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☆ The Fed couldn't be more clear, says Cowen CEO Jeffrey Solomon
▼ + stars: | 2023-02-27 | 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 EmailThe Fed couldn't be more clear, says Cowen CEO Jeffrey SolomonJeffrey Solomon, Cowen CEO, joins 'Squawk on the Street' to discuss his thoughts on what to expect in the market for the rest of the year.

☆ Continuing Sanctions Against Russia Mark ‘Tectonic’ Shift
▼ + stars: | 2023-02-24 | by ( Richard Vanderford | ) www.wsj.com time to read: +7 min

Hundreds of companies, though, decamped, calculating that the looming threat of sanctions ratcheting up and reputational risk warranted an exit. Prof. Sonnenfeld and Mr. Tannebaum both have been personally sanctioned by Russia, which has accused critics of engaging in a “Russophobic” campaign. “Countries continue to rely on those tools for foreign policy. The Russia sanctions have functioned as a “wake-up call” to the C-suite, Mr. Smith said. The use of coordinated sanctions, both in Russia and as a broader foreign policy tool, doesn’t seem to be going away, experts agreed.

☆ A Year After Russia’s Invasion of Ukraine, Tough Sanctions Linger
▼ + stars: | 2023-02-24 | by ( Richard Vanderford | ) www.wsj.com time to read: +7 min

Russia’s invasion of Ukraine a year ago prompted a volley of tough sanctions from the U.S. and its allies, a historic use of economic measures that will likely have lasting implications for businesses. Hundreds of companies, though, decamped, calculating that the looming threat of sanctions ratcheting up and reputational risk warranted an exit. “Countries continue to rely on those tools for foreign policy. The Russia sanctions have functioned as a “wake-up call” to the C-suite, Mr. Smith said. The use of coordinated sanctions, both in Russia and as a broader foreign policy tool, doesn’t seem to be going away, experts agreed.

☆ Russia says its economy did better than expected, one year into the Ukraine war. But experts say there's a red flag behind the announcement.
▼ + stars: | 2023-02-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

According to Russia's federal statistics service, the country's GDP contracted by 2.1% in 2022. However, Russia stopped publishing some key economic data last year, throwing up a red flag. While this contraction reversed a 5.6% GDP growth in 2021, it did far better than an 8.8% to 12.4% contraction that Russia's economy ministry projected in April 2022. The war in Ukraine triggered heightened concerns over issues related to energy security, particularly about natural gas exports — which Europe was reliant on. The EU's ban on Russian oil imports from December sent countries rushing to load up before the embargo kicked in, which helped prop up Russia's energy coffers.

☆ China knows it doesn't need Putin: Yale's Jeffrey Sonnenfeld
▼ + stars: | 2023-02-21 | 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 EmailChina knows it doesn't need Putin: Yale's Jeffrey SonnenfeldJeff Sonnenfeld, Yale School of Management senior associate dean for leadership studies, joins 'Squawk Box' to discuss the list of companies who pulled business operations out of Russia, what the same companies would do with China, and more.

Russia wants the 15-member council to ask for an independent inquiry into the blasts on the pipelines connecting Russia and Germany, which spewed gas into the Baltic Sea. "The authorities of Denmark, Germany and Sweden have been in dialogue regarding the investigation of the gas leaks, and the dialogue will continue to the relevant extent." Russia has asked U.S. economist Jeffrey Sachs, of the Center for Sustainable Development at Columbia University, to brief the Security Council at Tuesday's meeting. The consequences as concerns greenhouse gas emissions are substantial and worrisome," Denmark, Germany and Sweden wrote. This means a vote could coincide with meetings of the U.N. General Assembly and Security Council to mark the first anniversary of Moscow's invasion of Ukraine.

☆ Here's how Wall Street pros traded 13 Club stocks last quarter, including Salesforce and Disney
▼ + stars: | 2023-02-17 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +9 min

Big-name investors and hedge funds made moves in Club holdings Disney (DIS), Nvidia (NVDA) and TJX Companies (TJX) in the fourth quarter. Starboard's position stood at 3.03 million shares — valued at $401.22 million — at the end of the fourth quarter, according to the firm's 13F. Inclusive's 1.63 million shares were worth $216.77 million and ValueAct's 560,221 shares carried a market value of $74.28 million. CRM YTD mountain Salesforce (CRM) YTD performance In addition to Salesforce, a number of other Club holdings appeared in hedge funds' quarterly disclosures. Some of the activists swarming at Salesforce have positions in other Club holdings and made changes to them during the fourth quarter.

China’s official count 0 2.5 million 83,150 deaths Model based on Shanghai outbreak 1.6 million deaths LOW ESTIMATE HIGH ESTIMATE Estimate using travel patterns 970,000 deaths Estimate using recent testing data 1.5 million deaths Estimate based on U.S. death rates 1.1 million deaths China’s official count 0 2.5 million 83,150 deaths Model based on Shanghai outbreak 1.6 million deaths LOW EST. But China’s official Covid death toll for the entire pandemic remains strikingly low: 83,150 people as of Feb. 9. Four separate academic teams have converged on broadly similar estimates: China’s Covid wave may have killed between a million and 1.5 million people. Why official data underrepresents China’s outbreak83,150 deaths China’s official count on Feb. 9 0 2.5M 83,150 deaths China’s official count on Feb. 9 0 2.5 millionChina has a narrow definition of what counts as a Covid-19 death. But the work was unwavering in its ultimate conclusion: Ending the “zero Covid” policy was likely to overwhelm the health care system, producing an estimated 1.6 million deaths.

☆ Finance Chiefs, Facing Another Year of Persistent Inflation, Prioritize Cost Savings
▼ + stars: | 2023-02-10 | by ( Kristin Broughton | ) www.wsj.com time to read: +6 min

Finance chiefs are pushing their companies to do more with less as they face another year of rising costs. Obviously, we’re dealing with a very unique environment right now with the unprecedented level of cost inflation. But we’re not in that environment right now. Ideally, we can grow as the demand environment hopefully normalizes. And that’s going to give us more optionality as we better understand our demand for AI over time.

☆ This is the best place to be sitting if your plane is about to crash
▼ + stars: | 2023-02-09 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +5 min

Plane crashes are extremely rare. Data from past crashes and crash tests show that the back of the plane is probably the safest. In the rare case that a plane goes down, some research indicates that the safest place to be sitting is in a middle seat near the back of a plane. A 2015 analysis by Time magazine of the Federal Aviation Administration's aircraft accident database looked at 17 plane crashes with seat charts that could be analyzed. Middle of the plane, middle seat: 39% — about one in 2.5 passengers.

Biden will deliver his second State of the Union address at about 9 p.m. (0200 GMT Wednesday). It will be broadcast live on major U.S. broadcast television networks and online by the White House and the House of Representatives. The speech could deliver Biden his largest television audience of the year. The White House has also invited Brandon Tsay, who disarmed a gunman responsible for a mass shooting in Monterey Park, California. Republicans have picked Arkansas Governor Sarah Huckabee Sanders, who served as White House press secretary under Donald Trump, to deliver their response.

☆ Everton halt Arsenal march, Liverpool slide continues
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +4 min

"When you start like this you don't deserve anything in a Premier League game," Liverpool manager Juergen Klopp said. Manchester United consolidated their top-four position with a 2-1 victory at home to Crystal Palace, although it came at a cost with midfielder Casemiro shown a straight red card. Everton are in 18th place with 18 points behind West Ham United on goal difference before the late kickoff. For Arsenal it was a wake-up call and they will be hoping for a favour from Tottenham, who play second-placed Manchester City on Sunday. Arsenal host Manchester City on Feb. 15.

☆ Exclusive: Starboard to challenge engineering materials maker Rogers' board -sources
▼ + stars: | 2023-02-04 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

The board challenge comes after chemical company DuPont (DD.N) in November walked away from a $5.2 billion deal to acquire Rogers because it failed to secure regulatory approval for the transaction in China. Starboard and Rogers did not respond to requests for comment. Its stock price tumbled after the DuPont deal was scrapped and is down 47% over the last 52 weeks. The company has made changes since the DuPont deal fell apart. Starboard has been active, including recent bets on cloud-based software company Salesforce (CRM.N), software company Splunk (SPLK.O) and website maker Wix.com (WIX.O).

☆ Rashford fires Man Utd to 2-1 win over Palace, Casemiro sees red
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +2 min

MANCHESTER, England, Feb 4 (Reuters) - Marcus Rashford won a first-half penalty before scoring himself in the second half as Manchester United survived a straight red card for Casemiro to beat Crystal Palace 2-1 in the Premier League at Old Trafford on Saturday. Manchester United climbed to third in the standings on 42 points, eight behind leaders Arsenal and three behind second-placed Manchester City, while Palace are 12th on 24 points. "The last 20 minutes we showed we can battle, we can fight. It's a big team spirit, they stand (up) for each other and we are happy with that," he added. Reporting by Philip O'Connor; Editing by Hugh Lawson and Christian RadnedgeOur Standards: The Thomson Reuters Trust Principles.

The central bank lifted its main funds rate by 25 bps to its highest since 2007 as it continued its fight against inflation. Yet the S&P 500 (.SPX) hit a five-month high, as traders focused resolutely on the idea that the world's most influential central bank would change course soon. Government bond markets meanwhile continued to price in rate cuts by year-end as the economic cycle turns. Over in Europe, the European Central Bank delivered a hefty 50 bps hike on Thursday and promised more of the same for March and beyond. "In terms of the impact of (central bank) hawkishness on markets," he added, "this has significantly softened."

☆ General Motors doesn’t expect significant U.S. production of EVs until second half of year
▼ + stars: | 2023-01-31 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

Barring any supply chain problems, Betts said electric vehicles should be easier and faster to build than traditional vehicles with internal combustion engines for an experienced automaker. Photo by Steve Fecht for General MotorsBut others such as Hyundai Motor and Ford Motor have been ratcheting up production of EVs. Industry leader Tesla also targets to produce 2 million electric vehicles globally this year. Ford, which ranked second in EV sales in the U.S. last year, expects to increase production of its electric Ford F-150 Lightning. GM expects to ramp-up production of the Bolt models, which use older battery technology, to 70,000 vehicles this year, GM has said.

☆ Jeff Smith makes for a substitute Warren Buffett
▼ + stars: | 2023-01-30 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

With markets sagging and deals drawing opposition, such imprimaturs have a value - and at Ritchie Bros Auctioneers (RBA.TO), it’s the turn of Starboard Value’s Jeffrey Smith to play rescuer. Heavy equipment auctioneer Ritchie Bros ran into both problems in its $7 billion bid to buy salvage-car portal IAA (IAA.N). Announced in November, it quickly drew opposition from IAA shareholder Ancora and Ritchie investor Luxor Capital. Shareholder opposition is expected in market turmoil. As part of the deal, Starboard Value agreed to invest $500 million in Ritchie Bros, with fund boss Jeffrey Smith taking a seat on Ritchie’s board if the IAA deal succeeds.

But an accompanying document from one of Holmes' attorneys explained that the ticket had been purchased prior to her conviction. "The government’s newfound claim that Ms. Holmes attempted to flee is baseless," Holmes' attorneys write. Holmes has also been in frequent contact with multiple pretrial services officers, they write. "She has a flawless pretrial services record," they said. The lawyers add that the accusations “have been widely reported in the press and already have produced negative effects for Ms. Holmes and her partner beyond this case,” without elaborating.

☆ Elizabeth Holmes' attorneys slammed prosecutors' claim that she tried to flee to Mexico as 'baseless' and say she no longer planned to make the trip after her conviction
▼ + stars: | 2023-01-24 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +4 min

Theranos founder Elizabeth Holmes responded to prosecutors' claim that she booked a one-way flight to Mexico in an attempt to flee. Her attorneys called the claim "baseless," saying the flight was to attend a wedding, which they say Holmes no longer planned to attend after being convicted of fraud. After receiving a guilty verdict, Holmes no longer planned to attend the wedding, her attorneys said in the filing. Holmes' attorneys added that her passport has been expired "for years" and said she didn't try to get a new one. Holmes' defense also pushed back on prosecutors' claim that, for more than a year, she has lived on an estate that costs $13,000 per month to maintain.

☆ Canada's Ritchie Bros raises cash payout under revised offer for IAA
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

Jan 23 (Reuters) - Canada's Ritchie Bros Auctioneers (RBA.TO) on Monday sweetened the cash component of its buyout offer for IAA Inc (IAA.N) by 28%, valuing the U.S. auto retailer at $5.94 billion, and also secured the backing of a key IAA shareholder which had questioned the initial offer. IAA shares rose 4.9% in morning trade, while Ritchie Bros's Toronto-listed shares were up 3%. The improved offer comes at a time when many companies are reducing costs and initiating layoffs in face of a potential economic downturn. Under the revised offer, IAA stockholders would receive $12.80 in cash, up from $10 earlier, and 0.5252 Ritchie Bros. share for each IAA share, down from 0.5804. Ritchie made the initial offer in November, valuing the company at about $7.3 billion, including debt.

☆ Ritchie Bros. Sweetens Deal for IAA, With Starboard’s Jeff Smith Set to Join Board
▼ + stars: | 2023-01-23 | by ( Lauren Thomas | ) www.wsj.com time to read: 1 min

Ritchie Bros. agreed to add Starboard CEO Jeffrey Smith to its board as part of the agreement, executives at the firms said. Canada’s Ritchie Bros . Auctioneers Inc. agreed to amend the terms of its proposed acquisition of U.S. auto retailer IAA Inc., as activist investor Starboard Value LP plans to make a $500 million investment in Ritchie Bros. Under the terms of the amended agreement, IAA stockholders would receive $12.80 in cash, up from $10, and 0.5252 Ritchie Bros. share for each IAA share. That implies a combined value to IAA stockholders of $44.40 based on Ritchie Bros.’ closing price of $60.17 on Friday. (Previously, the stock component was 0.5804.)

☆ Elizabeth Holmes booked a 1-way ticket to Mexico for a friend's wedding while out on bail, prosecutors say
▼ + stars: | 2023-01-20 | by ( Charles R. Davis | Azmi Haroun | ) www.businessinsider.com time to read: +3 min

Theranos founder Elizabeth Holmes bought a one-way ticket to Mexico last year, per prosecutors. In response, Holmes' attorney, Lance Wade, said the trip was planned prior to Holmes' conviction on January 3, 2022. "The hope was that the verdict would be different and Ms. Holmes would be able to make this trip to attend the wedding of close friends in Mexico," he wrote. The Theranos founder has sought to stay out of custody as her appeal is pending. "There are not two systems of justice — one for the wealthy and one for the poor — there is one criminal justice system in this country," government lawyers wrote in the document.

☆ Gold rises on tepid U.S. dollar, safe-haven inflows
▼ + stars: | 2023-01-19 | by ( ) www.cnbc.com time to read: +2 min

Gold rings displayed at the Korea Gold Exchange store in Seoul, South Korea. Gold prices fell on Monday, as the dollar held on to gains following U.S. Federal Reserve Chair Jerome Powell's signal that the central bank will raise interest rates further to tame sky-high inflation. Gold prices rose nearly 1% on Thursday, supported by a weaker dollar and some safe-haven demand as weak U.S. economic readings and hawkish comments from Federal Reserve officials fueled recession worries. U.S. gold futures rose 1.41% to $1,933.90.."There is flight to safety. Elsewhere, spot silver rose 1.72% to $23.8292 per ounce, platinum fell 0.45% to $1,033.3007 and palladium jumped 2.18% to $1,775.8759.

☆ Davos draws record crowds, but its relevance is fading
▼ + stars: | 2023-01-16 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

Data from the World Bank shows that global trade of goods and services as a percentage of total economic output peaked that year. A wooden sign on the waterfront of Lake Davos in Davos, Switzerland, on Jan. 8, 2023. Just look to Italy’s new prime minister, Giorgia Meloni, who was installed in October. Those skipping the gathering this year include US President Joe Biden, China’s Xi Jinping, Indian Prime Minister Narendra Modi, French President Emmanuel Macron and UK Prime Minister Rishi Sunak. That raises questions about whether Davos can hang on to its reputation an essential event for the rich and powerful.

☆ Analysis: Move over TINA, it's time for TARA
▼ + stars: | 2023-01-11 | by ( Naomi Rovnick | ) www.reuters.com time to read: +5 min

Reuters GraphicsIdanna Appio, a portfolio manager at First Eagle Investments, said that TINA was good for passive investors as it meant that equity prices went up because bond yields went down. "The risk free rate," he added, referring to core government bond yields, "actually gives you something." Bond funds recorded net inflows for six straight weeks until early January, BofA said, based on its analysis of EPFR data. "The end of TINA is very important," said Francesco Sandrini, head of multi-asset strategies at Amundi, Europe's largest fund manager. "You don’t need a bond bull market, you now have income," said Jeffrey Sherman, deputy chief investment officer at U.S. money manager DoubleLine.

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