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☆ Credit Suisse posts biggest loss since 2008
▼ + stars: | 2023-02-09 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Credit Suisse (CS) has reported its biggest annual loss since the financial crisis in 2008, highlighting the scale of the challenge facing the scandal-plagued Swiss bank as it attempts a turnaround. The lender on Thursday posted a loss of 1.4 billion Swiss francs ($1.5 billion) in the fourth quarter of 2022, extending a losing streak that started in 2021 and taking its full-year loss to 7.3 billion Swiss francs ($7.9 billion). In 2008, Credit Suisse made a loss of 8.2 billion Swiss francs ($8.9 billion). Customers withdrew 111 billion Swiss francs ($121 billion) in the final three months of 2022, when the bank was hit by social media speculation that it was on the brink of collapse. For example, the collapse of US hedge fund Archegos Capital Management, a client of Credit Suisse, in 2021 cost the bank $5.5 billion.

☆ As rivals surged in 2022, ExodusPoint shed assets and employees amid mixed performance. It reshuffled its business in November.
▼ + stars: | 2023-02-02 | by ( Alex Morrell | ) www.businessinsider.com time to read: +8 min

a hedge fund recruiter said, commenting on the calculus for hedge fund investors. At the end of 2021, the fund's exposure had been evenly split between fixed-income and equities, according to the investor documents. In all, more than 60 portfolio managers departed or were let go in 2022, according to the investor documents and people close to the matter. After the shakeup, ExodusPoint's income stream is now even more reliant on fixed-income trading — and that may not be such a bad thing. "The fixed income piece is doing incredibly well," another hedge fund recruiter said.

If you're worried about market volatility, financial planner Alex Alba recommends moving your money out of the stock market. Put one to five years worth of expenses in a CD or high-yield savings account instead. The remaining amount can be split up in these three places, if you're worried about a recession that could cause big swings in the stock market. High-yield savings accountAlba's next recommendation is to move some of your retirement nest egg into a high-yield savings account. However, money kept in high-yield savings accounts isn't going to decrease in value the same way that money in the stock market might during volatile periods.

☆ Deutsche Bank's DWS plans divestments and special dividend
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

The fund manager also said it would propose a dividend of up to 1 billion euros ($1.04 billion) in 2024. "We are committed to self-funding our changes by reallocating financial resources freed up by divestments, delayering and cost initiatives," he said in a statement. As new targets, DWS is aiming for earnings per share of 4.50 euros by 2025 and an adjusted cost-to-income ratio of below 59%. That compares with 2021, which was a particularly strong year, of 3.90 euros per share and a record low cost-to-income ratio of 58.1%. ($1 = 0.9572 euros)Reporting by Tom Sims and Marta Orosz; Editing by Cynthia Osterman and Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ iPhone maker Foxconn reports slump in revenue after unrest and Covid outbreak at key China plant
▼ + stars: | 2022-12-05 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Foxconn workers at Taiwanese firm's Zhengzhou, China factory, walked out over a pay dispute with the company. The Zhengzhou factory is estimated to account for more than 70% of Apple's global assembly of iPhones. Foxconn, the world's largest contract electronics maker, on Monday reported a sharp drop in November revenue after the company struggled with a Covid outbreak and worker unrest at the world's biggest iPhone factory in China. In a bid to entice workers back to the factory, Foxconn announced a round of bonuses last month. Investors will now be watching for any impact on Apple , given its reliance on the Zhengezhou factory for global iPhone production.

☆ Florida pulls $2 bln from BlackRock in largest anti-ESG divestment
▼ + stars: | 2022-12-01 | by ( Ross Kerber | ) www.reuters.com time to read: +2 min

This will allow them to hold hearings on ESG and grill the chief executives of BlackRock and other major assets managers about their ESG policies, and also pressure regulators to scrutinize them. Patronis accused BlackRock of focusing on ESG rather than higher returns for investors. U.S. Democratic officials have argued BlackRock doesn't press ESG concerns enough. read moreSo far, only Republican-controlled states have made major reallocations away from BlackRock, including $794 million pulled by Louisiana's treasurer read more and $500 million by Missouri's treasurer, both in October. Reporting by Ross Kerber in New York; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ Assessing China: What political unrest means for ETF investors
▼ + stars: | 2022-11-30 | by ( Kevin Schmidt | ) www.cnbc.com time to read: +4 min

Global markets pulled back earlier this week after protests across China erupted over the country's zero-Covid policy. And with the SPDR S&P China ETF (GXC) down 30% this year, there's a growing debate on whether China makes a good investment now given the political risks. "Where value stocks are international stocks right now, value stocks are Chinese equities. On the flip side, China shares the U.S., like KraneShares CSI China Internet ETF (KWEB) and iShares MSCI China ETF (MCHI) , have started to move higher and Monday and continued to log gains. Adding context to the notion that China has underperformed, Ahern said that only 2% of the MSCI China Index was composed of tech decade ago.

☆ How almost $427 million in taxpayer money is locked away in a forgotten government fund — and lawmakers won't spend it or return it
▼ + stars: | 2022-11-30 | by ( Dave Levinthal | ) www.businessinsider.com time to read: +12 min

The intended beneficiaries of the taxpayer-fueled Presidential Election Campaign Fund — presidential candidates — don't want it, as they're soured by its restrictions on their election fundraising and spending. An accounting of the Presidential Election Campaign Fund, as of October 31, 2022. Several nonprofit leaders told Insider that Congress could use the Presidential Election Campaign Fund money to immediately ease suffering, particularly in light of the COVID-19 pandemic. During the 2019-20 congressional session, two Republican lawmakers sponsored similar bills that attempted to kill the Presidential Election Campaign Fund. Until that or any other repurposing decision comes down, the FEC continues to spend taxpayer resources keeping the Presidential Election Campaign Fund alive.

☆ Ads Often Run on Websites That Come With High Carbon Emissions but Low Returns, Study Finds
▼ + stars: | 2022-11-22 | by ( Megan Graham | ) www.wsj.com time to read: +6 min

Marketers are often running digital ads on websites that provide relatively low returns on their investment but generate comparatively high carbon emissions, a new study said. Concerns have been growing in some corners of digital advertising about the industry’s carbon footprint. The business consumes a significant amount of energy, leading to carbon emissions, as many websites trigger automated auctions for various ad spaces every time a consumer arrives on one of their pages. Ebiquity and Scope3 say one way of cutting down on emissions would be to work to keep marketers’ ads from winding up on “made for advertising” sites. Other groups are working on different approaches to measuring carbon emissions in advertising.

☆ This move can trim or erase a tax bill if you had to sell stocks at a loss this year
▼ + stars: | 2022-11-07 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +6 min

That means many investors will have to sell assets at a loss, going against one of the most basic investing rules, to buy low and sell high. How tax loss harvesting works Investors who have sold assets at a loss this year from a brokerage account can use that to offset or even completely erase any capital gains taxes owed. If your losses exceed your capital gains or you didn't have any, you can deduct up to $3,000 of income from your federal tax bill. Evercore ISI in a Nov. 6 note made a list of such stocks that it sees as good buying opportunities if you sold a similar name for tax loss harvesting. Because of this, it may make sense to consult both a tax professional and a financial advisor to ensure you're using tax loss harvesting as efficiently as possible.

ATLANTA — Democratic strategists are agonizing about headwinds in the closing stretch of the 2022 campaign, with some fearing the election will be worse for the party than polls indicate. Now comes the moment of truth: Can they pull off one final act of levitation in the sprint to Election Day? “I definitely think that the political gravity is starting to reinforce itself,” said Sean McElwee, executive director of the Democratic-affiliated polling firm Data For Progress. “Maybe they can stretch it to 6 or 7 [points], but I think somewhere gravity kicks in.”“There’s a tightening happening,” Taylor added. The recent NBC News poll found that Democrats led Republicans by 1 point on which party voters prefer to control Congress.

The veteran finance minister said multilateral development banks and international donors have been "quite flexible" with ways to meet Pakistan's external financing needs estimated at about $32 billion after devastating floods. But asked whether Pakistan would seek to reduce debt principal, he said "rescheduling is fine, but we are not seeking a haircut. RUPEE DEFENDERDar, who served as Pakistan's finance minister three previous times -- most recently from 2013 to 2017 -- is known as a staunch defender of the rupee . Dar said that he views the "true value" of the rupee at a level under 200 to the dollar. The Pakistan finance minister added that the IMF's new emergency "food shock" borrowing window may also be a good fit for the country, which has lost crops due to devastating floods and may need to import up to half million of tons of wheat in the next year.

☆ The era of Big Tech moonshots is over. Amazon, Google, Facebook, and Microsoft are pulling back on ambitious, risky long-term projects after many of them failed.
▼ + stars: | 2022-09-29 | by ( Hugh Langley | Eugene Kim | Kali Hays | ) www.businessinsider.com time to read: +13 min

Amazon, Google, Microsoft, and Facebook have scaled back their ambitious "moonshot" projects. Moonshots like Google X and Amazon Grand Challenge allowed tech firms to build innovative projects. Before Amazon, Parviz led a similar team at Google called Google X. Page and Brin championed X projects they loved, helping them gain funding and headcount within the unit. Parviz, who created the once-hyped-up Google Glass, left Google X in 2014 to start Amazon's Grand Challenge.

☆ How more than $424 million in taxpayer money is locked away in a forgotten government fund — and lawmakers won't spend it or return it
▼ + stars: | 2022-09-22 | by ( Dave Levinthal | ) www.businessinsider.com time to read: +12 min

The intended beneficiaries of the taxpayer-fueled Presidential Election Campaign Fund — presidential candidates — don't want it, as they're soured by its restrictions on their election fundraising and spending. A US Treasury document detailing the finances of the Presidential Election Campaign Fund. Several nonprofit leaders told Insider that Congress could use the Presidential Election Campaign Fund money to immediately ease suffering, particularly in light of the COVID-19 pandemic. During the 2019-20 congressional session, two Republican lawmakers sponsored similar bills that attempted to kill the Presidential Election Campaign Fund. Until that or any other repurposing decision comes down, the FEC continues to spend taxpayer resources keeping the Presidential Election Campaign Fund alive.

☆ In leaked memo, Google's controversial, visionary healthcare executive Andy Conrad lays out Verily's challenges and a path toward independence: 'I have drifted away from my true passion.'
▼ + stars: | 2022-09-09 | by ( Hugh Langley | ) www.businessinsider.com time to read: +8 min

"Verily is increasingly becoming a more commercial-stage company," Conrad told employees. "I've come to realize that I have drifted away from my true passion — science," Conrad said in the memo. "So at the New Year I want to move away from running the company day to day to concentrate on projects for which I have a deep interest and can contribute in a meaningful way." Insider previously reported that Conrad had taken a step back from day-to-day responsibilities as Gillett had increasingly absorbed more leadership responsibilities. Conrad said the company would search for a new CFO "with a deep healthcare background for the next phase of our growth."

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