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☆ Cathie Wood adds to holdings in Coinbase, other crypto stocks amid FTX fallout
▼ + stars: | 2022-11-17 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

Cathie Wood's Ark Invest is continuing to buy the dip in crypto stocks even as the fallout from the FTX collapse is creating new stresses in the digital currency world. The Ark Innovation ETF (ARKK) bought nearly 164,000 shares of Coinbase on Wednesday, while the Ark Fintech Innovation ETF (ARKF) added about 82,000 shares of Coinbase and bought roughly 141,000 shares of Silvergate Capital . Shares of Coinbase and Silvergate have dropped roughly 32% and 47%, respectively, since the end of October. These moves follow the Ark Next Generation Internet ETF (ARKW) buying shares of the Grayscale Bitcoin Trust on Monday and Tuesday. The flagship Ark Innovation ETF is down nearly 60% for the year.

☆ From $32 billion to criminal investigations: How Sam Bankman-Fried's empire vanished overnight
▼ + stars: | 2022-11-15 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +17 min

Alameda's success spurred the launch of crypto exchange FTX in the spring of 2019. A Twitter fight with the CEO of rival exchange Binance pulled the mask off the scheme. Alameda, FTX and a host of subsidiaries Bankman-Fried founded have filed for bankruptcy protection in Delaware. On Nov. 2, CoinDesk reported a leaked balance sheet showing that a significant amount of Alameda's assets were held in FTX's illiquid FTT token. On Nov. 6, according to Bankman-Fried, the exchange had roughly $5 billion of withdrawals, "the largest by a huge margin."

☆ Complexity for Marketers Has Meant Opportunity for Ad Agencies
▼ + stars: | 2022-11-14 | by ( Megan Graham | ) www.wsj.com time to read: +7 min

Their performance is striking compared with ad agencies’ plight five years ago: Facebook and Google had established direct relationships with marketers and were winning growing portions of their ad budgets before agencies could even offer their services. Newsletter Sign-up WSJ | CMO Today CMO Today delivers the most important news of the day for media and marketing professionals. PREVIEWSome major owners of ad agencies watched their growth slow or flatten in 2017 and 2018. Agency companies have responded by building practices to help marketers on platforms like TikTok and Amazon. Marketers navigate outside partnersSome major marketers still want to keep a close handle on some of their data efforts.

☆ Electric vehicle makers burning cash, slammed by sky-high costs
▼ + stars: | 2022-11-14 | by ( Akash Sriram | ) www.reuters.com time to read: +5 min

[1/2] A Canoo Lifestyle Vehicle is displayed during the 2021 LA Auto Show in Los Angeles, California, U.S. November, 17, 2021. Quarterly reports from electric vehicle (EV) makers from the past two weeks show them struggling to hit delivery targets and rapidly burning through cash. At the end of September, it had $6.8 million in cash and equivalents, down sharply from $415 million a year earlier. Still, higher output would ultimately reduce the cost per car and limiting production can threaten the path to profitability, analysts said. Rivian, backed by Amazon.com (AMZN.O) and Ford Motor (F.N), had $13.8 billion cash on hand at the end of September.

☆ The method to Elon Musk's Twitter madness reveals itself
▼ + stars: | 2022-11-14 | by ( Matt Weinberger | ) www.businessinsider.com time to read: +5 min

The theme of last week was chaos and hubris, amid a massive wave of tech layoffs and the turmoil at Twitter under new owner Elon Musk. The method to the Twitter madness emerges. Salesforce insiders say they were set up to fail. Last week, Salesforce laid off workers who it said were underperforming. The jokester behind the popular Jesus Christ account on Twitter tells Insider how Elon Musk's new Twitter Blue got him verified after 14 years on the platform.

☆ Macau Under Spotlight Amid U.S. Inspections of China-Based Audits
▼ + stars: | 2022-11-13 | by ( Mark Maurer | ) www.wsj.com time to read: +8 min

The PCAOB, which began inspections of China-based audits in September, will decide by year-end whether China is complying with the agreement. “We do not know if these firms, especially in the U.S., have been adequately supervising the Macau firms,” she said. The Macau firms’ work isn’t immune from PCAOB inspection. PwC Macau is a separate legal entity, but it is run as part of the firm’s China operations, a spokesman said. “The China firm is taking responsibility, treating it as a branch office,” Ms. McKenna said.

☆ Exclusive: As split Congress odds increase, Yellen warns of need to lift debt ceiling
▼ + stars: | 2022-11-12 | by ( David Lawder | ) www.reuters.com time to read: +4 min

Yellen told Reuters in an interview in New Delhi on Friday that cooperation is still possible with Republicans on some issues, but lifting the debt ceiling is a non-negotiable item. Some Republicans have threatened to use the next hike in the $31.4 trillion debt ceiling as leverage to force concessions from U.S. President Joe Biden, a Democrat. U.S. public debt stood at $31.2 trillion on Wednesday and without an increase, analysts anticipate a potential default crisis by the third quarter of 2023. Asked whether Democrats should pass legislation in the post-election session, while they would still retain a majority until January, regardless of the election outcome Yellen said raising the debt ceiling was urgently needed. "I think it's irresponsible not to raise the debt ceiling.

☆ Exclusive: Yellen warns of need to lift debt ceiling
▼ + stars: | 2022-11-12 | by ( David Lawder | ) www.reuters.com time to read: +4 min

Yellen told Reuters in an interview in New Delhi on Friday that cooperation is still possible with Republicans on some issues, but lifting the debt ceiling is a non-negotiable item. Some Republicans have threatened to use the next hike in the $31.4 trillion debt ceiling as leverage to force concessions from U.S. President Joe Biden, a Democrat. Asked whether Democrats should pass legislation in the post-election session, while they would still retain a majority until January, regardless of the election outcome Yellen said raising the debt ceiling was urgently needed. "I think it's irresponsible not to raise the debt ceiling. "We're certainly going to try to protect the gains we've made over the last year and a half," Yellen said.

☆ Guest view: Climate finance club hands over baton
▼ + stars: | 2022-11-08 | by ( Huw Van Steenis | ) www.reuters.com time to read: +7 min

A year after financial institutions joined forces to lower carbon emissions as part of the Glasgow Financial Alliance for Net Zero, the initiative faces criticism from all sides. But the initiative is starting to hit the limits of what financial institutions can achieve through voluntary cooperation. Chief executives of financial institutions worry that participating in GFANZ opens them up to accusations of anti-competitive behaviour and litigation risk. It’s for politicians to set the legislative framework and financial institutions to abide by it. This could double or treble by increasing development banks’ capital, by changing their capital frameworks and mandates, or through smarter public-private partnerships.

☆ BigID: 2022 Top Startups for the Enterprise
▼ + stars: | 2022-11-07 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +1 min

All companies are now digital enterprises, regardless of sector, but for many years, data wasn't being managed in the best way possible for the privacy era. BigID's data intelligence platform is used by clients to proactively discover, manage and protect regulated, sensitive and personal data across their data landscape. Using machine learning and data, BigID can address data privacy, security and governance challenges across all different types of data for clients ranging from financial services to healthcare. The company, which raised $100 million in its Series D funding round that valued it at $1.25 billion, has investors that include ServiceNow , Hewlett Packard Enterprise , Salesforce , SAP and Splunk . The 2022 Top Startups for the Enterprise list is powered and inspired by the members of CNBC's Technology Executive Council (TEC).

☆ Class of 2023 rejoice: Companies are ramping up hiring of new college grads as experienced workers are harder to find amid the labor shortage
▼ + stars: | 2022-11-06 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +9 min

The labor market is still tight, but employers are ready to hire from the pool of new college graduates. NACE found that respondents plan to hire 14.7% more 2023 graduates compared to the class of 2022. That's good news for workers, especially recent college graduates. "For instance, in many cases it costs less to hire a recent college graduate compared to a mid-career or senior-level professional." But it noted "only 6% expect to cut back on hiring new college graduates."

☆ 3 takeaways from our daily meeting: Equities mixed, hopes for China reopening, buying Coterra
▼ + stars: | 2022-11-04 | by ( Krystal Hur | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Stocks wavering Club stocks soar China vaccine news Buying up more CTRA 1. Stocks wavering Stocks were mixed in midday trading Friday after rallying this morning following four consecutive days of losses. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Almost all the funds, some $7.8 billion, flowed between Binance and Iran's largest crypto exchange, Nobitex, according to a review of data from leading U.S. blockchain researcher Chainalysis. The scale of Binance's Iranian crypto flows – and the fact that they are continuing – has not been previously reported. The total volume of Iranian transactions flowing through Binance is far greater than through any other exchange, the data show. The vast majority of the $8 billion in Iranian crypto transactions identified by Reuters involved the main Binance exchange. This October, the Treasury fined Seattle-based crypto exchange Bittrex $24 million for violating sanctions on Iran and other countries by processing crypto transactions worth over $260 million.

☆ A submerged buoy-like device is harnessing the sea's 'epic amounts of energy' in Scottish trial
▼ + stars: | 2022-11-03 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +1 min

Sea-based trials of a wave energy converter weighing 50 metric tons have produced "highly encouraging results," according to the company behind its development. On Tuesday, Scotland-based AWS Ocean Energy said the average amount of power its device was able to capture "during a period of moderate wave conditions" came to more than 10 kilowatts, while it also recorded peaks of 80 kW. In addition, AWS said its Waveswing was able to operate in more challenging conditions, including Force 10 gales. The piece of kit — which has been described as a "submerged wave power buoy" — has a diameter of 4 meters and stands 7 meters tall. The Waveswing, AWS Ocean Energy says, "reacts to changes in sub-sea water pressure caused by passing waves and converts the resulting motion to electricity via a direct-drive generator."

☆ Exxon and Apple are in a similar boat
▼ + stars: | 2022-10-28 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

NEW YORK, Oct 28 (Reuters Breakingviews) - Exxon Mobil (XOM.N) might be able to give Apple (AAPL.O) a lesson in disruption. Exxon’s profit was nearly triple last quarter what it was in the same quarter last year, and it wasn’t alone. Oil investors have been clear that they want discipline, as demand will likely peak soon if it hasn’t already. That means Exxon will presumably never reclaim its crown as the world’s most valuable firm, and Apple still earned far more than the company in the past year. Exxon earned $19.7 billion in the quarter, nearly tripling what it earned in the same period last year.

☆ Russia's anti-satellite threat tests laws of war in space
▼ + stars: | 2022-10-28 | by ( Joey Roulette | ) www.reuters.com time to read: +5 min

Such an act during the war in Ukraine could sharply escalate tensions between Russia and the United States. And tens of thousands of communications devices in Ukraine rely on U.S. satellite communications giant Iridium's (IRDM.O) satellite network. "If somebody starts shooting satellites in space, I'd imagine it would quickly make space unusable," Desch said. COMPLICATED CALCULUSWhether a Russian anti-satellite strike would violate the 1967 Outer Space Treaty, such as its prohibition on placing weapons of mass destruction in space, is debatable, lawyers say. SpaceX's Starlink network consists of roughly 3,000 satellites, and there are several dozen commercial U.S. imagery satellites eyeing Russia and Ukraine.

☆ Ford to exit Russia after JV stake sale
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: 1 min

Oct 26 (Reuters) - Ford Motor Co (F.N) said on Wednesday it would exit Russia, after the U.S. automaker finalized a deal to sell its 49% stake in the Sollers Ford joint venture. "Ford shares will be transferred to the Joint Venture for a nominal value," the company said, adding that it retains the option to buy them back within a 5-year period "should the global situation change". The company had announced a full suspension of its operations in Russia in March. Ford follows U.S. firms including Cisco Systems Inc (CSCO.O) and Nike Inc (NKE.N) in announcing an exit from Russia, after Western countries imposed sanctions on Moscow over its invasion of Ukraine, making it nearly impossible for manufacturers to do business there. Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Warehouse startups that rode the e-commerce boom to the top are recalibrating for a cool down by cutting jobs and delaying fundraising
▼ + stars: | 2022-10-25 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +5 min

The pandemic boosted e-commerce and the startups that pack and ship orders. Startups that once rode the rocket ship of the pandemic e-commerce boom are adjusting to solid ground again. In the fulfillment space just 18 months ago, startups were opening new facilities and making acquisitions at a furious pace. Along with e-commerce growth, the pace of venture funding has slowed, especially as the economy wobbles. (He said ShipHero had been profitable, but went into a growth phase after the first venture round.)

☆ Premarket stocks: Why investors aren't going green
▼ + stars: | 2022-10-24 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

ESG funds in September saw their largest outflow of investor cash since the March 2020 recession. These ESG and responsible investing funds saw assets under management peak above $8.5 trillion in late 2021. That’s because ESG ratings agencies tend to rate companies against others within their industry, so oil and gas companies are rated separately from automotive companies. A debate over how to regulate ESG funds is also adding to the noisy picture. But the hurdles facing ESG investing show that doing so is easier said than done.

BEIJING, Oct 23 (Reuters) - Li Qiang, who oversaw Shanghai's grinding two-month COVID-19 lockdown this year as party boss of China's commercial hub, is on track to become China's next premier after President Xi Jinping unveiled a new governing body packed with loyalists. Current Premier Li Keqiang, a more reform-minded voice, will step down in March after the maximum two terms. "We have not seen Li Qiang introduce any market-oriented reforms," said Lam. In 2015, Li accompanied Xi on a visit to the United States to meet then-President Barack Obama. In Seattle with Xi, Li gave a speech calling for more cooperation between Zhejiang and U.S. firms.

☆ Microsoft, Apple, Meta, other big U.S. firms run ads urging Congress to protect 'Dreamers' as DACA fades
▼ + stars: | 2022-10-20 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Julia-Ainsley-Circle-Byline-Template.Jpg | Julia Ainsley | ) www.nbcnews.com time to read: +6 min

“Collectively, we represent the backbone of an American economy facing tremendous workforce challenges as a result of the pandemic. Circuit Court of Appeals recently ruled that DACA was illegal but allowed more than 600,000 current DACA recipients to keep their status while a lower court reviewed a new DACA rule the Biden administration put forward. He is predicted to rule against the new DACA rule ultimately, because he found its previous iteration illegal. “Tragically, the 5th Circuit and courts have made it clear that not only did they rule the current DACA rule is illegal, but the new DACA rule will be illegal, too,” said Todd Schulte, the president and executive director of FWD.US, a group that has advocated for DACA to continue. “Now, no one trusts Democrats of the Biden administration to actually enforce the law and crack down on illegal immigration.

Register now for FREE unlimited access to Reuters.com RegisterThe energy crisis triggered by the war in Ukraine has renewed interest in nuclear power. But without a reliable source of the high assay low enriched uranium (HALEU) the reactors need, developers worry they won't receive orders for their plants. But only TENEX, which is part of Russian state-owned nuclear energy company Rosatom, sells HALEU commercially at the moment. And this chicken and egg conundrum is complicating the smooth development of HALEU supply. "A reliable HALEU supply is one of many factors under consideration," the company said in an emailed statement.

☆ Buffett-backed digital bank Nubank to launch its own cryptocurrency in Brazil
▼ + stars: | 2022-10-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

The Brazilian digital banking startup Nubank will launch its own cryptocurrency in the country next year, marking the latest move into digital assets by a large financial institution. Nubank said Wednesday it will launch the token, called Nucoin, in the first half of 2023. In a press release, the company touts Nucoin as "a new way to recognize customer loyalty and encourage engagement with Nubank products." Nubank isn't the first bank to launch its own cryptocurrency. The Wall Street bank Goldman Sachs , meanwhile, has its own internal crypto trading desk.

☆ U.S. oil service firms' results to show impact of demand, inflation
▼ + stars: | 2022-10-18 | by ( Liz Hampton | ) www.reuters.com time to read: +3 min

Oct 18 (Reuters) - Oilfield service firms are poised to deliver the strongest third quarter results in years as demand for equipment and services has risen despite supply chain snags and higher costs from inflation, according to analyst forecasts. Oil prices remain near their highest levels in about eight years, spurring more producer demand for services. The international rig count rose to 879 last month, up from 787 a year ago, according to Baker Hughes. The Philadelphia Oil Service Index (.OSX) this summer hit its highest level since March 2020, trading around $90, but has dropped to about $68.50 on fears of a recession. The oilfield sector has faced capital constraints, "supply chain issues, workforce shortages and inflation impacts," said Leslie Beyer, CEO of the Energy Workforce & Technology Council, which represents oilfield service companies.

☆ Business sentiment softens in Canada as recession fears mount: BoC survey
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, Oct 17 (Reuters) - Business sentiment has softened in Canada, with many firms expecting slower sales growth amid rising interest rates and cooling demand, and a majority now think a recession is likely in the next 12 months, a Bank of Canada survey showed on Monday. While there are early signs that pressures on prices and wages are easing, business inflation expectations remain high, the third quarter Business Outlook Survey showed. Consumers, meanwhile, expect faster rising prices in the near term, though longer-term expectations have eased, a separate survey found. Firms linked to housing activity expect higher rates to hurt their sales, while others now anticipate a slower - though still healthy - pace of sales growth, the survey found. The majority of consumers also expect a recession in the next 12 months.

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