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☆ Citadel joins a growing number of firms rolling out internships for undergrads looking for a fast track to the buy side
▼ + stars: | 2023-02-22 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Investment banks, you've been put on notice: The buy side is coming for your young talent. Insider's Emmalyse Brownstein has a full rundown on an undergrad internship at hedge fund Citadel for aspiring fund managers. The Citadel Associate Program (CAP) is a tough nut to crack, with an acceptance rate of only 1%. Click here learn more about Citadel's ultra-exclusive associate program, along with tips to get ahead during the application process. And if you're wondering who is left leading the world's largest hedge fund, look no further than our list of the fund's top 11 executives.

☆ China's people shortage is a grim omen for the rest of the world
▼ + stars: | 2023-02-05 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com time to read: +5 min

We're merging with our daily Insider Today newsletter, so we'll be known as the Insider Today: Sunday Edition moving forward. On the agenda today:Up first: It was a big week for tech earnings. Senior tech reporter Diamond Naga Siu, who writes our 10 Things in Tech newsletter, is here to break it all down. Apple meanwhile retained its crown as the only Big Tech giant that hasn't conducted mass layoffs within the past year. That means reining in costs, stripping back perks, and upending the office culture that's defined the world of Big Tech for so long.

☆ From FTX to Adani Group, Fraud Allegations Are Going to Rise
▼ + stars: | 2023-01-31 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +5 min

Then there's the Adani Group, which lost a jaw-dropping $72 billion in market value after short-seller firm Hindenburg Research last week accused it of "brazen" market manipulation and accounting fraud. Adani Group, whose founder's net worth recently approached Elon Musk's, has vehemently denied the allegations. Could Wall Street get hit by the Adani Group fiasco? But Wall Street is placing its bets on a California chipmaker, helping its founder get richer to the tune of $5 billion. From Madonna to Tom Brady, many celebrities who shilled for crypto or NFTs are either being sued civilly or facing regulatory scrutiny, according to the Wall Street Journal.

☆ Great Fraud Reckoning Will Expose Scam Companies, Cause Stock Market Chaos
▼ + stars: | 2023-01-31 | by ( Linette Lopez | ) www.businessinsider.com time to read: +12 min

Get ready for what will feel like an inescapable wave of corporate fraud. And as interest rates have risen, the stock market has fallen off — which makes it harder to get dollars by whipping up new investors or offering stock. Despite Scheck's assertion that the risk of a wave of corporate fraud has heightened, he didn't want to speak in historical analogies. Kreuger had managed to hide that he had stretched the company's finances beyond solvency by raising money on the US stock market while it was raging. That may have been enough when the stock market was on a heater and investors were winning, but it's not enough when the stock market is falling, the economy is slowing, and everyone from regulators to lawmakers to kids on TikTok want answers.

☆ Fraud Economy: How Current Economic Trends Lead to More Corporate Scams
▼ + stars: | 2023-01-31 | by ( Linette Lopez | ) www.businessinsider.com time to read: +12 min

Get ready for what will feel like an inescapable wave of corporate fraud. And as interest rates have risen, the stock market has fallen off — which makes it harder to get dollars by whipping up new investors or offering stock. Despite Scheck's assertion that the risk of a wave of corporate fraud has heightened, he didn't want to speak in historical analogies. There be icebergsOf course, there's also fraud that goes undetected in times of easy money — companies where the very act of existing means stretching the truth. Kreuger had managed to hide that he had stretched the company's finances beyond solvency by raising money on the US stock market while it was raging.

☆ Rybakina meets Sabalenka in clash of big hitters for Australian Open crown
▼ + stars: | 2023-01-27 | by ( Shrivathsa Sridhar | ) www.reuters.com time to read: +3 min

While that victory brought prestige and financial reward, it did not boost her up the rankings. Rybakina would have climbed into the top 10 had the ranking points been available but she has proved she belongs in the spotlight at Melbourne Park, knocking out three Grand Slam champions en route to this year's title clash. "I think it was a great challenge for me because for sure, they have experience of winning Grand Slams, so it was nothing new for them," Rybakina, who beat Azarenka 7-6(4) 6-3 in the semi-finals, said. With Russian and Belarusian players only allowed to compete as individual athletes without national affiliation at Melbourne Park, Sabalenka could become the first neutral athlete to win a Grand Slam. Reporting by Shrivathsa Sridhar in Melbourne; Editing by Peter RutherfordOur Standards: The Thomson Reuters Trust Principles.

☆ Rybakina takes down Azarenka to reach first Australian Open final
▼ + stars: | 2023-01-26 | by ( Ian Ransom | ) www.reuters.com time to read: +4 min

The 22nd-seeded Rybakina was broken as she served for the set but Azarenka double-faulted to concede three match points in the next game, allowing the Kazakh to close out an emphatic win. Rybakina shrugged it off then broke Azarenka twice, repeatedly outrallying the powerful Belarusian. Running full tilt, she saved a set point with a forehand passing shot and put the pressure back on Rybakina. Though failing to land a first serve 11 times in succession, Rybakina saved three break points at 5-5 before momentum shifted again when Azarenka tightened up in the tiebreak. Rybakina wobbled when serving out the match, a double-fault coughing up three break points and opening the door for Azarenka.

☆ Pliskova rues misfiring serve after Australian Open exit
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

The former world number one slipped into the second week of the tournament with little fanfare and reached her second straight Grand Slam quarter-final after her run at last year's U.S. Open. "Super disappointed about today, because I just thought this was a match which I should win and I could win," Pliskova, who missed last year's tournament due to an arm fracture, told reporters. "Obviously the serve was not great today at all. I have been serving really well for like all my matches, and pretty much like for the last two, three weeks." "I think she really made it like difficult for me, not missing many balls, not giving anything for free, any mistakes.

☆ Determined Linette reaping rewards after overcoming 'painful' injury layoff
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

Linette withdrew from the 2021 Australian Open one day before her flight to Melbourne because of a knee injury that took 11 weeks to diagnose and kept her sidelined for five months. "It was honestly the most painful experience of my life," Linette told reporters on Wednesday. "I had meniscus surgery, but because it was kind of tricky where the injury was, nobody could really see what was happening. I changed a lot in my life and made some tough decisions, and I think I'm getting rewarded for it now." Linette will meet the fifth seed, Belarusian Aryna Sabalenka, for a place in the final.

☆ Azarenka up for the challenge as Sabalenka seeks calm
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +3 min

Although Sabalenka and Magda Linette of Poland will be playing in their first semi-finals at Melbourne Park, Azarenka returns to final-four action after a decade away when she takes on Wimbledon champion Elena Rybakina. Now a self-confessed "obnoxious" soccer mom, the 33-year-old Azarenka looked every inch the player who won back-to-back Australian Open titles in 2012 and 2013 when she took apart in-form third seed Jessica Pegula in the quarter-finals. "It will be a great matchup," said Belarusian Azarenka, who lost their only meeting in straight sets at Indian Wells last year. Sabalenka, who has played three previous Grand Slam semi-finals and lost them all, knows that her biggest battle on Thursday will most likely be with her own emotions. "I think it's going to be a great test for me, if I can actually keep myself calm in key moments," Sabalenka said.

☆ Linette stuns Pliskova to reach first Grand Slam semi
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

[1/5] Tennis - Australian Open - Melbourne Park, Melbourne, Australia - January 25, 2023 Poland's Magda Linette celebrates after winning her quarter final match against Czech Republic's Karolina Pliskova REUTERS/Carl RecineMELBOURNE, Jan 25 (Reuters) - Unheralded Pole Magda Linette continued her dream run into the semi-finals of the Australian Open on Wednesday, stunning former world number one Karolina Pliskova in a deserved 6-3 7-5 victory on Rod Laver Arena. The world number 45 played wonderfully controlled tennis in the opening set as twice Grand Slam finalist Pliskova racked up 14 unforced errors under the blazing sun on the main showcourt. Pliskova had to raise her game in the second set but Linette had the answer to everything the Czech threw at her and broke for 6-5 before serving out nervelessly for the win. Linette will battle for a place in the final against fifth seed Aryna Sabalenka or Donna Vekic, who face off in Wednesday's second women's quarter-final. Reporting by Nick Mulvenney in Sydney; Editing byOur Standards: The Thomson Reuters Trust Principles.

☆ Belarusian and Russian charge in Melbourne throws spotlight on Wimbledon ban
▼ + stars: | 2023-01-25 | by ( Martyn Herman | ) www.reuters.com time to read: +4 min

On Friday, Russia's Karen Khachanov faces Stefanos Tsitsipas as he bids to reach his first Grand Slam final. With the conflict in Ukraine showing no sign of ending, a decision about Russian and Belarussian players competing at the All England Club is pressing. Australian Open organisers even banned Russian and Belarusian flags from Melbourne Park last week after a complaint from Ukraine's ambassador to the country. 'SITUATION NO-ONE WANTS'Nine-times Australian Open champion Djokovic has urged Wimbledon to allow Russian and Belarus players to enter the 2023 tournament, a view also backed by American great John McEnroe. "I disagreed with it last year that Wimbledon didn't allow the Russians or Belarusian players to play.

☆ Djokovic romps on towards 10th Australian title, Linette stuns Pliskova
▼ + stars: | 2023-01-25 | by ( Shrivathsa Sridhar | ) www.reuters.com time to read: +5 min

Djokovic is making a mockery of the theory that the second week of Grand Slam tournaments get tougher. Fifth seed Rublev has now lost all seven Grand Slam quarter-finals which he contested. "I'm really excited, man. So I'm really grateful." Linette had no problems serving out her quarter-final against twice Grand Slam finalist Pliskova, whose 36 unforced errors sabotaged yet another bid to win a first major.

☆ Anyone but Djokovic: Rublev targets first Grand Slam semi-final
▼ + stars: | 2023-01-24 | by ( Hritika Sharma | ) www.reuters.com time to read: +3 min

In a moment of disarming honesty after his five-set win over Holger Rune, Rublev conceded he was not relishing the opportunity to face 21-times Grand Slam champion Djokovic on his favourite court. "No one wants to face Novak," Rublev blurted out with a laugh on Rod Laver Arena, albeit prematurely as Djokovic had yet to play his own fourth-round match. "He's an established top-five, top-10 player already for a few years," Djokovic said of Rublev, who has now reached a Grand Slam quarter-final seven times but never cracked the final four. The other men's match on Wednesday features unseeded Americans Ben Shelton and Tommy Paul, with both reaching their first Grand Slam quarter-final to continue the success of the U.S. men this year. Fifth seed Aryna Sabalenka has yet to drop a set in 2023 and will aim to reach her first Australian Open semi-final when she faces unseeded Croatian Donna Vekic.

☆ Pliskova back in the Melbourne quarter-finals and feeling good
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

"I've been feeling quite good since I came to Australia," she told reporters. Only two top 10 seeds, Jessica Pegula and Aryna Sabalenka, remain in the quarter-finals, leaving Pliskova as one of the more experienced Grand Slam campaigners. "I feel like these days there is not just top 20 tough opponents, there is like 150 tough opponents," the world number 31 added. "Then the rest, Pegula, I think she's playing great tennis. "If I play like I played today, I think it's tough for anybody to compete with that.

☆ Wall Street 2023 Predictions Already Wrong: Recession, Inflation, China
▼ + stars: | 2023-01-18 | by ( Linette Lopez | ) www.businessinsider.com time to read: +12 min

Across Wall Street, finance workers of all stripes are returning to work after skiing, gallivanting around the Caribbean, or just visiting Mom for the holiday season. Of course, there's some uncertainty in all this, and Wall Street could still be proved right. Already some Wall Street economists are revising their predictions given the strong economy, even if they're not backing off their priors quite yet. It may take years to get the Chinese consumer, on which Wall Street has placed so many hopes, back to the strength of yesteryear. Don't hatchet your chickens before they countTo be fair, not every Wall Street analyst is looking sheepish right now.

☆ United States blank Poland to reach United Cup final
▼ + stars: | 2023-01-07 | by ( ) www.reuters.com time to read: +2 min

I had no doubt that if I were to lose that the rest of the team would have come through," Fritz said. I think it's a huge advantage this time having the girls on our team because it just makes the whole team so much stronger. "I'm super excited going into the final and I think we've been the favourites all week." Italy lead their semi-final against Greece 2-0 after Martina Trevisan and Lorenzo Musetti won their matches on Friday. Matteo Berrettini can book their place in the final with a victory over Stefanos Tsitsipas in the evening session.

☆ The next recession might hit the wealthy more — and a 'richcession' could be good news for low-wage workers
▼ + stars: | 2023-01-05 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +5 min

The next recession could be a "richcession," according to the Wall Street Journal. A K-shaped recovery — where high-earning Americans saw jobs and wages grow, while the converse happened to lower-earners — began to take form during the recession. For the bottom 50%, real wealth growth from February 2020 to September 2022 is 226.6%. To be sure, although the recession on the horizon may be considered a richcession, that doesn't mean it won't affect lower-income Americans. "Lower income, lower wage, lower education workers, Black workers, workers of color" tend to see larger spikes in unemployment during downturns, according to Bunker.

☆ Berrettini inspires Italy to big victory in United Cup
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +3 min

In a rematch of their U.S. Open quarter-final and Gstaad final, where world number three Ruud prevailed last year, it was Berrettini who took control of the match on the back of his powerful serve to seal a 6-4 6-4 Group E win. I knew I had to serve my best," Berrettini, who fired 10 aces and won 88% of points on his first-serve, said. The fourth semi-finalist will be a runner-up with the best record from their three matches in the $15 million event. World number 10 Hubert Hurkacz earlier beat Swiss veteran Stan Wawrinka 7-6(5) 6-4 to send Poland on their way. Maria Sakkari earned Greece a spot in the Perth final from Group A with a 6-1 7-5 win over Belgium's Elise Mertens.

Police in South Pasadena said in a statement Tuesday that, contrary to Musk's assertions about the incident, they believe a member of Musk's security team hit a man with his car and accused him of following him. The police called the security team member a "suspect." While parked, the man said another vehicle pulled directly in front of him, blocking his path, according to police. The driver of the second vehicle then accused the Connecticut man of following him, police said. Police said that as Musk's security team member was leaving the parking lot in the second vehicle, he struck the Connecticut man with his vehicle.

☆ Elon Musk Was Always a Visionary Jerk, Bad Boss at SpaceX, Tesla. but It Won't Work at Twitter.
▼ + stars: | 2022-12-18 | by ( Linette Lopez | ) www.businessinsider.com time to read: +13 min

Elon Musk has a pretty tried-and-true playbook for doing business — he's used it for years to build companies from Tesla to SpaceX. Twitter is the antithesis of an "Elon Musk company." And without a big, world-changing promise to paper over his sophomoric product ideas and erratic management, Musk's Twitter takeover is doomed. No time to wasteA Musk company is usually the first, and sometimes the only, company in a specific market. Based on his most recent quarterly calls with investors — the ones where he is supposed to talk about plans to make more money — Musk does not have one.

☆ Elon Musk offers journalists he banned from Twitter ability to return under certain condition
▼ + stars: | 2022-12-17 | by ( Oliver Darcy | ) edition.cnn.com time to read: +3 min

CNN —New Twitter owner Elon Musk offered several of the journalists he banned from the social media website earlier this week the ability to return to the platform if they deleted the tweets he falsely claimed shared his “exact real-time” location. The move from Musk came after he posted an unscientific poll on his personal Twitter account that concluded Friday night with 59% of participants voting in favor of immediately restoring the accounts. Musk had on Thursday banned CNN’s Donie O’Sullivan, The New York Times’ Ryan Mac, and The Washington Post’s Drew Harwell. But while the accounts were made publicly viewable on Saturday, the journalists were restricted from posting until they removed the tweets Musk had claimed violated Twitter’s rules. In the past, Twitter had required the removal of violative tweets for users to regain access to their accounts, but the journalists in this case strongly dispute that their posts violated Twitter rules.

☆ Xi Jinping's Biggest Crisis yet: China Lockdown Protests, Stumbling Economy
▼ + stars: | 2022-12-01 | by ( Linette Lopez | ) www.businessinsider.com time to read: +8 min

Over what has been a stunning week, China has erupted in mass protests calling for an end to the country's restrictive COVID lockdowns. Easing the COVID lockdowns could spur a potentially devastating public health crisis. Accepting Western vaccines or rolling back zero COVID would be a tacit admission that he is fallible. There's lots of money to be made in China, and its economy would almost certainly improve if zero COVID restrictions were loosened. Under Xi, China was already shuttering its doors long before the pandemic struck.

☆ One of China's biggest retailers is cutting executive pay to create a fund to help lower-level employees buy homes
▼ + stars: | 2022-11-22 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

The e-commerce titan will allocate $1.4 billion to help rank-and-file employees buy homes. The move comes amid China's "common prosperity" campaign to reduce economic inequality in the country. The billionaire's philanthropy is part of China's "common prosperity" campaign to close the income gap and bolster social equality in the country. He brought up the slogan "common prosperity" multiple times in his opening speech, Insider reported. ByteDance founder Zhang Yiming donated 500 million yuan, or $77.3 million, in June of 2021 to Fangmei Education Development Fund, named after Zhang's grandmothers in his hometown of southeastern Longyan city.

☆ Here's the six-word outlook for stocks in 2023: going to hell in a handbasket
▼ + stars: | 2022-11-20 | by ( Linette Lopez | ) www.businessinsider.com time to read: +11 min

We knew that the stock market had formed a bubble and that it was going to pop as interest rates went up. That, in turn, pushed the stock market off a cliff so steep that we still cannot see the bottom. This all goes back to the Fed's move to keep interest rates at 0% after the 2008 financial crisis. Since interest rates were so low, companies that didn't make money could just borrow to keep the lights on. In 2018, Wall Street got a preview of how ugly this bubble would look once it popped in earnest.

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