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☆ Putin's old EU ally Orban is once again aggravating Brussels with knockbacks
▼ + stars: | 2022-12-12 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

Hungary Prime Minister Orban, often seen as a scourge to EU politics with once-warm relations with Russian President Vladimir Putin, took to Twitter on Tuesday. Some EU officials believe Budapest's vote was an attempt to force through its own EU funding. On top of the additional funding for Ukraine, Hungary is also preventing the approval of new tax rules across the EU. Just before the Kremlin began its invasion of Ukraine, Orban said at a joint press conference with Putin how they had worked closely together for the last 13 years. Ukrainian President Volodymyr Zelenskyy said in November he had just received 2.5 billion euros from the EU.

☆ EU Officials Pursue Additional Sanctions Against Russia Over Ukraine War
▼ + stars: | 2022-12-07 | by ( Laurence Norman | ) www.wsj.com time to read: 1 min

European Union officials proposed a new round of sanctions on Russia on Wednesday over its invasion of Ukraine, including a ban on exports of drone engines to Russia and other potential suppliers of the machines to its military, a prohibition on investing in Russia’s mining sector and new financial restrictions. The sanctions, the ninth package of restrictions on Russia since its February invasion of Ukraine, come days after the EU and the Group of Seven advanced democracies placed a price cap on Russian oil and after European countries began their embargo on imports of Russian crude.

The answer is simple, according to more than a dozen Washington insiders, FTX employees, and crypto industry observers who spoke with Insider. I don't think anyone believed that he was going to fund candidates who were, quote unquote, committed to ending pandemics who were also hostile to the crypto industry." Alex Wong/Getty ImagesRebuffed by the SEC, Bankman-Fried turned his attention to Congress. "It's not that he was welcoming regulation," says the senior figure in the crypto industry who attended meetings with Bankman-Fried. But while Bankman-Fried was busy wooing Washington, FTX was about to become Exhibit A in the case for more effective oversight of the crypto industry.

☆ How almost $427 million in taxpayer money is locked away in a forgotten government fund — and lawmakers won't spend it or return it
▼ + stars: | 2022-11-30 | by ( Dave Levinthal | ) www.businessinsider.com time to read: +12 min

The intended beneficiaries of the taxpayer-fueled Presidential Election Campaign Fund — presidential candidates — don't want it, as they're soured by its restrictions on their election fundraising and spending. An accounting of the Presidential Election Campaign Fund, as of October 31, 2022. Several nonprofit leaders told Insider that Congress could use the Presidential Election Campaign Fund money to immediately ease suffering, particularly in light of the COVID-19 pandemic. During the 2019-20 congressional session, two Republican lawmakers sponsored similar bills that attempted to kill the Presidential Election Campaign Fund. Until that or any other repurposing decision comes down, the FEC continues to spend taxpayer resources keeping the Presidential Election Campaign Fund alive.

LONDON, Nov 29 (Reuters) - Britain will change its rulebook to allow banks to take more risks in order to keep the City of London a leading global financial centre, a government minister said on Tuesday. Next week the EU will set out a new law to force banks in the bloc to shift some of their euro derivatives clearing from London to Frankfurt. "The overall thrust of things is to allow more risk... You get reward from taking risks, you shouldn't be risk off, we just need to manage that in an appropriate way," Griffith told a Financial Times event. "There is nervousness about the UK overall," Nunn said, referring to the period of political instability and concern over the nation's finances. Alison Harding-Jones, head of EMEA M&A at US bank Citi, told the event that Britain remained a strong place and open for business.

☆ Crypto winter highlights gold’s warming qualities
▼ + stars: | 2022-11-25 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

That’s why crypto pioneers developed stablecoins, which peg their market price to old-fashioned fiat currencies. The FTX founder agreed that digital tokens were impossible to value since they generated no cash flow. In other words, the entire crypto world has the mechanics of a Ponzi scheme. In such a nightmare scenario, access to a decentralised, anonymised type of digital money could prove indispensable. In this world bitcoin serves as the lifeboat for civilisation, offering protection against both anarchy and the surveillance state.

☆ Breakingviews: Crypto winter highlights gold’s warming qualities
▼ + stars: | 2022-11-25 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

LONDON, Nov 25 (Reuters Breakingviews) - The crypto winter is bitterly cold. The FTX founder agreed that digital tokens were impossible to value since they generated no cash flow. In other words, the entire crypto world has the mechanics of a Ponzi scheme. In such a nightmare scenario, access to a decentralised, anonymised type of digital money could prove indispensable. In this world bitcoin serves as the lifeboat for civilisation, offering protection against both anarchy and the surveillance state.

☆ Ousted Disney CEO Bob Chapek will reportedly walk away with at least $23 million
▼ + stars: | 2022-11-21 | by ( Madeline Berg | ) www.businessinsider.com time to read: +2 min

Bob Chapek was ousted from his role as Disney CEO over the weekend after a bumpy tenure. He's walking away with at least $23 million, Bloomberg reports. That paycheck includes the remainder of his salary as CEO, which adds up to about $6.5 million, according to Bloomberg. In 2019, he earned a $3 million salary, plus a $21.8 million bonus. On top of that, he took home $10 million worth of stock awards and $9.6 million worth of stock options.

☆ FTX shows need to regulate crypto before it gets big, says Bank of England
▼ + stars: | 2022-11-21 | by ( Rae Wee | Tom Westbrook | ) www.reuters.com time to read: +2 min

LONDON, Nov 21 (Reuters) - The implosion of cryptocurrency exchange FTX shows the need to bring the crypto world within the regulatory framework, Bank of England Deputy Governor Jon Cunliffe said on Monday. FTX, which has filed for U.S. bankruptcy court protection, has said it owes its 50 biggest creditors nearly $3.1 billion. He added that FTX's woes highlighted the need for regulators to put in place tighter controls as quickly as possible. "The FTX example underlines how important these aspects are," Cunliffe said. "Our aim is to ensure that innovation can take place but within a framework in which risks are properly managed," Cunliffe said.

☆ Trump Org's new court-appointed 'watchdog,' retired judge Barbara Jones, can now inspect the company books
▼ + stars: | 2022-11-18 | by ( Laura Italiano | ) www.businessinsider.com time to read: +3 min

Retired federal judge Barbara Jones, left, is the newly-appointed special monitor for the real estate company owned by former President Donald Trump, right. Jones will monitor for what a Manhattan judge has termed persistent fraud at Donald Trump's company. The company must give her at least 30 days' notice of any plan to sell "significant" assets or restructure the company. Trump's company must pay Jones and any other professionals she reasonably finds necessary for her work. The longtime company financial executive must testify truthfully to keep his August low-jail tax-fraud plea deal.

☆ Zurich Insurance boosts ambitions with new financial targets
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: 1 min

[1/2] Logo of Zurich insurance is seen at an office building in Zurich, Switzerland August 9, 2018. REUTERS/Arnd WiegmannZURICH, Nov 16 (Reuters) - Zurich Insurance Group (ZURN.S) aims to boost its business operating profit after tax return on equity (BOPAT ROE) to above 20% by 2025 and generate compound organic growth in earnings per share of 8% per year in new 2023-2025 targets it unveiled on Wednesday. It also aimed for cumulative cash remittances in excess of $13.5 billion and a Swiss Solvency Test (SST) ratio of at least 160% while keeping its dividend policy, it said ahead of an investor day. Reporting by Michael Shields, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ NYC taxi fares expected to increase by 23% by the end of this year
▼ + stars: | 2022-11-16 | by ( Zenebou Sylla | ) edition.cnn.com time to read: +2 min

CNN Business —The cost of a New York City taxi ride is expected to increase by nearly 23% by the end of 2022, marking the first taxi fare increase in a decade, according to a unanimous vote held Tuesday by the NYC Taxi and Limousine Commission. Additionally, the base rate for New York City cabs is expected to rise from $2.50 to $3.00, while rush hour surcharges will increase from $1 to $2.50. Gross income of TLC drivers is projected to increase by 33% due to the newly approved fare increases, which are expected to go into effect shortly before the end of this year. “Raising taxi fare rates and minimum pay for high-volume drivers is the right thing to do for our city. “I think part of it and part of our idea with increasing the taxi fare is that the financial compensation just isn’t there.

☆ Primark owner AB Foods warns of 'substantial' cost inflation
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 8 (Reuters) - Primark owner Associated British Foods (ABF.L) faces "substantial and volatile" input cost inflation that will hit results in its current financial year, it said on Tuesday, taking the shine off a 42% jump in 2020-21 profit. AB Foods, which also owns sugar, grocery, ingredients and agricultural businesses, reported annual adjusted operating profit of 1.44 billion pounds ($1.65 billion), up from 1.01 billion pounds in 2020-21, mainly reflecting higher Primark sales after the end of COVID-related restrictions. The group also announced a 500 million pound share buyback programme and an 8% increase to its total dividend. AB Foods expects 2022-23 profit in its grocery business, which includes Twinings tea, Jordans cereals, Kingsmill bread and Ovaltine drinks, to be broadly in line with 2021-22. ($1 = 0.8705 pounds)Reporting by James Davey Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Worker complaints alleging anti-union shutdowns rise as organizing surges
▼ + stars: | 2022-11-04 | by ( Eli M. Rosenberg | Eli Rosenberg Is An Investigative Tech Reporter For Nbc News. | ) www.nbcnews.com time to read: +13 min

The company, G&D Integrated, had closed the factory, saying it had suddenly lost its decade-old contract with a Japanese company, workers said. Starbucks closed multiple stores this year following union activity. Trader Joe’s, for example, abruptly closed a wine shop in the center of New York City where workers had been organizing. Demonstrators protest outside a closed Starbucks in Seattle on July 16. More than 40 percent of the stores had union campaigns, according to data from Starbucks Workers United, the union that has been organizing the workers.

☆ UBS launches digital bond that straddles blockchain and traditional exchanges
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 3 (Reuters) - UBS AG (UBSG.S) has launched a 375 million Swiss franc ($370 million) bond that the Swiss bank said on Thursday was the world's first digital bond to be publicly traded and settled on both blockchain-based and traditional exchanges. The digital bond has the same legal status and rating as a traditional UBS AG senior unsecured note, it said in a statement. "We are proud to leverage distributed ledger technology to launch the inaugural UBS digital bond. Investors can settle and clear the digital bond on either SDX CSD directly or on SIX via an operational link announced last month. The European Investment Bank last year issued its first digital bond on a public blockchain.

☆ Turning City of London into the 'Wild West' would be self-defeating, says BoE's Woods
▼ + stars: | 2022-10-27 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

LONDON, Oct 27 (Reuters) - Turning the City - London's financial district - into a "Wild West" to attract more business after Brexit would be self-defeating as maintaining financial stability is key to competitiveness, Bank of England Deputy Governor Sam Woods said on Thursday. Woods said in a speech to be delivered to the annual City Dinner that financial stability is the single most important ingredient of competitiveness in the sector. "Any attempt to become a global financial centre by competitively de-regulating would be self-defeating by its nature: major international financial institutions want a safe harbour, not a Wild West." Woods has clashed with an insurance industry that wants him to go further in easing capital rules to help it invest in infrastructure. A "comprehensive" public consultation paper on introducing the final leg of global bank capital rules, known as Basel 3.1, will be published by the end of the year, he added.

☆ I run a soccer club I bought with 6 friends as a teen. Here's how we turned it into a TikTok sensation.
▼ + stars: | 2022-10-27 | by ( Claire Turrell | ) www.businessinsider.com time to read: +9 min

Walton & Hersham FC traces its roots to 1895 and played at Wembley, but it had fallen on hard times. My first memory of football was when I was 5 and my dad took me to watch Walton & Hersham FC play AFC Wimbledon. One Saturday in 2018, I decided to take a break from my university studies and watch a Walton & Hersham FC match with my dad. Under the new owners, Walton & Hersham FC has been promoted twice. We're not on the same scale as "Welcome to Wrexham," but we recognized the financial anguish that comes with owning a football club.

☆ This PayPal-backed startup is solving one of the biggest headaches for brands selling online through Walmart, Macy's, or Kroger — getting paid
▼ + stars: | 2022-10-26 | by ( Ben Tobin | ) www.businessinsider.com time to read: +4 min

Cymbio, an Israel-based digital-sales startup, is making it easier for brand clients to get paid instantly when selling on retailer websites like Walmart, Macy's, Nordstrom, and Kroger. These marketplace websites are becoming an increasingly important place for brands to make revenue. Cymbio has launched a new feature for its more than 400 brand clients called Cymbio Finance, which automates payouts for brands selling on retailers' sites. Prior to this financial offering, Cymbio, which was founded in 2014, predominantly focused on providing technical support for brands selling on outside websites. And a key part of that growth is ensuring brands are paid in a timely fashion.

☆ Pension Fund Appetite for Commercial Real Estate Is Fading Fast
▼ + stars: | 2022-10-25 | by ( Peter Grant | ) www.wsj.com time to read: 1 min

U.S. public pension funds, after pouring new money into commercial real estate at a record rate during the first half of the year, are cooling fast on the sector and cutting back on new investments. These retirement funds made $32.6 billion worth of new financial commitments to office buildings, warehouses, hotels and other commercial properties during the first six months of 2022, according to Ferguson Partners , a professional services firm that tracks the industry. Those investments, made through financial firms and funds, were up nearly 40% from the same period in 2021.

"Policy stability is absolutely critical," Miles Celic, chief executive of finance lobby group TheCityUK told Reuters. Finance chiefs want Sunak to balance spending on infrastructure with easing immigration policy for skilled workers and investing in education, Celic added. Sunak confirmed on Tuesday that he was keeping Hunt as his finance minister, after he was appointed late in Truss' brief premiership to shore up confidence in Britain's finances - and tear up much of her planned tax-cutting agenda. Britain's 164 billion pound ($185 billion) financial industry was largely locked out of directly serving EU customers after Brexit. Any moves to extract more tax from banks are likely to be met with industry opposition.

☆ Meet 9 top media bankers transforming the M&A landscape and driving deals for Warner Bros. Discovery, Legendary, Amazon, and more
▼ + stars: | 2022-10-20 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +5 min

2022 kicked off with some huge transactions, from AT&T's WarnerMedia spin-off to private equity scooping up content players. Brad Pitt's production company, Plan B, and Diamond Sports Group both recently tapped big banks to explore their options. Not surprisingly, WarnerMedia was at the heart of the richest transaction fee waterfall for big banks in 2022. Moelis and LionTree were just tapped to help figure out what's next for Sinclair's Regional Sports Networks, Diamond Sports Group, while Brad Pitt's production company, Plan B, also hired Moelis to shop the production company, according to Variety. There's lots of dry powder still in private equity, Navid Mahmoodzadegan, co-founder and co-president at investment bank Moelis, told Insider.

☆ European countries are shelling out huge sums to deal with the energy crunch. Economists fear it could spark a new financial crisis.
▼ + stars: | 2022-10-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +7 min

A new debt crisis could be looming as European countries throw huge sums of money at the energy crisis. Already, the energy crisis is estimated to have cost Europe around 700 billion euros. Combined with a high debt load, that spells trouble, Boskin says, because debt itself is also inflationary. Additional spending and debt from the energy crisis could result in more stress being exerted on the financial system. "I think a debt crisis could very likely ensue given the vast amounts that [are] being spent as a percentage of GDP.

☆ Johnson's campaign is paying the law firm of a Trump attorney allegedly connected to Jan. 6 fake elector plot
▼ + stars: | 2022-10-17 | by ( Natasha Korecki | Natasha Korecki Is A Senior National Political Reporter For Nbc News. | ) www.nbcnews.com time to read: +7 min

The records show he made regular payments, totaling at least $30,000 in payments this year, to another law firm, Wiley Rein, for legal consulting. Other numbers publicly listed for Troupis Law Office appear disconnected or are inoperable. Phone, email and text messages left with Johnson’s campaign were not immediately returned. On May 11, Chesebro donated $5,800 to Johnson’s campaign, the maximum amount an individual can contribute during the primary, under FEC rules. That lawsuit alleges that Troupis was a link between the Trump campaign and the fake electors.

☆ British pub operator Marston's annual sales rise above pre-pandemic levels
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

Oct 11 (Reuters) - British pub operator Marston's (MARS.L) said on Tuesday its annual retail sales rose above pre-pandemic levels, as people splurged on drinks more than food despite the worsening cost-of-living crisis. Pubs, restaurants and hotels in Britain, still recovering from pandemic restrictions, are now grappling with rising costs and lower consumer spending in the face of rising inflation. "We are managing cost inflation well with food, drink and energy costs covered for the immediate future," Chief Executive Officer Andrew Andrea said in a statement. Total retail sales for the year were 2% higher from 2019, with sales of drinks outperforming food because of hot weather during the summer, Marston's said. Marston's rivals Mitchells & Butlers (MAB.L) warned of tighter margins in its new financial year as costs rise, while Wetherspoon's (JDW.L) annual operating costs nearly doubled.

For Love & Money is a biweekly column from Insider answering your relationship and money questions. This week, a reader who gets an "allowance" from her husband asks how to tell him it's unfair. Write to For Love & Money using this Google form. Your use of the word "allowance" tells me this is not the underlying assumption of the financial system your husband currently has in place. Rooting for you,For Love & Money

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