke overcame a rough start, but threw two touchdown passes as Washington rallied to hand Green Bay its third straight loss, in Landover, Md. Travis Etienne went for 114 yards and a touchdown on 14 carries for Jacksonville (2-5), which has lost four straight. With 18 seconds left, Pickett (32-of-44 passing, 257 yards, one touchdown, three interceptions) threw a game-sealing interception in the end zone.

☆ The economy may be in better shape than you think...for now
▼ + stars: | 2022-10-23 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +7 min

The consensus forecast from economists surveyed by Reuters is that GDP grew at an annualized pace of 2.1% in the third quarter. (This will be the first estimate for third-quarter GDP, and there will be several revisions in the coming weeks.) That also means the Fed will likely continue to sharply raise interest rates to finally choke off inflation once and for all. Those rate hikes helped cause a so-called double-dip recession, where the economy suffered two downturns between 1980 and 1982. In other words, the much-hoped-for “soft landing” for the economy could turn out to be a pipe dream.

☆ They were on the run from the Taliban, abandoned by their US allies — until a Wall Street banker decided to smuggle them out of Afghanistan
▼ + stars: | 2022-10-23 | by ( Nina Burleigh | ) www.businessinsider.com time to read: +29 min

His daughter worked for the US-backed government in Kabul, prosecuting the Taliban and their followers for acts of violence against women. The war in Afghanistan effectively began on 9/11, with the attacks on Wall Street and the Pentagon. Last summer, when the Taliban overran Kabul, Calbos was in Greece visiting his father. "I see kind of a mirror image to mine in his history and his family," Calbos says. With the clock ticking on the family's temporary visas, Calbos scrambled to arrange a flight out of Pakistan.

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