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LONDON, March 21 (Reuters) - The London Metal Exchange (LME) has discovered that some of its registered nickel is missing. Bags of stones shouldn't pass any inspection, whether at original load-in or during the annual audit of registered stock required by the LME's warehousing agreement. But it folds into the bigger issues around the exchange's governance and regulatory capacity after the blow-out of the nickel contract this time last year. BROKEN NICKELThe latest scandal will also intensify the question of whether the LME nickel contract is fulfilling the function of efficient price discovery forum. The nickel market was already looking for different pricing solutions before the March 8, 2022 suspension of LME nickel trading.

☆ How Credit Suisse has evolved over 167 years
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +5 min

Here is how Credit Suisse has developed over 167 years:1856Politician and business leader Alfred Escher founds Schweizerische Kreditanstalt (SKA) to finance the expansion of the railroad network and promote Swiss industrialisation. 1997A reorganisation turns CS Holding into Credit Suisse Group and drops the SKA name; it also buys insurer Winterthur, a strategic partner. 2002A reorganisation creates two units: Credit Suisse Financial Services and Credit Suisse First Boston; two years later it splits into three units by adding Winterthur. 2005Credit Suisse and CSFB merge and stop using the Credit Suisse First Boston brand name. The Swiss authorities provide assurances that Credit Suisse has met "the capital and liquidity requirements imposed on systemically important banks".

☆ Oil steadies after dipping on China outlook; investors await Fed clues
▼ + stars: | 2023-03-06 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

SummarySummary Companies China's growth outlook down from last year's targetFed chair speaks to Congress this weekU.S. February jobs report also in focusHOUSTON, March 6 (Reuters) - Oil prices were steady on Monday as top oil executives debated supply tightness at an oil conference in Houston. Oil market and logistics are tight and vulnerable to any unexpected supply disruption, as Russian oil is still getting to the market, but at different costs, oil major Chevron Corp (CVX.N) Chief Executive Mike Wirth said at the CERAWeek energy conference. Trading company Gunvor's CEO Torbjorn Tornqvist said crude prices may rise in the second half of the year as Chinese demand returns to the market, adding that the oil market has stabilised. China's closely watched growth outlook, announced on Sunday, was lower than last year's 5.5% target for gross domestic product (GDP) growth. At the same time, oil prices are likely to be affected by increases to interest rates across the world as global central banks tighten policy over fears of rising inflation.

☆ Americans arrested for allegedly sending aviation technology to Russia
▼ + stars: | 2023-03-02 | by ( Karen Freifeld | ) www.reuters.com time to read: +2 min

March 2 (Reuters) - Two Americans were arrested in Kansas City on Thursday for an alleged scheme to send aviation-related technology to Russia in violation of U.S. export controls. The defendants are charged with conspiracy, exporting controlled goods without a license, falsifying and failing to file export information, and smuggling goods contrary to U.S. law. The U.S. imposed additional restrictions on avionics after Russia invaded Ukraine last year, along with controls on other goods targeting Russia's defense, aerospace and maritime sectors. The controls were later expanded to include Russia’s oil refining, industrial and commercial sectors, and luxury goods. Reporting by Karen Freifeld; Editing by Leslie Adler and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ Glencore Subsidiary Sentenced, Ordered to Pay $30 Million to Medical Company
▼ + stars: | 2023-02-28 | by ( Dylan Tokar | Richard Vanderford | ) www.wsj.com time to read: +4 min

A Glencore lawyer on Tuesday said the company now expects to pay as much as $1.5 billion in total penalties, up from the $1.2 billion it initially agreed to pay last year. Glencore faced several restitution claims after agreeing to its settlement last year, including from Petróleos Mexicanos SA de CV, or Pemex, Mexico’s state-owned oil company. The negotiated monetary penalty paid by the Glencore subsidiary is lower than what is called for under federal sentencing guidelines, a reflection of Glencore’s cooperation, Judge Schofield said at Tuesday’s sentencing. Glencore gave prosecutors more than a million documents, including from overseas, where prosecutors lack subpoena power, the judge said. The company also agreed to overhaul its compliance program and will be under an independent monitorship for three years, she said.

☆ Glencore Profits Handsomely at the Fulcrum of Energy Transition
▼ + stars: | 2023-02-15 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

For Glencore, coal remains a comfortable cushion until the copper supercycle kicks off in earnest. Coal gave Glencore —one of its last major allies—a lot to be grateful for in 2022. This year, its fortunes will depend more on a metal powering the other end of the global energy transition: copper. The mining and commodities-trading company posted another year of blockbuster earnings Wednesday. Glencore’s adjusted earnings before interest, taxes, depreciation and amortization rose 60% to a record $34.1 billion, including $17.9 billion from coal mining.

☆ Mitsubishi, Lotte, and RWE form alliance to study clean ammonia in Texas project
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

[1/3] The logo of Mitsubishi Motors Corp is seen at a showroom of the company's headquarters in Tokyo, Japan November 20, 2018. REUTERS/Toru HanaiFeb 8 (Reuters) - Japan's Mitsubishi Corp (8058.T) said on Wednesday it has agreed to jointly study the prospect of producing clean ammonia with South Korea's Lotte Chemical Corp (011170.KS) and German energy firm RWE (RWEG.DE) in the U.S. state of Texas. RWE, Lotte and Mitsubishi have signed a joint study agreement for clean ammonia production and export project in Port of Corpus Christi in Texas, part of the alliance to develop green and blue ammonia supply chains in Asia, Europe and the United States, the Japanese trading company said in a statement. First production is targeted by 2030 and to be gradually increased to up to 10 million tonnes of clean ammonia per year at multiple production units, the statement added. Reporting by Katya Golubkova; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Why Dick's Sporting Goods succeeded where Sports Authority failed
▼ + stars: | 2023-02-08 | by ( Darren Geeter | ) www.cnbc.com time to read: +5 min

The most significant player in the space, Dick's Sporting Goods, controls an estimated 14.2% of the market, the most by a single company. Dick's Sporting Goods was founded in 1948 by 18-year-old Dick Stack who had just $300 in his pocket when he opened his first store. In the 1990s, the company expanded its offerings to include more sports, outdoor equipment, apparel and footwear, and by 1996, there were 50 Dick's Sporting Goods stores. While Dick's Sporting Goods was expanding, its archrival Sports Authority was on the verge of collapse. Dick's Sporting Goods' momentum continued well into 2021 as the company set new records.

☆ EV batteries getting second life on California power grid
▼ + stars: | 2023-02-07 | by ( Nichola Groom | ) www.reuters.com time to read: +2 min

[1/2] A view of the SEPV Sierra solar and storage facility owned by startup, B2U Storage Solutions, in Lancaster, California, U.S. in this handout photo taken in 2022. B2U Storage Solutions/Handout via REUTERSFeb 7 (Reuters) - Hundreds of used electric vehicle battery packs are enjoying a second life at a California facility connected to the state's power grid, according to a company pioneering technology it says will dramatically lower the cost of storing carbon-free energy. B2U Storage Solutions Inc, a Los Angeles-based startup, said it has 25 megawatt-hours of storage capacity made up of 1,300 former EV batteries tied to a solar energy facility in Lancaster, California. B2U's technology allows the EV battery packs to be bundled together without having to be taken apart first. "Second life and re-use helps the overall lifecycle be more energy efficient, given all the efforts that go into making that battery," Hall said in an interview.

☆ Inside the private meeting at Jack Ma's apartment where he plotted to take on Silicon Valley with a trusted 'ragtag bunch' of early employees
▼ + stars: | 2023-01-24 | by ( Brian A. Wong | ) www.businessinsider.com time to read: +8 min

In one apartment, Jack, Lucy Peng, and a few other leaders worked alongside the firm's engineers. Everyone's enthusiasm flowed from their strong identification with the company's mission and Jack's vision, and if it was part of our mission, all believed, it was certainly achievable. In fact, in time, I would grow to better understand and more deeply embrace Alibaba's mission, vision, and values and the way they motivated our people. That's what Savio Kwan, Alibaba's first COO, did, codifying Jack's ideas into our company mission, vision, and values. Their efforts would form the basis of Alibaba's core mission, vision, and values statement— the guiding force or beliefs for Alibaba's development then and now.

☆ Crypto lending unit of Genesis files for US bankruptcy
▼ + stars: | 2023-01-20 | by ( ) edition.cnn.com time to read: +3 min

The lending unit of crypto firm Genesis filed on Thursday for US bankruptcy protection from creditors, toppled by a market rout along with the likes of exchange FTX and lender BlockFi. Genesis Global Capital, one of the largest crypto lenders, froze customer redemptions on Nov. 16 after FTX stunned the financial world with its bankruptcy, fueling concern that other companies could implode. Genesis’ lending unit said it had both assets and liabilities in the range of $1 billion to $10 billion in its filings with the US Bankruptcy Court for the Southern District of New York. Genesis Global Holdco, the parent group of Genesis Global Capital, also filed for bankruptcy protection, along with another lending unit Genesis Asia Pacific. The two firms are fighting over a crypto lending product called Earn that they jointly offered.

☆ Crypto lending unit of Genesis files for U.S. bankruptcy
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +3 min

Jan 19 (Reuters) - The lending unit of crypto firm Genesis filed on Thursday for U.S. bankruptcy protection from creditors, toppled by a market rout along with the likes of exchange FTX and lender BlockFi. Genesis Global Capital, one of the largest crypto lenders, froze customer redemptions on Nov. 16 after FTX stunned the financial world with its bankruptcy, fuelling concern that other companies could implode. Genesis' lending unit said it had both assets and liabilities in the range of $1 billion to $10 billion in its filings with the U.S. Bankruptcy Court for the Southern District of New York. Genesis Global Holdco, the parent group of Genesis Global Capital, also filed for bankruptcy protection, along with another lending unit Genesis Asia Pacific. The two firms are fighting over a crypto lending product called Earn that they jointly offered.

Retail sales, industrial production and producer price inflation on Wednesday all pointed to the world's largest economy notably slowing in December. Finally, bad news may be bad news for risk assets. A range of yield curves in the United States and elsewhere shows investors are clearly anticipating economic slowdown, disinflation or outright recession. But the tone across Asian markets on Thursday is likely to be bearish, given the way world markets went on Wednesday. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Markets Wobble in First Session of the Year
▼ + stars: | 2023-01-03 | by ( Isabella Simonetti | ) www.nytimes.com time to read: +1 min

Stocks wavered on Tuesday, the first trading day of 2023, after a tumultuous year of high inflation and interest-rate increases upended financial markets. The S&P 500 fell slightly in early trading, giving up initial gains. The Federal Reserve’s commitment to fighting high inflation has moved the market over the past year. Ben Laidler, an analyst at eToro, a trading company, called inflation the “fundamental key” to market moves this year. “A sharp fall opens up relief from the Fed interest rate shock and slow-building economic recession and supports our positive view,” he wrote in a note.

☆ The ultimate insider's guide to the dramatic downfall of Sam Bankman-Fried, Caroline Ellison, and FTX
▼ + stars: | 2023-01-01 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +11 min

Sam Bankman-Fried is facing criminal charges and is expected to enter a plea on Jan. 3. Read Insider's coverage of Bankman-Fried:FTX founder Sam Bankman-Fried gets by on 4 hours' sleep and multitasks on 6 screens. Now hit with 7 criminal charges, Ellison has pleaded guilty and expressed contrition before the New York federal court presiding over the criminal cases involving Bankman-Fried. Sam Bankman-Fried is in jail, but legal watchers are wondering: Where's ex-girlfriend Caroline Ellison? Sam Bankman-Fried hit with 8 criminal charges, including fraud and conspiracy for allegedly 'misappropriating' FTX customer fundsThe SEC has charged Sam Bankman-Fried and accused him of 'orchestrating a massive, years-long fraud'The criminal charges against Sam Bankman-Fried carry big penalties and jail time if proven, legal experts sayRead the CFTC complaint against FTX's Sam Bankman-Fried and his associates Caroline Ellison and Gary WangThe charges against Caroline Ellison, SBF, and FTX cofounder Gary Wang — in 60 seconds

The additional demand for liquefied natural gas (LNG) and tighter supplies of piped gas placed enormous strain on the global market, spurring an energy crisis that pushed gas prices to historic highs. Newcastle coal futures have soared almost 140% in 2022, the biggest jump since 2008. U.S. gas futures jumped by more than 20% and Dutch wholesale gas prices rose by almost 8%, both rising for a third consecutive year. Power-generation fuels - coal, natural gas and gasoil - outperform other energy products in 2022 following cut in Russian energy supplies to EuropeBecause Europe will continue to import LNG to rebuild gas inventories next year after winter, gas prices are expected to remain elevated as limited new supplies come onstream. However, a European cap on gas prices starting in February could keep a lid on the market and reduce the volatility seen this year.

Industrial metals, iron ore and rubber are on track to finish in negative territory, pushed down in 2022 by China's strict zero-COVID policy and fears of a world recession. The additional demand for liquefied natural gas (LNG) amid tighter supplies of piped gas placed enormous strain on the global market, spurring an energy crisis that pushed gas prices to historic highs. U.S. gas futures and Dutch wholesale gas prices have jumped by more than 20%, rising for a third consecutive year. Power-generation fuels - coal, natural gas and gasoil - outperform other energy products in 2022 following cut in Russian energy supplies to EuropeBecause Europe will continue importing LNG to rebuild gas inventories next year after winter, gas prices are expected to remain elevated amid limited new supplies coming on-stream. However, a European cap on gas prices starting in February could help keep a lid on the market and reduce the volatility seen this year.

☆ Here are Thursday's biggest analyst calls: Apple, Tesla, Imax, Netflix, Robinhood, Amazon & more
▼ + stars: | 2022-12-22 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Evercore ISI initiates American Express Global Business Travel Group as outperform Evercore initiated the corporate travel business company with an outperform rating and said it's a beneficiary of corporate travel recovery. AmEx GBT is the leading business to business travel management platform, providing software and services to manage travel, expenses, and events for corporate travel." Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it sees a "buying opportunity" for shares of Tesla. Piper Sandler reiterates Tesla as overweight Piper said Tesla could become a key ESG holding. Morgan Stanley reiterates Wells Fargo as overweight Morgan Stanley said the banking giant is a top beneficiary of rate increases. "

☆ Food inflation: Tight grain, oilseed supplies to keep prices elevated
▼ + stars: | 2022-12-13 | by ( Naveen Thukral | ) www.reuters.com time to read: +4 min

"As this stage, it looks highly unlikely, if we look at the global production prospects for cereals and oilseeds." Wheat, corn and palm oil futures have from dropped from record or multi-year highs but prices in the retail market remain elevated and tight supplies are forecast to support prices in 2023. Food imports costs are already on course to hit a near $2 trillion record in 2022, forcing poor countries to cut consumption. Corn and soybeans climbed to their highest in a decade, while Malaysia's benchmark crude palm oil prices climbed to a record high in March. For rice, prices are expected to remain high as long as export duties imposed earlier this year by India, the world's biggest supplier, remain in place, traders said.

☆ Here are Monday's biggest analyst calls: Apple, Netflix, Disney, Microsoft, Robinhood, Gap & more
▼ + stars: | 2022-12-12 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Stifel names Microsoft a top 2023 pick Stifel said it likes Microsoft's "strong product portfolio" for 2023. Goldman Sachs downgrades Ulta to neutral from buy Goldman said in its downgrade of the stock that it sees difficult comps. Evercore ISI names Netflix a top idea for 2023 Evercore said it sees "robust revenue growth" for Netflix in 2023. " Goldman Sachs upgrades Gap to buy from neutral Goldman said in its upgrade of the stock that it sees accelerated earnings growth. Cowen names Take-Two a top 2023 pick Cowen said the video game maker has a great "long-term track record."

☆ Sam Bankman-Fried secretly invested in crypto news site The Block by funneling money to its CEO: report
▼ + stars: | 2022-12-09 | by ( Travis Clark | ) www.businessinsider.com time to read: +3 min

FTX founder Sam Bankman-Fried secretly funded crypto news site The Block, Axios reported. Axios said the the news site, The Block, has been funded by payments from Alameda to the site's now-former CEO, Michael McCaffrey. Employees were previously unaware of the investment, Axios reported, but the revelation could raise conflict-of-interest concerns. "Just before Thanksgiving, Mike told me that in early 2021 he was evaluating ways to merge, sell or restructure The Block," Moran wrote in a blog post. A $16 million batch of funding from Alameda was used in part to purchase an apartment in the Bahamas for McCaffrey, Axios reported.

☆ SEC issues new guidance requiring companies to disclose cryptocurrency risks
▼ + stars: | 2022-12-08 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

The Securities and Exchange Commission released new guidance Thursday, requiring companies that issue securities to disclose to investors their exposure and risk to the cryptocurrency market. On Wednesday, SEC Chair Gary Gensler fended off accusations that the agency has failed to prevent crypto firms from misusing customer funds. Gensler also said the SEC would take more enforcement actions if the firms fail to comply with existing rules. Under the new guidance, companies will have to include crypto asset holdings as well as their risk exposure to the FTX bankruptcy and other market developments in their public filings. The SEC's corporate finance division encouraged companies to adopt these recommendations as they prepare documents "that may not typically be subject to review by the Division before their use."

☆ Coinbase CEO slams Sam Bankman-Fried: 'This guy just committed a $10 billion fraud, and why is he getting treated with kid gloves?'
▼ + stars: | 2022-12-08 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +4 min

The CEO of Coinbase said that it's "bizarre" Sam Bankman-Fried is "getting treated with kid gloves." "I mean, this guy just committed a $10 billion fraud, and why is he getting treated with kid gloves?" "We appreciate that you've been candid in your discussions about what happened at #FTX," Waters tweeted. Criminal Activity!," Waters tweeted. He's not the only crypto CEO who's criticized the former FTX CEO recently.

☆ Our clients took a 'fairly risk-off' approach in November, TD Ameritrade says
▼ + stars: | 2022-12-08 | 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 EmailOur clients took a 'fairly risk-off' approach in November, TD Ameritrade saysAJ Kahling of the trading company says November was a month of muted activity for its clients.

☆ SBF's Alameda racked up $55,000 Margaritaville debt by snapping up around 20 premium suites for workers, who took bus across tropical island to work, report says
▼ + stars: | 2022-12-07 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Insider earlier reported how Sam Bankman-Fried's Alameda owed $55,319 to Margaritaville. Employees told Bloomberg that the company used around 20 premium suites for Alameda staff. Staff at the 4-star hotel told Bloomberg that employees of FTX entities stayed there for several months this year, and were generally friendly. Employees told Bloomberg that the company had around 20 suites in One Particular Harbour – a high-end building designed for longer stays, next to the main resort. One resort employee told Bloomberg that they had plans to go out on the town with friends from FTX, but never had the chance after the firm went bankrupt.

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