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☆ Tesla's bitcoin holdings fell nearly $1.8 billion in value last year, as Elon Musk called crypto a 'sideshow'
▼ + stars: | 2023-02-02 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

The value of Tesla's bitcoin holdings fell nearly $1.8 billion last year, a company filing showed. CEO Elon Musk distanced himself from crypto last year, calling it a "sideshow to the sideshow." But 2022 saw a bloodbath for the vast majority of crypto assets, after a bull rally through most of 2021 where prices peaked. "We're neither here nor there on cryptocurrency," Musk told investors. The value of bitcoin has risen more than 40% through 2023 in a sign of returning bullishness for riskier assets after a dour 2022.

China's imports were assessed at 10.98 million bpd in January, down from December's 11.37 million bpd and November's 11.42 million bpd. Asia's crude oil imports vs Brent priceFUEL EXPORTSAnother factor is the price of crude oil and the interplay between China's inventories and its exports of refined products. INDIA RECORDIndia, the region's second-biggest importer, saw January arrivals hit a record high of 5.29 million bpd, up from December's 4.78 million bpd. Other major Asian oil buyers also saw gains in January, with South Korea importing 3.11 million bpd, up from 2.85 million bpd in December, while Singapore imported 1.65 million bpd, up from 910,000 bpd. Japan was the exception, with January imports dropping to 2.83 million bpd from December's 2.96 million bpd.

☆ This could be a 'banner year' for cruise stocks. Why Citi says it's time to reconsider the industry as a long-term trade
▼ + stars: | 2023-02-02 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

After a long port of call, it may be anchors aweigh time for investors in cruise stocks, according to Citigroup. Royal Caribbean is favored thanks to its solid track record of maintaining costs, and offers the best risk-reward opportunity within the group. So far this year, Royal Caribbean shares are off to a solid start, up more than 41% after tumbling about 36% in 2022. Citi reestablished a price target on RCL shares of $80, implying 19% upside from Wednesday's close. Hardiman retained a neutral but high risk rating on Carnival, lifting his price target to $13 from $9 a share.

☆ Apple tries to be both desirable and predictable
▼ + stars: | 2023-02-02 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

In 2018, the company’s enterprise value was equivalent to 3 times estimated revenue for the year ahead, according to Refinitiv. One way to make sense of that is to break Apple’s valuation into parts. Deduct that from Apple’s enterprise value, and investors are pricing the services business at $1 trillion, around 10 times forecast revenue. Whether it’s justified, though, depends on what services Apple is peddling, and how steady and subscription-like they are. If 20% of Apple’s services are cyclical, for example, and investors put the same multiple of sales as those peers, the company's fair share price drops 5%.

Internet celebrity Andrew Tate had offered her a new life. British-American Andrew Tate, 36, who's been based mainly in Romania since 2017, and his 34-year-old brother have denied all the allegations against them. Spokesperson Sue Beeby told Reuters that Andrew Tate "has never had" a creator account or received payments. In a separate YouTube video aimed at men who want to make money by putting women on OnlyFans, Tate called the platform "the greatest hustle in the world". The pair threatened to beat the women up if they did not do their job, according to the court document.

☆ MetLife profit falls 33% as market turmoil hits investment income
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

Feb 1 (Reuters) - MetLife Inc (MET.N) reported a 33% drop in fourth-quarter adjusted profit on Wednesday as a global market rout hurt the U.S. insurer's investment returns. Adjusted premiums, fees and other revenues - excluding pension risk transfers (PRT) - decreased 1% to $11.4 billion. Still, improving underwriting trends in the United States, Europe and Latin America, alongside lower COVID-19 life insurance claims, partially offset the hit to its investment income. U.S. adjusted earnings climbed 20% in the quarter, while Latin America and EMEA jumped 45% and 67%, respectively, on a reported basis. The company posted adjusted profit of $1.2 billion, or $1.55 per share, for the three months ended Dec. 31, compared with $1.8 billion, or $2.17 per share, a year earlier.

☆ Peloton forecasts third-quarter revenue above expectations; cash burn slows
▼ + stars: | 2023-02-01 | by ( Priyamvada C | ) www.reuters.com time to read: +2 min

Shares of the fitness equipment maker were up 4% before the bell after it also reported a slowing cash burn on a string of cost-cutting measures. In response, the company had announced plans to sell its fitness equipment on e-commerce giant Amazon.com (AMZN.O) and at Dick's Sporting Goods Inc (DKS.N) stores. Peloton CEO Barry McCarthy, in a letter to investors, outlined goals of returning to revenue growth and reach cash flow breakeven on a sustained basis in his second year in the role. For the third quarter, Peloton forecast revenue between $690 million and $715 million, above expectations of $689.1 million, as per Refinitiv data. Cash burn fell to $94.4 million from $546.7 million.

☆ Crypto hacks stole record $3.8 billion in 2022, led by North Korea groups - report
▼ + stars: | 2023-02-01 | by ( Josh Smith | ) www.reuters.com time to read: +2 min

The report by Chainalysis found hacking activity that "ebbed and flowed" throughout the year, with "huge spikes" in March and October. October was the biggest single month ever for cryptocurrency hacking, with $775.7 million stolen in 32 separate attacks, the report said. "It isn’t a stretch to say that cryptocurrency hacking is a sizable chunk of the nation’s economy," Chainalysis said. Targets in "decentralized finance" or DeFi, a thriving segment in the cryptocurrency sector, accounted for more than 82% of the cryptocurrency stolen in 2022, the report said. Last year saw a record amount of crypto transactions related to illicit activity overall, reaching $20.1 billion, Chainalysis said in January.

☆ U.S. awarding $800 million to improve roads, cut traffic deaths
▼ + stars: | 2023-02-01 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Feb 1 (Reuters) - The Biden administration will announce Wednesday it is awarding $800 million to redesign roads, improve sidewalks and make other upgrades to address the sharp increase in U.S. traffic deaths. Traffic deaths jumped 10.5% to 42,915 in 2021, the highest number killed on American roads since 2005. After declining for decades, traffic deaths jumped sharply after COVID-19 lockdowns expired in 2020 and more drivers engaged in unsafe behavior. Other projects include mid-block crosswalks, rumble strips, narrower lanes and backplates with reflective borders to improve traffic signal visibility. The United States has 4 million miles of roads and nearly 300 million vehicles that travel more than 3 trillion miles annually.

☆ Gucci's challenge: reigniting heat while boosting timeless appeal
▼ + stars: | 2023-01-30 | by ( Mimosa Spencer | ) www.reuters.com time to read: +4 min

PARIS, Jan 30 (Reuters) - Sabato De Sarno, newly appointed by Kering (PRTP.PA) to reinvigorate its prized Gucci brand, needs to spark heat with a new direction, analysts say - a delicate task, given the emphasis executives have also put on the label's timeless appeal. De Sarno, a senior fashion designer from Valentino, is tasked as creative director with reviving the fortunes of the brand that accounted for two-thirds of Kering's profits in 2021. Analysts welcomed Kering's choice of a seasoned but relatively unknown designer, noting that previous creative director Michele did not have a public profile when he was appointed in 2002. His experience at Valentino suggests a "less eccentric aesthetic" than Gucci's previous designer, noted Carole Madjo of Barclays. The designer rose through Valentino's ranks after his arrival in 2009 to become fashion director overseeing both the men's and women's collections, working closely with chief designer Pierpaolo Piccioli.

☆ Toyota defends title as world's top-selling automaker in 2022
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Jan 30 (Reuters) - Toyota Motor Corp (7203.T) sold 10.5 million vehicles in 2022, it said on Monday, defending its title as the world's top-selling automaker for a third straight year. Global sales for the group, including truck unit Hino Motors (7205.T) and small-car maker Daihatsu, inched down 0.1% as record overseas sales of 8.6 million vehicles helped offset a 9.6% dip in its home market to 1.9 million. While some chip-related supply constraints remained for Toyota as well, the Japanese automaker said strong demand in Asia and an increase in the production capacity and optimisation in Asia and North America helped it boost global production by 5% in 2022. Toyota in November revised its production forecast for the current financial year through the end of March, to 9.2 million vehicles from 9.7 million. Reporting by Satoshi Sugiyama Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

☆ Ryanair posts record Christmas quarter, sees 'very robust' summer demand
▼ + stars: | 2023-01-30 | by ( ) www.cnbc.com time to read: +2 min

Ryanair on Monday posted its largest after-tax profit for the October-December quarter and said bookings for Easter and summer flights in recent weeks were "very robust", boosted by demand from Asian travelers and a strong U.S. dollar. "We had record bookings in week two and week three of January, very robust demand into Easter and the summer without fare stimulation," he said. The Irish airline, Europe's largest by passenger numbers, said it had earned 211 million euros ($229.40 million) in the three months ended Dec. 31, the third quarter of its financial year. "With Asian tourists now returning and a strong U.S. dollar encouraging Americans to explore Europe, we're seeing robust demand," Chief Executive Officer Michael O'Leary said in a statement. Last week, rivals Wizz Air and EasyJet reported strong summer bookings.

☆ U.S. watchdog identifies $5.4 billion in potentially fraudulent COVID-19 loans
▼ + stars: | 2023-01-30 | by ( Kanishka Singh | ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 30 (Reuters) - The U.S. government likely awarded about $5.4 billion in COVID-19 aid to people with questionable Social Security numbers, a federal watchdog said in a report released on Monday. The watchdog, the Pandemic Response Accountability Committee (PRAC), said it "identified 69,323 questionable Social Security Numbers (SSNs) used to obtain $5.4 billion from the Small Business Administration's (SBA) COVID-19 Economic Injury Disaster Loan (COVID-19 EIDL) program and Paycheck Protection Program (PPP)." In May 2021, Attorney General Merrick Garland launched a COVID-19 Fraud Enforcement Task Force. In September, the inspector general for the U.S. Labor Department said fraudsters likely stole $45.6 billion from the United States' unemployment insurance program during the coronavirus outbreak by applying tactics like using Social Security numbers of deceased individuals. Reporting by Kanishka Singh in Washington; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ What to watch for when 9 Club holdings report earnings on Thursday
▼ + stars: | 2023-01-30 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +11 min

So far, earnings season has been mixed — we've seen some strong results from Club holdings Morgan Stanley (MS) and Halliburton (HAL). Projected revenue: $4.58 billion Projected EPS: $1.30 Conference call at 9:30 a.m. Projected revenue: $7.33 billion Projected EPS: $1.81 Conference call at 10 a.m. Projected revenue: $9.26 billion Projected EPS: $2.51 Conference call at 8:30 a.m. Projected revenue: $121.19 billion Projected EPS: $1.94 Conference call at 5 p.m.

PARIS, Jan 28 (Reuters) - French luxury goods group Kering (PRTP.PA) has appointed Sabato De Sarno, a senior fashion designer at Valentino, as creative director of its top brand Gucci, it said on Saturday. "I am touched and excited to contribute my creative vision for the brand.”He will present his debut Gucci runway collection at Milan Women's Fashion Week in September 2023. Gucci CEO Marco Bizzarri said that having worked with a number of Italy's most renowned luxury fashion houses, De Sarno "brings with him a vast and relevant experience." "Gucci - and the Kering shareholders - need courage and an original point of view." "The eyes of the world will be on him to see if he also has the required creative genius."

☆ Kering appoints De Sarno as Gucci creative director
▼ + stars: | 2023-01-28 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Gucci sign is seen outside a shop in Paris, France, January 27, 2023. REUTERS/Sarah Meyssonnier/FilesPARIS, Jan 28 (Reuters) - French luxury giant Kering (PRTP.PA) has appointed Sabato De Sarno, a senior fashion designer at Valentino, as creative director of its top brand Gucci, it said on Saturday. I am touched and excited to contribute my creative vision for the brand,” De Sarno said in Kering's statement. He will present his debut Gucci runway collection at Milan Women's Fashion Week in September 2023. Former creative director Alessandro Michele, known for his flamboyant and gender-fluid styles, left Gucci abruptly in November after seven years in the job, following tensions between with Kering's top management, sources told Reuters.

☆ I moved to New York from the UK to marry my partner using a K-1 visa. The process was so difficult that we had to sue the government.
▼ + stars: | 2023-01-28 | by ( Dan Gooding | ) www.businessinsider.com time to read: +6 min

Gooding decided to move to New York, so he married David. They applied for a K-1 visa. I fell in love with him and New York City. We submitted our K-1 visa application the day before the city's COVID-19 lockdown hit. First, the US fiancé applies for the K-1 visa on their international partner's behalf.

☆ Louis Vuitton’s Owner Is Still Reading China’s Tea Leaves
▼ + stars: | 2023-01-27 | by ( Carol Ryan | ) www.wsj.com time to read: 1 min

Luxury brands have a lot riding on how Chinese shoppers behave as they emerge from Covid-19 lockdowns. The industry’s most powerful company can’t give a clear read on their mood yet. On Thursday, Paris-based LVMH Moët Hennessy Louis Vuitton reported its second consecutive year of record annual sales and profit. The company’s most important brand, Louis Vuitton, passed the €20 billion sales milestone for the first time in 2022, equivalent to $21.78 billion at Thursday’s exchange rate. LVMH founder and world’s richest man Bernard Arnault also gave an update on progress at Tiffany & Co. Operating profit at the U.S. jewelry brand have doubled since LVMH paid $16 billion for it in 2021 in the luxury industry’s most expensive takeover to date.

☆ H&M highlights fast-fashion gloom as luxury takes hit in China
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +4 min

Shares in H&M, the world's No. 2 fashion retailer, fell as much as 6% in early trade after quarterly operating profit sank to 821 million Swedish crowns ($79.7 million) from 6.26 billion a year earlier. Zara has outperformed rivals after selling higher-priced garments and enticing shoppers who might have otherwise spent money at luxury stores. Disappointment over the impact of the China disruptions on its margins caused a record-breaking run in LVMH shares to briefly halt on Friday. The luxury industry is nevertheless expected to be one of the biggest winners from the loosening of restrictions that kept shoppers out of stores in China for months.

☆ Remy Cointreau's sales fall less than feared as China offsets U.S. decline
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

Jan 27 (Reuters) - French spirits maker Remy Cointreau (RCOP.PA) posted a smaller-than-expected drop in third-quarter sales on Friday, as steep shipments to China ahead of the Lunar New Year partly offset lower cognac consumption in the United States. The maker of Remy Martin cognac and Cointreau liquor confirmed its full-year outlook for strong organic sales growth, albeit with further normalisation of consumption trends in the fourth quarter after two "outstanding years". Remy Cointreau reported a revenue of 437.6 million euros ($475.6 million) for the three months through December, an organic drop of 6% from a year earlier but slightly ahead of analysts' 433.3 million euro forecast. Sales at its Remy Martin cognac division fell 11% in the quarter, dragged by a U.S. slowdown even as the group's Chinese market continued to bounce back. "Despite disruptions triggered by unprecedented levels of Covid, the group successfully generated robust sales growth ahead of the Chinese New Year and in anticipation of a full recovery in business," it said.

Since the pandemic, Diageo has benefited from people splurging on more expensive types of alcohol while staying home under lockdown. But Diageo's North America business, which accounts for nearly 30% of overall sales, reported organic sales growth of 3% in the six months ended Dec. 31 versus analyst estimates of over 6%. The company said it expected North American organic net sales growth to "continue to normalise through the second half of fiscal '23, compared to the double-digit growth in the prior period". OCCASIONAL TREATSStill, overall organic net sales rose 9.4% in the six months to Dec. 31, beating analyst forecasts for a 7.9% rise. Diageo's "premium-plus" brands - which are more expensive than brands such as Smirnoff vodka but under about 50 pounds ($61.92), drove 65% of its organic net sales growth, the company said.

The outlook and disappointing North American sales in the first-half overshadowed forecast-beating first-half sales thanks to price hikes and as more people drank premium spirits. But Diageo's North America business, which accounts for nearly 30% of overall sales, reported organic sales growth of 3% in the six months ended Dec. 31 versus analyst estimates of over 6%. The company said it expected North American organic net sales growth to "continue to normalise through the second half of fiscal '23, compared to the double-digit growth in the prior period". Still, overall organic net sales rose 9.4% in the six months to Dec. 31, beating analyst forecasts for a 7.9% rise. Diageo's "premium-plus" brands - which are more expensive than brands such as Smirnoff vodka but under about 50 pounds ($61.92), drove 65% of its organic net sales growth, the company said.

☆ In China, Young Women Become Accidental Symbols of Defiance
▼ + stars: | 2023-01-25 | by ( Shen Lu | Liyan Qi | ) www.wsj.com time to read: 1 min

Late on Nov. 27, book editor Cao Zhixin, who was about to turn 26 years old, joined a protest near Beijing’s embassy district with a few of her friends. It was a spur-of-the-moment decision that accidentally made them symbols of the most public display of defiance in a generation—as well as the state’s forceful response. The rally was billed as a vigil for victims of a deadly fire in an apartment building in China’s west that had been under Covid-19 lockdown. Ms. Cao and her friends brought flowers and candles and sang, along with the crowd, the traditional Chinese lament “Farewell.”

☆ Estee Lauder's latest Wall Street endorsement underscores our long-held view on the company
▼ + stars: | 2023-01-25 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

The Chinese market is a "vastly underappreciated opportunity" for Estee Lauder, analysts at Piper Sandler wrote in a research note. U.S.-based Estee Lauder, which manufactures luxury skin-care products, makeup and fragrances, relies on China for more than a third of total sales. Looking ahead, Piper Sandler sees massive growth potential for Estee Lauder's stock in 2023. Oppenheimer maintained a $300 per-share price target on Estee Lauder and outperform rating. An Estee Lauder pop-up store is seen inside daimaru Department Store on Nanjing Road Pedestrian street in Shanghai, China, August 6, 2021.

☆ Logitech quarterly sales fall 22% as slowdown fears bite
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado RuvicJan 24 (Reuters) - Computer peripherals maker Logitech International (LOGN.S) said on Tuesday its third-quarter sales fell 22%, confirming its preliminary results which showed that business customers had put the brakes on buying new equipment amid slowdown concerns. The company's preliminary figures published on Jan. 11 showed its sales had fallen to between $1.26 and 1.27 billion. Its non-GAAP operating income fell 32% to $204 million from $302 million a year earlier. It had previously reported preliminary operating income in the range of $198 to $203 million. It still expects full-year sales to drop 13% to 15% in the 12 months to the end of March, and generate non-GAAP operating income of $550 to $600 million.

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