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☆ Explainer: Crypto industry spends millions on U.S. midterm elections
▼ + stars: | 2022-11-08 | by ( Hannah Lang | ) www.reuters.com time to read: +5 min

Crypto companies are eager to back industry-friendly political candidates. The election comes at a time of turmoil for the crypto industry. FTX's CEO Sam Bankman-Fried has far outspent all others in the crypto industry. WHAT IS THE CRYPTO INDUSTRY LOOKING TO GET IN RETURN? Crypto companies such as Circle want lawmakers to create a framework for stablecoins to help mature the industry and codify consumer protections.

☆ A plan to tax the rich to fund electric cars is on the ballot in California
▼ + stars: | 2022-11-08 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +6 min

CNN —California has long been a leader among states, and even countries, in promoting a shift to electric cars, including with its plans to ban the sale of purely gas-powered cars by 2035. Opponents of the ballot initiative claim it’s really just an attempt by one tech company to benefit itself at the expense of other priorities. Opponents of the ballot initiative claim Lyft’s support is self-serving. But a rule like Prop 30, which would make it easier for just about anyone in California to buy an electric car, including Lyft drivers. And electric cars are too expensive for lower income residents to afford, so the financial support is needed, especially with sales of gas cars being banned in the future.

☆ Factbox: Corporate America lays off thousands as recession worries mount
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +7 min

DoorDash Inc (DASH.N):The food delivery firm, which enjoyed a growth surge during the pandemic, said it was reducing its corporate headcount by about 1,250 employees. Twitter Inc:The social media company laid off half its workforce across teams ranging from communications and content curation to product and engineering following Elon Musk's $44 billion takeover. Chime Financial Inc:The online banking firm has laid off 12% of its employees, or about 160 jobs, a spokesperson said. Coinbase Global (COIN.O):The cryptocurrency exchange said it planned to cut over 60 jobs, in its recruiting and institutional onboarding teams. CNN:Warner Bros Discovery-owned (WBD.O) CNN's top boss Chris Licht informed employees in an all-staff memo that job cuts were underway.

☆ EU says it has serious concerns about Biden's Inflation Reduction Act
▼ + stars: | 2022-11-07 | by ( ) www.cnbc.com time to read: +1 min

BRUSSELS — The European Union has "serious concerns" about the U.S. Inflation Reduction Act, saying it breaches international trade rules, according to an official document seen by CNBC. The sweeping tax, health and climate bill was approved by U.S. lawmakers back in August and includes a record $369 billion in spending on climate and energy policies. The landmark package comprise tax credits for electric cars made in North America and supports U.S. battery supply chains. The EU listed nine of the tax credit provisions that it has an issue with. This is not the first time that Europe has voiced its concerns over the policy.

☆ Apple adds Pegatron as new iPhone 14 supplier in India - Bloomberg News
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

[1/2] The iPhone 14, iPhone 14 Pro and iPhone 14 Pro Max are displayed at the Apple Fifth Avenue store, in Manhattan, New York City U.S. September 16, 2022. REUTERS/Andrew KellyNov 4 (Reuters) - Apple Inc's (AAPL.O) Taiwanese contract manufacturer Pegatron Corp (4938.TW) has begun assembling the new iPhone 14 in India, Bloomberg News reported on Friday, citing people familiar with the matter. read moreMeanwhile, Foxxconn (2317.TW), formally Hon Hai Precision Industry Co Ltd, began production of iPhone 14 in India in September, making Pegatron the second producer of the model in India, Bloomberg report added. All of Apple's biggest Taiwanese suppliers, Foxconn, Pegatron and Wistron Corp (3231.TW) , have ramped up iPhone assembly in India, boosted by Prime Minister Narendra Modi's financial incentives program, Bloomberg said. Pegatron declined to comment, whereas a spokesperson for Apple did not immediately respond to a Reuters query.

☆ Sun Life profit beats estimates with strong insurance growth in U.S., Asia
▼ + stars: | 2022-11-02 | by ( Divya Rajagopal | ) www.reuters.com time to read: 1 min

TORONTO, Nov 2 (Reuters) - Sun Life Financial Inc (SLF.TO), Canada's second-biggest life insurer, on Wednesday beat analysts estimates for its third-quarter core profit, as higher insurance sales in the United States and Asia helped offset declining revenue from its wealth management business. Underlying profit rose 5% from a year ago to C$949 million ($692.1 million) or C$1.62 per share in the three months ending Sept 30 versus consensus estimates to C$1.47. ($1 = 1.3711 Canadian dollars)Reporting by Divya Rajagopal; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ Sun Life profit beats estimates even as wealth business slumps with markets
▼ + stars: | 2022-11-02 | by ( Divya Rajagopal | ) www.reuters.com time to read: +1 min

TORONTO, Nov 2 (Reuters) - Sun Life Financial Inc (SLF.TO), Canada's second-biggest life insurer, on Wednesday posted third-quarter profit that beat analyst estimates, as higher insurance sales in the United States and Asia helped offset declining revenue from its wealth management business. Underlying profit rose 5% from a year ago to C$949 million ($692.1 million) or C$1.62 per share in the three months ending Sept 30 versus consensus estimates to C$1.47. "Overall insurance sales across our businesses were strong, reflecting the increased importance clients are placing on protection and health," Kevin Strain, Sun Life CEO and president, said in a statement. Market volatility sparked by sharp rise in interest rates globally dented Sun Life's wealth business, resulting in a 19% drop in core profit from that operation. Sun Life has been expanding overseas to diversify its business mix and the latest quarter earnings benefited from recent deals, Strain added.

☆ Prudential Suffers Big Loss on Rising Rates
▼ + stars: | 2022-11-01 | by ( Leslie Scism | ) www.wsj.com time to read: 1 min

Rising interest rates and volatile stock markets battered insurer Prudential Financial Inc. in the third quarter, while American International Group Inc. was stung by claims from Hurricane Ian in Florida, the companies said. The two big insurers faced different challenges in the difficult quarter. Prudential’s so-called adjusted operating income slid 46% to $803 million from $1.49 billion, and it swung to a loss of $284 million on a net basis, from net of $1.53 billion in the year-earlier period.

☆ Cramer's lightning round: Let's stay with Frontier
▼ + stars: | 2022-10-28 | by ( Krystal Hur | ) www.cnbc.com time to read: 1 min

Loading chart...CH Robinson Worldwide Inc : "We don't need any more of these logistics companies. Loading chart...EQT Corp : "I'm going bullish, because I believe in natural gas." Loading chart...Frontier Group Holdings Inc : "I'm not going to go against an airline when people seem to want to travel more than they want to talk with people. So, let's stay with it." Camping World Holdings Inc : "Too cheap.

☆ How United Airlines expects electric planes to change the way passengers make travel decisions
▼ + stars: | 2022-10-28 | by ( Tim Mullaney | ) www.cnbc.com time to read: +10 min

As electric cars and SUVs move toward 5% of the new-car market in the U.S. and 9% globally, few airlines have made any major push toward electric planes. Sustainability plans being pursued by American Airlines , Delta Air Lines and Southwest Airlines barely mention electric planes. "Go back to the 1990s, there were hundreds of small aircraft serving a lot of communities that have now lost service." "There are literally dozens of companies that wouldn't have worked that are now viable startups that you'll hear about United Airlines and United Ventures investing in in the coming months." Most likely, electric planes will serve small markets, hydrogen-powered planes will serve medium-sized passenger loads, and SAF-powered jet engines will serve major cities.

☆ Finance Chiefs Switch Jobs, Retire as Companies Face Uncertainties
▼ + stars: | 2022-10-23 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +7 min

This compares with 8% in September 2021 and 11% in the same month in 2020, Russell Reynolds said. It is also leading some companies to prepare for a potential downturn by looking for CFOs with experience in cutting costs or restructuring operations, they added. Photo: NordstromNordstrom, meanwhile, last Monday said finance chief Anne Bramman will leave in December after more than five years in the role. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. That trend is continuing, with the slowing economy forcing finance chiefs into thinking about their next steps, she said.

Oct 21 (Reuters) - Money managers such as Janus Henderson Group (JHG.N) and investment firms including Blue Owl Capital Inc (OWL.N) are weighing potential offers for Credit Suisse Group AG's (CSGN.S) U.S. asset management unit, people familiar with the matter said on Friday. read moreJanus and rival asset manager AllianceBernstein Holding (AB.N), and Blue Owl as well as private equity firms Centerbridge Partners and Clearlake Capital are considering bids, the sources said. Credit Suisse, Blue Owl, Clearlake, Invesco and Janus Henderson declined to comment. Janus Henderson emerged in 2017 from the combination of Janus Capital Group and Henderson Group, and Blue Owl was formed last year from the three-way merging of Owl Rock Capital Group, Dyal Capital Partners and a blank check firm. Meanwhile, both Ameriprise and Invesco have been active buyers of asset managers in recent years.

A tanker truck used to haul oil products operates at an oil facility near Brooks, Alberta, Canada April 18, 2018. Oil and gas is Canada's highest-polluting sector, but also contributes around 7.5% annually to national GDP and is a major employer in Alberta. The province has already "invested or committed" C$1.8 billion ($1.3 billion) to develop CCS, Puddifant said. Over the last decade, the Alberta government has invested in infrastructure including the Quest carbon capture project, operated by Shell (SHEL.L) and the Alberta Carbon Trunk Line. In March, Alberta picked six proposals to move forward on developing a carbon storage hub near Edmonton.

And demand for the greener fuel has dried up, according to Reuters interviews with nine LNG market analysts, industry officials and traders. Several gas drillers, including in the world’s top gas producer the United States, told Reuters they have invested in finding and plugging greenhouse gas emissions associated with production, transport and processing. Since Russia's Feb. 24 invasion of Ukraine, gas prices have soared about 25% in the United States and 32% in Europe . To export gas, the fuel must be supercooled into LNG and then shipped across the sea, a process that produces substantial additional greenhouse gas emissions. Other U.S. LNG suppliers, like Cove Point LNG and Cameron LNG, also told Reuters they are not certifying their cargoes.

☆ BMW plans to invest $1.7 billion in U.S. to produce electric vehicles
▼ + stars: | 2022-10-19 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

BMW Group plans to invest $1.7 billion in its U.S. operations to build electric vehicles and batteries, the company announced Wednesday. The German automaker expects to produce at least six fully electric models in the U.S. by 2030. The Spartanburg facility, where the investment announcement took place, currently produces BMW "X" SUVs and lithium-ion battery modules for its two plug-in hybrid electric vehicles. "Going forward, it will also be a major driver for our electrification strategy, and we will produce at least six fully electric BMW X models here by 2030," BMW Chair Oliver Zipse said in a release. In April, the company announced plans to spend $2 billion to build a second U.S. plant in Kentucky.

Reuters, citing sources, had reported in April that the stock market flotation could value Mobileye at as much as $50 billion. "Most companies don't have the grit needed to blaze a trail with all this public market volatility." IPOs by U.S. technology companies have sunk to their lowest levels since the global financial crisis of 2008, as several companies have shelved plans for their listings in the country. read moreTech IPOs this year have raised $507 million, according to Refinitiv data, the lowest amount that has been raised through flotation since 2000. Goldman Sachs, Morgan Stanley, Citigroup and BofA Securities are among underwriters of Mobileye's offering.

☆ UAE sovereign wealth fund ADIA to launch new data lab
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Oct 18 (Reuters) - The Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in the United Arab Emirates (UAE), plans to open an advanced data research centre, an independent entity within the fund with goals not linked to investment applications. ADIA Lab will formally launch on Dec. 2 and is part of moves across the government to promote digitalisation and advanced technological applications. It will be headed by Simon Horst as director, who was previously at Berkeley Lab and at the U.S. Department of Energy. The UAE is trying to diversify its economy away from hydrocarbons and investing in increasing the contribution of digital innovation and advanced technology to overall economic growth. It is also seeking to attract high skilled professionals globally in these and other data science-led sectors.

☆ The 'bummer' of the $7,500 electric vehicle tax credit: Its full value may be hard to get
▼ + stars: | 2022-10-15 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

But it may be tough for consumers to get the full value of the tax credit — at least initially. The tax credit 'bummer': It's nonrefundableThe legislation, called the Inflation Reduction Act, made the tax credit "nonrefundable." This person wouldn't get the full $7,500 tax credit — they'd be able to claim $5,000 and cut their tax bill to zero. More from Personal Finance:Missed a tax credit from last year? It's unclear which electric vehicles will meet these standards and qualify for a tax credit next year.

☆ A U.S. central bank digital currency isn't necessary for dollar supremacy- Fed's Waller
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

Oct 14 (Reuters) - Creating a U.S. central bank digital currency is likely not important to the long-term status of the U.S. dollar, Federal Reserve Governor Christopher Waller said Friday. In a speech during an event held by the Harvard National Security Journal, Waller said that a digital dollar would not offer material benefits over making U.S. dollar-denominated payments, especially because the introduction of a central bank digital currency, or CBDC, would introduce additional risks, such as cybersecurity threats. "I don’t think there are implications here for the role of the United States in the global economy and financial system," Waller said, suggesting instead that the debate around a digital dollar should focus on financial stability, payment system innovations and financial inclusion." Register now for FREE unlimited access to Reuters.com RegisterReporting by Hannah Lang in WashingtonOur Standards: The Thomson Reuters Trust Principles.

Data from Bloomberg Economics shows that El Salvador tops its ranking of emerging market countries that are vulnerable to a debt default. Another survey by the institute found that 76 out of 100 small and medium-size enterprises in El Salvador do not accept bitcoin payments. But in 2022, recent data shows that only 1.6% of remittances were sent to El Salvador via digital wallets. Meanwhile, its other national currency, bitcoin, is revered for the fact that it, too, is impossible to mint out of thin air. "Bitcoin doesn't solve any of El Salvador's important economic problems," he added.

☆ What BNY Mellon’s digital asset custody launch means for the crypto market
▼ + stars: | 2022-10-13 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

The crypto industry this week cleared a massive hurdle for attracting big investors after BNY Mellon said it's officially holding crypto assets in its custody for institutions. If the current market and regulatory environment weren't so bad, a wave of new investors might now be flooding into the crypto market. In the past month, Nasdaq has launched crypto custody for institutions and Franklin Templeton, Betterment, Société Générale and other wealth managers have made forays into crypto. Even though for many others, bitcoin has become a "boring" macro-driven asset with little utility, BNY Mellon clients have been looking beyond crypto's speculative nature. "You've got crypto assets, digital cash, stablecoins and then you have tokenized assets.

☆ Blackstone invests $500 mln in Resolution Life as part of asset management deal
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

Oct 12 (Reuters) - Blackstone Inc (BX.N) signed a partnership deal to manage certain investments for Resolution Life and has agreed to invest $500 million in the life insurance group, the companies said on Wednesday. The asset manager has been executing a similar playbook in recent years, looking to boost its assets under management (AUM) by adding insurance investments in its portfolio. Register now for FREE unlimited access to Reuters.com RegisterIt also has a similar partnership with annuities and life insurance provider F&G, a unit of Fidelity National Financial Inc (FNF.N). With backing from Resolution's existing investors, Blackstone will also aid Resolution in raising another $2.5 billion of equity capital to help "rapidly scale its growth". Founded in 2003, Resolution acquires and manages portfolios of life insurance policies.

☆ Gen Z banking app Step, backed by the likes of Charli D'Amelio and Steph Curry, just raised $300 million in debt funding and launched crypto investing as it surpasses 3.5 million accounts
▼ + stars: | 2022-10-11 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +6 min

Step, a banking app designed for teens, said Tuesday it raised $300 million in debt. Step has now raised $500 million in equity and debt from a bevy of venture and celebrity backers. On Tuesday, financial-technology startup Step announced $300 million in debt funding led by venture-debt specialist TriplePoint Capital, with participation from Step's banking partner, Evolve Bank & Trust. The startup has previously raised $200 million in equity funding since launching in 2018. "In a matter of just the last couple of years, there's been a lot of volatility" in crypto, MacDonald said.

☆ The Teen Mental Health Industry Is Failing Them - The New York Times
▼ + stars: | 2022-10-11 | by ( Alexander Stockton | ) www.nytimes.com time to read: +26 min

Sometimes they are treated in ways that are illegal to treat prisoners, let alone kids seeking mental health treatment. But former patients from residential treatment facilities whom Times Opinion interviewed said they received one-on-one therapy only once a week, if that. The company owns dozens of hospitals and hundreds of behavioral health facilities and makes about $11 billion a year. In 2017, when he was 15 years old, his mother, Renee Hanania, sent him to a UHS facility in Virginia. America’s patchwork mental health treatment is still insufficient.

☆ Honda's new $4.4 billion EV battery plant will be built in Ohio
▼ + stars: | 2022-10-11 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

An employee inspects the door of a 2018 Honda Accord vehicle during production at the Honda of America Manufacturing Inc. Marysville Auto Plant in Marysville, Ohio, on Thursday, Dec. 21, 2017. Honda Motor and LG Energy Solution on Tuesday said a new multibillion-dollar plant to produce batteries for electric vehicles will be located in Ohio. The battery plant is expected to cost $3.5 billion, with overall investment by the unnamed joint venture eventually reaching $4.4 billion, the companies said. Honda and LGES announced plans for the joint venture and battery plant last year, but had not revealed a location. In addition to the new battery plant, Honda on Tuesday said it plans to invest $700 million to retool several of its existing auto and powertrain plants for production of EVs.

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