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☆ Better than feared first quarter earnings results will power the stock market to new highs, Fundstrat says
▼ + stars: | 2023-04-21 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Better than feared earnings results will power the stock market's ongoing rally, according to Fundstrat's Tom Lee. "We think demand and margins holding up better will support a rally in technology stocks," Lee said. And the absolute earnings results aren't all that bad so far, with first-quarter earnings per share tracking to be down just 1.2% year-over-year on sales growth of 7.3%, according to Fundstrat. "We think demand and margins holding up better will support a rally in technology stocks... Technology could be the winner of results season." BMO chief investment officer Carol Schleif said in an e-mail to Insider that there have been "no major red flags" in earnings results.

☆ Virgin Orbit exec calls out leadership after bankruptcy in scathing e-mail
▼ + stars: | 2023-04-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVirgin Orbit exec calls out leadership after bankruptcy in scathing e-mailHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC. CNBC's Michael Sheetz joins the show to discuss trouble at Virgin Orbit.

☆ Exclusive: India regulator probing some Adani offshore deals for possible rule violations-sources
▼ + stars: | 2023-04-01 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +4 min

An Adani Group spokesperson said Vinod Adani is a member of the Adani family and is part of the promoter group, but he does not hold any managerial position in any of the listed Adani entities or their subsidiaries. Vinod Adani could not be reached for comment. Hindenburg's report eroded more than $100 billion in the value of shares in Adani group of companies. India's Supreme Court asked SEBI in March to investigate the Adani Group for any lapses related to public shareholding, related party rules or regulatory disclosures. SEBI's investigation into Adani's possible 'related party' transactions with offshore entities with links to Vinod Adani has not been reported before.

WASHINGTON, March 24 (Reuters) - Former U.S. President Donald Trump warned of potential "death & destruction" if he faces criminal charges, hours after New York prosecutors probing his hush-money payment to porn star Stormy Daniels said they would not be intimidated. for the Republican Party nomination, with a Crime, when it is known by all that NO Crime has been committed, & also known that potential death & destruction in such a false charge could be catastrophic for our Country?" Trump has denied ever having an affair with Daniels, and has called the payment a "simple private transaction." He has said he did not commit a crime and has called the investigation politically motivated. The Manhattan grand jury probing Trump is not due to reconvene until next week.

☆ Exclusive: India's LIC plans investment exposure caps post Adani share rout
▼ + stars: | 2023-03-24 | by ( Nikunj Ohri | ) www.reuters.com time to read: +3 min

After the Adani group lost over $100 billion in valuation post scathing allegations by U.S.-based Hindenburg Research, state-run LIC was criticized for having over $4 billion exposure to companies from the group. "LIC is looking to have 'boundary conditions' on its investments that would limit its exposure to scrips," said the source. The caps, once approved by the LIC board, would further limit the insurer's exposure. The move is aimed at strengthening investment strategies, and fence LIC from public criticism of its investment decisions or exposure to entities like the Adani group, the second source said. LIC had invested 301.2 billion rupees in shares of Adani group companies, and has a debt exposure of 61.82 billion rupees.

WASHINGTON, March 22 (Reuters) - U.S. President Joe Biden's team is leaning toward basing his 2024 re-election campaign in his hometown of Wilmington, Delaware, and is considering at least three people to serve as his campaign manager, Democratic sources familiar with the matters said. Philadelphia, home to Biden's 2020 campaign operations, has also been under consideration, the sources said. The president is considering at least three people for the role of campaign manager, according to Democratic sources familiar with the deliberations. Jen O'Malley Dillon, who served as Biden's campaign manager in 2020, has ruled out returning to the role in 2024, two sources said. Now deputy chief of staff at the White House, she will be influential in selecting who takes the reins for the 2024 race, one source said.

☆ Engine Capital urges Parkland to consider sale, spinoff of non-core assets
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

March 22 (Reuters) - Activist investor Engine Capital on Wednesday urged fuel marketer Parkland Corp (PKI.TO) to look at strategic alternatives including the sale or spinoff of non-core assets to become a more focused fuel and convenience retailer. Parkland has accumulated a range of assets that are not typically owned by pure-play fuel and convenience operators, said Engine Capital. Engine added it was "particularly troubled by Parkland's staggering underperformance" compared with Canadian convenience retailer Alimentation Couche-Tard (ATD.TO). "The letter has been circulated by management to the board of the company for its review and consideration," Parkland said in an e-mailed statement. Engine also urged the company to improve its compensation framework to better align management's incentives with shareholder interests.

☆ One country, two crypto systems: Hong Kong harbors crypto hub ambitions despite China's crackdown
▼ + stars: | 2023-03-20 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +5 min

Sopa Images | Lightrocket | Getty ImagesThe crypto industry has had a rough year with digital currency markets crashing and companies collapsing across the board. Hong Kong is planning to introduce new rules in June that will require crypto trading platforms to be licensed by the Securities and Futures Commission. Bitcoin ATMs, operated by Coinhero, in Hong Kong, China, on Wednesday, Dec. 21, 2022. While Hong Kong harbors high crypto ambitions and boasts relatively lower tax policy on businesses, the city could still potentially find competition with other crypto hubs. The logo of Bitcoin cryptocurrency at a store in Hong Kong on Thursday, Feb. 10, 2022.

Google (GOOGL), which for years ranked as the top company to work for in the United States, laid off thousands of workers by e-mail. During her early years there, she worked in marketing and became known as the “The Bard of Google” for the internal emails she sent celebrating the company’s culture. Google employee affected by January layoffs“The problem was, suddenly, you didn’t work for a company that was sending stuff to space or building autonomous cars,” Rout said. Hundreds of Google employees in Switzerland staged a walkout last week to protest layoffs, partly out of frustration with the lack of transparency. About a month before the January layoffs, one former employee said Google painted “You Belong” on one of the walls in their working area.

Florida Governor Ron DeSantis hasn’t announced a presidential bid yet, but that hasn’t stopped him from receiving his first congressional endorsement. The endorsement comes weeks after Roy, among others, attended a Florida donor confab held for DeSantis. The focus of that event was how to replicate DeSantis’ Florida wins nationwide—but the clear subtext was the looming presidential race and the expectation that DeSantis could parlay his consistently high polling position into an official presidential run. (DeSantis himself was a founding member of the Freedom Caucus when he served in the House.) South Carolina Rep. Ralph Norman, another HFC member, threw his support behind former South Carolina Gov.

☆ Takeaways from America’s second-largest bank failure
▼ + stars: | 2023-03-11 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +7 min

New York CNN —Silicon Valley Bank’s 48-hour collapse led to the second-largest failure of a financial institution in US history. Its stunning, and seemingly rapid, fall is the largest shutdown of a US bank since Washington Mutual in 2008. “That’s because its depositors were withdrawing their money so fast that the bank was insolvent, and an intraday closure was unavoidable due to a classic bank run.”High interest rates led to its demiseTo combat rampant inflation, the central bank has been aggressively raising interest rates since 2022. When interest rates were near historical lows, the banks bought up on long-dated, seemingly low-risk Treasuries. Faced with these higher interest rates, loss of IPOs and a funding drought, SVB’s clients began pulling money out of the bank.

☆ Coinbase customer who lost $96,000 in a crypto hack has sued the exchange after getting the brush-off
▼ + stars: | 2023-03-08 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +4 min

A Coinbase user is suing the exchange to recover 90% of his life savings that he says was stolen from him, lawsuit claims. But the exchange ignored several red flags for fraud, he alleges in his claim for triple damages. "Coinbase's email disclaimed any responsibility for the hacking of its customers' accounts," the filing read. It's not the first time Coinbase has seen complaints from customers who lost money on their accounts in a SIM swap scam. Coinbase also encourages customers to take measures to secure their personal accounts and information outside of Coinbase," the company said in a statement to Insider.

Finance Minister Ishaq Dar had said last week that the external financing assurance was not one of the IMF's conditions for clearance of the funding. Pakistan has completed almost all other measures needed except for the external financing requirement, officials say. Dar said last week that Pakistan will need $5 billion external financing to close its financing gap this fiscal year ending June 30, adding the IMF believed it should be $7 billion. Dar said hoped more external financing will be coming as Pakistan signs the IMF deal this week. Ruiz noted that the difference in foreign exchange rates between the open and informal markets has been very damaging for Pakistan, resulting in shortages of foreign exchange and consequently imported goods.

☆ Why GoodRx is emailing customers about sharing their health information
▼ + stars: | 2023-03-02 | by ( Jennifer Korn | ) edition.cnn.com time to read: +2 min

New York CNN —GoodRx customers who typically receive emails about prescription drug deals and refill reminders from the company saw something very different in their inboxes this week. GoodRX sent a notice to users detailing allegations from the Federal Trade Commission that the company shared sensitive health data with third parties for advertising purposes without customers’ permission. “This information included details about drug and health conditions people searched and their prescription medications,” the company wrote in the notice e-mailed to customers and posted on its website. In some cases, GoodRx used the information to target people with health-related ads.”The alert comes a month after the FTC announced a formal settlement with the digital health platform and issued a “first-of-its-kind proposed order” prohibiting the company from sharing health data from its customers with other companies for advertising. Users took to social media to voice concern about the e-mail, with some wondering how much money the firm might have made from their health data and others swearing off using the service.

☆ Fact Check-Ohio NDW rail track was repaired in 2020
▼ + stars: | 2023-02-28 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

A 2017 video showing a train moving along a rickety track has been widely shared as the current state of rail infrastructure in Ohio. A spokesperson for the Ohio Rail Development Commission told Reuters that the tracks, which are part of the NDW line in Ohio, have since been “improved”. A spokesperson for the Ohio Rail Development Commission in an e-mail said: “The rail on the old video clip was improved as part of the 2020 Consolidated Rail Infrastructure and Safety Improvements (CRISI) project completed last year. The Ohio Rail Development Commission in 2021 approved a grant of up to $687,622.50 to replace the rail on a portion of the Napoleon Defiance and Western Railways (NDW) (here). The Ohio railway track in the video is from 2017 and has since been repaired.

☆ Elon Musk-led Twitter has been sued by at least six companies for failing to pay bills
▼ + stars: | 2023-02-24 | by ( Lora Kolodny | ) www.cnbc.com time to read: +2 min

Elon Musk's Twitter was sued again in California this week for alleged failure to pay a vendor. The Tesla and SpaceX CEO led a $44 billion buyout of Twitter, which closed around October 27, 2022. According to a Platformer report on Thursday, Twitter suddenly cut off employees' access to Slack this week after failing to pay a bill. In the newest complaint, filed in California Superior Court in San Francisco, Writer says that Twitter failed to pay a bill for the relatively humble amount of $113,856. This week, he wrote on Twitter, "Say what you want about me, but I acquired the world's largest non-profit for $44B lol."

☆ Elon Musk's lawyer asks court to throw out 'Twitter sitter' deal with SEC
▼ + stars: | 2023-02-21 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

vFollowing Elon Musk's recent victory in a securities fraud trial, the Tesla CEO's lawyer has once again asked an appeals court to throw out his 2018 deal with the Securities and Exchange Commission requiring a company lawyer to review his Tesla-related tweets before sharing them. On Feb. 3, a jury in a in a San Francisco federal court found that Musk and Tesla were not liable in a class-action securities fraud trial stemming from tweets Musk made in 2018. Trading in Tesla was halted after his tweets, and its share price remained volatile for weeks. Musk and the SEC did not immediately respond to requests for comment. Attorneys for the shareholders who sued Musk and Tesla over the take-private related tweets still have time to file for an appeal.

☆ Adani Group likely to repay short-term commercial paper borrowings - bankers
▼ + stars: | 2023-02-14 | by ( Bhakti Tambe | ) www.reuters.com time to read: +3 min

Adani Enterprises and Adani Ports and Special Economic Zone Ltd (APSE.NS) regularly raise funds by issuing CPs – short-term debt instruments issued to meet working capital requirements. "All payments are being made as per schedule," an Adani group spokesperson said in an e-mail, but did not respond to queries on whether investors are seeking early redemption. Adani Ports has CPs worth 35 billion rupees due to mature through end March, data from information service provider Prime Database showed. So, we may see them (Adani Group) staying away from the market for some time," said one banker, who regularly arranges debt issuances for the group. The Adani Group spokesperson denied media reports that these bond issues have been scrapped, saying this is "speculation" and "not true" in a reply to Reuters' mail.

☆ 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.

☆ The week that tech became exciting again
▼ + stars: | 2023-02-11 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +6 min

CNN Business —Let’s be honest: For much of the past decade, tech events have been pretty boring. In each case, the changes were powered by new AI technology that allows for more conversational and complex responses. And there are already rumors of another event next month for Microsoft to demo similar features in its Office products, including Word, PowerPoint and Outlook. Chinese tech giants Alibaba and Baidu also said this week that they would be launching their own ChatGPT-style services. Microsoft employee Alex Buscher demonstrates a search feature integration of Microsoft Bing search engine and Edge browser with OpenAI on Tuesday, Feb. 7, 2023, in Redmond.

☆ The way we search for information online is about to change
▼ + stars: | 2023-02-09 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +7 min

CNN Business —An entire generation of internet users has approached search engines the same way for decades: enter a few words into a search box and wait for a page of relevant results to emerge. Bing will not only provide a list of search results, but will also answer questions, chat with users and generate content in response to user queries. “We have even more exciting, AI-enabled innovations in the works that will change the way people search, work and play. These models are trained on vast troves of online data in order to generate compelling responses to user prompts. Microsoft and Google executives have acknowledged some of the potential issues with the new AI tools.

☆ E.ON: supply region of Turkish JV Enerjisa affected by earthquake
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Feb 8 (Reuters) - E.ON (EONGn.DE) on Wednesday said the devastating earthquake in southern Turkey has affected the supply area of local power grid operator Enerjisa Enerji (ENJSA.IS), in which the German group owns 40%, adding that repair work was currently underway. "The supply area of our Turkish joint venture Enerjisa is also affected," the spokesperson said, adding the company mourned the loss of four employees while others were wounded, some in a critical condition. Enerjisa, in which Sabanci Holding (SAHOL.IS) also owns 40%, has more than 10 million customers in 14 Turkish provinces, including Adana and the surrounding region, which are among the affected parts of Turkey. Around 2,500 transformers - key components of long-distance power transmission - are still out of operation and 380,000 people are without electricity in Enerjisa's supply region, the spokesperson said, adding this was already down from 1 million shortly after the earthquake. Repairwork has started, the spokesperson said, adding that technical teams from less affected regions were providing support.

☆ Djokovic’s dad stays away from Australian Open semifinal after posing with Russian flag
▼ + stars: | 2023-01-27 | by ( Associated Press | ) www.nbcnews.com time to read: +2 min

Novak Djokovic’s father decided to stay away from the 21-time Grand Slam champion’s semifinal after getting embroiled in a flap involving spectators who brought banned Russian flags to Melbourne Park, Tennis Australia said Friday. “Throughout the event, we’ve spoken with players and their teams about the importance of not engaging in any activity that causes distress or disruption,” Tennis Australia said. Four people were kicked out of the tournament because of the flags and for threatening security guards that night, police and Tennis Australia said. A supporter waves a Russian flag during the men's singles match between on day one of the Australian Open in Melbourne. William West / AFP - Getty ImagesNormally, flags can be displayed during matches at Melbourne Park.

☆ Google let go of 31 massage therapists at its California offices amid mass layoffs
▼ + stars: | 2023-01-25 | by ( Aaron Mok | Grace Dean | ) www.businessinsider.com time to read: +3 min

Google laid off 31 massage therapists in California, according to state filings. The massage therapists were among the 12,000 employees Google let go last Friday. Out of the 12,000 employees Google let go last Friday, 31 of them were massage therapists based in California, according to WARN (Worker Adjustment and Retraining Notification) notices that Google filed with California on January 20. Twenty-seven massage therapists were let go from Google's Mountain View office, the filings show. Google, which is known for its generous staff perks, gave employees free massages based on their performance.

Musk's comments add to a long-running debate over whether such advisers have too much sway over corporate decision-making. Academic reviews have found mixed evidence about the proxy advisers’ impact. U.S. Republican state officials have also weighed in, writing to the two advisory firms asking if their recommendations met their obligations to investors. Contrary to Musk, however, Republicans at the state and national level have also charged top passive fund managers themselves have grown too aggressive with their proxy votes, a claim fund managers deny. Tesla has faced its own disagreements with the proxy advisers.

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