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☆ DoorDash puts profit on the menu
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Nov 30 (Reuters Breakingviews) - DoorDash (DASH.N) is taking the same route as its technological peers. Top-line growth, which has been the main course at DoorDash and elsewhere, will be relegated to a side dish. Costs also ballooned, however, and DoorDash accumulated a $3.2 billion deficit from operating losses as of Sept. 30. DoorDash has outpaced rival Uber Technologies (UBER.N), growing its U.S. market share to roughly 60%, per consumer data analyst Bloomberg Second Measure. The strong position should help Xu tweak the menu and serve up what investors are ordering.

☆ Venezuelan oil offers little to U.S. or Chevron
▼ + stars: | 2022-11-28 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

NEW YORK, Nov 28 (Reuters Breakingviews) - U.S. President Joe Biden is open to Venezuelan oil. Over the weekend, the Treasury Department issued $355 billion oil giant Chevron (CVX.N) a license to resume limited production in the country. But between the dirty Venezuelan oil and decrepit fields, the help is limited. Steadily tightening sanctions led to the country’s oil production falling by about three-quarters over the years. Follow @rob_cyran on TwitterloadingCONTEXT NEWSThe United States eased sanctions on Venezuela on Nov. 26 by granting a license to Chevron to resume production and importation of Venezuelan oil.

☆ China's lockdown protests spread to campuses and cities abroad
▼ + stars: | 2022-11-28 | by ( Jessie Pang | ) www.reuters.com time to read: +5 min

Expatriate dissidents and students staged small-scale vigils and protests in cities around the world including London, Paris, Tokyo and Sydney, according to a Reuters tally. In most cases, dozens of people attended the protests, though a few drew more than 100, the tally showed. The protests on the mainland were triggered by a fire in China's Xinjiang region last week that killed 10 people who were trapped in their apartments. On Monday evening, dozens of protesters gathered in Hong Kong's Central business district, the scene of sometimes-violent anti-government demonstrations in 2019. BLAME, SLOGANSIt has been common in recent years for overseas Chinese students to rally in support of their government against its critics, but anti-government protests have been rare.

☆ Analysis: China protests highlight Xi's COVID policy dilemma - to walk it back or not
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +6 min

REUTERS/Thomas Peter/File PhotoBEIJING, Nov 29 (Reuters) - The rare street protests that erupted in cities across China over the weekend were a referendum against President Xi Jinping's zero-COVID policy and the strongest public defiance during his political career, China analysts said. Public dissatisfaction with Xi's zero-COVID policy, expressed on social media or offline in the form of putting up posters in universities or by protesting, is Xi's biggest domestic challenge since the 2019 protests in Hong Kong against an extradition bill. Although this authoritarian arrangement allowed Xi to be more powerful, it also contains vulnerabilities, as exposed by the protests, analysts said. "If he lets go, it would mean that his past zero-COVID policy has completely failed and he would have to take responsibility for it. Xi tried tweaking the zero-COVID policy with the release of "20 measures" last month, in an attempt to standardize prevention measures nationwide and make them friendlier to residents and to the economy.

But Hong Kong's Court of Final Appeal (CFA) on Monday gave a final ruling on the matter, rejecting the government's application to impose a "blanket ban" on foreign lawyers working on national security cases, bar exceptional circumstances. Lai is one of the most prominent Hong Kong critics of China's Communist Party leadership including Xi Jinping, and Hong Kong's Department of Justice made repeated attempts to block Owen from representing him. SWEEPING NATIONAL SECURITY LAWLee also said there was no means of ensuring a foreign lawyer would not divulge state secrets that might emerge during a national security trial. Beijing imposed the sweeping national security law on Hong Kong in June 2020 after sometimes-violent protests rocked the city for months the year before. Beijing's power of ultimate legal interpretation is outlined in the Basic Law, the mini-constitution that grants extensive Hong Kong autonomy and freedoms.

REUTERS/Thomas PeterBEIJING, Nov 29 (Reuters) - The rare street protests that erupted in cities across China over the weekend were a referendum against President Xi Jinping's zero-COVID policy and the strongest public defiance during his political career, China analysts said. Public dissatisfaction with Xi's zero-COVID policy, expressed on social media or offline in the form of putting up posters in universities or by protesting, is Xi's biggest domestic challenge since the 2019 protests in Hong Kong against an extradition bill. Although this authoritarian arrangement allowed Xi to be more powerful, it also contains vulnerabilities, as exposed by the protests, analysts said. "If he lets go, it would mean that his past zero-COVID policy has completely failed and he would have to take responsibility for it. Xi tried tweaking the zero-COVID policy with the release of "20 measures" last month, in an attempt to standardize prevention measures nationwide and make them friendlier to residents and to the economy.

☆ Trump's tax returns case lost in the Supreme Court. Now what?
▼ + stars: | 2022-11-26 | by ( Carol C. Lam | Carol C. Lam Was A U.S. Attorney For The Southern District Of California | A Federal Prosecutor For Years. She Also Was A Superior Court Judge In San Diego County. She Is A Legal Analyst For Msnbc. | ) www.nbcnews.com time to read: +7 min

Letitia James, the New York attorney general, also has years of tax returns, and has brought a civil case based largely on them. First, the updated House request to the Treasury Department in 2021 calls for more recent tax returns, this time for tax years 2015-2020. Tax returns in the hands of a congressional committee are not the same as tax returns in the hands of a prosecutor. Government prosecutors can obtain, but not disclose, the contents of tax returns — unless, that is, it becomes necessary to introduce relevant portions of the returns into evidence. After evidence came to light that President Richard Nixon had used taxpayer information to target political opponents, legislation was enacted in 1976 that severely restricted a president’s ability to disclose taxpayer information.

☆ Cathay Pacific in talks on orders for medium-haul jets, freighters
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

Nov 25 (Reuters) - Hong Kong's Cathay Pacific Airways Ltd (0293.HK) is in talks with aircraft manufacturers about orders for medium-haul aircraft and dedicated freighters, a senior executive said on Friday. Lam said the focus would be on acquiring more medium-haul jets to operate in the Asia-Pacific region as well as dedicated freighters, though he did not provide the numbers or types being considered. The long-serving executive, who will take over as chief executive on Jan. 1, had raised the prospect of jet orders in an interview with Bloomberg last month. Lam told analysts that the passenger outlook was improving but that cargo demand and prices had weakened compared to an "exceptional" performance in 2021. Reporting by Jamie Freed; Editing by Muralikumar Anantharaman and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

☆ FTX Hires Ex-Regulators to Investigate Firm’s Collapse
▼ + stars: | 2022-11-23 | by ( Mengqi Sun | ) www.wsj.com time to read: +5 min

Cryptocurrency exchange FTX, whose recent collapse has led to questions about lacking regulatory oversight, has hired a fitting team to help untangle the mess: former senior U.S. regulators. FTX said this week it has been in contact with investigators, The Wall Street Journal previously reported. FTX, which is based in the Bahamas, also has hired Nardello & Co., an investigations firm that specializes in anti-corruption and fraud cases, Mr. Bromley said in court Tuesday. The name of the cybersecurity company wasn’t disclosed because of concerns over continuing cyberattacks on FTX, he said. The collapse of FTX has set off the largest crypto-related bankruptcy ever, and court filings are already shedding light on what went wrong and how complicated things could get.

☆ An FTX customer who lost $750,000 during its collapse has filed a lawsuit against the Golden State Warriors, which had FTX as its 'official cryptocurrency platform'
▼ + stars: | 2022-11-22 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

The Golden State Warriors named FTX as an "official cryptocurrency platform" last December. Elliott Lam accuses the Warriors of falsely promoting FTX as a "viable and safe way to invest in crypto." The Warriors are also defending a lawsuit in Miami, filed by American FTX customers. FTX filed for bankruptcy on November 11, having previously been worth $32 billion. Getty/Ezra ShawThe Warriors named FTX its "official cryptocurrency platform and NFT marketplace" last December, in a first-of-its-kind partnership which also saw FTX's logo printed on the Warriors' home court.

☆ U.S. housing faces longer descent to basement
▼ + stars: | 2022-11-22 | by ( Ben Winck | ) www.reuters.com time to read: +3 min

NEW YORK, Nov 22 (Reuters Breakingviews) - The U.S. housing market is destined to keep sliding. The highest mortgage rates in 15 years have stifled demand, leading the pace of existing home sales to slow 31% since January. An influx of new supply should depress prices from pandemic-era highs, but affordability will be squeezed well into 2023. With existing owners locked into lower mortgage rates, they’re unlikely to put their homes up for sale, curbing supply. Housing starts for single-family homes decelerated to a seasonally adjusted annual rate of 855,000 units in October, the Census Bureau said on Nov. 18.

☆ Six former staff of Hong Kong newspaper plead guilty to conspiracy to collude
▼ + stars: | 2022-11-22 | by ( Jessie Pang | ) www.reuters.com time to read: +3 min

HONG KONG, Nov 22 (Reuters) - Six former members of staff at Hong Kong's defunct pro-democracy newspaper Apple Daily pleaded guilty on Tuesday to conspiracy to commit collusion with foreign forces in a closely watched national security case. Prosecutor Anthony Chau said Apple Daily was used as a platform to advocate for foreign sanctions. Beijing and Hong Kong's government denied that and accused the protesters of undermining the stability at the heart of Hong Kong's economic success, at the behest of foreigners. Lai and the six former Apple Daily staff members were charged with conspiracy to commit collusion with foreign forces under the law. Lai and his three companies have pleaded not guilty to the national security and sedition charges.

Companies Ledgerx LLC FollowNov 21 (Reuters) - The Golden State Warriors were sued on Monday by an FTX customer who accused the reigning National Basketball Association champions of fraudulently promoting the now-bankrupt cryptocurrency exchange. The Warriors last December had named FTX its official cryptocurrency platform, in what it called a first-of-its-kind cryptocurrency partnership in professional sports. The lawsuit seeks damages under California consumer laws for customers outside the United States with FTX yield-bearing accounts. Another NBA team, the Miami Heat, on Nov. 11 said it would drop the FTX name from its arena and seek a new naming sponsor. The Heat is not a defendant in the Miami lawsuit.

☆ Disney offers an Iger solution to an Iger problem
▼ + stars: | 2022-11-21 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

NEW YORK, Nov 21 (Reuters Breakingviews) - Bob Iger isn’t really the reset that Walt Disney (DIS.N) needs, but for now, he’s the reset the $180 billion media giant is getting. The board is mandating that Iger set the strategic direction of the company and find his successor. Reuters GraphicsFollow @jennifersaba on TwitterloadingCONTEXT NEWSWalt Disney on Nov. 20 said Bob Iger is returning as chief executive officer, effective immediately. He replaces Bob Chapek, who was named chief executive officer in February 2020, replacing Iger. Iger, 71, served as chief executive from 2005 until 2020.

Nov 21 (Reuters) - The Golden State Warriors were sued on Monday by an FTX account holder who accused the reigning National Basketball Association champions of fraudulently promoting the now-bankrupt cryptocurrency exchange. Elliott Lam, a Canadian citizen and Hong Kong resident who said he lost $750,000 in his FTX yield-bearing account, filed his proposed class-action lawsuit in San Francisco federal court. Other defendants include Sam Bankman-Fried, who founded FTX, and Caroline Ellison, who led Bankman-Fried's trading firm Alameda Research. The lawsuit seeks unspecified damages for people outside the United States with FTX yield-bearing accounts. The team had last December named FTX its official cryptocurrency platform, in what it called a first-of-its-kind cryptocurrency partnership in professional sports.

☆ Big Tech layoffs are dystopian job-market fiction
▼ + stars: | 2022-11-18 | by ( Ben Winck | ) www.reuters.com time to read: +3 min

After years of falling U.S. unemployment, it might seem like Silicon Valley is foreshadowing the beginning of a dystopian future for workers. Yet there’s a good chance that what happens in Silicon Valley won’t spill over into the rest of the economy. Silicon Valley is ahead of the curve on firing too. That’s particularly burdensome for tech firms that rely heavily on innovation to drive growth. Job listings for restaurant workers were up 38% from the pre-crisis levels as of Nov. 10, according to Indeed.

BEIJING/HONG KONG, Nov 18 (Reuters) - A slew of recent supportive measures will bring China's cash-strapped property developers much needed relief, but a full recovery of the sector will be hobbled by increasingly elusive buyers, say bankers, developers and analysts. "These policies will have little lasting effect and the property prices will not go up significantly," said Jack Yang, an engineer in Beijing, noting "future income" had become a key concern for homebuyers. Despite the recent liquidity-boosting measures, some bankers say developers continue to face credit risks given the uncertain outlook. According to UBS, Chinese banks have roughly 88 trillion yuan ($12.43 trillion) worth of exposure to the property sector. It estimates the property sector downturn will cost the banking system up to 1.4-1.5 trillion yuan in the next few years, mainly from potential losses in banks' unsecured property development loans, bonds, and non-standard assets.

REUTERS/Brendan McDermid/File PhotoSummarySummary Companies October retail sales rise more than expectedTarget's dull outlook weighs on retailersMicron's supply cut triggers chip selloffIndexes: Dow up 0.05%, S&P down 0.51%, Nasdaq down 1.10%Nov 16 (Reuters) - The S&P 500 and Nasdaq fell on Wednesday as a grim outlook from Target spurred fresh concerns for retailers heading into the crucial holiday season, while Micron's supply cut triggered a selloff in the chip sector. Target Corp (TGT.N) tumbled as much as 17% in early trading as a pullback in consumer spending despite heavy discounting cut its third-quarter profit by half. Despite the sales warning from Target, data showed U.S. retail sales increased more than expected in October, boosted by purchases of motor vehicles and suggesting that consumer spending remained stable. Declining issues outnumbered advancers for a 1.73-to-1 ratio on the NYSE and for a 2.23-to-1 ratio on the Nasdaq. The S&P index recorded three new 52-week highs and two new lows, while the Nasdaq recorded 50 new highs and 104 new lows.

☆ It’s the wrong time for Trumponomics
▼ + stars: | 2022-11-16 | by ( Ben Winck | ) www.reuters.com time to read: +3 min

NEW YORK, Nov 16 (Reuters Breakingviews) - Former U.S. President Donald Trump tried to juice U.S. economic growth by enacting massive tax cuts and championing lower interest rates. As he sets his sights again on the White House, the country is turning its back on Trumponomics. The U.S. Federal Reserve has been jacking up interest rates in hopes of weakening demand and easing the climb in prices. Former UK Prime Minister Liz Truss proposed tax cuts for Britain's top earners and homebuyers in a mini-budget revealed in September, posing the policy as a way to spur growth. Surging inflation prompted the Fed to start raising interest rates in March to cool demand and slow price growth.

☆ Musk needs a third of America to pay for Twitter
▼ + stars: | 2022-11-15 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

Squeezed by sky-high interest payments, even steep cost-cuts leave a big hole to fill if Twitter doesn't grow into its debt. Advertising revenue across the industry has fallen since Twitter last reported public results. A Twitter Blue subscription isn’t like Spotify Technology (SPOT.N) or Netflix (NFLX.O), perhaps. Those platforms bear the cost of licensing content whereas Musk is trying to get Twitter users to pay for the privilege of providing content. If the cost of providing each extra subscription is zero, Musk needs only about a tenth as many subscribers to sign up.

☆ Jeff Bezos is an unlikely personal finance guru
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Nov 15 (Reuters Breakingviews) - Jeff Bezos, the man who sells everything, is telling shoppers to stop buying everything. It may seem odd that Bezos, who built a $1 trillion company on ease and convenience, is doling out financial advice that cuts against his business interests. E-commerce is only 14.5% of overall retail sales of some $1.8 trillion, according to the U.S. Census Bureau. Meanwhile pure-play e-commerce companies that don’t have their roots in real-world stores represented 8% of retail sales in the second quarter compared to 5.7% in the second quarter in 2019, reckons UBS. In short, Amazon can grow even when retail doesn’t, meaning Bezos the billionaire can afford to be the unlikely voice of parsimony.

☆ Crypto readies itself for a post-FTX hose-down: podcast
▼ + stars: | 2022-11-15 | by ( John Foley | ) www.reuters.com time to read: 1 min

NEW YORK, Nov 15 (Reuters Breakingviews) - The collapse of Sam Bankman-Fried’s empire exposed the vulnerabilities of a vast, unregulated world of digital finance. Rivals like Circle CEO Jeremy Allaire hope to prove there’s a safer side of crypto worth saving. He presents his case in this episode of The Exchange podcast. Listen to the podcastFollow @johnsfoley on TwitterEditing by Sharon Lam and Amanda GomezOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Tiger-cub hedge fund Coatue slashes big Tesla bet, doubles down on chip stocks
▼ + stars: | 2022-11-14 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Coatue Management's Philippe Laffont trimmed his big Tesla holding in the third quarter, while ramping up his exposure to semiconductor stocks. The stock has shed 27% in the fourth quarter partly because Musk has been selling billions of dollars worth of Tesla shares to fund his acquisition of Twitter. The hedge fund significantly added to its Nvidia holding, making it the fifth-largest bet at the end of the third quarter, the filing showed. Coatue kept its big Moderna holding unchanged in the third quarter. The hedge fund's other top holdings included Rivian , Uber, PayPal , Amazon and Disney at the end of the third quarter.

☆ Fallen FTX founder Sam Bankman-Fried says he is in the Bahamas despite buzz that he fled to Argentina after his company's collapse
▼ + stars: | 2022-11-13 | by ( Bethany Biron | ) www.businessinsider.com time to read: +2 min

FTX founder Sam Bankman-Fried is denying rumors he fled to Argentina. He told Reuters he is still in the Bahamas, where FTX is based. The former CEO is in hot water for the demise of his cryptocurrency exchange. The Financial Times reported Saturday that FTX held $9 billion in liabilities against just $900 million in sellable assets. Bankman-Fried relocated FTX headquarters from Hong Kong to the Bahamas in 2021.

☆ Before his epic fall, Sam Bankman-Fried was hailed as a crypto genius. Some clients saw smoke and mirrors.
▼ + stars: | 2022-11-11 | by ( Gretchen Morgenson | Gretchen Morgenson Is The Senior Financial Reporter For The Nbc News Investigative Unit. A Former Stockbroker | She Won The Pulitzer Prize In For Her | ) www.nbcnews.com time to read: +14 min

Until a few days ago, Sam Bankman-Fried was the king of crypto. “I’m sorry I didn’t do better,” Bankman-Fried said Tuesday in a message to investors reviewed by NBC News. The contentions of the people who spoke with NBC News are echoed in a 2019 lawsuit brought in federal court against FTX Alameda, Bankman-Fried and other executives. But the crypto market does not have the protections or price transparency found in listed stock markets, for example. FTX and Alameda, as a major crypto exchange and market maker, attracted crypto developers to list their projects for trading.

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