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For the fourth quarter, Switzerland's second-biggest bank posted a net loss of 1.39 billion francs. That brought its total net loss in 2022 to 7.29 billion francs, marking its second straight year in the red. The bank, however, completed a 4 billion Swiss franc fundraising in December and said liquidity levels had been boosted. Chief Executive Ulrich Koerner said last month that Credit Suisse was "seeing money now coming back in different parts of the firm." "We have a clear plan to create a new Credit Suisse and intend to continue to deliver on our three-year strategic transformation," Koerner said on Thursday.

☆ Credit Suisse moves towards carve out of investment banking arm
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

The bank, battling to recover from a series of scandals and heavy losses, said it had agreed to buy the investment banking business of M. Klein & Company LLC, for $175 million. Credit Suisse did not provide details on other investors that may back CS First Boston. Credit Suisse has been marketing CS First Boston to investors as a "super boutique" and sees revenue eventually more than doubling to as much as $3.5 billion, Reuters reported on Monday. Still, given the "challenging market backdrop", Credit Suisse expects its investment banking division - which includes some activities that may not move across to CS First Boston - to report a loss in the first quarter. Credit Suisse said it would keep control over the structure of CS First Boston.

☆ Inside Goldman Sachs' annual partners meeting in Miami Beach — from the $1,500-a-night hotel rooms to the majestic oceanfront views
▼ + stars: | 2023-02-09 | by ( Emmalyse Brownstein | Dakin Campbell | ) www.businessinsider.com time to read: +3 min

Goldman Sachs is holding its exclusive annual partners meeting in Miami Beach this week. Goldman Sachs declined Insider's request for comment. The main events are unfolding in the Miami Beach Edition, described as a "luxury boutique design hotel" on its website with 70,000-square-feet of "pristine" beachfront property. Some Goldman partners are also staying at the nearby Faena Hotel Miami Beach, sources said. See below everything we know about this year's Goldman Sachs' partners event in Miami.

☆ Morning Bid: Corporate scatter
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +5 min

A look at the day ahead in U.S. and global markets from Mike Dolan. A hail of mega corporate updates distracted stock markets from a confusing macro picture - but offers little more clarity with scattergun fortunes and ambiguous readouts for the wider economy. The flub fed worries that the Google parent is losing ground to rival Microsoft (MSFT.O) in the renewed craze around artificial intelligence. European shares touched a fresh nine-month high on Thursday as Germany's Siemens and UK's AstraZeneca boosted earnings euphoria, while Britain's bank, commodity and pharma heavy FTSE100 hit another record high. Norway's $1.35 trillion sovereign wealth fund said it had recently divested virtually all its remaining shares in the Adani group.

☆ Apollo assessing possible CS First Boston investment -source
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

Feb 7 (Reuters) - Apollo Global Management Inc (APO.N) is among a group of financial firms considering investing in Credit Suisse's (CSGN.S) revamped investment bank CS First Boston, a source with knowledge of the matter told Reuters. U.S. asset manager and private equity firm Apollo has been contacted by the Swiss bank about investing in CS First Boston (CSFB) but has yet to make a decision, the source added. It will now focus on managing money for the wealthy and create CSFB to run its investment banking activities. Apollo has already committed to buying the bulk of Credit Suisse's securitized products group, which will be outside CSFB. Credit Suisse, which reports fourth-quarter earnings on Feb. 9, said in November that it expects to complete the transaction by mid-2023.

☆ Sonos, Therabody and Dyson: Best online sales right now
▼ + stars: | 2023-02-07 | by ( Caroline Curran | ) edition.cnn.com time to read: +6 min

No matter which model you choose, you’ll save on a device perfect for athletes and anyone else who appreciates at-home relaxation. Right now you can save up to $170 at Therabody, including savings on the Theragun Pro and Mini. Sonos Home Theater Sale Sonos Arc Sonos In the world of premium speakers, Sonos is always a top contender — and now through Feb. 12, you can score up to $280 off select home theater speakers. Tocess Claw Clips $19 $8 at Amazon Amazon Keep your hair out of the way with a chic claw clip. • Save on our favorite affordable headphones right now — the over-ear Soundcore Anker Life are just $45 right now.

☆ Exclusive: Credit Suisse markets CSFB as 'super boutique', sees revenue rebound
▼ + stars: | 2023-02-06 | by ( Paritosh Bansal | ) www.reuters.com time to read: +6 min

Veteran dealmaker Michael Klein has stepped down from the Credit Suisse board to become CEO. Third-party capital would help fund the unit's lending as a standalone entity, Credit Suisse said, without providing additional details. At the same time, Credit Suisse would pull back from certain businesses, such as providing revolving credit lines to companies and non-essential trading. Bloomberg News reported last month that Credit Suisse was nearing a deal to buy the boutique for a few hundred million dollars. Longer term under its plan for CSFB, Credit Suisse projects net revenues could rise to as much as $3.5 billion.

☆ Hoka shoes have their haters, but their popularity is growing, largely thanks Gen Z and millennial women
▼ + stars: | 2023-02-03 | by ( Danni Santana | ) www.businessinsider.com time to read: +3 min

Hoka One One grew sales 90% to $352 million in its fiscal third quarter, ending December 31. According to Deckers CEO David Powers, Hoka is seeing significant growth in the 18-34 consumer demographic. Gen Z and millennial women have especially driven sales growth for Hoka by regularly visiting the brand's website to view what's new and purchasing shoes, Powers said. "But you're seeing teenage girls and boys trading from traditional athletic brands into Hoka and raving about it." Deckers company sales grew to $1.3 billion in the third quarter, increasing 13% compared to the same period last year.

☆ China's latest IPO reform unlikely to flood markets with new issuance, bankers say
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +4 min

Under the new system, China's stock exchanges will themselves vet IPOs with a focus on information disclosure. The reform was hailed by state media and analysts as a key milestone that would make China's IPO market more inclusive, transparent and efficient. "Paternalism and politics continue to play a big role" in the new IPO system, he said. STAR SYSTEMThe registration-based IPO system was first adopted by Shanghai's STAR Market when the tech-focused board was launched in 2019. The new IPO system was later rolled out to the start-up board ChiNext, and the Beijing Stock Exchange.

☆ Disney and other Hollywood giants spent billions chasing Netflix. But their strategy appears to have a major flaw.
▼ + stars: | 2023-02-03 | by ( Lucia Moses | ) www.businessinsider.com time to read: +7 min

Media companies are trying to get to streaming profitability but their underlying businesses are in worse shape than previously thought. The remedy is to cut content spending, which throws the whole business model out the window. After cheering on Hollywood players for massively spending on streaming content, Wall Street is looking less impressed. Bottom line is, the media business isn't as good as it used to be." But another warning sign for these companies is that in streaming, content may not be as valuable as once thought.

☆ A travel insider explains how people who hate cruising — can learn to enjoy it
▼ + stars: | 2023-02-02 | by ( Monica Pitrelli | ) www.cnbc.com time to read: +5 min

Travel professional Tammy Cecco named the Celebrity Edge cruise ship, shown here, as one that has spacious suites and great window views. Eva Marie Uzcategui | Bloomberg | Getty ImagesOnce she "relaxed into it," Cecco said, she started to enjoy cruise ship travel. Courtesy of Tammy CeccoCecco, who often travels with her family of five and her mother-in-law, said private tours suit everyone's needs — and interests. Luciano Bullorsky ToursByLocals' President and Co-ownerCecco said she booked a private tour at "pretty much every stop" on their last cruise, plus Rome. The company said private shore tours account for nearly a third of all tours booked in 2023 — up from 12% in 2022 bookings.

☆ European software startup investor Notion Capital set to raise around $300 million for fifth and largest-ever fund, sources say
▼ + stars: | 2023-01-31 | by ( Callum Burroughs | Hasan Chowdhury | ) www.businessinsider.com time to read: +2 min

European venture capital fund Notion Capital is set to raise its fifth fund, Insider understands. The London-based investor has secured around $300 million in commitments so far, sources say. European venture capital firm Notion Capital, which has backed companies like Currencycloud and GoCardless, is set to raise its fifth fund, sources say. Notion filed for its fifth fund in Luxembourg in February 2022. The fifth fund's commitments came in sizable chunks from LPs last year with around $200 million raised over the course of 2022, one London-based source said.

☆ I stayed in 5-star luxury hotels around the world for the first time and 10 things surprised me, from welcome gifts to pillow menus
▼ + stars: | 2023-01-28 | by ( Joey Hadden | ) www.businessinsider.com time to read: +2 min

After years of camping and booking cheap Airbnbs, I got my first taste of luxury when I stayed at four five-star hotels around the world. Joey Hadden/InsiderCheap Airbnbs, free campsites, and sleepless nights crammed in cars in Walmart parking lots used to be the norm for me. My introduction to luxury started during a train trip to Miami in October 2021. It was my first experience at a luxury hotel, and once I experienced this level of service, it left me craving more upscale stays. With returning celebrity guests like Sting, Travel and Leisure called it one of the most fashionable hotels in Italy.

☆ Ketamine is being sold as a depression wonder drug. For some, it's making everything worse.
▼ + stars: | 2023-01-25 | by ( Anna Silman | ) www.businessinsider.com time to read: +42 min

The infusions at the ketamine clinic in his West Texas hometown were a Christmas gift from his grandmother. About five years ago, more and more of my friends started using ketamine recreationally. IV ketamine treatment centers charging $400 to $2,000 an infusion popped up all over the country. "Ketamine used as directed in an appropriate clinical setting very rarely leads to any dependence," Mindbloom says on its website. Like Nadia, most of the people I interviewed said when they started using ketamine, they didn't think it was possible to become dependent on it.

☆ Microsoft could bring back Clippy, but make him smart
▼ + stars: | 2023-01-25 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

New York CNN —This week, Microsoft confirmed it’s planning to invest billions in OpenAI, the company behind the viral new chatbot tool ChatGPT. The prospect of Microsoft, maker of software that people mostly hate, getting involved with ChatGPT, a product people generally like, is raising a lot of eyebrows. Almost immediately, people began joking on social media that ChatGPT could be used to revive the broadly maligned, big-eyed goon known as Clippy. “There is a kernel of truth to the Clippy comparison,” David Lobina, an artificial intelligence analyst at ABI Research, told Sam. All of the above suggestions were generated by asking ChatGPT various forms of the question, “How could Microsoft integrate ChatGPT into its products?”Argh, Samantha, you scamp!

☆ It's not all gloom and doom on Wall Street. Here's where finance firms are still hiring.
▼ + stars: | 2023-01-25 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

For many on Wall Street, those questions are top of mind. Insider's finance team canvassed more than a dozen recruiters to get their takes on the job market. From investment banking to hedge funds to fintechs, here's who's hiring and who's at risk of making more cuts. Click here to read more about the hiring landscape across Wall Street, from banks to hedge funds and fintechs. We've got a list of the best and worst US airlines, according to The Wall Street Journal.

☆ Amazon adds generic prescription perk for Prime members
▼ + stars: | 2023-01-24 | by ( Annie Palmer | ) www.cnbc.com time to read: +2 min

The Amazon Pharmacy home screen on a laptop computer arranged in the Brooklyn Borough of New York, U.S., on Tuesday, Nov. 17, 2020. Amazon on Tuesday announced a new prescription perk for U.S. Prime members, hoping to boost subscriptions and attract users to its pharmacy service. Amazon introduced, then shuttered, a telehealth service called Amazon Care, and announced in July it would acquire boutique primary care provider One Medical. Amazon also offers a Prime prescription savings benefit, which offers a discount of up to 80% on generic medications and up to 40% on brand-name prescriptions. An August report from Morgan Stanley found Amazon Pharmacy didn't rank as a top perk for Prime members, based on a survey of users, according to Business Insider.

☆ Wall Street is excited about Chinese tech — and loves one mega-cap stock in particular
▼ + stars: | 2023-01-24 | by ( Zavier Ong | ) www.cnbc.com time to read: +4 min

A growing number of positive analyst calls has reinforced optimism in the sector, with recent share price gains reflecting renewed interest. How is Wall Street playing the resurgence in Chinese tech? Morgan Stanley too, has named Alibaba its "top pick" in the Chinese tech sector — for the first time in three years. Cohen is reported to have told Alibaba executives that he thought the company could reach double-digit sales growth and nearly 20% free cashflow growth over the coming five years. He said he would "not be surprised" to see Alibaba's share price rise to $140 to $150 — a "significant amount of upside" from current levels.

☆ Why companies are eager to strike massive music catalog deals
▼ + stars: | 2023-01-24 | by ( Oliver Darcy | ) edition.cnn.com time to read: +5 min

In the last few years, generational stars have inked nine-figure deals to hand over the rights to their catalogs. And, younger artists have taken part in the action too, with singers such as John Legend and Iggy Azalea striking deals. Now, services like Spotify and Apple Music have revolutionized the music industry. Unlike legacy companies, these new businesses don’t have a long track record managing music. The labels, he said, often have a disparate set of goals, including creating new hits, which could distract them from the singular mission of managing older music.

☆ It's the perfect time to start your sneaker collection
▼ + stars: | 2023-01-24 | by ( Danni Santana | ) www.businessinsider.com time to read: +7 min

Inflation and high inventory have created the perfect environment for new sneaker collectors. Sneakers are easier to getMost shoes have become relatively easy to get, said a sneaker collector who goes by Sockjig and is the host of the "Sockjig Sneaker Podcast." Sneakerheads new to the Snkrs app might have a better chance of getting one of those "unicorn" shoes, Sockjig said. Saucony is a popular brand among sneaker collectors following casual-fashion trends. And they've placed the emphasis on the Snkrs app," Burns said.

☆ It's a terrible time to be a sneaker reseller
▼ + stars: | 2023-01-24 | by ( Lois Sakany | ) www.businessinsider.com time to read: +8 min

Adidas' messy breakup with Ye is the latest in a series of complications for sneaker resellers. Sneaker resellers have felt the effects of the end of the stimulus check and the rise of inflation. Sneaker resellers saw a bot crackdownWhile not as lucrative as Nike in the aftermarket, it was easier to buy Yeezys in bulk on Yeezy Supply using bots. The loss of Yeezy sales then combined with Nike's crackdown on bots. I'm working to expand my team to accommodate the online customer, walk-in customer, and sneaker customer," Falcon said.

☆ Luxury group Richemont's sales miss forecasts after China sales plunge
▼ + stars: | 2023-01-18 | by ( John Revill | ) www.reuters.com time to read: +2 min

Overall, Richemont's sales rose 8% to 5.4 billion euros ($5.82 billion) in the three months to the end of December, up from 4.98 billion euros a year earlier. The figure missed the 5.67 billion euros forecast by analysts. When currency movements were excluded, the company's sales increased by 5%. In Japan, sales increased by 30% during the quarter, aided by "solid" domestic sales and a gradual return of tourism. In Europe sales increased by 17% helped by strong local demand and returning tourists, particularly from the Middle East and the United States.

LONDON/ZURICH, Jan 18 (Reuters) - Luxury retailers Richemont (CFR.S) and Burberry (BRBY.L) said they were optimistic that consumers in China would start spending again, helping offset three years of upheaval from the government's strict COVID-19 lockdowns and soaring infections. Richemont (CFR.S), whose brands include Cartier jewellery and Swiss watches IWC and Jaeger-LeCoultre, also said it expected a strong rebound in China. The European luxury sector is among the largest expected winners as China loosens COVID-19 restrictions that kept shoppers out of stores for months. Richemont missed market estimates after sales in China plunged by a quarter, as customer traffic dwindled and staff were not available, leading to a reduction of boutique hours, or temporary closures of sales points, the company said. Mainland China is currently 25% of Burberry sales, down from about 40% pre-pandemic.

☆ Funky Boutique Operator Ace Hotel Reaches Deal to Sell the Company
▼ + stars: | 2023-01-17 | by ( Kate King | ) www.wsj.com time to read: 1 min

Ace has 11 hotels in operation, including locations in Los Angeles, New York and Kyoto, Japan. A Portland, Ore.-based hospitality firm has reached an agreement to acquire Ace Group International , the operator of a quirky but influential hotel chain known for its cafes, in-house DJs and reclaimed furniture scattered throughout its lobbies. Sortis Holdings Inc. has agreed to pay $85 million in an all-cash transaction for the Ace brand and its hotel management company, according to Sortis Holdings Executive Chairman Paul Brenneke .

☆ Premium sneakers marketplace The Edit LDN just raised $4.8 million in a round backed by PJ Tucker and Xavier McKinney. Check out the 14-slide deck it used to raise the funds.
▼ + stars: | 2023-01-17 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

A startup operating a marketplace for premium sneakers has raised $4.8 million from Regah Ventures. London-based The Edit LDN connects luxury sneaker sellers to buyers such as Premier League players. A startup that has built an online marketplace for premium and limited-edition sneakers has raised a $4.8 million seed round from Regah Ventures. London-based The Edit LDN, which launched in 2020, connects resellers of collectible sneakers to buyers via its online platform. The Edit LDN claims to set itself apart from competitors through its product curation, speed, and customer experience.

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