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Block shares fell as much as 22% before paring losses and were last down 14% at $62.61 in afternoon trading. After reviewing the full report, Block said it was "designed to deceive and confuse investors". Hindenburg said that Block "obfuscates" how many individuals are on the Cash App platform by reporting misleading "transacting active" metrics filled with fake and duplicate accounts. The app had 51 million monthly transacting actives, a 16% year-over-year increase during December 2022, Block said in fourth-quarter earnings letter. "What I am really concerned about is the Cash App, accusations of fraud, multiple accounts, opening accounts and fake names.
[1/2] The logo of Cash App is seen at the main hall during the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022. REUTERS/Marco BelloMarch 23 (Reuters) - Hindenburg Research on Thursday disclosed short positions in Block Inc (SQ.N) and alleged that the Jack Dorsey-led payments firm overstated its user numbers and understated its customer acquisition costs. Shares of Block slid 20% to $57.85 in premarket trading following the report. Hindenburg added that Block "obfuscates" how many individuals are on the Cash App platform by reporting misleading "transacting active" metrics filled with fake and duplicate accounts. Founded in 2017 by Nathan Anderson, Hindenburg is a forensic financial research firm that analyses equity, credit and derivatives.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's soaring domestic demand for oil will continue, analyst saysAmrita Sen of Energy Aspects says Chinese product exports like diesel are set to plummet in March — a sign that domestic demand for oil is growing.
Block CFO weighs in on the company's mixed earnings report
  + stars: | 2023-02-27 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlock CFO weighs in on the company's mixed earnings reportAmrita Ahuja, Block CFO and COO, joins 'Squawk Box' to discuss the company's recent performance, the current pressure on financial technology, and more.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe expect a lot higher prices at the pump this summer: Energy Aspects founderAmrita Sen, founder and director of research at Energy Aspects, joins 'Squawk Box' to discuss the forecast for WTI crude prices, where gas prices go throughout the year, and more.
Block sharpens focus on Cash App in 2023
  + stars: | 2023-02-27 | by ( ) www.businessinsider.com   time to read: +2 min
The 15% year-over-year (YoY) increase is down from 45% the same period a year ago . How we got here: Three factors contributed to Block’s Q4 performance. With these expansions, gross profit outside of the US accounted for 17% of Square’s total profit in Q4, compared with just 9% in Q4 2021. Unlike other big-name fintechs, Block didn’t announce layoffs in recent months, which may point to the strength of its business model and its performance outlook. It anticipates this segment’s expenses to grow between 5% and 10% this year, driven by Cash App.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSen: The oil markets will tighten due to no more SPR releases and Chinese demand, but that will likely be in the second half of the yearEnergy Aspects co-founder & head of research Amrita Sen discusses how the global energy market has been reshaped in the year since Russia invaded Ukraine, and the potential risks to prices this year.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailClean energy can't come at the cost of economic growth, says Energy Aspects' Amrita SenAmrita Sen, founder and director of research at Energy Aspects, joins CNBC's 'Squawk Box' to discuss the outlook for natural gas and energy demand.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil outlook is largely dependent on China's reopening, says Energy Aspects' Amrita SenDan Pickering, chief investment officer at Pickering Energy Partners, and Amrita Sen, co-founder and head of research at Energy Aspects, join 'The Exchange' to discuss growing oil demand in China, 2023 projections for oil and opportunities in small cap energy stocks.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Energy Aspects' Amrita Sen and Pickering Energy Partners' Dan PickeringDan Pickering, chief investment officer at Pickering Energy Partners, and Amrita Sen, co-founder and head of research at Energy Aspects, join 'The Exchange' to discuss growing oil demand in China, 2023 projections for oil and opportunities in small cap energy stocks.
In 2012, Amrita Saigal quit her dream job. In 2021, she launched Los Angeles-based Kudos, which makes disposable diapers from cotton and other sustainable materials — and on Friday's episode of ABC's "Shark Tank," she scored a $250,000 investment in Kudos from Mark Cuban and guest Shark Gwyneth Paltrow. Saigal also expressed plans to launch new products, including trainer swim shorts and adult sanitary products. Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank." Sign up now: Get smarter about your money and career with our weekly newsletterDon't miss:This ‘Shark Tank’ side hustle had almost zero revenue — here’s why Mark Cuban invested anyway17-year-old ‘Shark Tank’ contestant made slime in his garage, sold it to his friends, brought in $1 million in just 3 years
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnergy Aspects' Amrita Sen explains why she expects higher energy prices in 2023Amrita Sen, founder and director of research at Energy Aspects, joins CNBC's 'Squawk Box' to break down her forecast for energy prices in 2023 and more.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina reopening from zero-Covid will 'very, very bullish' for oil markets, says Amrita SenAmrita Sen, Energy Aspects founder, joins CNBC's "Squawk Box" to discuss the energy markets and her outlook on crude oil prices.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOPEC+'s decision to 'hold steady' on oil policy was the right one, energy consultancy saysAmrita Sen of Energy Aspects says that's "especially if you don't know how much … Russian production is going to fall after today."
A pump jack on an oil field owned by Bashneft company near the village of Nikolo-Berezovka, northwest from Ufa, Bashkortostan, Russia, in 2015. The Group of Seven's price cap of $60 for Russian seaborne oil and a ban on Russian crude kicked in on Monday. Oil prices climbed as much as 2% on Monday after China signaled a broader relaxation of Covid curbs, OPEC+ announced its decision not to change oil production targets, and a price cap on Russian oil took effect. The Group of Seven's price cap of $60 for Russian seaborne oil and a ban on Russian crude kicked in on Monday. The Kremlin had previously threatened that it will not supply oil to countries setting and endorsing the price cap.
EU officials have agreed to set a price cap on Russian oil at $60 a barrel. Starting Monday, seaborne imports of Russian oil into the EU will be banned, as will European insurance and shipping services for vessels carrying Russian oil anywhere in the world. How would the oil price cap work? At the same time, the EU, G7 member countries, and Australia are participating in the price cap on Russian oil. But the EU ban on Russian oil supersedes a price cap, Energy Aspects analyst Amrita Sen has pointed out.
The group agreed in early October to cut its oil production target by 2 million bpd from November until the end of 2023. Given production restraints on some members of the alliance, the actual cut the group is expected to deliver is closer to between 1 million and 1.1 million bpd. "A further cut in production cannot ... be ruled out," PVM Oil analyst Stephen Brennock said. "Failure to do so risks sparking another selling frenzy," he added, without saying how low he thought prices could go. Amrita Sen, co-founder of consultancy Energy Aspects, told bank Jefferies that she did not expect OPEC+ to change tack yet.
Energy prices slide following China's reported Covid-19 deaths
  + stars: | 2022-11-21 | 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 EmailEnergy prices slide following China's reported Covid-19 deathsAmrita Sen, founder and director of research at Energy Aspects, joins CNBC's 'Squawk Box' to weigh in on the moves in oil prices, which are lower after China reported its first Covid-19 deaths in months.
With studies finding that Asian American and Pacific Islanders show some of the highest levels of support for abortion rights, community leaders are expecting this issue to drive Asian Americans to the polls — many for the first time ever. “AAPIs view abortion not as the singular act of abortion, but as health care,” said Varun Nikore, executive director of the nonprofit AAPI Victory Alliance. While some researchers point to flaws in the polling (most notably that Pew only surveyed English speakers), they say there’s no doubt that Asians show the highest level of support when it comes to abortion rights. “That tells me that abortion rights and reproductive rights are likely what’s driving that prioritization,” said Karthick Ramakrishnan, founder and director of demographic data and policy research at AAPI Data. A younger crop of Asian voters newly engaged by the Dobbs ruling are initiating these conversations with their elders, too.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJohn Kilduff and Amrita Sen break down forecasts for global energy prices and demandAmrita Sen, founder and director of research at Energy Aspects, and John Kilduff, Again Capital founder and a CNBC contributor, join CNBC's 'Squawk Box' to break down their expectations for energy prices ahead of the winter months. "We're going into the crunch," Kilduff tells CNBC. "The winter... it could be horrific in terms of prices."
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnergy prices could be horrific this winter, says Again Capital's John KilduffAmrita Sen, founder and director of research at Energy Aspects, and John Kilduff, Again Capital founder and a CNBC contributor, join CNBC's 'Squawk Box' to break down their expectations for energy prices this winter.
Today we're looking at what Deutsche Bank analysts say is a deeply underappreciated risk to markets, one that threatens to produce an era of negative returns. According to Deutsche Bank analysts writing in a note on Monday, a 70s-style dynamic of high inflation and low growth is a big underappreciated risk in markets right now. First, this sort of thing can become a self-fulfilling cycle, wherein a period of difficult inflation like we're in now leads to further expectations for high inflation. What are the risks that the US economy sees a period of low growth and high inflation in coming years? Wall Street is underestimating these 12 stocks, according to Goldman Sachs.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnergy Aspects' Sen: The oil market is really worried the U.S. could come out with a really big SPR releaseAmrita Sen, head of research at Energy Aspects, discusses the Biden Administration's possible response to the decision by OPEC+ to cut production, including whether to release more oil from the Strategic Petroleum Reserve.
Tayfun Cosku | Anadolu Agency | Getty ImagesBrent crude fell below $85 a barrel Monday, as recession fears weighed and the U.S. dollar surged. Brent futures for November settlement fell to around $84.53 early in the day, before recovering to trade around $85.25 by 9.20 a.m. London time. On Friday, both Brent and WTI futures fell around 5% to hit their lowest level since January. "The unrelenting pressure on commodities, including crude oil, continues following Friday's gloomy session which saw accelerated dollar strength and growth pessimism cause a ripple through markets," Ole Hansen, Head of Commodity Strategy at Saxo said. "WTI trades below $80 per barrel while a return to the mid-80's in Brent may soon see OPEC+ action to support prices," he said.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe macro picture for oil markets is 'very bearish,' says energy consultancyAmrita Sen of Energy Aspects says the pressure on emerging markets and their currencies is "enormous."
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