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A net 1,400 lots of short positions were covered by the time the market was suspended at 08:15. Xiang Guangda, the charismatic head of China's Tsingshan Holding Group, has attracted much media attention for being the big nickel short. The existence of at least once big nickel short wasn't exactly a secret in the market. LME nickel crisis had turned into potential LME clearing house crisis with Chamberlain having to juggle both parts of the meltdown while also being a nickel market specialist. The handful that remained, as one participant later recalled, knew nothing whatsoever about what was going on in the nickel market so decided to call everyone else back into the room.

Persons: Elliott, Street, Matthew Chamberlain, Chamberlain, Jane Street, Oliver Wyman's, Xiang Guangda, wasn't, Oliver Wyman, John Maynard Keynes, Xiang, doesn't, David Evans Organizations: London, Royal, of Justice, Hong Kong Exchanges, HK, Elliott Associates, Jane, Global, Tsingshan Holding, SEE, Bloomberg, Thomson, Reuters Locations: U.S, Ukraine

☆ Amazon tricked customers into buying a more expensive Prime subscription when they just wanted to stream videos, FTC says
▼ + stars: | 2023-06-21 | by ( Yeji Jesse Lee | Eugene Kim | ) www.businessinsider.com time to read: +3 min

The complaint alleged that Amazon's website was set up in a way that tricked customers out of the lower-cost Prime Video subscription. Colored buttons encouraged and redirected customers to sign up for a full Amazon Prime subscription, the complaint said. "Capitalizing on some consumers' inability to appreciate the difference between 'Prime' and 'Prime Video,' the Prime Video enrollment process fails to clarify Amazon will enroll them in Prime rather than the less expensive Prime Video, on both desktop and mobile platforms," the complaint said. "This causes some consumers to enroll in Prime, rather than Prime Video, unknowingly." The FTC complaint also alleged that Amazon "tricked" customers into signing up for a Prime subscription and then made it difficult to cancel the memberships.

Persons: Amazon, Insider's Organizations: FTC, Prime, Morning, Federal Trade Commission, Amazon, Insider

☆ 4 ways 'anchoring bias' can hurt you financially
▼ + stars: | 2023-06-21 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

A 401(k) match can be an unintentional anchor"Anchors" can be intentional or unintentional, said Klontz, a member of CNBC's Advisor Council. A 401(k) match can serve as an unintentional anchor. Companies choose the respective structure of their 401(k) match — and that structure may inadvertently influence a worker's savings rate. For example, a company may opt to pay a match worth up to 3% of a worker's salary. Encouraging investors to start with a micro-investment "leads to lower wealth accumulation in this brokerage account due to anchoring bias," according to the paper.

Persons: Klontz, they'll, Grill, Tim Vipond, Itzkowitz Organizations: Companies, Google, Corporate Finance, Bank, Getty, Puerto, CFI Education Locations: Hawaii, Puerto Rico

☆ EU regulators checking if Vivendi jumped gun in Lagardere acquisition
▼ + stars: | 2023-06-15 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, June 15 (Reuters) - EU antitrust regulators are checking whether French media conglomerate Vivendi (VIV.PA) closed its acquisition of French publisher Lagardere (LAGA.PA) before securing regulatory approval, the European Commission said on Thursday. Such so-called gun jumping can result in fines of up to 10% of a company's group aggregate turnover. The EU executive said it was alerted by media reports but has not opened a formal investigation yet. "The Commission was made aware of allegations of gun jumping, which have been reported in the press. The Commission can confirm that it is looking into the matter," the EU executive said in an email.

Persons: Lagardere, Foo Yun Chee, Mathieu Rosemain, Jan Harvey Organizations: Vivendi, European Commission, EU, Thomson Locations: BRUSSELS, EU, Paris

☆ UK telecoms regulator says it was affected by MOVEit hack
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

LONDON, June 12 (Reuters) - Britain's communications regulator Ofcom on Monday said it was one of the organisations affected in a data theft hack centred on the popular file transfer tool MOVEit. "A limited amount of information about certain companies we regulate - some of it confidential - along with personal data of 412 Ofcom employees, was downloaded during the attack," the watchdog said in a statement. Tens of thousands of employees of British Airways, drugstore chain Boots and the BBC were among those whose personal data was exposed following the breach, the companies said last week. Ofcom said it took immediate action to prevent further use of the MOVEit service and to implement the recommended security measures. A limited amount of Ofcom data was downloaded from the MOVEit server during the breach, rather than from Ofcom systems directly, a spokesperson for the regulator said via e-mail.

Persons: Muvija, William James Our Organizations: Ofcom, British Airways, BBC, Thomson

☆ Turkey's Erdogan appoints a former Goldman executive as its new central bank chief
▼ + stars: | 2023-06-09 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Exterior of the Turkish Central Bank, known as Turkiye Cumhuriyet Merkez Bankasi in Ankara. Turkey's President Recep Tayyip Erdogan has appointed a former Wall Street banker Hafize Gaye Erkan as the country's new central bank governor — another move that could potentially mark a policy pivot away from economic unorthodoxy. Erkan, Turkey's first female central bank chief, was a former managing director at Goldman Sachs and co-CEO at First Republic Bank. She is also Turkey's fifth central bank governor in four years. The caveat would lie in how much autonomy the central bank could exercise, and to what extent —something that Demiralp says investors will have to wait and see.

Persons: Recep Tayyip Erdogan, Hafize Gaye Erkan, —, Turkey's, Goldman Sachs, Mehmet Simsek's, Selva Demiralp, Demiralp Organizations: Turkish Central Bank, Wall Street, First Republic Bank, Princeton, Koç University, CNBC Locations: Ankara, U.S, Istanbul

☆ Air quality alert apps see spike in usage as Canada wildfires burn
▼ + stars: | 2023-06-08 | by ( Lora Kolodny | ) www.cnbc.com time to read: +7 min

Some apps run on data crowdsourced from relatively affordable air quality sensors sold by companies such as PurpleAir and IQAir. Air quality apps and mapsOutdoor air quality-monitoring apps like AirNow, AirCare and AirVisual have been among the nation's most used apps in past years when wildfires raged in Oregon and California. Like most air pollution trackers, it uses a color-coded visual system to indicate whether air pollution levels are good to hazardous, or whether there is not enough data to issue a rating. These include a Fire and Smoke Map, which provides information on fire locations, smoke plumes and air quality, and the AirNow Interactive Map shows ozone and particulate matter from air quality monitors across the country. Indoor air matters, tooWhile outdoor air quality is important, society doesn't talk or do enough about indoor air quality, said Richard Corsi, University of California, Davis' incoming dean of the college of engineering, currently a professor and dean at Portland State University.

Persons: AirNow, Yanelli Nunez, Anna Kioumourtzoglou, Nunez, Richard Corsi, Davis, Corsi Organizations: CNBC, U.S . Environmental Protection Agency, ZIP, Apple Watch, Huawei, Columbia University's Mailman, of Public Health, University of California, Portland State University Locations: North America, Europe, Quebec, Ontario, U.S, New York City, Oregon, California, Mexico, Canada, Macedonia, Australia, Swiss, Greater Los Angeles

☆ UK to remove Chinese-made surveillance equipment from sensitive government sites
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 7 (Reuters) - Britain has committed to the removal of Chinese-made surveillance equipment from sensitive government sites as part of its latest plans to address national security concerns related to China. Under Prime Minister Rishi Sunak, who has cast China as the world's greatest challenge to security and prosperity, the government told its departments last year to stop installing Chinese-linked surveillance cameras at sensitive buildings. In an announcement setting out a proposed tightening of procurement rules, the government said:"We will also commit to publish a timeline for the removal of surveillance equipment produced by companies subject to China’s National Intelligence Law from sensitive central government sites. Beijing has said it "firmly opposes" overstretching the concept of national security to suppress Chinese enterprises. Some U.S. states have banned vendors and products from several Chinese technology companies.

Persons: Rishi Sunak, Hikvision, Muvija Organizations: China’s National Intelligence, Government, Huawei, Thomson Locations: Britain, China, Beijing, U.S

☆ Erdogan's new pick for Turkish finance minister has markets hoping for economic orthodoxy
▼ + stars: | 2023-06-05 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Turkey's President Recep Tayyip Erdogan has named former economy chief Mehmet Simsek as his new treasury and finance minister. In the unveiling of his new cabinet, Turkey's President Recep Tayyip Erdogan named former economy chief Mehmet Simsek as his new treasury and economy minister, leading to some optimism that the country will now forge a new economic path. Simsek was known for his market friendly policies, and subsequently went on to become the country's deputy prime minister from 2015 to 2018 after his stint as Turkey's finance minister. Simsek creating a new team in the key economy portfolio would imply that he will have "pretty strong control over broader economic policy," BlueBay Asset Management's Senior EM Sovereign Strategist Timothy Ash said via e-mail. "The Turkish economy has a chance of pulling back from the brink," he continued.

Persons: Recep Tayyip Erdogan, Mehmet Simsek, Simsek, Erdogan, Timothy Ash

☆ Oil prices pop 2.5% after Saudi Arabia pledges more voluntary production cuts
▼ + stars: | 2023-06-05 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Oil prices jumped following OPEC kingpin Saudi Arabia's decision to cut production by another million barrels per day. On Sunday, the Organization of the Petroleum Exporting Countries and its partners — collectively known as OPEC+ — made no changes to its planned oil production cuts for this year, but coalition chair — and de-factor leader — Saudi Arabia announced further voluntary declines. "The market did not widely expect the Saudi decision to cut production by 1 million barrels per day unilaterally," President of Rapidan Energy Bob McNally told CNBC in an e-mail following the decision. "It once again demonstrated that Saudi Arabia is willing to act unilaterally to stabilize oil prices," McNally said, citing the example of January 2021 when the oil titan unilaterally cut by production by 1 million barrels per day. On April 3, several producers of the oil cartel OPEC+ revealed a combined 1.66 million barrels per day of production declines until the end of this year.

Persons: —, Rapidan Energy Bob McNally, McNally, Ruxandra Iordache Organizations: Saudi, Organization of, Petroleum, Brent, U.S, West Texas, Rapidan Energy, CNBC Locations: OPEC, — Saudi Arabia, Asia, Saudi, Saudi Arabia

☆ Archeologists made a game-changing discovery at Greece's oldest dig site where ancient humans used to roam 700,000 years ago
▼ + stars: | 2023-06-04 | by ( Nicholas Paphitis | Associated Press | ) www.businessinsider.com time to read: +5 min

Archeologists discovered simple stone tools that date back an estimated 700,000 years. The discovery was made at Greece's oldest site where ancient humans were thought to exist. The Greek site was one of five investigated in the Megalopolis area during a five-year project involving an international team of experts, a Culture Ministry statement said. This skull from a member of the deer family was also discovered at the dig site Megalopolis, southern Greece. These stone tools, discovered at the dig site Megalopolis, southern Greece, date back about 700,000 years ago.

Persons: —, Panagiotis Karkanas, Eleni Panagopoulou, Katerina Harvati, Homo antecessor, antecessor, directorss, Nikos Efstratiou, Efstratiou, Megalopolis Organizations: Service, Ministry, Greek Culture Ministry, American School of Classical Studies, Athens, University of Tübingen, Associated Press, Greece's University of Thessaloniki Locations: ATHENS, Greece, Europe, Spain, Germany, Megalopolis, Mycenae, Olympia, Pylos

☆ French street artist C215’s heart ‘belongs to the Ukrainian people’
▼ + stars: | 2023-06-02 | by ( Mariya Knight | ) edition.cnn.com time to read: +6 min

Based in Paris, Guemy has collaborated with British artist Banksy — who has also created works in Ukraine — in the past. “Being French gives a proper sense of tragedy, not irony.”The artist's depiction of Ukrainian soldier Oleksandr Matsiyevsky. The artist has even painted his own son Gabin, wearing a traditional Ukrainian shirt, on a building in Kyiv damaged by a Russian missile attack. Ukraine doesn’t want ‘peace,’ Ukraine wants victory and justice.”Guemy is planning to do more works in and about Ukraine. “My heart belongs to the Ukrainian people.”

Persons: haggard, Oleksandr Matsiyevsky, Christian Guemy, Matsiyevsky’s, ” Guemy, “, Ukraine ’, ”, Guemy, Banksy —, Ukraine Guemy, Volodymyr Zelensky, Zelensky, –, Eugène, ” It’s, Joel Saget, Nina, he’s, Dmytro Kotsiubaylo, Da Vinci, Bakhmut, Lesya Ukrainka, Roman Pilipey, Gabin Organizations: CNN, Russian, Ukraine, Getty Locations: Kyiv, Ukraine, Paris, Verkhovna Rada, Ukrainian, Lviv, France, AFP, Haiti, Rwanda, Spain, San Francisco, Irpin, Borodyanka, Roman, Russian, “

☆ Turkish lira continues slide to new record lows following Erdogan's election victory
▼ + stars: | 2023-05-30 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

People walking next to a Turkish national flag at the historical grand bazaar in Istanbul. The Turkish lira slumped to yet another all-time low Tuesday, extending its slide after the re-election of incumbent President Recep Tayyip Erdogan. The currency was last trading at 20.15 against the greenback at around 5 a.m. Tuesday morning local time, surpassing Monday's lows. Turkey's Election Board on Sunday confirmed that Erdogan won Turkey's 2023 presidential election with 52.14% of the votes, while his opponent Kemal Kilicdaroglu received 47.86%. He subsequently went on to become the country's deputy prime minister from 2015 to 2018.

☆ How a coder used ChatGPT to find an apartment in Berlin in 2 weeks after struggling for months
▼ + stars: | 2023-05-23 | by ( Aaron Mok | ) www.businessinsider.com time to read: +5 min

Daniel Dippold, a founder and investor, used OpenAI's ChatGPT to find an apartment in 2 weeks. The 28-year-old used the AI to suggest alternatives to housing websites and automate the search process. A screenshot of Dippold asking ChatGPT to make a scraper that can build a database of housing authorities in Berlin. As a result, he asked ChatGPT to generate 40 more suggestions. Since he didn't want to manually respond to each email, Dippold asked ChatGPT to generate code that would create automatic responses that would include personal documents like their passports and pay stubs.

☆ The average startup CEO now makes $142,000 — down from $150,000 last year
▼ + stars: | 2023-05-22 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

CEOs of early-stage startups now make, on average, $142,000 — down from $150,000 last year, WSJ reports. CEOs in crypto, e-commerce, and direct-to-consumer industries are most impacted by the pay cuts. In the first quarter of 2023, global venture funding reached $58.6 billion — a 13% drop from the same quarter last year, according to a report from CB Insights, a research firm. CEOs on the losing end of the funding spectrum will feel the brunt of the pay cuts. The consulting firm's findings on salary cuts come as CEOs across major corporations are taking pay cuts this year.

DeSantis, who is expected to soon announce that he will seek the 2024 Republican nomination for U.S. president, then moved to strip Disney of its long-standing self-governing power over Walt Disney World in Orlando. Democratic State Sen. Linda Stewart, who represents part of Orange County, called it "disappointing" that Florida would lose jobs. Iger's predecessor announced plans in July 2021 to relocate jobs from Southern California to a new facility in central Florida, citing its "business-friendly climate." "I remain optimistic about the direction of our Walt Disney World business," D'Amaro wrote. We have plans to invest $17 billion and create 13,000 jobs over the next ten years.

LOS ANGELES, May 18 (Reuters) - Walt Disney Co (DIS.N) is scrapping plans to relocate 2,000 jobs to Florida in part because of "changing business conditions" in the state, according to an e-mail to employees seen by Reuters on Thursday. Disney parks chief Josh D'Amaro said "leadership changes" and "changing business conditions" prompted Disney to reconsider its 2021 plan to relocate employees, including its Imagineers who design theme park rides, to a new campus in Lake Nona. The original decision to relocate employees to Florida from California had prompted complaints from many employees who did not want to move across the country. DeSantis, who is expected to soon announce that he will seek the 2024 Republican nomination for U.S. president, then moved to strip Disney of its long-standing self-governing power over Walt Disney World in Orlando. Iger's predecessor announced plans in July 2021 to relocate jobs from Southern California to a new facility in central Florida, citing its "business-friendly climate."

While paying bonuses at bailed-out energy groups raises questions around the use of taxpayers' money, it also highlights the need for the companies to remain competitive. One of the sources said 200 of Sefe's traders in London had received hundreds of millions of dollars in bonuses, adding mid-level traders had received $5 million-$7 million each. Two of the other people said that generous subsidies had been paid at both Sefe and Uniper. Uniper confirmed that bonuses were paid to trading staff for 2022 but below the level of the previous year. The Finance Ministry, which is responsible for the government's ownership of Uniper, also referred questions on operating issues including staff remuneration to the company.

☆ OpenAI is rolling out a game-changing feature to ChatGPT this week that could revolutionize how we use the internet
▼ + stars: | 2023-05-15 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

A new web-browsing feature for ChatGPT Plus users that will allow them to access real-time information. OpenAI, the company behind the AI chatbot, announced it will be rolling out new features to ChatGPT Plus users this week. Users who pay for ChatGPT Plus, which uses model GPT-4, will have access to a web-browsing feature that will provide up-to-date information. Some ChatGPT Plus users will have access to plug-ins that can integrate into existing platforms, as shown in this screenshot. ChatGPT Plus users will be able to use these features by clicking on their ChatGPT profile, pressing "Settings," then going to the "Beta features" tabs.

☆ U.S. Virgin Islands issued subpoena to Elon Musk in Jeffrey Epstein lawsuit
▼ + stars: | 2023-05-15 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

Electric car maker Tesla CEO Elon Musk meets with French Minister for the Economy and Finances Bruno Le Maire on the sidelines of the 6th edition of the "Choose France" Summit at the Chateau de Versailles, outside Paris on May 15, 2023. The U.S. Virgin Islands issued a subpoena to Tesla CEO Elon Musk seeking documents as part of that government's lawsuit against JPMorgan Chase over sex trafficking by the bank's longtime customer Jeffrey Epstein, a court filing revealed Monday. That filing said the Virgin Islands has tried since late April to serve Musk with the subpoena, which was issued because Epstein "may have referred or attempted to refer" Musk as a client to JPMorgan. The Virgin Islands asked Judge Jed Rakoff to authorize the government to serve Musk with the subpoena through so-called alternative service, which can includes taking out an advertisement alerting him to legal the demand for documents. CNBC has reached out to request comment from Musk, who in addition to being CEO of Tesla is head of SpaceX and Twitter CEO by e-mail.

☆ Post-Covid, post-bankruptcy Hertz is all-in on electric, with big implications for the EV, auto and rideshare market
▼ + stars: | 2023-05-14 | by ( Tim Mullaney | ) www.cnbc.com time to read: +5 min

In this article HTZ Follow your favorite stocks CREATE FREE ACCOUNTTesla Model 3 electric vehicles at a Hertz neighborhood location. These deals began to roll out last year, after Hertz's first Teslas hit the road in 2021 and experiments with rental EVs extended back over the past decade. "At the end of [March], we had about 50,000 electric vehicles in our fleet, comprising approximately 10% of total cars," Scherr said. Hertz has also told analysts that the growing EV rideshare market can be a buffer against traditional quarterly peak to trough experienced in the leisure business. The benefits of using an EV begin with a $1 per ride credit to the driver for using an EV, Uber spokeswoman Alix Anfang said.

☆ Here are 10 AI-powered tools to help boost your productivity at work
▼ + stars: | 2023-05-09 | by ( Sarah Jackson | Aaron Mok | ) www.businessinsider.com time to read: +8 min

ChatGPT isn't the only AI-powered tool that can help make your job easier. Here are 10 that can help with everything from generating slideshows to writing emails. Tome: Building slide decksIf you make a lot of PowerPoints for work, the app Tome can help you do it faster. Managing your inbox can be a pretty tedious time-suck, but tools like Remail might help you get through emails more efficiently. Brain.fm, an AI-generated music tool, can help users stay on task.

☆ A consultant used ChatGPT to free up time so she could focus on pitching clients. She landed $128,000 worth of new contracts in just 3 months.
▼ + stars: | 2023-05-08 | by ( Aaron Mok | ) www.businessinsider.com time to read: +5 min

Jacqueline DeStefano-Tangorra, the founder of consulting firm Omni Business Intelligence Solutions, started using ChatGPT when it launched last year. In her first three months using ChatGPT, DeStefano-Tangorra booked $128,000 worth of new deals. As a result, the chatbot, she said, freed up her capacity to focus on crafting more business proposals to potential clients. Meanwhile, DeStefano-Tangorra has helped her new clients craft personalized business proposals, customize legal documents, and design sales dashboards with guidance from ChatGPT. She won't stop using ChatGPT anytime soon.

☆ These are the 10 best travel destinations for a 'digital detox'—none of them are in the U.S.
▼ + stars: | 2023-05-05 | by ( Celia Fernandez | ) www.cnbc.com time to read: +1 min

More and more people are looking for a reprieve from the endless scroll of social media, breaking news alerts and e-mail notifications. There's a recent rise in Gen Zers in the U.S. buying "dumb phones" to help limit the time they spend on apps like Twitter and TikTok. And as people set stricter boundaries around how much they interact with tech, they're turning their attention to travel. InsureMyTrip, a travel insurance comparison website, ranked the best cities to visit for a "digital detox" based on an overall rating across four categories: relaxation, activities, safety, and access to the internet. To stick to your digital detox, look to one of the featured destinations that received high marks for availability of evening tours and activities.

☆ Regular internet use may be linked to lower dementia risk in older adults, study says
▼ + stars: | 2023-05-03 | by ( Jen Christensen | ) edition.cnn.com time to read: +6 min

A study published Wednesday in the Journal of the American Geriatrics Society suggested that older people who regularly used the internet were less likely to develop dementia. Scientists still don’t know what causes dementia, so the new research can’t pinpoint the exact connection between internet usage and brain health. A 2020 study found an association between cognitively stimulating jobs and a lower risk of dementia, for example. Research also suggests that most older adults most frequently use the internet for basic tasks like email, news or online banking. And learning new skills may be protective against dementia, studies suggest.

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