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☆ As rivals surged in 2022, ExodusPoint shed assets and employees amid mixed performance. It reshuffled its business in November.
▼ + stars: | 2023-02-02 | by ( Alex Morrell | ) www.businessinsider.com time to read: +8 min

a hedge fund recruiter said, commenting on the calculus for hedge fund investors. At the end of 2021, the fund's exposure had been evenly split between fixed-income and equities, according to the investor documents. In all, more than 60 portfolio managers departed or were let go in 2022, according to the investor documents and people close to the matter. After the shakeup, ExodusPoint's income stream is now even more reliant on fixed-income trading — and that may not be such a bad thing. "The fixed income piece is doing incredibly well," another hedge fund recruiter said.

☆ Tyler Burnett turned a toothache into a VC-backed company. Here's an exclusive look at the pitch deck he used to raise $3 million for dental startup Wally Health.
▼ + stars: | 2023-02-02 | by ( April Joyner | Samantha Stokes | ) www.businessinsider.com time to read: +3 min

The startup Wally Health provides dental cleanings and preventative care for $199 a year. Take a look at the pitch deck Wally used to raise a $3 million seed round led by Bling Capital. That experience inspired the creation of his startup, Wally Health, which has raised $3 million in a seed round led by Bling Capital. Years before Wally, Burnett had launched businesses in media and fintech back in his native Canada. After raising a pre-seed round, Burnett and his cofounders started building Wally's proof of concept about a year ago in an office in New York's Upper East Side.

☆ China set to launch long-awaited IPO reforms to reset the economy
▼ + stars: | 2023-02-02 | by ( Laura He | ) edition.cnn.com time to read: +3 min

A surveillance camera outside the China Securities Regulatory Commission (CSRC) building in Beijing on July 9, 2021. Tingshu Wang/ReutersUnder the new system, regulators will stop vetting planned share sales by companies. Currently, listings on the main boards of the Shanghai and Shenzhen stock exchanges must be reviewed and approved by regulators before they can be launched. Financial stress has surged, even as the economy has started to recover after three years of strict pandemic controls. Following a chaotic exit from its zero-Covid policy, Beijing is trying to reset the economy and rebuild the trust of investors and businesses.

☆ Brazil's Americanas requests financing of at least $197 mln -filing
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

Jan 31 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) has requested debtor-in-possession financing of at least 1 billion reais ($197.12 million) as part of its bankruptcy process, according to a securities filing Tuesday. The financing aims to help the company maintain the "normal course of its business and reinforce its liquidity," the firm said. Americanas, backed by the billionaire trio that founded investment firm 3G Capital, entered bankruptcy protection this month after disclosing "inconsistencies" in its accounting, leading top investors such as BlackRock (BLK.N) and Capital Group to scale back their positions in the firm. It added it has been in talks with reference shareholders - Brazilian billionaires Jorge Paulo Lemann, Marcel Telles and Carlos Alberto Sicupira, the founders of 3G Capital - about the possibility of them subscribing up to the totality of the financing minimum amount. ($1 = 5.0731 reais)Reporting by Carolina Pulice and Gabriel Araujo; Editing by Isabel Woodford and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. investors have plowed billions into China's AI sector, report shows
▼ + stars: | 2023-02-01 | by ( Alexandra Alper | ) www.reuters.com time to read: +2 min

According to the report, 167 U.S. investors took part in 401 transactions, or roughly 17% of the investments into Chinese AI companies in the period. Those transactions represented a total $40.2 billion in investment, or 37% of the total raised by Chinese AI companies in the 6-year period. According to the report, U.S. investor GSR Ventures invested alongside China's IFlytek Co Ltd (002230.SZ) in a Chinese AI company after the speech recognition firm was added to a trade blacklist. Silicon Valley Bank and Wanxiang American Healthcare investments group made investments in Chinese AI firms alongside China's Sensetime before the powerhouse in facial recognition technology was added to the same trade blacklist. Only one Chinese AI company that received funding from U.S. investors is involved in developing AI applications for military or public safety uses, according to CSET.

☆ UBS flags uncertain year ahead after profit beats forecasts
▼ + stars: | 2023-01-31 | by ( Noele Illien | ) www.reuters.com time to read: +4 min

[1/2] The logo of Swiss bank UBS is seen at an office building in Zurich, Switzerland, Oct. 25, 2022. REUTERS/Arnd WiegmannZURICH, Jan 31 (Reuters) - UBS (UBSG.S), Switzerland's biggest bank, forecast an uncertain year ahead due to the war in Ukraine and sagging client confidence on Tuesday, despite trumping expectations for 2022 with a $7.6 billion net profit. Zuercher Kantonalbank analyst Michael Klien said UBS had benefited from one-offs, including a lower than expected tax rate. SLOWDOWNUBS said it gained $23.3 billion in net new fee generating assets in wealth management, with a strong Swiss performance. UBS announced plans to buy back more than $5 billion worth of shares this year after repurchasing $5.5 billion in 2022.

☆ UBS sounds cautious note for year ahead after booking quarterly profit rise
▼ + stars: | 2023-01-31 | by ( Noele Illien | ) www.reuters.com time to read: +2 min

[1/2] The logo of Swiss bank UBS is seen at an office building in Zurich, Switzerland, Oct. 25, 2022. REUTERS/Arnd WiegmannZURICH, Jan 31 (Reuters) - UBS Group AG (UBSG.S) predicted an "uncertain" year ahead plagued by accelerating inflation and higher interest rates on Tuesday after the Swiss bank beat estimates in its latest quarter. In doing so, UBS cautioned that inflation, rising interest rates and war in Ukraine were clouding the future, dampening clients' mood. Full-year net profit reached $7.6 billion, compared with the consensus estimate of $7.3 billion. UBS said it attracted $23.3 billion in net new fee generating assets in wealth management, with strong performance in Switzerland.

☆ The 50 fashion, beauty, and lifestyle companies set to take off and become the next great direct-to-consumer brands, according to The Lead
▼ + stars: | 2023-01-30 | by ( Danni Santana | ) www.businessinsider.com time to read: +9 min

HydrowWhat it is: indoor rowing machineTotal capital raised: $255 million22. ipsaWhat it is: fine frozen dinners made to be heated on stove tops or in ovensTotal capital raised: Undisclosed23. MadhappyWhat it is: fashion and lifestyle brand focused on creating conversation around mental healthTotal capital raised: $1.8 million28. MugsyWhat it is: online retailer best known for its jeansTotal capital raised: None32 .Oliver CabellWhat it is: luxury footwear minus the markupsTotal capital raised: None33. The Normal BrandWhat it is: lifestyle brand that sells rugged clothing for men and women inspired by the MidwestTotal capital raised: None46. Win Brands GroupWhat it is: holding company with brands selling outerwear, home goods, and candlesTotal capital raised: $90 million50.

You can get many thousands of dollars in value from Aeroplan points even if you never step foot on an Air Canada plane. Earn Aeroplan points with credit cards and points transfersThe Aeroplan® Credit Card is the only US credit card that earns Aeroplan points directly. So if you transferred 60,000 Marriott Bonvoy points, you'd end up with 20,000 Aeroplan points, plus a 5,000-point bonus for a total of 25,000 Aeroplan points. Earn Aeroplan points flying Air CanadaThe next easiest way to rack up Aeroplan points is by actually flying Air Canada, but the earning formula is going to change later this year. As far as we know, it will look like this:Basic fares: Earn 2x points per (Canadian) dollarStandard fares: Earn 3x points per (Canadian) dollarFlex/Comfort fares: Earn 3x points per (Canadian) dollarLatitude fares: Earn 3x points per (Canadian) dollarPremium economy fares: Earn 3x points per (Canadian) dollarBusiness fares: Earn 3x points per (Canadian) dollarEssentially, everything but basic economy fares will earn 3x per dollar.

☆ Norwegian airline Flyr says it faces liquidity crunch, shares fall 78%
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

OSLO, Jan 30 (Reuters) - Loss-making Norwegian airline Flyr (FLYR.OL) said on Monday it had failed to raise the cash it needs from shareholders and other potential investors, leaving it in a "critical short-term liquidity situation". Flyr's share price, already weakened by the budget carrier's financial woes, fell 78% in early trade to an all-time low of 0.0015 Norwegian crowns. The company said it had tried in recent days to secure funding of 330 million Norwegian crowns ($33.27 million) but the effort failed. "Market conditions and continued uncertainty with regards to airline travel and earnings through 2023 have deterred investors from committing capital for the required period of time," Flyr said. ($1 = 9.9175 Norwegian crowns)Reporting by Terje Solsvik, Editing by Louise Heavens and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

☆ Private-Equity Funds Turn to Yuan Offerings, Defying Wider Slowdown in China
▼ + stars: | 2023-01-28 | by ( Jing Yang | ) www.wsj.com time to read: 1 min

Yuan-denominated funds are getting demand from a mix of local and international investors. HONG KONG—Some international private-equity firms investing in China are choosing to denominate new funds in the country’s local currency, going against a wider slowdown in global demand for bets on Chinese startups. The appetite for allocating capital to funds focused on China has waned over the past year, the result of factors including tensions between Beijing and Washington, higher U.S. interest rates and a prolonged crackdown on China’s once-hot internet sector.

When it comes to choosing a savings strategy, there is no one-size-fits-all solution. I often revisit and readjust my savings strategy in response to larger economic factors, and I did that a lot during the COVID-19 pandemic. At the time, I kept my emergency savings in a high-yield savings account, with some additional savings in a regular savings account. When reevaluating your own savings strategy, it's important to consider your risk appetite and time horizon. Reevaluating your savings strategy regularly is an important part of maintaining your financial health over time.

☆ Chevron annual profit doubles to record $36.5 bln, but misses estimates
▼ + stars: | 2023-01-27 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

The second largest U.S. oil producer's adjusted net profit for 2022 beat by about $10 billion its previous record set in 2011. But $1.1 billion in writedowns in its international oil and gas operations in the fourth quarter left earnings short of forecasts for adjusted net profit of $37.2 billion. High prices from strong demand and shortages since Russia's invasion of Ukraine position Western energy firms to show a combined $200 billion profit for the year, according to analysts. In the final quarter, Chevron posted adjusted earnings of $7.9 billion, or $4.09 per share, up 61% from a year ago. U.S. production rose to a record last year led by a 16% increase in Permian, the country's main shale basin.

☆ Chevron annual profit doubles to record $36.5 billion, but misses estimates
▼ + stars: | 2023-01-27 | by ( ) www.cnbc.com time to read: +3 min

Chevron on Friday posted a record $36.5 billion profit for 2022 that was more than double year-earlier earnings but fell shy of Wall Street estimates, undercut by asset writedowns and a retreat in oil and gas prices. The second largest U.S. oil producer's adjusted net profit for 2022 beat by about $10 billion its previous record set in 2011. But $1.1 billion in writedowns in its international oil and gas operations in the fourth quarter left earnings short of forecasts for an adjusted net profit of $37.2 billion. High prices from strong demand and shortages since Russia's invasion of Ukraine position Western energy firms to show a combined $200 billion profit for the year, according to analysts. In the final quarter, Chevron posted adjusted earnings of $7.9 billion, or $4.09 per share, up 61% from a year ago.

☆ A 26-year-old founded a medical startup — the same year he lost almost half his vision
▼ + stars: | 2023-01-27 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +5 min

Kevin Choi, who is Medi Whale's CEO, said he is a firm believer that his diagnosis is "not a coincidence." MediwhaleAs a rifleman in the Republic of Korea Marine Corps who endured harsh training as part of his national service, Kevin Choi had "no doubt" about the state of his health. Long patient journey is a big hurdle to get past. "Long patient journey is a big hurdle to get past. Every conversation I have with doctors or experts … is a lesson to be learnt," said Kevin Choi.

☆ A further stock rally will be 'like bathing in lava' for market bears, BofA says
▼ + stars: | 2023-01-27 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Investors betting against the stock market have taken their lumps in 2023 and could be in for more trouble ahead, according to Bank of America. In his weekly note examining the flow of money through financial markets, Bank of America chief investment strategist Michael Hartnett noted how tough it's been for the bears. "Another 3-5% [gain] here will feel like bathing in lava if you're a bear," Hartnett wrote in the "Heard on the Street" section of his "Flow Show" report. "After that we sell as we [are] now close to [the] moment where stock gains start dragging yields higher," Hartnett wrote. However, Hartnett noted that the current trend may not last.

☆ Wall Street sees many of the big winners this week cooling off from here—with one notable exception
▼ + stars: | 2023-01-27 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

The three major averages are heading toward a positive week during a frenzy of fourth-quarter earnings. For instance, Nvidia is on pace to rise more than 13% this week, while Seagate Technology is up more than 17%. Here are the top ten biggest gainers: Western Digital , a semiconductor producer on the list, rose 14.2% this week. It is also one of the few stocks analysts anticipate will continue its rally—it has a target upside of 11%. Out of the big winners this week, analysts are the most optimistic about Tesla.

If everyone in the world expertly utilized credit card rewards to travel for free, there wouldn't be such amazing travel opportunities out there. Identify your travel goalsBefore you begin collecting credit card rewards, you should first identify your travel goals. Amex Membership Rewards points Capital One miles Chase Ultimate Rewards points Choice Privileges points Citi ThankYou points Hilton Honors points Hyatt points IHG Rewards points Marriott Bonvoy points Wyndham Rewards pointsYou travel with a large family Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Recommended credit card strategies for beginnersThe best practice for anyone new to credit card rewards is to invest in flexible points. You'll need: An annual fee-incurring Hilton credit card One of the greatest deals in credit card rewards is the free night certificate that comes with select American Express Hilton credit cards.

☆ Brazilian court orders seizure of emails of bankrupt retailer Americanas
▼ + stars: | 2023-01-26 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +2 min

SAO PAULO, Jan 26 (Reuters) - A Brazilian court has ordered the seizure of all corporate emails of managers and board members from bankrupt retailer Americanas SA (AMER3.SA) sent and received over the last 10 years, according to documents seen by Reuters. Bradesco said it was seeking evidence for potential litigation against Americanas, its managers, and potentially its controlling shareholders over "abuse of power." Americanas' largest shareholders are the billionaire founders of 3G Capital, Jorge Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles. The judge also ordered the seizure of all emails of employees in the finance and accounting division. Americanas is one of Brazil's largest retailers and has been in business for over 90 years.

☆ IBM cuts 3,900 jobs, misses annual cash target
▼ + stars: | 2023-01-26 | by ( Chavi Mehta | ) www.reuters.com time to read: +2 min

Jan 25 (Reuters) - IBM Corp (IBM.N) on Wednesday announced 3,900 layoffs as part of some asset divestments and missed its annual cash target, dampening cheer around beating revenue expectations in the fourth quarter. Analysts said news of the job cuts and free cash flow miss was behind the drop. read moreIBM's 2022 cash flow was $9.3 billion, below its target of $10 billion, due to higher-than-expected working capital needs. In October, IBM flagged softness in new bookings in Western Europe while peer Accenture Plc noted weakness in its consulting business. For 2022, IBM recorded revenue growth of 5.5%, its highest in a decade.

☆ Chevron is catching heat for tripling its stock buyback to $75 billion as soaring energy prices led to record profits
▼ + stars: | 2023-01-26 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Chevron wowed investors with a massive $75 billion stock buyback on Wednesday. The stock buyback program has no expiration date and is triple the company's prior share repurchase program of $25 billion. Surging oil prices in 2022 helped fuel record profits for Chevron, and the company expects those profits to continue to flow in 2023. But Chevron is working to increase its oil production in 2023. The capital discipline employed by Chevron is also being employed by ExxonMobil, which increased its stock buyback program to $50 billion last month.

CNN —The end could be near for struggling retailer Bed Bath & Beyond, as it warned in a regulatory filing Thursday that it received a notice of default from its lender, JPMorgan Chase. Shares of Bed Bath & Beyond (BBBY) plunged more than 20% on the news, to about $2.56 a share. Bed Bath & Beyond could be forced to file for Chapter 11 bankruptcy reorganization due to its financial woes. Founded in 1971, Bed Bath & Beyond became a staple for affordable home decor, kitchenware and college dorm room furniture. As of February 2022, Bed Bath & Beyond had 950 stores and 32,000 workers.

☆ I've worked remotely from 15 different countries. Here's what I've learned and what I'd never do again.
▼ + stars: | 2023-01-26 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +8 min

In addition to Italy, over the last five years, Cook has worked in Kenya, Thailand, and 12 other countries. At the time, startups were the only type of company I found that were open to fully remote work. When I started doing this in 2018, remote working like this wasn't as common as it is now. Now, since more people have access to this life because of remote work, a number of companies have cropped up for this exact kind of thing. Cook serving another participant in the Italy program during dinner.

☆ Bank earnings scorecard: All the numbers are in. Wells Fargo, Morgan Stanley still our favorites
▼ + stars: | 2023-01-26 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

Investment banking Morgan Stanley has certainly been the place to be among investment banks, not Goldman Sachs (GS). Second place was a tossup between Wells Fargo and Bank of America (BAC). In the case of Wells Fargo, we are seeing real improvements in the business and notable catalysts that we don't see in the others. Bank of America comes in second, while Wells Fargo is cheaper than both. People walk past a Wells Fargo bank on 14th Street on December 20, 2022 in New York City.

☆ Bankrupt Brazilian retailer Americanas owes about $8 bln, court finds
▼ + stars: | 2023-01-25 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

SAO PAULO, Jan 25 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) owes a variety of creditors around $8 billion, a Rio de Janeiro court said on Wednesday, providing the most detailed picture yet of the banks and other groups exposed to the company's bankruptcy. The list provided on Wednesday includes roughly 41.2 billion reais ($8.1 billion) in debt, according to the court, which initially did not disclose the names of the creditors. Brazilian banks BTG Pactual (BPAC3.SA), Bradesco (BBDC4.SA) and Santander Brasil (SANB3.SA) - which analysts previously said were among the most exposed - were also listed, with debts of more than 3.5 billion reais each. Earlier this week, Capital International Investors also announced it had reduced its position in Americanas to 4.07% from 7.04%. Shares in Americanas were up 20% to 0.96 real on Wednesday, but still down roughly 90% year-to-date.

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