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It fell as far as $73.60 earlier, its lowest since Dec. 22, 2021. The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, known as OPEC+, will meet on Dec. 4. read moreInvestors also focused on Western plans for a price cap on Russian oil. On Thursday, EU governments were split on the level at which to cap Russian oil prices. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude also takes effect.

☆ Oil falls over $2 a barrel as China's Covid protests fuel demand fears
▼ + stars: | 2022-11-28 | by ( ) www.cnbc.com time to read: +3 min

Oil futures fell more than $2 a barrel on Monday, with WTI hitting an 11-month low, as protests in top importer China over strict Covid-19 curbs fueled demand concerns. WTI's trading range is expected to fall to $70-$75, he said, adding the market could stay volatile depending on the outcome of the OPEC+ meeting and the price cap on Russian oil. Investors also focused on Western plans for a price cap on Russian oil. On Thursday, EU governments were split on the level at which to cap Russian oil prices. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude kicks off.

WTI's trading range is expected to fall to $70-$75, he said, adding the market could stay volatile depending on the outcome of the OPEC+ meeting and the price cap on Russian oil. read moreInvestors also focused on Western plans for a price cap on Russian oil. Group of Seven(G7) and European Union diplomats have been discussing a price cap on Russian oil of between $65 and $70 a barrel, with the aim of limiting revenue to fund Moscow's military offensive in Ukraine without disrupting global oil markets. On Thursday, EU governments were split on the level at which to cap Russian oil prices. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude kicks off.

[1/2] Leon Black is pictured here in Beverly Hills, California, U.S. May 1, 2018. Pierson's lawsuit in a New York state court in Manhattan seeks unspecified damages from Black for sexual assault and intentional infliction of emotional distress, and from Epstein's estate for negligence. Her law firm Wigdor LLP also represents Guzel Ganieva, a former Russian model who in June 2021 sued Black for defamation, saying he falsely claimed she tried to extort him after accusing him of rape. In a Nov. 19 letter to the Wigdor firm, Estrich said: "Mr. Black never sexually assaulted anyone anywhere at any time." His former associate Ghislaine Maxwell is appealing her conviction and 20-year prison sentence for enabling Epstein's abuse of underage girls.

☆ Union Pacific CEO called to hearing in Washington as risk of rail strike rises
▼ + stars: | 2022-11-22 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

The Surface and Transportation Board is calling Union Pacific management including CEO Lance Fritz to appear at hearings December 13-14 about the freight railroad's use of embargoes. UP carries nearly 27 percent of freight served by rail and nearly 11 percent of all long-distance freight volume. The risk of a nationwide freight rail strike in December has been rising. We have quality of life issues," said Jeremy Ferguson, president of SMART-TD, which on Monday voted to reject the labor deal, with a rail strike now potentially starting as soon as Dec. 9. Ferguson, similar to fellow union president Dennis Pierce of BLET, referenced a recent CNBC interview with Fritz, during which the Union Pacific CEO laughed when asked about the risk of a rail strike.

Musk, Twitter's new owner, said in May he would reverse Twitter's ban on Trump, whose account was suspended after last year's attack on the U.S. Capitol. Musk's decision to ask Twitter users for guidance on who should be on the platform is part of a huge restructuring of the company, including massive layoffs. Twitter told employees on Thursday that it would close its offices and cut badge access until Monday, according to two sources. In his first email to Twitter employees this month, Musk warned that Twitter may not be able to "survive the upcoming economic downturn." Amid the changes, Moody's withdrew its B1 credit rating for Twitter, saying it had insufficient information to maintain the rating.

☆ Special Report: FTX's Bankman-Fried begged for a rescue even as he revealed huge holes in firm's books
▼ + stars: | 2022-11-16 | by ( Angus Berwick Anirban Sen Elizabeth Howcroft Lawrence Delevingne | Angus Berwick | Anirban Sen | ) www.reuters.com time to read: +22 min

Sequoia was shocked at the amount of money Bankman-Fried needed to save FTX, according to the sources, while Apollo first asked for more information, only to later decline. The booklet flagged the risks of crypto trading, particularly how sudden sales of tokens could trigger a "domino effect" that would lead to a "cascading set of liquidity failures." Using profits from Alameda, Bankman-Fried launched FTX in 2019. From almost nothing in 2019, FTX handled about 10% of global crypto trading this year, a September document shows. At one point, he lived in a penthouse overlooking the Caribbean, valued at almost $40 million, according to two people who worked with FTX.

☆ Two Sigma, Holocene added Tesla shares before fourth-quarter tumble
▼ + stars: | 2022-11-14 | by ( David Randall | ) www.reuters.com time to read: +1 min

NEW YORK, Nov 14 (Reuters) - Hedge funds Group One Trading LP, Two Sigma Investments LP and Holocene Advisors LP were among the largest purchasers of Tesla Inc (TSLA.O) stock during the third quarter, filings released Monday showed. Group One Trading added a new position of slightly more than 1 million shares, giving it a market value of nearly $276 million as of Sept. 30. Two Sigma, meanwhile, added nearly 323,500 shares for a stake worth $14.7 million as of the end of September, while Holocene Advisors added nearly 319,000 shares for a stake worth about $84.6 million. Tesla's shares have fallen significantly since the end of the quarter, dropping 16% compared to the 11.4% gain in the benchmark S&P 500 index. The Maryland State Retirement and Pension System and Abbot Financial Management Inc were among the few large investors who shed their full stake in Tesla during the quarter, filings show.

☆ Australia’s Origin Energy Gets $10 Billion Takeover Bid from Brookfield-Led Consortium
▼ + stars: | 2022-11-10 | by ( David Winning | ) www.wsj.com time to read: 1 min

Origin is one of Australia’s biggest retailers of electricity and gas, and a shareholder in a supplier of liquefied natural gas to Asia. SYDNEY—Australia’s Origin Energy Ltd. said it has received a takeover proposal worth around $10 billion from a consortium led by Brookfield Asset Management Inc., underscoring the interest in global assets that can support the energy transition. Origin is a major shareholder in the Australia Pacific LNG plant in eastern Australia’s Queensland state, which supplies liquefied natural gas to Asia. The facility, operated by ConocoPhillips , has benefited from elevated prices of LNG after Russia’s invasion of Ukraine, as countries in Europe scour the world for alternative sources to Russian supply.

☆ How anyone can get a cut of the $1.2T vacation rental market with reAlpha
▼ + stars: | 2022-11-10 | by ( Sponsor Post | Created Realpha With Insider Studios | ) www.businessinsider.com time to read: +9 min

And anyone can invest as they disrupt the $1.2 trillion short-term rental market. Now reAlpha is doing it for the $1.2 trillion short-term rental industry — and the timing couldn't be better. Why reAlpha targets the vacation rental marketreAlpha is targeting the vacation rental market because it's outperforming the rest of the real estate sector, and isn't slowing down. reAlpha makes short-term rental investing easyWhile many aspiring property investors are looking to get in on the $1.2 trillion short-term rental market, they're faced with roadblock after roadblock. Not only is reAlpha targeting the fast-growing vacation rental market, but they're using AI to take the opportunity to the next level.

☆ Private-Equity Giants Are Latest Targets of SEC’s Record-Keeping Probes
▼ + stars: | 2022-11-09 | by ( Dave Michaels | ) www.wsj.com time to read: 1 min

The SEC rule to preserve most employee communications risks being violated if employees discuss business over prohibited mobile apps. WASHINGTON—Wall Street’s private-equity giants are the latest companies to face regulatory investigations over deal makers’ use of banned communication channels. Apollo Global Management Inc., KKR & Co. Inc., and Carlyle Group Inc. disclosed Tuesday that they face investigations over whether their employees used messaging apps such as WhatsApp to do business. They are the most prominent asset-management firms so far to reveal their exposure to a regulatory sweep that examines compliance with record-keeping rules.

☆ Private equity firm TPG reports 60% drop in earnings as asset sales plummet
▼ + stars: | 2022-11-09 | by ( Chibuike Oguh | ) www.reuters.com time to read: +3 min

SummarySummary Companies Fee-related earnings beat estimatesTPG's stock rises nearly 8%NEW YORK, Nov 9 (Reuters) - Private equity firm TPG Inc (TPG.O) said on Wednesday its after-tax quarterly distributable earnings fell more than 60% due to a plunge in asset sales across its private equity, growth, real estate and impact businesses. However, TPG's fee-related earnings, a closely watched measure that captures income from management fees, was flat at $121 million. "What we're seeing is that investors don't care so much about performance fees but about fee-related earnings and its growth trajectory," said BMO Capital Markets analyst Rufus Hone. "Fee-related earnings is predictable; every dollar of fee-related earnings is worth $2 of performance fees," Hone added. During the quarter, TPG said its private equity funds appreciated by 2.3%, growth funds rose by 3.8% and impact funds were up 2.9%, though real estate funds depreciated by 0.4%.

☆ Dominion Energy weighing sale of stake in Cove Point LNG Facility -Bloomberg
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

Nov 7 (Reuters) - Dominion Energy Inc (D.N) is considering selling its multi-billion-dollar stake in the Cove Point liquefied natural gas (LNG) facility in Maryland's Chesapeake Bay, Bloomberg News reported on Monday citing people with knowledge of the matter. Talks are at an early stage, and Dominion could still decide to hold onto the 50% stake, the people said. The Cove Point terminal is operated by Berkshire Hathaway Inc's (BRKa.N) Berkshire Hathaway Energy, which owns 25% of the facility. The rest is owned by units of Dominion Energy (50%) and Brookfield Asset Management Inc (BAMa.TO) (25%). Shares of Dominion Energy dropped on Monday as the company initiates a "top-to-bottom" review to weigh strategic business actions, as its shares have been underperforming over the past several years.

☆ Wealthy families are migrating to the U.S. South and UBS is following them
▼ + stars: | 2022-11-03 | by ( Lananh Nguyen | ) www.reuters.com time to read: +2 min

The new structure for the world's largest wealth manager signals a big push into the southern United States alongside competitors such as Merrill Lynch Wealth Management, which has boosted its presence in Florida. "We’ve seen our clients do well in the last decade in terms of their investment outcomes," said Jason Chandler, head of UBS wealth management in the United States. High net worth families are taking advantage of greater flexibility to live and work in different locations, he said. Ultra-high net worth families are moving from northern to southern states and are settling in multiple locations, and some financial advisers have followed suit by splitting their time across multiple offices, UBS said. The bank's top markets for wealth management include Atlanta, Colorado, Florida and Texas, alongside traditional hubs in the Northeast like New York and Boston.

☆ How this activewear startup funded by NBA legend Michael Jordan's son plans to take on Lululemon and Nike
▼ + stars: | 2022-11-01 | by ( Matthew Kish | ) www.businessinsider.com time to read: +4 min

Äktiiv products are biodegradable and made from plants. Two Nike veterans, including the basketball legend Michael Jordan's son Jeffrey Jordan, are launching a brand for sustainable workout apparel that hopes to compete with the likes of Lululemon. If it's successful, cash from the campaign will be used to scale the company, including its marketing. But there's a twist: Äktiiv products are biodegradable and made from plants, not materials derived from oil or plastics. Similarly, Äktiiv products are designed to be worn in the gym, not while running errands.

☆ Apollo holds crypto for clients as it expands in digital assets
▼ + stars: | 2022-10-31 | by ( Hannah Lang | ) www.reuters.com time to read: +2 min

Oct 31 (Reuters) - Apollo Global Management Inc (APO.N) has begun holding cryptocurrency on behalf of its clients through a partnership with digital asset platform Anchorage Digital, in a major push by one of the world’s largest asset managers to bring crypto to institutional investors. "It's the validation of this incessant drumbeat that [crypto] is here to stay," said Diogo Mónica, president of Anchorage Digital, a crypto firm that holds a national trust bank charter from the Office of the Comptroller of the Currency. Apollo, which declined to disclose what types of crypto assets it holds, said its relationship with Anchorage dates back to the middle of last year, when the firm first began exploring how best to safeguard its clients' crypto assets. "As we explore creative ways to apply blockchain technology across Apollo’s business, we look forward to collaborating with Anchorage for the safekeeping of client assets," said Adam Eling, chief operating officer of Apollo's digital assets team. Mónica said Anchorage is also engaged with discussions about how to potentially further expand its relationship with Apollo in the future.

☆ Pfizer, Uber and Starbucks Highlight Another Busy Earnings Week
▼ + stars: | 2022-10-29 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Starbucks on Thursday will report whether customers are paring back on purchases at its cafes. Pfizer Inc., Uber Technologies Inc. and Starbucks Corp. are among the heavyweights headlining another busy earnings week as investors search for insight into the state of the broader economy. Other companies on the docket to issue their latest quarterly reports include Taco Bell parent company Yum Brands Inc. and CVS Health Corp. Investors also will hear from travel companies such as Airbnb Inc., Expedia Group Inc., and Marriott International Inc., payments rivals Block Inc. and PayPal Holdings Inc., and private-equity giants KKR & Co. Inc. and Apollo Global Management Inc.

☆ Banks plan to sell Tenneco buyout debt next week -sources
▼ + stars: | 2022-10-28 | by ( Matt Tracy | Shankar Ramakrishnan | ) www.reuters.com time to read: +2 min

Banks led by Citigroup Inc (C.N) and Bank of America Corp (BAC.N) aim to begin marketing a portion of the Tenneco debt package's secured portion as early as next week, said one of the sources. The package consists of a $2.4 billion leveraged loan, a $2 billion secured bond, and a $1 billion unsecured bond. This activity is rekindling hope among banks that they may not have to suffer big loses to shed junk-rated debt from their balance sheet. If the Tenneco syndication goes well, banks are sitting on plenty of junk-rated debt they may seek to offload. This includes $11 billion in debt backing the takeover of media analytics company Nielsen and $13 billion of debt for Elon Musk’s acquisition of Twitter.

☆ Toronto markets rally as BoC surprises with smaller 50 bps hike
▼ + stars: | 2022-10-26 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +1 min

Oct 26 (Reuters) - Canada's main stock index rallied on Wednesday as a smaller-than-expected increase in interest rate by the Bank of Canada raised hopes that the central bank could be reining in on one of its faster monetary tightening cycles ever. ET (1459 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) jumped 1.32% to 19,348.72, its highest level in more than three weeks. The Bank of Canada raised its policy rate by half a percentage point to 3.75%, a 14-year high, against the backdrop of bets for another 75 basis points increase. It forecast that the economy could soon slip into a slight recession, but investors took comfort in the central bank reaching a potential pivot in its monetary policy. Reporting by Shashwat Chauhan in Bengaluru; Editing by Sriraj Kalluvila and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Elon Musk photo, Twitter logos and U.S. dollar banknotes are seen in this illustration, August 10, 2022. The banks, which include Morgan Stanley and Barclays Plc (BARC.L), did not respond to requests for comment. Representatives for Musk and Twitter did not immediately respond to requests for comment. He has not revealed details on Twitter's new leadership and business plan, and many debt investors are holding back until they get more details on that front, the sources said. The debt package for the Twitter deal is comprised of junk-rated loans, which are risky because of the amount of debt the company is taking on, as well as secured and unsecured bonds.

Oct 17 (Reuters) - Bank of America Corp (BAC.N) on Monday reported a smaller-than-expected 9% drop in quarterly profit, as its interest income was bolstered by rising interest rates that offset a slump in investment banking. BofA holds a large base of consumer deposits, compared with its main rivals, making it more sensitive to any changes in interest rates. "Consumers remain resilient," Bank of America Chief Executive Officer Brian Moynihan told analysts on a conference call. The bank, however, added $378 million to its loan-loss reserves as it braces for a weakening economy. Citigroup Inc (C.N) wrote down $110 million on leveraged loans in the third quarter, down from $126 million in the previous quarter.

Bank of America holds a large base of consumer deposits, compared with its main rivals, making it more sensitive to any changes in interest rates. Its net interest income jumped 24% in the third quarter. JPMorgan Chase & Co (JPM.N) Citigroup Inc (C.N), and Wells Fargo & Co (WFC.N) also saw their net interest income rise in the same period. read moreThe bank's leveraged loan losses were lower in the third quarter than in the second, Borthwick said. Peer Citi also wrote down $110 million on leveraged loans in the third quarter, down from $126 million in the previous quarter.

Oct 28 (Reuters) - Elon Musk on Thursday closed the $44 billion deal announced in April to take Twitter Inc (TWTR.N) private and took ownership of the influential social media platform by firing top executives immediately. read more Earlier this month, Musk brought the deal back on the table after previously trying to walk away from it. Musk pledged to provide $46.5 billion in equity and debt financing for the acquisition, which covered the $44 billion price tag and the closing costs. That had left Musk in need for an additional $22.4 billion of funds to cover the equity financing portion of the deal. Musk would have needed to raise an additional $2 billion to $3 billion to complete the financing for the deal.

☆ Cramer's lightning round: Wolfspeed is not a buy
▼ + stars: | 2022-09-28 | by ( Krystal Hur | ) www.cnbc.com time to read: 1 min

Loading chart...Rada Electronic Industries Ltd: "Way too expensive ... I'm sorry, I can't endorse it." Loading chart...Annaly Capital Management Inc: "I'm not going to recommend that stock." Loading chart...Enovix Corp: "I have to say [sell] because It costs too much money." Loading chart...Wolfspeed Inc: "I'm going to tell you not to buy.

☆ Banks close painful Citrix debt chapter with $700 mln loss -source
▼ + stars: | 2022-09-21 | by ( Abigail Summerville | Matt Tracy | ) www.reuters.com time to read: +3 min

Citrix Systems logo is seen on smartphone placed on U.S. While the syndication was completed successfully, it was done at a steep discount to the levels that the banks underwrote the debt. It was also buoyed by one of Citrix's acquirers, hedge fund Elliott Management, helping out by buying $1 billion in bonds, a second source said. They also sold a $4 billion three-year Citrix bond for 83.6 cents on the dollar, resulting in a higher than expected yield of 10%, the sources added. More debt syndication pain for the banks is on the way.

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