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☆ India current account deficit likely narrowed to 2.7% of GDP in Q4
▼ + stars: | 2023-03-24 | by ( Madhumita Gokhale | ) www.reuters.com time to read: +2 min

The median forecast of 22 economists polled March 16-23 showed a current account deficit of $23.0 billion in October-December 2022, or 2.7% of gross domestic product (GDP). More than half of the expected narrowing is due to a reduction in the goods trade deficit, suggesting weakening domestic demand in Asia's third-largest economy. India's merchandise trade deficit shrank to $72.79 billion last quarter, compared to $78.32 billion in July-September, according to ministry of commerce data. These are the two reasons why we are seeing that the (current account deficit) numbers are better." A separate Reuters poll of economists who had a longer-term view forecast the current account gap to average 3.0% of GDP this fiscal year before shrinking to 2.6% in the next.

☆ Dampened rate expectations ease pressure on borrowers, says UK watchdog
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +2 min

The Financial Conduct Authority (FCA) said that in addition to households already behind on payments, 356,000 mortgage borrowers could face payment difficulties by the end of June 2024, but that is far fewer than a previous FCA estimate of 570,000. Those rolling off a fixed rate mortgage deal could end up paying an additional 340 pounds ($404.84) a month on average, the FCA said. Nikhil Rathi, FCA chief executive, told parliament on Wednesday that the watchdog had intervened in over 30 firms that had not treated borrowers in difficulty fairly. "The leadership of banks understand their reputations are at stake if they don't handle things appropriately in coming months," Rathi said. ($1 = 0.8398 pounds)Reporting by Huw Jones; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Trade group argues U.S. SEC case unfairly labels crypto as securities
▼ + stars: | 2023-02-22 | by ( Hannah Lang | ) www.reuters.com time to read: +3 min

Feb 22 (Reuters) - Cryptocurrency trade association Chamber of Digital Commerce is urging a federal court to dismiss a case brought by the U.S. securities regulator against ex-Coinbase (COIN.O) employees accused of insider trading, arguing that the case unfairly labeled several crypto assets as securities. The Blockchain Association also filed an amicus brief in the case earlier this month. The crypto industry has previously criticized the SEC for bringing enforcement cases against digital asset companies, arguing that the regulator should instead engage in formal rulemaking specific to cryptocurrency. The SEC has maintained that pre-existing securities laws also apply to digital assets, and that many crypto tokens meet the definition of a security. The move would also likely hurt the value of those tokens, which could harm retail investors, the group said.

☆ Uber and Lyft Claim Big Gains for Their Ad Businesses
▼ + stars: | 2023-02-15 | by ( Patrick Coffee | ) www.wsj.com time to read: +4 min

Ride-hailing companies Uber Technologies Inc. and Lyft Inc. each say their nascent advertising businesses have grown significantly in recent months. PREVIEWThe ride-hailing rivals’ ad businesses are also important for the companies’ growth. Uber said increased ad revenue in the latest quarter was a key growth driver for its overall business. Lyft ad revenue increased “nearly seven times” in the fourth quarter compared with the previous quarter, according to Mr. Greenberger. But the companies’ ad prices offer a glimpse at their respective positions in the market.

☆ These are the startups to bet your career on, based on 3 key factors
▼ + stars: | 2023-02-10 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +3 min

I'm Diamond Naga Siu, and a little more than a year ago, I bet my career on Insider. A few key factors molded my decision: the editor (AKA my boss), my team, the ability to have journalistic impact, and our company's trajectory. Although I made the jump in very different economic circumstances, these are integral factors to consider for anyone's next career steps. They found the 43 startups to bet your career on this year, looking at a variety of factors, including the founding team, the market, and its stature among investors. From left to right: Phaedra Ellis-Lamkins, Nikhil Mathew, Jaleh Rezaei, and Anurupa Ganguly Promise; Mutiny; Prisms; Marianne Ayala/InsiderThese are the startups to bet your career on.

Ishan Wahi, 32, pleaded guilty to two counts of conspiracy to commit wire fraud, after initially pleading not guilty last year. "I knew that Sameer Ramani and Nikhil Wahi would use that information to make trading decisions," Ishan Wahi said during Tuesday's hearing in federal court in Manhattan. As part of a plea deal, prosecutors stipulated that sentencing guidelines called for Ishan Wahi to be imprisoned for between 36 and 47 months. In pleading guilty to the criminal charges on Tuesday, Ishan Wahi said he did not believe any of the relevant tokens were securities. Noah Solowiejczyk, a prosecutor, said the question of whether or not the tokens are securities was not an element of prosecutors' case.

☆ Ex-Coinbase Staffer Pleads Guilty in First Crypto Insider-Trading Case
▼ + stars: | 2023-02-07 | by ( Corinne Ramey | James Fanelli | ) www.wsj.com time to read: 1 min

A former Coinbase Global Inc. employee pleaded guilty Tuesday to two counts of conspiracy to commit wire fraud for his role in what prosecutors said was the first cryptocurrency insider-trading case. Ishan Wahi , 32 years old, told U.S. District Judge Loretta Preska that he had conspired with others to misappropriate valuable confidential information that he gained from his job at Coinbase. His brother, Nikhil Wahi , and an associate then used that information to make trades on digital tokens, he said.

☆ ABA Passes Resolution Opposing Suspicious-Transaction Reporting Rule for Lawyers
▼ + stars: | 2023-02-07 | by ( Dylan Tokar | ) www.wsj.com time to read: +5 min

The association also is considering changes to its professional conduct rules around the vetting of clients. The ABA’s rules for professional conduct are typically used as a basis for the rules enforced by state courts, which serve as primary regulators of the legal trade. Under current rules, lawyers have an ethical obligation to keep confidential all information relating to the representation of their clients. Requiring lawyers to report suspicious transactions by their clients also could undermine attorney-client privilege, the group argued in their resolution. Those committees are expected to file a resolution at the annual meeting of the ABA’s policy arm later this year.

☆ How analysts are playing gig economy stocks ahead of earnings
▼ + stars: | 2023-01-30 | by ( Alex Harring | ) www.cnbc.com time to read: +5 min

The 2022 selloffs underscored the challenges gig economy stocks have faced in recent years as novelty and venture capital funding chilled, analysts have said to clients. Analysts are now contemplating how to position ahead of the major gig companies' earnings reports, which kick off with Uber on Feb. 8. A look at where each company stands: Uber UBER LYFT,DASH 5Y mountain Gig economy stocks One area where analysts at SVB MoffettNathanson, Jefferies and Bernstein all agree: be bullish on Uber. Lyft Analysts at the three firms, however, are leery when it comes to competitor Lyft. DoorDash Analysts were split on DoorDash.

☆ Goldman Sachs sees oil prices heading to $100 a barrel by the third quarter of 2023 amid China reopening
▼ + stars: | 2023-01-27 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

Goldman Sachs expects oil prices to jump to $100 a barrel by the third quarter of 2023. The bank said China's reopening was likely to add 1.6 million barrels a day in demand to the market. The analyst added that crude supply wasn't in a place to accommodate Chinese resurgence "because of the underinvestment we've seen over the last few years in oil assets." The increase in oil prices projected by Goldman Sachs would represent a 22% rise on current levels of around $81.99 for crude oil. "The fifth of February product embargo could be more disruptive to the product prices, not necessarily crude but to the product prices by way of higher refining margins of diesel," Bhandari said.

[1/3] A 3D printed Google logo is placed on the Apple Macbook in this illustration taken April 12, 2020. Apple Inc (AAPL.O), which is steadily growing its nascent advertising business and promoting it as privacy-focused, could be a winner if Google ads become less effective, said Brian Mandelbaum, chief executive of marketing firm Attain. With more options besides Google, publishers will have more transparency over how much they can sell ad space for, and could end up paying less in fees, Mandelbaum said. If Google loses access to data signals, advertisers could see their Google ads become less effective, said Nikhil Lai, senior analyst at research firm Forrester. While the lawsuit settled, the fight is credited with opening the way for other internet innovators, like Google itself.

☆ We reject the 'hierarchical' way of operating and work 'horizontally,' Singapore telco says
▼ + stars: | 2023-01-26 | 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 EmailWe reject the 'hierarchical' way of operating and work 'horizontally,' Singapore telco saysNikhil Eapen, CEO of StarHub, tells CNBC's Christine Tan how its LifeHub+ application can "revolutionize" preventive care.

☆ A Nike exec says a phisher stole his NFTs. Here are 3 things everyone should do to protect a digital wallet
▼ + stars: | 2023-01-23 | by ( Matthew Kish | ) www.businessinsider.com time to read: +4 min

In a tweet, Gopalani said the phishers stole his Clonex NFTs and some other digital collectibles, including some "Cryptokicks." Decrypt, a publication that covers web3, estimated the stolen NFTs were worth $173,000. Don't keep your digital assets in one place. Hardware wallets store keys to digital assets offline, making them inaccessible to cyber thieves. There's a growing suite of tools for digital assets, too.

☆ First Cryptocurrency Insider-Trading Case Yields 10-Month Prison Term
▼ + stars: | 2023-01-10 | by ( James Fanelli | ) www.wsj.com time to read: 1 min

The brother of a former Coinbase Global Inc. employee was sentenced in a New York federal court Tuesday to 10 months in prison for his role in what prosecutors called the first cryptocurrency insider-trading scheme. Nikhil Wahi , 27 years old, pleaded guilty last year to one count of conspiring to commit wire fraud, admitting to profiting from confidential information that federal prosecutors say his brother obtained about assets to be listed on the crypto exchange. Mr. Wahi netted nearly $900,000 in proceeds by using the information to trade on digital tokens, according to prosecutors in the Manhattan U.S. attorney’s office.

☆ Ex-Coinbase manager's brother sentenced to 10 months in insider trading case
▼ + stars: | 2023-01-10 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +2 min

Nikhil Wahi admitted last year that he made trades based on confidential Coinbase information. Ishan Wahi has pleaded not guilty. Two of his closest associates, Caroline Ellison and Gary Wang, have pleaded guilty and agreed to cooperate with prosecutors. Prosecutors had recommended Nikhil Wahi be sentenced to between 10 and 16 months in prison, arguing that he earned nearly $900,000 in profits from the scheme. Reporting by Luc Cohen in New York; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ Back to the Roots co-CEOs on the company's partnerships with Target and Fortnite
▼ + stars: | 2023-01-10 | 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 EmailBack to the Roots co-CEOs on the company's partnerships with Target and FortniteCramer spoke with Back to the Roots co-CEOs Nikhil Arora & Alejandro Velez.

☆ We recommend that investors have some gold in their portfolios, says Indian brokerage firm
▼ + stars: | 2022-12-21 | 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 EmailWe recommend that investors have some gold in their portfolios, says Indian brokerage firmNikhil Kamath, co-founder of Zerodha and True Beacon, says "gold as a hedge to inflation is an asset class I really like."

☆ Tech kept talent happy doling out stock during the boom. It's screwing investors in the bust.
▼ + stars: | 2022-12-01 | by ( Asia Martin | ) www.businessinsider.com time to read: +5 min

As tech stock prices plunge, firms are granting new stocks to staff to keep compensation high. But as stock values tumble in the second half of 2022, investors are looking at the increase in stock-based compensation (SBC) as an issue. And tech companies have been issuing a lot of shares to not only attract new employees but hang on to their existing ones. Peloton granted more than 4 million stock options and 1.7 million RSUs in its fiscal year that ended in June 2021. "The drop in the stock price makes the expense, for lack of a better way to phrase it, a lot more expensive," he added.

☆ Goldman Sachs says EV batteries are becoming 'critical' and names 2 stock picks
▼ + stars: | 2022-11-23 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

Electric vehicle batteries are gaining "critical importance" as part of the energy transition, according to Goldman Sachs, which named a number of stocks set to benefit as countries diversify their supply chains away from China. China currently accounts for around 60% of global EV battery demand, but this share is set to decline to 30% by 2030, Goldman said in a Nov. 14 report. Significant investment — to the tune of $160 billion for the U.S and EU — is required to develop a fully localized battery supply chain, without China's involvement, Goldman said. In Europe, Goldman likes Freyr Battery , which it says is a major beneficiary of the U.S. Inflation Reduction Act. "We view FREYR as well positioned to succeed in the future, due to their focus on [lithium iron phosphate] batteries that are designed for battery storage," Goldman said.

☆ UK banks say consumer safeguard could backfire in cost of living crisis
▼ + stars: | 2022-11-16 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

REUTERS/Maja SmiejkowskaLONDON, Nov 16 (Reuters) - Britain's banks are proactively helping customers hit by the cost of living crisis, but implementing a new "consumer duty" on time could exclude vulnerable consumers from help, banking industry body UK Finance said on Wednesday. UK Finance chief executive David Postings said portfolios of lenders have so far stood up to current economic stresses. It is more critical than ever that borrowers and savers are offered fair and competitive rates, Rathi added. UK Finance chair Bob Wigley said he anticipated that finance minister Jeremy Hunt's fiscal statement on Thursday would help restore Britain's "traditional reputation for sound management of public finances" after turmoil in UK bond markets in September. Banks hope Hunt will announce a cut in the tax surcharge on their profits.

☆ Twitter layoffs in India, Africa could weaken the company in its biggest growth markets
▼ + stars: | 2022-11-09 | by ( Diksha Madhok | ) edition.cnn.com time to read: +6 min

Twitter laid off thousands of employees across the company on Friday, including staff in India and Africa. Under siege in critical marketsEven before the layoffs, Twitter was going through a tough time in both India and Africa. Tech experts now fear that the company will find it even harder to navigate new laws in emerging markets. Twitter does not share user numbers, but according to India, the platform has 17.5 million users in the country. “Content moderation has to be specific to geography,” said Vivan Sharan, partner at Delhi-based tech policy consulting firm Koan Advisory Group.

☆ UK banks were slow to pass on rate hikes to savers, says watchdog
▼ + stars: | 2022-11-07 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Nov 7 (Reuters) - Britain's banks were slow to start passing on increases in central bank interest rates to savers and consumers should consider switching to another UK lender, the Financial Conduct Authority said on Monday. Banks have been quick to pass on higher interest rates to their mortgage customers, but savers are also keen to get better returns after years of record low central bank interest rates. "It was a slow start," FCA Chief Executive Nikhil Rathi told parliament's Treasury Select Committee. FCA acting chair Richard Lloyd said data so far suggest that the pass through of higher rates to savers is not as bad as the watchdog might have feared. The number of customers in arrears, however, is still the lowest since 2007, though banks should be proactive in helping their customers, Rathi said.

☆ Britain to go it alone for now on reining in 'shadow banking'
▼ + stars: | 2022-11-02 | by ( Huw Jones | ) www.reuters.com time to read: +5 min

Britain hopes the LDI crisis creates momentum for comprehensive global reform to improve data and liquidity in the sector. In Britain the Financial Conduct Authority (FCA) regulates UK-based managers of LDI funds, and The Pensions Regulator (TPR) regulates pension schemes. UK regulators face pushing ahead alone, for now, hoping global reforms eventually pressure others to follow suit. Most LDI funds are listed in European Union states like Luxembourg and Ireland, meaning structural changes would rely on the bloc. The Central Bank of Ireland said it has stepped up data collection, analysis and engagement with LDI funds.

☆ Saudi Aramco Profit Jumps 39% on High Oil Prices
▼ + stars: | 2022-11-01 | by ( Summer Said | Nikhil Lohade | ) www.wsj.com time to read: 1 min

Saudi Aramco’s performance has helped boost economic growth even as the U.S. and Europe worry about recession. Saudi Arabia’s national oil company posted a 39% jump in quarterly profit on Tuesday, as high oil prices boosted earnings that help the kingdom pay for an ambitious economic transformation plan at home and expand its diplomatic influence in the region. Aramco, officially named Saudi Arabian Oil Co., said its net income amounted to $42.43 billion in the three months ending in September, up from $30.43 billion in the same period a year earlier, driven by higher crude-oil prices and volumes sold.

☆ Tech companies like Amazon and Meta are warning of tough times ahead — and only some are prepared
▼ + stars: | 2022-10-30 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +6 min

While Apple is a "bright spot," Meta, Alphabet, and others are in for a tough few months, analysts say. All signs point to choppy waters ahead — for tech giants, the people they employ, and the users they serve. So, if things are getting bad, how are the big tech companies likely to fare? AppleApple is in the best shape, a "bright spot" amid otherwise grim big tech earnings, Wedbush analyst Dan Ives wrote in a note. Goldman Sachs analysts wrote in a note Tuesday that there's potential for a rebound next year.

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