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☆ Stocks making the biggest moves midday: Apple, Meta Platforms, Carnival, Nike and more
▼ + stars: | 2023-06-30 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

In this photo illustration, the 2023 Apple Worldwide Developers Conference (WWDC 23) logo is displayed on a smartphone screen. Check out the companies making headlines in midday trading Friday. Citi also slapped a $240 price target on the stock, the highest on the Street. SolarEdge — The solar stock rose 3.3% after Bank of America raised its price target to $396 from $379. Bright Health Group — Shares added 2.6% in midday trading after the health insurer announced a deal to sell its California Medicare Advantage business to Molina Healthcare for roughly $600 million.

Persons: Goldman Sachs, Xpeng, —, Alex Harring, Tanaya Macheel, Sarah Min Organizations: Developers, Apple —, Citi, Journal, SEC, BlackRock, Pacific Biosciences, Bank of America, Bright Health, Molina Healthcare, Nike —, Nike, Markets Authority, Jefferies Locations: Thursday's, California

☆ Here's the next yield play for fixed income as rates peak, according to BlackRock
▼ + stars: | 2023-06-30 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +2 min

There is more to juicing yield than hiding out in money market funds, and BlackRock says now is the time to hop into high-quality fixed income. Indeed, the combination of higher interest rates and an inverted yield curve has made money market funds and Treasury bills tempting. "As rates appear set to peak with the approaching end of the Fed's hiking cycle, investors may want to consider stepping into high-quality, medium-term fixed income." BlackRock noted that intermediate and long-term fixed income exchange-traded funds have received $27.6 billion in inflows year to date, 15% greater than the amount of cash hitting their short-term counterparts. "At these levels, we believe investors are adequately compensated for long-term inflationary risk, given many EM central banks target ~3% inflation," the firm noted.

Persons: US3M Organizations: BlackRock, Federal Reserve

☆ Bitcoin ETF rush: Fidelity joins BlackRock and others in filing for spot ETFs funds
▼ + stars: | 2023-06-30 | by ( Tanaya Macheel | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin ETF rush: Fidelity joins BlackRock and others in filing for spot ETFs fundsHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC. CNBC's Tanaya Macheel joins the show to discuss the rush for spot bitcoin ETFs.

Persons: Brian Sullivan, “, CNBC's, Macheel Organizations: Fidelity, CNBC Locations: BlackRock

☆ Bitcoin drops after SEC reportedly says spot ETF applications from major firms are 'inadequate'
▼ + stars: | 2023-06-30 | by ( Mackenzie Sigalos | ) 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 EmailBitcoin drops after SEC reportedly says spot ETF applications from major firms are 'inadequate'CNBC's MacKenzie Sigalos joins 'Last Call' to report on the SEC's latest pushback against spot bitcoin ETF applications from blue-chip asset managers like BlackRock and Fidelity.

Persons: CNBC's MacKenzie Sigalos Organizations: SEC, BlackRock, Fidelity

☆ Bitcoin slips after SEC reportedly calls ETF filings inadequate, but still heads for a winning month
▼ + stars: | 2023-06-30 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

The price of bitcoin fell on Friday following a report that recent bitcoin filings from big names like BlackRock and Fidelity have been deemed inadequate in the eyes of the SEC. Bitcoin lost more than 1% and was last trading at $30,191.00, according to Coin Metrics. The move came after the Wall Street Journal reported Friday that the Securities and Exchange Commission told Nasdaq and Cboe Global Markets, both of which filed bitcoin ETF applications on behalf of various institutions this month, that the filings aren't sufficiently clear or comprehensive. Specifically, the SEC said it returned the filings because they didn't name the spot bitcoin exchange that the Nasdaq and Cboe would have a "surveillance-sharing agreement" with or provide enough detail about the arrangement, according to the report. A Cboe spokesperson told CNBC that the exchange plans to update and resubmit its filings.

Persons: bitcoin, Bitcoin Organizations: BlackRock, Fidelity, SEC, Metrics, Wall Street, Securities and Exchange Commission, Nasdaq, Cboe, CNBC

☆ SEC spells out bitcoin ETF concerns to asset managers
▼ + stars: | 2023-06-30 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

The SEC has communicated its concerns to the exchanges Nasdaq (NDAQ.O) and Cboe Global Markets (CBOE.Z) which filed the applications on behalf of asset managers including BlackRock (BLK.N) and Fidelity, the source added on Friday. Bitcoin , which has jumped since BlackRock filed its application on June 15, fell after the Wall Street Journal first reported the SEC rejection on Friday. The SEC, Fidelity, BlackRock and Nasdaq declined to comment on the report, while Cboe was not immediately available. The SEC has rejected dozens of spot bitcoin ETF applications in recent years, including one from Fidelity in January 2022. In a bid to address these concerns, the BlackRock and Fidelity filings proposed a surveillance mechanism aimed at preventing manipulation, but the applicants did not name which bitcoin exchange would be involved.

Persons: Cboe, Carolina Mandl, Manya, Shinjini Ganguli, Michelle Price, Alexander Smith Organizations: U.S . Securities, Exchange Commission, SEC, Nasdaq, Cboe, BlackRock, Fidelity, Wall Street Journal, Marathon, Manya Saini, Thomson Locations: BlackRock, cyptocurrencies, New York, Bengaluru

☆ The US stock market rally is unsustainable, but making these 20 international investments can lead to long-term profits, according to 3 fund managers with over $43 billion in combined assets
▼ + stars: | 2023-06-30 | by ( James Faris | ) www.businessinsider.com time to read: +9 min

International stocks have underperformed for over a decade, while US growth names took off. However, foreign companies have attractive relative valuations and earnings growth. Why foreign stocks are more than just a good dealAnyone bullish on international stocks will almost always point to their valuations relative to US companies. Investors can get downside protection in this uncertain environment by buying international stocks that are high quality and can generate their own growth, Deladerriere said. And in addition to their rising earnings growth, the fund manager noted that the two pay sizable dividends.

Persons: they've, Nick Paul, Paul, Steve Gorham, who's, Gorham, Wes Crill, Crill, isn't, Alexis Deladerriere, Deladerriere, there's, Goldman, haven't, He's, it's Organizations: MFS Investment Management, Value, Vanguard, Index, Yahoo Finance, Dimensional Fund Advisors, Fund, Goldman Sachs International Equity Income, Goldman, Asset Management, Goldman Sachs, Management, HSBC, BNP, Schneider, MFS, Hitachi Locations: Europe, Asia, BlackRock, weightings, Gorham, Japan, London, Paris, Spanish, Ukraine, France, Australia, Taiwan

☆ Fidelity joins the rush for a bitcoin ETF, following BlackRock, Ark Invest and others
▼ + stars: | 2023-06-29 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Asset management giant Fidelity Investments is again trying to launch a spot bitcoin exchange-traded fund, according to a Thursday filing. The move comes two weeks after BlackRock filed for a spot bitcoin ETF, which has long been opposed by the U.S. Securities and Exchange Commission. Cathie Wood's Ark Invest filed for changes to its proposed bitcoin fund Wednesday that brought it closer in line with BlackRock's application. One of the SEC's key concerns about a spot bitcoin product is transparency in the market and the potential for manipulation. The digital currency was trading near $30,500 Thursday afternoon, up from below $26,000 prior to the BlackRock filing.

Persons: Fidelity's Organizations: Fidelity Investments, BlackRock, U.S . Securities, Exchange Commission, Invest, Bitcoin, SEC Locations: BlackRock

☆ Investors can get a 7% yield with this 'hidden gem' bond fund
▼ + stars: | 2023-06-29 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Vanguard's Emerging Markets Bond fund (VEMBX) is a "hidden gem" and Vanguard's best foreign bond fund, according to Jeff DeMaso, founder and editor of the newsletter "The Independent Vanguard Adviser." "It's a well-run emerging markets bond fund that has topped its index (and the Morningstar peer group)," DeMaso said. The actively managed fund was up 43% from April 2016 through May 2023, compared with an 11% return for Vanguard's Emerging Markets Government Bond Index Fund (VGAVX) during the same time frame, according to DeMaso's calculations. The VGAVX seeks to track the performance of the Bloomberg USD Emerging Markets Government RIC Capped Index. Not only does VEMBX fly under the radar, but it has a stellar portfolio manager in Daniel Shaykevich, DeMaso said.

Persons: Jeff DeMaso, Morningstar, DeMaso, Daniel Shaykevich, Shaykevich Organizations: Vanguard's, Independent Vanguard, SEC, Morningstar, Vanguard's Emerging, Government, Index, Bloomberg, Markets Government RIC, Vanguard, BlackRock Locations: United States, Peru, Saudi Arabia, Columbia, Persian, Saharan Africa

☆ Fidelity spot bitcoin ETF application refiled with U.S. SEC
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

June 29 (Reuters) - Asset manager Fidelity is once again seeking to list and trade shares of its Wise Origin Bitcoin Trust spot bitcoin exchange-traded fund, according to a filing by listing exchange Cboe Global Markets (CBOE.Z) with the U.S. Securities and Exchange Commission. Fidelity is one of several big asset managers that have applied to list bitcoin ETFs recent weeks. The SEC has rejected dozens of spot bitcoin ETF applications in the past few years, including one from Fidelity in January 2022. The first bitcoin futures ETF was approved in October 2021, helping send the volatile bitcoin to an all-time high of $69,000 in November 2021, and raising hopes that a spot bitcoin ETF would soon be approved. Spot ETFs directly track the price of the cryptocurrency, while futures-based ETFs follow the price of bitcoin futures contracts.

Persons: VanEck, Bitcoin, Niket, John McCrank, Shinjini Ganguli, Shweta Agarwal, Daniel Wallis Organizations: Fidelity, U.S . Securities, Exchange Commission, BlackRock, Nasdaq, NYSE Arca, Intercontinental Exchange Inc, Coinbase, SEC, Thomson Locations: Bengaluru, New York

☆ Crypto is trying to fix its custody problem as institutions pour in and regulatory uncertainty lingers
▼ + stars: | 2023-06-29 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +8 min

And the highly regulated institutions wanting to give their clients access to bitcoin are still a little skeptical that the crypto industry has learned its lessons. Another issue is there aren't enough dedicated custodians in the crypto industry. The Go Network acts as a platform on which partner firms can execute and settle trades between crypto assets and fiat currencies. BitGo handles custody of crypto assets while dollars are spread across a network of banks for safekeeping. "[The crypto industry] was operating on the edge, saying, it's risky, but we're making a lot of money.

Persons: Crypto, Bitcoin, Roger Bayston, Franklin Templeton's, FTX, Schwab, Gustavo Schwenkler, It's, David Wells, haven't, it's, BitGo, Mike Belshe, CNBC's, Wells, Belshe, BlackRock's Joseph Chalom, Franklin Templeton's Bayston Organizations: Crypto, New York City, Arrows, Terraform, Securities and Exchange, Fidelity, Citadel, EDX, Valley Bank, First, Leavey School of Business, Santa Clara University, Nasdaq, Bank of New York Mellon, CNBC, Go, Markets, Schwab, BlackRock, Securities, Exchange, Coinbase Locations: Coinbase State, New York, First Republic, PacWest, Wells

☆ BlackRock says AI 'mega-force' to buck tough macro trend
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

June 28 (Reuters) - Shares of AI-focused companies will be a major driver of returns for developed markets in a tough economic environment, BlackRock Investment Institute said, citing an unusually concentrated rally in a handful of technology stocks. "We think this unusual equity market shows a mega force like AI can be a big driver of returns even when the macro environment is not your friend," BlackRock Investment Institute's team wrote in a mid-year outlook note. The institute, an arm of the world's biggest asset manager, has an over-weight allocation for AI-related shares in developed markets. "We think this is an environment that is going to persist," Jean Bovin, Head of the BlackRock Investment Institute told reporters on Wednesday. BlackRock said it expects central banks in developed economies to keep rates steady at a high level regardless of possible episodes of financial instability.

Persons: Jean Bovin, BlackRock, Susan Mathew, Davide Barbuscia, Sinead Carew, Anil D'Silva, Barbara Lewis Organizations: BlackRock Investment Institute, Investment, Thomson Locations: BlackRock, Japan, Bengaluru, New York

☆ Hollywood's love affair with private credit could be a recipe for disaster
▼ + stars: | 2023-06-28 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Private credit goes Hollywood. A town that loves a good story has a leading role in the biggest one on Wall Street. So in that vein, private credit filling the gap left by banks reconsidering their lending decisions is great. Ratings agency Moody's has already raised the alarm, suggesting defaults among borrowers in private credit will rise. But I think it's fair to say that industry isn't as cut and dried as others private credit might be lending to.

Persons: Dan DeFrancesco, fanny, —, we've, Maks, it's, Insider's Reed Alexander, Rebecca Ungarino, Reed, Rebecca, Moody's, Consuelo Vanderbilt Costin, Bryan Griffin, James, Jim, Crown, Henry Crown, Junius Myer Schine, David Sinclair, Jeffrey Cane, Hallam Bullock Organizations: Credit Suisse, Wall, Investment, Hollywood, Creators, The Vanderbilt, UBS, JPMorgan, Fidelity, Wall Street, LinkedIn Locations: Hollywood, Swiss, Aspen , Colorado, Silicon, Jersey Shore, New York, London

☆ A potential "gamechanger" in the battle for a spot bitcoin ETF
▼ + stars: | 2023-06-28 | by ( Bob Pisani | ) www.cnbc.com time to read: 1 min

RELATED VIDEOS02:41 A potential "gamechanger" in the battle for a spot bitcoin ETF16:14 ETF Edge, June 26, 202303:43 Data sharing agreements for crypto ETF's will make the SEC more comfortable: Wisdomtree's Schwartz03:06 Blackrock does Bitcoin? What they might know that we don't13:25 Real estate & resources: a hard look at hard asset funds16:48 ETF Edge, June 22, 2023

Persons: Wisdomtree's Schwartz Organizations: Edge, SEC, Blackrock

☆ Goldman says small-cap stocks should rise 14% over the next 12 months. The ETFs to capture that return
▼ + stars: | 2023-06-28 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Portfolio strategist Lily Calcagnini said in a note to clients that the firm's models show the Russell 2000 small-cap index should outperform over the next 12 months. "The Russell 2000 should rise by 14% during the next 12 months, according to a simple model based on US economic growth and starting valuations that has explained roughly two-thirds of Russell 2000 returns between 1995 and 2015," the note said. There are many ETFs that offer investors exposure to the small-cap space, including several large index funds with low fees. The iShares Core S & P Small-Cap ETF (IJR) is the largest small-cap ETF with more than $67 billion and an expense ratio of 0.06%. While the broad index funds above have all returned less than 10% this year, some active funds have seen better results.

Persons: Goldman Sachs, Lily Calcagnini, Russell, Goldman, Dow Jones, Janus Henderson, — CNBC's Michael Bloom Organizations: BlackRock, Vanguard, Schwab U.S, Dow, Growth Alpha, Pacer

☆ Factbox: Financial firms line up spot bitcoin exchange-traded fund applications
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +4 min

Stock picker Cathy Wood's Ark Invest and Swiss-based exchange-traded fund (ETF) issuer 21Shares on Wednesday amended their bitcoin ETF application, while asset manager Fidelity is also expected to file a spot bitcoin ETF application, trade publication The Block reported on Tuesday. The U.S. Securities and Exchange Commission (SEC) has rejected dozens of applications for spot bitcoin ETFs, saying the proposals have not met anti-fraud and investor protection standards. These are the major firms with live SEC applications:BLACKROCK(BLK.N) - The world's biggest asset manager filed for a bitcoin ETF on June 15. INVESCO(IVZ.N) AND GALAXY DIGITAL - Invesco reactivated its September 2021 application to launch the Invesco Galaxy Bitcoin ETF on Cboe's BZX exchange. VANECK - VanEck refiled on June 22 to for approval to launch the VanEck Bitcoin Trust on Cboe's BZX exchange.

Persons: Cathy, 21Shares, BlackRock's, BNY, Cboe BZX, WisdomTree, refiled, John McCrank, Michelle Price, Daniel Wallis Organizations: U.S, Invest, Fidelity, U.S . Securities, Exchange Commission, SEC, BLACKROCK, Nasdaq, BNY Mellon, Ark, 21Shares, Company, U.S . Bank, National Association, Invesco, Galaxy, NYSE Arca, Valkyrie, Thomson Locations: BlackRock, Swiss

☆ Fidelity preparing to submit spot bitcoin ETF filing - The Block
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

June 27 (Reuters) - Asset management giant Fidelity is close to submitting its filing for a spot bitcoin exchange-traded fund (ETF), the Block reported on Tuesday citing a source familiar with the matter. The filing, expected as soon as Tuesday according to the report, will make Fidelity the second major asset manager in recent days to submit an ETF application. A spot bitcoin ETF is a publicly-traded investment vehicle that tracks the price of bitcoin and offers investors exposure to the asset class. Fidelity had previously dipped its toes in the crypto ETF space. It applied for a spot bitcoin ETF in 2021, but its proposal was rejected by the SEC, which said it did not meet the standards to prevent fraudulent and manipulative practices.

Persons: Gary Gensler's, Niket, Krishna Chandra Organizations: Fidelity, BlackRock, Coinbase, U.S . Securities, Exchange Commission, SEC, Thomson Locations: Bengaluru

SHANGHAI/HONG KONG, June 27 (Reuters) - China should allow cross-border sharing of information by financial firms operating in the country, a leading financial lobby group said, as authorities tighten control of data generated within its borders in a national security drive. Last July, China unveiled cross-border data review measures that require a security review for "important" offshore data transfers - a move that triggered confusion and concern among foreign financial firms operating in the country. The financial sector lobby group said cross-border transfer of data such as investment outlooks, portfolio analysis, shareholding information and anti-money laundering information should be allowed. However, ASIFMA said the data security rules have made operating in China "very painful" for some of its members. One major complaint from firms operating in China is that Chinese data rules are ambiguous, the lobby group said.

Persons: Alice Law, Lyndon Chao, ASIFMA, Chao, Neuberger Berman, They've, Law, Samuel Shen, Selena Li, Sumeet Chatterjee, Sonali Paul Organizations: Asia Securities Industry, Financial Markets Association, BlackRock, Fidelity International, Thomson Locations: SHANGHAI, HONG KONG, China, Beijing, U.S

☆ A new addition to Goldman Sachs' board could be a lifeline, or threat, to CEO David Solomon
▼ + stars: | 2023-06-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

A change to the board of directors at a top Wall Street bank has raised questions about what it means for the CEO. Goldman Sachs board is reportedly planning to add Tom Montag, a former longtime Goldman exec who became the No. And as a former partner at the bank, Montag also brings with him a certain cachet. Such is life on Wall Street, where the line between friend and foe is never quite clear. From Mark Zuckerberg's martial arts-led comeback to Jeff Bezo's hot yacht summer, tech bros are feeling themselves these days.

Persons: Dan DeFrancesco, you've, —, we've, Tom Montag, Craig Barritt, Tory Burch, Goldman Sachs, Goldman, David Solomon, Montag, Solomon, Insider's Dakin Campbell, Merrill, Insider's Alex Morrell, Jeff Bezos, Clive Mason, Mark Zuckerberg's, Jeff Bezo's, Biden's, Jen Glantz, Pete Buttigieg, Jeffrey Cane, Hallam Bullock Organizations: Costco, Tory, Tory Burch Foundation, Bank of America, Bloomberg, Goldman, Solomon, BofA, Getty, Finance bros, Transportation, Starbucks, LinkedIn Locations: NYC, BofA, BlackRock, New York, London

☆ Prosus slashes India's Byju's valuation to $5 bln
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, June 27 (Reuters) - Dutch-listed technology investor Prosus NV (PRX.AS) has slashed the valuation of troubled Indian edtech startup Byju's to $5.1 billion according to its annual report, a fall of more than 75% from the startup's $22 billion valuation last year. Byju's told investors it will file 2022 audited earnings by September and 2023 results by December, Reuters reported. Earlier this year, Blackrock, too, had cut Byju's valuation to $8.3 billion. India's Employee Provident Fund Organisation on Tuesday observed a shortfall in payments from Byju's, Reuters reported. Byju's deposited 1.23 billion rupees ($15.01 million) after the EPFO asked it to.

Persons: Prosus, Byju's, Manvi, Sriram, Pooja Desai Organizations: Prosus NV, Atlantic, BlackRock, Deloitte, Reuters, Blackrock, India's, Provident Fund, Thomson Locations: BENGALURU, Byju's, U.S, Blackrock, Manvi Pant, Bengaluru, Mumbai

☆ The first leveraged bitcoin futures ETF is hitting the market as crypto gains new momentum
▼ + stars: | 2023-06-27 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Traders will soon have a new way to bet on bitcoin while Wall Street waits to see if the long-awaited spot bitcoin funds are approved by federal regulators. The Volatility Shares 2x Bitcoin Strategy ETF (BITX) is set to launch on Tuesday. There are already several bitcoin futures funds on the market, including the $1 billion ProShares Bitcoin Strategy ETF (BITO) , but BITX will be the first leveraged ETF in the space. The launch comes shortly after BlackRock's application for a spot bitcoin ETF has renewed interest in crypto funds. Kim said the Volatility Shares fund and the proposed spot bitcoin ETF are "completely different products" with different use cases.

Persons: Chang Kim, bitcoin, Kim Organizations: Securities, Exchange Commission, BlackRock

BlackRock filed for a prospective spot bitcoin ETF on June 15, undeterred by the Securities and Exchange Commission's (SEC) past record of rejecting every such application. Bitcoin's market value has grown to comprise nearly half of the $1.1 trillion overall crypto market, its highest share in over two years, according to data tracker CoinMarketCap.com. Since the BlackRock filing, Invesco and WisdomTree have also reapplied for spot bitcoin ETFs after they had previous applications rejected by the regulator. Bryan Armour, director of passive strategies research for North America at Morningstar, said a spot bitcoin ETF could be a more cost-effective way for investors to trade. "It doesn't appear that most crypto ETF holders are institutional – assets are pretty spread out," he added.

Persons: Satoshi, Exchange Commission's, Satoshi Nakamoto's, Mikkel Morch, hasn't, Andrew Bond, Rick Meckler, Bryan Armour, I'd, David Wells, Medha Singh, Lisa Pauline Mattackal, Pravin Organizations: BlackRock, Securities, Exchange, SEC, Rosenblatt Securities, U.S, Cherry Lane Investments, Reuters Graphics Reuters, North America, Morningstar, MorningStar, TrackInsight, Morgan Asset Management, State, Enclave Markets, Pravin Char, Thomson, Reuters Locations: United States, U.S, New Vernon , New Jersey, J.P, BlackRock, Bengaluru

☆ BlackRock's Fink says he's stopped using 'weaponised' term ESG
▼ + stars: | 2023-06-26 | by ( Isla Binnie | ) www.reuters.com time to read: +2 min

June 26 (Reuters) - BlackRock (BLK.N) boss Larry Fink, at the forefront of the business world's adoption of environmental, social and corporate governance (ESG) standards, has stopped using the term, saying it has become too politicized. But the world's largest asset manager hasn't changed its stance on ESG issues, Fink told the Aspen Ideas Festival on Sunday. Republican politicians have attacked ESG as a way for the corporate world to implement what they argue is a politically liberal agenda, triggering a backlash from Democrats who are seeking to defend it. "I don't use the word ESG any more, because it's been entirely weaponised ... by the far left and weaponised by the far right," Fink said. "We had ... one of the best years ever, but I'm ashamed of being part of this conversation," said Fink, adding that his annual letters to investors that addressed ESG issues were never meant to be political statements.

Persons: Larry Fink, hasn't, Fink, it's, " Fink, Isla Binnie, Ross Kerber, Mark Potter Organizations: Aspen Ideas, Republican, United, BlackRock, Aspen, Thomson Locations: BlackRock, United States, United Nations, Texas, decarbonization

☆ Kering snaps up fragrance label Creed for new beauty division
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

PARIS, June 26 (Reuters) - Gucci-owner Kering (PRTP.PA) said on Monday it had struck a deal to buy high-end French fragrance label Creed, its first acquisition since flagging intentions earlier this year to create an in-house cosmetics business. "The acquisition clearly marks a major step for Kering Beaute, allowing it to reach critical mass in this category," said Raffaella Cornaggia, CEO of Kering's beauty division. The former Estee Lauder executive was appointed in February to lead the French group's push into the segment. The all-cash deal to acquire 100% of the high-end fragrance house from funds controlled by BlackRock and by the company's current chairman Javier Ferran is expected to close in the second half this year. Reporting by Mimosa Spencer; Editing by Benoit Van Overstraeten and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Kering, Raffaella Cornaggia, Lauder, Javier Ferran, Mimosa Spencer, Benoit Van Overstraeten, Mark Potter Organizations: BlackRock, Thomson Locations: French

Thin liquidity and big playersCrypto "market depth" has been sitting at very low levels this year. Market depth is a measure of liquidity in a market. According to data firm Kaiko, bitcoin's market depth has fallen 20% since the start of this year. Low liquidity, which has been a feature of the crypto market all year, is also partly behind bitcoin's 80% year-to-date rally. "I think trading volumes and price volatility are two of the most telling indicators of crypto market activity.

Persons: Andriy Onufriyenko, Bitcoin, Kaiko, Jamie Sly, Sly, bitcoin, Clara Medalie, Morgan Stanley, Goldman Sachs, Carol Alexander, Alexander, you've, Vijay Ayyar, Ayyar, CCData's Sly Organizations: BlackRock, CNBC, BTC, Securities, Exchange Commission, Retail, University of Sussex, Citadel, Fidelity Locations: U.S, CoinGecko, Invesco, Blackrock

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