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☆ Bitcoin hits $40,000 level for the first time this year
▼ + stars: | 2023-12-03 | by ( ) www.reuters.com time to read: +1 min

Bitcoin coins are seen at a stand during the Bitcoin Conference 2023, in Miami Beach, Florida, U.S., May 19, 2023. REUTERS/Marco Bello/File photo Acquire Licensing RightsDec 3 (Reuters) - Bitcoin hit $40,085 on Sunday, its highest in almost a year and a half, fuelled by bets that U.S. regulators will soon approve stock-market traded bitcoin funds. Bitcoin was up 1.55% at 2234 GMT, adding $611 to its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, is up 51.1% from the year's low of $26,533 on Oct. 11. Their downfall caused havoc in crypto markets and sparked the bankruptcy of some high-profile companies in the crypto sector.

Persons: Marco Bello, Bitcoin, Nilutpal, Lisa Shumaker Organizations: REUTERS, Thomson Locations: Miami Beach , Florida, U.S, Bitcoin, Bengaluru

☆ Nelson Peltz Launches Fresh Proxy Fight Against Disney
▼ + stars: | 2023-11-30 | by ( Robbie Whelan | ) www.wsj.com time to read: 1 min

Nelson Peltz is the founder of Trian Fund Management, which owns about $3 billion in Disney stock. Photo: Marco Bello/Bloomberg NewsActivist investor Nelson Peltz announced a new proxy fight against Disney after the company rebuffed his request to be added to the board, starting the latest phase in the battle for the entertainment giant’s future. Peltz’s Trian Fund Management said Disney shareholders have lost about $70 billion in value since the activist ended its first campaign in February. Disney Chief Executive Bob Iger has stressed in recent weeks that he is transitioning from a period of fixing to one of building and that he has a plan to turn Disney into a modern media company.

Persons: Nelson Peltz, Marco Bello, Peltz’s, Bob Iger Organizations: Trian Fund Management, Disney, Bloomberg News, Peltz’s Trian, Management

☆ Peltz's renewed fight for Disney board seats keeps pressure on CEO Iger to right the ship
▼ + stars: | 2023-11-30 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

Activist investor Nelson Peltz's renewed fight for Disney (DIS) board seats is a positive for shareholders because he will push for a level of financial discipline that the company has lacked. Peltz's Trian Partners, a major Disney shareholder, said Thursday it will launch a new challenge to get board representation. As part of its release, Trian said the investment firm's Disney stake is currently worth roughly $3 billion. DIS YTD mountain Disney YTD Peltz will "keep the heat on Disney and this is a positive for us as shareholders," Jim said Thursday while urging new Club members to "buy Disney right here, right now." As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Nelson Peltz's, Peltz's Trian, Trian, Jim Cramer, Trian's, Ike Perlmutter, Perlmutter, Morgan Stanley, James Gorman, Sir Jeremy Darroch, Gorman, he's, Jim, Peltz, Jim —, Iger, we're, We're, Jim Cramer's, Nelson Peltz, Marco Bello Organizations: Disney, Peltz's Trian Partners, Marvel, Sky, CNBC, Trian Fund Management, Future Investment Initiative, Summit, Bloomberg, Getty Locations: Miami , Florida

☆ Bitcoin Group: taking steps against money-laundering, terrorist financing
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

Bitcoin coins are seen at a stand during the Bitcoin Conference 2023, in Miami Beach, Florida, U.S., May 19, 2023. REUTERS/Marco Bello/File Photo Acquire Licensing RightsBERLIN, Nov 29 (Reuters) - Germany's Bitcoin Group (ADE.DE) said on Wednesday it was taking measures to improve its internal control system, after the financial regulator BaFin ordered its subsidiary futurum bank to remedy shortcomings on money-laundering and terrorist financing. "The Bitcoin Group expressly points out that there are currently no indications of violations of money laundering and terrorist financing laws within the Group," the company said in a statement. On Tuesday, BaFin identified "severe deficits" at futurum bank involving its internal security measures, its fulfillment of due diligence obligations and its system for reporting suspicious activity. "We are actively working with BaFin to quickly address the criticized weaknesses in our internal processes, which have not kept pace with the company's growth in recent years," Bitcoin Group Chief Executive Marco Bodewein said in the statement.

Persons: Marco Bello, BaFin, Marco Bodewein, Rachel More, Madeline Chambers, Miranda Murray Organizations: REUTERS, Rights, Thomson Locations: Miami Beach , Florida, U.S, futurum

Bitcoin coins are seen at a stand during the Bitcoin Conference 2023, in Miami Beach, Florida, U.S., May 19, 2023. REUTERS/Marco Bello/File Photo Acquire Licensing RightsNov 29 (Reuters) - The U.S. government will cut off cryptocurrency companies from the broader U.S. economy if they fail to block and report illicit money flows, Deputy Treasury Secretary Wally Adeyemo warned the industry on Wednesday. The Biden administration on Tuesday sent a letter to Congress, requesting new legislation that would grant Treasury the authority to police crypto marketplaces used by actors the U.S. government deems illicit, Adeyemo said. Binance said in response that it had worked hard to make the platform "safer and even more secure." Reporting by Hannah Lang in Washington; Editing by Michelle PriceOur Standards: The Thomson Reuters Trust Principles.

Persons: Marco Bello, Wally Adeyemo, Adeyemo, Biden, Changpeng Zhao, Binance, Hannah Lang, Michelle Price Organizations: REUTERS, U.S, Blockchain Association, Treasury, Palestinian, Prosecutors, Islamic, Thomson Locations: Miami Beach , Florida, U.S, Israel, Gaza, al Qaeda, Islamic State, Iraq, Syria, Washington

☆ In spot bitcoin ETF race, some pioneers stick to the sidelines
▼ + stars: | 2023-11-28 | by ( Suzanne Mcgee | ) www.reuters.com time to read: +6 min

The SEC has long rejected spot bitcoin ETF applications on the grounds they do meet its investor protection requirements. Industry hopes that position would shift surged in June when BlackRock (BLK.N), which has an almost unbroken record of SEC ETF approvals, filed for a spot bitcoin ETF. The only prospective issuer to disclose proposed investor fees so far is Ark Investment, which last week announced its spot bitcoin ETF would charge a fee of 0.8%. To be sure, issuers hoping to launch spot bitcoin ETFs have a more bullish outlook than those sticking to the sidelines. Magoon hopes the buzz surrounding a spot bitcoin ETF will draw more assets to Amplify's BLOK ETF.

Persons: Marco Bello, it's, Dave Mazza, Gary Gensler, Michael Sapir, ProShares, Sapir, Roxanna Islam, Aisha Hunt, Kelley, Christian Magoon, Roundhill, Mazza, Magoon, Tom Staudt, Staudt, Suzanne McGee, Michelle Price, Deepa Babington Organizations: REUTERS, Roundhill Investments, SEC, Industry, BlackRock, Ark Investment, Amplify's, Ark Investments, Thomson Locations: Miami Beach , Florida, U.S, BlackRock, Invesco, Amplify's BLOK

☆ US commercial property loan activity to drop off in Q4 after Q3 pickup -DBRS
▼ + stars: | 2023-11-20 | by ( Matt Tracy | ) www.reuters.com time to read: +2 min

The third quarter saw roughly $3 billion in new collateralized loan obligations (CLOs) backed by CRE loans, according to a Friday report by DBRS. This marks a significant turn from the second quarter, which saw less than $1 billion in CRE CLO issuance. Office-backed loans represented almost half of all CRE delinquencies in the third quarter, according to DBRS. An overall 3.27% delinquency rate for CRE CLOs in the third quarter was roughly in line with the second quarter rate, according to DBRS. There were $2.67 billion in delinquent CRE CLO loans as of September, a $20 million increase from the second quarter.

Persons: Marco Bello, DBRS Morningstar, CLOs, Loans, CRE CLOs, CRE, Matt Tracy, David Gregorio Our Organizations: U.S, DBRS, CRE, Thomson Locations: Miami, Biscayne Bay, Brickell, Downtown, Miami , Florida, U.S, DBRS, delinquencies

☆ Help Wanted: Cuba's government turns to growing diaspora for investment
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +3 min

This migration wave includes many young people and "is having the greatest impact in history in terms of demographics, because of its composition," said Ernesto Soberon, director of Consular Affairs for the Cuban Foreign Ministry. Cuban expats have already invested in bed-and-breakfasts, eateries and other activities on the island, but Cuba would like to see more capital flow, he said. The conference is expected to attract Cubans living off island but with favorable views of their home country, including businesspeople, economists, and members of foreign resident associations. Around 2.5 million Cubans and their descendents now live off the island, Soberon said. "That will ultimately raise their standard of living so that they want to spend their lives here in Cuba and not abroad," he said.

Persons: Marco Bello, Ernesto Soberon, Soberon, Fidel Castro, Castro, Joe Biden, Dave Sherwood, Rosalba O'Brien Organizations: REUTERS, Rights, Reuters, Consular Affairs, Cuban Foreign Ministry, U.S, Cuban, Thomson Locations: Cuban, Cuba, Miami , Florida, U.S, Rights HAVANA, Caribbean, Havana

Washington in mid-October issued a general license lifting through April sanctions on the country's oil production and exports. POLICY SHIFTThe U.S. imposed sanctions on Venezuela's oil industry to try to oust President Nicolas Maduro, whose 2018 re-election it considers a sham. In the last three weeks, PDVSA has signed new term deals to sell products, including fuel oil and asphalt cement with little known firms. LINING UPShortly after sanctions were eased last month, Trafigura chartered a vessel to pick up a fuel oil cargo at a Venezuelan port. The firm that won the offer is Romania-registered Ke Lo Ke Mgmt, PDVSA documents seen by Reuters showed.

Persons: Marco Bello, Nicolas Maduro's, PDVSA, Nicolas Maduro, Joe Biden's, Trafigura, Lo, Ke Lo Ke, Gunvor, Marianna Parraga, Gary McWilliams, Barbara Lewis Organizations: REUTERS, Gunvor, Reuters, Bloomberg, Thomson Locations: Puerto Cabello, Carabobo, HOUSTON, Washington, U.S, Venezuela, PDVSA, Venezuelan, Romania

☆ JPMorgan CEO Dimon, Family to Cut Stake in Bank
▼ + stars: | 2023-10-27 | by ( Rob Curran | ) www.wsj.com time to read: 1 min

Jamie Dimon has led JPMorgan since 2005. Photo: Marco Bello/Bloomberg NewsJamie Dimon plans to make his first substantial sale of shares in JPMorgan Chase since he took over the bank nearly two decades ago. The move is a notable shift for the executive, who has accumulated a more-than-$1 billion stake in his employer over the years. He has in the past signaled his faith in the company by buying additional stock out of his own pocket.

Persons: Jamie Dimon, Marco Bello Organizations: JPMorgan, Bloomberg, JPMorgan Chase

☆ Why Sam Bankman-Fried wanted to spend $10 million a year to put FTX name on sports stadium
▼ + stars: | 2023-10-27 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +12 min

Prosecutors entered corroborating materials, including encrypted Signal messages and other internal documents that appear to show Bankman-Fried orchestrating the spending of FTX customer money. Similarly, Bankman-Fried testified that he believed the lavish Bahamas properties were being paid for with FTX operating cash that came from revenue and venture investments. As for the venture investments, Bankman-Fried said he thought that money was coming from Alameda's operating profits and third-party lending desks. Alameda's venture arm was renamed Clifton Bay Investments, which Bankman-Fried said was a first step in building a dedicated venture brand. When asked about loans he took from the business, Bankman-Fried said they were to pay for venture investments and political donations.

Persons: Sam Bankman, Amanda Perobelli, Fried, District Judge Lewis Kaplan, Mark Cohen, Bankman, Cohen, Sam Bankman Fried, Judge Lewis Kaplan, Elizabeth Williams, Caroline Ellison, Judge Kaplan, Jane, Banks, weren't, cryptocurrencies, FTX, Nishad Singh, Gary Wang, Singh, Wang, Prosecutors, Dan Friedberg, Fenwick, Marco Bello, Ryan Salame, Salame, Katy Perry, —, Dawn Giel Organizations: FTX, Reuters FTX, U.S, District, Stanford, Alameda Research, Elizabeth Williams Prosecutors, Massachusetts Institute of Technology, Alameda, Fenwick & West, Reuters, NFL's New, NFL's New Orleans Saints, Kansas City Chiefs, Facebook, Google, Clifton Bay Investments, Republicans Locations: Manhattan, New York City, U.S, Alameda, Bahamas, Berkeley , California, FTX, Friedberg, Miami , Florida, Miami, NFL's New Orleans, Clifton Bay, Los Angeles

A man walks past the logo of Gemini Trust, a digital currency exchange and custodian, during the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022. At the heart of the lawsuit is a program Gemini ran in partnership with Genesis. Dubbed "Gemini Earn", the program let customers lend crypto assets such as bitcoin to Genesis. The development underscores the challenges the crypto industry continues to face almost a year after the bankruptcy of Sam Bankman-Fried's exchange FTX, which had led to an industry meltdown. It did not reveal any of this information to the investors of Gemini Earn, she added.

Persons: Marco Bello, Letitia James, cryptocurrency, Genesis, Gemini, James, Sam Bankman, Soichiro Moro, Barry Silbert, Niket, Shounak Dasgupta, Krishna Chandra Organizations: Gemini Trust, REUTERS, New York, Genesis Global, Digital Currency Group, Gemini, Thomson Locations: Miami Beach , Florida, U.S, Alameda, Bengaluru

☆ Donald Trump wants London court to rule 'Steele dossier' sex claims are false
▼ + stars: | 2023-10-16 | by ( Sam Tobin | ) www.reuters.com time to read: +4 min

Trump, the frontrunner for the 2024 Republican presidential nomination, is suing Orbis Business Intelligence for alleged data protection breaches over a dossier written by former British intelligence officer Christopher Steele, who co-founded Orbis. The Steele dossier, published by the BuzzFeed website in 2017, alleged ties between Trump's campaign and Russia and said Trump engaged in sexual behaviour that gave Russian authorities material with which to blackmail him. Orbis, however, argues that Trump is bringing the claim simply to address his "longstanding grievances" against the company and Steele. 'SHOCKING AND SCANDALOUS'Trump's lawyer Hugh Tomlinson told the court the former president wanted to prove that the "shocking and scandalous claims" in the Steele dossier were false. White said Trump only sued Orbis in London after a similar case brought in Florida against Orbis, Steele and others – including his Democratic opponent in the 2016 election, Hillary Clinton – was dismissed.

Persons: Donald Trump, Marco Bello, Christopher Steele, Trump, Steele, Hugh Tomlinson, Tomlinson, Antony White, White, Orbis, Hillary Clinton –, Jean Carroll, Letitia James, Trump's, Mikhail Fridman, Petr Aven, Karen Steyn, Sam Tobin, Ed Osmond, Christina Fincher, Rod Nickel Organizations: REUTERS, Trump, Orbis Business Intelligence, Orbis, Republican, Mr, Democratic, New, Thomson Locations: West Palm Beach , Florida, U.S, London, Russia, British, Moscow, St . Petersburg, Florida, New York

☆ Donald Trump wants to give evidence in London court over 'Steele dossier'
▼ + stars: | 2023-10-16 | by ( Sam Tobin | ) www.reuters.com time to read: +4 min

Trump has previously criticised what he described as Steele's "fake dossier" and his lawyers said in court filings made public on Monday that the report is "egregiously inaccurate". Trump's lawyer Hugh Tomlinson told London's High Court: "President Trump brings this case because he seeks vindication of his legal rights." 'SHOCKING AND SCANDALOUS'Trump wants to prove that the "shocking and scandalous claims" in the Steele dossier are false and "intends to discharge that burden by giving evidence in this court", Tomlinson said. But Orbis' lawyers argue that Trump's lawsuit should be thrown out of court. Steele did attend and sat alongside Orbis' lawyers during the hearing.

Persons: Donald Trump, Marco Bello, Trump, Christopher Steele, Steele, Hugh Tomlinson, London's, Tomlinson, Antony White, Joe Biden's, Sam Tobin, Ed Osmond, Christina Fincher Organizations: REUTERS, Orbis Business Intelligence, Orbis, New, Republican, Democrat, Thomson Locations: West Palm Beach , Florida, U.S, London, Russia, British, New York, Washington, United States

☆ Jamie Dimon makes anxiety a feature not a bug
▼ + stars: | 2023-10-13 | by ( John Foley | ) www.reuters.com time to read: +4 min

The mega-bank Jamie Dimon runs is performing strongly, and yet he openly frets and rants about what’s coming: higher interest rates, smothering regulation, recession, war. Lest nerves be soothed by those trends, Dimon lays on caveats with a trowel. Dimon can afford to dwell on the negative because JPMorgan is strong and liquid. If calamity strikes, JPMorgan’s high returns, high capital levels and sheer size make it akin to a safe haven. It also slightly reduced its forecast of expenses and credit-card write-offs from numbers given with second-quarter earnings.

Persons: Jamie Dimon, Marco Bello, delinquencies, Wells, Dimon, Peers, Jane Fraser, hasn’t, Jeffrey Goldfarb, Sharon Lam, Aditya Sriwatsav Organizations: JPMorgan Chase &, Chase, Business The, Miami, REUTERS, Reuters, JPMorgan, Citigroup, Basel, Citi, Reuters Graphics, Thomson Locations: East, Ukraine

☆ JPMorgan chief Dimon warns of 'ripple effects' from Middle East violence
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

Jamie Dimon, Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., gestures as he speaks during an interview with Reuters in Miami, Florida, U.S., February 8, 2023. REUTERS/Marco Bello/File Photo Acquire Licensing RightsOct 12 (Reuters) - The conflict in the Middle East will have "ripple effects that extend far beyond the region", JPMorgan Chase's (JPM.N) CEO Jamie Dimon warned in an internal memo to employees seen by Reuters. The deadliest attack on civilians in Israeli history on Saturday has led to a dramatic escalation of violence in the region. Reuters reported earlier this week that JPMorgan told its more than 200 employees in Israel to work from home. The bank is making an initial contribution of $1 million towards relief efforts and will be matching employees' donations, according to the memo.

Persons: Jamie Dimon, Marco Bello, Dimon, Niket, Shilpi Majumdar Organizations: JPMorgan Chase &, Reuters, REUTERS, JPMorgan Chase's, Kan, U.S, JPMorgan, American, Thomson Locations: Miami , Florida, U.S, Gaza, Israel, Bengaluru

Trump, a former Republican president who is the frontrunner to become the party's 2024 presidential nominee, called the Lebanese Hezbollah, a sworn enemy of Israel, "very smart" and accused Netanyahu of being "not prepared" for the Hamas attack, which also killed 22 Americans. White House deputy press secretary Andrew Bates called Trump's comments "dangerous and unhinged." Democratic President Joe Biden has condemned the Hamas attack as "an act of sheer evil" and declared his unwavering support for Israel. Trump was annoyed when Netanyahu called to congratulate Biden on winning the 2020 presidential election against Trump, an election Trump still calls fraudulent. Trump said Israel relayed to the United States on the night before the operation that it had decided not to participate.

Persons: Donald Trump, Marco Bello, Benjamin Netanyahu, Trump, Netanyahu, Shlomo Karhi, Karhi, Andrew Bates, Bates, Joe Biden, Ron DeSantis, Trump's, Mike Pence, Asa Hutchinson, TRUMP, NETANYAHU, SOURS Trump, Biden, Israel, Qassem Soleimani, Bibi Netanyahu, Tim Reid, Nathan Layne, Doina Chiacu, Susan Heavey, Jeff Mason, Ross Colvin, Howard Goller Organizations: REUTERS, White, Israeli, Republican, Lebanese Hezbollah, Israel's, Democratic, Israel, Trump, Thomson Locations: West Palm Beach , Florida, U.S, Israel, Iran, Palestinian, Lebanese, Florida, New Hampshire, America, Arkansas, United States, Iraq, Gaza

☆ Bank earnings kick off with JPMorgan, Wells Fargo amid concerns about rising rates, bad loans
▼ + stars: | 2023-10-12 | by ( Hugh Son | ) www.cnbc.com time to read: +3 min

Just as they did during the March regional banking crisis, higher rates are expected to lead to a jump in losses on banks' bond portfolios and contribute to funding pressures as institutions are forced to pay higher rates for deposits. The issue constrains the bank's interest revenue and has made the lender the worst stock performer this year among the top six U.S. institutions. Expectations on the impact of higher rates on banks' balance sheets varied. Still, others including KBW and UBS analysts said that other factors could soften the capital hit from higher rates for most of the industry. There's also concern that higher interest rates will result in ballooning losses in commercial real estate and industrial loans.

Persons: Jamie Dimon, Marco Bello, Christopher McGratty, David Konrad, McGratty, Morgan Stanley, Betsy Graseck, Konrad, Gerard Cassidy Organizations: JPMorgan Chase &, Reuters, JPMorgan Chase, Citigroup, Bank, Silicon Valley Bank, First, Bank of America, Comerica, Fifth Third Bank, KeyBank, UBS, RBC Locations: Miami , Florida, U.S, Wells Fargo, Silicon, First Republic

☆ Trump says Israel's Netanyahu was not prepared for Hamas attack
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +2 min

[1/2] Donald Trump, former U.S. president and Republican presidential candidate, looks on at the Club 47 USA event in West Palm Beach, Florida, U.S., October 11, 2023. Speaking to Fox News, Trump, the frontrunner for the 2024 Republican presidential nomination, said Netanyahu "has been hurt very badly" due to the attack. He was not prepared and Israel was not prepared. Trump and Netanyahu had a close relationship during Trump's time as president, though cracks have appeared in their once ironclad rapport. Trump added: "They've gotta straighten it out because they're fighting potentially a very big force, they're fighting potentially with Iran."

Persons: Donald Trump, Marco Bello, Benjamin Netanyahu, Netanyahu, Trump, Trump's, Ron DeSantis, DeSantis, Nathan Layne, Rami Ayyub Organizations: REUTERS, Former U.S, Israeli, Fox News, Trump, Republican, Thomson Locations: West Palm Beach , Florida, U.S, Former, Palestinian, Israel, Gaza, Florida, Iran

☆ Wall Street prepares to dish economic dirt on US
▼ + stars: | 2023-10-12 | by ( John Foley | ) www.reuters.com time to read: +7 min

They are also among the handful of banks which can buy Treasury debt straight from the central bank. That puts leaders like JPMorgan chief Jamie Dimon at the center of the global financial spiderweb. To be sure, the financial statements that the banks will start to release on Friday will be backward-looking. Interest income will reflect the sharp and continued rise of central bank rates, which drag up the price banks must pay for customer deposits and what they charge for loans. It’s a big economic question, since plastic-related debt in the United States hit a record $1 trillion in August.

Persons: Jamie Dimon, Marco Bello, Brian Moynihan’s, Jane Fraser, Wells Fargo, Dimon, Dean Athanasia, Banks, Wells, Peter Thal Larsen, Sharon Lam Organizations: JPMorgan Chase &, Reuters, REUTERS, JPMorgan, Bank of America, Citigroup, of America, Treasury, Citi, Fraser, Reuters Graphics Reuters, Federal Reserve, Federal, Bank of, Reuters Graphics Reuters Graphics Bank, Alpha, Thomson Locations: Miami , Florida, U.S, Wells Fargo, Wells, United States

☆ White House calls Trump's comments on Hezbollah, Israeli defense minister 'dangerous'
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

Donald Trump, former U.S. president and Republican presidential candidate, looks on at the Club 47 USA event in West Palm Beach, Florida, U.S., October 11, 2023. REUTERS/Marco Bello/File Photo Acquire Licensing RightsWASHINGTON, Oct 12 (Reuters) - Former U.S. President Donald Trump's comments calling Hezbollah "smart" and criticizing Israel's defense minister were "dangerous and unhinged," White House spokesman Andrew Bates said on Thursday. "Statements like this are dangerous and unhinged. It’s completely lost on us why any American would ever praise an Iran-backed terrorist organization as 'smart,'" Bates said. Trump, who is seeking to run against President Joe Biden in the 2024 election, in comments to supporters in Florida Wednesday night, said Hezbollah was "very smart" and called Defense Minister Yoav Gallant "a jerk."

Persons: Donald Trump, Marco Bello, Donald Trump's, Andrew Bates, It’s, Bates, Trump, Joe Biden, Yoav Gallant, Jeff Mason, Susan Heavey, Doina Organizations: REUTERS, Rights, Former U.S, Thomson Locations: West Palm Beach , Florida, U.S, Former, Iran, Florida

☆ LVMH sales growth loses fizz as post-pandemic splurge wanes
▼ + stars: | 2023-10-11 | by ( Mimosa Spencer | ) www.reuters.com time to read: +3 min

People walk past the Louis Vuitton store at Miami Design District, in Miami, Florida, U.S. November 30, 2021. REUTERS/Marco Bello Acquire Licensing RightsPARIS, Oct 10 (Reuters) - Luxury goods bellwether LVMH (LVMH.PA) reported a 9% rise in third quarter revenue on Tuesday, marking slower growth as a strong wave of post-pandemic spending eases due to rising inflation and economic turbulence. “After three roaring years, and outstanding years, growth is converging toward numbers that are more in line with historical average", LVMH chief financial officer Jean-Jacques Guiony told analysts. The fashion and leather goods division, home to Louis Vuitton and Dior, recorded sales growth of 9%, compared to analysts' expectations for 10% growth. LVMH is the first major global luxury firm to report earnings this quarter and gives investors an insight into what to expect from rivals.

Persons: Louis Vuitton, Marco Bello, Jean, Jacques Guiony, Tiffany, Bulgari, Hennessy, Luca Solca, Bernstein, Guiony, Mimosa Spencer, Ingrid Melander, Josie Kao Organizations: Miami Design District, REUTERS, Rights, Dior, Champagne, drugmaker Novo Nordisk, U.S ., Thomson Locations: Miami , Florida, U.S, United States, Europe, China

☆ LVMH Q3 revenue rises 9%, slowing from post-pandemic frenzy
▼ + stars: | 2023-10-10 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

People walk past the Louis Vuitton store at Miami Design District, in Miami, Florida, U.S. November 30, 2021. REUTERS/Marco Bello Acquire Licensing RightsPARIS, Oct 10 (Reuters) - Luxury goods bellwether LVMH (LVMH.PA) reported a 9% rise in third quarter revenue on Tuesday, marking slower growth as strong wave of post-pandemic spending eases up amid a backdrop of rising inflation and economic turbulence. LVMH, which owns labels including Louis Vuitton, Dior, Tiffany and Bulgari, said that revenue came to 19.96 billion euros ($21.16 billion), up 9% year-on-year, stripping out the effect of currency fluctuations and acquisitions. The fashion and leather goods division, home to Louis Vuitton and Dior, recorded sales growth of 9%, compared to analysts' expectations for 10% growth. LVMH is facing slowing demand for high end goods in the United States and Europe, where rising prices have prompted shoppers — especially younger generations — to pull back from a post-pandemic spending euphoria, while the recovery in China has been uneven.

Persons: Louis Vuitton, Marco Bello, Tiffany, Bulgari, Hennessy, LVMH, Luca Solca, Bernstein, Mimosa Spencer, Ingrid Melander, Josie Kao Organizations: Miami Design District, REUTERS, Rights, Dior, Champagne, drugmaker Novo Nordisk, Thomson Locations: Miami , Florida, U.S, United States, Europe, China

☆ Nelson Peltz's renewed push for change at Disney is a positive for shareholders
▼ + stars: | 2023-10-09 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

Peltz's Trian Fund Management increased its stake in Disney to more than 30 million shares, worth about $2.5 billion, CNBC reported Monday . The firm is also planning to push for multiple board seats at Disney, including a spot for Peltz. Disney's stock performance has been "lousy" Jim Cramer said Monday, falling 15% since Iger's return back to the helm in November 2022. DIS 1Y mountain Disney's 1-year stock performance. We are expecting a lackluster fiscal fourth quarter from Disney as Iger continues to iron out the multiple wrinkles he's facing.

Persons: Nelson Peltz, Bob Iger, Peltz's, That's, Peltz, Iger, Jim Cramer, Jim, Disney, Bob Chapek, we've, Patience, he's, haven't, Jim Cramer's, Marco Bello Organizations: Club, Disney, Peltz's Trian, Management, CNBC, Fox, Industry, ESPN, Trian Partners, Trian Fund Management, Future Investment Initiative, Summit, Bloomberg, Getty Locations: Miami , Florida

☆ Carnival's fuel costs overshadow better annual forecast on cruise boom
▼ + stars: | 2023-09-29 | by ( Juveria Tabassum | ) www.reuters.com time to read: +3 min

The Carnival cruise ship Sunrise is seen docked at Miami Port, in Miami, Florida, U.S., June 18, 2022. Unlike other major cruise operators, Carnival does not hedge against volatility in oil prices. The company was "not thinking" about fuel hedging at this point, CFO David Bernstein told Reuters in an interview. Instead, to reduce the fuel burn, Carnival was looking at fuel optimization technologies and enhancing itineraries, Bernstein added. CRUISE DEMAND THRIVESCruise operators have benefited from pent-up travel demand following the pandemic and travelers looking for better vacation deals.

Persons: Marco Bello, Morningstar, Jaime Katz, David Bernstein, Bernstein, Alex Brignall, Joshua Weinstein, Carnival, Juveria Tabassum, Devika Syamnath, Shweta Agarwal Organizations: Miami Port, Rivals, Cruise Lines, Royal, Reuters, Thomson Locations: Miami , Florida, U.S, Royal Caribbean, Atlantic

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