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☆ U.S. economy losing momentum as retail sales post biggest drop in 12 months
▼ + stars: | 2023-01-18 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

The second straight monthly decrease in retail sales, which are mostly goods, is undercutting production at factories. Retail sales plummeted 1.1% last month, the biggest drop since December 2021. REUTERS/Jeenah Moon 1 2Retail salesMANUFACTURING OUTPUT FALLSExcluding automobiles, gasoline, building materials and food services, retail sales fell 0.7% last month. The weakness in core retail sales is likely to be offset by anticipated gains in services spending. The government reported last week that monthly consumer prices fell for the first time in more than 2-1/2 years in December.

☆ As crypto hackers and thieves make off with billions, there's another kind of fraud lurking in the industry.
▼ + stars: | 2023-01-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

I'm sorry to say when you dig deeper into the practices of opaque crypto exchanges, there's little to restore that faith. Timothy Cradle, director of regulatory affairs at Blockchain Intelligence, told Insider that wash trading is market manipulation. NBER researchers estimated that wash trading comprises nearly half of all transactions on Binance, the world's largest crypto exchange by volume. Similarly, KuCoin, another top-five crypto exchange, was estimated to have 52.9% of its transactions consist of wash trading (which the company denied). Are you surprised that the researchers found wash trading to be so rampant a practice?

☆ Wall Street banks stockpile funds for possible recession, show resilience
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Jeenah Moon/File Photo/File PhotoNEW YORK, Jan 13 (Reuters) - Wall Street's biggest banks stockpiled more rainy-day funds to prepare for a possible recession ahead and reported weak investment banking results, but said consumers remained healthy and higher rates boosted profits. Strength in trading helped offset a slump in investment banking, while interest rate hikes by the U.S. Federal Reserve helped income. However, Citigroup Inc (C.N) reported a 21% fall in profits with investment banking taking a hit. Global investment banking revenue sank to $15.3 billion in the fourth quarter, down more than 50% from a year-earlier quarter, according to data from Dealogic. Bank of America's investment banking fees more than halved in the quarter.

☆ Apple supplier Luxshare rises after reportedly winning contract to produce luxury iPhones
▼ + stars: | 2023-01-05 | by ( Jihye Lee | ) www.cnbc.com time to read: 1 min

The Apple iPhone 14, iPhone 14 Pro, and iPhone Pro Max on sale at the company's Fifth Avenue store in New York, US, on Friday, Sept. 16, 2022. Photographer: Jeenah Moon/Bloomberg via Getty ImagesShares of Luxshare Precision Industry , one of Apple's Chinese contract manufacturers, rose more than 3% in Asia's trade after the Financial Times reported the supplier is set to sign a contract to produce premium iPhones. The move comes after rival Foxconn halted production lines in Zhengzhou following protests over China's stringent Covid measures over a month ago. The Financial Times reported Luxshare has already produced "small amounts" of the iPhone 14 Pro Max since November to make up for Foxconn's lost production. Apple and Luxshare did not immediately respond to CNBC's request for comment.

☆ Who should play Sam Bankman-Fried, Caroline Ellison, and his parents when the FTX implosion gets made into a movie or TV show
▼ + stars: | 2022-12-31 | by ( Travis Clark | ) www.businessinsider.com time to read: 1 min

Michael Lewis, author of "The Big Short" and "Moneyball," has reportedly interviewed disgraced FTX founder Sam Bankman-Fried multiple times for an upcoming book. Sam Bankman-Fried outside at the federal court in Manhattan on Thursday. Jeenah Moon/ReutersThe Hollywood trade The Ankler reported in November that Lewis had been interviewing Bankman-Fried for six months, and the New York Post followed up on Tuesday, reporting that Lewis met with Bankman-Fried for "several hours" soon after the latter was put under house arrest at his parents' home in Palo Alto. Bankman-Fried was released on bail last week from a New York federal court after being extradited to the US from the Bahamas. He's facing several fraud-related charges after the implosion of FTX, the cryptocurrency firm he founded and of which he was formerly CEO.

Companies Ledgerx LLC FollowNEW YORK, Dec 22 (Reuters) - Sam Bankman-Fried was released on a $250 million bond package on Thursday while he awaits trial over the collapse of the FTX crypto exchange, which a U.S. prosecutor called a "fraud of epic proportions." His defense lawyer, Mark Cohen, declined to comment after the hearing in Manhattan federal court. U.S. Magistrate Judge Gabriel Gorenstein set Bankman-Fried's next court date for Jan. 3, 2023, before U.S. District Judge Ronnie Abrams, who will handle the case. The bond is meant to ensure that if Bankman-Fried flees, the government could confiscate the family's assets - including their Palo Alto home - up to $250 million. Details of their cooperation were kept under wraps until Bankman-Fried left the Bahamas, according to court papers filed on Thursday.

☆ The Year in Pictures 2022
▼ + stars: | 2022-12-19 | by ( The New York Times | ) www.nytimes.com time to read: +57 min

Every year, starting in early fall, photo editors at The New York Times begin sifting through the year’s work in an effort to pick out the most startling, most moving, most memorable pictures. But 2022 undoubtedly belongs to the war in Ukraine, a conflict now settling into a worryingly predictable rhythm. Erin Schaff/The New York Times “When you’re standing on the ground, you can’t visualize the scope of the destruction. Jim Huylebroek for The New York Times Kyiv, Ukraine, Feb. 25. We see the same images over and over, and it’s really hard to make anything different.” Kyiv, Ukraine, Feb 26.

It’s a seemingly simple calculation, but supply-chain experts caution that shipping from stores can be more challenging than filling orders at fulfillment centers that are set up for the job. It now packages orders at 116 of its approximately 1,350 stores, said Amiee Bayer-Thomas, the company’s chief supply chain officer. The chain said it has converted areas in 35 stores to serve as semi-automated miniature distribution centers. That is one reason department store Nordstrom is pulling back on shipping orders from stores for its discount brand Nordstrom Rack. The company will continue using Nordstrom stores to fulfill online orders for that brand.

☆ New York Times journalists stage historic 24-hour strike after management and union fail to reach deal
▼ + stars: | 2022-12-07 | by ( Oliver Darcy | ) edition.cnn.com time to read: +6 min

Stacy Cowley holds a sign outside the New York Times building in Manhattan, New York, U.S., December 8, 2022. Joe Kahn, executive editor of The Times, said in a note to staff, “We will produce a robust report on Thursday. “We’re asking readers to not engage in any [New York Times] platforms tomorrow and stand with us on the digital picket line!,” Amanda Hess, a critic-at-large for the newspaper, wrote on Twitter. New York Times reporter Nikole Hannah-Jones speaks outside the Times' office, Thursday, Dec. 8, 2022, in New York. “When Times management comes to the bargaining table with their insulting and disrespectful offers, they have to explain it to a room full of their own employees—and they hate it.

☆ FTX spent $300mln on Bahamas real estate, 'substantial' assets missing, lawyers say
▼ + stars: | 2022-11-22 | by ( ) www.nbcnews.com time to read: +6 min

Crypto exchange FTX was run as a “personal fiefdom” of Sam Bankman-Fried, attorneys for the firm said on Tuesday, describing that one of the company’s units spent $300 million on Bahamas real estate. An attorney said the $300 million spent on real estate was largely homes and vacation properties for senior staff. At the hearing, an attorney for FTX also said that the company continues to suffer cyberattacks as bankruptcy begins, and that “substantial” assets are missing. Bankman-Fried, FTX and the Bahamas liquidators did not immediately respond to requests for comment. FTX said that it was communicating with U.S. regulators and bankruptcy court officials, but did not mention Bahamas regulators.

[1/2] A sign is seen during Gabby Petito's memorial service in Holbrook, New York, U.S., September 26, 2021. "The Petito family lost their daughter, and they were also denied the opportunity to confront her killer," Patrick Reilly, a lawyer for Petito's parents, said in a statement. "No amount of money is sufficient to compensate the Petito family for the loss of their daughter, Gabby, at the hands of Brian Laundrie." Any money recovered will go to the Gabby Petito Foundation, a nonprofit formed after her death that helps organizations that support locating missing persons and aids victims of domestic violence, Reilly said. A separate lawsuit that Petito's parents filed against Laundrie's parents, alleging their son told them of Petito's slaying before her body was discovered, remains pending.

☆ FTX says it could have over 1 million creditors
▼ + stars: | 2022-11-15 | by ( Ryan Browne | ) www.nbcnews.com time to read: +4 min

Beleaguered cryptocurrency exchange FTX may have more than 1 million creditors, according to a new bankruptcy filing, hinting at the huge impact of its collapse on crypto traders. Last week, when it filed for Chapter 11 bankruptcy protection, FTX indicated that it had more than 100,000 creditors with claims in the case. But in an updated filing Tuesday, lawyers for the company said: “In fact, there could be more than one million creditors in these Chapter 11 Cases.”Typically in such cases, debtors are required to provide a list of the names and addresses of the top 20 unsecured creditors, the lawyers said. Over the past 72 hours, FTX has been in contact with “dozens” of regulators in the U.S. and overseas, the company’s lawyers wrote. Over the weekend, FTX was hit with an apparent cyberattack resulting in the theft of more than $400 million worth of tokens.

☆ Kenyans sweep New York City Marathon in punishing heat
▼ + stars: | 2022-11-06 | by ( Amy Tennery | ) www.reuters.com time to read: +3 min

[1/2] Athletics – 2022 TCS New York City Marathon - New York, United States - November 6, 2022 Kenya's Evans Chebet in action during the elite men's race REUTERS/Jeenah MoonNEW YORK, Nov 6 (Reuters) - Kenyans Evans Chebet and Sharon Lokedi survived brutal heat and humidity to win the New York City Marathons on Sunday after Brazilian Daniel Do Nascimento collapsed during the race. His win completes a Kenyan sweep of the six men's world marathon majors in 2022. "I'm out of words, I'm really excited," said Lokedi, the eighth competitor to win the New York race in a marathon debut. The year's final marathon major was back at full capacity for the first time since the COVID-19 pandemic, with some 50,000 competitors hitting the streets and thousands of people congregating along the course to cheer. American Susannah Scaroni produced the fastest-ever time through the five boroughs on the women's side, winning her second wheelchair major in 1:42:43.

☆ A lunar eclipse will bring a blood red moon on Election Day — the last one for 3 years
▼ + stars: | 2022-11-04 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +3 min

That paints the full moon red, raising a blood moon into the skies on Election Day morning. The next total lunar eclipse won't happen until 2025. It's a total lunar eclipse, often called a "blood moon," and there won't be another one until 2025. The blue light from the sun scatters away, and longer-wavelength red, orange, and yellow light pass through, turning our moon red. Then wait until March 14, 2025, for the next total lunar eclipse.

☆ Wells Fargo profit falls on higher loan loss reserves
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah MoonOct 14 (Reuters) - Wells Fargo & Co (WFC.N) on Friday reported a decline in profit for the third quarter as the bank set aside more money in preparation for a hit from a potential economic slowdown. Register now for FREE unlimited access to Reuters.com RegisterThe outlook has been further clouded by the Russia-Ukraine war and fading stimulus measures. Higher borrowing costs have also shackled demand for mortgages and car loans, crimping banks' revenues. The fourth-largest U.S. lender reported a profit of $3.53 billion, or 85 cents per share, for the quarter ended Sept. 30, compared with $5.12 billion, or $1.17 per share, a year earlier.

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. Profits at big banks got a boost last year as they released funds reserved for potential COVID losses. In the third quarter of last year, they released about $4 billion of loan provisions, according to data from Refinitiv. read moreThe biggest U.S. bank by assets kicks off third-quarter results on Friday, followed by Wells Fargo (WFC.N), Citigroup (C.N) and Morgan Stanley. Shares of the big six U.S. banks have plunged between 14% and 34% so far this year.

☆ Nasdaq divides business into three units to streamline operations
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. It said Market Platforms, Capital Access Platforms and Anti-Financial Crime will be the new units that will focus on digital assets, carbon markets, providing investment intelligence apart from U.S. equities. Register now for FREE unlimited access to Reuters.com RegisterNasdaq's efforts to streamline its operations come after the sector, which largely catered to stocks and derivatives, underwent an upgrade as cryptocurrencies gained popularity. Last week, Nasdaq launched a digital assets business that places it in a direct competition with crypto exchanges Binance and Coinbase Inc (COIN.O). Register now for FREE unlimited access to Reuters.com RegisterReporting by Mehnaz Yasmin in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Hammerhead plans rare U.S. listing of Canadian gas producer in over $1 bln SPAC deal
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterThe Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. REUTERS/Jeenah MoonSept 26 (Reuters) - Hammerhead Resources Inc plans to list on the Nasdaq by merging with blank check company Decarbonization Plus Acquisition Corporation IV (DCRD.O) in a C$1.39 billion ($1.02 billion) deal, a rare U.S.-listing for a Canadian oil and gas producer. Its decarbonization investment campaign across its asset base is estimated to require $240 million of capital between 2023 and 2029. CIBC Capital Markets and Peters & Co. Limited are acting as financial and capital markets advisers to Hammerhead. ($1 = 1.3652 Canadian dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Mehnaz Yasmin in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ New York still top, Moscow sinks in finance centre ranking
▼ + stars: | 2022-09-22 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

A view of the New York City skyline of Manhattan and the Hudson River during the outbreak of the coronavirus disease (COVID-19) in New York City, as seen from Weehawken, New Jersey, U.S. April 18, 2020. REUTERS/Jeenah Moon/File PhotoLONDON, Sept 22 (Reuters) - New York remains far and away the world's most favoured financial centre, with London still second and Singapore overtaking Hong Kong to come in third, latest rankings from the Global Financial Centres Index (GFCI) showed on Thursday. Register now for FREE unlimited access to Reuters.com RegisterGFCI Main Rankings September 2022New York has held the top position among global financial centres ranked by GFCI for four years, overtaking London. Britain's new Prime Minister Liz Truss wants to 'unshackle' the UK financial sector from rules which date to when the country was in the European Union in order to increase London's attraction as a global financial centre. New York, San Francisco and Los Angeles topped GFCI's separate fintech sector ratings, with London fourth and Shanghai fifth.

☆ Nasdaq bets big on digital assets despite crypto turmoil
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. REUTERS/Jeenah MoonSept 20 (Reuters) - Nasdaq Inc (NDAQ.O) is placing a big bet on the cryptocurrency market, with the launch of a digital assets business that is aimed at tapping institutional investors. The new unit, Nasdaq Digital Assets, will offer custody services for cryptocurrencies, including bitcoin and ethereum, potentially pitting it against firms such as Coinbase (COIN.O), Fidelity Digital Assets and Winkelvoss twin-owned Gemini that offer similar products. Bitcoin has crashed nearly 60% this year, driving companies such as Celsius Network and Voyager Digital Ltd to file for bankruptcy. Register now for FREE unlimited access to Reuters.com RegisterReporting by Mehnaz Yasmin in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ The U.S. unemployment rate rose in August, and Black workers' labor force participation declined
▼ + stars: | 2022-09-02 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Jeenah Moon | Bloomberg | Getty ImagesThe August jobs report showed the U.S. unemployment rate rise across the board. Meanwhile, Black workers marked the only demographic to see their labor force participation fall. The unemployment rate rose 0.2 percentage point to 3.7% in August, according to data released Friday by the U.S. Bureau of Labor Statistics. However, Black workers marked the only group that saw labor force participation decline, while their employment-population ratio, which measures what percentage of the population holds a job, also fell. "What's happened is the queue's just gotten longer so the discouraged worker effect is much more acute for Black workers."

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