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"While we have been cautious, there is an important shift going on with the COVID reopening." The protests were the strongest public defiance during Xi's political career, China analysts said. If protests were to continue, this would add to the risk premium, said Sean Taylor, chief investment officer for Asia-Pacific at DWS Group. Social discontent stemming from the zero-COVID policy added to risks in executing and implementing government policies, said Mark Haefele, global wealth management CIO at UBS in Zurich. We also view China’s sluggish recovery as a risk for the global economy and markets."

☆ Elon Musk slams Tesla founder Martin Eberhard in response to a tweet about the company's origin: he 'could have risked his money, but was unwilling to do so'
▼ + stars: | 2022-11-28 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Eberhard told Insider Musk's comments on Tesla's history were "typical" of the billionaire. "Not one sentence of that tweet is true," Eberhard told Insider. In 2009, Eberhard sued Musk, alleging libel and slander because Musk started calling himself Tesla's founder. "I was thinking that I should do what every guy does and buy a sports car," Eberhard told Insider in 2014. Eberhard told Baer it was the first time he butted heads with Musk.

☆ Elon Musk slams Tesla founder Martin Eberhard in response to a tweet about the company's origin: He 'could have risked his money, but was unwilling to do so'
▼ + stars: | 2022-11-28 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Eberhard once sued Musk, alleging libel because Musk said he's a Tesla founder. Eberhard told Insider that Musk's comments on Tesla's history were "typical" of the billionaire. "Not one sentence of that tweet is true," Eberhard told Insider. In 2009, Eberhard sued Musk, alleging libel and slander because Musk started calling himself Tesla's founder. "I was thinking that I should do what every guy does and buy a sports car," Eberhard told Insider in 2014.

"Protests are a concern in the short-term," Seema Shah, chief strategist at $500 billion asset manager Principal Global Investors told Reuters, adding that latest events supported the view that winds were changing. "While we have been cautious, there is an important shift going on with the COVID reopening." If protests were to continue, this would add to the risk premium, said Sean Taylor, chief investment officer for Asia-Pacific at DWS Group. "We believe this divergence in view will drive an outperformance in A shares over H shares," Tang said. We also view China’s sluggish recovery as a risk for the global economy and markets."

NEW YORK, Nov 28 (Reuters) - The global oil market is signaling a potential shift, as traders and analysts worry about reduced crude demand and an oversupplied market in the coming months. On Dec. 5, a European Union ban on Russian crude imports is set to start, along with a plan by the G7 nations to force shippers to comply with a price cap on Russian oil sales. In the last week, crude futures contracts have flipped in and out of contango, where the prompt price of a commodity is lower than the future price, which suggests short-term weakness. Offers of Angolan and other West African crude oil to China, a main customer, are a barometer of physical crude demand from the country. In addition, European refiners have found themselves oversupplied with crude as an expected shortage owing to the looming EU ban on Russian oil has yet to materialise.

☆ European stocks slip on worries about China's COVID curbs
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

Nov 21 (Reuters) - European shares slipped on Monday, with economically sensitive sectors like miners and industrials leading the losses on worries about the impact of surging COVID-19 cases in China. The pan-European STOXX 600 index (.STOXX) was down 0.2% by 0811 GMT, after marking its fifth straight weekly gain on Friday. Asian stocks (.MIAPJ0000PUS) fell 1.3% as investors fretted about the economic fallout from fresh COVID-19 restrictions in China, with Beijing's most populous district urging residents to stay at home as COVID-19 cases rose. Miners (.SXPP), travel & leisure (.SXTP), and industrial goods and services (.SXNP) fell between 0.5% and 1.4%, leading losses among European sectors. HelloFresh (HFGG.DE) rose 5.4% after Goldman Sachs started coverage on the German meal-kit maker with "buy" rating.

☆ Swiss bank Julius Baer on track to meet targets despite market slump
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 21 (Reuters) - Julius Baer (BAER.S) on Monday said it was on track to reach its 2022 profitability targets, despite "challenging market" conditions taking a big bite out of its assets under management. Assets under management decreased by 11% to 429 billion Swiss francs ($449.07 billion) in the 10 months to Oct. 31, Switzerland’s third-largest listed bank said, as it was hit by slumps in global stock and bond markets. The 52 billion franc downturn was partly compensated by positive currency exchanges, mainly the stronger dollar, as well as net new money inflows of 3 billion francs, it said. Julius Baer also said it is on track to buy back up to 400 million Swiss francs worth of shares by the end of February 2023 as planned. ($1 = 0.9553 Swiss francs)Reporting by Noele Illien, editing by JohnOur Standards: The Thomson Reuters Trust Principles.

☆ How Caroline Ellison Found Herself at the Center of the FTX Crypto Collapse
▼ + stars: | 2022-11-20 | by ( Hannah Miao | Justin Baer | ) www.wsj.com time to read: 1 min

On a video call in early November, employees at Alameda Research dialed in to learn the fate of the trading firm, which was teetering on the brink. It was up to Caroline Ellison to deliver the bad news. Alameda was at the center of Sam Bankman-Fried ‘s collapsing FTX empire. Ms. Ellison, who had just turned 28, was at the center of Alameda. And they were all in crisis.

☆ Bankrupt FTX Fires Three of Sam Bankman-Fried’s Top Deputies
▼ + stars: | 2022-11-19 | by ( Justin Baer | Hannah Miao | ) www.wsj.com time to read: 1 min

Sam Bankman-Fried, shown in September in Washington, resigned as FTX’s CEO on Nov. 11, when the crypto exchange filed for bankruptcy. FTX, the cryptocurrency exchange launched by Sam Bankman-Fried , said it fired three of the founder’s top deputies. Gary Wang, an FTX co-founder and its chief technology officer; FTX engineering director Nishad Singh; and Caroline Ellison, who ran Mr. Bankman-Fried’s trading arm, Alameda Research, were terminated from those roles after FTX tapped John J. Ray to oversee the companies’ bankruptcy, an FTX spokeswoman said late Friday.

☆ Mark Cuban saw his younger self in this 'Shark Tank' founder—and offered him a $1 million deal
▼ + stars: | 2022-11-14 | by ( Megan Sauer | ) www.cnbc.com time to read: +3 min

On Friday's episode of ABC's "Shark Tank," Cuban offered a big deal to Collars & Co., a Bethesda, Maryland-based menswear brand that makes casual polos with dress collars. Cuban and guest Shark Peter Jones teamed up to offer Baer a $300,000 investment, plus a $700,000 line of credit, for 10% of Collars & Co. Cuban asked Baer how much money he'd actually need to reach his goals. The other investors withdrew from consideration, leaving only Cuban and Jones' offer on the table. Once Baer left, Jones and Cuban wondered how the trio would work together over time — but Baer seemed satisfied with the negotiations and deal.

Cryptocurrency exchange FTX, just months removed from looking like a shining survivor in a struggling industry, succumbed Tuesday to a sudden liquidity crunch of its own and was taken over by rival Binance. The deal signals a power shift in the crypto world, which has been decimated by rising interest rates and investors’ retreat from risk. The pact marks a victory for Binance founder Changpeng Zhao and a humbling comedown for Sam Bankman-Fried, the founder of FTX, which had been growing in size and recognition before a clash between the two men set off a series of events that shook investor confidence in his firm.

A massive selloff in bonds. A plunge in tech stocks. The implosion of cryptocurrencies. The highest inflation in four decades. Amid a brutal and uncertain climate, we asked six heavyweights in the world of finance to share their thoughts on the state of the markets, how they have handled this year’s carnage and what they anticipate in the future.

Michael Klein in 2010, after his departure from Citigroup. Michael Klein has been a matchmaker to some of the world’s most powerful companies and investors since leaving Citigroup Inc. more than a decade ago. Now, he has found his own match—as soon-to-be chief executive of Credit Suisse Group AG’s newly incarnated investment banking unit, CS First Boston—in a third act that enables him to become a major Wall Street CEO.

☆ Factbox: Who's in and out in Credit Suisse's day of reckoning
▼ + stars: | 2022-10-27 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +5 min

Oct 27 (Reuters) - Credit Suisse's (CSGN.S) latest shake-up has led to the promotion of some senior executives to more powerful roles while others are leaving. IN:MICHAEL KLEINA former Citigroup Inc (C.N) dealmaker, Klein has been named adviser to Credit Suisse CEO Ulrich Körner. He was hired by former Credit Suisse boss Tidjane Thiam in 2017 to run equity derivatives globally. A Spanish national, Lopez Lorenzo joined Credit Suisse in 2015 from JPMorgan (JPM.N) where he was a managing director in New York. The 47-year-old banker was part of a new crop of executives who had been tasked to restore Credit Suisse's reputation after a series of scandals.

☆ European stocks rise as earnings offset economic gloom
▼ + stars: | 2022-10-25 | by ( Sruthi Shankar | ) www.reuters.com time to read: +3 min

SummarySummary Companies SAP earnings boost tech sharesUBS gains on profit beatECB set to raise rates this weekOct 25 (Reuters) - European stocks rose on Tuesday after a slew of better-than-expected earnings reports helped offset worries about fast rising interest rates and a slowing euro zone economy. The pan-European STOXX 600 index (.STOXX) rose 0.3%, with financial services (.SXFP) and technology (.SX8P) stocks countering losses in chemical firms (.SX4P). Boosting financial stocks, UBS (UBSG.S) climbed 5.6% after the Swiss bank beat market expectations for quarterly profit due to a rise in new money inflows. While European corporate earnings are expected to grow 28.4% in the third quarter, it is seen up 18.2% in the fourth quarter and just 3.1% in the first quarter of 2023. read moreGerman sportswear maker Adidas (ADSGn.DE) dropped 3.1% after Morgan Stanley downgraded its stock to "underweight" from "equal weight".

The Swiss bank is selling billions of dollars worth of assets to help pay for a strategy change. Credit Suisse Group AG is racing to finalize the sale of a key unit, days before the beleaguered Swiss bank is set to give details of a revamp of its big Wall Street division. The Swiss bank is selling billions of dollars worth of assets to help pay for a strategy change after a series of financial losses and scandals. It may still need additional capital to add comfort for investors that it can carry out plans to retreat from some businesses and countries that are no longer deemed core, analysts say.

☆ UK stocks hit by weak retail sales, rising yields
▼ + stars: | 2022-10-21 | by ( Sruthi Shankar | ) www.reuters.com time to read: +3 min

The blue-chip FTSE 100 index (.FTSE) fell 1.0%, while the midcap FTSE 250 (.FTMC) slipped 1.6%. Truss quit on Thursday after the shortest and most chaotic tenure of any British prime minister, forced out after her unfunded tax cut proposals crashed the pound and sent British borrowing costs soaring. Former finance minister Rishi Sunak, Penny Mordaunt and former prime minister Boris Johnson are among the likely candidates. UK's retail index (.FTNMX404010) fell 4.1%, heading towards a more than two-year low hit last week. read moreMeanwhile, U.S. and European government bond yields surged further as investors priced in aggressive policy tightening by the Federal Reserve.

Estimates that 80-90% of Russian oil will continue to flow outside the cap mechanism are not unreasonable, a U.S. Treasury official told Reuters. "Oil traders dealing in Russian oil are no longer in Switzerland, Geneva or London. P&I services heeding EU law insure 95% of the world's shipborne oil trade, meaning the EU move could have halted most of Russia's exports. Insurance and shipping industry figures still saw themselves at risk of sanctions which could upend the trade even in the G7 price cap workaround. The EU ratified the price cap this month but details on implementing it remain forthcoming.

His plea agreement requires him to testify at the trial against the Trump Organization, which operates hotels, golf courses and other real estate around the world. Register now for FREE unlimited access to Reuters.com RegisterJury selection is scheduled to begin on Monday in Manhattan state court. The Trump Organization could face up to $1.6 million in fines for the three tax fraud counts and six other counts that were brought. The company's lawyers also said prosecutors presented no evidence to the grand jury that returned the indictment that the Trump Organization evaded payroll taxes. Two other Trump Organization employees received compensation in the form of lodging and car leases, prosecutors said.

☆ China, 'factory of the world,' is losing more of its manufacturing and export dominance, latest data shows
▼ + stars: | 2022-10-20 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

The container ship Emma Mærsk docked at the Dapukou container terminal of Ningbo-Zhoushan Port on August 21, 2022 in Zhoushan, Zhejiang Province. Teodoro said Vietnam's close proximity to China and cheap labor are reasons why Vietnam is considered a suitable alternative. Vietnam has taken the lion's share of the manufacturing trade away from China with an almost 360% increase in far-distance trade since 2014 — the year the country started to invest in its maritime and manufacturing sector. Malaysia and Bangladesh have taken apparel manufacturing away from China, according to MDS Transmodal, while Taiwan has seen a marginal uptick in metal manufacturing. Ningbo port hit by Covid policiesThe Port of Ningbo, the world's largest port and the third-largest container port, is the latest Chinese trade hub to see an impact from the government's "Zero Covid" policies.

☆ How the Warehouse Boom Changed the Way America Looks, Lives, and Works
▼ + stars: | 2022-10-19 | by ( ) www.businessinsider.com time to read: +1 min

As the US emerged from the Great Recession, cheap real estate and the rise of e-commerce collided to create a warehousing boom. Now warehouse boomtowns shoot up in places like California's Inland Empire, Pennsylvania's Lehigh County, and Columbus, Ohio, and the number of warehouse workers has nearly tripled in a decade. Here, Insider explores how the rise of warehouses and warehouse work has changed the US and its citizens as we became a Warehouse Nation. A surge in warehouse workUsing data and on-the-ground reporting, Insider looked at the opportunities and hidden costs of the rise of warehouse work. Read more from 'Warehouse Nation'A look from Insider at how the warehouse boom has reshaped America.

☆ Goldman Shuffle Aims to Reduce Reliance on M&A
▼ + stars: | 2022-10-18 | by ( Charley Grant | Justin Baer | ) www.wsj.com time to read: 1 min

Goldman Sachs Group is so dependent on its investment bank that a slump in deal making sent third-quarter profit down 43%--by far the steepest slide among its big-bank peers. A broad restructuring announced Tuesday is meant to change that: Goldman will fold investment banking and trading into one unit and merge asset and wealth management into another—giving it a higher profile at the same time.

☆ Home sellers desperate to get the highest possible price should consider these 9 quick upgrades that help add value to any property
▼ + stars: | 2022-10-18 | by ( Zoe Rosenberg | ) www.businessinsider.com time to read: +2 min

Experts told Insider which quick fixes they recommend to help buyers get the highest possible price. That leaves sellers scrambling to get the highest possible price for their property. The median asking price of new listings is up nearly 9% from this time last year to $383,000, while the median sales price is up 7% to $368,000, according to Redfin. It means sellers have to put in a little more effort to clinch the sale at all, not to mention to fetch the highest price. The Manhattan property sold for its full asking price: $775,000.

☆ Goldman Plans Sweeping Reorganization, Combining Investment Banking and Trading
▼ + stars: | 2022-10-17 | by ( Justin Baer | ) www.wsj.com time to read: 1 min

Goldman has been beefing up the businesses that command higher valuations on Wall Street. Goldman Sachs Group plans to fold its biggest businesses into three divisions, undertaking one of the biggest reshuffles in the Wall Street firm’s history. Goldman will combine its flagship investment-banking and trading businesses into one unit, while merging asset and wealth management into another, people familiar with the matter said. Marcus, Goldman’s consumer-banking arm, will be part of the asset- and wealth-management unit, the people said.

☆ Goldman Plans Sweeping Reorganization, Combining Investment-Banking and Trading
▼ + stars: | 2022-10-17 | by ( Justin Baer | ) www.wsj.com time to read: 1 min

Goldman, which has offices in New York, is scheduled to report third-quarter earnings this week. Goldman Sachs Group plans to fold its biggest businesses into three divisions, undertaking one of the biggest reshuffles in the Wall Street firm’s history. Goldman will combine its flagship investment-banking and trading businesses into one unit, while merging asset and wealth management into another, people familiar with the matter said. Marcus, Goldman’s consumer-banking arm, will be part of the asset- and wealth-management unit, the people said.

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