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The logo of Oil and Natural Gas Corp's (ONGC) is pictured along a roadside in Ahmedabad, India, September 6, 2016. Russian President Vladimir Putin last year removed an Exxon Mobil subsidiary as operator of the Sakhalin-1 oil and gas project in Russia's Far East and transferred it to a new operator. Western governments have slapped sanctions on Russian oil over the war in Ukraine, which Russia calls a special military operation. It is difficult to secure insurance and shipping to transport Russian oil, Gupta said, and such shipments must abide by an international price cap. ONGC accounts for about two-thirds of India's oil production and about 58% of its gas output.

Persons: Amit Dave, ONGC Videsh, Vladimir Putin, Videsh, Rajarshi Gupta, ONGC, Gupta, Japan's, Rod Nickel, David Gregorio Our Organizations: Gas, REUTERS, Rights, Natural Gas Corp, Exxon Mobil, World Petroleum Congress, Thomson Locations: Ahmedabad, India, Rights CALGARY , Alberta, Sakhalin, Russia's Far, Calgary, Canada, Ukraine, Russia, Calgary , Alberta

☆ China VCs have a big problem — and it’s not just a drop in U.S. investor appetite
▼ + stars: | 2023-09-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Among China-focused investment firms, only four U.S. dollar-denominated venture capital funds established between 2015 and 2020 have at least returned investors all the money they put in. Alternative assets include venture capital, but not publicly traded stocks and bonds. Preqin doesn't track every single China VC fund, and only included those with data as of the end of last year or more recently. In the world of early-stage investing, "limited partners" (typically institutions) give money to "general partners" (venture capital funds) to invest into startups. The outperforming funds were: Loyal Valley Capital Advantage Fund I, Hillhouse Fund II, Oceanpine USD Fund I and HighLight Capital USD Fund II.

Persons: Preqin, —, Reuben Lai, “, Reuben Lai Preqin, they'd, Alex Shum, Preqin's Lai, there's, Lai, Jinjian Zhang, Vitalbridge, Zhang Organizations: Nurphoto, Getty, ., China VC, CNBC, Fengshion, Investment Fund, LYFE Capital, GGV, BioTrack, U.S, Capital, II, Sequoia, Sequoia Capital China Growth Fund, TPG NewQuest Locations: Shenzhen, China, BEIJING, That's, Preqin, Greater China, Beijing, IPOs, Vitalbridge, Shanghai

☆ Loma Linda, California, the only Blue Zone in the US, has cheaper homes than elsewhere in the state
▼ + stars: | 2023-09-19 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +5 min

Home buyers seeking a Blue Zone lifestyle in the US have limited options. Loma Linda, CA, is among the smallest Blue Zones by population and its real estate market is tight. Despite high demand, a typical home sale in Loma Linda is still less pricey than the state average. Loma Linda, California is located about 60 miles east of Los Angeles. Hulda Crooks Park in Loma Linda David Keith Canete/Getty ImagesAverage home sales in Loma Linda, according to RedFin and Zillow, ran between $545,000 and $603,000 in the last year.

Persons: Loma, Brandon Rivinius, Rivinius, you'll, Crooks, Loma Linda David Keith Canete, I've Organizations: Service, Loma Linda, Loma, Google, Brandon, Reliable, tote, National Association of Realtors, California Association of Realtors, Loma Linda University, Group, Blue Zone Locations: Loma Linda, CA, Wall, Silicon, States, California, Los Angeles, Loma, Loma Linda , California

☆ Real-estate investors share 2 creative financing strategies that can help you lock in a low mortgage rate even in today's environment
▼ + stars: | 2023-09-19 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

As of September 2023, the average 30-year fixed mortgage rate sits just above 7%. San Diego-based real estate investor Kent He, for example, owns three investment properties and financed his latest one with a 2.5% interest rate. Here are the creative financing strategies He and other investors are using to get lower rates and, consequently, lower mortgage payments. Courtesy of Zeona McIntyreThe big benefit for the buyer, especially in today's high-interest-rate environment, is that they could inherit a low interest rate. "I have sold some homes that went $50,000 to $100,000 over what the market rate would be because they're able to give this low interest rate and low down payment," she said.

Persons: Kent, Zeona McIntyre, McIntyre, She's Locations: San Diego, Boulder

With short sellers looking to profit from the stock, it closed at $55.17 after touching a high of $69 on Friday. Arm shares underperformed the Philadelphia semiconductor index (.SOX), which closed down 0.96% on Tuesday as rising bond yields weighed on growth sectors such as technology. Short sellers need to borrow a stock to short it, and the relationship between shares on loan and shorted is normally quite close, according to Ortex. By comparison, Tesla (TSLA.O), a stock with a similar percentage of shorted shares, has a cost to borrow at 0.48%, Ortex said. Arm's higher cost to borrow "can be an indication that the demand to borrow, and short, the stock is high," Hillerberg said.

Persons: Dado Ruvic, Daniel Morgan, Morgan, Thomas Martin, Ortex, Peter Hillerberg, Hillerberg, Needham, Lewis Krauskopf, Sinéad Carew, Lisa Bernhard, Mark Potter, Matthew Lewis Organizations: REUTERS, Arm Holdings, ARM, Nvidia, GLOBALT Investments, Bernstein, underwriters, Klaviyo Inc, Thomson Locations: Philadelphia, Atlanta, New York

Three producers listed in the customs data confirmed to Reuters they had shipped coal from the two regions to Turkey during that period. Turkey, a major coal consumer and importer, is bucking the global trend by increasing coal's share in electricity generation. Customs data shows Nedra-06 made two shipments of coal to Turkey totalling 1,600 tonnes in May and June. The buyers were Belize-based Brig Management LTD and Green Rabbit LTD of Hong Kong, the customs data showed. Coal bought at Russian ports by Brig Management LTD and Green Rabbit LTD was taken to Turkey, the data showed.

Persons: Vitaliy Khotsenko, Adzhmal, Vostokugol, Anton Nadeyev, Nadeyev, I'm, Denis Karashchuk, Karashchuk, Filipp Lebedev, Gleb Stolyarov, Humeyra Pamuk, Tom Balmforth, Julia Payne, Jose Sanchez, Mike Collett, White, Daniel Flynn Organizations: NATO, Reuters, European, British Virgin Islands, Donetsk People's Republic, Russia's Ministry of Energy, Federal Customs Service, Luhansk People's Republics, European Union, United, Ukraine, U.S . State Department, UN, Assembly, Florance, Management, Hong, Brig Management, Rabbit, Belize Companies, Corporate Affairs, Green Rabbit, Coal, Toksabay, Thomson Locations: Ukraine, Turkey Ankara, Russia, Turkey, Donetsk, Luhansk, United States, European Union, Moscow . Washington, Moscow, Ankara, Ukrainian, Hong Kong, UAE, Belize, British Virgin, East, Africa, Russian, Rostov, Novorossiisk, Turkey . U.S, Antratsyt, Yasynuvata, Tbilisi, Washington, Kyiv, Brussels

☆ Cramer says investors should focus on facts and not get caught up in 'gloom'
▼ + stars: | 2023-09-19 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Tuesday warned investors not to get caught up in the sense of "gloom" shrouding Wall Street — especially in September, a historically down month for the market — that is bringing down stocks of companies he sees as solid. "Once we get through this seasonally tough period, things will feel very differently, and the gloom will finally lift." Cramer explained that sometimes factors unrelated to the actual health of a company cause stocks to fall. He also said gloom is clouding Wall Street's perception of Nvidia — which finished Tuesday down about 1% — saying there isn't any solid reason the stock is going down. Cramer also pointed out Starbucks ' recent decline and analyst downgrade, due to concerns about its performance in China.

Persons: CNBC's Jim Cramer, it's, Cramer, I'm, you'll Organizations: Disney, Netflix, Nvidia, Starbucks Locations: China

In the week ended Sept. 12, money managers expanded their net short position in CBOT corn futures and options to 134,909 contracts from 93,913 a week earlier. That marked funds’ most bearish corn stance since mid-August 2020, when CBOT corn was trading below $3.50 per bushel. Most-active corn futures have traded below $5 since Aug. 21, and they fell 2% in the week ended Sept. 12. Managed money net position in CBOT corn futures and optionsCorn dropped to $4.73-1/2 per bushel on Sept. 12, tying mid-August for the lowest price since December 2020. Most-active CBOT wheat shed 2% in the week ended Sept. 12, dropping to the lowest price since December 2020.

Persons: Lucas Jackson, Corn, Bean, soyoil, Karen Braun, Diane Craft Organizations: Carbon Solutions, REUTERS, Rights, U.S . Department, Agriculture, Futures, Funds, Reuters, Thomson Locations: Defiance, Shelby County , Iowa, Rights NAPERVILLE , Illinois, Chicago, U.S, soymeal, Ukraine, Russia

☆ AI-Driven Cataclysm Could Rock the Job Market: Top Economist
▼ + stars: | 2023-09-18 | by ( Aki Ito | ) www.businessinsider.com time to read: +33 min

Over the course of three conversations this summer, Acemoglu told me he's worried we're currently hurtling down a road that will end in catastrophe. "There's a fair likelihood that if we don't do a course correction, we're going to have a truly two-tier system," Acemoglu told me. "I was following the canon of economic models, and in all of these models, technological change is the main mover of GDP per capita and wages," Acemoglu told me. In later empirical work, Acemoglu and Restrepo showed that that was exactly what had happened. "I realize this is a very, very tall order," Acemoglu told me.

Persons: who's, Katya Klinova, Daron Acemoglu, Simon Johnson, Acemoglu, Johnson, we've, he's, we're, Power, James Robinson, —, Robinson, David Autor, Pascual Restrepo, Restrepo, John Maynard Keynes, Simon Simard, Lord Byron, Eric Van Den Brulle, hasn't, it's, Gita Gopinath, Paul Romer, Romer, What's, Daron, GPT, Asu Ozdaglar, It's, Mark Madeo, Tattong, Erik Brynjolfsson, Brynjolfsson, There's, Yoshua Bengio, Yuval Noah Harari, Andrew Yang, Elon Musk, I've, That's, Aki Ito Organizations: Getty, MIT, of Technology, Hulton, London School of Economics, Stagecoach, Technology, —, International Monetary Fund, Microsoft, Asu, Companies, Computer, Greenpeace, Communications, Big Tech, Workers Locations: Silicon Valley, America, Boston, Istanbul, Turkey, Acemoglu, England, United States, Britain, Australia

Hedge funds and other money managers purchased the equivalent of 41 million barrels in the six most important petroleum futures and options contracts over the seven days ending on Sept. 12. The net position in all products had fallen to 155 million barrels (71st percentile) on Sept. 12 down from 177 million (80th percentile) on Aug. 15. Short positions in NYMEX WTI slumped to just 21 million barrels on Sept. 12, the lowest for more than a year since June 2022. U.S. NATURAL GASInvestors remain ambivalent about the outlook for U.S. gas prices – torn between depleting inventories and the prospect of a warmer-than-average winter driven by a strong El Niño. The prospect of reduced consumption and slower export growth is weighing on gas prices and has kept them range bound for the last three months.

Persons: Richard Carson, bullishness, NYMEX WTI, Investors, John Kemp, David Evans Organizations: Department of Energy, Strategic Petroleum Reserve, REUTERS, ICE, U.S . diesel, Fund, distillates, Thomson, Reuters Locations: Freeport , Texas, U.S, Saudi Arabia, Europe, China, distillates, Saudi, Cushing, Oklahoma, NYMEX, distillates ., East Asia, North America, Pacific

☆ TikTok Shop-ocalypse hits food sellers as the platform cracks down on homemade goods like freeze-dried candy
▼ + stars: | 2023-09-18 | by ( Dan Whateley | ) www.businessinsider.com time to read: +5 min

TikTok added new language to its product policies earlier this month for its recently launched e-commerce platform TikTok Shop, boxing out merchants who sell homemade food items like candy. Linares garnered over 1,400 sales through TikTok Shop in the last month, per documentation viewed by Insider. Freeze-dried candies have become a massive category and a big business on TikTok Shop. Users have already purchased thousands of freeze-dried products through TikTok Shop, per sales tallies visible to users in the app. 'TikTok Shop can really giveth and they can really taketh away'This isn't the first time Wilkerson's store has been dinged by TikTok Shop.

Persons: TikTok, Chrystian Linares, Linares, reselling Skittles, that's, Influencers, Nathan Wilkerson, Wilkerson, influencers Organizations: TikTok Locations: Florida, Orlando, Tallahassee, Linares, Jolly, Portland , Oregon, China

Picking out the best Apple Watch Series 9 band comes down to both personal preference and personal style. Below are 18 of the best Apple Watch bands for the Series 9, including picks from Apple itself, as well as other brands like Nomad, Hermes, and Lifeproof. No matter what you consider the best Apple Watch, any of these new bands can improve the way the watch looks and feels. And the best method for doing so is by donning one of the best leather Apple Watch bands. Budget leather that still looks good Tasikar Apple Watch Band Tasikar's Leather Band is a budget watch band that features high build quality, a rugged, timeless design, and a classic watch clasp.

Persons: Hermes, Kate Spade Organizations: Apple, Apple Watch

☆ Elon Musk says Twitter, now X, is moving to small monthly subscription and has 550 million users
▼ + stars: | 2023-09-18 | by ( Lora Kolodny | ) www.cnbc.com time to read: +5 min

Among other things, Musk said the social network is "moving to having a small monthly payment for use of the X system" in order to combat "vast armies of bots. During the livestream, Musk also divulged some new metrics from X, claiming it now has 550 million "monthly users," who generate 100 million to 200 million posts per day there. However, Musk also used it to dispute the perception that his social network is full of hate speech and antisemitism. Before meeting with Netanyahu, Musk also accused George Soros's foundation of wanting to "destroy" western civilization. On Twitter, Musk has repeatedly disparaged trans people, federal regulators, politicians, journalists, whistleblowers, critics of his companies, and short sellers.

Persons: Elon Musk, Benjamin Netanyahu, Musk, Netanyahu, George Soros's, Tesla, Donald Trump, Marjorie Taylor Greene, Andrew Anglin Organizations: SpaceX, Tesla, Artificial Intelligence, Twitter, Israeli, Anti Defamation League, ADL, X Corp, Open Society, Nazi Locations: Washington ,, West, Jewish, Hungarian, American, U.S

Sept 18 (Reuters) - Maplebear Inc , the parent of grocery delivery app Instacart, disclosed on Monday it fetched a $9.9 billion fully diluted valuation after pricing its initial public offering (IPO) at the top of its indicated range. The IPO was priced at $30 per share after the company marketed it with a range of $28 to $30 per share. The IPO raised $660 million based on 22 million shares sold. Arm's fully diluted valuation has risen to $62 billion following three days of its shares trading. These investors include Norges Bank Investment Management, a division of Norges Bank, and entities affiliated with venture capital firms TCV, Sequoia Capital, D1 Capital Partners and Valiant Capital Management.

Persons: Instacart, Echo Wang, Rosalba O'Brien, Jamie Freed Organizations: Inc, Nasdaq, U.S, Klaviyo Inc, Norges Bank Investment Management, Norges Bank, Sequoia Capital, D1 Capital Partners, Valiant Capital Management, Sequoia, D1, PepsiCo, CVS, Thomson Locations: TCV, Sequoia, New York

☆ Provenance of a Museum’s Greek Exhibit Is Questioned, Fueling a Debate
▼ + stars: | 2023-09-17 | by ( Graham Bowley | More About Graham Bowley | ) www.nytimes.com time to read: +1 min

The Museum of Fine Arts in St. Petersburg, Fla., was riding high as “From Chaos to Order,” an exhibition of ancient Greek art, became its first major traveling show in years, making stops at museums in Florida and South Carolina before preparing to head west. “The idea was to look at the origins of Greek art in a new way,” said Michael Bennett, the former St. Petersburg curator who organized the show of works from the Geometric period, circa 900 to 700 B.C. “We felt it had something new to say about Greek art.”But earlier this year, when the exhibition was scheduled to travel to the Denver Art Museum, the staff there balked because many of the 57 artifacts lacked detailed provenances. The Denver museum had recently had its own scandal, when it returned four artifacts to Cambodia. Its director, Christoph Heinrich, suggested postponing the Florida exhibition in the hope that the provenance issues could be resolved.

Persons: ”, Michael Bennett, Sol Rabin, Christoph Heinrich Organizations: of Fine Arts, Denver Art Museum, Denver Locations: St . Petersburg, Fla, Florida, South Carolina, St, Petersburg, Denver, Cambodia

☆ I lost out on 5 houses before finally buying a home, and the experience taught me 5 things I think other buyers should know
▼ + stars: | 2023-09-17 | by ( Laura Grace Tarpley | Stephanie Hallett | Personal Finance Reviews Editor | ) www.businessinsider.com time to read: +6 min

We waived the inspection contingencies in our offers, but we still scheduled pre-offer inspections. Not only did we bring extra cash toward a low appraisal, but we made our earnest money non-refundable. But having low appraisal money in the double digits definitely gave us a leg up. We made our earnest money non-refundableEarnest money is a percentage of your down payment that you make upfront, sort of like a safety deposit. Our earnest money deposit was $10,000, and we marked on our offer letter that we forfeited our earnest money.

Persons: I've Organizations: Service Locations: Wall, Silicon

The UAW began striking at factories that make only a few vehicles – Ford Broncos and Rangers, Jeep Wranglers, Chevrolet mid-size pickups and GMC vans. Car prices were rising long before the auto workers even raised the possibility of a strike. Prices are almost certain to rise even if the strike is settled quickly, because the auto makers' labor costs will increase. “They could double our wages and not raise car prices and still make billions of dollars in profit,” he said during an online presentation to union members this week. It's all enough to make many motorists consider avoiding the car lot and keeping their current car a while longer.

Persons: Stellantis, ”, Ivan Drury, isn’t, Garrett Nelson, ” Nelson, “, we’re, Tesla, Drury, Kelley, Patrick Anderson, Shawn Fain, Edmunds Organizations: DALLAS, United Auto Workers, Dealers, General Motors, UAW, Detroit, Ford Broncos, Rangers, Jeep Wranglers, Chevrolet, GMC, Chevrolet Silverado, Tahoe, GMC Sierra, Ford, CFRA Research, GM, Fiat Chrysler, Toyota, Honda, Consumers, Federal Reserve Bank of New, Anderson Economic Group, Stellantis, “ Locations: Edmunds, Mexico, Federal Reserve Bank of New York

☆ Insider Today: Your knockoff's hidden cost
▼ + stars: | 2023-09-15 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Tech: What could become of VMware employees when Broadcom's acquisition closes. What could become of VMware employees when Broadcom's acquisition closes. AdvertisementAdvertisementSo, instead of visiting the company's website, you head to one of the many e-commerce sites offering knockoffs. 3 things in techRaghu Raghuram VMwareLeaked email: The fate of VMware employees as Broadcom acquisition closes. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.

Persons: Sen, Mitt Romney, Chelsea Jia Feng, Insider's Jennifer Ortakales Dawkins, Counterfeits, Birkin, Dow Jones, Michael M, Ray Dalio, Raghu, —, chatbot, Brooks Kraft, Vivek, crowdfunding, Joe Raedle, JW Anderson, Molly Goddard, Julia Pugachevsky, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Tech, VMware, Yorkers, Bridgewater Associates, Broadcom, Apple, Brooks Kraft LLC, Burberry, Riot Fest Chicago, Foo Fighters, Postal Service, Cutie, Happy National Hispanic, Costa Rica Blue Locations: Wall, Silicon, New York, Queens, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Spain, New York City, San Diego, London

☆ The meme stock mania is now a movie. Here's what has happened to GameStop and AMC
▼ + stars: | 2023-09-15 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +6 min

There's Anthony Ramos' Marcus, a GameStop cashier, being lectured by his parents that this stock trading thing isn't real. Reddit versus Wall StreetMany social media traders discussed the meme stock moment in David vs Goliath terms — the retail traders versus the hedge funds. Several brokerages limited trading in meme stocks at the height of the meme stock mania. In the second quarter of 2019, before the meme stock mania began, the company generated about $1.3 billion in net sales. The AMC stock sales have diluted the holdings of individual shareholders, and the market cap of AMC is still down more than 50% from its peak.

Persons: Pete Davidson, Paul Dano's Keith Gill, Kitty, There's Anthony Ramos, Marcus, Jenny, hasn't, David, Gabe Plotkin, Seth Rogen, Capital, Robinhood, Chewy, Ryan Cohen, Matthew Furlong, shakeups, Adam Aron, Plotkin Organizations: Sony Pictures Entertainment, GameStop, YouTube, Ferrari, AMC Entertainment, AMC, SEC, Amazon, Wall Street titans, Charlotte Hornets

Average 30-year mortgage rates continue to hover right around 7%, ticking up just a few basis points overall this week, according to Freddie Mac. In spite of the slightly-hot report, mortgage rates have been relatively steady this week, with 30-year rates increasing just 6 basis points to 7.18%. Average 15-year mortgage rates went down a single basis point to 6.51%. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: Freddie Mac, you'll, Fannie Mae Organizations: of Labor Statistics, Zillow, Federal Reserve, Fed, Mortgage, Association, Sky Locations: Chevron

☆ Real-estate crowdfunding is a house of cards. PeerStreet's bankruptcy reveals why.
▼ + stars: | 2023-09-14 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +21 min

Like many PeerStreet investors who spoke with Insider, Mincher has a strong résumé. Another form of crowdfunding, equity crowdfunding, works a bit like the stock market without the onerous and expensive process of initial public offerings. The PeerStreet investors who spoke with Insider said the outcome of this case could determine whether they stick with real-estate crowdfunding. Others, such as Fundrise, have moved away from crowdfunding in favor of a model for private real-estate investment trusts, similar to the BREIT later offered by Blackstone. Fritton, the former Patch of Land CEO, said Fundrise's fund model was the wave of the future for real-estate crowdfunding.

Persons: Michael Burry, Christian Bale, Burry's, Crowdfunding, Burry, Andreessen Horowitz, they're, Braun Mincher, PeerStreet, who've, Judge Laurie Selber Silverstein, Brew Johnson, he's, Braun, Mincher, —, it's, Michael Burry Astrid Stawiarz, Ian Ippolito, Ippolito, John McNellis, PeerStreet Ippolito, McNellis, El, Marc Andreessen, Phil McCarten, Silverstein, wouldn't, Sean Quinn, Doug Lyon, Lyon, that's, Jason Fritton, Kirk Brett, there's, Brett, iFunding, CrowdStreet, Nightingale's Elie Schwartz, Nightingale, Schwartz, Yieldstreet, Fritton Organizations: CNBC, Main, PeerStreet, Facebook, McNellis Partners, Funding Trust, Fairfield University, Magnetar, Adler, Securities and Exchange Commission, Department of Justice, Securities, Exchange Commission, SEC, Investors, Blackstone Locations: Delaware, El Segundo , California, crowdfunding, There's

☆ Russian tycoons haul over $50 billion of assets back home under pressure from sanctions and the Kremlin
▼ + stars: | 2023-09-14 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

Russian billionaires are re-domiciling their assets under pressure from Western sanctions and the Kremlin's moves. Over $50 billion of Russian wealth has been repatriated since the invasion of Ukraine, per Bloomberg. On the flip side of the coin, Putin is making it harder for foreign firms to exit Russia. Europe has for decades been the preferred destination for offshore Russian companies to base their funds, but this tradition could soon come to an end as the costs of keeping capital abroad rise. A timeline of the hurdles Russia has imposed on companies looking to flee its heavily sanctioned economy can be found here.

Persons: Putin, Vladimir Putin, Alexei Kuznetsov Organizations: Bloomberg, Service, Kremlin Locations: Ukraine, Russia, Wall, Silicon, Europe, Cyprus, Malta, Moscow, Russian

☆ Morning Bid: Is the ECB done?
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 24, 2023. REUTERS/Staff Acquire Licensing RightsA look at the day ahead in European and global markets from Tom WestbrookThe European Central Bank sets interest rates later today and traders figure we are at or near the peak. An increase of 25 basis points would take the rate on bank deposits to 4%, the highest since the euro launched in 1999. Shares in Chinese electric vehicle makers fell after the European Commission launched an investigation of Chinese subsidies. Key developments that could influence markets on Thursday:ECB policy decisionArm Holdings begins tradingU.S. retail salesOur Standards: The Thomson Reuters Trust Principles.

Persons: Tom Westbrook Organizations: REUTERS, Staff, European Central Bank, PMI, Chevron, Reuters Graphics Reuters, Arm Holdings, European Commission, Holdings, Thomson Locations: Frankfurt, Germany, Australia, New York, Asia

☆ Short sellers must wait to take a stab at SoftBank's Arm Holdings soaring shares
▼ + stars: | 2023-09-14 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +2 min

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNEW YORK, Sept 14 (Reuters) - Investors looking to bet against the soaring shares of newly-listed Arm Holdings (ARM.O) may have to wait at least a day before the stock becomes available for shorting, analysts said. Shares in SoftBank's Arm Holdings (ARM.O) opened 18% above their offer price in their Nasdaq debut on Thursday, valuing the British chip designer at nearly $60 billion in its return to the public markets after seven years. "I have every reason to believe that when ARM options are listed they will be very popular," said Steve Sosnick, chief strategist at Interactive Brokers. Arm shares were last up 15.80% at $59.06.

Persons: Dado Ruvic, Ihor Dusaniwsky, Dusaniwsky, Steve Sosnick, Saqib Iqbal Ahmed, Nick Zieminski Organizations: REUTERS, Arm Holdings, Nasdaq, Partners, Interactive, Thomson Locations: lendable

Sept 14 (Reuters) - Russian retailer Magnit (MGNT.MM) said on Thursday it had fully completed a deal to buy back blocked shares from Western investors at a 50% discount by purchasing shares held through Euroclear, the first such arrangement since Russia's February 2022 invasion of Ukraine. Magnit said it had bought back 21,903,163.8 shares from shareholders, representing about 21.5% of all issued and outstanding shares at an amount of around 48.5 billion roubles ($507.32 million). "Magnit's GDR program depositary bank, JP Morgan Chase Bank, also took part, as well as international investors," Magnit said, such as hedge funds, sovereign wealth funds and individuals. Magnit had tripled the size of its original offer after strong demand from Western investors. Russia's presidential office is currently reviewing a request from oil major Lukoil (LKOH.MM) to buy back up to 25% of its shares from foreign investors.

Persons: Magnit, Russia's, Magnit's, JPM, JP, Alexander Marrow, Gareth Jones Organizations: Reuters, Nordic, Magnit, Euroclear Bank, RIC, Kremlin, JPMorgan, JP Morgan Chase Bank, Thomson Locations: Euroclear, Ukraine, Russian, Italy, Singapore, Japan, Canada, Australia, United States, United Kingdom, Germany, Magnit, Russia, Uzbekistan, Magnit's Moscow, Washington, GDR

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