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☆ California Long Ruled U.S. Shipping. Importers Are Drifting East.
▼ + stars: | 2022-12-10 | by ( Paul Berger | Photographs David Walter Banks For The Wall Street Journal | ) www.wsj.com time to read: +13 min

Abercrombie & Fitch Co. is moving more merchandise through New York and New Jersey to avoid West Coast bottlenecks. It trailed its East Coast rival again in that measure during September and October, according to the Pacific Merchant Shipping Association and ports data. ”There are so many customers that got so screwed because they were entirely reliant on L.A. and Long Beach.”The logistical challenges of spreading imports along the East Coast and the Gulf Coast are massive. The shift in trade to the East Coast marks a return to where container ships originated. Then the U.S. began importing more goods from Europe, making an Atlantic Ocean crossing to various East Coast ports more critical.

☆ U.S. SEC advises public companies on disclosing crypto impacts
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Dec 8 (Reuters) - The U.S. securities regulator on Thursday warned public companies to examine whether they need to disclose to investors any potential impacts from recent market volatility and bankruptcies in the cryptocurrency industry. In guidance to public companies, the Securities and Exchange Commission (SEC) detailed information that businesses may be required to share with their investors, including whether the firms have any financially material exposures to counterparties that have filed for bankruptcy or become insolvent. Public companies are already required by law to disclose financially material information to investors, but the SEC frequently issues guidance to firms about how they should address exposure to major events. Thursday's guidance comes after months of turmoil in crypto markets and the recent collapse of major crypto firms FTX and BlockFi Inc. Reporting by Chris Prentice in Washington Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. House panel chair says she'll subpoena FTX's Bankman-Fried if needed
▼ + stars: | 2022-12-08 | by ( David Morgan | ) www.reuters.com time to read: +2 min

"We've made it clear that we want Sam at our hearing on Dec. 13. If he does not cooperate, then we are prepared to subpoena," Waters said in an interview in the U.S. Capitol. The crypto exchange filed for bankruptcy last month after a liquidity crisis that saw at least $1 billion of customer funds vanish. She declined to say whether Bankman-Fried would be required to appear in person or could testify by video link. Reporting by David Morgan; Additional reporting by Chris Prentice; Editing by Megan Davies and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. SEC issues new guidance on disclosing crypto risks
▼ + stars: | 2022-12-08 | by ( Chris Prentice | ) www.reuters.com time to read: +1 min

Dec 8 (Reuters) - The U.S. securities regulator on Thursday advised public companies to examine whether they need to disclose to investors any potential impacts from turmoil in the cryptocurrency industry. In guidance to public companies, the SEC laid out information businesses may have to share with their investors, including whether the firms have any financially material exposures to counterparties that have filed for bankruptcy or become insolvent. The guidance applies to any public companies that have exposure to the recent ructions in crypto. Publicly traded firms are already required by law to disclose financially material information to investors, but the SEC frequently issues more specific guidance about how they should address risks from major events. Public firms should be prepared to share with investors any risks from disruptions in crypto asset markets, including depreciated stock prices, loss of customer demand and risk of legal proceedings, the guidance said.

☆ U.S. watchdog levies $7.7 mln in fines against KPMG entities
▼ + stars: | 2022-12-07 | by ( Chris Prentice | ) www.reuters.com time to read: +1 min

Dec 6 (Reuters) - A U.S. agency tasked with overseeing the audits of public companies on Tuesday said it imposed $7.7 million in fines and sanctioned three firms across KPMG's global network for violations of professional auditing standards, quality control standards and other rules. The companies are all member firms of KPMG, known as one of the "Big Four" accounting firms, which also include Deloitte & Touche LLP, Ernst & Young LLP and PricewaterhouseCoopers LLP. Larry Bradley, global head of audit at KPMG, acknowledged the PCAOB's findings and said the firm "remains committed globally to the highest standards of quality and integrity." The PCAOB also barred or suspended four KPMG auditors from participating in public company audits. Reporting by Chris Prentice; editing by Jonathan Oatis, Aurora Ellis and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ 2022 People’s Choice Awards: The winners list
▼ + stars: | 2022-12-07 | by ( Lisa Respers France | ) edition.cnn.com time to read: +3 min

CNN —The fans have spoken about what they found to be the best in movies, television, music and pop culture. “Saturday Night Live” cast member and comedian Kenan Thompson hosted the 2022 People’s Choice Awards from the Barker Hangar in Santa Monica, California, which aired on NBC and E! Award-winning actor, producer, screenwriter and entrepreneur Ryan Reynolds was honored with the People’s Icon Award, while Emmy and Grammy award-winning performer Lizzo was presented with the People’s Champion Award. Lizzo is seen performing at the Citi Concert Series for the 'Today' show at the Rockefeller Plaza on July 15, 2022 in New York City. Shania Twain performs on stage during the 2022 People's Choice Awards held at the Barker Hangar on December 6, 2022 in Santa Monica, California.

☆ FTX's Bankman-Fried hires white collar defense attorney Mark Cohen
▼ + stars: | 2022-12-06 | by ( Chris Prentice | ) www.reuters.com time to read: +3 min

Bankman-Fried has retained Cohen, of Cohen & Gresser, Bankman-Fried's spokesperson Mark Botnick said in an emailed statement. In recent weeks, U.S. authorities have sought information from investors and potential investors in FTX, according to two sources with knowledge of the requests. Federal prosecutors in New York are asking for details on any communications such firms have had with the crypto firm and its executives, including Bankman-Fried, the sources said. The Securities and Exchange Commission has been asking for similar information from investors as well, one of the sources said. "I didn't ever try to commit fraud," Bankman-Fried said, adding that he doesn't personally think he has any criminal liability.

[1/2] The logo of FTX is seen at the entrance of the FTX Arena in Miami, Florida, U.S., November 12, 2022. Ellison, who ran trading firm Alameda Research, has hired Washington-based law firm Wilmer Cutler Pickering Hale and Dorr to represent her, a source familiar with the matter told Reuters. Semafor previously reported Mills' advisory work for Bankman-Fried. FTX secretly transferred customer funds to its affiliate Alameda Research to fill a shortfall at the crypto trading firm, Reuters has previously reported. The Wall Street Journal has previously reported that Ellison and senior FTX officials knew the crypto exchange had dipped into its customer funds to help Alameda meet liabilities.

☆ LeBron James passes Magic Johnson on NBA’s career assists list
▼ + stars: | 2022-12-03 | by ( Amy Woodyatt | ) edition.cnn.com time to read: +1 min

CNN —LeBron James moved past Magic Johnson for sixth place on the NBA’s all-time assists list as the Los Angeles Lakers took a hard earned 133-129 win over the Milwaukee Bucks. James added 28 points in a match where the lakers managed to hold off the Milwaukee Bucks, winning 133-129. James finished the match with 11 assists in total, taking his tally to 10,144. “It means a lot, obviously,” James said, of surpassing Johnson’s assists, according to NBA.com. James is now creeping closer to the title of NBA all-time leading scorer, and is currently 936 career points behind Kareem Abdul-Jabbar.

The proposed principles detailed expectations for banks with more than $100 billion in assets to incorporate financial risks related to climate into their strategic planning. Those financial impacts "pose an emerging risk to the safety and soundness of financial institutions and the financial stability of the United States," the Fed said. The Fed's plan would require banks to consider climate-related financial risks in their audits and other risk management and add climate-related scenario analysis to traditional stress testing. Fed Governor Christopher Waller dissented against Friday's proposal, raising the question of whether it poses a serious risk to large banks' soundness or U.S. financial stability. "The Federal Reserve conducts regular stress tests on large banks that impose extremely severe macroeconomic shocks and they show that the banks are resilient."

☆ U.S. Fed proposes framework for how banks manage climate-related financial risk
▼ + stars: | 2022-12-02 | by ( Expert Analysis | Reuters Professional | The Subsistence Farmer S Son Pushing For A Better Shake For Smallholders At Spices Brand Mccormick | ) www.reuters.com time to read: 1 min

WASHINGTON, Dec 2 (Reuters) - The U.S. Federal Reserve on Friday proposed new guidance for how large banking institutions manage climate-related financial risks, in line with proposals from other key financial regulators. The proposed principles detailed expectations for banks with more than $100 billion in assets to incorporate financial risks related to climate into their strategic planning. Issuance of the proposal for public comment was approved in a 6-1 vote of the Fed Board of Governors, with Governor Christopher Waller dissenting. Reporting by Chris Prentice; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. Justice Department weighing new guidance on messaging apps, clawback policies -official
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, Dec 1 (Reuters) - The U.S. Justice Department's criminal division is weighing issuing additional guidance for corporations on employees' use of personal devices and third-party messaging applications, a top official said on Thursday. The agency is also considering whether it needs to offer more guidance on how prosecutors weigh a company's executive clawback policies in investigations into corporate misconduct, said Nicole Argentieri, Deputy Assistant Attorney General for the agency's criminal division. Reporting by Chris PrenticeOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. CFTC chairman says met with former FTX chief 10 times over clearing application
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, Dec 1 (Reuters) - The U.S. Commodity Futures Trading Commission (CFTC) chairman Rostin Behnam told lawmakers on Thursday that he met with former FTX chief executive officer Sam Bankman-Fried 10 times to discuss the company's clearing house application. Behnam said he and his team met with Bankman-Fried and his FTX team 10 times over the past 14 months in addition to follow-up calls and messages. "We were doing what we were required to do by law," he said during a Senate hearing into the FTX collapse. Reporting by Chris Prentice and Hannah LangOur Standards: The Thomson Reuters Trust Principles.

☆ ‘Guardians of the Galaxy Vol. 3’ trailer drops with great tunes and a Rocket backstory
▼ + stars: | 2022-12-01 | by ( Dan Heching | ) edition.cnn.com time to read: +2 min

CNN —After a very long wait, the closing chapter to the “Guardians of the Galaxy” trilogy is almost here. Rocket, in particular, is seen a bunch in the trailer, including in a flashback scene when he’s a wee space-raccoon, promising viewers some welcome backstory. But as always, the interplanetary action is set to great throwback tunes, this time one in particular: “In the Meantime” by Spacehog, from 1994. Since “Endgame” and before that, “Guardians of the Galaxy Vol. “Guardians of the Galaxy Vol.

Companies Us Justice Department FollowWASHINGTON, Dec 1 (Reuters) - The U.S. Justice Department is considering new guidance for corporations on employees' use of messaging applications and personal devices, as widespread use can thwart compliance and investigations. Currently, the Justice Department considers whether companies that allow use of disappearing messaging apps are regularly examining their compliance on records retention. The U.S. Securities and Exchange Commission (SEC) separately has been scrutinizing how Wall Street firms are handling work-related communications on personal devices and apps such as WhatsApp. The Justice Department is also considering whether it needs to offer more guidance on how prosecutors weigh a company's executive clawback policies in investigations into corporate misconduct, Argentieri said. The Justice Department under President Joe Biden has already detailed a number of policy changes aimed at more aggressive policing of corporate wrongdoing.

☆ ‘Super Mario Bros. Movie’ trailer shows being a hero isn’t all fun and games
▼ + stars: | 2022-11-30 | by ( Marianne Garvey | ) edition.cnn.com time to read: 1 min

The new trailer comes more than a month after fans got a glimpse in a teaser trailer that lit up the internet. The upcoming movie does have lots of references to the video games, like the obstacle course in Super Mario Bros. and Mario Kart, with a visit to Rainbow Road. Princess Peach in 'Super Mario Bros. IlluminationFans also get a peek inside Peach’s castle in the movie. The “Super Mario Bros. Movie” is set for release on April 7, 2023.

The FOIA request sought, among other things, communications between SEC Chair Gary Gensler and various stakeholders involved in retail stock trading. Cifu has said Virtu may sue the SEC over potential rule changes Gensler outlined in June. Agencies legally have 20 days to respond to FOIA requests, but are not required to provide all responsive documents within that time frame. FOIA requests do not always yield substantive responses and can have lengthy waiting periods. Virtu is represented by law firm Paul, Weiss, Rifkind, Wharton & Garrison, where Cifu previously worked as a lawyer.

☆ Lakers’ Patrick Beverley suspended three games for shove
▼ + stars: | 2022-11-25 | by ( Steve Almasy | ) edition.cnn.com time to read: +1 min

CNN —Los Angeles Lakers starting point guard Patrick Beverley has been suspended for three games for knocking Phoenix Suns center Deandre Ayton to the court during a game Tuesday, NBA officials have announced. Beverly’s shove came with 3:55 left in the game, which Phoenix led at the time 106-96. After Los Angeles guard Austin Reaves went to the floor, Ayton walked over and stood above the Lakers’ guard. Deandre Ayton of the Phoenix Suns is restrained after being pushed to the court Tuesday. Before joining the Lakers this year, he played five seasons with the Houston Rockets, four with the Los Angeles Clippers and one with the Minnesota Timberwolves.

Marvel's Guardians of the Galaxy are back in a new holiday special set to hit Disney Plus on November 25. "The Guardians of the Galaxy Holiday Special" is a new streaming exclusive set to premiere on November 25. "The Guardians of the Galaxy Holiday Special" is written and directed by James Gunn. This is Marvel's second "Special Presentation" for Disney Plus, following the studio's "Werewolf by Night" Halloween special in October. How to watch 'The Guardians of the Galaxy Holiday Special'You can watch "The Guardians of the Galaxy Holiday Special" on Disney Plus starting November 25.

☆ NBA roundup: Kyrie Irving returns, helps Nets top Grizzlies
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +7 min

Dillon Brooks led all scorers with 31 points but shot 13 of 30 as the Grizzlies saw their seven-game winning streak over Brooklyn halted. John Konchar added 16 while Steven Adams contributed 15 and 10 rebounds as the Grizzlies shot 43.4 percent. Bruce Brown scored 12 points and DeAndre Jordan had 17 rebounds for the short-handed Nuggets. Six Cavs scored at least 11 points with Lamar Stevens posting 11 and Evan Mobley recording a double-double of 15 and 10 rebounds. KJ Martin scored 12 points off the bench.

☆ Microsoft's latest data on hacks and why you may need new login, passwords fast
▼ + stars: | 2022-11-21 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +7 min

That's a 74% rise in one year, according to the latest Microsoft Digital Defense Report. But many people still rely on passwords, and don't even use the two-factor authentication now considered critical. "As long as passwords are still part of the equation, they're vulnerable," Joy Chik, Microsoft's vice president of identity, wrote in a September 2021 company blog post. Based on a sample of more than 39 million IoT and OT devices, about 20% used identical usernames and passwords, according to the Microsoft report. Even if a provider doesn't require it to be used, multi-factor authentication is a valuable security tool that's underutilized, according to security professionals.

The licenses gave FTX access to U.S. commodities derivatives markets as a regulated exchange. FTX also saw its regulatory status as a way of luring new capital from major investors, the documents show. “FTX has the cleanest brand in crypto,” the exchange proclaimed in a June document presented to investors. According to the document, FTX told the regulator it did not have the same issues as products from other providers that the agency had investigated. "We confirmed these were solely rewards based and do not involve lending (or other use) of the deposited crypto," FTX wrote.

☆ Steph Curry explodes for 50 points but Golden State Warriors still beaten 130-119 by Phoenix Suns
▼ + stars: | 2022-11-17 | by ( George Ramsay | ) edition.cnn.com time to read: +2 min

CNN —Steph Curry scored 50 points for the 11th time in his NBA career, but his efforts weren’t enough for the struggling Golden State Warriors against the Phoenix Suns as the defending champions went down 130-119. The Warriors are now 6-9 on the season and winless from eight games on the road – a troubling sign as the team looks to win a fifth title since 2015. “We’re never going to panic, there’s no point in panicking,” Warriors head coach Steve Kerr told reporters after Wednesday’s game. ”It’s important to have a team,” Booker said about the even scoring distribution throughout the team. They next visit the Utah Jazz on Friday while the Warriors welcome the New York Knicks.

Jennifer Schulp, a director at the libertarian think tank Cato Institute, said the Republicans' unexpectedly tight margin of control in the House will not prompt them to tone down their rhetoric. 'REGULATORY EXUBERANCE'Patrick McHenry, a North Carolina Republican in line to lead the House Financial Services Committee in the new Congress, said in an emailed statement to Reuters before the election that Biden's administration "is pushing its agenda through financial regulators because they don’t have the votes to pass it in Congress." "Committee Republicans will work together to conduct appropriate oversight of activist regulators and market participants who have an outsized impact," McHenry said. "The appropriations process in the House will be a messaging exercise, and it's less worrisome since the Democrats will have the Senate," McGannon said. While those Senators will not be in the majority, House Republicans have also criticized companies on ESG-related matters.

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