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☆ Coinbase, Gemini and other big crypto names have rushed to ditch Silvergate after the bank warned of building troubles
▼ + stars: | 2023-03-03 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +4 min

Crypto companies are cutting ties with Silvergate, once the go-to bank for digital currenciesThis comes after the crypto bank flagged doubts about its survival. Coinbase, Paxos Trust, Circle Internet Financial and Galaxy Digital Holdings all said Thursday they plan to suspend banking with Silvergate, as did the Winklevoss twins' Gemini. The exodus of crypto exchanges, stablecoin issuers and trading desks came after Silvergate flagged doubts about its future in business. Shares have fallen almost 95% in the past 12 months, as more than a dozen of its crypto firm customers shut down, were fined or came under investigation. Silvergate used to be the go-to bank for the biggest names in crypto, operating a key payments network used for real-time transfers between the firms.

☆ Top 10 things the Club is watching in the stock market Friday
▼ + stars: | 2023-03-03 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

Club holding Costco (COST) was a little disappointing Thursday evening, with an earnings beat overshadowed by some softer February trends. Analysts outline five "underappreciated catalysts" that they think will drive a re-rating of the Club holding in the next twelve months. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

☆ Silvergate slumps 28% after delaying annual report, warning about viability
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +2 min

March 1 (Reuters) - Silvergate Capital (SI.N) shares plummeted 28% late on Wednesday after the cryptocurrency-focused bank warned it was delaying its annual report and said it was evaluating its ability to operate as a going concern. Federal prosecutors in Washington are probing Silvergate and its dealings with FTX and Alameda Research. In January, three U.S. senators asked Silvergate for details about its risk management practices and its dealings with FTX. "The Company is currently analyzing certain regulatory and other inquiries and investigations that are pending with respect to the Company," Silvergate wrote in a filing to the Securities and Exchange Commission on Wednesday. Silvergate said it does not expect to file its report by an extension date of March 16.

☆ UniCredit finds costly fix for faulty CEO pay
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +2 min

UniCredit shares are up 75% over the last twelve months, against 22% for the STOXX Europe 600 Banks Index. To give Orcel an incentive to beat his goals again, and to keep the pay-conscious dealmaker happy, UniCredit tweaked the package. It hiked his fixed pay to 3.25 million euros but changed the way the bonus will be allocated. If Orcel hits new and more challenging targets he will earn a bonus of 4.25 million euros, lower than last year’s payout, paid all in stock. But if he overshoots again, he could get up to 9.75 million euros.

☆ Here are Wednesday's biggest analyst calls: Apple, Procter & Gamble, Tesla, Spotify, AbbVie & more
▼ + stars: | 2023-03-01 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Morgan Stanley upgrades Sarepta to overweight from equal weight Morgan Stanley said it's bullish on the company's gene therapy drug, SRP-9001. Morgan Stanley reiterates Rivian as overweight Morgan Stanley said it's standing by its overweight rating on the EV maker after its earnings report on Tuesday, but says it's now a show-me story. Morgan Stanley reiterates Eli Lilly as top pick Morgan Stanley said the stock is best-in-class and that it's bullish on its diabetes drug, Mounjaro. Morgan Stanley names JD.com a catalyst driven idea Morgan Stanley said it's bullish heading into the China e-commerce company's earnings on March 9. Morgan Stanley reiterates Microsoft as overweight Morgan Stanley said it's standing by shares of Microsoft.

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While this optimistic scenario is plausible, it remains less likely than the economy entering a significant and extended cyclical slowdown or full-blown recession in the course of 2023. Rates are now expected to rise further and remain higher for longer in response to the persistent strength in the job market and service sector inflation. Expectations for the end of 2023 are still trending higher as service sector inflation has continued rising faster than originally anticipated. Service sector activity levels also strengthened significantly in January according to business surveys conducted by the Institute for Supply Management. Similar strength in service sector activity and inflation has been visible across the Eurozone and other major economies.

☆ Bath & Body Works calls investor Third Point's proxy contest "misguided"
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

Feb 27 (Reuters) - Bath & Body Works Inc (BBWI.N) said on Monday investor Third Point's potential proxy contest is misguided and is a result of the specialty retailer not willing to appoint the hedge fund's former co-chief investment officer to its board. Bath & Body Works said in the last twelve months the board has appointed four highly qualified directors, of which Lucy Brady, a senior executive at Conagra Brands (CAG.N), was proposed by Third Point. In a letter to its shareholders, the company said the potential proxy contest was due to the board's unwillingness to appoint Loeb's former partner Munib Islam to the board. Islam, who played a key role in Third Point's activist campaigns, left the firm in 2020 and is now a senior executive at LTS One, an investment partnership. While it has taken "reasonable" steps to avoid a proxy fight, Bath & Body Works said it is "disappointing and unfortunate" that it will have to spend more time on this despite efforts to engage productively with the hedge fund.

☆ 12 Democratic-led states challenge restrictions on abortion pill
▼ + stars: | 2023-02-25 | by ( ) www.cnbc.com time to read: +3 min

Twelve Democratic-led states have sued the Food and Drug Administration to challenge certain federal restrictions imposed on the distribution of the abortion pill mifepristone, saying those limits are not supported by evidence. Mifepristone, in combination with the drug misoprostol, was approved in 2000 by the FDA for medication abortion in the first 10 weeks of pregnancy. The decision enabled more than a dozen Republican-led states to adopt new abortion bans. The FDA's special restrictions on mifepristone are imposed under a safety program meant to minimize the risk of potentially dangerous drugs. After last year's Supreme Court ruling, President Joe Biden directed federal agencies to expand access to medication abortion.

☆ Michael Cohen and the Manhattan DA's Trump probe: It's complicated.
▼ + stars: | 2023-02-25 | by ( Laura Italiano | ) www.businessinsider.com time to read: +11 min

There are no security guards or obscuring metal gates when Cohen arrives for his weekly Trump probe sit-downs — just a dozen or so news cameras. "No," Cohen told The Daily Beast last April. By Bragg's sixth week on the job, the new DA, who'd never even met Cohen, told Pomerantz he "could not see a world" in which Cohen could be called as a DA witness. "Alvin Bragg is operating at Alvin Bragg's pace," Cohen told MSNBC on another appearance, after that 16th meeting. "The district attorney, and the team, I find them to be incredibly, incredibly competent and decent people," Cohen told Insider.

☆ One year of war in Europe: How the dollar, energy and food prices swirled
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +6 min

LONDON, Feb 24 (Reuters) - Russia's invasion of Ukraine has disrupted economies and markets around the world, from energy and food prices to European banks, emerging market stocks and the Russian currency. Below are five charts that show how Europe's biggest conflict since World War Two has shaped global financial markets in the last 12 months. But when Russian tanks rolled into Ukraine in late February, European natural gas prices rocketed by almost 400% in two weeks. Energy prices soared, bringing the threat of blackouts, recession and a worrying switch back to dirtier sources of fuel. Food price pressures are easing, but that does little to soften the blow for many developing nations, where food and energy prices make up a larger share of spending.

☆ Beyond Meat shares surge as cost controls bear fruit
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

Feb 24 (Reuters) - Shares of Beyond Meat Inc (BYND.O) surged 13% in premarket trading on Friday as the plant-based meat maker's results indicated that its cost control measures were finally bearing fruit. At least three brokerages lifted their price targets on Beyond Meat's shares, after the company on Thursday topped expectations for quarterly sales for the first time since June 2021 and forecast annual revenue slightly above estimates. Beyond Meat's shares have slumped about 65% in the past twelve months, hammered by a string of downbeat results and forecast cuts stemming from collapsing demand for faux meat and elevated levels of freight and raw material costs. "Beyond Meat deserves credit for becoming more disciplined regarding profits and cash," J.P. Morgan analyst Ken Goldman said. Still, analysts cautioned that demand for plant-based meat remained weak, and that Beyond Meat faced a long road to profitability.

Companies U.S. Food and Drug Administration FollowFeb 24 (Reuters) - Twelve Democratic-led states have sued the U.S. Food and Drug Administration to challenge certain federal restrictions imposed on the distribution of the abortion pill mifepristone, saying those limits are not supported by evidence. Mifepristone, in combination with the drug misoprostol, was approved in 2000 by the FDA for medication abortion in the first 10 weeks of pregnancy. The decision enabled more than a dozen Republican-led states to adopt new abortion bans. The FDA's special restrictions on mifepristone are imposed under a safety program meant to minimize the risk of potentially dangerous drugs. After last year's Supreme Court ruling, Democratic President Joe Biden directed federal agencies to expand access to medication abortion.

Feb 24 (Reuters) - Twelve Democratic-led states have sued the federal government to challenge special restrictions on the distribution of the abortion pill mifepristone, saying those restrictions are not supported by evidence. The lawsuit, led by Washington and Oregon and filed Thursday in Washington federal court against the U.S. Food and Drug Administration, comes as a separate lawsuit by anti-abortion activists seeks to end access to the drug altogether. Reporting By Brendan Pierson in New York Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ After a year of war, Ukraine's military is facing a new test of its resolve, holding the line until key weapons arrive
▼ + stars: | 2023-02-24 | by ( Jake Epstein | ) www.businessinsider.com time to read: +7 min

Military experts told Insider that Russia is pushing forward with an offensive in eastern Ukraine. Putin has a small window to attack before Kyiv receives advanced Western armor, but Ukraine will need to hold out. The challenge for Kyiv's forces will be absorbing assaults by Russia's numerically larger force long enough for more advanced Western tanks and artillery to arrive that could drive the Russians back. The Russians have that same problem, and Ukraine is trying to attack Russia's logistics system to degrade its ammunition stockpiles. Just as the Russians have been trying to exhaust Ukrainian forces, the Ukrainians have been delivering heavy losses to the Russians.

☆ Investment banks approach Monzo over potential IPO as $4.5 billion fintech plots investing push, sources say
▼ + stars: | 2023-02-23 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +4 min

Investment banks have been in talks with Monzo over a future IPO, sources told Insider. The London-based fintech has also been in discussions to grow its wealth and investment offering. A number of leading investment banks have held initial talks with British fintech unicorn Monzo about a public listing that could take place as early as next year, sources say. Some investment banks have opted to cull teams of staff focused on M&A and stock issuance in recent months, most notably Goldman Sachs. The fintech has also been on the lookout for acquisitions and partnerships in the wealth and trading space, two sources told Insider.

☆ Indian shares fall on rate-hike worries ahead of Fed, RBI minutes
▼ + stars: | 2023-02-22 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

The Nifty 50 index (.NSEI) was down 0.86% at 17,674.50, while the S&P BSE Sensex (.BSESN) fell 0.85% at 60,150.93 as of 10:34 a.m. IST. Both the Fed and the Reserve Bank of India were due to release minutes of their latest policy meetings, giving investors a glimpse of their thinking on future rate-hike trajectories. "Fear of a hawkish Fed has gripped markets and kept investors on tenterhooks." Global markets fell after an unexpectedly strong reading of S&P Global's composite purchasing managers' index (PMI) showed that the U.S. economy was not cooling. ($1 = 82.8330 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman, Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ EU countries mull curbing Russia sanctions dodging via trade tools, access to EU market
▼ + stars: | 2023-02-21 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +3 min

BRUSSELS, Feb 21 (Reuters) - Twelve EU countries are calling on the European Union to stop companies and third countries from circumventing EU sanctions on Russia by using trade and access to the European single market as leverage, a document showed on Tuesday. The provision of material support to Russia’s military and defense industrial base will have severe consequences regarding their access to the EU market," they added. "Special focus should be put on Western components that are crucial to the Russian military industry," the paper said. "These components are not easily replaced: changing an element in weapons production takes months, due to certification and design processes. A small disruption of these production chains therefore quickly has a significant impact in the Russian ability to produce weapons and military equipment," it said.

☆ Britain's BrewDog aims to put Punk IPA on the map in China
▼ + stars: | 2023-02-20 | by ( Sarah Young | ) www.reuters.com time to read: +2 min

Punk IPA, Lost Lager, Elvis Juice and Hazy Jane have helped turn BrewDog into a household name in Britain. "I think the internationalisation of our business is kind of very key to our IPO plans," BrewDog founder and chief executive James Watt told Reuters. While BrewDog has had a presence in China since 2015, Watt said it had been hard to scale up without a local partner. It's a similar model to a partnership deal BrewDog signed with Asahi in Japan, which saw sales there double in its first year. In 2021, the last year for which results are available, it made an operating loss of 5.5 million pounds ($6.6 million) on revenues of 286 million pounds.

☆ Earthquake death toll passes 46,000 amid desperation for signs of life
▼ + stars: | 2023-02-18 | by ( ) www.cnbc.com time to read: +3 min

The mother and father survived but the child died later of dehydration, the rescue team said. When we find people who are alive we are always happy," Atay Osmanov, a member of the rescue team, told Reuters. As rescue efforts continued one worker yelled into the rubble: "Take a deep breath if you can hear my voice." The death toll in Turkey stands at 40,642 from the quake while neighboring Syria has reported more than 5,800 deaths, a toll that has not changed for days. In Syria, already shattered by more than a decade of civil war, the bulk of fatalities have been in the northwest.

☆ King Charles's coronation to feature 12 new pieces of music
▼ + stars: | 2023-02-18 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 18 (Reuters) - Twelve newly commissioned pieces of music will play at the coronation of Britain's King Charles at Westminster Abbey this May, including Greek Orthodox music, Buckingham Palace said, with the 18th century "Zadok the Priest" also to be featured. Six orchestral commissions, five choral commissions and one organ commission have been composed for the occasion, the palace said on Saturday, including a new Coronation Anthem by musical theatre impresario Andrew Lloyd Webber. Music by Elgar, Parry, and Williams were also performed at the crowning of Charles's late mother, Queen Elizabeth II, in 1953. Handel's coronation anthem "Zadok the Priest," which was composed for the coronation of King George II in 1727, will be played at the ceremony, the palace said. I hope my anthem reflects this joyful occasion," composer Lloyd Webber said of his coronation anthem in the statement.

CNN —A fashion show that features elderly people as models is a rarity. One with elderly Black African models is even rarer. While the images look like photographs of a genuine event, they were entirely generated by artificial intelligence (AI). He produced series two and three of Netflix show “Made By Design,” as well as a biopic docudrama on Nigerian designer Nike Davies-Okundaye. His other AI projects include creating a virtual futuristic city called “Ngochola,” populated by people who are heroic, beautiful and African.

Persons: Malik Afegbua, ”, “, what’s, Afegbua, Nike Davies, It’s, ” Afegbua, ‘, it’s, …, SlickCity Afegbua, he’s, “ I’ve Organizations: CNN, Netflix, Photoshop, World Health Organization, WHO, Ageing Locations: Nigerian, US, France, Brazil, combatting ageism

☆ Buy these 12 stocks to profit from higher-than-expected price growth, according to an inflation fund manager who beat 96% of his competitors last year
▼ + stars: | 2023-02-16 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Top fund manager Simon Lack shared 12 top stocks to buy while inflation remains hot. The news confirmed what Simon Lack, a 37-year market veteran who runs a leading inflation fund, has long suspected: that price growth will remain an issue for investors throughout 2023 — and possibly beyond. If high inflation is the new normal, the Fed will struggle to achieve its goal of stabilizing prices, Lack said — at least not without causing a recession. His Rational Inflation Growth Fund (IGOAX) finished in the top 4% of its category in 2022 after beating its index by 14 percentage points, according to Morningstar. By contrast, his fund goes on offense by owning stocks in sectors that benefit from high prices.

☆ Check out the Codex Sassoon. It's the oldest, most complete Hebrew bible, and it's set to be sold by Sotheby's for $30 to $50 million.
▼ + stars: | 2023-02-16 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: 1 min

It's known as the Codex Sassoon — named after its former owner, David Solomon Sassoon, a collector who amassed a significant collection of Judaica and Hebraica manuscripts in the 20th century. ED JONES / Contributor/Getty ImagesWhat's most notable about the Codex Sassoon is that it's in mint condition. The book is missing a handful of pages — twelve full leaves to be exact — which also makes it the oldest, and most complete copy of the Hebrew bible to exist, according to Sotheby's.

☆ EU regulator expects eventually to introduce annual COVID shots
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

LONDON, Feb 15 (Reuters) - The European Medicines Agency (EMA) expects COVID vaccination campaigns to be conducted once a year, similar to the approach with flu inoculation, it said on Wednesday. In Europe, there is a marked decline in new COVID cases, hospitalisations and deaths - the lowest levels observed in the European Union in the past twelve months, he said, citing data from the European Centre for Disease Prevention and Control (ECDC). Still, the virus continues to evolve, and an organised approach is needed to maintain the range of vaccines to confer an adequate breadth of protection to emerging variants, he said. The EMA is currently in discussions with the World Health Organization and other regulatory agencies about the criteria and process that will lead to the potential update of the vaccines in view of future vaccination campaigns, he added. Reporting by Natalie Grover in London Editing by David Goodman and Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ These are the 12 healthcare startups that have already laid off employees in 2023
▼ + stars: | 2023-02-15 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +1 min

Digital health startups are laying off employees in droves to cut spending in a tough market. These are the 12 healthcare startups to slash staff so far in 2023. Digital health layoffs have been on the rise since last year. Twelve digital health startups have already cut staff less than two months into 2023. Here are the digital health startups that have cut staff so far in 2023, as of February 15:Have a tip about digital health layoffs that you want to share?

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