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☆ Arielle Charnas' company, Something Navy, is floundering amid dwindling sales, an employee exodus, and furious suppliers
▼ + stars: | 2022-12-08 | by ( Katie Warren | ) www.businessinsider.com time to read: +36 min

From the outside, it doesn't look as if Charnas' company is in trouble. Mark Sagliocco/Getty Images for Beach MagazineSeveral former employees told Insider they cut ties with Something Navy because they saw signs the company was struggling. Several current and former Something Navy employees told Insider they'd been inundated with emails since the spring from suppliers, freelancers, and models asking where their money was. In one email viewed by Insider, Scanlan told a supplier that cash was tight but promised payment was on the way. The current Something Navy employee said that based on data she'd seen, the retail locations most likely don't turn a profit.

☆ Fed Chair Powell is having a communication problem with the market
▼ + stars: | 2022-12-07 | by ( Jeff Cox | ) www.cnbc.com time to read: +6 min

No matter what Federal Reserve Chairman Jerome Powell tells market participants these days, it seems they only hear the good stuff. Two recent examples: First in July, when Powell hinted that smaller interest rate hikes could be on the way. Chair Powell is really trying to message the fact that the fed funds rate has to be restrictive to tamp down inflation. A month and a half later, Powell delivered an uncharacteristically terse speech at the Fed's annual Jackson Hole, Wyoming summit. One more chance So Powell heads into next week's Federal Open Market Committee meeting with another opportunity to set the market straight.

Blackstone (BX.N) limited withdrawals from its $69 billion unlisted REIT on Thursday after redemption requests hit pre-set limits amid investor concerns it was slow to adjust valuations as interest rate surged, a source close to the fund said. The development is yet another reminder of the risks facing not just sectors that are sensitive to higher interest rates but also broader financial markets, which have rallied sharply on hopes that interest rate hikes will slow. "REITS had a fantastic performance for a couple of months but when you have that outperformance, investors don't react to traditional fundamental signals such as rising rates," she said. But in recent weeks expectations have risen that the Fed will "pivot" from aggressive tightening, prompting investors to price in lower peak interest rates. Blackstone has reported a 9.3% year-to-date net return for the REIT, while the publicly traded Dow Jones U.S.

☆ FTSE 100 at three-month highs on hopes of China easing COVID curbs
▼ + stars: | 2022-11-29 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) was up 0.6%, hitting its highest since Aug. 26, while the domestically-focused FTSE 250 midcap index (.FTMC) was flat. World markets were rattled on Monday as protests against strict COVID-19 restrictions flared up in major Chinese cities over the weekend. Base metal miners (.FTNMX551020) climbed 2.8%, touching three-month highs, as prices rebounded on support for the property sector in top metals consumer China. Heavyweight energy stocks (.FTNMX601010) rose 1.4% as oil prices climbed on hopes of China easing its COVID controls. Reporting by Shashwat Chauhan in Bengaluru; Editing by Saumyadeb Chakrabarty and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Crypto startup Ripple is seeking a license in Ireland to drive EU expansion
▼ + stars: | 2022-11-18 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

Jack Taylor | Getty Images News | Getty ImagesU.S.-based crypto company Ripple no longer derives most of its income from America and is looking to expand its reach in Europe, its top lawyer said. Its commitment to invest in Europe comes despite a deep downturn in crypto markets that's been referred to as "crypto winter." watch nowThe Irish central bank previously handed a VASP license to crypto exchange Gemini. Last week, the shock collapse of Sam Bankman-Fried's crypto exchange FTX sent cryptocurrencies into a tailspin. As a private company, Ripple doesn't disclose its revenues publicly.

☆ In the midst of Amazon's record layoffs, corporate employees of the company float a forbidden word: Union
▼ + stars: | 2022-11-17 | by ( Katherine Long | ) www.businessinsider.com time to read: +3 min

A small group of corporate Amazon staff is discussing unionizing, according to messages seen by Insider. There, a small group of corporate employees have been openly discussing the pros and cons of labor activism, including organizing into a union. Though only one warehouse has successfully voted to unionize, organizing efforts are active in at least seven Amazon locations. And now, with about 10,000 corporate jobs on the line, union activism is picking up here, too. Members of the Discord group have brought up the Alphabet Workers Union, a minority union representing roughly 1,000 Alphabet employees and affiliated with the Communications Workers of America, as a possible model.

LONDON, Nov 15 (Reuters) - The moment of truth is almost here for Britain's new prime minister Rishi Sunak and finance minister Jeremy Hunt. British markets have regained some poise after the carnage triggered by September's fiscal statement, but as the UK slips into recession, the outlook is far from rosy. Here's a look at some of the likely winners and losers from Thursday's budget. "Domestic UK equities are being treated with caution by investors both domestically and internationally," he said. snapshotA CRUDE TARGETEnergy companies have reported bumper profits this year, thanks to soaring crude oil and gas prices.

☆ Dollar steadies as Fed cautions on inflation
▼ + stars: | 2022-11-14 | by ( ) www.cnbc.com time to read: +2 min

Global equities soared as investors poured into risky assets on hopes that peaking inflation means less aggressive rate hikes from the Fed. Waller, however, did add that the Fed could now start thinking about hiking at a slower pace. U.S. inflation will likely remain high and keep the Fed on its monetary tightening path, Kong said. The Japanese yen weakened 0.24% versus the greenback to 139.12 per dollar, having strengthened 5.4% last week against the dollar. The offshore Chinese yuan fell 0.23% versus the greenback to stand at $7.0723 per dollar on the day.

☆ Jim Cramer: Why the two-day rally to end last week is significant — and what to expect next
▼ + stars: | 2022-11-13 | by ( Jim Cramer | ) www.cnbc.com time to read: +8 min

You would just stay mum, enabling investors to expect another raise of 75 basis points, especially if retail sales this week come in above expectations. The best that can be said, though, is that the two days up to end last week seem significant — especially in light of the collapse of FTX. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

☆ From prison to beating depression, rapper Fat Joe shares new memoir
▼ + stars: | 2022-11-10 | by ( Alicia Powell | ) www.reuters.com time to read: +2 min

REUTERS/Alicia PowellNEW YORK, Nov 10 (Reuters) - Recording artist Fat Joe is sharing the highs and lows of his life in his new book “The Book of Jose: A Memoir”. However, Joe reveals he made his life look easy while he was going through a lot behind the scenes. “My son being born autistic, and his mother wanted to give him up for adoption, or my mother catching cancer, or my brother's drug addiction or going through depression when (Big) Pun died.”Rapper Big Pun died in 2000 after suffering a heart attack and respiratory failure. His Bronx store features a classroom where both after-school and adult programs are held. “You got Big Pun.

☆ Morning Bid: Bank man fried
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

"We are in the best of hands," FTX founder Sam Bankman-Fried said on Twitter, after announcing a bailout that has not quite soothed market jitters. Bitcoin was falling in Asia on Wednesday, so was FTX's collapsing token and Binance's token had the wobbles. As Spectra Markets' Brent Donnelly and others have previously noted, naming rights are a reasonable signal of irrational exuberance. FTX's 19-year deal for naming rights at the Miami Heat basketball team's home arena looks to face a similar fate, as does its sponsorship of the Mercedes F1 team. China's factory gate prices dropped for the first time since December 2020, and consumer inflation moderated, underlining faltering domestic demand.

☆ Why Carvana stock dropped 97% in the past year as the auto resale success story became a used-car clunker
▼ + stars: | 2022-11-09 | by ( Tim Levin | ) www.businessinsider.com time to read: +4 min

Slowing demand for used cars and high interest rates are making things difficult for Carvana. Supply chain snarls kicked off a shortage of new cars that sent buyers to the used market in droves. But now the used-car market is slowing down, dealing a blow to Carvana and other dealership chains. Carvana, known for its vehicle vending machines, chalked up the poor results to a challenging economy and slowing demand for used cars. AutoNation, the largest dealership chain in the US, issued a similar warning about used-car prices last month.

Bank of Japan Governor Haruhiko Kuroda, however, reiterated the central bank's resolve to keep interest rates ultra-low, indicating that the yen's broad downtrend could continue. The finance minister repeated his warning that authorities are closely watching market moves and will not tolerate "excessive currency moves driven by speculative trading". In September, when Japan conducted its first yen-buying intervention since 1998, authorities immediately confirmed they had stepped in. Since the Oct. 21 intervention, the yen has been moving in a range below the psychologically important threshold of 150 yen versus the dollar. As such, it's necessary to support the economy with acccomodative monetary policy," Kuroda told parliament on Tuesday.

☆ Morning Bid: Trick or treat?
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets fromAnshuman DagaThere's a sense of cheer among investors before the Fed's mid-week rate decision as markets seem to be pricing in an expected treat from the U.S. central bank. Risk-on appetite is gradually coming back as global stocks flirt with their strongest levels in just over a month while the mighty dollar slips from a one-week high. The Fed is set to raise rates by 75 basis points for the fourth straight time, bringing the target overnight lending rate to a 3.75%-4.00% range. Analysts at BlackRock Investment Institute are, however, still underweight on stocks as they see central banks on a path to overtighten policy. Down Under, the Reserve Bank of Australia stuck with a 25 basis points rate hike as widely expected, while revising up its inflation outlook.

☆ Gold hovers near 1-week low as dollar steadies ahead of Fed decision
▼ + stars: | 2022-11-01 | by ( ) www.cnbc.com time to read: +1 min

Spot gold was listless at $1,633.69 per ounce, as of 0059 GMT, having earlier touched its lowest level since Oct. 21. The dollar index was steady after rising 0.8% overnight, hurting gold's appeal for overseas buyers. Gold is highly sensitive to rising U.S. interest rates, as that increase the opportunity cost of holding the non-yielding metal. Holdings of SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, fell 0.22% to 920.57 tons on Monday from 922.59 tons on Friday. Spot silver rose 0.2% to $19.18 per ounce, platinum dipped 0.1% to $924.51 and palladium gained 0.9% to $1,856.91.

☆ Sterling dips but heads for biggest monthly gain since mid-2020
▼ + stars: | 2022-10-31 | by ( Amanda Cooper | ) www.reuters.com time to read: +3 min

LONDON, Oct 31(Reuters) - Sterling fell on Monday, but was still headed for its largest monthly gain in over a year after the turbulence in British politics over the last few weeks finally appeared to subside. The Bank of England is likely to raise interest rates by another 75 basis points when it meets later this week. Hunt has ditched almost all the proposals in Truss's plan, returning a semblance of stability to UK markets and toning down a lot of the hawkishness around rate expectations. UK interest rates are currently expected to peak at around 4.87% in September next year, up from 2.25% right now. In the aftermath of Truss's so-called mini-budget, UK money markets showed traders expected rates to peak above 6% next September.

☆ Fed set to deliver another big rate hike, debate December downshift
▼ + stars: | 2022-10-31 | by ( Ann Saphir | ) www.reuters.com time to read: +5 min

Defining that point, or at least its parameters, will be the subject of intense discussion at this week's Federal Open Market Committee meeting. Reuters GraphicsAnd during that time, Fed policymakers, with the notable exception of Powell, have offered a range of views on where they stand on a possible slowdown or even pause to rate hikes. Fed Governor Michelle Bowman, for instance, said she'll look for signs that inflation is moving down before she would want to reduce the pace of rate hikes. Reuters Graphics'NEED TO BE CONVINCED'Bets in futures markets weigh heavily in favor of a slowdown in rate hikes starting in December, but ultimately a top Fed policy rate of 4.75%-5.00%, slightly higher than policymakers themselves have flagged, by early next year. Fed policymakers, Reinhart said, are also well aware that monetary policy typically goes too far.

☆ Wall Street's biggest banks say Amazon is still a screaming 'buy' despite its ugly earnings results. Here's why, and where they see future growth coming from.
▼ + stars: | 2022-10-31 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

The company's share price has dropped by more than 15% since then. Amazon's third-quarter earnings disappointed investors on Thursday, sending the company's stock into a tailspin. What's Wall Street saying? Outcry over grueling and unsafe working conditions from employees has not tipped the scale for shareholders or Wall Street analysts. His firm holds Amazon stock.

LONDON — Her tenure as Britain’s prime minister began in the early days of fall, but it didn’t even last until winter. The plan was criticized not only by the opposing Labour Party, but also President Joe Biden and the International Monetary Fund. Chancellor of the Exchequer Kwasi Kwarteng and British Prime Minister Liz Truss attend the annual Conservative Party conference on Oct. 2. Truss told Parliament on Wednesday, “I am a fighter, not a quitter,” after repeatedly being told she was unfit for office by opposition lawmakers. Under an expedited process, leadership challengers must win the support of 100 fellow Conservative Party lawmakers (out of a total of 357) by Monday afternoon.

☆ Taking cover in bonds ahead of a recession? BlackRock says that's now an 'obsolete' strategy
▼ + stars: | 2022-10-20 | by ( Weizhen Tan | ) www.cnbc.com time to read: +4 min

One important part of the recession playbook is "obsolete" — and that's seeking shelter in bonds, according to BlackRock, the world's largest asset manager. "We're underweight government bonds because yields have room to move higher, and we don't think they can be a safe haven when recession comes," BlackRock wrote. Higher rates and inflation will create a "ripe environment" for investors to demand higher term premiums for long-term bonds, BlackRock said. The move sent financial markets into a tailspin , as investors ditched U.K. bonds and sold off the pound. What to buy Investors still looking to buy bonds should prefer inflation-linked ones as they are "not pricing in persistent inflation," BlackRock said.

A clock is seen near the logo of Swiss bank Credit Suisse at the Paradeplatz square in Zurich, Switzerland October 5, 2022. Credit Suisse is also considering spinning off part of its advisory and investment banking business, which could bring in outside investors and be named First Boston, Bloomberg has reported. If such deals do not materialize or fall short of expectations, Credit Suisse will go for a capital increase, said that person. "I am more worried that Credit Suisse will be bought at a bargain price by an American bank," he said. Ray Soudah, Chairman of Swiss mergers and acquisitions specialist Millenium Associates, said disposals risked making Credit Suisse "an even greater target".

"I do want to accept responsibility and say sorry for the mistakes that have been made," Truss told the BBC late on Monday. The Daily Mail, which had hailed Truss's plan, ran a front page with the prime minister leaving parliament on Monday underneath the headline "In office, but not in power" while the also supportive Sun newspaper called her "The Ghost PM". James Heappey, a minister for the armed forces, said on Tuesday Truss, his boss, could not afford to make any more mistakes. With Britain's economic reputation shattered, Hunt may now have to go further in finding public spending cuts than the government would have done had Truss not unleashed her economic plan at a time of surging inflation. One area of spending already to go is Truss's vast two-year energy support package that was expected to cost well over 100 billion pounds.

"It is really not the right time to experiment with fiscal policy," AXA chief economist Gilles Moec said about the UK's moves, assessing that Monday's U-turn may have appeased "the bond vigilantes for now". The term, bond vigilantes, refers to debt investors imposing fiscal discipline on profligate governments by forcing their borrowing costs higher. Ed Yardeni, who coined the bond vigilantes term in the early 1980s, penned a blog post saying "They're Baaaack!" Even U.S. President Joe Biden was speaking the bond vigilante's language at the weekend, noting he wasn't the only one that thought the UK plan was a "mistake". "This is probably the biggest example in practice of the bond vigilantes activity," said Antonio Cavarero, head of investments at Generali Insurance Asset Management.

☆ British finance minister races back to London as pressure builds for another policy U-turn
▼ + stars: | 2022-10-14 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

LONDON — U.K. Finance Minister Kwasi Kwarteng cut short his visit to the International Monetary Fund this week, dashing back to London amid reports Prime Minister Liz Truss is considering a U-turn on parts of her government's market-rocking tax cuts. Reuters reported, citing unnamed sources, that the finance minister planned to meet with colleagues to work on the government's medium-term budget plan. Kwarteng's abrupt departure from a series of international finance meetings in Washington, D.C. comes amid a growing political backlash against the Conservative government's proposed tax cuts. The British pound rose by 2% to trade at $1.1319 on Thursday, shrugging off stronger-than-expected U.S. inflation data. Meanwhile, long-dated U.K. government bonds — known as gilts — rallied on Friday morning, with 30-year yields trading at 4.38%.

☆ Inflation: Is the Fed losing the war?
▼ + stars: | 2022-10-13 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

“This inflation report today was an unmitigated disaster,” wrote Christopher S. Rupkey, chief economist at Fwdbonds, a financial markets research company. Is the Fed losing the fight against inflation? But the effects of rate hikes can take months to be felt in the real economy. But the Fed is “losing the war” when it comes to price hikes for the services sector. Ultimately, some say the problem of pandemic-era inflation is just too complex to be fixed with the Fed’s blunt tools.

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