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☆ Billionaire investor Bill Ackman warns more banks will fail unless the FDIC insures all deposits
▼ + stars: | 2023-05-04 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

All US regional banks will be under threat unless regulators move to insure all deposits, according to Bill Ackman. "The FDIC's failure to update and expand its insurance regime has hammered more nails in the coffin," he said Wednesday. "The FDIC's failure to update and expand its insurance regime has hammered more nails in the coffin," Ackman said on Twitter Wednesday. Recent turmoil has fueled hundreds of billions of dollars worth of outflows from regional banks to larger institutions, as well as money-market funds. First Republic "would not have failed if the FDIC temporarily guaranteed deposits while a new guarantee regime were created," Ackman said.

☆ Bebe Buell, Rock ’n’ Roll Muse, Sings Her Own Song
▼ + stars: | 2023-05-03 | by ( George Gurley | ) www.nytimes.com time to read: +1 min

Bebe Buell was back in town. The neighborhood was familiar to Ms. Buell. Soon after she arrived in New York from Camp Lejeune, N.C., in 1972, she became a regular at Max’s Kansas City, the famed night spot just a few blocks away. At the time she was an 18-year-old model signed to the Eileen Ford Agency who lived at the St. Mary’s Residence on the Upper East Side. She went from It Girl of Manhattan to Miss November in Playboy magazine.

☆ Bill Ackman jabs at old rival Carl Icahn after short-seller Hindenburg's bombshell report
▼ + stars: | 2023-05-03 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Bill Ackman said Tuesday that there's a "karmic quality" to Hindenburg Research's attack on his old rival Carl Icahn. Hindenburg disclosed a short position against Icahn's business empire in a bombshell report published Tuesday. "There is a karmic quality to this short report that reinforces the notion of a circle of life and death," Ackman tweeted. Ackman and Icahn feuded over a decade ago after Ackman made a $1 billion bet against Herbalife, which he alleged was a pyramid scheme. Read more: The short seller that took on Asia's richest man has a new target: Wall Street legend Carl Icahn

☆ Robinhood mistakenly told its users that AMC had filed for bankruptcy
▼ + stars: | 2023-05-02 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Robinhood accidentally told its users that AMC Entertainment had filed for bankruptcy Monday. The trading app apologized for the error after applying "an incorrect banner" to AMC for three minutes. "At 1:45 pm ET, Robinhood experienced a technical issue leading to an incorrect banner being applied to AMC," Robinhood Help said on Twitter. "I am getting multiple reports that Robinhood briefly posted today that AMC filed for bankruptcy," he wrote. Read more: AMC Entertainment plunges 23% after it settles lawsuit to convert APE units into common stock

☆ First Republic's rescue by JPMorgan means the worst of the banking uncertainty is over, Citi CEO says
▼ + stars: | 2023-05-02 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

First Republic's rescue by JPMorgan will put an end to the worst of the banking uncertainty, Citi CEO Jane Fraser says. JPMorgan took over First Republic after customers yanked over $100 billion worth of deposits. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. JPMorgan stepped in to buy First Republic from the Federal Deposit Insurance Corporation (FDIC) on Monday, acquiring close to $92 billion worth of assets as well as certain liabilities. Read more: Why First Republic failed, and what it means for the rest of the banking industry

☆ As cost of living crisis bites, some Brits are questioning spending money on glitzy coronation As cost of living crisis bites, some Brits are questioning spending money on glitzy coronation
▼ + stars: | 2023-05-02 | by ( Ivana Kottasová | ) edition.cnn.com time to read: +18 min

The church operates the cafe alongside a food bank which offers free food, clothes, household items and other necessities to locals who are struggling. When it first opened before the pandemic, the food bank was serving mostly homeless people. Liz Coopey, left, a volunteer at the Given Freely Freely Given food bank in Doncaster, helps local resident Angela Davis with her shopping bags. The Given Freely Freely Given food bank in Doncaster offers its clients other items than just food, including household goods and clothing. Liz Coopey, one of the volunteers there, said she understands the idea of having to rely on a food bank might be scary to many.

☆ Amazon stock sinks after its warning on AWS growth erases a post-earnings rally
▼ + stars: | 2023-04-28 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Amazon shares fell 5% Friday after the company warned about future revenue growth in its cloud division. That erased an earlier rally after-hours Thursday that could've added $135 billion in valuation to the tech giant. CFO Brian Olsavsky said some Amazon Web Services customers were cutting their costs in preparation for a potential economic slowdown. But shares slumped during a post-earnings conference call where executives warned of a likely slowdown in revenue growth at Amazon Web Services. "We are seeing these optimizations continue into the second quarter with April revenue growth rates about 500 basis points lower than what we saw in Q1," he added.

☆ Meta stock jumps 15% on earnings beat as Mark Zuckerberg touts AI and vows to keep costs down
▼ + stars: | 2023-04-27 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Meta shares climbed as much as 15% Thursday after earnings beat Wall Street's expectations. CEO Mark Zuckerberg touted AI and vowed to keep costs down during Meta's "year of efficiency." CEO Mark Zuckerberg also touted the tech giant's AI plans, and pledged to keep costs low as the owner of Facebook, WhatsApp and Instragram continues its "year of efficiency." In a post-earnings call, Mark Zuckerberg hailed the company's AI efforts and vowed to keep a lid on spending. Read more: Mark Zuckerberg says people spent 24% more time on Instagram after Meta launched AI-powered Reels

☆ What is de-dollarization? Here's everything you need to know about rival countries' efforts to dethrone the greenback
▼ + stars: | 2023-04-26 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

The US dollar has dominated global trade and been the leading reserve currency for nearly 80 years. But rival countries – including China and Russia – are trying to change that. But a growing list of countries – including Brazil, China, and Russia – are trying to unseat the greenback. Rival countries China and Russia are spearheading the effort to wean the world off the buck. "There is a lot of inertia in reserve currency status," a team of strategists led by Kamakshya Trivedi said.

☆ First Republic stock craters 49% after the bank reveals customers pulled out $100 billion of deposits last quarter
▼ + stars: | 2023-04-25 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

First Republic shares fell 49% Tuesday on the back of dire first-quarter earnings. The regional bank's customers pulled out more than $100 billion worth of deposits last quarter. First Republic plans to lay off around 25% of its workforce during the second quarter. Without that lifeline, First Republic's deposit outflows would have totaled $102 billion – which equates to around 41% of the customer deposits it held prior to the first quarter, according to Deutsche Bank. "With the closure of several banks in March, we experienced unprecedented deposit outflows," the San Francisco-based bank's CFO Neal Holland said after Monday's earnings release.

☆ The worst bird flu outbreak in US history is 'wiping out everything in numbers we've never seen before.' Here's what you need to know.
▼ + stars: | 2023-04-23 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +4 min

A new strain of bird flu, also known as avian influenza, is spreading across the US. Bill Powers with his flock of white turkeys, kept under shelter to prevent exposure to bird flu, on November 14, 2022 in Townsend, Delaware. And we now have the highest amount of poultry loss to avian influenza, so this is a worst-case scenario," she added. Last week the US Government started testing four new bird flu vaccines to try and protect the poultry from this mass outbreak, per Reuters. Markets are in troubleFarmers and the markets are being hit hard by the ravages of avian flu.

☆ Cheaper Teslas are hurting profits, but Elon Musk plans to keep slashing prices. Here's why.
▼ + stars: | 2023-04-23 | by ( Beatrice Nolan | George Glover | ) www.businessinsider.com time to read: +5 min

Tesla's profit margins plunged last quarter after the EV maker made aggressive price cuts. Musk could sacrifice short-term profits to grow Tesla's market share. Tesla disappointed its shareholders on April 19 when it revealed how its aggressive price cuts have affected its business. But these cuts have eaten into Tesla's profit margins. While price competition isn't uncommon in the auto industry, car companies might struggle to match the size of Tesla's cuts without hurting their own profit margins.

☆ Markets are eerily calm after the banking chaos - but tightening credit and tumbling earnings could reignite volatility, UBS says
▼ + stars: | 2023-04-22 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

The S&P 500's "fear gauge" fell to its lowest level in 15 months after the recent banking turmoil. Investors are eerily calm – but heightened uncertainty could rock markets soon, UBS says. But the relative consensus could soon be shattered by a credit crunch, UBS said. They have warned tighter credit could fuel a decline in spending and investment levels that would weigh on stock-market valuations. "We expect credit conditions will continue to tighten with a negative impact on growth," he added.

Coronations at Westminster Abbey go back almost one thousand years. Like Charles III, William had his coronation at Westminster Abbey. Gross says coronation blunders do not become truly significant for monarchs until their reign starts to go wrong. A “beautiful and symbolic” silver cross containing a piece of the so-called True Cross will lead King Charles’ coronation procession in London next month. Meanwhile, gun salutes will sound from military bases and ships at sea to mark the moment Charles is crowned King.

☆ Ford CEO Jim Farley says Tesla price cuts could start an EV price war
▼ + stars: | 2023-04-21 | by ( Beatrice Nolan | George Glover | ) www.businessinsider.com time to read: +2 min

Ford CEO Jim Farley says Tesla's pricing could spark an EV price war. Ford CEO Jim Farley said Tesla's price cuts could spark an electric-vehicle price war and transform some into commodities. In January, Ford followed Tesla in cutting EV prices, discounting its plug-in Mustang Mach-E range by between about 1% and 8.8%. Tesla's price cuts are aimed at undercutting rivals and boosting market share, but the strategy has cost the company. Seth Goldstein, an equities strategist for Morningstar, told Insider Tesla's price cuts had left legacy automakers scrambling.

☆ Meta just surged past Tesla in market value for the first time in 16 months
▼ + stars: | 2023-04-21 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Meta overtook Tesla in market value for the first time in 16 months on Thursday. Meta shares are up 77% this year, while Tesla slid Thursday on concerns about its profit margins. The social-media giant had a market capitalization of $547 billion at the closing bell, according to Yahoo Finance, which comfortably exceeded the automaker's $517 billion market cap. The last time Meta was worth more than Tesla was December 20, 2021. Meta and Tesla are now respectively the seventh- and eighth-largest companies in the world by market capitalization, per CompaniesMarketCap data.

☆ Tesla stock slides 8% as Elon Musk's price cuts eat into quarterly profits
▼ + stars: | 2023-04-20 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Tesla stock fell 8% Thursday after its earnings disappointed Wall Street. Elon Musk has slashed the prices of Tesla's flagship vehicles in a bid to gain market share. Shares fell 8% to trade at just under $167 at the opening bell, after Tesla's first-quarter earnings fell short of Wall Street's expectations. Musk's price war could boost Tesla's long-term market share – but it's unlikely to play well on Wall Street if the cuts eat further into its profits, analysts say. "Market share or margins, that seems to be the conundrum facing electric vehicle powerhouse Tesla," AJ Bell investment director Russ Mould said Thursday.

☆ Pakistan just became the latest country to snap up cheap Russian oil
▼ + stars: | 2023-04-20 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Barrels of Russian oil trade for $15 less than other benchmarks as the Ukraine war weighs on prices. Pakistan just placed its first order for the cheaper crude, its petroleum minister told Reuters. It joins China and India in moving to snap up Russian oil at a discount. Russian oil has been available at a steep discount to other benchmarks since Western countries sanctioned the Kremlin after Russia invaded Ukraine in February 2022. Urals crude traded at just under $66 a barrel at last check, making Russian oil around $10 cheaper than a barrel of West Texas Intermediate and $15 a barrel cheaper than Brent crude.

"The Tesla bull case has centered around the company's growth goals, which it is failing to meet." Tesla's stock is trading at about 43 times expected earnings, down from astronomical levels above 200 times in 2021, according to Refinitiv data. Tesla on Wednesday doubled down on the price war it started at the end of last year, as Musk said the company would prioritize sales growth ahead of profit. In the first quarter, Tesla posted its lowest quarterly gross profit margin in two years. You're investing in Elon Musk," said Kim Forrest, chief investment officer of Bokeh Capital Partners.

☆ Pressure on EV-related commodities may benefit Tesla's revenue
▼ + stars: | 2023-04-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPressure on EV-related commodities may benefit Tesla's revenue, says Canaccord GenuityGeorge Gianarikas, Managing Director at Canaccord Genuity, discusses his expectations for Tesla's Q1 earnings report.

☆ Wall Street turns even more bullish on China's economy as the end of zero COVID boosts growth
▼ + stars: | 2023-04-19 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Some of Wall Street's top banks raised their forecasts for China's economy this week. The banks all predict China's GDP will grow by around 6% in 2023. UBS also turned more bullish on China's economy, raising its year-end prediction to 5.7%. "We expect China's GDP to peak around 8% in the second quarter before easing to around 5.5% in the second half of the year." "This will bring the full year GDP growth to at least 5.7%, in our view," the strategists added.

☆ China wants the dollar's dominance to fade - and the US should defend its reserve currency status, Biden nominee says
▼ + stars: | 2023-04-19 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Lawmakers should raise the debt ceiling to defend the greenback's reserve currency status, he says. "I think there's some evidence that it does," he told Tennessee Senator Bill Hagerty, who had asked whether China wants the dollar's dominance as the global reserve currency to fade. "There are extremely important privileges, and even in the realm of security [there are] benefits to having the reserve currency," Bernstein added. "One of the most obvious is of course sanctions — if you control the reserve currency, you are able to impose sanctions as we've done on Russia to considerable effect." Read more: The anti-dollar drive spearheaded by Asia has spread to Europe, with France growing sour on the greenback's dominance.

☆ FTX could relaunch - and one of its former VC backers may lead a $250 million funding round to revive the failed exchange, report says
▼ + stars: | 2023-04-19 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Tribe Capital may lead a $250 million funding round to reboot FTX, according to Bloomberg. Tribe's cofounder Arjun Sethi held talks with the failed crypto exchange in January, sources said. The VC firm and its partners could provide $100 million to fund the relaunch, Bloomberg said. Tribe Capital is considering leading a $250 million fundraising effort to help reboot the failed crypto exchange, Bloomberg said, citing people familiar with the matter. Tribe's proposal in January would relaunch FTX US, FTX Australia, FTX Japan, FTX EU, FTX International and LedgerX, Bloomberg said.

Reuters GraphicsTesla finance chief Zachary Kirkhorn promised in January that margins would not fall below 20% and an average selling price of $47,000 across models. Even as consumers have dialed down non-essential spending over fears of a possible recession, pressuring the EV market, Tesla's rivals such as Ford Motor Co (F.N) have stepped up competition at home. Meanwhile in China, Tesla's second-largest market, the company is playing catch up with BYD Co (002594.SZ). "It's probable that Tesla's margins will be preserved based on the reduction in commodity costs," said George Gianarikas, analyst at Canaccord Genuity. Tesla is targeting deliveries of 1.8 million vehicles this year, though Musk said in January the automaker could hand out 2 million vehicles if circumstances are favorable.

April 17 (Reuters) - Tesla Inc's (TSLA.O) first-quarter margins are anticipated to have hit a more than three-year low as the electric-vehicle maker slashed prices to lure more buyers in the face of rising competition and a weak economy. Reuters GraphicsFinance chief Zachary Kirkhorn promised in January that Tesla would not go below margins of 20% and an average selling price of $47,000 across models. The company on Friday slashed prices in Europe, Israel and Singapore. "It's probable that Tesla's margins will be preserved based on the reduction in commodity costs," said George Gianarikas, analyst at Canaccord Genuity. Tesla is targeting deliveries of 1.8 million vehicles this year, though Musk said in January the automaker could hand out 2 million vehicles if circumstances are favorable.

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