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☆ Analysis: Wood’s ARK slammed by higher interest rates in 2022 along with other growth funds
▼ + stars: | 2022-12-27 | by ( David Randall | ) www.reuters.com time to read: +4 min

The ARK Innovation Fund has lost around 67% year to date, more than tripling the decline of the S&P 500 index (.SPX). With the S&P 500 on pace for its biggest annual decline since the Great Financial Crisis, few funds are likely to escape 2022 unscathed. Wood's fund ranked 3,544 among all 3552 actively-managed U.S. equity mutual funds tracked by Morningstar. The worst performing fund of the year, by comparison, was the Voya Russia fund, which is down 92% for the year to date. CRASH LANDINGOther funds that soared in recent years on the backs of large bets on technology stocks fell on hard times in 2022.

☆ FASB Lays Out Disclosure Requirements for Companies’ Crypto Holdings Ahead of Potential Proposal
▼ + stars: | 2022-12-14 | by ( Mark Maurer | ) www.wsj.com time to read: +5 min

There are currently no specific accounting or disclosure rules for crypto assets in the U.S. Businesses classify them as indefinite-lived intangible assets, similar to intellectual property such as trademarks. Then, in October, it said companies should use fair-value accounting to measure bitcoin and other crypto assets. For example, companies could receive payment from customers in the form of crypto assets that are prohibited from sale for three months. These companies disclose information about large crypto holdings, but potentially not the full picture.

SYDNEY, Nov 28 (Reuters) - When Melbourne barista Melinda Elliott had to cut back on casual work shifts this year, she asked her buy-now, pay-later (BNPL) provider, Afterpay, to lower her credit limit. "There was no email to say, 'your credit limit's gone up again'; it was out of nowhere," said Elliott by phone. The absence of interest charges has exempted them from consumer credit regulation, and the sector's business has grown strongly during an online shopping frenzy spurred by COVID-19 stimulus payments and ultra-low interest rates. If they come under regular consumer credit regulation, they will also lose their main competitive advantages. The Australian Securities and Investments Commission, which oversees the Credit Act, told Reuters it was "supportive of the BNPL sector being subject to regulation".

☆ Tiger Global raises stake in Microsoft, Jack Dorsey's Block
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 14 (Reuters) - Investment firm Tiger Global Management has raised its stake in tech giant Microsoft Corp (MSFT.O) and Jack Dorsey's payments firm Block Inc (SQ.N), a regulatory filing released on Monday showed. The hedge fund trimmed its investments in China's JD.com Inc , digital banking firm Nu Holdings , software firm Blend Labs Inc (BLND.N) and cybersecurity firm SentinelOne Inc (S.N). Tiger Global also added Pagaya Technologies Ltd (PGY.O) and payments processor PayPal Holdings (PYPL.O) to its portfolio of investments. The quarterly filings are one of the few ways that funds are required to disclose their long positions, but may not reflect current holdings. Reporting by Manya Saini in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Elliott raises stake in Pinterest; adds Clarivate, Cardinal Health to portfolio
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 14 (Reuters) - Hedge fund Elliott Investment Management raised its stake in social media platform Pinterest (PINS.N) while adding Clarivate Plc , Cardinal Health (CAH.N) and Triple Flag Precious Metals Corp (TFPM.TO) to its portfolio, a regulatory filing showed on Monday. The filings are one of the few ways that funds are required to disclose their long positions, but may not reflect current holdings. The filings are closely watched for possible investment trends and potential future performance. Elliott had disclosed a stake in Pinterest in August, citing "significant potential for growth". Rival investment firm Tiger Global Management also added to its stakes in several tech firms in the third quarter, including tech giant Microsoft Corp (MSFT.O), and Jack Dorsey's payments firm Block Inc (SQ.N).

100 Thieves and Cash App have ended their sponsorship arrangement, Insider has learned. Block Inc.'s Cash App was the title sponsor for 100 Thieves esports and gaming compound. 100 Thieves once planned to replace Cash App with a crypto sponsor, two former staffers said. It called for a 15,000-square-foot Cash App-branded compound in Los Angeles, as well as branding on 100 Thieves jerseys. Representatives from 100 Thieves and Cash App did not respond to Insider's multiple requests for comment.

☆ Friday's three stock lunch: DKNG, SBUX and SQ
▼ + stars: | 2022-11-04 | 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 EmailFriday's three stock lunch: DKNG, SBUX and SQBoris Schlossberg, managing director of FX strategy at BK Asset Management, joins ''Power Lunch" to share his three stock lunch picks: DraftKings, Starbucks, and Block Inc.

☆ Dorsey's Block posts a jump in revenue, boosting shares
▼ + stars: | 2022-11-03 | by ( Hannah Lang | ) www.reuters.com time to read: +2 min

[1/2] The logo of Cash App is seen at a stand during the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022. Shares of Block, formerly called Square, rose more than 14% in extended trading on Thursday. The San Francisco, California-based company reported a 17% rise in total net revenue from the year prior at $4.52 billion in the third quarter. Its unit that sells terminals and software for businesses to process payments, Square, generated gross profit of $783 million, up 29%. In August, the company announced it had slowed hiring and slashed its 2022 investment target by $250 million, citing ongoing economic uncertainty.

☆ Earnings Exchange: PYPL, SQ & COIN
▼ + stars: | 2022-11-03 | 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 EmailEarnings Exchange: PYPL, SQ & COINDelano Saporu, New Street Advisors CEO, joins ‘The Exchange’ to discuss three stocks ahead of earnings: PayPal, Block Inc and Coinbase

☆ PayPal's "prudent" revenue growth forecast cut sinks shares
▼ + stars: | 2022-11-03 | by ( Mehnaz Yasmin | ) www.reuters.com time to read: +2 min

Nov 3 (Reuters) - Online payments firm PayPal Holdings Inc (PYPL.O) cut its annual revenue growth forecast in anticipation of a broader economic downturn and said it did not expect much growth in its U.S. e-commerce business in the holiday quarter. The San Jose, California-based company cut its adjusted growth outlook for the year to 10% from 11% previously. Chief Executive Daniel Schulman blamed "a challenging macro environment, slowing e-commerce trends and an unpredictable holiday shopping season" for the company's prudent forecast. "We think that e-commerce is going to be pretty muted in the fourth quarter," Schulman said in a post-earnings call. Last week, payments giant Mastercard Inc (MA.N) also forecast weaker-than-expected revenue growth for the holiday quarter.

☆ Bank of Canada sets out path for regulating digital payment providers
▼ + stars: | 2022-11-02 | by ( Julie Gordon | ) www.reuters.com time to read: +2 min

OTTAWA, Nov 2 (Reuters) - The Bank of Canada on Wednesday said it would take a flexible, risk-based approach in its nascent role as a digital payment regulator, aiming to ensure confidence in the safety and reliability of the fast-growing electronic payment segment. The central bank became the regulator for payment service providers (PSPs) like card networks, digital wallets and money transfer services under Canadian law last year. "We’re not going to use a blanket supervisory approach to the task at hand," Rob Morrow, Bank of Canada's executive director of Retail Payments Supervision, said in a prepared speech. "We will take a risk-based approach that will focus on end-user impacts and the efficiency of payment services." The Bank of Canada estimates more than 2,500 entities will fall under its supervision once the rules come into force.

☆ Pfizer, Uber and Starbucks Highlight Another Busy Earnings Week
▼ + stars: | 2022-10-29 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Starbucks on Thursday will report whether customers are paring back on purchases at its cafes. Pfizer Inc., Uber Technologies Inc. and Starbucks Corp. are among the heavyweights headlining another busy earnings week as investors search for insight into the state of the broader economy. Other companies on the docket to issue their latest quarterly reports include Taco Bell parent company Yum Brands Inc. and CVS Health Corp. Investors also will hear from travel companies such as Airbnb Inc., Expedia Group Inc., and Marriott International Inc., payments rivals Block Inc. and PayPal Holdings Inc., and private-equity giants KKR & Co. Inc. and Apollo Global Management Inc.

☆ FASB Settles on Fair-Value Accounting for Measuring Crypto Assets
▼ + stars: | 2022-10-12 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +4 min

The Financial Accounting Standards Board on Wednesday said companies should use fair-value accounting for measuring bitcoin and other crypto assets, moving a step closer to a standard that could clear up uncertainty over reporting how much such holdings are worth. Companies and accountants want the FASB to adopt fair-value accounting instead, which would allow them to recognize losses and gains immediately and treat digital assets as financial assets. The FASB on Wednesday said fair-value accounting best captures the economics of crypto assets and determined the method would be a requirement rather than an option for companies. PREVIEWCompanies and investors have asked the FASB for years for rules on how to account for and disclose crypto assets. “Without these standards for the accounting and valuation of crypto assets, companies are reluctant to hold them,” she said.

☆ Italy's Satispay valued at over 1 bln euro after raising 320 mln euros
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

ROME, Sept 28 (Reuters) - Satispay, Italy's mobile app payments startup, said on Wednesday it is now valued at more than 1 billion euros ($955 million) after raising 320 million euros in a new round of investments. U.S. investment firm Addition has become the lead investor in the company, which can now boast "unicorn" status. Venture capital firm Greyhound Capital, a shareholder since 2018, also increased its stake, a company statement said. The new investments will allow Satispay to become "the next leading payment network in Europe," said company co-founder and CEO, Alberto Dalmasso. ($1 = 1.0473 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Alvise Armellini Editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

Lega (League) leader Matteo Salvini, Forza Italia leader Silvio Berlusconi and Brothers of Italy leader Giorgia Meloni react during the closing electoral campaign rally of the centre-right's coalition in Piazza del Popolo, ahead of the September 25 general election, in Rome, Italy, September 22, 2022. Giorgia Meloni of the Brothers of Italy (Fdi), Matteo Salvini of the League and former premier Silvio Berlusconi of Forza Italia, aged 85, appeared before thousands of supporters in Rome. DAUNTING CHALLENGESIn office, Meloni would face daunting challenges including the threat of recession, inflation and spiking energy costs, on top of Italy's historically high public debt. The League leader has also questioned Meloni's fiscal caution, calling for an extra 30 billion euros ($29.6 billion) in public borrowing to fund measures against the energy crisis. Berlusconi, who rarely appears in public due to frail health, was the first to speak at the rally.

Register now for FREE unlimited access to Reuters.com RegisterAn image of Elon Musk is seen on a smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022. REUTERS/Dado Ruvic/IllustrationWILMINGTON, Del, Sept 20 (Reuters) - Twitter Inc (TWTR.N) will question Elon Musk under oath in Delaware next week as part of the litigation in the billionaire's bid to walk away from his $44 billion deal for the social media company. A Tuesday filing in Delaware's Court of Chancery said Musk's deposition is scheduled for Sept. 26-27 and may stretch into Sept. 28 if necessary. Twitter wants a judge to order Musk, who is chief executive of Tesla Inc (TSLA.O) and the world's richest person, to buy the company as agreed for $54.20 per share. Register now for FREE unlimited access to Reuters.com RegisterReporting by Tom Hals in Wilmington, Delaware; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

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