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☆ FTX: Customers who trusted crypto giant may be left with nothing
▼ + stars: | 2022-11-14 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

But a liquidity crunch last week forced FTX to halt withdrawals, leaving customers and investors in limbo. In theory, FTX’s customers should get a cut of what’s left of the company’s assets at the end of the bankruptcy process. And FTT coins, the crypto token issued by FTX, have lost more than 90% of their value over the past week.) But I think this is actually good for the industry long-term.”The giant crypto exchange briefly emerged as a lifeline for FTX before reversing course last week. Correction: An earlier version of this article misstated the name of the law firm Loeb & Loeb.

☆ Here's why it may take a while for housing inflation to cool off
▼ + stars: | 2022-11-14 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

Allison Dinner | Getty ImagesThere are signs inflation may fall further in coming months, but housing threatens to mute any improvement. The consumer price index, a key barometer of inflation, rose 7.7% in October from a year ago. That may seem counterintuitive at a time when many observers have said the U.S. is in a "housing recession." The shelter category is up 6.9% in the last year. The rental and housing markets are coolingBusà Photography | Moment | Getty ImagesWhy shelter prices lag

☆ Retailers' biggest holiday wish is to get rid of all that excess inventory
▼ + stars: | 2022-11-13 | by ( Melissa Repko | ) www.cnbc.com time to read: +6 min

Investors want a clearer sense of how much excess stuff retailers have sold off — and how deep they may have to discount to keep merchandise moving. Retailers are under pressure to clear out inventory and start fresh in the next fiscal year. Walmart and Target were among the retailers that shocked investors with significant jumps in inventory levels in the first quarter, which ended April 30. Kohl's swung from having too little inventory last year to having ballooning inventory in the second quarter of this year. Excess inventory could downgrade the shopping experience this holiday season at some stores, too.

Waste water from the city sewage pipe is flowing onto the drainless floor and washing away my short-lived homeowner's honeymoon. Insider's Featured Homeowner Insurance Companies Lemonade Homeowners InsuranceAllstate Homeowners InsuranceNationwide Homeowners Insurance Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Bright and early the next morning, the plumbers, excavators, and insurance man arrived and set to work ripping up my driveway. I'm reminded of my baptism of fire — or, more accurately, baptism of waste water — every time I see that driveway. If it hadn't been for the safety net of my homeowners insurance, telling the harrowing tale of the first week in my new home would have been more tragedy than comedy.

☆ Opinion: No one is coming to save the crypto industry
▼ + stars: | 2022-11-12 | by ( Emily Parker | ) edition.cnn.com time to read: +6 min

Sam Bankman-Fried, the 30-year-old CEO of crypto exchange FTX, helped bail out distressed crypto companies like BlockFi and Voyager. In an industry with a reputation that has been marred by scammers, hackers and sheer greed, Bankman-Fried seemed like a relatively nice guy. The whole point of crypto is that it is supposed to be decentralized and transparent. Changpeng Zhao, CEO of the world’s biggest crypto exchange Binance, publicly announced that the exchange would liquidate its FTX holdings. Join us on Twitter and FacebookFor the crypto industry, the lesson here is to stop looking for saviors.

That is why, leaders say, HBCUs and other minority-serving institutions will be even more important to students of color should the Supreme Court end affirmative action in college admissions. Allison ShelleyThe Supreme Court is hearing cases that challenge affirmative action policies at Harvard University and the University of North Carolina. Although HBCUs are predominantly Black institutions, non-Black students made up 24% of HBCU enrollment in 2020, according to the NCES. That diversity is important to consider amid claims that HBCUs make race-conscious admissions unnecessary, said Marie Bigham, the founder and executive director of the race-conscious admissions advocacy group Admissions Community Cultivating Equity & Peace Today. Late last month, the coalition and students from across the country protested outside the Supreme Court as it weighed the cases.

☆ Crypto: What's next as FTX collapse triggers 'Lehman moment'?
▼ + stars: | 2022-11-11 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

And can the beaten-down crypto industry bounce back? What’s clear is that the fallout from the FTX crisis injects significant volatility into the crypto ecosystem. “Thank God!”Can the crypto industry survive? “In the short term, this is going to be really, really bad for the crypto industry,” said Jog of Sei Labs. Fok said he expects the FTX collapse will push institutional investors away from the crypto space just as they had been warming up to it.

☆ Larry David predicted FTX’s implosion
▼ + stars: | 2022-11-11 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

New York CNN Business —Larry David made a prediction about this week’s crypto meltdown that was prettaaay prettaaay good. In a Super Bowl ad for the FTX crypto exchange in February, Larry David sarcastically predicted that FTX wasn’t going to make it. At the end of the ad, David learns about FTX, “a safe and easy way to get into crypto.” A dismissive David says, “Ehhh, I don’t think so. And I’m never wrong about this stuff — never.”“Don’t be like Larry,” the FTX ad closes. The full extent of FTX’s financial problems aren’t yet known, but multiple reports say the firm is facing an $8 billion shortfall.

☆ Sam Bankman-Fried's $16 billion fortune evaporated in less than a week
▼ + stars: | 2022-11-11 | by ( Allison Morrow | ) edition.cnn.com time to read: +1 min

New York CNN Business —Sam Bankman-Fried woke up on Monday still a billionaire, even as his cryptocurrency empire was beginning to unravel. Based on net worth calculations by Bloomberg, Bankman-Fried was worth about $16 billion at the start of the week. The 30-year-old entrepreneur’s net worth, which was largely tied up in digital assets, peaked at around $26 billion this spring. He told Reuters in July that he and FTX still had a “few billion” on hand to shore up other firms and help stabilize the industry. Bankman-Fried owns about 70% of FTX’s US business, which the index now estimates to be essentially worthless.

☆ More Hotel Rooms Are Looking Shabby, Even With Higher Prices
▼ + stars: | 2022-11-10 | by ( Allison Pohle | ) www.wsj.com time to read: 1 min

Someone will fix your broken hotel shower—eventually. Delayed renovations, labor shortages, supply-chain snarls and general wear and tear are colliding with record-high room rates, leaving some guests frustrated by what they feel are rooms undeserving of hefty price tags. Hotel rooms cost an average of 13% more compared with the same period in 2019, according to hospitality data and analytics company STR.

☆ Some relief for consumers: Prices on a few grocery items are actually coming down
▼ + stars: | 2022-11-10 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

For most consumers, price breaks on their groceries come as welcome relief given that store food prices overall have surged 12.4% through October versus a year ago. In fresh produce, the average unit price for prepared mixed vegetables from July to September (the latest data available) dropped 68% versus the same period last year. In fruits, the average unit price is down 1.8% for tangerines and has declined 7% for dates in the same three-month period. A lot of fresh seafood options are cheaper as well: the average unit price for striped bass fell 41.8% (July through September) over the prior year. “You’re are seeing a little bit of an increase in turkey [prices] but you are also seeing a little bit of reduction in chicken.

☆ Crypto is in chaos as FTX files for bankruptcy
▼ + stars: | 2022-11-10 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

By Friday morning, FTX said Bankman-Fried had resigned as CEO and that the firm was filing for bankruptcy. Failures are not uncommon in the murky, largely unregulated world of crypto, but FTX is not your average crypto startup. Namely, that the bulk of its assets are held in FTT, a digital token minted by Alameda’s sister firm, FTX. On Sunday, the CEO of Binance, FTX’s much larger rival, said his company was liquidating $580 million worth of FTX holdings. After a chaotic week, FTX filed for bankruptcy.

☆ FTX founder issues public apology as company verges on collapse
▼ + stars: | 2022-11-10 | by ( Allison Morrow | ) edition.cnn.com time to read: +1 min

New York CNN Business —Sam Bankman-Fried, the crypto entrepreneur whose FTX exchange has been in a death spiral this week, tweeted a candid apology Thursday morning. I f**ked up, and should have done better,” Bankman-Fried said in a lengthy Twitter thread. Alameda is at the heart of Bankman-Fried’s crypto empire, and questions about its financial stability kicked off a flurry of withdrawals over the weekend. On Sunday alone, Bankman-Fried said, FTX was hit with $5 billion in withdrawals. The near-collapse of FTX, one of the largest cryptocurrency exchanges, has sent shockwaves throughout the crypto industry, which was already being battered by higher interest rates and recession fears.

The first was Democrat Wes Moore, who beat Republican Dan Cox, becoming Maryland’s first Black governor, and only the third Black governor in the country. Black female candidates hoped to make history across gender and racial lines in several states, from Rep. Val Demings and Aramis Ayala in Florida to Chelsea Clark in Ohio and several women bidding to be the country’s first Black female governor. Although many of these key races ended in upsets for the Black female Democratic candidates, some states have ushered in new progressive representation. And in Massachusetts, Democrat Andrea Campbell beat out Republican Jay McMahon to become the state’s first Black female attorney general. “What we just saw in the midterms is that these Black women were able to inspire multiracial coalitions that enabled their wins.

☆ Premarket stocks: Markets are in trouble. Election results won't change that
▼ + stars: | 2022-11-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN Business —The results of Tuesday’s midterm elections will set the agenda for the next Congress. But when it comes to the stock market, this election ranks fairly low on the list of things investors should worry about. But stocks have a bigger problem than who takes the House or Senate: The possibility of a recession ahead. Politics have taken a less central role in recent discussions with investors than they have in past election cycles, they added. The bottom line: When it comes to the next big market catalyst, investors should look to the Fed, not Congress.

☆ So you won the lottery. What now?
▼ + stars: | 2022-11-09 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN Business —So, you won the lottery. Before you broadcast your sudden windfall to the world, and even before you contact lottery officials, you’ll be wise to surround yourself with a team of lawyers and financial advisers. Make copies of both sides of your lottery ticket, and then lock it up somewhere only you can access it. But there’s one big piece of the lottery puzzle that you can’t farm out to lawyers, and that’s your mental health. “The curse of the lottery losers is very real,” Andrew Stoltmann, a lawyer who has represented lottery winners, told CNBC.

☆ Sam Bankman-Fried's net worth collapses 94% in a single day
▼ + stars: | 2022-11-09 | by ( Allison Morrow | ) edition.cnn.com time to read: +1 min

New York CNN Business —Sam Bankman-Fried, the crypto entrepreneur known for providing a financial lifeline to struggling firms in the industry, is now in need of a bailout himself. After the collapse of his crypto exchange, FTX, in a matter of days he may find himself out of the club. His most valuable assets were his stakes in FTX, the crypto exchange he founded, and Alameda, a crypto trading house. (Terms of that deal weren’t known, and multiple reports on Wednesday suggested Binance was poised to back out of the deal.) That would leaves SBF’s net worth at about $1 billion — a 94% collapse and the biggest one-day loss by a person tracked by the index.

The first election to put abortion rights to the test after the Supreme Court overturned Roe v. Wade appears unlikely to reshape the map of abortion access — at least not overnight. States that protect abortion access Mixed results New protections Existing protections Results pending States that restrict abortion access Results pending New restrictions likely Mixed results Existing restrictionsResults pending in races affecting abortion Arizona Montana Nebraska PennsylvaniaMany of the most competitive state-level races with consequences for abortion were too close to call on Wednesday. Gretchen Whitmer and Attorney General Dana Nessel, both Democrats who pledged to protect abortion rights, won re-election. But two candidates for the State Supreme Court who were backed by anti-abortion groups did not win their races. Mr. Cooper, a Democrat, opposes abortion restrictions, and Republicans failed to secure a supermajority in the Legislature that would have allowed them to override his veto.

☆ Bitcoin tumbles as investors panic over FTX's failure
▼ + stars: | 2022-11-09 | by ( Allison Morrow | ) edition.cnn.com time to read: 1 min

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☆ NHL roundup: Devils top Flames, run win streak to 7 games
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +6 min

The Devils have won seven straight -- their longest winning streak since winning eight straight from Feb. 6-22, 2011. Golden Knights 4, Maple Leafs 3 (OT)Reilly Smith scored his second goal of the game 23 seconds into overtime and visiting Vegas defeated Toronto. Oilers left winger Evander Kane was stable and transported to a local hospital for a procedure following a serious left wrist laceration in the second period. After Jason Robertson gave Dallas a 1-0 lead at 3:06 of the second period, Winnipeg scored four straight goals in the frame. Dallas, which had outscored its opponents 18-6 during a three-game winning streak entering play Tuesday, seemed shellshocked following the results of the second period.

☆ Boeing urges air taxi safety standards be as strict as for commercial jets
▼ + stars: | 2022-11-08 | by ( Allison Lampert | ) www.reuters.com time to read: +2 min

"We have to unify around the importance of bringing all advanced air mobility vehicles and operating systems to market with airliner levels of safety, with air transport levels of safety, with commercial levels of safety," he said at ICAO's Remotely Piloted Aircraft Systems (RPAS) Symposium. "There is of course significant risk that in an event involving any one of these vehicles that the whole category of advanced air mobility will be subject to penalty." Allen said regulators must approach advanced air mobility on safety in the same manner as commercial transport if air taxis are to fly over crowded, urban areas. But he added that some air taxis are being lumped into categories such as general aviation where smaller aircraft have different stringencies than larger jetliners. "To us, the more important thing is consensus on commercial safety standards," he said.

☆ Crypto's self-appointed savior just reached for a lifeline
▼ + stars: | 2022-11-08 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

He’s an entrepreneur whose name often appears alongside descriptors like “wunderkind,” “savior,” white knight, “digital Warren Buffett,” etc. Then, in a truly unexpected twist, Binance said it had offered to buy FTX to resolve its liquidity crisis. The news prompted a brief recovery in digital assets but wasn’t enough to calm anxious investors. Other digital assets and equities tied to the industry, such as Coinbase, also fell. There’s a lot to figure out still, but we can expect digital assets to remain volatile until more details about the FTX-Binance deal are made public.

☆ Binance, the world's largest crypto exchange, is buying struggling rival FT
▼ + stars: | 2022-11-08 | by ( Allison Morrow | ) edition.cnn.com time to read: 1 min

I used the money from his life insurance to buy a home for myself and begin to rebuild my life. One such occasion was when we were reviewing and comparing life insurance plans from his employer and mine. Any life insurance there may have been would have gone to paying hospital bills, shipping his body back to Canada, and funding my relocation. Insider's Featured Life Insurance Companies Lemonade Life InsuranceNationwide Life InsuranceGuardian Life Insurance Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Life insurance was one such saving grace.

☆ YouTube salaries revealed: How much it pays employees for engineering and more roles
▼ + stars: | 2022-11-08 | by ( Ashley Rodriguez | Marta Biino | ) www.businessinsider.com time to read: +3 min

Insider analyzed YouTube job listings to see how much the company offers to pay US hires. YouTube is offering base salaries ranging from $83,000 to $425,000 across 48 November job listings. "It's at a very high level within the YouTube organization," said Bridget Dolan, managing director of Shopping Partnerships, talking about the YouTube Shopping team. Insider analyzed dozens of November job listings at YouTube to see what the company offers new hires in the US. Here were the US salary ranges in the job postings at YouTube (remote eligible jobs are denoted with an asterisk):

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